Vietnam Business News

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• Banks assist gold to hit new record
• Meat prices likely to fall before Tet
• Store brands can be double-edged sword
• Network marketers move into VN
• Producers cement new markets
• Trade ministry to start export-import website
• Ministry urges State to keep close watch on commercial agents
• Vietnam invites bids for 9 oil/gas blocks, boosts investment
• Aug 3: Vietnam gold prices set fresh high at vnd41.3mln/tael, dollar stable
• Vietnam aims to cut dong loan rate to 17-18%

Banks assist gold to hit new record Posted: 04 Aug 2011 12:14 AM PDT The domestic gold price yesterday hit an all-time high of VND41.32 million (US$2,004) per tael following increased purchases by a number of central banks on the global market and Europe’s worsening debt crisis. The price on Kitco yesterday reached $1,674.60 per ounce (one tael is equal to 1.2 ounces), hitting its ninth record in 16 [...]

Meat prices likely to fall before Tet Posted: 04 Aug 2011 12:14 AM PDT The animal husbandry industry in the remaining months of the year will strengthen production to ensure supply of livestock and poultry meat in the domestic market at reasonable prices, especially on the occasion of Lunar New Year, an official said yesterday. Nguyen Thanh Son, deputy head of the Animal Husbandry Department, said at a meeting [...]

Store brands can be double-edged sword Posted: 04 Aug 2011 12:12 AM PDT Although customers benefit from the lower prices of brands developed by supermarkets, manufacturers of similar products could suffer because of the competition, experts have said. To fully tap their distribution advantages and attract consumers, many supermarkets, including Metro, Sai Gon Co.op and BigC, have developed their own brands, mainly for food and cosmetics. Experts forecast [...]

Network marketers move into VN Posted: 04 Aug 2011 12:12 AM PDT Herbalife, a manufacturer of dietary supplements and other healthfood products, has opened its second office in Ha Noi and launched the Casa programme at the Hoa Binh Humanitarian Centre aimed at improving the nutrition of children in Viet Nam. Viet Nam News reporter Mai Huong spoke to Herbalife International’s managing director for the Asia-Pacific William [...]

Producers cement new markets Posted: 04 Aug 2011 12:11 AM PDT Domestic cement companies are seeking new outlets such as Bangladesh, Africa, Hong Kong, Singapore and Myanmar. The Viet Nam Cement Industry Corp (Vicem), the country’s leading cement producer, last month made a trip to Myanmar to explore the market there. Myanmar had a huge demand for cement as its factories had failed to meet domestic [...]

Trade ministry to start export-import website Posted: 04 Aug 2011 12:11 AM PDT The Ministry of Industry and Trade plans to construct an e-commerce website starting from 2012 based on import and export activities. Do Van Chien, director of the ministry’s Information Centre, said that the website would offer support services to commercial transactions among enterprises focussed on textiles, seafood, agricultural products, wood, rubber, footwear, leather, steel, fertiliser, [...]

Ministry urges State to keep close watch on commercial agents Posted: 04 Aug 2011 12:10 AM PDT The activities of commercial agents have greatly expanded without any State controls, creating price fluctuations and damage to consumers. “Commercial agents play a very important role in providing services and businesses for the market, but State management hasn’t caught up with this development,” said Truong Quang Hoai Nam, director of the Ministry of Industry and [...]

Vietnam invites bids for 9 oil/gas blocks, boosts investment Posted: 03 Aug 2011 10:09 PM PDT Petrovietnam has launched the 2011 licensing round for nine oil and gas blocks offshore Vietnam,the first since 2007 and the most in recent years, while Vietsovpetro will boost investments as the country works on reversing declining output and export Vietnam, a net oil exporter and Southeast Asia’s third-largest producer, has been facing falling output from [...]

Aug 3: Vietnam gold prices set fresh high at vnd41.3mln/tael, dollar stable Posted: 03 Aug 2011 10:08 PM PDT Vietnam gold prices continued to break its record high on rising momentum, up VND0.2 million to VND41.3 million a tael while dollar prices were stable. As of 10:40 Hanoi time, Sacombank-SJC gold as listed at VND41.25million/tael and VND41.35million/tael for bid and ask, respectively. Bid and ask of Thang Long gold bullion, a product of Bao [...]

Vietnam aims to cut dong loan rate to 17-18% Posted: 03 Aug 2011 10:08 PM PDT Vietnam’s central bank aims to lower dong lending rates to between 17 percent and 18 percent from as early as next month, its new governor was quoted in an online report as saying. The State Bank of Vietnam will work with banks this month to reach an agreement on the rate cut aimed from mid-September, [...]

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