Vietnam Business News

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• Canadian smart phone producer enters Vietnam
• Aug 12: Vietnam Gold Plunges, Dollar Stable
• Vietnam dong weakens as dollar demand rises for gold imports
• Aug 12: Vietnam central bank holds dollar exchange rate at vnd20,618
• Real estate “big guys” play golf while crying for help
• Supporting Vietnamese goods in US market
• SBV – the only agency allowed to export gold
• The spiral of the gold fever
• Gold steeply drops after approaching all-time high
• Japanese telecom supplier invests in Vietnam

Canadian smart phone producer enters Vietnam Posted: 11 Aug 2011 11:47 PM PDT The Canadian smart phone manufacturer Research in Motion (RIM) entered the Vietnam phone market last month, following cooperative agreements with the country's largest network operators including Viettel, VinaPhone and MobiFone. Under the deal, these network operators will provide Blackberry services for RIM's mobile phone users in Vietnam at reasonable prices in the near future. Recently, [...]

Aug 12: Vietnam Gold Plunges, Dollar Stable Posted: 11 Aug 2011 11:46 PM PDT Vietnam gold plunged today following suit of global gold plummet yesterday on rising equities. Dollar prices were stable. As of 11:00 Hanoi time, Sacombank-SBJ gold was listed at VND44.66 million/tael and VND44.89 million/tael for bid and ask, respectively. SJC in Hanoi was listed at VND44.55 million/tael and VND44.87 million/tael for bid and ask, respectively while [...]

Vietnam dong weakens as dollar demand rises for gold imports Posted: 11 Aug 2011 11:45 PM PDT The Vietnamese dong weakened on speculation companies bought dollars to import gold after domestic prices for the metal surpassed global prices. Bonds advanced. The first imports of gold under new government quotas are expected to start arriving tomorrow, Vietnam News reported today, citing importers. Companies were given permission to import up to five metric tons [...]

Aug 12: Vietnam central bank holds dollar exchange rate at vnd20,618 Posted: 11 Aug 2011 11:44 PM PDT Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,618 on Friday, unchanged for 3 straight days. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, hence, the ceiling price for a dollar today was VND20,824. Dollar quote at commercial banks this morning [...]

Real estate “big guys” play golf while crying for help Posted: 11 Aug 2011 11:40 PM PDT While real estate developers have unceasingly called for help, some economists say it would be better to turn a deaf ears on the complaints, believing that the real estate developers are still "living well". Do real estate developers actually take loss? "It is quite normal in doing business that you sometimes make fat profits and [...]

Supporting Vietnamese goods in US market Posted: 11 Aug 2011 11:40 PM PDT A conference on ensuring the quality of export products to meet US consumer goods safety requirements was held in Ho Chi Minh City on August 11. The event, co-organised by the US Consulate General in Vietnam, the US Consumer Product Safety Commission (CPSC) and the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), aim [...]

SBV – the only agency allowed to export gold Posted: 11 Aug 2011 11:38 PM PDT The State Bank of Vietnam (SBV) is drafting a decree aimed at regulating the gold market in a flexible manner and controlling gold trading according to the market-based mechanism, said SBV Governor Nguyen Van Binh. Under the draft decree, SBV is the only agency in Vietnam which is allowed to export and import gold. SBV [...]

The spiral of the gold fever Posted: 11 Aug 2011 11:34 PM PDT Gold is really the big resources for the national economy. However, when the gold market becomes unstable, gold could be a hard pressure on the national economy. Gold can be both resources and pressure On the two days when the gold price hit its peak, the gold market was scorching hot and chaotic, when people [...]

Gold steeply drops after approaching all-time high Posted: 11 Aug 2011 08:26 PM PDT The price of gold in Vietnam declined to around VND45 million per tael (1.2 ounces) on August 11 as global price sharply plunged due to profit-taking. Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the price at VND44.4 million for buying and VND45 million for selling as of 9:30 am local time. Hanoi-based [...]

Japanese telecom supplier invests in Vietnam Posted: 11 Aug 2011 08:26 PM PDT NTT Docomo INT (Docomo), Japan's largest telecom service provider on August 10 announced that it has acquired a stake of 25 per cent in the VMG Media Joint Stock Company of Vietnam to expand the firm's services in the Asian Pacific region. The stake, worth approximately VND370 billion (about 1.4 billion JPY), represents Docomo's first [...]

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