Vietnam Business News

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• Domestic gold price increased 650,000 dong per tael in October
• Gold continues falling sharply to below 45m dong/tael
• Real US dollar price at banks down to 21,300 dong
• VinaCapital to continue investing in unlisted firms
• Merger of two stock exchanges likely
• Vietnam’s rice export last week fetches $64m
• New phone subscribers fall in October
• IT prioritised to attract FDI
• Vietnam, Japan nuclear project intact despite Fukushima
• Lukoil begins drilling off Vietnam, expects results in a month

Domestic gold price increased 650,000 dong per tael in October Posted: 01 Nov 2011 09:00 PM PDT The domestic gold price increased 650,000 dong per tael in October, or 1.5%. Also in month, the State Bank of Vietnam (SBV) allowed to sell gold to stabilize the local market. Ending October, the SJC gold price closed at 44.55-44.85 million dong per tael, up 650,000 dong per tael from the closing session of September. [...]

Gold continues falling sharply to below 45m dong/tael Posted: 01 Nov 2011 08:31 PM PDT Vietnam gold continued falling sharply to below 45 million dong a tael (1.2 ounces) this morning November 1 as the world gold prices dropped, while local dollar prices were kept at 20,803 dong, unchanged from last Friday. By 9:30 Hanoi time, Sacombank Jewelry Company bought gold at 44.55 million dong and sold at 44.85 million [...]

Real US dollar price at banks down to 21,300 dong Posted: 01 Nov 2011 11:29 AM PDT The interbank average forex rate announced by the State Bank of Vietnam (SBV) on October 31 remained unchanged from previous day, but the real US dollar price at banks as well as on the free market fell. According to the local newswire VnExpress on October 31, the actual US dollar prices at some Hanoi-based banks [...]

VinaCapital to continue investing in unlisted firms Posted: 01 Nov 2011 11:28 AM PDT VinaCapital will not buy into more listed stocks, this portfolio has accounted for only less than 5% of its total assets, Andy Ho, Chief Executive Officer and Head of VinaCapital's Investment Department has said recently. "VinaCapital's goal is still to invest in unlisted companies". VinaCapital will continue to disburse from $10 million to $40 million [...]

Merger of two stock exchanges likely Posted: 01 Nov 2011 11:28 AM PDT A project to merge the nation’s two stock exchanges has been mapped out and it will go before the Ministry of Finance at the end of the year, said the State Securities Commission (SSC). Nguyen Son, head of the SSC’s Stock Market Development Department, said the project was part of a broader plan to restructure [...]

Vietnam’s rice export last week fetches $64m Posted: 01 Nov 2011 11:27 AM PDT From October 1 till 27, Vietnam exported 348,567 tons of rice, earning $189.438 million, Vietnam Food Association (VFA) reported. In the week between October 20 and 27 alone, the country's rice export reached 115,794 tons, worth $63.855 million, up 3.3% in volume and 3% in value from previous week (112,096 tons of rice). Accumulatively, from [...]

New phone subscribers fall in October Posted: 01 Nov 2011 11:27 AM PDT In the first ten months of this year, the total number of new phone subscribers is estimated to have reached 9.3 million, down 17.2% from the same period last year, the General Statistics Office (GSO) reported on Oct. 31. Under which, the total number of fixed phone subscribers reached 46,100, down 76.2% on year and [...]

IT prioritised to attract FDI Posted: 01 Nov 2011 11:26 AM PDT The information technology (IT) sector should be prioritised to attract foreign direct investment (FDI) in the 2011-2020 period, according to the Ministry of Planning and Investment (MPI). The ministry said the industry currently accounts for a small proportion (2 percent) of the country’s total FDI, which is much lower than other sectors such as processing [...]

Vietnam, Japan nuclear project intact despite Fukushima Posted: 01 Nov 2011 11:26 AM PDT Japan and Vietnam on Monday reaffirmed their plan to build a nuclear power plant in the Southeast Asian country using Japanese technology, even as Tokyo still struggles to put the world’s worst nuclear accident in 25 years under control. Last October, energy-hungry Vietnam accepted Japan as a partner in the construction of two nuclear reactors [...]

Lukoil begins drilling off Vietnam, expects results in a month Posted: 01 Nov 2011 11:25 AM PDT OAO Lukoil, the Moscow-based oil producer with the most assets overseas, has begun exploratory drilling off Vietnam and expects initial results in about a month, spokesman Grigory Volchek said today by telephone. The Vietnamese government signed off on a deal giving Lukoil a 50 percent share of the production-sharing agreement to tap the Hanoi Trough-02 [...]

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