Vietnam Business News

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• Vietnam gold price slips to below 44.3m dong/tael
• Vietnam gold falls slightly to vnd44.27mln/tael
• Vietnam gold flirts vnd44mln/tael
• Vietnam central bank sets 4 principles in restructuring the banking system
• Oct 19: Vietnam central bank weakens dong further to record low vnd20,733
• Seafood firms in limbo over import licences
• Decision to import meat makes farmers worried
• Tax reductions may lead to car price decreases
• Firms help employees deal with inflation
• Economic restructuring discussed in Hanoi

Vietnam gold price slips to below 44.3m dong/tael Posted: 19 Oct 2011 12:28 AM PDT At 9:25 am local time today Tuesday October 18, the local gold price slipped about 100,000 dong from late yesterday to below 44.3 million dong a tael (1.2 oz). Accordingly, the SJC gold price in Hanoi was traded at 44.05-44.27 million dong/tael (buying-selling price), down 100,000 dong per tael. In HCM City, the SJC gold [...]

Vietnam gold falls slightly to vnd44.27mln/tael Posted: 18 Oct 2011 11:15 PM PDT Vietnam gold prices fell slightly to VND44.27million a tael as world gold prices turned lower at $1,676 in New York trade last night. Local dollar prices were raised to the highest level over 6 months. SJC gold was traded at VND44.050 million and VND44.270 million/tael for bid and ask respectively by 10:45 Hanoi time. Sacombank-SBJ [...]

Vietnam gold flirts vnd44mln/tael Posted: 18 Oct 2011 10:29 PM PDT Vietnam gold prices hover near VND44 million a tael this morning despite the world gold prices inched up in Asia trade, local dollar prices were raised to the highest level over 6 months. SJC gold in the free market was traded at VND43.750 million and VND44.00 million/tael for bid and ask respectively by 10:55 Hanoi [...]

Vietnam central bank sets 4 principles in restructuring the banking system Posted: 18 Oct 2011 10:28 PM PDT The State Bank of Vietnam announced four fundamental principles in restructuring the local banking system, the local online newspaper Tri Thuc Tre (TTVN) reported Oct 18. The central bank emphasized that restructuring the banking sector will firstly involve developing a banking industry with diversified ownership structure, scales and types to meet various demand for banking [...]

Oct 19: Vietnam central bank weakens dong further to record low vnd20,733 Posted: 18 Oct 2011 10:28 PM PDT Vietnam’s central bank continued to weaken the dong against the USD after adjusting the exchange rate down by VND10 to VND20.733 a dollar on Oct 19, the lowest level since April 19 this year and also the record low in history. The SBV has repeatedly adjusted down the dong 9 times with a total loss [...]

Seafood firms in limbo over import licences Posted: 18 Oct 2011 10:26 PM PDT Licences to import raw seafood and food additives for processing seafood products for export have been suspended. This is because the Law on Food Safety has not been implemented, according to Viet Nam Association of Seafood Exporters (VASEP). Under the Law on Food Safety, which became effective on July 1, three ministries, Industry and Trade, [...]

Decision to import meat makes farmers worried Posted: 18 Oct 2011 10:26 PM PDT The Government finally had to allow importing meat in order to stabilize the domestic market and prevent the prices from escalating. However, farmers complained that the decision has pushed them against the wall. The decision to allow importing meat has been applauded by Vietnamese consumers, because they can buy food at lower prices. However, farmers [...]

Tax reductions may lead to car price decreases Posted: 18 Oct 2011 10:25 PM PDT It is highly possible that the automobile market would witness a new price decrease wave prior to the new year 2012, since the new car import tax policies would be approved soon. The Ministry of Finance (MOF) is consulting with relevant ministries and branches and enterprises about the draft new tax policies on car and [...]

Firms help employees deal with inflation Posted: 18 Oct 2011 10:25 PM PDT Many businesses in Vietnam have increased wages and allowances to ease difficulties for their employees in the context of escalating prices and inflation. A 2011 Vietnam remuneration survey by the US-based Mercer Company through its representative in Vietnam, TalentNet, shows that inflation has affected salary policies of 75 per cent of 329 domestic and foreign [...]

Economic restructuring discussed in Hanoi Posted: 18 Oct 2011 10:24 PM PDT Restructuring investment mechanisms is a key to restructuring the economy, according to a seminar in Hanoi on October 18. Addressing the seminar on the global economy and Vietnam's economic policies, Deputy Prime Minister Vu Van Ninh said that global economic recession has left a strong impact on Vietnam since 2008. Although measures and policies have [...]

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