Vietnam Business News

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• State treasury sells vnd3.2tln government bonds, 3-year yield down 0.1%
• Bright spots for economic growth in six months
• EVN unit speeds up work on Lao, Cambodian dams
• Warning on foreign fund loan offering
• PVN signs $1.2b deal for thermo-power unit
• Jakarta probes steel dumping
• VN tries to jumpstart stalled retail industry
• Companies told: Invest in technology
• Despite growth, trade deficit rises with S Korea
• Vietnam c.bank warns banks about high interest rates

State treasury sells vnd3.2tln government bonds, 3-year yield down 0.1% Posted: 07 Jul 2011 11:58 PM PDT The State Treasury on July 7 sold VND3.2 trillion worth of Government bonds, or 72.5% of offered value, at the yield of 12.2-12.3% p.a. in an auction of 3-year and 5-year bonds, said the Hanoi Stock Exchange (HNX). There were 14 bidders involving in 3-year bond auction, while only 5 participants in 5-year tenor, the [...]

Bright spots for economic growth in six months Posted: 07 Jul 2011 11:54 PM PDT The first half of this year was a tough time for the national economy. Groups, corporations and businesses had to face a number of challenges, including runaway inflation, and high interest rates. Due to the tightening credit policy, they found it difficult to access capital for domestic industrial production and exports. However, out of such [...]

EVN unit speeds up work on Lao, Cambodian dams Posted: 07 Jul 2011 09:10 PM PDT EVN International Joint Stock Company, a subsidiary of Electricity of Viet Nam Corp (EVN), is hastening work on its hydroelectric projects in Cambodia and Laos. The projects include the 400-MW Lower Se San 2 Hydro-power Project in Se San District of Cambodia’s Stung Treng Province, which has been approved by the Cambodian Government. EVN International [...]

Warning on foreign fund loan offering Posted: 07 Jul 2011 09:10 PM PDT The Ministry of Finance has dispatched document No 7679/BTC-QLN to ministries, ministerial level agencies and people’s committees of provinces and cities issuing a recommendation about the offering of the Nusantara Asset Fund for financing. Representatives of the Indonesian-based fund recently visited several regions offering long-term loans with low interest rates. After verification, the Ministry of [...]

PVN signs $1.2b deal for thermo-power unit Posted: 07 Jul 2011 09:09 PM PDT The national oil and gas group PetroVietnam yesterday signed two sub-contracts under an engineering, procurement and construction (EPC) contract worth US$1.2 billion to build the Quang Trach 1 thermo-power plant with two of its subsidiaries. Nguyen Quoc Khanh, PetroVietnam’s deputy general director, said PetroVietnam selected PetroVietnam Engineering Consultancy Co (PVE) to execute the designing contract, [...]

Jakarta probes steel dumping Posted: 07 Jul 2011 09:09 PM PDT The Indonesian Anti-Dumping Committee has commenced an investigation into the alleged dumping of cold-rolled steel from Viet Nam, mainland China, Taiwan, South Korea and Japan, announced Viet Nam Competition Administration deputy director Vu Ba Phu. The investigation arises from a petition recently lodged by steel producer PT Krakatau Steel. The Indonesian Anti-Dumping Committee (KADI) accepted [...]

VN tries to jumpstart stalled retail industry Posted: 07 Jul 2011 09:08 PM PDT Rising inflation and other economic difficulties are pervading the entire retail market. According to the General Statistics Office, revenue from retail sales in the first six months of the year is estimated to reach VND912 trillion, up 22.6 per cent against the same period last year. Dinh Thi My Loan, deputy chairwoman and general secretary [...]

Companies told: Invest in technology Posted: 07 Jul 2011 09:08 PM PDT The fast-growing number of foreign investors has led to an expansion of industrial manufacturing in Viet Nam, especially for local production. But to remain competitive, local companies had to invest in modern technology, said Chainarong Limpkittisin, managing director of Reed Tradex Company. Trade exhibitions could help them achieve that goal because exhibitions were an effective [...]

Despite growth, trade deficit rises with S Korea Posted: 07 Jul 2011 09:07 PM PDT Two-way trade value between Viet Nam and South Korea has been increasing but this also created a growing trade deficit, despite continuous growth of Vietnamese exports. South Korea is the second biggest foreign investor in Viet Nam, just after Taiwan. It is also Viet Nam’s fifth biggest exporter, according to the Ministry of Planning and [...]

Vietnam c.bank warns banks about high interest rates Posted: 07 Jul 2011 09:02 PM PDT Vietnam’s central bank warned lenders on Thursday about offering depositors interest rates that are higher than it allows, saying it could fine offenders. “Banks are racing to raise interest rates for residential deposits without taking into account the potential damage to the system,” the State Bank of Vietnam said in a statement explaining a circular [...]

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