Vietnam Business News

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• Russia’s gold and FX reserves fell to $504.4 billion
• Feb 22: vietnam gold edges up to vnd44.90mln/tael
• Feb 22: Vietnam central bank keeps dollar exchange at vnd20,828
• Petro Vietnam purchases oil from Ecuador
• Toyota Motor Vietnam recalls Camry, Altis, Vios
• Asian retailers eying up tasty Vietnam
• ACB, Eximbank raise gold depositing rate 0.5 pct
• Local electronics manufacturers switch focus
• Working on finance’s labour question
• Paying for lost time

Russia’s gold and FX reserves fell to $504.4 billion Posted: 22 Feb 2012 12:59 AM PST Russia’s gold and FX reserves fell to $504.4 billion

Feb 22: vietnam gold edges up to vnd44.90mln/tael Posted: 21 Feb 2012 10:52 PM PST Vietnam gold prices edged up to VND44.90 million/a tael on Wednesday morning. Gold rallied yesterday night in New York and was steady at the high level this morning in Asia trade. SJC Hanoi was quoted at VND44.68 million/tael for bid and VND44.90 million/tael for ask, respectively as of 9:25 am, Hanoi time. SJC Ho chi [...]

Feb 22: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 21 Feb 2012 10:51 PM PST Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged since Dec 26, 2011. The central bank has kept the U.S dollar exchange rate stable for the longest period since early 2011. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central [...]

Petro Vietnam purchases oil from Ecuador Posted: 21 Feb 2012 10:48 PM PST The Vietnam National Oil and Gas Group (Petrol Vietnam) and Conoco Phililips, the third largest integrated energy company in the US, have decided to purchase 7.5 million barrels of oil from the Petroleums of Ecuador State Enterprise (Petrol Ecuador). The oil will be delivered to the customers in March, April and May this year. Petrol [...]

Toyota Motor Vietnam recalls Camry, Altis, Vios Posted: 21 Feb 2012 10:48 PM PST Toyota Motor Vietnam (TMV) on Friday begins recalling its Camry 2.4, Vios G and Corolla Altis 1.8 and 2.0 cars whose gearboxes were filled with wrong fluids. With approval from Vietnam Register, the carmaker will recall 72 units of Camry 2.4, Corolla Altis 1.8 and 2.0, and Vios G and replace their automatic transmission gearboxes [...]

Asian retailers eying up tasty Vietnam Posted: 21 Feb 2012 10:47 PM PST An Asian retail investment wave is breaking on Vietnam's shores. "The retail market in Vietnam offers potential for growth, which can be accelerated if the market is liberalised," a spokesperson for Singapore-based CapitalMalls Asia told VIR. "CapitaMalls Asia is open to exploring a shopping mall in Vietnam as part of an integrated development with CapitaLand, [...]

ACB, Eximbank raise gold depositing rate 0.5 pct Posted: 21 Feb 2012 10:46 PM PST Two leading commercial banks, Asia Commercial Joint Stock Bank (ACB) and Vietnam Export-Import Bank (Eximbank), have raised the gold depositing rate by 0.5 per cent to 3 per cent per year. This is the first revision of the depositing rate for the precious metal after the most recent adjustment last November. Accordingly, ACB has raised [...]

Local electronics manufacturers switch focus Posted: 21 Feb 2012 10:46 PM PST Local electronics manufacturers are switching from household products to specialized industrial ones to adapt to the changing competition landscape. Le Ngoc Son, chairman of the Vietnam Electronics Enterprise Association, said that after many firms assembling TV sets and other audio-visual equipment had to shut down business due to the tougher competition heralded by Vietnam's accession [...]

Working on finance’s labour question Posted: 21 Feb 2012 10:45 PM PST Industry experts are weighing up the labour situation in the finance and banking sector. The latest survey by FPT University on more than 20,000 final-grade students revealed 23 per cent of them wanted to study in finance and banking areas in 2012, down 14 per cent against 37 per cent in 2011. "The finance and [...]

Paying for lost time Posted: 21 Feb 2012 10:44 PM PST Payroll reforms are in a vicious circle after two decades of implementation and need breakthroughs to radically reform the state apparatus. The National Assembly's Committee for Social Issues former deputy chairman Dang Nhu Loi told VIR why. Wage reforms are hiking minimum salary levels. In fact each salary hike was seemingly just enough to cover market [...]

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