Vietnam Business News

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• Cai Mep Port welcomes 1st Maersk Line’s container ship
• PetroVietnam eyes gas exploitation in Bolivia
• Tour companies set for Independence Day bonanza
• Vietnam is a big name in the rubber industry
• PM approves the plan to establish housing saving fund
• Vietnam premiums dip; Indonesia offers new crop
• HSC to issue 600b dong of odd bonds
• Overseas remittance flowing into real estate sector
• Actual credit growth at only 5pct in first seven months, says ACB
• S&P lowers Vietnam LC rating to ‘BB-’

Cai Mep Port welcomes 1st Maersk Line’s container ship Posted: 22 Aug 2011 12:06 AM PDT Cai Mep International Terminal (CMIT) has welcomed Grete Maersk, the 1st ship of Maersk Line’s Trans-pacific String, on its route from Asia to North America. With this first direct 'Trans-pacific 6' (TP6) vessel, weighing at 115,700 dwt and with a capacity of 9038 TEU, calling CMIT, Maersk Line has officially become a business partner of [...]

PetroVietnam eyes gas exploitation in Bolivia Posted: 22 Aug 2011 12:05 AM PDT The Vietnam National Oil and Gas Group (PetroVietnam) has signed a cooperation agreement with the state-owned oil and gas company of Bolivia, YPFB, to study gas potential in the South American country. The Bolivia News Agency reported that the results of the study will lay a foundation for the partners to sign contracts on natural [...]

Tour companies set for Independence Day bonanza Posted: 22 Aug 2011 12:05 AM PDT With Independence Day falling on a Friday and offering the last chance for a vacation for students before the new school year begins, Ho Chi Minh City travel agencies have been selling lots of tour packages. The holiday falls on September 2 while schools reopen Monday. Vietravel said it had achieved 85 percent of its [...]

Vietnam is a big name in the rubber industry Posted: 22 Aug 2011 12:04 AM PDT It is the world's fourth largest exporter despite being a late entrant into the international market. But Vietnamese firms producing tires and needing latex for other production purposes are facing a shortage of the material and having to import it at higher prices. The increased domestic demand has not disturbed the export focus of local [...]

PM approves the plan to establish housing saving fund Posted: 22 Aug 2011 12:03 AM PDT Prime Minister has approved the plan of establishing the housing saving fund in form of non-profit organization with the voluntary contribution equalling to 1% of monthly salary of employees. The information was made by Vice Minister of Construction Nguyen Tran Nam at the conference on interaction between real estate and finance markets in Vietnam, held [...]

Vietnam premiums dip; Indonesia offers new crop Posted: 22 Aug 2011 12:03 AM PDT Premiums for Vietnam’s robusta coffee slipped from an all-time high ahead of the new harvest in October, while trading slowed to a trickle in neighboring Indonesia before a Muslim religious festival, dealers said on Wednesday. Vietnam’s grade 2, 5 percent black and broken beans for August shipment were $110 a ton above London’s September contract, [...]

HSC to issue 600b dong of odd bonds Posted: 22 Aug 2011 12:02 AM PDT Ho Chi Minh City Securities Corporation (HOSE-listed HSC) announced that it plans to issue 600 billion dong of odd bonds at 1 billion dong at par this August. The bonds have a maturity of 5 years with the fixed yield of 14% a year for the first year, floating yield rate (for following years) equalling [...]

Overseas remittance flowing into real estate sector Posted: 22 Aug 2011 12:01 AM PDT Up to 52% of overseas remittance volume has flow into the real estate sector, according to the survey of National Finance Supervision Committee. The information was given by Dr Le Xuan Nghia, the committee's vice chairman, at the conference titled "Impacts of the real estate market on financial market" on August 18. The survey result [...]

Actual credit growth at only 5pct in first seven months, says ACB Posted: 22 Aug 2011 12:00 AM PDT In the first seven months of this year, Vietnam’s actual credit growth as calculated by Asia Commercial Joint Stock Bank (ACB) was only 5%, the local newswire Lao Dong quoted Nguyen Duc Kien, member of founding council of ACB as saying. Kien said that the previously reported credit growth of 7.5% in Jan-Jul was calculated [...]

S&P lowers Vietnam LC rating to ‘BB-’ Posted: 22 Aug 2011 12:00 AM PDT Standard & Poor’s Ratings Services today lowered its local currency long-term sovereign credit rating on the Socialist Republic of Vietnam to ‘BB-’ from ‘BB’, and its ASEAN scale long-term credit rating to ‘axBB’ from ‘axBB+’. At the same time, Standard & Poor’s affirmed its ‘BB-’ foreign currency long-term rating, ‘B’ short-term foreign and local currency [...]

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