Vietnam Business News

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• Vietnam Owes $36.5 Bln In 2009: State Audit
• Vietnam’s forex reserves at 1.6 months of import
• State treasury only sells 22.5% of offered government bonds
• Interbank Dong, Dollar Trading Rebound, Dong O/N Rate Up 1.09%
• Petrolimex earns vnd412bln in ipo july 28
• Notarization required for stock trading authorization
• Dragon Capital unloads Sacombank
• Rubber supply growth may slow in third quarter as Vietnam delays tapping
• Steel and cement avoid export taxes
• Gov’t fuels competitive power market

Vietnam Owes $36.5 Bln In 2009: State Audit Posted: 28 Jul 2011 10:33 PM PDT Vietnam's total foreign debt as of December 31, 2009 was $36.5 billion, or a 39% of the country's GDP of that year, according to the state budget audit conducted by the State Audit of Vietnam (SAV). In its audit report recently submitted to the National Assembly, SAV also showed that state budget collection in 2009 [...]

Vietnam’s forex reserves at 1.6 months of import Posted: 28 Jul 2011 10:32 PM PDT Vietnam's foreign reserves cover only 1.6 months of import, which's the lowest among emerging East Asian countries, said Asian Development Bank in its semiannual publication "Asian Economic Monitor" released in July. According to trade figures in Jan-July, Vietnam's foreign reserves are now estimated at $13billion compared to $12.4billion estimated by ADB earlier in April, ADB [...]

State treasury only sells 22.5% of offered government bonds Posted: 28 Jul 2011 10:32 PM PDT The State Treasury only sold VND450billion worth of Government bonds, equivalent to 45% of offered value in an auction of 3-year and 5-year bonds, which's the lowest since the bidding session on May 12. There were only 5 bidders involving in 3-year bond auction and only 3 participants in 5-year tenor, lower than the previous [...]

Interbank Dong, Dollar Trading Rebound, Dong O/N Rate Up 1.09% Posted: 28 Jul 2011 10:31 PM PDT Trading value of the dong and dollar both rebounded to VND160.661 trillion and $3.413 billion on the inter-bank market during the week ending July 20, representing increases of 22.5% and 14.4% from last week, said the State Bank of Vietnam (SBV). Trading value of the dong and dollar both rebounded to VND160.661 trillion and $3.413 [...]

Petrolimex earns vnd412bln in ipo july 28 Posted: 28 Jul 2011 10:30 PM PDT Vietnam National Petroleum Corporation (Petrolimex) earned VND412.27 billion ($20 million) in its IPO on July 27 after selling out 27,425,933 shares at an average price of VND15,032/share, the Hanoi Stock Exchange posted on its website. The IPO attracted 03 institutional investors and 304 individual investors. Investors put in bids for 30.1 million shares, or about [...]

Notarization required for stock trading authorization Posted: 28 Jul 2011 10:28 PM PDT A new Ministry of Finance rule intended to thwart price manipulation requires stock investors to secure either notarization or certification by competent authorities when they authorize individuals to do the stock trading on their behalf. Circular 74, which comes into force next month, specifies a valid authorization contract is one that is certified by a [...]

Dragon Capital unloads Sacombank Posted: 28 Jul 2011 10:28 PM PDT Dragon Capital has reportedly sold its entire 8.17-per-cent stake in Sacombank (STB) to two other foreign companies, ending a 10-year investment in the bank. The negotiated price of the shares was said to be higher than their current market value on the HCM City Stock Exchange. STB closed yesterday’s session at VND13,800 per share. “Buying [...]

Rubber supply growth may slow in third quarter as Vietnam delays tapping Posted: 28 Jul 2011 10:27 PM PDT Natural rubber output in key growing countries will expand at a slower pace in the third quarter as a "severe" leaf disease delays tapping in Vietnam, according to the Association of Natural Rubber Producing Countries. Production from member countries, representing 92% of global supply, may increase 3.4% to 2.77 million metric tons during the July-to-September [...]

Steel and cement avoid export taxes Posted: 28 Jul 2011 10:26 PM PDT After scrutinising recommendations from relevant associations, the Ministry of Finance yesterday said it would not impose the previously proposed export tax of 3 per cent on steel and 5 per cent on cement at this time. The ministry last month submitted a proposal to the Government that called for export taxes on steel and cement, [...]

Gov’t fuels competitive power market Posted: 28 Jul 2011 10:26 PM PDT The Government is considering giving more incentives to the competitive power market in Vietnam, allowing power price negotiation and payment following market prices between producers and distributors in the second phase instead of the third phase as The Government is considering giving more incentives to the competitive power market in Vietnam, allowing power price negotiation [...]

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