Vietnam Business News

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• Gold prices hit 37.9m dong/tael on July 07
• Industry, real estate attract FDI
• Foreign direct investment declines
• Buyers now shop for value
• Old Majestic to get big upgrade
• Vital assembly line technology to be tax free from August
• Fruit, vegetable exports up by a third
• Tight credit puts pinch on property market
• Gold settles near $1,529 on inflation, debt worries
• Mirea Asset Securities discloses 6 banks failing to cut nonproduction loans in time

Gold prices hit 37.9m dong/tael on July 07 Posted: 06 Jul 2011 11:09 PM PDT Closing the trading session on July 6, the gold price for August delivery in New York increased by $16.5 per ounce, or 1.09 percent to $1,529.2 per ounce. In the domestic market, at 8:40 am today Thursday July 7 the gold price continued to increase 160,000-200,000 dong/tael in accordance with the increasing momentum in the [...]

Industry, real estate attract FDI Posted: 06 Jul 2011 09:03 PM PDT Foreign direct investment (FDI) topped US$5.6 billion in the first half of the year, spreading over 455 different projects, with 205 of those industrial projects worth a combined $3.3 billion. Real estate followed closely, with 63 projects worth a total of $780 million. Singapore was Viet Nam’s leading source of foreign investment during the period. [...]

Foreign direct investment declines Posted: 06 Jul 2011 09:03 PM PDT Few improvements in the investment climate are to blame for the reduction in foreign investment into the country in the first half of the year, industry insiders have said. Figures from the Ministry of Planning and Investment’s Foreign Investment Agency showed that total registered FDI capital for 455 foreign-invested projects along with capital added to [...]

Buyers now shop for value Posted: 06 Jul 2011 09:01 PM PDT Vietnamese consumers, compared to other Asian shoppers, are more inclined to seek promotions as inflation causes more people to become price-sensitive, according to the latest edition of the Nielsen Shopper Trends Study released on Tuesday. Vietnamese shoppers are the most prolific promotion buyers in the Asia-Pacific, Nielsen survey shows. Promotions and convenience continue to be [...]

Old Majestic to get big upgrade Posted: 06 Jul 2011 09:01 PM PDT Saigontourist Holdings Co broke ground for a project to expand the 85-year-old Majestic Hotel in HCM City’s District 1 yesterday. The expansion includes two 24 – and 27-story towers with four basements as well as 353 guest rooms located on a nearly 6,000sq.m area. With an investment of VND1.9 trillion (US$92.2 million), the company will [...]

Vital assembly line technology to be tax free from August Posted: 06 Jul 2011 09:00 PM PDT From August 18, imports of equipment and machinery for technology assembly lines that are not made by domestic producers will be given import tax exemption, as part of a Government plan to enhance support industry development, the Ministry of Finance has announced. Circular 96/2011/TT-BTC, issued by the ministry earlier this week, will modify soft financial [...]

Fruit, vegetable exports up by a third Posted: 06 Jul 2011 09:00 PM PDT Viet Nam exported US$302 million worth of vegetables and fruits in the first six months of the year, up 32.5 per cent against the same period last year, according to the General Statistics Office. In June alone, exports reached $50 million. The demand for Vietnamese vegetables and fruits in regional markets like China and Indonesia [...]

Tight credit puts pinch on property market Posted: 06 Jul 2011 08:58 PM PDT High interest rates and tighter credit are lowering the liquidity of real estate and pushing a number of housing developers into bankruptcy, according to experts at a seminar held in Ha Noi last week by the Viet Nam National Real Estate Association. Tran Kim Chung of the Central Institute for Economic Management said that after [...]

Gold settles near $1,529 on inflation, debt worries Posted: 06 Jul 2011 08:57 PM PDT Gold prices rose to settle above $1,529 on Wednesday, as a rate hike in China put inflation concerns back in the spotlight, and as worries over euro zone debt stoked safe haven buying. After rising in tandem with oil and grains a day ago, gold rose on Wednesday despite mild losses in other commodities, shrugging [...]

Mirea Asset Securities discloses 6 banks failing to cut nonproduction loans in time Posted: 06 Jul 2011 08:54 PM PDT Mirea Asset Securities on July 7 disclosed the names of 6 banks that failed to cut outstanding loans for non-manufacturing sectors (property, securities, consumption) to 22% of total loans by June 30, it said in a report. These lagged banks are: Viet A Bank, Sai Gon-Hanoi bank, Western Bank, VietBank, Sai Gon commercial bank and [...]

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