Vietnam Business News

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• Gold traded above VND44 million per tael
• Oct 13: Vietnam central bank raises dollar exchange to 5 months high at vnd20,678
• Vietnam banks association proposes deposit rates cap at 13.5% for big banks
• Vietnam to restructure local banking system, M&A possible
• Vietnam banks association suggests raising omo winning rates
• Vietnam Airlines first uses Dung Quat Refinery’ Jet A1 Gasoline
• SBV still has things to do to ease “goldization”
• Domestic capital too costly, businesses seeking foreign capital
• Banks rush to mobilize capital in gold
• Fruit prices plummet, exports decrease, farmers suffer

Gold traded above VND44 million per tael Posted: 13 Oct 2011 01:16 AM PDT The price of gold in Vietnam recovered to above VND44 million per tael (1.2 ounces) on October 13, thanks to rising momentum in global market. Sacombank Jewelry Company bought gold at VND43.91 million and sold at VND44.19 million as of 7:40 am local time. Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, [...]

Oct 13: Vietnam central bank raises dollar exchange to 5 months high at vnd20,678 Posted: 13 Oct 2011 01:12 AM PDT Vietnam’s central bank adjusted up by VND10 to VND20.678 for the U.S. dollar’s exchange, the highest rate since May 27, 2011. 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 VND20,885. Commercial banks increased dollar [...]

Vietnam banks association proposes deposit rates cap at 13.5% for big banks Posted: 13 Oct 2011 01:11 AM PDT The State Bank of Vietnam, the country's central bank, is suggested to cap interest rates at 13.5% for big banks while leaving the 14% rate cap unchanged for other small ones to balance the deposit inflows between big and small banks. The State Bank of Vietnam, the country's central bank, is suggested to cap interest [...]

Vietnam to restructure local banking system, M&A possible Posted: 13 Oct 2011 01:11 AM PDT The State Bank Governor Nguyen Van Binh has ordered relevant departments and offices to prepare for restructuring the banking system, including the possibility of merger and acquisition of small banks. The State Bank Governor Nguyen Van Binh has ordered relevant departments and offices to prepare for restructuring the banking system, including the possibility of merger [...]

Vietnam banks association suggests raising omo winning rates Posted: 13 Oct 2011 01:10 AM PDT Vietnam Banks Association (VNBA) has suggested the State Bank of Vietnam, the country's central bank, to raise the winning bids on OMO to support liquidity to local small banks. Vietnam Banks Association (VNBA) has suggested the State Bank of Vietnam, the country's central bank, to raise the winning bids on OMO to support liquidity to [...]

Vietnam Airlines first uses Dung Quat Refinery’ Jet A1 Gasoline Posted: 13 Oct 2011 01:10 AM PDT Vietnam Air Petrol Company Limited ( Vinapco) received the first delivery of Jet A1 gasoline for plane from Dung Quat Refinery on October 12, 2011. The first test order is estimated 5,000 tons/month from October- December, 2011. This was Vinapco' effort to cut down its expenses as it will not have to buy dollar to [...]

SBV still has things to do to ease “goldization” Posted: 13 Oct 2011 01:08 AM PDT The gold prices have been decreasing, but the gold deposit interest rates have been increasing, which has made it more attractive to keep gold. Experts have warned that this would hinder the efforts by the State Bank of Vietnam to ease the "goldization". "Goldization" is the word modified in Vietnam which has been used to [...]

Domestic capital too costly, businesses seeking foreign capital Posted: 13 Oct 2011 01:07 AM PDT The overly high interest rates in the domestic capital market, caused by the tightened monetary policies, have prompted businesses to seek capital from foreign sources. Foreign sources offer huge capital, reasonable interest rates In May 2011, the fact that Hoang Anh Gia Lai Group successfully issued 90 million bonds on the international market stirred up [...]

Banks rush to mobilize capital in gold Posted: 13 Oct 2011 01:07 AM PDT Embryonic signs of a gold mobilization race appeared before the State Bank of Vietnam issued the Circular No 32 to stabilize the gold market, and have become clearer. The circular was issued on October 6, allowing some commercial banks to sell gold to stabilize the domestic market and resume gold trade on accounts. The circular, [...]

Fruit prices plummet, exports decrease, farmers suffer Posted: 13 Oct 2011 01:07 AM PDT Despite a bountiful fruit crop, farmers in Mekong Delta have been distressed because the fruit prices have dropped dramatically. Fruit price decreases put farmers on tenterhooks Rambutan growers in Vinh Long, Ben Tre, Tra Vinh, Hau Giang, Can Tho and Tien Giang are weeping because the prices have plummeted. Having a bountiful crop, but farmers [...]

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