Vietnam Business News

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• Ghana’s gold production expected to rise in 2012
• Gold traders are the most bullish in four month
• Fall in auto sales indicator of consumer confidence
• Tourism market shows positive signs
• FDI projects help develop Vietnam tourism
• Garment exports: the 19 billion dollar target may be unattainable
• Credit quota scheme may prompt banks to wheel and deal
• Vietnamese mangoes enter Korean market
• Vietnam to sell 49 percent of Dung Quat oil refinery
• Gold prices in domestic market climbed by VND150,000 a tael

Ghana’s gold production expected to rise in 2012 Posted: 10 Mar 2012 08:38 AM PST Ghana’s full-year gold production declined by a few percentage points last year but is expected to rise in 2012, the head of its Chamber of Mines said on Friday. Ghana is Africa’s second largest gold producer after South Africa and produced 2.97 million ounces of gold in 2010. Output was originally seen rising in 2011 [...]

Gold traders are the most bullish in four month Posted: 10 Mar 2012 08:35 AM PST Gold traders are the most bullish in four months after investors accumulated more metal than ever and hedge funds raised bets on gains to a five-month high. Sixteen of 23 analysts surveyed by Bloomberg expect prices to gain next week and one was neutral , the highest proportion since November 11. Investors increased their holdings in exchange-traded [...]

Fall in auto sales indicator of consumer confidence Posted: 10 Mar 2012 02:59 AM PST The Vietnam Automobile Manufacturers’ Association (VAMA) said that its members sold 6,116 units in February, down 25% from a year earlier. The figure indicated a rise of nearly 2,000 units or about 40% from January. However, sales of multi-purpose vehicles in February were down 38%, private cars down 28% and passenger vehicles down 20% from [...]

Tourism market shows positive signs Posted: 10 Mar 2012 02:22 AM PST Vietnam welcomed about 681,850 foreign visitors in February, up 8.2 per cent compared to January, bringing the total number of international tourists in the first two months to more than 1.31 million, a year-on-year increase of 27.1 per cent. With such impressive results, the tourism sector has greatly contributed to the national economy, despite current [...]

FDI projects help develop Vietnam tourism Posted: 10 Mar 2012 02:22 AM PST Since 2000, FDI projects have made a positive contribution to the development of Vietnam's tourist industry, according to an initial report released by the Japanese International Cooperation Agency (JICA). These projects focus on developing tourism and human resources in a sustainable manner, reduce poverty and protect both the environment and local cultures. Vietnam's National Administration [...]

Garment exports: the 19 billion dollar target may be unattainable Posted: 10 Mar 2012 02:21 AM PST Garment companies have voiced their worry that the target of 19 billion dollars worth of export turnover in 2012 could be an "impossible mission," for many reasons. Turnover up in 2011, but this was not a joy State management agencies announced that the garment export turnover in 2011 reached 15.6 billion dollars, an increase of [...]

Credit quota scheme may prompt banks to wheel and deal Posted: 10 Mar 2012 02:09 AM PST The State Bank of Vietnam has allocated credit growth rate quotas to banks based on its classification – the reform which is believed to help make the market more transparent. However, a halfway measure may prompt banks to wheel and deal. What has happened after the classification? The banks belonging to the first and second [...]

Vietnamese mangoes enter Korean market Posted: 10 Mar 2012 02:06 AM PST Agencies in Vietnam and the Republic of Korea (RoK) are currently completing necessary administrative procedures for shipping Vietnamese mangoes to the Korean market. Nguyen Huu Dat, an official from the Ministry of Agriculture and Rural Development, is implementing measures to prevent insects from destroying mango crops and ensure the quality of mangoes for export. The [...]

Vietnam to sell 49 percent of Dung Quat oil refinery Posted: 10 Mar 2012 02:06 AM PST State-run Petrovietnam oil and gas group (PVN) plans to sell a 49 percent stake in its Dung Quat oil refinery to three foreign partners. The information has been confirmed recently by Nguyen Hoang Giang, General Director of Binh Son Refinery Ltd. Co, which is the management unit of Dung Quat oil refinery. However, Giang told [...]

Gold prices in domestic market climbed by VND150,000 a tael Posted: 10 Mar 2012 02:02 AM PST Price of gold in Vietnam climbed by VND150,000 a tael (1.2 ounces) over the previous day on March 10 as global price surpassed US$1,700 an ounce on sudden demand. Sacombank Jewellery Company bought gold at VND44.2 million and sold at VND44.8 million as of 8am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and [...]

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