Vietnam Business News

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• EVN Telecom’s equitisation plan yet to be fully approved
• 75 traffic projects and subprojects suspended due to capital shortage
• Vietnam’s petrol prices much lower than neighboring countries, Petrolimex says
• Hanoian investors eye central real estate market
• Banks raise US dollar trading interest rate at average 2% pa between June 4 and 10
• Non-production lending rate climbs to 25pct/yr
• Inward remittance to Vietnam surges 10pct in Jan-May
• Bidv sells only 200 shares of HDBank
• Credit growth at 7.05pct as of Jun 10: SBV
• Outstanding property loans fall vnd 13 tln from end of 2010

EVN Telecom’s equitisation plan yet to be fully approved Posted: 20 Jun 2011 12:54 AM PDT Ministry of Industry and Trade's leaders on June 15 had a meeting with the Electricity of Vietnam (EVN) to discuss change in equitisation of EVN Telecom. However, the details of the meeting were kept secret. EVN Telecom representative told VnEconomy (Thoi Bao Kinh Te Vietnam Online) that the ministry has not agreed and made final [...]

75 traffic projects and subprojects suspended due to capital shortage Posted: 20 Jun 2011 12:53 AM PDT In the first months of 2011, 75 traffic and transportation projects and subprojects (using domestic capital) were suspended with total capital of 1.422 trillion dong, the state-run newspaper Saigon Giai Phong reported on June 17, citing a source of Ministry of Traffic and Transportation. However, the ministry lately still proposed Prime Minister to supplement 6.8 [...]

Vietnam’s petrol prices much lower than neighboring countries, Petrolimex says Posted: 20 Jun 2011 12:53 AM PDT Petrolimex said in the 31st report on June 16 that the country's gasoline price was lower 5,496 dong per liter than of Laos', 3,064 dong/liter of Cambodia's, 12,346 dong/liter of Singapore's and 3.621 dong/liter of China. Crude oil price on the world market has fluctuated strongly but mainly for the fear of a reduction in [...]

Hanoian investors eye central real estate market Posted: 20 Jun 2011 12:52 AM PDT Due to the gloomy market, Hanoian investors are shifting to the central markets such as Da Nang and Nha Trang. Nguyen Thi Thu, an investor in Hanoi said that with a capital of 1 billion dong, she aimed at Da Nang area. Some projects along with Da Nang-Hoi An route are in her eyes because [...]

Banks raise US dollar trading interest rate at average 2% pa between June 4 and 10 Posted: 20 Jun 2011 12:51 AM PDT Average US dollar trading interest rate on the interbank market fell to below 1.5% per annum applied on the terms of shorter 1 month, particularly the 3-month interest rate stood at 2.83% pa, six months at 3.47% a year. The trade on the financial market between June 4 and 10 was reported by the State [...]

Non-production lending rate climbs to 25pct/yr Posted: 20 Jun 2011 12:51 AM PDT The non-production lending rate climbed up to 22-25% per year, according to the report on banking operations during the week between June 4 and 10 of the State Bank of Vietnam (SBV). Earlier, the peak level announced by the central bank was 23% per year. The lending interest rate for agriculture and rural areas and [...]

Inward remittance to Vietnam surges 10pct in Jan-May Posted: 20 Jun 2011 12:50 AM PDT In the first five months of this year, the total volume of inward remittance transferred to Vietnam increased 10% on year, said Nguyen Van Giau, the State Bank of Vietnam (SBV)'s Governor quoted by the local newswire DVT.vn as saying. In particularly, the overseas remittance to relatives for consumption and production is recurrent and always [...]

Bidv sells only 200 shares of HDBank Posted: 20 Jun 2011 12:50 AM PDT Bank for Investment and Development of Vietnam (Bidv) on June 17 auctioned nearly 3.68 million shares of Hochiminh City Housing Development Commercial Joint Stock Bank (HDBank), however, Bidv sold only 200 shares of HDBank priced at 10,200 dong per share, 100 dong/share higher than the initial price. In details, Bidv offered 3,679,870 shares of HDBank [...]

Credit growth at 7.05pct as of Jun 10: SBV Posted: 20 Jun 2011 12:49 AM PDT As of June 10, credit growth of the whole banking system went up by 7.05% from the end of 2010, leaving a lot of room to meet the credit growth target of 20% in 2011, said the State Bank of Vietnam (SBV) in a statement on June 17 without revealing the amount of loans. Of [...]

Outstanding property loans fall vnd 13 tln from end of 2010 Posted: 19 Jun 2011 11:30 PM PDT Current outstanding property loans of local commercial banks are estimated at VND 222 trillion, falling by VND 13 trillion from the end of 2010, said Nguyen Van Giau, the State Bank of Vietnam (SBV)'s Governor in a recent meeting with reporters in Ho Chi Minh city. Indeed, outstanding loans for property didn't fall so much [...]

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