Vietnam Business News

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• Italy Crisis Pushes Gold Prices to New Record
• Gold prices surge to VND38.27 million/tael
• Gold dealers cry out against draft regulation
• ABBank Posts VND 300 Bln Pretax Profit in Jan-Jun
• Gold bullion trading at Bao tin minh chau surges 5 times in w1 July
• Vietnam’s premature monetary easing is credit negative
• Ninh Thuan to stop investing in slow projects
• State firms hold dollars
• TV ad steams noodle makers
• Food provides hotel margin

Italy Crisis Pushes Gold Prices to New Record Posted: 11 Jul 2011 11:54 PM PDT First it was Greece, Ireland, then, finally, Portugal – and now it is Italy's turn. Investors are again fleeing to investing in precious metals based on the fear of an escalation of the debt crisis.   As a result, the price of gold in euro's jumped to a new record high. The price of one ounce [...]

Gold prices surge to VND38.27 million/tael Posted: 11 Jul 2011 11:53 PM PDT At 8.30am on July 12, SJC gold stood at VND38.17-38.27 million/tael, up VND200,000-300,000/tael from the previous day. Meanwhile, the price of SBJ gold at Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank) increased by VND220,000/tael to VND38.16-38.26 million/tael. Thang Long Dragon gold at Bao Tin Minh Chau Company in Hanoi was transacted at VND38.16-38.24 million/tael, an [...]

Gold dealers cry out against draft regulation Posted: 11 Jul 2011 08:50 PM PDT Several provisions in a draft decree on gold trading management are uncalled for and do not take their social impacts into account, HCM City Association of Fine Arts, Gold Jewelry and Gemstones said last Friday. At a meeting organised by the association for collecting opinions on a draft decree prepared by the State Bank of [...]

ABBank Posts VND 300 Bln Pretax Profit in Jan-Jun Posted: 11 Jul 2011 08:50 PM PDT An Binh commercial joint stock bank posted a pretax profit of VND 307.6 billion in the first six months, meeting 46.3% of the year target, yet down 13% on year, said the unlisted lender on its website. As at June 30, 2011, ABBank achieved total assets of VND38.955 billion, up 22% on year and meeting [...]

Gold bullion trading at Bao tin minh chau surges 5 times in w1 July Posted: 11 Jul 2011 08:49 PM PDT In the first week of July, bullion trading at Bao Tin Minh Chau soared fivefold compared to that in late June, 80% of which are selling transactions, the online newspaper reported July 11. PNJ trading rocketed by 100% from late June, it added. Thang Long buillion gold, a product of Bao Tin Minh Chau this [...]

Vietnam’s premature monetary easing is credit negative Posted: 11 Jul 2011 08:47 PM PDT The central bank's move on July 4 to cut its refinancing rate, its de facto policy rate, by 100 basis points to 14.0% despite persistently high inflation will further unhinge inflation expectations and renew downward pressure on the local currency. Although official foreign exchange reserves have stabilized since the implementation of tightening measures in February, [...]

Ninh Thuan to stop investing in slow projects Posted: 11 Jul 2011 08:44 PM PDT The People’s Committee of central Ninh Thuan Province will cease investing in the operation of some projects because of delays in construction. The project includes Cong Hai Wind Power Plant in Thuan Bac District of Canada-based Greta Energy Inc, Gas Extraction and Charge Station in Ninh Son District of Hung Gia Anh Co Ltd, Hon [...]

State firms hold dollars Posted: 11 Jul 2011 08:44 PM PDT Though the central bank has ordered State-owned firms to sell most of their foreign currencies to banks, only a few of them have done so. In its Circular 13 issued on May 31, the central bank instructed State-owned corporations, after deducting the amount of foreign currency needed each month, to sell all dollars to banks in [...]

TV ad steams noodle makers Posted: 11 Jul 2011 08:43 PM PDT Recently there was a controversy stemming from a TV commercial of a big instant noodle manufacturer. The commercial said: “If boiled water is poured into the noodle package and the water soon turns a translucent yellow, it proves that the product contains colouring.” By comparing two light and dark yellow noodle packages, the advertisement led [...]

Food provides hotel margin Posted: 11 Jul 2011 08:43 PM PDT The food and beverage sector of hotels has been the main source of revenue at many hotels, particularly for high-end hotels. According to Do Thi Hong Xoan, chairwoman of Viet Nam Hotel Association (VHA), food services contributed between 30 and 40 per cent to several hotels’ turnover. Customers at hotel restaurants are mainly local people, [...]

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