Saturday, March 3, 2012

Vietnam Business News

Vietnam Business News

March 3: Vietnam central bank keeps dollar exchange at vnd20,828

Posted: 03 Mar 2012 01:09 AM PST

Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Saturaday, unchanged from Dec 26, 2011. 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 middle point rate set by the central bank over the last 3 years. [...]


Cooking gas prices slightly drop following tax cut

Posted: 03 Mar 2012 01:07 AM PST

Many cooking gas suppliers in Ho Chi Minh City yesterday confirmed they would cut their retail prices by VND16,000 a 12-kg cylinder as of March 3, following the Ministry of Finance's slashing the import duty on the commodity from 5 per cent to zero. Specifically, Saigon Petro, PV Gas South, Petrolimex gas, and Vinagas will [...]


Vietnamese consumption habits change because of lighter purse

Posted: 03 Mar 2012 01:06 AM PST

Distributors and retailers have reported big changes in the Vietnamese consumption habits. 57 percent of the family budget is spent on food, while the other 43 percent on non-food products. Four big supermarket chains in HCM City, namely Co-op mart, Big C, Maximark and Citimart, all have reported that in the current economic difficulties, consumers [...]


Stock index up 22%, investors flock to securities market

Posted: 03 Mar 2012 01:05 AM PST

There have been signs showing that the cash has been flowing into stocks. Though the stock market remains gloomy, it is still the best choice for many investors for now. Hot money flowing to stock market Quietly escalating continuously before the Tet holiday, the VN Index had increased by 22 percent in total before it [...]


EU free trade agreement to boost Vietnamese economy

Posted: 03 Mar 2012 01:03 AM PST

A Free Trade Agreement (FTA) between Vietnam and EU will boost economic reform and support development in Vietnam, says David O' Sullivan, Chief Operating Officer of the European External Action Service. Speaking at a press conference in HCM City on March 2, he said free trade and trade liberalization are important for both economies. Against [...]


Extractive industry study announced

Posted: 03 Mar 2012 01:03 AM PST

The Vietnam Chamber of Commerce and Industry (VCCI) and the Consultancy on Development Institute (CODE) has announced a study named, "Extractive Industries Transparency Initiative (EITI) and Vietnam’s Ability to Participate in the Initiative". Apart from supervising current documents and policies of the State and collecting other information and expert consultancy in this field, the study [...]


Aeon Vietnam debuts in HCM City

Posted: 03 Mar 2012 01:00 AM PST

The Aeon Vietnam Co. Ltd, part of the Aeon Group, a major Japanese retail and financial services corporation, was officially opened in HCM City on March 2. CEO of the Aeon Group Motoya Okada said he believes that Aeon will become a leading retailer in Vietnam by 2020. He highly highlighted the tremendous potential of [...]


HCM City exports hit US$3.87 billion

Posted: 03 Mar 2012 12:59 AM PST

Ho Chi Minh City earned US$4 billion from retail sales and services and US$3.87 billion from exports in the first two months of this year. The figure was released at a meeting on March 3 to review the city's socio-economic situation in the first two months of 2012 and devise key tasks for the upcoming [...]


March 03: Vietnam gold flirts at vnd44.72mil/tael, dollar stable

Posted: 03 Mar 2012 12:07 AM PST

Vietnam gold prices hovered at VND44.72 million a tael on Saturday morning desptite the world gold prices decreased in New York last night. SJC Hanoi quoted at VND44.50 million/tael for bid and VND44.72 million/tael for ask, respectively as of 8:17 am, Hanoi time. Sacombank-SBJ gold prices were listed at VND44.60-VND44.90 million/tael for bid and ask, [...]


Vietnam banks dodge to mobilize gold

Posted: 02 Mar 2012 10:01 PM PST

Commercial banks dodge to mobilize gold from local residents through issuing short-term gold certificates or safeguarding gold for customers, the local online newspaper Saigon Giai Phong reported. According to Circular No. 11/2011/TT-NHNN dated 29 April 2011, credit institutions were not authorized to mobilize gold, except for short term gold certificates (less than 12 months) to [...]


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