Vietnam Business News

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• Gold speeds up on rising demand
• Vafi proposes to impose 10pct VAT on gold trading activities
• Raising electricity price would mean “putting more oil into the fire”
• Rice exporters rush to store rice for fear about price increases
• Businesses again have to pay additional fee for dollars
• MOF, MOIT disagree on petrol price control
• Gold settles higher, copper finishes at lowest since November 2010
• HCM City banks hold about 91 tonnes of gold
• Property experts applaud government policy
• Twelve Hanoi-based banks spare 25tr dong to support exporters

Gold speeds up on rising demand Posted: 21 Sep 2011 01:07 AM PDT The price of gold in Vietnam recovered to around VND47 million a tael (1.2 ounces) on September 21 as global price rebounded by nearly 1.5 percent in the trading session last night in New York. Sacombank Jewelry Company bought gold at VND46.89 million and sold at VND47.02 million at 10:30 am local time. Saigon Jewelry [...]

Vafi proposes to impose 10pct VAT on gold trading activities Posted: 20 Sep 2011 10:39 PM PDT Vietnam Association of Financial Investors (Vafi) has recently proposed measures to fight against the “goldenization” in the economy by imposing 10% value added tax (VAT) on gold and gold jewellery trading activities. According to Vafi, gold bullion management experience of some countries in the world showed trading activities of gold and gold jewellery must be [...]

Raising electricity price would mean “putting more oil into the fire” Posted: 20 Sep 2011 09:44 PM PDT Businesses and households are now in a state of anxious suspense after the Electricity of Vietnam proposed to raise the retail electricity price. Meanwhile, analysts comment that raising electricity price at this moment would make the situation more serious. Electricity price hike will come contrary to the government's plan Right after the Circular No 31 [...]

Rice exporters rush to store rice for fear about price increases Posted: 20 Sep 2011 09:43 PM PDT As planned, from October 7, Thailand will kick off the plan to collecting rice from farmers at high prices in order to ensure the high profits for the countries' farmers. The new policy is believed to have big impacts on the rice markets in the world, including Vietnam. In fact, for the last many years, [...]

Businesses again have to pay additional fee for dollars Posted: 20 Sep 2011 09:43 PM PDT Commercial banks have begun restricting the lending in dollars by raising the lending interest rates. The actual dollar price applied in the transactions at banks is higher by 100 dong per dollar than the quoted level. The State Bank of Vietnam on September 19, announced the interbank exchange rate at 20,628 dong per dollar, the [...]

MOF, MOIT disagree on petrol price control Posted: 20 Sep 2011 09:42 PM PDT The Ministry of Industry and Trade (MOIT) thinks that the petroleum product pricing mechanism has become inextricable due to the unreasonable pricing management by the Ministry of Finance (MOF). In reply, MOF argues that it takes responsibility about the price control before the public, and that if enterprises continue incurring loss, they should leave the [...]

Gold settles higher, copper finishes at lowest since November 2010 Posted: 20 Sep 2011 09:40 PM PDT Gold futures advanced 1.7% Tuesday, regaining the $1,800-an-ounce mark as bargain hunters returned to the metal, fears remained about Europe's sovereign-debt crisis, and investors expected the U.S. Federal Reserve soon to announce steps to improve the economy. Gold for December delivery rose $30.20, or 1.7%, to settle at $1,809.10 an ounce on the Comex division of [...]

HCM City banks hold about 91 tonnes of gold Posted: 20 Sep 2011 09:39 PM PDT Commercial banks in HCM City have about 91 tonne of gold, the local newspaper Phap Luat Thanh Pho Ho Chi Minh (HCM City Law) on September 21 quoted Tran Trong Quoc Khanh, Director of Asia Commercial Bank Gold Centre as saying. Khanh said that as per the new rules of the central bank, banks are [...]

Property experts applaud government policy Posted: 20 Sep 2011 09:39 PM PDT Many real estate experts consider Hanoi's master plan by 2030 and a vision towards 2050, which has been approved by the government, a very important legal foundation. Speaking at a seminar in Hanoi a fortnight ago, Tran Ngoc Chinh, Chairman of the Vietnam Urban Planning Association, said the master plan would have a positive impact [...]

Twelve Hanoi-based banks spare 25tr dong to support exporters Posted: 20 Sep 2011 09:38 PM PDT In response to the State Bank of Vietnam (SBV)’s resolve on gradually lowering the interest rates from the middle September, 12 Hanoi-headquartered banks will spare some 25 trillion dong to launch preferential lending programs at interest rate of 17-19% per year to support producers and exporters, SMEs and agriculture and rural areas, SBV’s Hanoi branch [...]

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