Vietnam Business News

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• Soros invests $40 million in Chinese Gold Jeweler
• Gold price to open at 15,970 HK dollars per tael on Tuesday
• Spot gold dropped 0.6 percent to $1,710.39 an ounce
• Thailand’s gold rush
• Kumtor gold mine blockade to end after agreement
• U.S. gold fell 1 percent on Tuesday
• 500b dong of G-bonds to be tendered on Dec 8
• More than 50 foreign players gain trading code in Nov
• First three banks get approval to merge
• Emerging market investors should not overlook Vietnam

Soros invests $40 million in Chinese Gold Jeweler Posted: 06 Dec 2011 01:20 AM PST George Soros, who famously called gold "the ultimate bubble" several years ago, evidently feels the yellow metal has yet to reach bubble territory. The legendary investor – famous for founding the Quantum Fund in the 1970s and for shorting the British pound in the early 1990s – invested $40 million in the $2.8 billion IPO [...]

Gold price to open at 15,970 HK dollars per tael on Tuesday Posted: 06 Dec 2011 12:00 AM PST The gold price in Hong Kong went down 220 HK dollars to open at 15,970 HK dollars per tael on Tuesday, according to the Chinese Gold and Silver Exchange Society. The price is equivalent to 1,724.63 U.S. dollars a troy ounce, down 24.43 U.S. dollars at the latest exchange rate of one U.S. dollar against [...]

Spot gold dropped 0.6 percent to $1,710.39 an ounce Posted: 05 Dec 2011 11:45 PM PST U.S. gold fell 1 percent on Tuesday, tracking spot prices lower on fears of a possible mass credit rating downgrade for euro zone nations by Standard & Poor’s. The ratings agency announced the warning just as the leaders of Franceand Germany agreed a master plan involving treaty change to impose budget discipline across the euro zone, ahead [...]

Thailand’s gold rush Posted: 05 Dec 2011 11:25 PM PST According to figures recently released by the International Monetary Fund, Thailand seems to have taken advantage of the recent correction and consolidation in the gold price to continue its long-term gold buying programme. Having already made three significant purchases in the last year, the Thai government added another 500,000 ounces of gold to its reserves [...]

Kumtor gold mine blockade to end after agreement Posted: 05 Dec 2011 11:18 PM PST Protesters in Kyrgyzstan said on Monday they would remove a roadblock that has interrupted supplies to Centerra Gold’s Kumtor mine in the Central Asian republic after reaching a compromise with management. “All movement will be completely restored tomorrow,” protester Samat Aliyev told Reuters by telephone. “We reached a compromise decision,” said protester Stalbek Akeyev, who [...]

U.S. gold fell 1 percent on Tuesday Posted: 05 Dec 2011 11:03 PM PST U.S. gold fell 1 percent on Tuesday, tracking spot prices lower on fears of a possible mass credit rating downgrade for euro zone nations by Standard & Poor’s. The ratings agency announced the warning just as the leaders of Franceand Germany agreed a master plan involving treaty change to impose budget discipline across the euro zone, ahead [...]

500b dong of G-bonds to be tendered on Dec 8 Posted: 05 Dec 2011 11:03 PM PST Hanoi Stock Exchange (HNX) on December 8 will tender 500 billion dong of government bonds issued by the State Treasury. The tender is made according to competitive yield rate. The principal will be paid once on maturity. The bonds will be issued on December 12. – Vietbiz24

More than 50 foreign players gain trading code in Nov Posted: 05 Dec 2011 11:02 PM PST Vietnam Securities Depository (VSD) reported granting the trading codes to extra 52 foreign investors including 32 institutions and 20 individuals in November. Till November 30, 15,536 foreign stock players received the trading codes from VSD, in which 1,700 were institutions and 13,836 were individual investors.

First three banks get approval to merge Posted: 05 Dec 2011 11:02 PM PST First Commercial Joint Stock Bank (Ficombank), Tin Nghia Bank and Saigon Commercial Bank (SCB) are the first three banks that have received the green light from the central bank to merge voluntarily, State Bank of Vietnam (SBV) Governor Nguyen Van Binh announced this morning December 06. “At the first step in the process of the [...]

Emerging market investors should not overlook Vietnam Posted: 05 Dec 2011 11:02 PM PST Most investors know all about the headline-grabbing BRIC countries – Brazil, Russia, India and China. But there’s a tendency to overlook the investment possibilities in smaller emerging nations. One such emerging market is Vietnam. Like its neighbour to the north, China, the economy of this Communist nation is becoming more and more market-oriented. This opening [...]

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