Vietnam Business News

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• Gold in local market sinks on global decline
• Dung Quat Oil Refinery to resume full capacity
• Gas pipeline stops for maintainence break
• Province aims to attract investment
• Persons going abroad, foreigners allowed to buy foreign currency
• Wood products shift with the times
• Centre budgets $4.9 million for fisheries extension projects
• Analyst recommends insurance shares
• Vietnam taps reserves but dong still likely to slide
• DIV caught between a rock and a hard place

Gold in local market sinks on global decline Posted: 07 Sep 2011 01:44 AM PDT The price of gold in Vietnam sank to below VND47.6 million a tael (1.2 ounces) on September 7 due to depreciation pressure from global market. Gold was bought at VND47.48 million and sold at VND47.68 million at most gold shops in Ho Chi Minh City. Saigon Jewelry Company, the biggest gold shop in Vietnam, bought [...]

Dung Quat Oil Refinery to resume full capacity Posted: 06 Sep 2011 09:34 PM PDT The Dung Quat Oil Refinery will again operate at full capacity on September 12 or 13, two days earlier than scheduled following maintenance. The refinery resumed operations at the end of last month and is currently running at a 70 per cent capacity. To date, this had been the first overall maintenance of the refinery, [...]

Gas pipeline stops for maintainence break Posted: 06 Sep 2011 09:34 PM PDT From September 15 to 30 , the Viet Nam National Oil and Gas Group (PetroVietnam) plans to halt gas supply via the Nam Con Son gas pipeline for maintenance and repair purposes. As a result, Electricity of Viet Nam’s (EVN) thermal power plants in the Phu My cluster will generate around 630 million kWh of [...]

Province aims to attract investment Posted: 06 Sep 2011 09:33 PM PDT The southern province of Bac Lieu will step up efforts to attract investment and improve competitiveness, according to its Plan on Social and Economic Development. Provincial People’s Committee chairman Pham Hoang Be said the plan, which covers the period from 2011-15, hoped to attract investment from all over the world. “We strive to create a [...]

Persons going abroad, foreigners allowed to buy foreign currency Posted: 06 Sep 2011 09:32 PM PDT The State Bank of Viet Nam issued Circular No 20/2011/TT-NHNN on August 29, regulating the sale and purchase of foreign currency by individuals travelling abroad. Under the circular, Vietnamese citizens travelling abroad for purposes of study, medical treatment, tourism or business are entitled to purchase foreign currency at authorized credit agencies for necessary personal expenses [...]

Wood products shift with the times Posted: 06 Sep 2011 09:32 PM PDT Changing foreign consumer tastes have afforded Vietnamese timber furniture exporters with several advantages despite challenging economic conditions, according to the chairman of the Viet Nam Timber and Forest Product Association, Nguyen Ton Quyen. “Before 2009, large markets such as those in the EU and America preferred furniture made from naturally grown timber while recently, trends [...]

Centre budgets $4.9 million for fisheries extension projects Posted: 06 Sep 2011 09:31 PM PDT The National Agricultural Extension Centre will earmark more than VND102 billion (US$4.9 million) for several fisheries projects to be undertaken until 2015. They will seek to provide farmers with knowledge and technologies required to make aquaculture more efficient and sustainable. They also aimed to ensure food safety and hygiene, protect the environment and aquatic resources, [...]

Analyst recommends insurance shares Posted: 06 Sep 2011 09:21 PM PDT Shares of insurance companies are giving positive signals, says Saigon Securities Inc analyst Tran The Phong. Phong expected earnings and profits of listed insurance companies to flourish in the second half, with major insurers like Bao Viet Holdings (BVH), PetroVietnam Insurance (PVI) and Bao Minh (BMI) all likely to exceed their targets for the year. [...]

Vietnam taps reserves but dong still likely to slide Posted: 06 Sep 2011 09:21 PM PDT The Vietnamese dong looks stuck for now with the unappealing title of Asia's worst performing currency, despite moves by the central bank to dip into foreign reserves to bolster it. The dong's chronic weakness has repelled foreign investors and hampered attempts by Vietnam's policymakers to reverse the faltering fortunes of an economy that only five [...]

DIV caught between a rock and a hard place Posted: 06 Sep 2011 09:20 PM PDT The Deposit Insurance of Vietnam (DIV) cannot help local banks and credit institutions deal with risks effectively unless current insurance premiums and deposit limits are hiked to fit actual development conditions, said general director Bui Khac Son How many banks can DIV rescue with its current capital reserves if collapses happen? Our current capital reserves [...]

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