Vietnam Business News

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• Vietnam gold hovers vnd44.3mln/tael, dollar stable
• Liquidity shortage: Vietnam small banks are on fire
• Vietnam PM: foreign exchange reserve to increase $4-5bln
• Vietnam a promising market for Germany: Merkel
• Over $545 mln misappropriated in Vietnam: report
• Overseas Vietnamese invest $1.05 bln in home country in jan-sept
• Oct 17: Vietnam central bank keeps dollar exchange at vnd20,708
• Ford Vietnam continues to hit top gear
• Lotte tower reaches for heavens to cement its big reputation
• Tien Giang seek more investment from RoK

Vietnam gold hovers vnd44.3mln/tael, dollar stable Posted: 16 Oct 2011 10:44 PM PDT Vietnam gold prices stood around VND44.3 million a tael as world gold prices were steady at $1,679.09 in New York trade last Friday. Local dollar prices were kept at the highest level over 5 months. SJC gold was traded at VND44.10 million and VND44.32 million/tael for bid and ask respectively by 10:45 Hanoi time. Sacombank-SBJ [...]

Liquidity shortage: Vietnam small banks are on fire Posted: 16 Oct 2011 10:43 PM PDT Local small lenders saw massive deposits outflows and had to borrow in interbank market with sky-high interest rates, increasing the possibility of mergers and acquisitions (M&A). Rising interbank rates Small banks are confronted with severe liquidity drain after the central bank took measures to strictly reinforce the interest rate cap at 14%, raised the refinancing [...]

Vietnam PM: foreign exchange reserve to increase $4-5bln Posted: 16 Oct 2011 10:43 PM PDT Vietnam's foreign exchange reserve is estimated to increase by $4-5 billion as the country's balance of payment (BOP) ran a surplus this year after 2 consecutive years of BOP deficits. The increase in reserve of foreign exchange will enable the central bank to stabilize the exchange rate and to keep USD interest rates stable until [...]

Vietnam a promising market for Germany: Merkel Posted: 16 Oct 2011 10:43 PM PDT Vietnam a promising market for Germany: Merkel German Chancellor Angela Merkel says Vietnam's growing economy offers many opportunities for German investors, especially in infrastructure, hi-tech and education sectors. She made the statement at the Vietnam-Germany Economic Forum in Ho Chi Minh City on October 12, as part of her two-day visit to Vietnam, according to [...]

Over $545 mln misappropriated in Vietnam: report Posted: 16 Oct 2011 10:42 PM PDT Over VND11.4 trillion (US$545.7 million) in state funds was found misappropriated between last October and this July, the Government Inspectorate reported at a Friday sitting of the National Assembly's Standing Committee. The Inspectorate said 171 cases of misappropriation involving 409 people have been tried, adding that over VND300 billion ($14.4 million), or 2.6 percent of [...]

Overseas Vietnamese invest $1.05 bln in home country in jan-sept Posted: 16 Oct 2011 10:42 PM PDT Overseas Vietnamese invested back in the home country a total $1.05 billion in 213 projects in Jan- Sept period, focusing on 3 sectors: Processing & Manufacturing ; Estate; and Information& Communication which accounted for 90% of the total investment. Of the figure, 170 projects were 100% overseas Vietnamese owned; 39 joint-ventures and 4 joint stock [...]

Oct 17: Vietnam central bank keeps dollar exchange at vnd20,708 Posted: 16 Oct 2011 10:41 PM PDT Vietnam’s central bank kept dollar exchange rate at VND20.708 for a second day, the highest rate since May 13,2011. The SBV has adjusted up dollar exchange rate for 7 times in total of VND80 from beginning of October, 2011 or 0.39%. Commercial banks are allowed to apply effective exchange rate +/-1% from the official exchange [...]

Ford Vietnam continues to hit top gear Posted: 16 Oct 2011 09:56 PM PDT "But the opportunities are huge here because the industry is forecasted to grow three folds of its current size within the next five to six years" Vietnam's automobile sales in September were reported to rise 10 per cent year-on-year with stronger predictions that the market will continue a pick-up in the final months of the [...]

Lotte tower reaches for heavens to cement its big reputation Posted: 16 Oct 2011 09:56 PM PDT Lotte Coralis Vietnam last week took a big step to see its Lotte Centre Hanoi climb to 65 stories. A huge amount of concrete was poured into the foundations with 17,030 cubic metres of cement provided by 2,433 concrete mixer trucks during a four-day period. Also, 16 concrete pump trucks were onsite. Lee Jong Kook, [...]

Tien Giang seek more investment from RoK Posted: 16 Oct 2011 09:55 PM PDT A workshop on investment promotion was held in the Mekong Delta province of Tien Giang on Oct. 15 to introduce the province's potential and investment opportunities to businesses from the Republic of Korea . The event was organised as part of the Vietnam-RoK Culture Days in Tien Giang province. At the event, Doan Van Phuong, [...]

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