Vietnam Business News

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• Enterprises still find it hard to access cheap capital sources
• SBV assigns 15 pct credit growth limit to Cement Finance Co in 2012
• Navibank earns profit of 41.7b dong in first two months
• Vietinbank inaugurates new gold & Jewellery Company
• Small commercial banks to lower lending rates for some privileged groups
• Australian gold output remained steady in 2011
• Dong appreciates on rising dollar inflows
• Vietnam’s nuclear dreams blossom despite doubts
• Vietnam central bank net withdraws over vn3tln on omo in week ending Mar 2
• Vietnam cashew association to buy stocks from farmers

Enterprises still find it hard to access cheap capital sources Posted: 04 Mar 2012 10:55 PM PST A series of banks have announced to lower the lending interest rate since early February so far. But in fact, only very few companies are able to access cheap capital sources while many others are still bearing higher lending interest rate. The banks also admitted the phenomenon of discrimination with borrowers. Some companies are borrowing [...]

SBV assigns 15 pct credit growth limit to Cement Finance Co in 2012 Posted: 04 Mar 2012 10:53 PM PST Cement Finance Joint Stock Co (coded CFC) has said that it has recently been assigned credit growth quota of15 percent in 2012 by the State Bank of Vietnam (SBV). Thus, CFC has been classified in the Group 2 amongst four groups being assigned credit growth limit by the central bank in 2012. In 2012, CFC [...]

Navibank earns profit of 41.7b dong in first two months Posted: 04 Mar 2012 10:53 PM PST Nam Viet Commercial Joint Stock Bank (Navibank) has released the business results for the first two months of 2012 with pre-tax profit of 41.7 billion dong, up 9.1 percent against the end of 2011. In details, the bank’s total assets value was posted at 24.139 trillion dong, up 6 percent, outstanding loans of 14.091 trillion [...]

Vietinbank inaugurates new gold & Jewellery Company Posted: 04 Mar 2012 10:52 PM PST Vietnam Commercial Joint Stock Bank for Industry and Trade (Vietinbank – coded CTG) officially inaugurated the new Vietinbank Gold & Jewellery Co on March 2, 2012. The company is situated at 34 Cua Nam Tower, Hoan Kiem Dist, Hanoi. The new company would mainly operate in exporting and importing gold, trading gold bars and jewellery [...]

Small commercial banks to lower lending rates for some privileged groups Posted: 04 Mar 2012 10:52 PM PST Like other giants, many small commercial banks are about to lower lending rates for some privileged groups by 1pct-3pct. The credit package of 1 trillion dong with interest rates of between 15pct and 18pct for loans that are to finance investment and production of technological products, machinery and exporting has been effective since 27 Feb, [...]

Australian gold output remained steady in 2011 Posted: 04 Mar 2012 10:18 PM PST  Australian gold output remained steady in 2011, cementing the country’s position as the second-largest producer after China, data released Sunday by mining consultant Surbiton Associates Pty. Ltd. showed. Local production reached 264 metric tons, or 8.5 million troy ounces, just 2 tons less than the previous year, according to the data. Sandra Close, a director [...]

Dong appreciates on rising dollar inflows Posted: 04 Mar 2012 09:33 PM PST Strong foreign cash inflows could be behind the recent sharp appreciation of the Vietnamese dong. Vietcombank statistics revealed dong appreciated around 1.15 per cent against dollar in the year to date, a move that might surprise investors. Before 2007, dong depreciated against dollar at an annual average rate of 1 per cent. Looking back over [...]

Vietnam’s nuclear dreams blossom despite doubts Posted: 04 Mar 2012 09:30 PM PST Inside an unheated classroom at the Institute for Nuclear Science and Technology here about 20 young government technicians from Vietnam’s incipient nuclear power industry kept on their winter jackets on the first morning of a 10-day workshop on radiation. The workshop, sponsored by the semigovernmental Japan Atomic Energy Agency, started with Radiation Physics 101. The [...]

Vietnam central bank net withdraws over vn3tln on omo in week ending Mar 2 Posted: 04 Mar 2012 09:22 PM PST The State Bank of Vietnam (SBV) net withdrew VND3.042 trillion from commercial banks through open market operations (OMO) from Feb 27 to Mar 2, the local newswire NDHMoney.vn reported, citing Reuters' data. The central bank was reported to pump over 4.472 trillion for 7 and 14-day windows at 14% p.a. and withdraw VND7.514 trillion. The [...]

Vietnam cashew association to buy stocks from farmers Posted: 04 Mar 2012 09:19 PM PST The Vietnam Cashew Association (Vinacas) has asked commercial banks for a short-term loan of around VND13 billion (over US$ 623,000) to purchase all the raw cashew stock from farmers. At a meeting on February 29, to review the cashew sector in 2011 and implement a plan to purchase, process, import and export cashew products in [...]

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