Monday, August 15, 2011

Vietnam Business News

Vietnam Business News

Aug 15: Vietnam gold extends losses, dollar stable

Posted: 15 Aug 2011 01:10 AM PDT

Vietnam gold continued to fall VND300,000 a tael today following suit of global profit taking. Dollar prices were stable. As of 10:20 Hanoi time, Sacombank-SBJ gold was listed at VND44.21 million/tael and VND44.39 million/tael for bid and ask, respectively. SJC in Hanoi was listed at VND44.15 million/tael and VND44.42 million/tael for bid and ask, respectively [...]


Vietnam public gold deposit estimated at 100 tons, gold accounts 5% national forex reserve

Posted: 15 Aug 2011 01:10 AM PDT

The State Bank of Vietnam, the country's central bank, estimated that people deposited over 2.4 million taels or roughly 100 tons of gold at banks, the local news paper Sai Gon Tiep Thi reported. Besides, the central bank also estimated gold holding by the public at around 300-500 metric tons. However, gold in circulation is [...]


Hoang Thach cement to expand production

Posted: 15 Aug 2011 01:09 AM PDT

Hoang Thach Cement Company, a subsidiary of the Viet Nam Cement Industry Corp (VICEM), plans to upgrade production lines 1 and 2, increasing their capacity by 15-45 per cent to 3,800-4,500 tonnes per day. The company will also install another cement grinder with a capacity of 250 tonnes per hour and cement silos that can [...]


Garment export target raised after good year

Posted: 15 Aug 2011 01:08 AM PDT

The country’s textile and garments sector has had its annual export forecast upped by US$500,000, based on performance this year. The Ministry of Industry and Trade changed the sector’s forecast for 2011 from the previously announced $13 billion to $13.5 billion. The new figure was announced after textile and garment exports rose to $7.56 billion [...]


Ministry sets 4-year target for fish farming in cages, ponds

Posted: 15 Aug 2011 01:07 AM PDT

The Ministry of Agriculture and Rural Development has set a target of farming 160,000 tonnes of marine fish species annually by 2015. Shrimp exports rise by 35% HCM CITY — Shrimp exports were up 35 per cent in the first seven months to fetch US$1.1 billion, the Association of Seafood Producers and Exporters reported. They [...]


Foreign real estate investors set to pounce

Posted: 15 Aug 2011 01:06 AM PDT

The State Bank of Viet Nam’s tightening of monetary policies will benefit powerful foreign real estate investors and hamper local firms, according to property market analysts. SBV and Government efforts to curb inflation since February this year, have made it difficult for real estate developers to access credit, leading to a decline in property projects. [...]


State Bank plans to increase dong to dollar value

Posted: 15 Aug 2011 01:06 AM PDT

The State Bank of Viet Nam plans to increase the value of the Vietnamese dong against the US dollar over the next four months in a bid to protect the value of the domestic currency, State Bank Governor Nguyen Van Binh told Sai Gon Economic Times this week. “Since February, the real value of Vietnamese [...]


Mobile-to-landline connection fees to rise

Posted: 15 Aug 2011 01:05 AM PDT

The Ministry of Information and Communications has decided to increase connection fees for calls made from mobiles to landline telephones, from VND270 per minute to VND415 per minute as of October 1. The increase is a solution to partly help fixed telephone networks develop and minimise losses for fixed telephone service providers, according to Bui [...]


Shares up in HCM City, down in Ha Noi on sluggish trades

Posted: 15 Aug 2011 01:03 AM PDT

Shares rebounded slightly on the HCM Stock Exchange this morning but lost value on the Ha Noi bourse. Volumes and value on both exchanges remained bleak. In HCM City, the VN-Index regained 0.1 per cent to close on 384.32 points. Market value dropped by 36 per cent over Friday to nearly VND230.6 billion (US$11 million) [...]


City expects success with price controls

Posted: 15 Aug 2011 01:03 AM PDT

Goods sold under the price-stabilisation programme are expected to meet consumer demand in HCM City this year, according to the municipal People’s Committee. After four months of implementation, this year’s price-stabilisation programme had been going well amid high inflation and increasing prices of input materials, said the deputy chairwoman of the HCM City People’s Committee, [...]


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