Vietnam Business News

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• Gold may climb to a record $2 500 (R19 244) an ounce this year
• Vietinbank cuts 2012 gross profit forecast to 11%
• Vietnam: cut rates, but gently
• Week ending Feb 25: finance and banking review
• Roundup: Vietnam’s stock market rallies on long-term hope
• Coal industry seeks 15 bln for development by 2020
• Feb 27: Vietnam central bank keeps dollar exchange at vnd20,828
• Vietnam weak banks are subject to special monitor of the central bank
• Feb 27: Vietnam gold rises to vnd45.21mln/tael
• Local partner moves to make a spectacular slap on BigC

Gold may climb to a record $2 500 (R19 244) an ounce this year Posted: 26 Feb 2012 11:30 PM PST Gold may climb to a record $2 500 (R19 244) an ounce this year

Vietinbank cuts 2012 gross profit forecast to 11% Posted: 26 Feb 2012 10:21 PM PST VietinBank has nearly halved its forecast for gross profit growth in 2012 to 11 percent. Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam's largest partly private lender by assets, has nearly halved its forecast for gross profit growth in 2012 to 11 percent, according to a draft bank document, after the central [...]

Vietnam: cut rates, but gently Posted: 26 Feb 2012 10:18 PM PST Inflation in Vietnam fell for a sixth consecutive month in February to an 11-month low, figures released on Friday showed. That's stoked speculation that the country's central bank will reduce interest rates: according to Bloomberg, the yield on benchmark five-year bonds fell 34bp during the day, the biggest one-day drop since March 2010. Capital Economics [...]

Week ending Feb 25: finance and banking review Posted: 26 Feb 2012 10:18 PM PST Eximbank said it was authorized to represent shareholders who own more than 51% of Sacombank's stock and called for a re-election of the latter's management board. The Government's moves The State Bank of Vietnam (SBV) issued Official Dispatch No. 958/NHNN-CSTT on February 20, asking domestic commercial banks to submit reports on credit accessibility of enterprises. [...]

Roundup: Vietnam’s stock market rallies on long-term hope Posted: 26 Feb 2012 10:17 PM PST Vietnam’s benchmark VN-Index slightly went down 0.46 points to close at 423.43 points on Friday against the previous trading day, however the number of traded shares and value surged amid long-term hope. The VN-Index on the country’s southern house named the Ho Chi Minh (HCM) City Stock Exchange (HoSE) went down 0.46 points, or 0. [...]

Coal industry seeks 15 bln for development by 2020 Posted: 26 Feb 2012 10:17 PM PST The coal industry needs investment of about VND317.74 trillion ($15.13 billion) to fulfill its development targets between now and 2020, said Nguyen Khac Tho, deputy director of the General Department of Energy. Tho made the announcement at a seminar held on February 23 to publicise a master plan for the sector, adopted by Prime Minister [...]

Feb 27: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 26 Feb 2012 10:12 PM PST Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Monday, unchanged for more than 3 months. The central bank has kept the U.S dollar exchange rate stable for the longest period since early 2011. This is also the highest dollar midle point rate set by the central bank over the last 3 [...]

Vietnam weak banks are subject to special monitor of the central bank Posted: 26 Feb 2012 10:11 PM PST Weak commercial banks are being closely monitored by the State Bank of Vietnam (SBV) in various activities, including taking deposits, making loans, collecting debts and balancing the books. Weak commercial banks are being closely monitored by the State Bank of Vietnam (SBV) in various activities, including taking deposits, making loans, collecting debts and balancing the [...]

Feb 27: Vietnam gold rises to vnd45.21mln/tael Posted: 26 Feb 2012 10:09 PM PST Vietnam gold prices slightly rose to VND45.21 million/a tael on Monday morning despite gold slipped both in New York last Friday night and in Asia this morning. SJC Hanoi quoted at VND45.04 million/tael for bid and VND45.21 million/tael for ask, respectively as of 9:46 am, Hanoi time. SJC Ho chi minh was quoted at VND45.04-45.19 [...]

Local partner moves to make a spectacular slap on BigC Posted: 26 Feb 2012 10:07 PM PST The French-invested retailer BigC last week received a heavy slap from one of its Vietnamese partners. Tasco Thien Truong Joint Stock Company, based in Nam Dinh province, forced BigC to close its 4,300-square metre supermarket in Nam Dinh city for one day by placing a 35-metre long crane at the shopping centre's main gate and [...]

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