Vietnam Business News

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• Gold sinks to below VND44 million
• Gold could fall to the bottom this week
• Gold and silver prices tumbled on Monday
• Banks start net purchases of foreign currency
• Foreign firms corner Vietnam’s husbandry industry
• Delayed power projects hurt Vietnam’s energy security
• Exchange rate may get tense by year-end, economist says
• Three more banks launch daily capital mobilization programs
• Vietnam’s Military Bank gets nod to open branch in Cambodia
• Vietnam likely among next tiger economies

Gold sinks to below VND44 million Posted: 26 Sep 2011 01:38 AM PDT The price of gold in Vietnam fell by nearly VND2 million a tael (1.2 ounces) over last weekend on September 26 as global price nosedived due to heavy selling. Sacombank Jewelry Company bought gold at VND42.71 million and sold at VND43.79 million at 1:20 pm local time. Phu Nhuan Jewelry Company quoted the prices at [...]

Gold could fall to the bottom this week Posted: 25 Sep 2011 10:45 PM PDT Over the past two weeks, spot gold prices have fallen about 15 percent and according to some analysts prices could fall further over the next few days before moving up again. "Precious metal prices are expected to exhibit a V-shaped pattern this week, where weakness in gold takes the market down to support near $1,580/oz [...]

Gold and silver prices tumbled on Monday Posted: 25 Sep 2011 10:17 PM PDT (Reuters) – Gold and silver prices tumbled on Monday, led by a nearly 10 percent drop in spot silver prices , as investors liquidated their positions on fears of an impending recession. Spot gold fell more than 3 percent to $1,604.29 an ounce, wiping off gains over the past two months. U.S. gold GCcv1 dropped [...]

Banks start net purchases of foreign currency Posted: 25 Sep 2011 09:54 PM PDT Foreign currency status of the whole banking system continues to be positive and trading turnover of foreign currency on the interbank market and with customers is increasing. According to the report on banking operation in the week between September 10 and 16, the State Bank of Vietnam said that the foreign exchange market continues to [...]

Foreign firms corner Vietnam’s husbandry industry Posted: 25 Sep 2011 09:54 PM PDT Foreign businesses hold most of the animal feed and livestock breeding market share and are working together to increase prices, according to local industry advocates. "While local firms are suffering losses, and narrowing production, foreign ones are growing in Vietnam, dominating the market, making corrupt use of policy gaps, and increasing prices unreasonably to earn [...]

Delayed power projects hurt Vietnam’s energy security Posted: 25 Sep 2011 09:52 PM PDT Many power plant projects are years behind schedule, hurting Vietnam's chances of fulfilling its goal of achieving a stable power supply, industry insiders said. Experts have said that up to 90 percent of thermal power projects, including coal-fired and gas-powered plants, under Vietnam's 2006-2010 master plan, have not been completed yet. According to the Vietnam [...]

Exchange rate may get tense by year-end, economist says Posted: 25 Sep 2011 09:51 PM PDT The dong/US dollar exchange rate is likely to get tense by the end of this year, VietBiz24.com quoted Dr. Pham Do Chi, a top economist of Star Plus Institute on Monday September 26. The exchange rate on the market has begun to show signs of stress when preparing to step into the last months. The [...]

Three more banks launch daily capital mobilization programs Posted: 25 Sep 2011 09:51 PM PDT Following WesternBank, three other banks namely Vietnam Asia Commercial Joint Stock Bank (VietABank), Nam Viet Commercial JS Bank (Navibank) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) have recently launched daily capital mobilization programs to woo depositors. The local newspaper Tuoi Tre (Youth) on September 24 reported that the daily saving interest rate at [...]

Vietnam’s Military Bank gets nod to open branch in Cambodia Posted: 25 Sep 2011 09:51 PM PDT The State Bank of Vietnam (SBV)'s governor, Nguyen Van Binh, on September 22 approved Military Commercial Joint Stock Bank (MB) to open its branch in Cambodia. The branch that will be located at No 139, Norodom Boulevard, Phnom Penh, Cambodia will have functions of a commercial bank in line with regulation of the Kingdom of [...]

Vietnam likely among next tiger economies Posted: 25 Sep 2011 09:49 PM PDT Vietnam stands a chance to be among world's next tiger economies – called CIVETS, the government website reported, citing a report on the Wall Street Journal (WSJ). WSJ's "Moving on from BRICS" said countries that make up CIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa – will benefit from fast-rising domestic consumption. A [...]

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