Vietnam Business News

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• MCX gold, silver and copper trading down on strong dollar
• U.S. gold futures contract lost half a percent to $1,608 on Monday trading
• A review of Vietnam’s 2011 monetary market
• Business optimism plunges in 2011
• Local garments win back home market
• Local aviation sector fails to achieve 2011’s target
• Vietnam enjoys $6.5b trade surplus from apparel products in 2011
• Dollar could hinder gold, but fundamentals still bullish
• Gold One completes Rand Uranium acquisition
• Gold bear market at $1,300 signaled by moving averages

MCX gold, silver and copper trading down on strong dollar Posted: 09 Jan 2012 01:15 AM PST MCX Commodities like gold, silver, Copper and Crude Oil are trading down in early trade on Monday, tracking international trends following a firm dollar. MCX Gold is trading down by over 0.35% as of 12:05 PM IST while MCX Silver is down by 0.48%, MCX copper down 0.83% and MCX crude oil by 0.56%. At COMEX, gold and copper are trading in the [...]

U.S. gold futures contract lost half a percent to $1,608 on Monday trading Posted: 09 Jan 2012 01:00 AM PST Gold prices lost more than half a percent on Monday, after the momentum that pushed prices up 3 percent last week fizzled as the dollar firmed with growing worries about the euro zone debt crisis. Concerns about the debt crisis overshadowed upbeat data out of the United States which showed unemployment rate fell to a near three-year [...]

A review of Vietnam’s 2011 monetary market Posted: 09 Jan 2012 12:58 AM PST Despite achievements in curbing inflation and macro-economic stabilization, the Vietnamese monetary market last year still remained unstable. On February 11, 2011, the State Bank of Vietnam increased the dollar exchange rate from 18,923 dong a dollar to 20,693 dong a dollar, meaning the dong was devalued by 9.3 percent against the greenback. The unofficial market [...]

Business optimism plunges in 2011 Posted: 09 Jan 2012 12:57 AM PST Business optimism in Vietnam fell sharply in 2011, but remained in the positive level, says a report of Grant Thornton. According to latest figures from Grant Thornton's International Business Report (IBR), business optimism in Vietnam dropped from 80 percent (among respondents) in the first quarter of 2011 to 34 percent in the fourth quarter. The [...]

Local garments win back home market Posted: 09 Jan 2012 12:54 AM PST Many Vietnamese garment brand names have gradually gained back local market share in low-cost product segments targeting average-income consumers, which used to be dominated by Chinese products. Many fashion stores on Ho Chi Minh City's Le Van Si and Nguyen Dinh Chieu streets, which used to sell large amounts of Chinese garments, have now reduced [...]

Local aviation sector fails to achieve 2011’s target Posted: 09 Jan 2012 12:51 AM PST In 2011, Vietnam's aviation firms carried about 16.6 million passengers; lower than the target of 17.5 million passengers set in early 2011. Thus, the number of passengers the local airlines companies carried in 2011 was lower than the target set by the Civil Aviation Administration of Vietnam (CAAV) by over 20%, although in comparison with [...]

Vietnam enjoys $6.5b trade surplus from apparel products in 2011 Posted: 09 Jan 2012 12:50 AM PST In 2011, Vietnam's export for apparel products was estimated to earn $13.8 billion, accounting for 16.5% of the country's total export turnover and increasing nearly 38% from 2010, according to Le Tien Truong, deputy general director of Vietnam Garment and Textile Group (Vinatex). In 2011, Vietnam's garment and textile sector posted a trade surplus of [...]

Dollar could hinder gold, but fundamentals still bullish Posted: 09 Jan 2012 12:47 AM PST Deutsche Bank said it still views gold's underlying fundamentals as bullish and it anticipates a stronger U.S. dollar over the next few months will hinder advances for the yellow metal. "The persistence of negative real interest rates will sustain the appeal of holding gold. We also expect central-bank Gold buying will continue and that tail-event [...]

Gold One completes Rand Uranium acquisition Posted: 09 Jan 2012 12:45 AM PST All conditions for the acquisition by Gold One International of 100% of Rand Uranium from the Rand Uranium shareholders, Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company, for US$250 million have been fulfilled. The deal was accordingly declared unconditional and closed on Friday 6 January, Gold One said. Some US$137.7 million of the purchase [...]

Gold bear market at $1,300 signaled by moving averages Posted: 09 Jan 2012 12:42 AM PST Gold prices, down 16 percent from a record in September, are headed into a bear market at $1,300 an ounce this year, according to technical analysis by Lance Roberts at Streettalk Advisors LLC. The weekly moving-average convergence-divergence graph, a measure derived by subtracting a long-term trend from a shorter one, is indicating prices are likely to decline [...]

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