Vietnam Business News

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• Oct 29: Vietnam gold slightly fall to vnd45.3mln/tael, dollar stable
• Gold strongly changes; black-market dollar plunges
• Vietnam opposes rice export ’cartel’
• Hanoi Telecom keen to take over EVN Telecom
• More than US$1 billion to expand Dung Quat oil refinery
• Vietnam Dong slips to record low as central bank weakens rate
• Vietnam’s Masan Group says considering listing shares abroad
• Vietnam property seen rising again in two years
• SBV posts net withdrawal of nearly 15tr dong on OMO from Oct. 24-28
• Banks expect huge profit from forex trading by year-end

Oct 29: Vietnam gold slightly fall to vnd45.3mln/tael, dollar stable Posted: 29 Oct 2011 10:12 PM PDT Vietnam gold fell VND0.15 million to VND45.3 million a tael this morning as the world gold prices eased, local dollar prices were kept at VND20.803, unchanged from Friday. SJC gold in the free market was traded at VND45.000 million and VND45.300 million/tael for bid and ask respectively by 10:26 Hanoi time. SJC Hanoi last quoted [...]

Gold strongly changes; black-market dollar plunges Posted: 29 Oct 2011 08:11 PM PDT The price of gold in Vietnam rose by VND700,000 per tael (1.2 ounces) before going down VND250,000 a tael on October 28 after global price failed to maintain its rising momentum. Sacombank Jewelry Company bought gold at VND45.2 million and sold at VND45.5 million. Saigon Jewelry Company, the biggest gold shop in Vietnam, collected gold [...]

Vietnam opposes rice export ’cartel’ Posted: 29 Oct 2011 09:25 AM PDT Visiting Vietnamese president Truong Tan Sang Thursday made an assurance that the proposed Organization of Rice Exporting Countries (OREC) will not become a rice cartel in the region even as he urged stronger trade relations with the Philippines. The expected volume would surpass the $3-billion targetted bilateral trade level by 2016. Truong made this assurance [...]

Hanoi Telecom keen to take over EVN Telecom Posted: 29 Oct 2011 09:24 AM PDT Hanoi Telecom, the operator of the mobile network Vietnamobile, has indicated considerable interest in taking over EVN Telecom should the proposal be approved by the government. Recently, this prospective buyer has forwarded the second documentation to the government showing extreme eagerness in the deal for fear of EVN Telecom being acquired by Viettel. Earlier, VTC, [...]

More than US$1 billion to expand Dung Quat oil refinery Posted: 29 Oct 2011 09:24 AM PDT Vietnam Oil and Gas Group (PetroVietnam – PVN) has offered to sell shares of Dung Quat oil refinery to foreign investors with the stake holding up to 49% in the refinery at the time after it raises the annual production capacity to 8.5 million tons of crude oil. Under the plan, the Dung Quat oil [...]

Vietnam Dong slips to record low as central bank weakens rate Posted: 29 Oct 2011 09:24 AM PDT Vietnam's dong closed below 21,000 per dollar for the first time as the central bank set the currency's reference rate at the weakest level since at least 2005. Government bonds were steady. The State Bank of Vietnam set the daily reference rate at 20,803, compared with 20,788 yesterday, according to its website. The currency can [...]

Vietnam’s Masan Group says considering listing shares abroad Posted: 29 Oct 2011 09:23 AM PDT Masan Group Corp. (MSN), the food, banking and natural-resources company that's the biggest stock in the Ho Chi Minh Stock Exchange, said it's considering listing shares abroad. Masan may sell shares by issuing new stock, depositary receipts, convertible bonds or securities that can be converted into shares in domestic or foreign markets through private placement [...]

Vietnam property seen rising again in two years Posted: 29 Oct 2011 09:23 AM PDT Foreign property developers should take a serious look at Vietnam despite the country’s macro-economic challenges amid a struggle to subdue double-digit inflation without dampening growth. The informarion was said in commercial real estate firm Colliers International research director Naim Khan-Turk. While noting that the property market in Vietnam is currently in a downturn, Naim is [...]

SBV posts net withdrawal of nearly 15tr dong on OMO from Oct. 24-28 Posted: 29 Oct 2011 09:22 AM PDT In the week from Oct. 24-28, 2011, the State Bank of Vietnam (SBV), the country's central bank pumped 11.212 trillion dong on open market operations (OMO), with interest rates 14%, repo terms of 7 and 14 days. Meanwhile, the State Bank withdrew up to 26.171 trillion dong on OMO. Thus, this week, the State Bank [...]

Banks expect huge profit from forex trading by year-end Posted: 29 Oct 2011 09:22 AM PDT Many large commercial banks with high foreign currency income from export enterprises have boosted forex trading activities on the interbank market. According to the local online newspaper Saigon Dau Tu Tai Chinh on October 27, many commercial banks’ reduction on lending interest rate has dragged the average lending interest rate to 17-19% per year for [...]

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