Vietnam Business News

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• Smartlink expands connection for more nine banks
• Vietnam plastic card market poised for immense growth
• SBV net withdraws VND9.323 Tln in July, lowest YTD
• Saigon Asset to start distressed-assets fund
• Listings do more harm than good: local firms
• July 29: Vietnam stocks end the week and month in red ink
• Internet users in Vietnam exceed 31 mln by july
• Soe roles to be restructured
• Gold price surges to VND40 million again
• July budget revenue up 21 per cent

Smartlink expands connection for more nine banks Posted: 29 Jul 2011 07:52 AM PDT The expansion of the connection has increased the total number of connected POS to 50,000 machines nationwide. Nine commercial joint stock banks including: Military Commercial Joint Stock Bank (MB), Saigon Commercial Joint Stock Bank (SCB), Viet A Commercial JS Bank (VAB), Nam Viet Commercial JS Bank (Navibank-NVB), Vietnam Prosperity Commercial JS Bank (VPBank-VPB), Saigon-Hanoi Commercial [...]

Vietnam plastic card market poised for immense growth Posted: 29 Jul 2011 07:52 AM PDT According to our recent report, "Vietnam Plastic Card Market Forecast to 2013", the Vietnamese payment card market is regarded as one of the most lucrative and underpenetrated payment card markets across the globe. According to our recent report, "Vietnam Plastic Card Market Forecast to 2013", the Vietnamese payment card market is regarded as one of [...]

SBV net withdraws VND9.323 Tln in July, lowest YTD Posted: 29 Jul 2011 07:51 AM PDT The State Bank of Vietnam (SBV) net withdrew VND9.323 trillion on open market operations in July, the lowest since early 2011, in which it pumped VND35 trillion and withdrew VND44.323 trillion, the local media NDHMoney reported, citing Reuters' data. The pumping volume in July is estimated at one fourth of that in the previous month [...]

Saigon Asset to start distressed-assets fund Posted: 29 Jul 2011 07:50 AM PDT Saigon Asset Management Corp., run by a former managing director of Vietnam's biggest fund manager, plans to start the country's first distressed-assets fund as a credit crunch squeezes small to medium-sized firms. Saigon Asset Management will team up with the investment unit of Vietnam Joint-Stock Commercial Bank for Industry & Trade, or VietinBank, the nation's [...]

Listings do more harm than good: local firms Posted: 29 Jul 2011 07:50 AM PDT Many local listed firms might have wished they had not traded shares on the stock market or wished they had given listing a second thought now that they have got trapped when it comes to expanding business scopes. At a seminar in HCMC yesterday, some cried out their grievances when their companies were now termed [...]

July 29: Vietnam stocks end the week and month in red ink Posted: 29 Jul 2011 07:49 AM PDT Vietnam's stocks closed the day, week and month in the red as investors stayed cautious amid economic difficulties. The benchmark VN Index lost 2.69 points to 405.7. Volume fell 20% to 18.9 million shares worth VND370.3 billion, including 3.3 million shares worth VND67.73 billion changed hands in the put-through deals. For the week, VN Index [...]

Internet users in Vietnam exceed 31 mln by july Posted: 29 Jul 2011 07:47 AM PDT By the end of July Vietnam has 31.1 million internet users, up 24%, and four million broadband internet subscribers, up 19%, year-on-year, according to the Vietnamese General Statistics Office (GSO) on Friday. The country has about 128.1 million telephone subscribers, a year-on-year increase of 4.3%, of which there are 15.5 million fixed telephone subscribers, up [...]

Soe roles to be restructured Posted: 29 Jul 2011 07:47 AM PDT The 12th National Assembly Economic Committee has completed a report with 10 proposals for ensuring macro stability of Vietnam in the medium and long terms, under which the committee suggests restructuring the roles of State-owned enterprises (SOEs). According to the committee, the restructuring aims to help SOEs complete basic tasks, fixing shortcomings of the market [...]

Gold price surges to VND40 million again Posted: 29 Jul 2011 07:43 AM PDT The price of gold in Vietnam hit VND40 million again on July 29 as global price recovered on concerns over a possible US default. Hanoi-based Phu Quy Jewelry Company bought the metal at VND39.91 million and sold at VND40 million as of 9:40 am local time. Saigon Jewelry Company quoted the price at VND39.93 million [...]

July budget revenue up 21 per cent Posted: 29 Jul 2011 07:42 AM PDT Vietnam’s state budget revenue rose by 21 per cent year on year to over VND51.5 trillion (roughly $2.53 billion) in July, reported the Ministry of Finance. Domestic tax collection increased by VND7 trillion compared to June, attributable to influxes of income taxes paid by enterprises for the full second quarter as July is set as [...]

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