Vietnam Business News

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• Over 12 Tons of Gold Exported Illegally via Airline: SBV
• July 19: Vietnam gold heads to vnd40mln/tael threshold
• Domestic gold price breaks record again
• Foreign players brew up coffee market dominance
• Investors look to push up Lach Huyen port
• TNK-BP upbeat on inking long-awaited BP deal
• Remittances to rise again this year
• High prices forecast until end of year
• SCIC sells interests in 520 enterprises
• Insurance market up more than 20% in H1

Over 12 Tons of Gold Exported Illegally via Airline: SBV Posted: 18 Jul 2011 11:48 PM PDT From May 16 to June 8, Vietnam firms illegally exported about 12,5 tons of gold, equivalent to $520million, via entry ports at international airport Noi Bai and Tan Son Nhat, the State Bank of Vietnam (SBV) said. From May 16 to June 8, Vietnam firms illegally exported about 12,5 tons of gold, equivalent to $520million, [...]

July 19: Vietnam gold heads to vnd40mln/tael threshold Posted: 18 Jul 2011 08:58 PM PDT Local gold on Tuesday morning extended its winning streak to fresh all-time high of VND39.56millio/tael as global gold prices marched to a record above $1,600 an ounce, stretching its rally to an unprecedented eleventh day. At 9 a.m. Hanoi's time, SJC gold at Bao Tin Minh Chau was quoted at VND39.46 million/tael and VND39.56million/tael for [...]

Domestic gold price breaks record again Posted: 18 Jul 2011 08:57 PM PDT Gold hit its highest price on the domestic market yesterday morning at VND39.35 million (US$1,910) per tael, mostly driven by the global spot gold price reaching a record high after 11 straight days of gains due to persistent worries about the euro zone debt crisis. Spot gold rose to an all-time peak on the international [...]

Foreign players brew up coffee market dominance Posted: 18 Jul 2011 08:40 PM PDT Capital shortages are behind local coffee exporters' less competitiveness to foreign rivals. Nguyen Minh Duong, vice director of Central Highlands' Dak Lak province-based, leading coffee exporter Tay Nguyen Coffee Investment Export-Import Company, said Vietnam-based foreign coffee processors had used their big pockets to buy up a large volume of coffee beans from farmers. "Shortages of [...]

Investors look to push up Lach Huyen port Posted: 18 Jul 2011 08:39 PM PDT Japanese investors want to expand Lach Huyen port's investment threshold. Itochu Corporation, which represents the group of investors including Mitsui O.S.K Lines and Nippon Yussen Kaisha, last week proposed to the Ministry of Planning and Investment (MPI) to invest into berth numbers 3 and 4 at the key northern port project in Haiphong. The investment [...]

TNK-BP upbeat on inking long-awaited BP deal Posted: 18 Jul 2011 08:39 PM PDT The other assets, Nam Con Son Pipeline and the Phu My 3 Power Plant [where TNK-BP will not be perator] will be transferred shortly TNK-BP Management Company is close to inking a deal to buy BP's assets in Vietnam. Russia-based TNK-BP spokesman Thomas Kiehn told VIR that the deal was close to be sealed and [...]

Remittances to rise again this year Posted: 18 Jul 2011 08:38 PM PDT The volume of remittances from overseas Vietnamese may surge again this year, bankers have said. Tran Xuan Huy, CEO of Sacombank, said in the first six months of 2011, total remittances via the bank had amounted to US$800 million, a year-on-year increase of 3 per cent. He said Sacombank was expected to reach profits of [...]

High prices forecast until end of year Posted: 18 Jul 2011 08:37 PM PDT The price of many essential goods is expected to remain high until the end of the year, following a report by the Ministry of Industry and Trade today. The price of rice would rise slightly due to an increase in Thailand’s export rice price while other food prices were at their highest ever due to [...]

SCIC sells interests in 520 enterprises Posted: 18 Jul 2011 08:37 PM PDT The State Capital Investment Corporation yesterday reported it had sold interests it represented in 520 enterprises during the five years since its establishment for a total of VND2.77 trillion (US$134.5 million) – twice the book value of the companies. The corporation (SCIC), formed under Decision No 151/2005/QD-TTg dated 20 June 2005, is responsible for managing [...]

Insurance market up more than 20% in H1 Posted: 18 Jul 2011 08:36 PM PDT Despite economic difficulties, the insurance market still surged 20.34 per cent in the first half of the year against the same period in 2010, said the Ministry of Finance’s Insurance Supervisory Authority. The authority said that the total insurance premiums in H1 reached nearly VND17.4 trillion (US$826.8 million), of which more than VND10.1 trillion ($482 [...]

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