Vietnam Business News

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• SBV raises interbank exchange rate
• Spotlight on state firms getting back to basics
• Danang revokes industrial licences of 17 projects
• Gold treads water; bank dollar rallies
• Tourism industry needs trained local chefs
• Vietnam Airlines may buy majority stake in Jetstar Pacific
• Businesses keep indifferent to exchange rate insurance
• Investors call for land law revision
• Dollar price increases make imports more expensive
• Heavier punishment still cannot stop price posting in dollars

SBV raises interbank exchange rate Posted: 27 Oct 2011 11:13 PM PDT The State Bank of Vietnam on October 26 raised the interbank exchange rate by VND20 to VND20,768 per dollar, its highest level this year. It was the 12th increase since October 5. The interbank dollar exchange rate has advanced VND140 per dollar, or 0.68 per cent, over the past two months since the central bank [...]

Spotlight on state firms getting back to basics Posted: 27 Oct 2011 11:13 PM PDT State firms and groups' divestment from non-core businesses is one of the government's headline policies. Senior economist Tran Du Lich digs into the issue with VIR. State-owned firms and groups' divestment from non-core businesses has grabbed the public's special attention. Are such moves appropriate? Requiring state-owned firms to divest from non-traditional businesses to focus on [...]

Danang revokes industrial licences of 17 projects Posted: 27 Oct 2011 11:12 PM PDT The Danang Management Board for Industrial and Export Processing Zones has decided to revoke the industrial licenses of 17 projects, because of slow project implementation since they were signed in 2010. The 17 projects include eight foreign-investment projects and nine domestic-investment projects. The investors of 15 other projects have also been asked to send in [...]

Gold treads water; bank dollar rallies Posted: 27 Oct 2011 11:12 PM PDT The price of gold in Vietnam stalled at VND45 million per tael (1.2 ounces) on October 27 despite a sharp rise in global price. Hanoi-based Phu Quy Jewlery Company purchased SJC-brand gold at VND44.7 million and sold at VND44.98 million as of 11:58 am local time.Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold [...]

Tourism industry needs trained local chefs Posted: 27 Oct 2011 11:11 PM PDT Vietnam attracts millions of tourists each year to sample its cuisine, but the number of locally qualified chefs is insufficient to meet demand. Establishing a professional training programme for chefs will enable more local cooks to get good jobs at the growing number of restaurants in the country, many of them located in hotels, experts [...]

Vietnam Airlines may buy majority stake in Jetstar Pacific Posted: 27 Oct 2011 11:11 PM PDT Vietnam Airlines and Qantas's low-cost carrier Jetstar are negotiating a deal that could elevate Vietnam Airlines to majority shareholder in Jetstar Pacific. A Jetstar spokeswoman in Singapore acknowledges the two are negotiating an equity deal, but she says nothing has been decided yet. Qantas owns 27 per cent of Ho Chi Minh City-based low-cost carrier [...]

Businesses keep indifferent to exchange rate insurance Posted: 27 Oct 2011 11:07 PM PDT For many reasons, 70 percent of enterprises refuse to apply the measures that allow to protect them from the exchange rate fluctuations. The foreign currency market is witnessing the highest dollar price increase so far this year. Just within the last 15 days, the State Bank of Vietnam adjusted the interbank exchange rate 10 times, [...]

Investors call for land law revision Posted: 27 Oct 2011 11:06 PM PDT Since its enactment in 2003, the Land Law has effectively governed the rights and obligations of land users. In light of the pace of Viet Nam’s development and integration in the global economy, as well as changes in the laws on investment and commerce, the Land Law has demonstrated shortcomings which need to be addressed. [...]

Dollar price increases make imports more expensive Posted: 27 Oct 2011 11:06 PM PDT The continued adjustments of the dong/dollar exchange rate in recent days have made import products more expensive by hundreds of thousands of dong or millions of dong. Tuyet in Mai Dong residential quarter decided to buy an SH scooter as an award for his daughter, who has passed the university entrance exams. However, she had [...]

Heavier punishment still cannot stop price posting in dollars Posted: 27 Oct 2011 11:06 PM PDT A lot of hotels, restaurants and travel firms were found yesterday as still posting prices and service fees in dollars, even though a new legal document has taken effect which says that those who post sale prices in foreign currencies will be imposed the fines of up to 500 million dong. A hotel on Dong [...]

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