Vietnam Business News

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• Domestic gold price dropped strongly 250,000-550,000 dong per tael
• Gold investment to rise to record 1000 tons in 2011: GFMS
• Gold price may hit USD 2,075 per ounce average for 2012
• Copper, gold seen opening steady on Tuesday
• PV Oil signs contract for selling crude oil
• Local gold price higher than global
• Vietnam stops licensing new mining projects
• Vietnam gold price weakly changes
• Interest-free loans to lure businesses
• Entire banking system’s credit growth as of Sep 12 at 8.63pct

Domestic gold price dropped strongly 250,000-550,000 dong per tael Posted: 20 Sep 2011 01:18 AM PDT At 8:30 am local time today September 20, the domestic gold price dropped strongly 250,000-550,000 dong per tael from later yesterday whereby the selling price hovered 46.6 million dong per tael. In comparison with the same time yesterday morning, the local gold price declined 600,000-700,000 dong/tael. The SJC gold price in Hanoi was traded at [...]

Gold investment to rise to record 1000 tons in 2011: GFMS Posted: 19 Sep 2011 11:00 PM PDT (Commodity Online): Gold could rally to $2000 by 2011-end, according to Thomson Reuters GFMS Survey 2011 Update. Investment in all forms combined in the second half of 2011 is forecast to reach a record of 1000 tonnes, which equates to a value figure of over $60 bn( $1815 per ounce). This compares to the Update's figure [...]

Gold price may hit USD 2,075 per ounce average for 2012 Posted: 19 Sep 2011 10:20 PM PDT In an interview with CNBC-TV18, Tom Price, Global Commodity Analyst, UBS Equities Research finds that the European debt crisis has left a significant mark on the commodities market. In terms of demand growth, Europe is actually not a big driver in the commodities market but it does affect sentiment, says Price. "If there is uncertainty [...]

Copper, gold seen opening steady on Tuesday Posted: 19 Sep 2011 10:12 PM PDT Copper futures are likely to steady on Tuesday morning at their lowest level in three weeks, following similar trend in overseas market, analysts said. * The most-active copper for November delivery on the Multi Commodity Exchange (MCX) last closed 2.3 per cent lower at 404.70 rupees per kg, after hitting a low of 403.25 rupees, [...]

PV Oil signs contract for selling crude oil Posted: 19 Sep 2011 09:22 PM PDT PetroVietnam Oil Corp (PV Oil) officially signed the contract for selling crude oil pumped from two oil fields of Te Giac Trang and Chim Sao with PetroVietnam Exploration Production Corp (PVEP), SOCO Vietnam Co, OPECO Co, PTTEP Hoang Long Co and Talisman Vietnam Co. The contract was signed in HCM City on September 16, 2011. [...]

Local gold price higher than global Posted: 19 Sep 2011 09:22 PM PDT The gold price in the world market is on upward trend and closed higher by $7 per ounce against the closing price in last weekend. Meanwhile the local gold price edged up only 50,000 dong per tael compared to the closing price in last weekend. At 9:00 am local time, in Hanoi, the SJC gold [...]

Vietnam stops licensing new mining projects Posted: 19 Sep 2011 09:22 PM PDT With little economic effectiveness gained from the large number of mining projects around the country, the Vietnamese Prime Minister has ordered ministries and localities nationwide to temporarily stop licensing new projects since August 30, 2011. The decision was the government's effort to curb the disorderly state in the mining sector on a national scale, which [...]

Vietnam gold price weakly changes Posted: 19 Sep 2011 09:22 PM PDT The price of gold in Vietnam faintly moved around 47.3 million dong a tael (1.2 ounces) on September 19 although the heavy metal sharply rose on global market this morning. Sacombank Jewelry Company bought gold at 47.06 million dong and sold at 47.24 million dong at 11 am local time. Hanoi-based Phu Quy Jewelry Company [...]

Interest-free loans to lure businesses Posted: 19 Sep 2011 09:21 PM PDT The HCM City government will offer interest-free loans to local companies doing business in the city, Laos and Cambodia. With a stimulus package of 8 trillion dong (US$381 million), HCM City has approved interest-free loans of up to 100 billion dong (US$4.7 million) over a seven-year period. Representatives of more than 100 companies in the [...]

Entire banking system’s credit growth as of Sep 12 at 8.63pct Posted: 19 Sep 2011 09:21 PM PDT The credit growth of Vietnam’s entire banking system as of September 12 was 8.63% from December 2010, the local newswire VnEconomy said on Monday. In comparison with August 31, 2011, credit posted a fall of 0.48% and decreased 0.1% over September 9, 2011. Total deposits as of September 12 increased 10.72% compared to December 31, [...]

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