Vietnam Business News

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• Vietnam gold soared to vnd46.4 mln/tael
• Vietinbank honored “top 20 golden products” award
• Vietnam treasury to auction vnd2 trillion government bonds on nov 10
• Vietnam interbank interest rates stratified into 4 layers
• Liquidity drain spreads to securities companies
• Vietnam boosts multifaceted cooperation with Luxembourg
• Nov 8: Vietnam central bank keeps dollar exchange at vnd20,803 for 10 days
• Vietnam law makers pass CPI targets at 5-7% in 2015
• Vietnam to borrow $130Mln for electricity project from ADB
• Coffee exports projected to decline in 2012

Vietnam gold soared to vnd46.4 mln/tael Posted: 07 Nov 2011 11:23 PM PST Vietnam gold soared to VND 46.40 million/tael this morning following suit of the higher world gold price, dollar midpoint exchange rate stayed unchanged at VND20,803 from October 28. SJC Hanoi quoted at VND46.200 million/tael for bid, and VND46.450 million/tael for bid and ask, respectively as of 9: 33 Hanoi time. SJC Ho Chi Minh listed [...]

Vietinbank honored “top 20 golden products” award Posted: 07 Nov 2011 10:29 PM PST Vietinbank was the only bank that was presented "Top 20 Golden Products" award for its card services at the 2011 Golden Products – Golden Services Award held on Nov 6. Vietinbank (CTG) is the leading bank in providing cards services as it offers a wide variety of products to different group of customers such as [...]

Vietnam treasury to auction vnd2 trillion government bonds on nov 10 Posted: 07 Nov 2011 10:29 PM PST The State Treasury of Vietnam will open a price competitive auction for VND2 trillion worth of government bonds distributed equally for 3-year and 5-year tenors at the Hanoi Stock Exchange at 14:00 Nov 10, the bourse said. The principal will be paid at maturity and coupons will be paid annually on the issuance anniversary (Nov [...]

Vietnam interbank interest rates stratified into 4 layers Posted: 07 Nov 2011 10:29 PM PST Interbank interest rates currently split into 4 tiers depending on the banks' credibility, ranging from 12% to up to 40%. Some banks could borrow interbank loans at a favorable interest rate of 12% while others had to bear sky-high fund costs of 40%, the local online newspaper Saigon Dau Tu quoted an unnamed bank officer [...]

Liquidity drain spreads to securities companies Posted: 07 Nov 2011 10:28 PM PST Liquidity drain is spreading into securities companies on concerns over a wave of cash withdrawals by customers after SME case and recent black market defaults and bank liquidity shortages, Nguyen Minh Cuong, an analyst with SGTT raised concern. The analyst cited SME case of failure to settle payment on November 1, 2011 resulting in bid [...]

Vietnam boosts multifaceted cooperation with Luxembourg Posted: 07 Nov 2011 10:27 PM PST Vietnam attaches importance to strengthening the friendship and multi-faceted cooperation with Luxembourg, one of Vietnam's important partners in the European Union. State President Truong Tan Sang made the affirmation during his talks with the Grand Duke of Luxembourg, Henri, in Hanoi on Nov. 7. President Sang applauded the Duke's visit, considering it an important milestone [...]

Nov 8: Vietnam central bank keeps dollar exchange at vnd20,803 for 10 days Posted: 07 Nov 2011 10:26 PM PST Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,803 on Tuesday , unchanged from October 28, after adjusting the it for 14 times in October. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today [...]

Vietnam law makers pass CPI targets at 5-7% in 2015 Posted: 07 Nov 2011 10:25 PM PST Vietnam National Assembly or the Congress passed its resolution and socio-economic plans for 2011-2015 period this morning, November 2011 with CPI targets at 5-7% and average GDP growth rates at 6.5-7% with 446 approvals, 7 disapprovals and 5 blanks. Vietnam targets to develop its economy "fast and sustainably" focusing on improving quality, competitiveness as top [...]

Vietnam to borrow $130Mln for electricity project from ADB Posted: 07 Nov 2011 10:25 PM PST The Prime Minister has approved the list of investment project of power transmission network 1 worth $155.6 million, of which $130 million is planned to borrow from Asian Development Bank (ADB). The Prime Ministered approved the list of investment projects in power transmission network and technical infrastructure to improve the effectiveness of the National power [...]

Coffee exports projected to decline in 2012 Posted: 07 Nov 2011 10:23 PM PST Coffee exports are expected to drop for the 2011-12 crop to 1.1 million tonnes of coffee, due to a fall in output and depleted stock, according to the Viet Nam Coffee and Cocoa Association (Vicofa). “Viet Nam’s 2011-12 coffee crop may have an output of 1.1 million tonnes, a reduction of nearly 200,000 tonnes over [...]

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