Vietnam Business News

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• Roundup: Vietnam’s stock market falls slightly  
• Local businesses to face tough year
• Province asks to stop setting up EZs
• Banks still attract gold deposits, despite SBV’s ban
• Vietnam banks welcome foreign CEOs
• Average 6-month interbank interest rate hits 22-month high on Mar 13
• Lowering interest rates not mean monetary relaxing: Cao Si Kiem
• Vietnam central bank cleaning market to remove interest rate cap: Le Xuan Nghia
• Deutsche Bank trims 2012 gold, silver forecast but still looks bullish
• Another oil shock?

Roundup: Vietnam’s stock market falls slightly   Posted: 17 Mar 2012 10:15 PM PDT Vietnam’s benchmark VN-Index went down 3.33 points to close at 438.52 points on Friday against the previous trading day. The VN-Index on the country’s southern house named the Ho Chi Minh (HCM) City Stock Exchange (HoSE) went down 3.33 points, or 0. 75 percent, against the previous trading day to close at 438.52 points on [...]

Local businesses to face tough year Posted: 17 Mar 2012 10:10 PM PDT The Vietnam Chamber of Commerce and Industry's Vietnam Business Annual Report 2011 predicts 2012 will be another tough year for local enterprises because of troubles of the world's economy. The slowdown of economic growth and tightened spending policies of the U.S. and European countries will result in shrinking demand for imports, which will adversely affect [...]

Province asks to stop setting up EZs Posted: 17 Mar 2012 10:08 PM PDT In a recent conference about 20 years of operation of industrial parks and export processing zones, Quang Nam Province asked the Government to stop establishing new economic zones, but it remains doubtful whether the Government and other provinces would agree. At another conference in Quang Nam a few years ago, the Ministry of Planning and [...]

Banks still attract gold deposits, despite SBV’s ban Posted: 17 Mar 2012 10:07 PM PDT A lot of commercial banks are providing gold keeping service, but they do not collect fees, while they even pay dividends to the clients. Experts believe that this is a disguised type of attracting gold deposits. The State Bank of Vietnam decided that commercial banks must absolutely stop the capital mobilization and lending in gold. [...]

Vietnam banks welcome foreign CEOs Posted: 17 Mar 2012 09:11 PM PDT A lot of banks changed logo and trade name, invested in technology, upgraded services and rushed to seek strategic partners. They [banks] invited an array of experienced foreign leaders as a way to catch up with big banks. Staff of Maritime Bank (MSB) recently saw an Indian coming their headquarters. They don't know that he [...]

Average 6-month interbank interest rate hits 22-month high on Mar 13 Posted: 17 Mar 2012 08:16 PM PDT The average interbank interest rate for 6-month term skyrocketed to 21% per annum on March 13, up 7.95% against Mar 9 and marking 22-month high, the central bank's data showed. Overnight interest rates also saw upward trend, rising by 0.17% to stay at 12.26% per annum on Mar 13. Meanwhile, the average interest rates for [...]

Lowering interest rates not mean monetary relaxing: Cao Si Kiem Posted: 17 Mar 2012 08:10 PM PDT The State Bank of Vietnam's recent announcement of lowering interest rates was not the relaxing of monetary policies as posted by many international organizations, Dr Cao Si Kiem—member of the Consulting Committee for National Monetary Policy told the Banking Times. In his opinion, the above move is only to see profession; the more importance is [...]

Vietnam central bank cleaning market to remove interest rate cap: Le Xuan Nghia Posted: 17 Mar 2012 08:09 PM PDT Financier Le Xuan Nghia, former Vice President of National Financial Supervision Committee said in a talk with Vietnam Economic Forum that there were a series of actions to clean the credit market in the country. The actions are classification of credit groups, definition of lending ratio, and tightening-up of mandate lending, which aim at removing [...]

Deutsche Bank trims 2012 gold, silver forecast but still looks bullish Posted: 17 Mar 2012 10:05 AM PDT Deutsche Bank trimmed its second-quarter gold forecast by 2.7% to $1,800 an ounce and its full-year forecast by 3.9% to $1,825. The second-quarter silver forecast was trimmed by 12.8% to $34 an ounce and the full-year forecast by 9.8% to $37. Bank trimmed its gold and silver forecast in its weekly commodities report but still [...]

Another oil shock? Posted: 17 Mar 2012 09:02 AM PDT TWICE in the past four years surges in the price of oil have walloped the world economy. In 2008 the cost of a barrel of Brent crude soared to $147, enfeebling global growth even before the financial crisis killed it. A year ago supply disruptions from Libya sent the price to $127, enough to stall [...]

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