Vietnam Business News

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• Vietnam SCB to issue gold certificates at 3% p.a.
• Gold recedes to VND44 million
• FPT to merge telecom unit into parent
• Credit growth lower than expected: government
• Travel agents say proposed airfare hike bad news for industry
• Vietnam offers competitive retail market
• Foreign investment capital in HCM City surges again
• Double digit CPI to be biggest challenge for Vietnam: ANZ
• Vietnam office rents to fall 7% in 2012, Jones Lang Lasalle says
• Le Minh Hung appointed as Vietnam’s new deputy governor

Vietnam SCB to issue gold certificates at 3% p.a. Posted: 24 Oct 2011 09:00 PM PDT Saigon Commercial Bank (SCB) will issue 150,000 taels worth of short-term gold certificates at 3% interest rate per annum from Oct 24 to Nov 24, the local online news provider DVT.vn reported. The SCB's gold certificates will have a minimum face value of 1 tael of SJC gold for individual customers, applicable for 1-11 month [...]

Gold recedes to VND44 million Posted: 24 Oct 2011 08:16 PM PDT The price of gold in Vietnam retreated to VND44 million per tael (1.2 ounces) on October 24, driven by weak losing momentum on international market. Sacombank Jewelry Company bought gold at VND43.65 million and sold at VND43.95 million as of 9:30 am local time. Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the [...]

FPT to merge telecom unit into parent Posted: 24 Oct 2011 09:03 AM PDT Software giant FPT Corp (FPT) on Thursday showed its determination to implement the One FPT model by merging its telecommunications unit, FPT Telecom, into the mother company. The Government also listed five telecommunications enterprises where the State held dominant stakes, excluding FPT Telecom.”We have asked the Ministry of Finance and the State Capital Investment Corp [...]

Credit growth lower than expected: government Posted: 24 Oct 2011 09:02 AM PDT Total outstanding loans and money supply in the banking system this year are estimated to be lower than expected. A report on 2011 socio-economic performance delivered by prime minister Nguyen Tan Dung at the second session of the 13th National Assembly on Thursday, total outstanding loans are expected to increase 12 percent and money supply [...]

Travel agents say proposed airfare hike bad news for industry Posted: 24 Oct 2011 09:02 AM PDT Travel agents worry that a proposed airfare hike could see local tourists abandon their plans to travel domestically in favor of going abroad. A group of all local airlines have asked the government to raise the domestic airfare price cap this November, saying operation costs have increased due to higher fuel prices and exchange rates, [...]

Vietnam offers competitive retail market Posted: 24 Oct 2011 09:01 AM PDT Vietnam remains one of the Asia-Pacific region’s most competive retail markets, a seminar in Ho Chi Minh City was told this week. Experts said the retail system was being developed through joint ventures between domestic and foreign businesses, though its market share remained smaller than others in the region. Management of food hygiene and supply [...]

Foreign investment capital in HCM City surges again Posted: 24 Oct 2011 09:01 AM PDT As of October 19, 2011, HCM City has granted licenses for 293 foreign-invested projects capitalized at $1.92 billion, Lu Thanh Phong, deputy director of HCM City Department of Planning and Investment said on October 21. In addition, 104 existing foreign-invested projects have registered to increase investment capital, bringing the total foreign investment capital in the [...]

Double digit CPI to be biggest challenge for Vietnam: ANZ Posted: 24 Oct 2011 09:00 AM PDT CPI is forecast to continue to be double digit and the biggest challenge for Vietnam would be inflation rather than growth. The recent implications of the world market on the domestic economy appear to greatly minimised, according to ANZ. GDP in Q3 reached 6.1pct year-on-year and growth has been found fairly slight in industrial sector, [...]

Vietnam office rents to fall 7% in 2012, Jones Lang Lasalle says Posted: 24 Oct 2011 08:41 AM PDT Vietnam's office rents will fall as much as 7 percent in 2012 because buildings are completed at a faster rate than business expansion, said Jones Lang LaSalle Inc., the world's second-biggest commercial property broker. The new properties will boost the nation's grade A office space by about a third in 2012, pushing rents down by [...]

Le Minh Hung appointed as Vietnam’s new deputy governor Posted: 24 Oct 2011 08:40 AM PDT Prime Minister Nguyen Tan Dung signed Decision No.1856/QĐ-TTg appointing Le Minh Hung, Head of Human Resources Department of the State Bank of Vietnam, as a new Deputy Governor of the country's central bank. Prime Minister Nguyen Tan Dung signed Decision No.1856/QĐ-TTg, effective immediately on Oct 21, appointing Le Minh Hung, Head of Human Resources Department [...]

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