Vietnam Business News

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• Gold demand in India slowed down after Diwali
• Gold and silver futures steady on Friday afternoon
• State Treasury sells VND300Bln Government bonds on Dec 1
• Dec 2: UPCoM-Index bucks trend to close down
• Vietnam promotes trade ties with Hong Kong
• Vietnam fulfils import, export targets
• Monopoly may create gold black market
• Banks fear ceiling interest rate may be lowered further
• Falling rupee hits gold, silver imports
• Are bullion banks trying to cap gold prices?

Gold demand in India slowed down after Diwali Posted: 02 Dec 2011 01:15 AM PST Gold purchases in India, the world’s largest bullion consumer, slowed down as the festival season ended, and business was lackluster elsewhere in Asia as concerns of global growth weighed on sentiment. The rupee, which declined about 7 percent in November and is one of the worst performers among Asian peers this year, was partly blamed [...]

Gold and silver futures steady on Friday afternoon Posted: 02 Dec 2011 12:48 AM PST India gold and silver futures were steady on Friday afternoon, mirroring overseas markets, and physical traders sought price direction ahead of the U.S. jobs data. * The most-active gold for February delivery on the Multi Commodity Exchange was trading 0.11 percent higher at 29,183 rupees per 10 grams. * Silver futures for March delivery on the MCX was trading 0.12 percent [...]

State Treasury sells VND300Bln Government bonds on Dec 1 Posted: 02 Dec 2011 12:45 AM PST The State Treasury on Dec 1 sold VND3 billion worth of government bonds, or 15% of offered value, at the yield of 12.1% p.a. in an auction of 3-year and 5-year bonds, said the Hanoi Stock Exchange (HNX). The bid-to-cover ratio was 0.5, including four bidders registered for VND600 billion 3-year bonds, seeking for yields [...]

Dec 2: UPCoM-Index bucks trend to close down Posted: 02 Dec 2011 12:44 AM PST The UPCoM-Index, the measure of 127 unlisted public companies, closed down on Friday, bucking the trend of the official bourses. The index gained 0.07point or 0.21%, to close at 32.76.The gauge started with the given mark of 100 on June 24, 2009 but it has never been back to that level. The market volume slightly [...]

Vietnam promotes trade ties with Hong Kong Posted: 02 Dec 2011 12:43 AM PST Vietnam is taking part in the 2011 World SME Expo in Hong Kong, China, to promote the business and investment environment of Vietnam and facilitate linkages between the two countries' businesses. The three-day expo, opened by the Trade Promotion Department of Hong Kong on December 1, has drawn the participation of 320 small and medium [...]

Vietnam fulfils import, export targets Posted: 02 Dec 2011 12:43 AM PST Vietnam has so far earned US$87.2 billion from exports, which is well above the yearly target of US$80 billion set by the Ministry of Industry and Trade. This represents a 34.7 percent rise from the same period last year for all export items. The highest increase was recorded in the foreign investment sector (up 40.7 [...]

Monopoly may create gold black market Posted: 02 Dec 2011 12:43 AM PST Right after the Governor of the State Bank of Vietnam Nguyen Van Binh announced before the National Assembly that SJC will become the gold brand of the State Bank of Vietnam, worries have been raised about the arise of the monopoly which may lead to the existence of a gold black market. A solution avoid [...]

Banks fear ceiling interest rate may be lowered further Posted: 02 Dec 2011 12:42 AM PST While commercial banks are still struggling to deal with the liquidity problem, they have heard that the State Bank may lower the ceiling deposit interest rate further. The information has put them on the tenterhooks. Central bank strives to ease lending interest rates Tien phong has quoted its source as saying the State Bank is [...]

Falling rupee hits gold, silver imports Posted: 02 Dec 2011 12:13 AM PST Jewellers are feeling the heat of weakening rupee. The import bill for gold and silver is on the rise. The prices of diamond, gold and silver jewellery could rise if the rupee falls further. Bachhraj Bamalwa, chairman of All India Gems & Jewellery Trade Federation, said: “The situation has worsened due to a weak rupee. Internationally price of gold [...]

Are bullion banks trying to cap gold prices? Posted: 02 Dec 2011 12:00 AM PST (Commodity Online): The London AM and PM Gold Fix (USD) of the last two days in a row have been identical – to the cent – which is highly unusual. On Monday and Tuesday, the 28th and the 29th of November, the gold fix was identical in dollar terms and nearly identical in pound and [...]

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