Vietnam Business News

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• Gold strives to hang around VND48 million
• Ministry cuts seafood exports forecast on uncertainties
• Inward remittances from abroad workers estimated at $1.8b in 2011
• VPBank launches preferential lending program
• Bank asked to stop lending if credit growth exceeds 20pct as of Jul 30
• Vietnam’s cement sector in crisis as supply exceeds demand
• Most U.S. firms plan to expand business in SE Asia: Amcham
• Vietnam’s Sep CPI expected to increase 0.7-0.9pct: economist
• Properties in HCMC’s adjacent province top picks
• Six-month interbank interest rate down by 2.33%

Gold strives to hang around VND48 million Posted: 06 Sep 2011 12:45 AM PDT The price of gold in Vietnam struggled to hover around VND48 million a tael (1.2 ounces) amid muted trading on September 6 as global price hit $1,900 an ounce again. Sacombank Jewelry Company bought the metal at VND47.76 million and sold at VND47.89 million at 10:15 am local time. Saigon Jewelry Company, the biggest gold [...]

Ministry cuts seafood exports forecast on uncertainties Posted: 06 Sep 2011 12:43 AM PDT The Ministry of Agriculture and Rural Development has just lowered its forecast on Vietnam’s seafood export turnover in 2011 to $6 billion, down $100 million from the previous forecast, due to raw material shortage and shrinking foreign demand, newswire NHDmoney reported. Although the demand for seafood products of EU, the US, Russia, China and Southeast [...]

Inward remittances from abroad workers estimated at $1.8b in 2011 Posted: 06 Sep 2011 12:42 AM PDT In the first six months of this year, the total amount of inward remittance transferred to the country by Vietnamese workers abroad reached $1 billion, according to the Overseas Labor Management Department. In five years (2011-2015), the agency forecasts there would be about $10 billion of remittance to be sent to the country by these [...]

VPBank launches preferential lending program Posted: 06 Sep 2011 12:42 AM PDT From today September 6, Vietnam Prosperity Commercial Joint Stock Bank (VPBank) is to officially launch a lending program with preferential interest rate for producers and exporters of agro-forestry and fisheries products and some other sectors to support the working capital. Accordingly, the lender will set aside of some three trillion dong for this program. The [...]

Bank asked to stop lending if credit growth exceeds 20pct as of Jul 30 Posted: 06 Sep 2011 12:41 AM PDT The State Bank of Vietnam (SBV) has reported the implementation of Directive No 01/2011/CT-NHNN on credit growth whereby as of July 30, basically almost credit institutions ensured the credit growth at no higher than 20% from December 31, 2010. However, monitoring results showed that outstanding accounting on accounts receivable (investment trust finance and advance) increased [...]

Vietnam’s cement sector in crisis as supply exceeds demand Posted: 06 Sep 2011 12:41 AM PDT The four cement projects that recently call for government aids in settling foreign debts is only the tip of the iceberg as many other cement businesses are in crisis due to their out-dated Chinese equipment and technology. According to Saigon Times newspaper, the cement sector has made a mistake in deploying cheap and out-of-date Chinese [...]

Most U.S. firms plan to expand business in SE Asia: Amcham Posted: 06 Sep 2011 12:40 AM PDT Eighty-five percent of U.S. companies in Southeast Asia plan to expand their business as the region will become more important in the next two years, the American Chamber of Commerce (AmCham) in Singapore said on Monday. “ASEAN continues to grow in importance for businesses in the region,” AmCham Singapore said in a statement, citing a [...]

Vietnam’s Sep CPI expected to increase 0.7-0.9pct: economist Posted: 06 Sep 2011 12:40 AM PDT Vietnam’s CPI (consumer price index) in September is expected to slow down thanks to the decline in price of some commodities, especially the reduction of 500 dong per liter of gasoline recently, according to economist Vo Tri Thanh. Thanh said that the decline of gasoline price will impact significantly to the price of other commodities [...]

Properties in HCMC’s adjacent province top picks Posted: 06 Sep 2011 12:35 AM PDT Real estate market in the southern province of Long An becomes one of investors' most attractive destinations, with land cost increasing day by day. Investors should pump into property in Long An Province as prices remain very low, says Nguyen Vu Bao Hoang, deputy general director of property firm ThuDuc House. Investors with small financial [...]

Six-month interbank interest rate down by 2.33% Posted: 06 Sep 2011 12:35 AM PDT The State Bank of Vietnam (SBV) has reported that the six-month interbank average interest rate on August 31 fell 2.22 percent from August 29 to stand at 12.67 percent per annum (p.a.), marking the lowest level since August 5. The interest rate for terms of overnight, 2-weeks and one month also fell 0.01-0.49 percent from [...]

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