Vietnam Business News

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• ‘Dual’ forex rate situation appears again at banks
• Interbank forex rate jumps up to 20,708 dong/US dollar on Oct. 15
• Banks use raised gold as collateral to borrow interbank capital
• Non-cash transactions reach nearly 29tr dong in Jan-Sept.
• Interest rate cap leaves banks in the lurch
• Foreign food invading domestic market
• Investors aware of Vietnam’s long-term potential
• Steel exports to increase 44.5 per cent this year
• Bullion lightly slides; dollar rallies
• New Chevrolet Spark launched in Vietnam

‘Dual’ forex rate situation appears again at banks Posted: 15 Oct 2011 12:08 AM PDT Together with increasing pressures on foreign currency demand by the end of this year caused by trade deficit, the forex market is said to be subject to pressure from too high credit growth in foreign currency, the local newswire Saigon Tiep Thi said on Friday October 14. Vice Chairman of the National Financial Supervisory Commission, [...]

Interbank forex rate jumps up to 20,708 dong/US dollar on Oct. 15 Posted: 15 Oct 2011 12:07 AM PDT The State Bank of Vietnam (SBV), the country's central bank on Saturday October 15 continued to increase the inter-bank average exchange rate for the fourth time this week to 20,708 dong/US dollar from 20,688 dong/US dollar a day earlier. With the increase of 20 dong/US dollar today, the reference rate has marked the day of [...]

Banks use raised gold as collateral to borrow interbank capital Posted: 15 Oct 2011 12:07 AM PDT As the interbank interest rate went up to 22% per annum (p.a.), many banks are using raised gold as collateral to borrow capital from other banks with the interest rate of only 14-15%, the local newspaper Nguoi Lao Dong (The Labourer) reported on Friday October 14. On October 13, some banks said that they have [...]

Non-cash transactions reach nearly 29tr dong in Jan-Sept. Posted: 15 Oct 2011 12:07 AM PDT Smartlink Card Service Joint Stock Co (Smartlink), a linker and dealer of transactions for 95% of the total number of ATM machines and Point of Sale (POS) in Vietnam, has recently said that the total value of non-cash transactions in the first nine months of this year via its system reached nearly 29 trillion dong, [...]

Interest rate cap leaves banks in the lurch Posted: 15 Oct 2011 12:06 AM PDT As the central bank has slapped a ceiling of 14 percent per year on deposit interest rates, investors are turning their back on bank savings, putting banks under liquidity pressure. In September, most banks cut their deposit interest rates to 14 percent as ordered by the central bank who threatened strict punishment against violators. With [...]

Foreign food invading domestic market Posted: 15 Oct 2011 12:04 AM PDT Producers and exporters from Europe, the US and Australia have been promoting the sale of farm produce to Vietnam, the country with 80 percent of population living on agricultural production. Supermarkets selling foreign food Truong Thi Yen, Director of HHAFCO, a food distribution company in HCM City, said that from October 2011, her company begins [...]

Investors aware of Vietnam’s long-term potential Posted: 15 Oct 2011 12:04 AM PDT International investors of four funds under the management of the VinaCapital Group recognise Vietnam ‘s long-term potential but are concerned about the country’s struggle to contain inflation. VinaCapital chairman Terry Mahony said: “In the short term, Vietnam still faces challenges including high inflation and interest rates, which cause pressure to investment funds.” Andy Ho, head [...]

Steel exports to increase 44.5 per cent this year Posted: 15 Oct 2011 12:03 AM PDT Vietnam was estimated to export around 1.87 million tonnes of steel and steel ingot this year, a 44.5 per cent increase from 2010 figures, Vietnam Steel Association chairman Nguyen Chi Cuong said. “This year, export of cold-rolled steel, stainless steel, steel bars and zinc-coated steel sheets all increased significantly in comparison with last year,” Cuong [...]

Bullion lightly slides; dollar rallies Posted: 15 Oct 2011 12:03 AM PDT The price of gold in Vietnam fell by VND150,000 per tael (1.2 ounces) over the previous day on October 14 whereas global price was retained in a narrow range and had not showed clear direction. Sacombank Jewelry Company bought gold at VND43.76 million and sold at VND43.99 million at 11:20 am local time. Saigon Jewelry [...]

New Chevrolet Spark launched in Vietnam Posted: 15 Oct 2011 12:02 AM PDT GM Vietnam today launched the new Chevrolet Spark and the all-new global mini-car will go on sale from October 14. "We are offering in Vietnam the same high-quality products that we offer in other places such as the US and Europe to satisfy our customers in one of the most high-potential markets," said Mike Arcamone, [...]

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