Vietnam Business News

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• SJC sells 28,000 taels of gold in last three days
• FPT teams up with Hong Kong telecom provider
• Real estate NPLs up sharply
• Successful G-bond tender ratio at over 98pct
• Interbank average forex rate unchanged at 20,628 dong for third straight day
• More than 1 pct of listed enterprises on the verge of default
• Vietnam has successfully stabilised foreign currency market: WB chief economist
• 90pct of customers prefer money transfer via ATM and Internet
• Vietnam central bank may retain key interest rates till end-year
• Dual forex rates reappear on dollar constraint

SJC sells 28,000 taels of gold in last three days Posted: 26 Aug 2011 05:16 PM PDT On August 25, Saigon Jewelry JSC (SJC) sold a huge volume of up to 10,000 taels of gold while buying only 30-40 taels of gold, the local newswire Tuoi Tre (Youth) quoted Nguyen Cong Tuong, SJC’s deputy head of sale department, as saying. The newspaper said on August 25, when the local gold price dropped [...]

FPT teams up with Hong Kong telecom provider Posted: 26 Aug 2011 10:19 AM PDT Vietnam's leading telecommunications services provider FPT Telecom Corporation (FPT) signed a cooperation agreement with PCCW Global, a subsidiary of Hong Kong's premier telecommunications provider, PCCW Limited in Hanoi on August 25. The two sides will interconnect their Ethernet networks for improved international network coverage and service availability. This collaboration is an expansion of the long-standing [...]

Real estate NPLs up sharply Posted: 26 Aug 2011 10:18 AM PDT Many banks are running the risk with a strong rise of non-performing loans (NPL) in the real estate sector, especially at a time when depressed property prices are showing little sign of improving in near future. Outstanding real estate loans at the banks had reached 245 trillion dong as of end-June, 10% of the total [...]

Successful G-bond tender ratio at over 98pct Posted: 26 Aug 2011 10:17 AM PDT In the auction for three trillion dong worth of G-bonds for 3- and 5-year terms held on August 25, the winning volume reached 2.95 trillion dong, equaling to the success ratio at over 98%, Hanoi Stock Exchange (HNX) reported. The winning volume for 3-year bond reached 1.45 trillion dong with the yield falling 0.11 point [...]

Interbank average forex rate unchanged at 20,628 dong for third straight day Posted: 26 Aug 2011 10:16 AM PDT The State Bank of Vietnam (SBV) has announced the interbank average forex rate today Friday August 26 at 20,628 dong/US dollar, unchanged for the third consecutive day. This is the highest level in past three months. Accordingly, the forex rate ceiling of commercial banks today will be 20,834 dong/US dollar. Yesterday, the central bank’s transaction [...]

More than 1 pct of listed enterprises on the verge of default Posted: 26 Aug 2011 10:16 AM PDT The annual report of Vietnam credit rating for 2011 revealed that seven listed enterprises with poor performance with huge losses, weak financial self-control ability, insolvency and high operation risks accounting for 1 percent of the total number on the bourse. The Presidential Office, Vietnam Chamber of Commerce and Industry together with Credit Rating of Vietnam [...]

Vietnam has successfully stabilised foreign currency market: WB chief economist Posted: 26 Aug 2011 10:16 AM PDT Vietnam has significantly limited the manipulation of US dollar in the free market and the gap of forex rate between the free market and banks has been narrowed, Deepak Mishra, World Bank (WB)’s chief economist in Vietnam said. In Vietnam, after six months of implantation of the government’s Resolution No 11, Vietnam has gained the [...]

90pct of customers prefer money transfer via ATM and Internet Posted: 26 Aug 2011 10:15 AM PDT Statistics from survey launched by Smartlink Card Service Joint Stock Co shows that 90% of customers want to use ATM and Internet as main remittance channels, of which, Internet turned out to be the choice of the majority of customers because of its conveniences and versatilities. According to this survey, the total number of interbank [...]

Vietnam central bank may retain key interest rates till end-year Posted: 26 Aug 2011 10:15 AM PDT At the working session with the State Bank of Vietnam (SBV) on August 25, deputy prime minister, Vu Van Ninh, stated that the central bank's key task in the remaining months of this year should be to continue with careful, close and flexible monetary policies. In particular, the central bank should continue to use the [...]

Dual forex rates reappear on dollar constraint Posted: 26 Aug 2011 10:15 AM PDT The dual forex rate phenomenon has reappeared in Vietnam after the end of last year due to rising demand against the falling supply of the greenback. Though being officially listed at 20,834 dong per dollar by lenders, businesses and individuals have started to buy or borrow it 200-300 dong a dollar more expensive. But the [...]

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