Vietnam Business News

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• March 21: Gold flirts vnd43.62mln/tael
• Gold prices plunged to below VND44 million a tael for the first time since January 17
• March 21: Vietnam central bank keeps dollar exchange at vnd20,828, vietcombank rate down
• Hanoi attracts $ 120Mln FDI in Q1/2012
• Pessismism at lower deposit rates
• VietinBank issues international bonds amid big challenges
• Car owners will be bent with taxes and fees
• Travel firms race to lower domestic tour prices
• New rule restricts foreign sea carriers on local lines
• Local travel firms eye Myanmar market

March 21: Gold flirts vnd43.62mln/tael Posted: 20 Mar 2012 11:00 PM PDT Vietnam gold prices hovered at VND43.62 million a tael on Wednesday morning after sharply falling at yesterday close to VND43.50million a tael. The world gold prices plunged yesterday in New York but steady this morning in Asia. SJC Hanoi quoted at VND43.40 million/tael for bid and VND43.62 million/tael for ask, respectively as of 9:22 am, [...]

Gold prices plunged to below VND44 million a tael for the first time since January 17 Posted: 20 Mar 2012 09:45 PM PDT Sacombank Jewellery Company bought gold at VND43.7 million and sold at VND43.9 million as of 10.35am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected the metal at VND43.7 million and sold at VND43.9 million as of 10.43am Vietnamese time. Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.9 million and [...]

March 21: Vietnam central bank keeps dollar exchange at vnd20,828, vietcombank rate down Posted: 20 Mar 2012 09:30 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged for nearly 4 months or longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price [...]

Hanoi attracts $ 120Mln FDI in Q1/2012 Posted: 20 Mar 2012 09:29 PM PDT Hanoi Capital is estimated to attract nearly $120 million foreign direct investment (FDI) fund in the first quarter of this year, the municipal's statistics department said. In detail, Hanoi has attracted 39 new FDI projects with a total registered capital of $120 million, increasing 2% on year in quantity and up 5.9 times on year [...]

Pessismism at lower deposit rates Posted: 20 Mar 2012 09:25 PM PDT A 1 per cent cut in the deposit interest rate is unlikely to reverse the downward trend in Viet Nam’s inflation, according to a Hong Kong and Shanghai Banking Corporation research report. Based on its analysis of Viet Nam’s monetary policy, the cut comes as no surprise, the report says. Core inflation has eased since [...]

VietinBank issues international bonds amid big challenges Posted: 20 Mar 2012 09:24 PM PDT The information that VietinBank, one of the biggest commercial banks in Vietnam which has been equitized, is planning to issue international bonds and has surprised financial analysts, because it is not the ideal time to do that now. On March 19, VietinBank began a series of roadshows in foreign countries to prepare for the bond [...]

Car owners will be bent with taxes and fees Posted: 20 Mar 2012 09:23 PM PDT It is estimated that when the new tax and fee regulations take effect, the total sum of money every Vietnamese person has to pay to possess a car would be 2.5 times higher than in the US. With more and more kinds of taxes and fees, the dream of owning cars by Vietnamese people is [...]

Travel firms race to lower domestic tour prices Posted: 20 Mar 2012 09:21 PM PDT Many HCMC tour operators have put on promotional programs to stimulate demand for domestic tours that has shown signs of slackening at a time of rising consumer prices. Vietravel is offering clients discounts on a variety of domestic tours, with some tours to the Mekong Delta and the central region marking down by 40-45%. The [...]

New rule restricts foreign sea carriers on local lines Posted: 20 Mar 2012 09:21 PM PDT The Ministry of Transport has just issued a new circular on license issuance for foreign shipping companies running on local routes in a bid to keep them from illegally dominating the market at home. According to the new circular, the transport ministry will only give licenses for tapping local routes to those foreign carriers transporting [...]

Local travel firms eye Myanmar market Posted: 20 Mar 2012 09:20 PM PDT Although Myanmar is not yet a large market of HCMC's tourism, local travel firms have started to shift attention to this new frontier with many cooperation agreements signed with Myanmar partners in a visit last week. Nguyen Thi Khanh, vice chairwoman of the HCMC Tourism Association, said that the association has signed an agreement with [...]

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