Vietnam Business News

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• Vietnam sees export potential in new markets in EU
• Supermarket giant to be opened in Vietnam
• Investment law found inadequate
• Japanese marks Vietnam in their investment strategies
• State-run companies found in steep losses
• Vietnam raises 62tr dong worth of G-bonds via tenders
• Interbank forex rate kept unchanged at 20,628 dong/US dollar Sep 1
• Local gold price keeps falling to below 46.8m dong/tael early Sep 1
• Exporters given green light to borrow maximum 85pct of export contract value
• Annual credit growth proposed at 15pct: national finance supervisor panel

Vietnam sees export potential in new markets in EU Posted: 01 Sep 2011 12:11 AM PDT European Union's countries of Austria, Slovakia and Slovenia are small but potential markets for Vietnam's exports in the future besides current big markets like Germany and the UK, a trade official said on Tuesday. The Ministry of Industry and Trade on Tuesday held an online dialogue at www.ttnn.com.vn, a foreign market online gateway, helping domestic [...]

Supermarket giant to be opened in Vietnam Posted: 01 Sep 2011 12:11 AM PDT Crescent Mall Commercial Center project in the new urban area in District 7 is due to be inaugurated in November which will include Supermarket Giant of Dairy Farm Group, said Phu My Hung Joint Venture Co., Ltd., the investment owner of the project. Dairy Farm, a leading retail group in Asia, will open a large-scale [...]

Investment law found inadequate Posted: 01 Sep 2011 12:10 AM PDT Experts of a group mandated to review economic laws on Tuesday criticized the Investment Law as inadequate and even overlapping other legislations. Professor Nguyen Mai, chairman of the Vietnam Association of Foreign Invested Enterprises, stressed the need of adjusting the law to fit present situations due to much inadequacy it contained. The Investment Law, having [...]

Japanese marks Vietnam in their investment strategies Posted: 01 Sep 2011 12:10 AM PDT Experts have predicted a new wave of Japanese investment in Vietnam which would become realistic in the near future. Experts have predicted a new wave of Japanese investment in Vietnam which would become realistic in the near future. Japanese need to rebuild their lives and resume their business activities, and they are considering building up [...]

State-run companies found in steep losses Posted: 01 Sep 2011 12:06 AM PDT Three state-run corporations were found to incur losses totaling 1.12 trillion dong (US$56 million) in 2009, Le Minh Khai, Deputy General Auditor of the State Audit Office of Vietnam has said. At the press meeting held in Hanoi yesterday to announce the 2009 audit report, Khai said except for these three entities, the other state-run [...]

Vietnam raises 62tr dong worth of G-bonds via tenders Posted: 01 Sep 2011 12:06 AM PDT From early this year till the end of August 25, the State Treasury, Vietnam Bank for Social Policies (VBSP) and Vietnam Development Bank (VDB) have raised over 62 trillion dong worth of government-guaranteed bonds of the total offered volume of 135 trillion dong with the coupon rate ranging between 11% and 13% per annum (p.a.). [...]

Interbank forex rate kept unchanged at 20,628 dong/US dollar Sep 1 Posted: 01 Sep 2011 12:05 AM PDT The State Bank of Vietnam (SBV) has announced the interbank average forex rate today Thursday September 1 at 20,628 dong/US dollar, remaining unchanged for the ninth consecutive day. Accordingly, the ceiling forex rate of commercial banks will be 20,834 dong/US dollar. The forex rate at the central bank’s transaction office (on August 31) was 20,600-20,834 [...]

Local gold price keeps falling to below 46.8m dong/tael early Sep 1 Posted: 01 Sep 2011 12:05 AM PDT Basing on the dong/US dollar forex rate today Thursday September 1, the global gold price is still higher than the local gold price by one million dong per tael. At 9:05 am local time September 1, the local gold price continued falling 100,000 dong per tael from the previously-updated price. Accordingly, the SJC gold price [...]

Exporters given green light to borrow maximum 85pct of export contract value Posted: 01 Sep 2011 12:05 AM PDT Prime minister on August 30 issued Decree No 75 on credit for state investments and export activities whereby exporters will be allowed to borrow maximum 85% of the export contract value. Under which, investment credit will include investment lending and support after investment. Export credit will include export loan (offering loans for exporters and foreign [...]

Annual credit growth proposed at 15pct: national finance supervisor panel Posted: 01 Sep 2011 12:04 AM PDT As per the macroeconomic report 2011 and forecasts for 2012, National Finance Supervisory Committee said that in the upcoming time, the State Bank of Vietnam (SBV) should lower the interest rates but not loosen the monetary policy. The committee proposed from now till the end of this year, credit growth should be controlled at around [...]

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