Vietnam Business News

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• Domestic gold price outpaces global price VND2 million
• Vietnam to form large bank group: report
• Sep 16: Vietnam stocks plunge on massive selling
• Auto tax debate continues, business suffer
• Vietnam wants top security for planned nuclear power plant
• Pepper futures show mixed trend amidst aggressive spot buying
• Ministry rejects import-export tax changes
• Government okays anti-dumping suit against US
• Vietnam to sue Chinese firm over coffee patent
• Ministry rejects oil firms’ demand for price hike

Domestic gold price outpaces global price VND2 million Posted: 16 Sep 2011 05:39 PM PDT The price of gold in Vietnam plunged deeply below VND47 million a tael (1.2 ounces) on September 16 as global price plummeted in the trading sessions last night and this morning. Sacombank Jewelry Company bought gold at VND46.31 million and sold at VND46.59 million at 10:50 am local time. Saigon Jewelry Company, the biggest gold [...]

Vietnam to form large bank group: report Posted: 16 Sep 2011 10:39 AM PDT The central bank is taking stronger efforts to stop lenders from breaking credit regulations. Vietnam's central bank plans to form a group of 12 large commercial banks which have a combined market share of 85 percent in an attempt to restore order in the banking system, news website VnEconomy reported. The group will work closely [...]

Sep 16: Vietnam stocks plunge on massive selling Posted: 16 Sep 2011 10:38 AM PDT Vietnamese stocks closed sharply lower today as investors sold shares aggressively to minimize risks. The benchmark VN Index lost 13.56 points, or 2.88%, to end at 457.11. Volume fell 16.3% to 59 million shares worth VND1.27 trillion including 7.2 million shares worth VND295.4 billion changed hands in the put-through deals. Though volume eased today, it [...]

Auto tax debate continues, business suffer Posted: 16 Sep 2011 10:35 AM PDT The debate about whether to tax 2-seat Daewoo Matiz and Kia Morning vehicles as vans or passenger cars, which people thought came to and end, has been resumed. An importer has accused customs agencies of deliberately delaying procedures to put difficulties on the enterprise. Customs agencies deliberately put difficulties in enterprises' way The Hanoi branch [...]

Vietnam wants top security for planned nuclear power plant Posted: 16 Sep 2011 10:35 AM PDT Vietnam has asked Russian experts to help in increasing security levels at the country's first planned nuclear power plant in the central coastal province of Ninh Thuan. Le Dinh Tien, deputy minister of Science and Technology, said Vietnam has asked experts from its Russian partner Rosatom State Nuclear Energy Corporation to raise the standards of [...]

Pepper futures show mixed trend amidst aggressive spot buying Posted: 16 Sep 2011 10:34 AM PDT The pepper market witnessed high volatility on Wednesday and closed in a mixed trend following good liquidation and switching over in the futures, The pepper market witnessed high volatility on Wednesday and closed in a mixed trend following good liquidation and switching over in the futures, while aggressive buying interest was seen in the spot [...]

Ministry rejects import-export tax changes Posted: 16 Sep 2011 10:34 AM PDT The Ministry of Finance has rejected proposals by the Ministry of Industry and Trade to raise import and lower export taxes on a number of commodities, including fertiliser, steel, aluminium and coal. At an earlier working session between the two ministries, the Ministry of Industry and Trade (MoIT) requested the Ministry of Finance (MoF) to [...]

Government okays anti-dumping suit against US Posted: 16 Sep 2011 10:32 AM PDT The government has given the green light to the Vietnam Association of Seafood Exporters and Producers to initiate a dispute settlement case against the US at the World Trade Organization for unfair anti-dumping taxation on Vietnamese shrimp since 2003. A recent VASEP conference pointed out that if Vietnam failed to pursue the lawsuit, it could [...]

Vietnam to sue Chinese firm over coffee patent Posted: 16 Sep 2011 10:32 AM PDT The Vietnam Coffee and Cocoa Association (Vicofa) will sue a Chinese company for violating the copyright of Buon Ma Thuot coffee, Vicofa's chairman Luong Van Tu told Tuoi Tre yesterday. Tu said Vicofa would work with the Central Highlands province of Dak Lak to collect relevant documents to sue Guangzhou Buon Ma Thuot Co. Ltd. [...]

Ministry rejects oil firms’ demand for price hike Posted: 16 Sep 2011 10:32 AM PDT The Ministry of Finance yesterday rejected a demand to hike retail prices again by three petrol companies who said they were incurring losses following the cut they made last month. PetroVietnam Oil Corporation, Saigon Petro Co, and Dong Thap Petroleum Trading Co Ltd had cut their prices August 26 by 500 dong a litre 20,800 [...]

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