Vietnam Business News

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• Average 6-month interbank interest rate shrinks 4.12%
• Oceanbank posts vnd 475 bln pretax profit in jan-jun
• Land leasing fee escalate, local authorities dodge the laws
• Fisheries meeting again with miss. shrimpers
• Agriculture continues to be the South’s advantage
• India-Vietnam venture starts building carbon plant
• Vietnam’s tourism sector urged to make breakthroughs
• Entire East-West Highway ready by late November
• Gold prices exceed VND40 million per tael
• Banking services still little known: Nielsen

Average 6-month interbank interest rate shrinks 4.12% Posted: 28 Jul 2011 12:21 AM PDT The average interbank interest rate for 6-month terms on July 25 eased to 13.88% after surging to 18% last week, marking the biggest decline among terms, according to statistics on the State Bank of Vietnam (SBV)'s website. Interbank interest rates also edged down to 13.58% p.a. from 14% p.a for one-month terms and 14.01% from [...]

Oceanbank posts vnd 475 bln pretax profit in jan-jun Posted: 28 Jul 2011 12:20 AM PDT Ocean commercial joint stock bank (OceanBank) posted a pretax profit of VND 475 billion in the first six months, up 149% on year and fulfilling 59% of year target, the state-run online newspaper VnEconomy reported July 27. In Jan-Jun, OceanBank achieved total assets of VND55.97trillion, total deposits of VND50.555 trillion and total outstanding loans of [...]

Land leasing fee escalate, local authorities dodge the laws Posted: 28 Jul 2011 12:19 AM PDT The business community has voiced the complaint about the overly high new land leasing fees which would put a heavy burden on businesses. Meanwhile, local authorities have tried to dodge the laws to save local businesses before the government saves them. Just within one month, the Ministry of Finance released two different decisions: the first [...]

Fisheries meeting again with miss. shrimpers Posted: 27 Jul 2011 08:33 PM PDT A national fisheries representative is returning to Mississippi to talk to Vietnamese shrimpers about whether sea turtles need more protection. Shrimpers at a July 13 meeting said they’re doing all that is reasonable to save sea turtles. They also accused NOAA Fisheries Service of faking data and falsely blaming the fishermen of drowning the marine [...]

Agriculture continues to be the South’s advantage Posted: 27 Jul 2011 08:33 PM PDT At a recent conference in HCM City, authorities from the city and Mekong Delta provinces said that agriculture remains the region’s strong point and called for more investment in local agriculture. The July 26 conference on promoting agricultural investment in HCM City and Mekong Delta provinces was attended by representatives from ministries and more than [...]

India-Vietnam venture starts building carbon plant Posted: 27 Jul 2011 08:33 PM PDT Phillips Carbon Black Vietnam JSC on Friday started work on the nation’s first carbon black plant in the southern province of Ba Ria-Vung Tau. The plant is a joint venture between Phillip Carbon Black Ltd of India and three Vietnam National Chemical Group (Vinachem) rubber affiliates – Casumina, Da Nang and Sao Vang. Phillips Carbon [...]

Vietnam’s tourism sector urged to make breakthroughs Posted: 27 Jul 2011 08:32 PM PDT Vietnam’s tourism sector has made remarkable achievements in recent times, but is yet to fully tap its potential. Nguyen Van Tuan, general director of the Vietnam Administration of Tourism granted an exclusive interview to VOV on building strong trademarks for the tourism sector to become the spearhead sector in the future. Reporter: The Ministry of [...]

Entire East-West Highway ready by late November Posted: 27 Jul 2011 08:32 PM PDT The entire East-West Highway, including Thu Thiem Tunnel under the Saigon River, will be officially opened to traffic on November 22 this year. This decision came at a meeting last Friday where HCM City chair Le Hoang Quan was briefed on the project by the city’s Management Board of Traffic Construction and Urban Projects, Japanese [...]

Gold prices exceed VND40 million per tael Posted: 27 Jul 2011 08:30 PM PDT SJC gold was listed at VND39.95 and VND40.05 million per tael on July 27, up more than VND220,000 per tael compared to its close on July 26. In Hanoi, Than Tai SBJ hovered around VND40.01-40.07 million per tael while Bao Tin Minh Chau Dragon was transacted at VND39.96-40.08 million per tael. In HCM City, SJC [...]

Banking services still little known: Nielsen Posted: 27 Jul 2011 08:29 PM PDT A mini survey conducted by Nielsen Holdings shows that banking services are still little-known among local people, meaning banks still have a great opportunity for market development. The Vietnam Personal Finance Monitor released on Monday revealed that most consumers were aware of basic banking services but few of them actually use such services, while for [...]

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