Vietnam Business News

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• Gold slightly up to vnd46.22mln/tael
• Gold bullion trading should be prohibited
• Thailand gold prices for November 17
• Banks asked to report lending to FDI firms before Nov 30
• Vietnam’s spending on jewellery imports in Oct down 70pct on month
• Property giants eye low-cost housing segment
• VietinBank posts 5.956 tr dong pre-tax profit in Jan-Sept.
• Saigonbank to issue 50m shares at par value
• Russia’s LUKOIL eyes bid in Vietnam oil/gas blocks
• Foreign capital still not coming to Vietnam’s real estate

Gold slightly up to vnd46.22mln/tael Posted: 16 Nov 2011 10:39 PM PST Vietnam gold inched up to VND 46.22million/tael on Thursday after falling to VND46.15 million a tael yesterday close. The world gold fell last night in NY but held steady in Asia trade this morning .Local dollar prices were still kept at VND20,803. SJC Hanoi quoted at VND46.00 million/tael for bid, and VND46.22 million/tael for bid [...]

Gold bullion trading should be prohibited Posted: 16 Nov 2011 10:38 PM PST Vietnam needs to ban domestic gold firms from trading bullion. Vietnam needs to ban domestic gold firms from trading bullion, Bui Kien Thanh, a senior economic expert, told the local online newspaper VnMedia.vn, pointing out the reason that bullion trading will enable speculators to manipulate the local gold market. Thanh went on, saying that Vietnam [...]

Thailand gold prices for November 17 Posted: 16 Nov 2011 10:37 PM PST The Gold Traders Association this morning set the buying price at 25,423.32 baht per baht-weight for gold ornaments and 25,800 baht per baht-weight for gold bar. The selling prices were set at 26,300 baht per baht-weight for gold ornaments, and 25,900 baht per baht-weight for gold bar.

Banks asked to report lending to FDI firms before Nov 30 Posted: 16 Nov 2011 08:46 PM PST As per the guidance of the Vietnam Prime Minister, Nguyen Tan Dung, at Directive No. 1617/CT-TTg dated on September 19, 2011 on strengthening the implementation and reorganization of foreign direct investment (FDI) management in the upcoming time, the State Bank of Vietnam (SBV) on November 15 issued an Official Document No 8848/NHNN-CSTT requesting credit institutions [...]

Vietnam’s spending on jewellery imports in Oct down 70pct on month Posted: 16 Nov 2011 08:45 PM PST General Department of Vietnam Customs reported that in October, Vietnam’s spending on imports for gemstone and precious metals (mainly gold) was $232 million, down 70% from September meanwhile the country’s export turnover for this product reached $33.8 million, equaling to the figure of previous month. Thus, the country’s trade deficit for gemstone and precious metals [...]

Property giants eye low-cost housing segment Posted: 16 Nov 2011 05:48 PM PST Hanoi-based Housing & Urban Development Corporation (HUD) has officially offered to sell low-cost apartments of An Binh project in Nha Trang City (Khanh Hoa province) with the offering price of between 300 and 600 million dong each, the local newswire VnMedia reported. The apartments have the space of from 46 square meters to 64 sqm. [...]

VietinBank posts 5.956 tr dong pre-tax profit in Jan-Sept. Posted: 16 Nov 2011 05:48 PM PST Industrial and Commercial Bank of Vietnam (Vietinbank – coded CTG) reported the results of consolidated operations for the third quarter of 2011 with pre tax profit of 2.062 trillion dong, up 39% year-on-year. Accumulatively, in the first nine months of this year, the Hochiminh Stock Exchange-listed lender gained 5.956 trillion dong profit before tax, up [...]

Saigonbank to issue 50m shares at par value Posted: 16 Nov 2011 05:46 PM PST Saigon Bank for Industry and Trade (Saigonbank) has recently submitted a proposal to the State Securities Commission of Vietnam (SSC) for registering to offer 50 million shares at par value. However, as per the regulation of Saigonbank, foreign individuals and institutions will not buy shares of the local bank unless getting approval from the State [...]

Russia’s LUKOIL eyes bid in Vietnam oil/gas blocks Posted: 16 Nov 2011 09:51 AM PST Russia’s No.2 crude oil producer LUKOIL said it is considering bidding for exploration in more oil and gas blocks offshore Vietnam after acquiring the first block in the Southeast Asian country’s northern area. “LUKOIL participates in biddings,” said Natalia V. Chekhronova, a public relations official with LUKOIL Overseas Holding Co, told Reuters in a written [...]

Foreign capital still not coming to Vietnam’s real estate Posted: 16 Nov 2011 09:50 AM PST Asian real estate investors still are not selecting Vietnam as the strategic destination because of a number of barriers despite the scope and development levels of many market segments are alleged to remain small compared with regional countries, according to Vietnam Economic Forum. Capital shortage because of banks' credit tightening-up became the largest nightmare of [...]

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