Vietnam Business News

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• Gold retreats on central bank’s intervention
• Credit institutions asked to stop mobilizing and lending gold
• Gold retreats on central bank’s intervention
• Five banks to trade gold bars to ‘stabilise market’
• Gold to stay strong, top performing funds say
• Petrolimex denies putting pressure
• Small flats to warm realty market: Horea
• SBV says to ensure local currency liquidity for all banks
• BaoVietBank to hike chartered capital to 3.15tr dong
• OCB to raise chartered capital to 3tr dong

Gold retreats on central bank’s intervention Posted: 07 Oct 2011 10:10 PM PDT Despite a rise in global price, the price of gold in Vietnam dropped to below VND44 million a tael (1.2 ounces) on October 7 after the central bank of Vietnam took several actions to narrow the gap between domestic and international prices. Vietnam's central bank has allowed five banks, consisting of Asia Commercial Bank, Saigon [...]

Credit institutions asked to stop mobilizing and lending gold Posted: 07 Oct 2011 09:38 PM PDT The State Bank of Vietnam issued a circular on October 6 banning mobilization and lending of gold by credit institutions. Under the new circular, a number of commercial banks meeting the central bank requirements will be taken into consideration, for conversion of part of the mobilised gold into cash, to supplement the gold supply in [...]

Gold retreats on central bank’s intervention Posted: 07 Oct 2011 08:25 PM PDT Despite a rise in global price, the price of gold in Vietnam dropped to below VND44 million a tael (1.2 ounces) on October 7 after the central bank of Vietnam took several actions to narrow the gap between domestic and international prices. Vietnam's central bank has allowed five banks, consisting of Asia Commercial Bank, Saigon [...]

Five banks to trade gold bars to ‘stabilise market’ Posted: 07 Oct 2011 08:08 PM PDT Asia Commercial Bank, Techcombank, Eximbank, Sacombank and DongA Bank have been authorised alongside Sai Gon Jewelry Co (SJC) to trade in gold bars at quoted global prices in an effort to stabilise the chaotic domestic market for gold. The five banks will be able to buy gold from and sell it to individual customers at [...]

Gold to stay strong, top performing funds say Posted: 07 Oct 2011 07:45 PM PDT Gold will stay strong due to a lack of alternative havens for investors operating in a slowing global economy, top performing commodity fund managers told Reuters after taking a defensive approach and going into cash during September’s gold sell off. “We consider the current weakness in gold as temporary and also the slump in commodity prices should [...]

Petrolimex denies putting pressure Posted: 07 Oct 2011 09:24 AM PDT Vietnam National Petroleum Corporation (Petrolimex) insists that it has put no pressure on the Ministry of Finance to adjust the price of fuel this year. The ministry has made a number of changes in the price of fuel in 2011 and a source from the ministry claims Petrolimex is lying. “Since the beginning of the [...]

Small flats to warm realty market: Horea Posted: 07 Oct 2011 09:24 AM PDT The HCM City Real Estate Association (Horea) has proposed developing small apartments in an effort to stimulate demand for housing and help investors release thousands of unsold flats. Le Hoang Chau, chair of Horea, said the association had sent a petition to the Ministry of Construction asking for permission to let property developers build condos [...]

SBV says to ensure local currency liquidity for all banks Posted: 07 Oct 2011 09:23 AM PDT The central bank has affirmed that it will ensure dong liquidity of the banking system, especially when numerous commercial banks have cut lending rates for manufacturing industries to 17 percent-19 percent from 18 percent-22 percent. In a meeting with 12 large commercial banks held on Tuesday in Hanoi, the State Bank of Vietnam (SBV) said [...]

BaoVietBank to hike chartered capital to 3.15tr dong Posted: 07 Oct 2011 09:22 AM PDT The prime minister on October 3 approved Bao Viet Group to continue to invest in Bao Viet Bank (BaoVietBank) and hold 52 percent stake in the bank. BaoVietBank’s chartered capital increase from 1.5 trillion dong to 3.15 trillion dong will be finalised before December 31, 2011 in accordance with the roadmap and plan approved by [...]

OCB to raise chartered capital to 3tr dong Posted: 07 Oct 2011 09:22 AM PDT Orient Commercial Joint Stock Bank (OCB) has got approval from the governor of State Bank of Vietnam (SBV) for raising its chartered capital to 3 trillion dong. By the end of August, OCB reported gaining accumulative pre-tax profit of 225 billion dong. In its business plan, by the end of 2011, the bank aims to [...]

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