Vietnam Business News

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• Vietnam central bank quotes dollar at vnd20,608; unchanged from friday
• Experts call for independent auditing to clarify petroleum prices
• Gold prices exceed VND46 million/tael
• Viettel launches new BlackBerry services
• Vietnam to implement new rubber export tax
• Shares slump, gold price soars
• Garment makers seek Africa opportunities
• Vinh Long to benefit from power projects
• Real estate prices in Nha Trang rise on expansion plan
• Rice exports face challenges from foreigners in Cambodia

Vietnam central bank quotes dollar at vnd20,608; unchanged from friday Posted: 09 Aug 2011 12:52 AM PDT Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,608 Monday, unchanged from Friday. Currency dealers said free-market rates continued to rise because the U.S. dollar tracked the rise in gold prices to new record-highs in the global marketplace over the weekend. In addition, individuals and investors bought up dollars on concerns that the [...]

Experts call for independent auditing to clarify petroleum prices Posted: 09 Aug 2011 12:50 AM PDT The newly elected Minister of Finance, Vuong Dinh Hue has stated that one of the important tasks that he will do during his term is to make the petroleum prices; but how? Independent auditing would be the best solution. The oil price in the world market has been decreasing sharply over the last many days, [...]

Gold prices exceed VND46 million/tael Posted: 09 Aug 2011 12:44 AM PDT The domestic price of gold reached VND46 million/tael at 11.10am on August 9 while the world price of gold stood at US$1,768.5 per ounce. In Hanoi at 11.20am, SJC gold was transacted at VND45.5-46.17 million/tael. Thang Long Dragon gold in Bao Tin Minh Chau Company hit a new record of VND45.75-46.15 million/tael. In the meantime, the [...]

Viettel launches new BlackBerry services Posted: 08 Aug 2011 08:30 PM PDT The military-run telco Viettel has officially announced the launch of pre-paid services for BlackBerry users in Viet Nam. The deluxe package provides users with fully functioning BB Mail with a subscription charge of VND100,000 per month, and BB Chat is also available for VND65,000 per month. Two packages for post-paid subscribers provided by Viettel include [...]

Vietnam to implement new rubber export tax Posted: 08 Aug 2011 08:29 PM PDT The Ministry of Agriculture and Rural Development (MARD) has asked the Ministry of Finance (MoF) not to impose an export tax on rubber coded HS 4001 to encourage exports this year. Bui Ba Bong, MARD’s deputy minister said that under the nation’s rubber development plan to 2015 with a vision to 2020 approved by the [...]

Shares slump, gold price soars Posted: 08 Aug 2011 08:29 PM PDT Shares retreated yesterday on both national exchanges, with decliners overwhelming advancers amid growing uncertainty over both the global and domestic economies. The domestic gold price escalated yesterday and hit a new all-time high of VND44.3 million (US$2,150) per tael, while global equities markets responded negatively to ratings agency Standard & Poor’s unprecedented downgrade of the [...]

Garment makers seek Africa opportunities Posted: 08 Aug 2011 08:28 PM PDT Domestic textile and garment firms should target African countries as part of efforts to diversify their export markets, officials of the Ministry of Industry and Trade say. The Viet Nam Investment Review newspaper yesterday cited the officials as saying local firms were likely to ignore the African market despite it being a lucrative one for [...]

Vinh Long to benefit from power projects Posted: 08 Aug 2011 08:28 PM PDT A total of VND47 billion ($2.2 million) had been invested in 77 power-grid development projects in southern Vinh Long province this year, according to the Vinh Long Electricity company. Of these, 46 projects have already started with total investment of VND10.2 billion ($495,000) and 31 new ones will be started during the rest of the [...]

Real estate prices in Nha Trang rise on expansion plan Posted: 08 Aug 2011 08:27 PM PDT The stability in the Nha Trang property market is a thing of the past – prices are now skyrocketing after the city approved plans to expand the urban area. In a city where property prices have never been prone to dizzy rises or collapses in the past, the price of land along the bay has [...]

Rice exports face challenges from foreigners in Cambodia Posted: 08 Aug 2011 08:27 PM PDT Vietnamese rice exporters will face tough competition from foreign countries looking to exploit advantages that Cambodia presents as a beneficiary of the the EBA (Everything But Arms) initiative, says an Econet report. Under the EBA, Cambodia, as a least-developed-country, enjoys zero tariffs and no quotas for exporting its farm produce, especially rice, to the EU. [...]

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