Vietnam Business News

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• Vietnam gold breaks down vnd45mln/tael threshold
• U.S. gold added $15.8 an ounce to $1,631,8 on Wednesday
• Gold surpasses VND45 million per tael
• Vietnam’s once-hot property market cools
• Insurers enjoy high profits from agriculture
• Oct 5: Vietnam central bank raises dollar exchange first time in over 1 month to vnd20,638
• Stocks seen flat this week
• Gov’t looks to 2012 GDP growth of 6%
• 49,000 local firms close this year
• New mechanism makes it impossible for banks to increase chartered capital

Vietnam gold breaks down vnd45mln/tael threshold Posted: 05 Oct 2011 01:03 AM PDT Vietnam gold prices lost VND45 million a tael threshold this morning as world gold prices dropped nearly 2% in New York trade last night and local dollar price was adjusted up by VND10. SJC gold was last traded at VND44.45 million and VND44.67 million/tael for bid and ask respectively by 14:00 Hanoi time. Sacombank-SBJ gold [...]

U.S. gold added $15.8 an ounce to $1,631,8 on Wednesday Posted: 05 Oct 2011 01:01 AM PDT U.S. gold futures gained 1 percent to above $1,630 an ounce on Wednesday, driven by a return to bargain hunting after prices dropped the previous day, while a rebound in the euro against the U.S. dollar also spurred buying. But another round of selling in equities could cap gains, as bullion’s erratic behavior in recent weeks [...]

Gold surpasses VND45 million per tael Posted: 04 Oct 2011 11:50 PM PDT The price of gold in Vietnam rallied by VND700,000 a tael (1.2 ounces) over the previous day on October 4 as global price continuously advanced on concern over Greece's default. Sacombank Jewelry Company bought gold at VND45.01 million and sold at VND45.29 million at 11:30 am local time. Saigon Jewelry Company, the largest processor and [...]

Vietnam’s once-hot property market cools Posted: 04 Oct 2011 11:49 PM PDT Four years after a real estate boom that saw investors camp out on the streets waiting to pay cash for unbuilt apartments, Vietnam’s once-hot property market has caught a chill. High inflation and interest rates along with a government-imposed credit squeeze have led to a fall in prices and other incentives to entice residential buyers, [...]

Insurers enjoy high profits from agriculture Posted: 04 Oct 2011 11:49 PM PDT Insurers have enjoyed great benefits from agricultural insurance products as they have only paid compensation of less than 30% of sales of contracts launched from 2008 to 2010. Insurers have enjoyed great benefits from agricultural insurance products as they have only paid compensation of less than 30% of sales of contracts launched from 2008 to [...]

Oct 5: Vietnam central bank raises dollar exchange first time in over 1 month to vnd20,638 Posted: 04 Oct 2011 11:48 PM PDT Vietnam’s central bank raised the U.S. dollar’s exchange rate by VND10 to VND20,638 on Wednesday after keeping it unchanged for 35 straight working days. Commercial banks are allowed to apply effective exchange rate +/-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND20,844. Commercial [...]

Stocks seen flat this week Posted: 04 Oct 2011 11:47 PM PDT Stock brokerages have forecast the local stock market may not fluctuate strongly in the first week of October as investors remain cautious over uncertainty on the world economy. The market ended last week with one rising and four falling sessions, with the VN-Index losing 12.7 points, or 2.88%, to close at 427.6. Liquidity dipped as [...]

Gov’t looks to 2012 GDP growth of 6% Posted: 04 Oct 2011 11:47 PM PDT The Government during the second working session of the National Assembly (NA) Standing Committee last week gave two scenarios for Vietnam's gross domestic product (GDP) growth in 2012 but suggested choosing the lower one at 6%. Given the 6% scenario, the State budget deficit is set at 4.8% of the nation's GDP and the total [...]

49,000 local firms close this year Posted: 04 Oct 2011 11:46 PM PDT Almost 49,000 enterprises shut down in the first nine months of this year, up 21.8% year-on-year, according to the Ministry of Industry and Trade. Minister of Industry and Trade Bui Quang Vinh in a report to the National Assembly Standing Committee on the nation's economic and social performance noted that among the firms, 5,083 dissolved, [...]

New mechanism makes it impossible for banks to increase chartered capital Posted: 04 Oct 2011 11:44 PM PDT Bao Viet Bank and PG Bank still cannot increase their chartered capital to 3000 billion dong as stipulated in the Decree 141, because the two big shareholders of the banks, both are state owned enterprises, are not allowed to contribute more capital. The obstacles from policies The decree stipulates that by the end of 2010, [...]

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