Vietnam Business News

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• Vietnam spends $1.9bln on importing gold and gemstone in jan-sept
• Gold price jumped to VND45.7 million a tael , the highest level in the past one month
• Vietnam central bank net withdraws vnd843bln on omo during oct 31-nov 3
• Interbank interest rates climbed to 27% p.a. again
• Word bank has granted vietnam $13.5 bln loans
• Insurance for dollar deposits is still needed
• Vietnam banks limit selling dollars after SBV’s tough measures
• Giadinhbank approves to rename to vietcapital bank, raise charter capital to vnd3tln
• Average overnight interbank interest rate hits 10-day high
• Nov 4: vietnam stocks mixed for day, down for week on caution

Vietnam spends $1.9bln on importing gold and gemstone in jan-sept Posted: 04 Nov 2011 10:00 PM PDT Vietnam is estimated to have spent $1.93 billion on importing gold and gemstone in the first nine months of this year, equivalent to 2.5% of total import value, and up 430.44% on year, the General Customs data showed. In September, the country imported $769.96 million worth of gold and gemstone, up 55.6% on month and [...]

Gold price jumped to VND45.7 million a tael , the highest level in the past one month Posted: 04 Nov 2011 08:49 PM PDT The price of gold in Vietnam jumped to VND45.7 million a tael (1.2 ounces), the highest level in the past one month on November 4 as global price sprang 1.6 per cent in the trading session in New York last night. Sacombank Jewelry Company bought gold at VND45.45 million and sold at VND45.75 million as [...]

Vietnam central bank net withdraws vnd843bln on omo during oct 31-nov 3 Posted: 04 Nov 2011 11:01 AM PDT The State Bank of Vietnam, the country's central bank, net withdrew VND843 billion through market operations from Oct 31 to Nov 3, in which it pumped VND27.378 trillion and withdrew VND28.221 trillion. The State Bank of Vietnam, the country's central bank, net withdrew VND843 billion through market operations from Oct 31 to Nov 3, in [...]

Interbank interest rates climbed to 27% p.a. again Posted: 04 Nov 2011 11:00 AM PDT The interbank market seemed to heat up again with interbank interest rates surging to 27% per annum, nearly 2 times as high as the deposit rate cap, the local state-run online newspaper Tuoi Tre ("Youth") reported on Nov 3. Last week, the interbank interest rates cooled down after the State Bank offered conditional refinancing loans [...]

Word bank has granted vietnam $13.5 bln loans Posted: 04 Nov 2011 11:00 AM PDT World Bank (WB) has granted Vietnam a total sum of $13.5 billion so far, including non-refundable aids, preferential loans, the local news provider dvt.vn reported November 4, citing data from the two side cooperation anniversary held today. The International Finance Corporation ( IFC), a member of WB raised its committed aids for Vietnam to $1 [...]

Insurance for dollar deposits is still needed Posted: 04 Nov 2011 10:59 AM PDT Many National Assembly Members raised a need to insure dollar deposits on fear that local depositors would massively withdraw dollars out of the banking system, the local online newspaper Thanh Nien reported on Oct 4. Vietnam law makers were discussing a draft law on deposit insurance which stipulated that dollar denominated deposits would not be [...]

Vietnam banks limit selling dollars after SBV’s tough measures Posted: 04 Nov 2011 10:59 AM PDT Some banks were reported to stop selling dollars excusing limited supply, the online newspaper VnExpress (vnexpress.net) reported Nov 4 citing an unnamed forex official of a bank in Dong Da, Hanoi. The move was the immediate response of commercial banks after the State Bank of Vietnam warned that it would perform inspection on foreign currency [...]

Giadinhbank approves to rename to vietcapital bank, raise charter capital to vnd3tln Posted: 04 Nov 2011 10:58 AM PDT Shareholders of Gia Dinh Joint Stock Commercial Bank (GiaDinhBank) on Nov 3 approved to change the bank's name into VietCapital Join Stock Commercial Bank (VietCapital Bank) and raised its chartered capital by VND1 trillion to VND3 trillion. The bank succeeded in increasing its chartered capital from VND2 trillion to VND3 trillion through issuing 100 million [...]

Average overnight interbank interest rate hits 10-day high Posted: 04 Nov 2011 10:58 AM PDT The average interbank interest rate for overnight term soared to 13.65% on Nov 2, the highest level since Oct 20, up 0.72% from the previous day and 2.72% from Oct 31, the central bank's data showed. Specifically, 1-month interest rate represented the most impressive increase of 2.47% p.a. to 14.4% p.a. compared to those of [...]

Nov 4: vietnam stocks mixed for day, down for week on caution Posted: 04 Nov 2011 10:57 AM PDT Vietnamese stocks ended Friday in a mixed note but the markets closed first week of November with a loss as investors sold shares to minimize risks amid lack of supportive news and on concerns over bad debts issue. The benchmark VN Index closed up 2.13 points, or 0.52% to end at 410.57. Volume rose 22.53% [...]

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