Vietnam Business News

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• Vietnam ranks second in gold hoarding
• Peoples Bank of China to increase its issuance of gold and silver coins this year
• Gold extends its rally towards a record high on June 22
• Belgium vows $86m in development aid
• Viet Nam, Chile to ink trade deal
• Small firms need survival strategies
• Intel seeks domestic suppliers
• Deepwater container ports key to enhancing marine economy
• State firms told to reduce investment in non-core operations
• State Bank sets limits on gold trade

Vietnam ranks second in gold hoarding Posted: 22 Jun 2011 11:27 PM PDT Vietnam claimed second position as far as gold holdings are concerned only behind India with nearly 1000 tons. According to country's National Financial Supervisory Commission, Vietnam is hoarding between 460 and 1,000 tons of gold worth around $21 to $45 billion, second only to India. The figures take into account gold held by the people [...]

Peoples Bank of China to increase its issuance of gold and silver coins this year Posted: 22 Jun 2011 11:24 PM PDT According to a report by Chinese news agency Xinhua, China has been sharply increasing its output of gold and silver coins to meet seemingly ever-increasing popular demand for precious metals as people buy to protect against perceived rising inflation.  Indeed it has more than doubled the maximum issuance for 2011 for some popular gold coin [...]

Gold extends its rally towards a record high on June 22 Posted: 22 Jun 2011 09:54 PM PDT Bullion, which broke above its recent range after rising in six of the past seven sessions, held onto early gains after the Fed reaffirmed that it would maintain interest rates exceptionally low for an extended period. It was also underpinned by a rebound in Brent crude oil and a warning from Bank of England policymakers [...]

Belgium vows $86m in development aid Posted: 22 Jun 2011 09:36 PM PDT Viet Nam will receive an official development assistance fund of US$86.2 million under a new co-operation agreement signed with Belgium in Ha Noi yesterday. The agreement on a new indicative co-operation programme for 2011-15 between Belgium and Viet Nam was signed by Viet Nam’s Ministry of Planning and Investment and the Kingdom of Belgium’s Directorate [...]

Viet Nam, Chile to ink trade deal Posted: 22 Jun 2011 09:36 PM PDT Viet Nam and Chile completed negotiations to ink a free trade agreement (FTA) in November on the sidelines of the 19th annual Asia-Pacific Economic Cooperation (APEC) leaders meeting to be held in Honolulu, Hawaii. The two countries completed their eighth and final round of negotiations on the FTA in Ha Noi late last week, according [...]

Small firms need survival strategies Posted: 22 Jun 2011 09:33 PM PDT In the past few months, small and medium-sized enterprises (SMEs) have been hit severely by inflation and interest rates which are threatening their survival. TheViet Nam News spoke to Cao Sy Kiem, chairman of the Viet Nam Association of Small and Medium Enterprises, about the current circumstances and possible solutions to help SMEs overcome difficulties [...]

Intel seeks domestic suppliers Posted: 22 Jun 2011 09:33 PM PDT Intel Products Viet Nam announced on Tuesday it was looking for Vietnamese companies to supply components, accessories and services to support its assembly and chip-testing plant in the Sai Gon High-tech Park located in HCM City. “We planned to purchase material from domestic companies with the main aim of optimising production costs,” said the manager [...]

Deepwater container ports key to enhancing marine economy Posted: 22 Jun 2011 09:31 PM PDT Developing deep-water and container seaports is key to spurring on the development of Viet Nam’s marine economy. Prime Minister Nguyen Tan Dung called on the Ministry of Transport (MoT), in conjunction with the Viet Nam Marine Department, to make every effort in building deep-water seaports, complete with effective centres for cargo distribution and logistics services, [...]

State firms told to reduce investment in non-core operations Posted: 22 Jun 2011 09:30 PM PDT The Government will require State-invested enterprises to reduce the percentage of capital they invest in non-core business activities under a draft regulation compiled by the Ministry of Finance (MoF). In a draft decree on management and use of capital and financial management for State-invested enterprises, the percentage of investment permitted for non-core business activities would [...]

State Bank sets limits on gold trade Posted: 22 Jun 2011 09:30 PM PDT People will continue to have the right to buy and sell gold bars but only at banks and authorised businesses, the State Bank of Viet Nam said in its final draft decree on the management of gold-trading activities. In a previous draft decree, SBV said that people can sell but not buy their gold bars. [...]

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