Vietnam Business News

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• Interbank forex rate kept stable for eighth straight day
• Gold price bounces over 1m dong to 47.3m dong/tael
• Regulation on lending from deposit to be removed from Sep 1
• HCM City’s total deposits in US dollar decrease 1.12pct as of Aug 30
• Twelve largest banks agree to lower lending rate to 17-19pct/yr as from mid-Sep
• Ministry approves new location for Vung Tau’s airport
• HOSE & HNX to Pause Trading on Sep 2
• C.bank plans to mobilize more gold from public
• Honda Vietnam threatens to reconsider investment plan in Vietnam
• Free business advice on offer

Interbank forex rate kept stable for eighth straight day Posted: 30 Aug 2011 11:59 PM PDT The State Bank of Vietnam (SBV) has announced the interbank average forex rate today Wednesday August 31 at 20,628 dong/US dollar, remaining unchanged from yesterday. Thus, the forex rate has been kept stable for eight consecutive days. Accordingly, the ceiling forex rate of commercial banks will be 20,834 dong/US dollar. The US dollar price at [...]

Gold price bounces over 1m dong to 47.3m dong/tael Posted: 30 Aug 2011 11:58 PM PDT Today morning August 31, the local gold price jumped to over 47.3 million dong per tael and the global gold price also bounced over $40 per tael from the closing price yesterday. At 8:30 am local time, the domestic gold price increased one million dong/tael from late yesterday whereby the selling price is at 47.3 [...]

Regulation on lending from deposit to be removed from Sep 1 Posted: 30 Aug 2011 11:58 PM PDT The State Bank of Vietnam (SBV)'s governor on August 30, 2011 issued a Circular No 22/2011/TT-NHNN amending some contents in the Circular No 13 dated May 20, 2010 and Circular No 19 dated September 27, 2010 on capital adequacy ratio (CAR) in operations of credit institutions. Accordingly, the Circular No 22 that will take effect [...]

HCM City’s total deposits in US dollar decrease 1.12pct as of Aug 30 Posted: 30 Aug 2011 11:57 PM PDT As of August 30, 2011, the total deposits of HCM City-commercial banks have been estimated to have reached 857.7 trillion dong, up 1% from the end of last month and up 6.38% over the end of last year, according to the data from the State Bank of Vietnam (SBV)'s HCM City Branch. Under which, total [...]

Twelve largest banks agree to lower lending rate to 17-19pct/yr as from mid-Sep Posted: 30 Aug 2011 11:57 PM PDT After the working session with the State Bank of Vietnam (SBV) on August 26, 2011, 12 largest commercial banks committed to seriously apply the deposit rate cap at 14% per year and agreed to lower the lending interest rate for business and production sectors to 17-19% per year as from the middle of September 2011. [...]

Ministry approves new location for Vung Tau’s airport Posted: 30 Aug 2011 11:57 PM PDT The Ministry of Transport has agreed on a new location for the airport in Vung Tau city as suggested by the local government, the Civil Aviation Administration of Vietnam (CAAV) said. CAAV announced the ministry's approval last week after Minister of Transport Dinh La Thang met with relevant agencies of Ba Ria-Vung Tau Province. The [...]

HOSE & HNX to Pause Trading on Sep 2 Posted: 30 Aug 2011 11:54 PM PDT The Hochiminh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX) announce to pause trading on Vietnam’s National Day, Friday September 2. Transactions will be resumed from Monday September 5, the bourses announce on their websites.

C.bank plans to mobilize more gold from public Posted: 30 Aug 2011 08:04 PM PDT The former head of the Foreign Exchange Management Department Truong Van Phuoc had a talk with Tuoi Tre about the State Bank of Vietnam's plan to mobilize a large source of gold from the public to buy foreign currencies to strengthen reserves. Phuoc said the central bank planned to have commercial banks mobilize gold deposits [...]

Honda Vietnam threatens to reconsider investment plan in Vietnam Posted: 30 Aug 2011 08:04 PM PDT Honda Vietnam will reconsider its investment and business plans in Vietnam if it is hit by a multi-million dollar tax arrears bill. The manufacturer stated in a document sent to the government opposing the decisions, from custom departments in Hanoi and Vinh Phuc province, for collecting $160 million in tax arrears payments. The custom departments [...]

Free business advice on offer Posted: 30 Aug 2011 08:03 PM PDT The Centre for Foreign Investment Studies (CFIS) and Ernst & Young, one of the world's largest professional services firms, just inked a cooperative deal on establishing a charge-free advisory counter in Hanoi. Accordingly, Ernst & Young experts will consult with foreign investor a broad range of issues covering investment and tax policies in Vietnam as [...]

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