Vietnam Business News

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• Bao Viet Bank allowed to offer shares to public
• Change in policy must to attract FDI: Minister
• Three scenarios for Vietnam’s 2012 economic growth
• Copper imports by China surged to a record in December
• US’ Pea Ridge mine may contain rare earth metals
• Iron ore prices likely to soften by 20-40%
• Copper prices riss by 0.27 per cent to Rs 407 per kg
• U.S. gold gained half a percent to $1,616.50 on Tuesday
• Europe debt crisis dims copper demand prospects
• Zinc futures fell by 0.40 per cent to Rs 99 per kg

Bao Viet Bank allowed to offer shares to public Posted: 10 Jan 2012 01:06 AM PST The State Securities Commission of Vietnam (SSC)’s chair on January 9, 2012 granted License No. 03/UBCK-GCN for Bao Viet Commercial Joint Stock Bank to offer shares to the public. Accordingly, the lender is allowed to issue 165 million shares at the face value of 10,000 dong per share to the existing shareholders. The total share [...]

Change in policy must to attract FDI: Minister Posted: 10 Jan 2012 01:04 AM PST FDI attraction to infrastructure construction, high-tech, green technology, support industries, network production and global value chain requires positive and big changes in policies in 2012, the Dau Tu Chung Khoan newspaper quoted Vice Minister of Planning and Investment Nguyen The Phuong. Till last December 15, Vietnam had 13,667 operational FDI projects with total registered capital [...]

Three scenarios for Vietnam’s 2012 economic growth Posted: 10 Jan 2012 01:03 AM PST Three possible scenarios for the country's economic growth this year were unveiled yesterday by the National Financial Supervision Commission. In the first scenario, which is considered "a good one," Vietnam's gross domestic product (GDP) growth will reach 6 to 6.3 percent, while inflation is restricted to 8 to 10 percent. The state budget's overspending in [...]

Copper imports by China surged to a record in December Posted: 10 Jan 2012 01:00 AM PST Copper imports by China surged to a record in December, narrowing the first annual drop since 2008, as pre-holiday stockpiling and financing needs spurred buying amid low domestic inventories in the world's largest consumer. Inbound shipments of the refined metal, copper alloy and products were 508,942 metric tons, gaining for the seventh straight month, according to data [...]

US’ Pea Ridge mine may contain rare earth metals Posted: 10 Jan 2012 12:59 AM PST Wings Enterprises, owners of Pea Ridge Iron Ore mine in Washington County and Glencore Ltd, a natural resources company have signed an agreement to turn the Pea Ridge mine as a source for rare earth elements. China owns the monopoly in rare earth trade and almost all rare earth elements currently come from China. Glencore [...]

Iron ore prices likely to soften by 20-40% Posted: 10 Jan 2012 12:46 AM PST Steel industry awaits fall in domestic prices on account of export duty rise and drop in international rates; NMDC yet to decide. The government's recent move to increase the duty on iron ore export to 30 per cent is likely to result in a fall of 20-40 per cent in domestic ore prices, depending on [...]

Copper prices riss by 0.27 per cent to Rs 407 per kg Posted: 10 Jan 2012 12:45 AM PST Copper showed some strength with prices rising by 0.27 per cent to Rs 407 per kg in futures trade today, as speculators enlarged their positions supported by a rise in metal prices at the London Metal Exchange (LME). At the Multi Commodity Exchange, copper for delivery in June rose by Rs 1.10, or 0.27 per cent, [...]

U.S. gold gained half a percent to $1,616.50 on Tuesday Posted: 10 Jan 2012 12:45 AM PST Gold prices edged higher on Tuesday after two straight sessions of losses, supported by a steady euro ahead of key bond auctions in the euro zone this week while sentiment remained fickle over the region’s fiscal prospects. Spot gold has been moving in a tight range of less than $20 above $1,600 for three days after the new year euphoria [...]

Europe debt crisis dims copper demand prospects Posted: 10 Jan 2012 12:44 AM PST Copper edged down on Monday as markets feared a solution to Europe’s debt crisis remains out of reach, suggesting demand prospects for metals are dim even amid signs of improved economic growth in the United States, the world’s largest economy. Other metals were in positive territory, however, with aluminium underpinned by production cut-backs and zinc, [...]

Zinc futures fell by 0.40 per cent to Rs 99 per kg Posted: 10 Jan 2012 12:41 AM PST Zinc futures fell by 0.40 per cent to Rs 99 per kg today, as speculators offloaded their positions, largely in tandem with weakness in base metals at the London Metal Exchange (LME). At the Multi Commodity Exchange, zinc for delivery in February shed 40 paise, or 0.40 per cent, to Rs 99 per kg, with a trade turnover of 32 lots. [...]

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