Vietnam Business News

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• Vietnam firms still face high borrowing costs
• Vietnam’s Dong likely to depreciate By 3pct In 2012: Ernst & Young
• Feb 23: Vietnam central bank keeps dollar exchange at vnd20,828
• Feb 23: Vietnam gold rises to vnd45.14mln/tael
• Petroleum wholesalers lower dealers’ commission
• Cbank allocates 2012 credit growth caps for more banks
• Hoa Lac – West Lake elevated railroad project kicked start
• Gov’t support called for condo-for-rent market
• Banks rush to announce credit growth rate quotas
• Profit and losses of State-owned groups to be made public

Vietnam firms still face high borrowing costs Posted: 22 Feb 2012 11:52 PM PST Local producers still have to borrow bank loans at interest rates of 17-22% per annum though many banks have already announced their policy to cut lending interest rates to 15-17% p.a., the local online newspaper VnExpress.net reported. CEO of an unnamed company said that his firm currently has to pay interest rate of over 17% [...]

Vietnam’s Dong likely to depreciate By 3pct In 2012: Ernst & Young Posted: 22 Feb 2012 11:51 PM PST President of global consulting firm Ernst & Young in Asia Pacific, Lou Pagnutti said that Vietnam will face many challenges of macroeconomic instability in 2012, though these challenges have eased compared with last year. He also predicted that the currency of Vietnam will likely see its value depreciate by 3% compared to the US dollar [...]

Feb 23: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 22 Feb 2012 11:51 PM PST Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Thursday, 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 [...]

Feb 23: Vietnam gold rises to vnd45.14mln/tael Posted: 22 Feb 2012 11:50 PM PST Vietnam gold prices rose by VND0.44 million/tael from yesterday close to VND45.14 million/tael on Thursday morning, following the world gold prices. SJC Hanoi was quoted at VND44.92 million/tael for bid and VND45.14 million/tael for ask, respectively as of 9:35 am, Hanoi time. SJC Ho chi minh was quoted at VND44.92-45.12 million/tael for bid and ask, [...]

Petroleum wholesalers lower dealers’ commission Posted: 22 Feb 2012 11:50 PM PST Petroleum wholesalers were forced to continue cutting down their dealers' commission due to losses, the local newspaper VnEconomy reported. Despite the government cut import tax for gasoline and oils from February 21th, 2012, petroleum businesses still suffer losses of around VND800/litter for gasoline and VND600/litter for diesel, Dang Vinh Sang, the general director of Saigon [...]

Cbank allocates 2012 credit growth caps for more banks Posted: 22 Feb 2012 11:29 PM PST The State Bank of Vietnam has allocated 2012's credit growth caps for more lenders. Accordingly, the caps for Military Commercial Joint Stock Bank (MB) and Saigon-Hanoi Commercial Joint Stock Bank (SHB) are 17 per cent and 15 per cent respectively. With the new allocation, MB has been grouped as 'healthy bank' following the SBV standard. [...]

Hoa Lac – West Lake elevated railroad project kicked start Posted: 22 Feb 2012 11:28 PM PST The railroad project No. 5 which runs from Hoa Lac to the West Lake of Hanoi, with a total capital of several billion USD has been kicked off. On February 20, the Ministry of Transport held a seminar to consider the feasibility research report of the railroad project No. 5, which was compiled by Japanese [...]

Gov’t support called for condo-for-rent market Posted: 22 Feb 2012 11:28 PM PST Many are calling for incentives from the government to help develop the condo-for-rent market Le Hoang Chau, chairman of the HCMC Real Estate Association (Horea), said developing the condo-for-rent market would help provide affordable housing for those whose financial capacity is not strong enough to buy commercial homes. Most apartment-for-rent projects are high-end and target [...]

Banks rush to announce credit growth rate quotas Posted: 22 Feb 2012 11:23 PM PST Banks have hurriedly made public their credit growth rate quotas for 2012; because this is an effective way to declare that they are good banks. The State Bank of Vietnam has announced that it has categorized commercial banks into four groups which would receive different quotas for credit growth rates in 2012. The best banks [...]

Profit and losses of State-owned groups to be made public Posted: 22 Feb 2012 11:22 PM PST Minister of Finance Vuong Dinh Hue said that the new regulations on financial supervision over State-owned enterprises (SOEs) will tighten control over State-owned groups and corporations. Minister of Finance Vuong Dinh Hue. Speaking at a meeting with officials of the Vietnam Shipping Lines Corporation (Vinalines), Minister Hue said that the draft regulations on financial supervision [...]

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