Thursday, October 6, 2011

Vietnam Business News

Vietnam Business News

Central bank to keep pumping funds via omo

Posted: 05 Oct 2011 11:16 PM PDT

The central bank's move to continuing injecting capital via open market operations (OMO) last week has partly removed concerns over liquidity among small banks that are set to lose big customers to larger lenders when Circular 30 comes into effect. Circular 30 issued by the State Bank of Vietnam (SBV) rules that a maximum interest [...]


Vietnam BOP surplus forecast at $5bln

Posted: 05 Oct 2011 11:15 PM PDT

Vietnam is estimated to have a surplus of $5 billion in balance of payment (BoP) in the first seven months of 2011, enabling the central bank to stabilize the exchange rate and to keep USD interest rates stable until year end. Vietnam is estimated to have a surplus of $5 billion in balance of payment [...]


Oct 6: Vietnam central bank raises dollar exchange second straight day to vnd20,648

Posted: 05 Oct 2011 11:15 PM PDT

Vietnam’s central bank raised the U.S. dollar’s exchange rate by VND10 to VND20,648 on Oct 6, a second straight upward adjustment as demand for the green rose. 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 [...]


SSI continues leading hose stock brokers in q3/ 2011, more changes seen

Posted: 05 Oct 2011 11:14 PM PDT

Sai Gon Securities Inc. (SSI) continued to top brokers on the Hochiminh Stock Exchange(HoSE) in the third quarter of this year with 15.81% market share, higher than its own share of 13.2% in the second quarter and 11.74% in the first quarter. Ho Chi Minh City Securities (HSC) remained the second biggest broker with 8.71% [...]


Vietnam’s biggest domestic merger is rubber-stamped

Posted: 05 Oct 2011 11:13 PM PDT

In Vietnam's biggest domestic merger, Vinpearl JSC (coded VPL) and Vincom JSC (coded VIC) will join hands to become Vietnam Investment Group Company, or Vingroup. The two companies yesterday announced their decision on the merger with aim to increasing financial capability, brand promotion, business expansions and investment. After merging, Vinpearl's Ho Chi Minh Stock Market [...]


Market proves tough to corner

Posted: 05 Oct 2011 11:12 PM PDT

Vinatex mart is still striving for a greater slice of the home market. After a decade of development the Vinatex mart system, which specialises in selling locally made textile and garment products made by businesses under Vinatex, has demonstrated its leading role in clothing distribution in the domestic market. The system's total revenue exceeded VND2 [...]


Footwear companies step up

Posted: 05 Oct 2011 11:11 PM PDT

Local footwear firms are enjoying buoyant business figures. Unlike a bleak 2009, local footwear export firms are running at full capacity for rising export orders in 2011. Vietnam Leather and Footwear Association (Lefaso) chairman Nguyen Duc Thuan said Sao Vang, Dinh Vang, Dong Hung or Truong Loi footwear companies were especially making hay while the [...]


Tax changes save small firms time and money

Posted: 05 Oct 2011 11:11 PM PDT

The government has approved a General Department of Taxation proposal to extend the declaration of value added tax (VAT) for small- and medium-sized enterprises (SMEs) and family-run businesses. Under the Resolution 68/NQ-CP recently released, SMEs will only have to declare VAT every quarter starting January and family-run businesses every six months. Previously, companies had to [...]


Businesses struggle against rising uncertainty

Posted: 05 Oct 2011 11:10 PM PDT

A pandemic collapse in business optimism during the third quarter of 2011 lays bare the dramatic impact of economic uncertainty and financial instability on the global business community, including Vietnam, finds a newly-released research fromGrant Thornton's International Business Report (IBR). The latest research reveals that net global business optimism has collapsed from 31 per cent [...]


Quick-footed FIEs evade banks

Posted: 05 Oct 2011 11:10 PM PDT

Dissolved foreign-invested enterprises are hurting local banking institutions. More than 230 Taiwanese and South Korean projects were dissolved or faced bankruptcy in the last few years, with some foreign-invested enterprises (FIE) using investment certificates to take out bank loans then absconded to their home countries, according to Saigon Tiep Thi newspaper. Banks currently could not [...]


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