Vietnam Business News

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• Savings deemed safer as gold price fluctuates
• Price of gold surpassed VND43.8 million a tael on Friday
• Gold rose more than 1 percent on Friday for its biggest one-day gain in a month
• Efficient energy spotlighted at energy summit
• European stocks make modest gains
• GM to close one or two factories in Europe: report
• Trade deficit hits $250m in Q1
• Dollar market heats up
• Importers hustle to borrow dollars to avoid new strict regulation
• New home sales fell in February while prices jumped to their highest level in eight month

Savings deemed safer as gold price fluctuates Posted: 24 Mar 2012 12:09 AM PDT Saving is the best investment amid the current fluctuating gold prices, says HCM City Banking University business administration department head Le Tham Duong. Duong told Kinh te and Do thi newspaper (Economy and Urban Areas) domestic gold prices remained significantly higher than world gold prices, although the difference narrowed to VND2.2-2.4 million (US$105.77-115.38) per tael [...]

Price of gold surpassed VND43.8 million a tael on Friday Posted: 23 Mar 2012 10:22 PM PDT Price of gold in Vietnam surpassed VND43.8 million a tael (1.2 ounces) on March 23 while global price was still pinned at below US$1,650 an ounce. Sacombank Jewellery Company bought gold at VND43.22 million and sold at VND43.82 million as of 9.05am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected the [...]

Gold rose more than 1 percent on Friday for its biggest one-day gain in a month Posted: 23 Mar 2012 09:51 PM PDT Gold rose more than 1 percent on Friday for its biggest one-day gain in a month, as higher crude oil prices and a sharp drop in the dollar triggered short-covering after a sell-off earlier in the week. Bullion posted its first weekly rise in four weeks. Fading hopes of further U.S. monetary easing had led [...]

Efficient energy spotlighted at energy summit Posted: 23 Mar 2012 09:41 PM PDT More than 150 researchers, experts and leaders of leading energy groups from 20 countries attended the 2012 Pacific Energy Summit in Hanoi from March 20-22. The summit, themed "Innovative Generation: Powering a Prosperous Asia" was jointly held by the Diplomatic Academy of Vietnam and the National Bureau of Asia Research of the US. Asia is [...]

European stocks make modest gains Posted: 23 Mar 2012 09:40 PM PDT European stock markets edged out modest gains on Friday at the end of a week of steady losses driven by concerns of a slowdown in global growth. London’s benchmark FTSE 100 index climbed 0.16 percent to 5,854.89 points, while in Frankfurt the DAX 30 added 0.21 percent to 6,995.62 points and in Paris the CAC [...]

GM to close one or two factories in Europe: report Posted: 23 Mar 2012 09:40 PM PDT US auto giant General Motors intends to close one or two factories in Europe in order to boost profitability at its loss-making Opel unit, the Wall Street Journal reported on Friday. Meanwhile, French auto giant PSA Peugeot Citroen announced it had put several projects on hold until it reviews whether they will fit into its [...]

Trade deficit hits $250m in Q1 Posted: 23 Mar 2012 09:40 PM PDT The country was estimated to face a trade deficit of US$150 million in March, lifting the total figure in the first quarter to $250.9 million, the General Statistics Office (GSO) reported. The trade deficit in the first three months was equal to 1.02 per cent of the country’s export revenue in the period. Le Thien [...]

Dollar market heats up Posted: 23 Mar 2012 09:37 PM PDT Commercial banks have quoted the dollar prices higher by 20-60 dong per dollar than the black market. Some banks have pushed up the purchase prices for the last several days. On the morning of March 22, at Vietcombank, dollar was sold at 20,950 dong per dollar, and bought by the bank at 20,850 dong. The [...]

Importers hustle to borrow dollars to avoid new strict regulation Posted: 23 Mar 2012 09:37 PM PDT A lot of enterprises are rushing to borrow capital in foreign currencies, before the new regulation which tightens the control over foreign currency loans takes effect on May 2. Under the Circular No. 03 on the conditions for borrowing capital in foreign currencies, which will take effect from May 2, commercial banks will only lend [...]

New home sales fell in February while prices jumped to their highest level in eight month Posted: 23 Mar 2012 08:23 AM PDT New single-family home sales fell in February while prices jumped to their highest level in eight month, according to a government report on Friday that was the latest to paint a mixed picture of the housing market. The Commerce Department said sales slipped 1.6 percent to a seasonally adjusted 313,000-unit annual rate. January’s sales pace [...]

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