Vietnam Business News

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• Capital announces final plan for first metro-line
• More qualify as rice-export firms
• State companies to cut investment
• Coal export tax will increase next month
• Shares up in HCM City thanks to blue chips
• Some key export farming products to fall export value against targets
• Aug 5: Vietnam gold prices set another record high, dollar edges up
• Vietnam to raise gold export tax to 10% from zero
• Aug 5: Vietnam dollar prices edge up, c.bank aims to keep forex stable
• Q2 corporate earnings: not enough to spur stock market

Capital announces final plan for first metro-line Posted: 05 Aug 2011 01:00 AM PDT Ha Noi’s Department of Planning and Architecture announced the final plans for its first urban rail system on Wednesday. Under the plans, the municipal People’s Committee has approved the blueprints for a metro line proposed by Systra Company, which include an 8.5km overground section and a 4km underground section. Ha Noi’s first metro line will [...]

More qualify as rice-export firms Posted: 05 Aug 2011 12:59 AM PDT Viet Nam had 44 companies that reached the necessary standards to obtain a licence to export rice under Decree 109 issued by the Government on the management of rice exports, said an official from the Ministry of Industry and Trade. Phan Van Chinh, director of the ministry’s Import and Export Department, said there were 50-60 [...]

State companies to cut investment Posted: 05 Aug 2011 12:58 AM PDT State-owned enterprises will be required to reduce investments in non-core lines of business from no more than 30 per cent of equity to no more than 15 per cent, under a draft decree being compiled by the Ministry of Finance. A number of major State-owned enterprises have invested in high-risk lines of business, including banking, [...]

Coal export tax will increase next month Posted: 05 Aug 2011 12:53 AM PDT Export taxes on all kinds of coal would be increased from the current 15 per cent to 20 per cent as of September 11 to limit the outflow of the natural resource, according to a new circular issued by the Ministry of Finance. Under the circular, export tariffs on other natural resources such as brass, [...]

Shares up in HCM City thanks to blue chips Posted: 05 Aug 2011 12:51 AM PDT The VN-Index today advanced by another 1.2 per cent to finish at 400.88 points. Losers outnumbered gainers 119-87. After a surge in trading yesterday thanks to the movement in Sacombank (STB) shares, the market value this morning fell 75.8 per cent to VND435 billion (US$21.1 million) and the volume fell 74 per cent to 26.8 [...]

Some key export farming products to fall export value against targets Posted: 05 Aug 2011 12:50 AM PDT Some key farm export products struggled to reach targets this year due to a lack of raw materials and disadvantages on the world market, the Ministry of Agriculture and Rural Development said. The ministry has reduced expectations in export value for seafood, coffee and rubber. Export prices on the world market were expected to fall [...]

Aug 5: Vietnam gold prices set another record high, dollar edges up Posted: 05 Aug 2011 12:32 AM PDT Vietnam gold continued to set fresh record high today despite some ease in global market while dollar prices edged up at commercial banks. As of 10:30 Hanoi time, Sacombank-SJC gold was listed at VND41.34 million/tael and VND41.44 million/tael for bid and ask, respectively, rising VND90,000 from the same time yesterday. Bid and ask of Thang [...]

Vietnam to raise gold export tax to 10% from zero Posted: 05 Aug 2011 12:18 AM PDT Vietnam’s Ministry of Finance will raise the tax on gold exports to 10% from zero effective Saturday, state media reported Thursday, citing a finance ministry document. The Ministry Of Finance will raise the export taxes for all gold and jewelry products with at least 80% of gold from Aug. 6 to curb exports, online news [...]

Aug 5: Vietnam dollar prices edge up, c.bank aims to keep forex stable Posted: 05 Aug 2011 12:07 AM PDT Vietnam's dollar midpoint exchange rate was unchanged in the past 24 days at VND20,608. The SBV's transaction office quoted dollar prices at VND20,600 –VND20,814 for bid and ask, respectively. However, some local commercial banks adjusted up dollar for second day. Vietcombank quoted dollar prices at VND20,570- 20,650 for bid and ask, respectively. Dollar Price Quote [...]

Q2 corporate earnings: not enough to spur stock market Posted: 05 Aug 2011 12:07 AM PDT A majority of listed companies have reported business results of the first six months for nearly a month and many made very impressive earnings. However, good corporate earnings seem not to be enough to restore investor confidence in the stock market Lackadaisical attitude The Vietnamese stock market has perhaps never experienced such a lacklustre situation, [...]

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