Vietnam Business News

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• Major highway may be widened
• Limit on number of simcards per person
• Stocks finish up after erratic morning
• US cuts dumping duty on shrimp
• Foreigners sit on the fence
• Property sector applauds rates move
• The reason for rising oil prices: Dan Yergin
• Seafood exports face shortage of funds, raw material
• Half of businesses operate perfunctorily
• March 19: gold rises to vnd44.36mln/tael

Major highway may be widened Posted: 18 Mar 2012 11:56 PM PDT Officials from the Transport Ministry are considering a plan to widen Highway No 1 to four lanes for automobiles and two lanes for motorbikes, with a total length of 1,100 km under a Prime Minister’s instruction. Capital for the north-south highway will be mobilised from all sources under the BOT (build-operate-transfer) form, according to Nguyen [...]

Limit on number of simcards per person Posted: 18 Mar 2012 11:54 PM PDT The Ministry of Information and Communications will regulate each person to register a maximum of 18 simcards from mobile network operators. According to the draft of a circular on managing pre-paid mobile phone subscribers, if one person wants to have more than three simcards, he/she must register with another mobile phone network operator. So, one [...]

Stocks finish up after erratic morning Posted: 18 Mar 2012 11:51 PM PDT Shares fluctuated during today’s morning session, tumbling most of the time but finally closing up on both stock exchanges. Trading value on the HCM City Stock Exchange reached only 61.9 per cent of its level on Friday morning, standing at VND619.2 billion (US$29.4 million) on a volume of nearly 40.9 million shares. The VN-Index added [...]

US cuts dumping duty on shrimp Posted: 18 Mar 2012 11:50 PM PDT The US Department of Commerce (DoC) has announced the preliminary results of its administrative review (POR6) on anti-dumping duties for frozen shrimp imported from Viet Nam, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP). Accordingly, anti-dumping taxes levied on products from the Minh Phu and Nha Trang seafood companies were slashed [...]

Foreigners sit on the fence Posted: 18 Mar 2012 10:49 PM PDT Cashed-up local investors are making the most of the cut-price offers in the local property market, but concerns about a lack of transparency are still holding foreigners at bay. Hanel Corporation recently announced it would soon sign off on the purchase of the five-star Daewoo Hotel Hanoi from its partner, the Korea-backed Daewoo Corporation. On [...]

Property sector applauds rates move Posted: 18 Mar 2012 10:43 PM PDT Investors will have an opportunity to purchase assets in all sectors for prices considerably lower than two years ago and with a large number of developers with deep financial burdens keen to off load their assets we anticipate 2012 will see increased activity. Vietnam's battle-weary property players are hoping last week's State Bank announcement of [...]

The reason for rising oil prices: Dan Yergin Posted: 18 Mar 2012 09:55 PM PDT Tensions over Iran and the sanctions against the country are the main reasons for surging oil prices, Cambridge Energy Research Associates Chairman Dan Yergin told CNBC Friday. The sanctions are set to take effect this summer and are expected to reduce the flow of Iranian oil into the world market. While they are anticipated, Yergin, [...]

Seafood exports face shortage of funds, raw material Posted: 18 Mar 2012 09:55 PM PDT Vietnam Association of Seafood Exporters and Producers (VASEP) on March 14 said the target to achieve an export turnover of US$6.5 billion this year seemed unattainable, as most seafood companies are facing a shortage of raw material and funds. According to statistics, from January 1 to February 15 this year, the country's seafood export revenue [...]

Half of businesses operate perfunctorily Posted: 18 Mar 2012 09:54 PM PDT The Vietnam Business Annual Report 2011 released by the Vietnam Chamber of Commerce and Industry (VCCI) on Wednesday shows that 52% of the surveyed enterprises replied they will maintain their business scale in 2012 given many unfavorable factors. Meanwhile, some 15% of the respondents said they will scale down their businesses due to the unfavorable [...]

March 19: gold rises to vnd44.36mln/tael Posted: 18 Mar 2012 09:50 PM PDT Vietnam gold prices rose to VND44.36 million a tael on Monday morning after sharp fall in Sunday trading. World gold closed flat in New York last Friday night but edged up in Asia trade this morning. SJC Hanoi quoted at VND44.09 million/tael for bid and VND44.36 million/tael for ask, respectively as of 9:21 am, Hanoi [...]

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