Vietnam Business News

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• Stock market continues downward tendency August 1
• Phu Quoc Island plans enormous tourism complex
• Midland, mountainous region needs investment
• Bank, electric utility forge direct bill-paying system
• Blue chips drag indices down
• Price of material rice up sharply
• State bank targets loans in US dollars
• Vietnam banks report fat profits in hard times
• Vietnam stock market: a collapse of confidence?
• Laos, Vietnam boosting tourism cooperation

Stock market continues downward tendency August 1 Posted: 01 Aug 2011 01:07 AM PDT Closing the first trading session of August, the VN Index lost another 3.75 points to 401.95 pts with over half of listed shares losing points. The market saw 22 million shares being transferred for 436 billion dong, of which over 160 billion dong was for negotiation transactions. STB still led the market in terms of [...]

Phu Quoc Island plans enormous tourism complex Posted: 31 Jul 2011 10:56 PM PDT An international tourism complex including five-star hotels, convention centres and casinos will be built on Phu Quoc Island, authorities in southern Kien Giang Province have announced. Speaking at a meeting held last Friday between the provincial administration and a work team led by the Deputy Minister for Planning and Investment Dang Huy Dong, the Deputy [...]

Midland, mountainous region needs investment Posted: 31 Jul 2011 10:56 PM PDT With untapped advantages, the midland and northern-mountainous region awaits projects with suitable investment models to accelerate its socio-economic development. Deputy Prime Minister Truong Vinh Trong delivered this statement during an investment promotion forum on agriculture and rural development in Lao Cai Province last Friday. The event witnessed the participation of 150 foreign and domestic enterprises. [...]

Bank, electric utility forge direct bill-paying system Posted: 31 Jul 2011 10:55 PM PDT Customers will be able to pay their electricity bills directly through their bank under a co-operation agreement signed by the HCM City Housing Development Bank (HDBank) and the Electricity and Telecommunication Solutions Joint Stock Co (ECPay). Under the agreement, HDBank and ECPay will jointly provide electricity bill payment services via the bank, making it easier [...]

Blue chips drag indices down Posted: 31 Jul 2011 10:52 PM PDT Blue chips on the HCM Stock Exchange today tumbled, which made the VN-Index drop 0.9 per cent to close the session at 401.95 points. Of the 10 leading shares in terms of capitalisation, insurer Bao Viet Holdings (BVH) bottomed out, while five others plunged between 1.7-4.1 per cent. Eximbank (EIB) closed the day unchanged. Three [...]

Price of material rice up sharply Posted: 31 Jul 2011 10:51 PM PDT Prices of rice increased sharply over several weeks due to a surge in the world market’s demand for rice , according to the Viet Nam Food Association (VFA). Purchasing price of material rice last week jumped by VND250-300 per kilo to VND8,600-8,700 per kilo for five-per cent-broken rice, and to VND8,45-8,500 per kilo for 25-per [...]

State bank targets loans in US dollars Posted: 31 Jul 2011 10:50 PM PDT The gap in interest rates between dong – and dollar-denominated loans has sparked an increase in the number of dollar loans in recent months, causing concern among economic experts. Companies are finding it much easier to access capital because many banks are offering loans in dollars at low interest rates. One director of a company [...]

Vietnam banks report fat profits in hard times Posted: 31 Jul 2011 09:40 PM PDT A branch of Southern Bank in Ho Chi Minh City. Many commercial lenders posted high profits in the first half of the year despite nationwide economic difficulties. Vietnamese commercial banks posted major profits for the first half of this year, though the country's economy and businesses are in dire straits. In February, the government approved [...]

Vietnam stock market: a collapse of confidence? Posted: 31 Jul 2011 09:40 PM PDT Investors are losing confidence in Vietnam stock market as almost all investors, both individual and institutional, local and foreign, are losers in the play, Hai Ly, an analyst with Lao Dong, a local state-run newspaper raised concern. Bui Nguyen Hoan, head of State Securities Commission in Ho Chi Minh City, one of the founders of [...]

Laos, Vietnam boosting tourism cooperation Posted: 31 Jul 2011 09:39 PM PDT Vietnam always treasures support by the Party, State and people of Laos for the country during its cause of national defence and development, as well as Laos' contributions to boosting cooperative relations between the two countries. This statement was made by Deputy Prime Minister Nguyen Thien Nhan at a reception for Lao Minister of Information, [...]

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