Vietnam Business News

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• Gold manages to hold to $1,700 an ounce; silver declines
• Banks attract gold deposits
• Domestic gold outpaces global price
• Bank stocks likely to move higher: brokers
• Used car business seen picking up
• City to build 11,000 resettlement condos
• Vietnam to buy bad debt from banks to ease risk of collapse
• SBV grants license to m7 micro-finance institution
• DIV will not collapse on bank run
• Several Vietnam banks to consolidate by end-March

Gold manages to hold to $1,700 an ounce; silver declines Posted: 05 Mar 2012 10:52 PM PST Gold futures retreated Monday, extending a selloff started in the previous session and following weekly losses of 3.7%, as negative data from Europe, China and the U.S. weighed on markets across the board. Gold for April delivery  declined $5.90, or 0.3%, to settle at $1,703.90 an ounce on the Comex division of the New York [...]

Banks attract gold deposits Posted: 05 Mar 2012 10:01 PM PST They have even increased the interest rate from the usual 2 per cent to 3 per cent or more per year. Eximbank Viet Nam recently launched a special programme with terms ranging from one to three months for individual depositors of a minimum of 10 taels. The bank’s normal programme has been extended up to [...]

Domestic gold outpaces global price Posted: 05 Mar 2012 09:59 PM PST Price of gold in Vietnam rose by VND50,000 per tael (1.2 ounces) over last weekend on March 5 due to weak recovery in global price. Sacombank Jewellery Company bought gold at VND44.65 million and sold at VND44.75 million as of 9.45am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processor and trader, collected the metal [...]

Bank stocks likely to move higher: brokers Posted: 05 Mar 2012 09:10 PM PST Securities enterprises expected the local market would continue rallying this year with bank stocks maintaining last week's growth momentum and FTSE index series review coming out last Friday. After the FTSE announced its quarterly review of its FTSE Vietnam Index, investors looking to profit from the change in demand from ETFs (ended trust funds) using [...]

Used car business seen picking up Posted: 05 Mar 2012 09:08 PM PST Auto manufacturers and traders have opened more used car dealerships in anticipation of high market demand.   The used car market is characterized by haphazard development with buyers often placed in a disadvantageous position due to lack of guarantees and warranty. So several companies have entered this market segment in a more professional way by [...]

City to build 11,000 resettlement condos Posted: 05 Mar 2012 09:07 PM PST The HCMC government has told the Department of Construction and the investment and construction authority for Saigon South to complete the formulation of a major plan to build 11,000 resettlement apartments. Initially, the city will invest in power, water and traffic infrastructure at several resettlement areas in the south of the city such as in [...]

Vietnam to buy bad debt from banks to ease risk of collapse Posted: 05 Mar 2012 09:00 PM PST Vietnam will buy bad debt from lenders under a plan approved by Prime Minister Nguyen Tan Dung this month, as the Southeast Asian nation seeks to prevent a collapse in the banking system. The finance ministry will buy collateralized bad-debt from commercial banks to strengthen their balance sheets, under a plan to overhaul the industry [...]

SBV grants license to m7 micro-finance institution Posted: 05 Mar 2012 09:00 PM PST The State Bank of Vietnam (SBV) held a ceremony in Hanoi on March 1st to grant the license to the M7 Micro-Finance Institution (M7 MFI). The ceremony was attended by SBV Governor Nguyen Van Binh, representatives of the Asian Development Bank's Office in Vietnam, leaders of SBV departments and entities, and the Board of Directors [...]

DIV will not collapse on bank run Posted: 05 Mar 2012 08:59 PM PST The Deposit Insurance of Vietnam (DIV) will not collapse on a bank run after weak banks are revealed as the Government has prepared plans ahead and public confidence has been much improved. The Deposit Insurance of Vietnam (DIV) will not collapse on a bank run after weak banks are revealed as the Government has prepared [...]

Several Vietnam banks to consolidate by end-March Posted: 05 Mar 2012 08:59 PM PST Some credit institutions will announce their voluntary consolidation deal around the middle or at the end of the month [March], the local online newspaper Thanh Nien reported, citing its private source. The newspaper then quoted a CEO of an unnamed Hanoi-based large commercial bank as saying that his bank plans to acquire another bank. Nguyen [...]

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