Vietnam Business News

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• Vietnam gold plunges to vnd44/tael threshold
• Vietnam treasury fails to sell any of vnd2tln government bonds on Oct 13
• Vietnam banks may use gold deposit to back interbank loans
• Vietnam banks face much pressure in q4/2011
• Vn-index recovers, driven by blue chips
• Gold settles down at $1,668 on eu bank worries
• Oct 14: Vietnam central bank raises dollar exchange at vnd20,688
• Businesses struggle to boost sales on low season
• More than 10 tons of gold sold to stabilize market
• Foreign investors now targeting middle class apartment projects

Vietnam gold plunges to vnd44/tael threshold Posted: 14 Oct 2011 12:09 AM PDT Vietnam gold prices fell by VND0.2 million a tael to VND44 million/tale threshold today as world gold prices settled down at $1,668 in New York trade last night. Local dollar prices were adjusted up to the highest level in 5 months. SJC gold was traded at VND43.75 million and VND44 million/tael for bid and ask [...]

Vietnam treasury fails to sell any of vnd2tln government bonds on Oct 13 Posted: 14 Oct 2011 12:09 AM PDT The State Treasury failed to sell any of VND2 trillion Government bonds in an auction of 3-year and 5-year bonds held on Oct 13, said Hanoi Stock Exchange on its website. There were 3 bidders for the 3-year one for yields of around 12.4-13% p.a., while only 2 bidders registered to take part in the [...]

Vietnam banks may use gold deposit to back interbank loans Posted: 14 Oct 2011 12:08 AM PDT Gold deposits can be used as a pledge for loans in the interbank market at only 14-15% p.a., the local newspaper Nguoi Lao Dong cited some unnamed local banks, as saying. Small banks have recently been confronted with liquidity shortage resulting from the massive withdrawal of depositors and have to apply for interbank loans to [...]

Vietnam banks face much pressure in q4/2011 Posted: 14 Oct 2011 12:08 AM PDT Vietnam's banks may struggle with a lot of difficulties in the last quarter of the year caused by massive deposit outflows and exchange rates adverse movements. Liquidity pressure Eximbank witnessed a 2% drop in funds mobilization compared to the previous month, uncovered Truong Van Phuoc, CEO of the bank. Total deposits at Eximbank fell by [...]

Vn-index recovers, driven by blue chips Posted: 14 Oct 2011 12:07 AM PDT Vietnam's benchmark VN-Index rebounded from a six-week low on October 13 as large-cap stocks rallied amid improving sentiment. The primary index which tracks 297 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange revived 0.41 percent, or 1.68 points, to close at 412.59 points. Across the benchmark, 133 stocks jumped, [...]

Gold settles down at $1,668 on eu bank worries Posted: 14 Oct 2011 12:07 AM PDT Gold settled down at $1,668 on Thursday, as disappointing economic data from China and weaker U.S. equity markets, driven by bank worries, dampened buying sentiment across the board. Bullion took the lead of weaker U.S. stocks and commodities as lower-than-expected Chinese exports renewed fears of a global economic slowdown. Wall Street is on track to [...]

Oct 14: Vietnam central bank raises dollar exchange at vnd20,688 Posted: 14 Oct 2011 12:06 AM PDT Vietnam’s central bank continued to raise dollar exchange rate up by VND10 to VND20.688, the highest rate since May 13,2011. The SBV has adjusted up dollar exchange rate for 6 times by total VND60 from beginning of October, 2011. Commercial banks are allowed to apply effective exchange rate +/-1% from the official exchange rate set [...]

Businesses struggle to boost sales on low season Posted: 13 Oct 2011 11:58 PM PDT The low sale season lasts from April to October. During that time, the purchasing power is much lower than at any other time of the year. However, the 2011's low season seems to be the worst. Therefore, businesses have to take any measures they can to approach consumers. Trying to attract customers At Vietbuild 2011, [...]

More than 10 tons of gold sold to stabilize market Posted: 13 Oct 2011 11:57 PM PDT It is estimated that more than 10 tons of gold have been sold in an effort to stabilize the market and ease the "gold fever". As the supply is profuse, the market has become less boisterous. However, the domestic price is still higher by 1.5 million dong per tael than the world's price. The State [...]

Foreign investors now targeting middle class apartment projects Posted: 13 Oct 2011 11:56 PM PDT Trying every possible method to arrange capital for real estate projects in Vietnam, foreign investors have changed the way of approaching the market. Nguyen Khanh Duy, Marketing Director of Vietnam City Garden Company, the owner of City Garden project in HCM City, said that foreign investors nowadays not try to obtain as many investment licenses [...]

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