Vietnam Business News

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• Gold price slips to 46.8m dong/tael
• Seven insurers get okay to launch export credit insurance services
• Agribank adds 15tr dong to lend at preferential rate of 17-19pct/yr
• SBV refinances 24tr dong for VietinBank and Agribank
• $1.27b contract signed for Mong Duong 1 thermo power plant
• US dollar price in HCM City free market hit 21100 dong
• Credit growth of Hanoi banks at 11.49pct as of August-end
• Vietnamese firms invest over $24.5b in foreign countries as of July-end
• Vietnam’s economy looks grim with ADB’s forecast
• Gold prices hit three-week record low

Gold price slips to 46.8m dong/tael Posted: 15 Sep 2011 11:38 PM PDT Today morning September 16, the local gold price dropped 350,000-400,000 dong per tael to hover 46.8 million dong/tael. At 8:30 am local time, the SJC gold price in Hanoi was quoted at 46.6-46.8 million dong/tael, down 400,000 dong from yesterday, marking the lowest price of SJC gold since September 2. The gap between buying and [...]

Seven insurers get okay to launch export credit insurance services Posted: 15 Sep 2011 11:36 PM PDT Vietnam’s Ministry of Finance (MoF) has recently released the list of insurance enterprises that are allowed to launch pilot programme of export credit insurance. Accordingly, there are seven firms in this list including Bao Viet Insurance Corp, Bao Minh Insurance Joint Stock Corp, PetroVietnam Insurance Joint Stock Corp (PVI), Bao Viet Tokio Marine Insuarance Joint [...]

Agribank adds 15tr dong to lend at preferential rate of 17-19pct/yr Posted: 15 Sep 2011 11:35 PM PDT Vietnam Bank for Agriculture and Rural Development (Agribank) has recently announced that it will add 15 trillion dong in soft loans with preferential lending interest rate at 17-19% per year for agriculture and rural areas. Accordingly, 15 trillion dong will be used to lend for purpose of purchase and processing of food, seafood, coffee, export [...]

SBV refinances 24tr dong for VietinBank and Agribank Posted: 15 Sep 2011 11:35 PM PDT Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) has recently been refinanced about 19 trillion dong at the interest rate of 14% per annum (p.a.) after it finalized repayment of 35 trillion dong refinance that became due to the central bank, the local newspaper Thoi Bao Kinh Te Saigon quoted information source from [...]

$1.27b contract signed for Mong Duong 1 thermo power plant Posted: 15 Sep 2011 11:34 PM PDT Electricity of Vietnam (EVN) on September 15 signed an EPC (engineering-procurement-construction) contract worth $1.27 billion with Korea-based Hyundai Engineering and Construction contractor to build the main plant of Mong Duong 1 thermo power plant project. Mong Duong 1 thermo power plant project invested by EVN is one of two plants of Mong Duong Power Centre [...]

US dollar price in HCM City free market hit 21100 dong Posted: 15 Sep 2011 11:34 PM PDT In HCM City, foreign currency traders said that the US dollar price is being traded at 21,000 dong (bid) and 21,080 dong (ask), according to local online newswire VnExpress. According to VnExpress, the US dollar price in free market after surging strongly in previous day continued to increase on September 15. At 10:00 am local [...]

Credit growth of Hanoi banks at 11.49pct as of August-end Posted: 15 Sep 2011 11:33 PM PDT As of August 31, 2011, the total deposits of Hanoi-based credit institutions reached 820.66 trillion dong, growing 3.2% from December 31, 2010, of which, saving in dong accounted for 73% of the total and deposits in foreign currencies (mainly US dollars) made up 27% of the total deposits, representative of State Bank of Vietnam (SBV)’s [...]

Vietnamese firms invest over $24.5b in foreign countries as of July-end Posted: 15 Sep 2011 11:32 PM PDT Till the end of July 2011, Vietnamese enterprises have registered to invest in over 600 projects with a total pledged capital of over $24.5 billion in foreign countries, according to Overseas Investment Department (Ministry of Planning and Investment-MoPI). Of which, the investment capital of Vietnamese investors exceeded $10.7 billion and chartered capital of Vietnamese investors [...]

Vietnam’s economy looks grim with ADB’s forecast Posted: 15 Sep 2011 11:32 PM PDT In its recent Outlook 2011 report, the Asian Development Bank (ADB) predicts Vietnam’s GDP growth this year will be 5.8 percent and inflation, 18.7 percent. The government's Resolution 11 released early this year is a timely response to the double-digit inflation, draining forex reserves and a devaluating local currency, said Tomoyuki Kimura, ADB's country director [...]

Gold prices hit three-week record low Posted: 15 Sep 2011 09:28 PM PDT The domestic price of gold on September 16 fell sharply by VND400,000-500,000 per tael to VND46.6-46.8 million per tael compared to the previous day. In Hanoi, SJC gold was transacted at VND46.6-46.82 million/tael. Meanwhile, in HCM City, it was listed at VND46.6-46.8 million/tael. In New York, the price of gold was US$1,781.4 per ounce. It [...]

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