Vietnam Business News

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• Is it possible to predict gold prices?
• Super promotional simcards flooding market
• Telecom firms focusing on upgrading quality, holding existing customers
• Vietnam has large gold holdings: central bank
• Vietnam’s bond market growth fastest in the region: ADB
• My Son Tower project in Hanoi approved
• Real estate firms deal with a ‘frozen’ market
• No letup in tough times for property market
• HSBC forecasts forex rate at 21,500 dong/US dollar in Q3
• High interest rate affecting working of companies

Is it possible to predict gold prices? Posted: 17 Aug 2011 01:05 AM PDT Most explanations about soaring gold prices are not convincing enough nor accurate as far as international speculators are concerned. In the wake of recent wild fluctuations in the gold market, a VOV reporter interviewed Kieu Huu Dung, former Head of the Banking Organisations Department under the State Bank of Vietnam (SBV) about the issue. Reporter: [...]

Super promotional simcards flooding market Posted: 16 Aug 2011 09:48 PM PDT With only 30,000 dong, customers are able to make free call inside the network in total duration of less than 10 minutes within the whole month. The promotion package is paid much attention by many users. But as buying this kind of package, consumers have to accept "dead" simcards at any time [simcards may stop [...]

Telecom firms focusing on upgrading quality, holding existing customers Posted: 16 Aug 2011 09:47 PM PDT Number of new subscribers is decreasing but mobile service providers say more importance is to focus on upgrading quality and holding existing customers, the local newswire VnExpress reported. Since the year early, the number of new subscribers of three networks namely VinaPhone, MobiFone and Viettel all have fallen sharply. Previously the number increased 130,000 new [...]

Vietnam has large gold holdings: central bank Posted: 16 Aug 2011 09:47 PM PDT Vietnam’s central bank statistics show that Vietnam has ample gold supplies in hand, even if the recent price hike may suggest otherwise. According to the State Bank of Vietnam, the public holds between 300 and 500 tons of the precious metal while banks have about 100 tons of gold deposits. Commercial banks in April were [...]

Vietnam’s bond market growth fastest in the region: ADB Posted: 16 Aug 2011 09:46 PM PDT Vietnam's local currency bond market has seen the fastest growth in Asia as emerging regional markets show great resilience amid a weakening global economy, says a new Asian Development Bank report. According to ADB's Asia Capital Markets Monitor, the year-on-year growth of Asia's major bond markets were robust in 2009 and 2010, before easing in [...]

My Son Tower project in Hanoi approved Posted: 16 Aug 2011 09:45 PM PDT Hanoi City People's Committee has approved the Phuong Dong apartment and service project (or My Son Tower) at No 62 Nguyen Huy Tuong St, Thanh Xuan Dist, Hanoi. With the estimated investment capital of 658 billion dong, the project is designed on total land area of 5,000 square meters including 248 apartments. The project is [...]

Real estate firms deal with a ‘frozen’ market Posted: 16 Aug 2011 09:45 PM PDT Real estate companies in Vietnam are trying to seek ways to minimise their risks in the context of the 'frozen' property market. According to financial analysts, currently, banking interest rates of 25-27%, along with soaring prices of construction materials and labour, have pushed costs up by 30-40%. Projects carried out in this environment may not [...]

No letup in tough times for property market Posted: 16 Aug 2011 09:45 PM PDT For the first time in two years, land prices have gone down in Hanoi. Perhaps for the first time ever, developers are offering apartments in lieu of cash to building contractors. Things have not looked bright for the real estate sector for some time now, and both industry insiders and analysts say the coming months [...]

HSBC forecasts forex rate at 21,500 dong/US dollar in Q3 Posted: 16 Aug 2011 09:44 PM PDT HSBC in its August 2011 report on money market prospects has said that the US dollar will be depreciated after the US’s debt rating is lowered by S&P. Among the currencies offered for comparison in South Asia by HSBC, only the dong is the sole currency being devalued against the US dollar. According to HSBC, [...]

High interest rate affecting working of companies Posted: 16 Aug 2011 09:44 PM PDT Facing the excessively high lending interest rate of over 20% per year, many enterprises are falling into hardships, working perfunctorily and facing risk of bankruptcy as difficulties in accessing bank loans. In order to deal with this problem, the State Bank of Vietnam (SBV)’s governor has recently issued a Dispatch No 6368 requiring commercial banks [...]

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