Vietnam Business News

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• Vietnam gold recovers to above 43 million dong a tael on Oct. 21
• Week ending Oct. 21: finance and banking review
• Vietnam central bank sees local forex market unstable during oct 8-14
• No electricity price hike to compensate for non-core investment loss
• Oct 21: Vietnam stocks rebound on cpi news and hopes of petrol price cut
• Vietnam cuts growth target amid inflation fight
• More imported commodities enter billion-dollar list
• Inefficient state-owned enterprises should be sold: Experts
• US dollar price will not exceed 22,000 dong on black market: Former Governor
• Credit growth by year-end estimated at around 12pct: PM

Vietnam gold recovers to above 43 million dong a tael on Oct. 21 Posted: 21 Oct 2011 08:41 PM PDT The price of gold in Vietnam recovered to above 43 million dong per tael (1.2 ounces) on October 21 although global price retreated for four consecutive trading sessions. Sacombank Jewelry Company bought gold at 43.01 million dong and sold at 43.44 million dong as of 9:30 am local time. Saigon Jewelry Company, the biggest gold [...]

Week ending Oct. 21: finance and banking review Posted: 21 Oct 2011 09:47 AM PDT The SBV was reported to net inject VND16.378 trillion on OMO from Oct 17 to Oct 20 versus VND16 trillion one week earlier. The central bank added afternoon session on OMO from Oct 19. The central bank's moves The State Bank of Vietnam announced fundamental principles in restructuring the local banking system, including developing a [...]

Vietnam central bank sees local forex market unstable during oct 8-14 Posted: 21 Oct 2011 09:47 AM PDT The foreign exchange market was not really stable in the week ending Oct 14, the State Bank of Vietnam said in its report, blaming the psychological effects in the local gold market for forex instability Banks sought to convert a large quantity of Vietnamese dong received from selling gold into dollars to purchase gold on [...]

No electricity price hike to compensate for non-core investment loss Posted: 21 Oct 2011 09:46 AM PDT Deputy Prime Minister Vu Van Ninh said from now to year-end, it requires throughout calculation before giving decision to raise electricity price or not. The timing of the upward price adjustment should be mulled over and the government will not approve the EVN's proposal of increasing electricity prices to cover its non-core sector investment losses, [...]

Oct 21: Vietnam stocks rebound on cpi news and hopes of petrol price cut Posted: 21 Oct 2011 09:46 AM PDT Vietnamese stocks rebounded today as investors jumped in on easing inflation and on rumor that petrol prices will be cut. The benchmark VN Index added 7.3 points, or 1.8%, to end at 411.03. Volume rose 75.3% to 32.6 million shares worth VND547.6 billion including 10.1 million shares worth VND158.6 billion changed hands in the put-through [...]

Vietnam cuts growth target amid inflation fight Posted: 21 Oct 2011 09:42 AM PDT Vietnam on Thursday cut its economic growth forecast for 2012 to between 6.0 and 6.5 percent, saying it would miss some major economic goals, and vowed to battle Asia’s fastest-rising inflation rate. Prime minister Nguyen Tan Dung said global economic uncertainty and domestic “weaknesses” posed challenges for Vietnam, which had previously forecast annual growth of [...]

More imported commodities enter billion-dollar list Posted: 21 Oct 2011 09:42 AM PDT The country has seen more commodities entering the list of goods with import values of over $1 billion each, according to the Ministry of Industry and Trade. In January-August, Vietnam imported 1.64 million tonnes of plastic materials worth $3.09 billion, up 7.5 percent year-on-year in volume and 29.8 percent in value respectively. Imported metals in [...]

Inefficient state-owned enterprises should be sold: Experts Posted: 21 Oct 2011 09:41 AM PDT Inefficient state projects and enterprises should be sold out to private sector even at a loss so as to circumvent debt crisis. At the seminar on world economic prospects and Vietnam’s policy reaction on October 18th, Tran Xuan Gia, former minister of Investment and Planning brought forward the proposal of “dual restructuring” of both state [...]

US dollar price will not exceed 22,000 dong on black market: Former Governor Posted: 21 Oct 2011 09:41 AM PDT The former State Bank of Vietnam Governor Le Duc Thuy discusses the causes of high interest rates and the weakening dong with Vietnamese reporters on the sidelines of an economic conference on Tuesday. What is your reaction to the fluctuations in the foreign exchange rate in recent weeks? The State Bank of Viet Nam has [...]

Credit growth by year-end estimated at around 12pct: PM Posted: 21 Oct 2011 09:40 AM PDT In 2011, Vietnamese government has been regulating the monetary policy closely and flexibly and the whole banking system’s credit growth this year is estimated to be 12% and money supply growth at 12.5%, the prime minister said in the socio-economic report in 2011 and socio-economic development plan for 2012 and five year 2011-2015 at the [...]

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