Vietnam Business News

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• Crude oil exploitation output up 11.6pct y/y at 1.41m tonnes in Jan
• Alstom signs $24m deal for hydro project in Vietnam
• Vietnam’s finance ministry calls for consolidation to strengthen insurance market
• Vietnam central bank must prepare plan to resolve bank liquidity problem in q1/2012
• VDB sells 100% of offered government-backed bonds on Feb 8
• Vietnam developers eye growing mobile app market
• Feb 9: vietnam central bank keeps dollar exchange at vnd20,828
• Vietnam gold prices rose by VND0.27million/tael on Thursday
• Optimistic signs for Vietnamese workers abroad
• Coal imports bring pointed questions

Crude oil exploitation output up 11.6pct y/y at 1.41m tonnes in Jan Posted: 08 Feb 2012 10:12 PM PST As per the latest report from Vietnamese Ministry of Industry and Trade (MoIT), in the first month this year, the local petroleum sector ensured stable production and investment progress for projects and sufficient and timely supply of key products such as oil and gas, liquefied petroleum gas (LPG) to the local market during Lunar New [...]

Alstom signs $24m deal for hydro project in Vietnam Posted: 08 Feb 2012 09:12 PM PST Alstom and its consortium partner, Hydrochina Huadong Engineering Corp have signed a $24m contract with Vietnam Electricity for the Song Bung 4 hydropower project in Vietnam. The project located 43km from Danang city, is one of the main hydropower projects on Vietnam’s Bung River. Under the terms of the contract, the firms will provide electro-mechanical [...]

Vietnam’s finance ministry calls for consolidation to strengthen insurance market Posted: 08 Feb 2012 09:04 PM PST Vietnam's finance ministry plans to restructure the country's insurance industry this year in a bid to stabilize the market, according to reports in the local press. The Ministry of Finance aims to support healthy insurers and encourage weaker firms to consolidate as part of the drive to stabilize the market, business daily The Saigon Times [...]

Vietnam central bank must prepare plan to resolve bank liquidity problem in q1/2012 Posted: 08 Feb 2012 09:04 PM PST Vietnam government issued Resolution No. 03 on Feb 8, in which it asked the State Bank of Vietnam (SBV) to prepare plan to resolve liquidity problem of the local banking system within the first quarter of 2012. In addition, the central bank is requested to implement measures to encourage, support credit institutions to prioritize funds [...]

VDB sells 100% of offered government-backed bonds on Feb 8 Posted: 08 Feb 2012 09:04 PM PST Vietnam Development Bank sold VND4 trillion worth of 3- and 5-year government-guaranteed bonds, or 100% of the offered value, at the yield of 12.2%-12.25% p.a. in an auction held on Feb 8, said the Hanoi Stock Exchange (HNX). The bid-to-cover ratio was 1.6, including four bidders registered for VND2700 trillion 3-year bonds, seeking for yields [...]

Vietnam developers eye growing mobile app market Posted: 08 Feb 2012 09:03 PM PST Vietnamese mobile application developers say their business is growing at a fast pace due to a strong demand in overseas markets. Le Duc Bao, director of AntTek, said his company started developing mobile applications for foreign markets last April and since then its revenues have increased by around 30 percent every month. The major markets [...]

Feb 9: vietnam central bank keeps dollar exchange at vnd20,828 Posted: 08 Feb 2012 09:02 PM PST Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Thursday, unchanged since Dec 26, 2011. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036. Many commercial banks continued lowering the prices [...]

Vietnam gold prices rose by VND0.27million/tael on Thursday Posted: 08 Feb 2012 09:02 PM PST Vietnam gold prices rose by VND0.27million/tael from yesterday close to VND44.92 million a tael on Thursday morning despite the world gold fell in New York last night and in Asia this morning. SJC Hanoi quoted at VND44.60 million/tael for bid and VND44.92 million/tael for ask, respectively as of 9:56 am, Hanoi time. SJC Ho chi [...]

Optimistic signs for Vietnamese workers abroad Posted: 08 Feb 2012 08:58 PM PST The year 2012 offers many opportunities for Vietnam to send workers abroad, according to the Overseas Labour Management Department under the Ministry of Labour, War Invalids and Social Affairs. According to the department, economies in Japan , the Republic of Korea , Taiwan and Malaysia are still growing and have high demand for foreign workers, [...]

Coal imports bring pointed questions Posted: 08 Feb 2012 08:57 PM PST Each year, Vietnam exports several dozen million tonnes of coal. However, Vietnam stepped into importing coal from 2011. National Council for Science and Technology Policy member Nguyen Dang Vang tells VIR why. Why does Vietnam import coal for generating power, while it has been exporting the product for years? When the government licences the building [...]

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