Vietnam Business News

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• Gold prices in domestic market rose to nearly VND44.6 million a tael
• Vietnam looks for coal imports from Indonesia, Australia
• Investors seeking real estate from old projects
• Vietnam high on Thai banks’ lists
• SBV to bail out banks in danger
• Firms pushed back against the wall
• Ex-Vinashin executives stand trial
• Protests at cosmetic company caught up in red tape
• “Big cheeses” struggle to withdraw capital
• Special lending mechanism to be promulgated

Gold prices in domestic market rose to nearly VND44.6 million a tael Posted: 27 Mar 2012 08:41 PM PDT A rise of 1.6 per cent in global price sent price of gold in Vietnam to nearly VND44.6 million a tael (1.2 ounces) before retreating again on March 27. Sacombank Jewellery Company bought gold at VND44.16 million and sold at VND44.31 million as of 10.30am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and [...]

Vietnam looks for coal imports from Indonesia, Australia Posted: 27 Mar 2012 08:36 PM PDT Vietnam National Coal and Mining Industries Corporation, or Vinacomin, and other leading state-owned energy companies are looking to import coal from Indonesia and Australia, Vinacomin chairman Tran Xuan Hoa said last Friday. “We are negotiating with many partners from these two countries on future coal imports,” Hoa said, declining to name any of the partners [...]

Investors seeking real estate from old projects Posted: 27 Mar 2012 08:35 PM PDT A lot of people are hunting the projects with the completion of ground clearance and houses on basis of competitive land price and construction cost. Investors offloading the projects with uncompleted legislative procedures Investing in real estate is always the purpose of many urban people because everyone thin that the investment will come to victory, [...]

Vietnam high on Thai banks’ lists Posted: 27 Mar 2012 08:31 PM PDT Going regional will likely be a goal of financial institutions ahead of the establishment of Asean Economic Community (AEC) in 2015. Despite the business community’s current focus on Burma _ a natural resource-rich country undertaking a wide range of reforms _ Vietnam remains an interesting target for Thai banks contemplating expansion. The country has long [...]

SBV to bail out banks in danger Posted: 27 Mar 2012 08:30 PM PDT Insolvent banks not able to pay for payment demands from depositors will get support in the Condition Bank of Vietnam or any other commercial banks if their defaults were prone to have an adverse effect on the whole banking system, according to a different circular released through the central bank a week ago. Issuance of [...]

Firms pushed back against the wall Posted: 27 Mar 2012 08:29 PM PDT Businesses continue to run into head winds with no sign of the economic storm easing. According to Ministry of Planning and Investment's (MPI) Business Registration Management Department, businesses registered for dissolving nearly doubled in February 2012 against March (1,001 against 663 firms). The department admitted for the first time since the Enterprise Law came into [...]

Ex-Vinashin executives stand trial Posted: 27 Mar 2012 08:26 PM PDT Nine former officials of the National Shipbuilding Industry Group (Vinashin) appeared in a first instance court in Haiphong port city on March 27 charged with mismanagement. The defendants, including the former chairman and general director of Vinashin, Pham Thanh Binh, have been indicted for intentionally violating State regulations on economic management, causing serious consequences. According [...]

Protests at cosmetic company caught up in red tape Posted: 27 Mar 2012 08:25 PM PDT Hundreds of employees of Thuy Loc Company Ltd. staged a protest, asking for their salaries and insurance benefits after the company claimed bankruptcy. On March 23 around 250 workers gathered at Paragon Trade Centre, No.3 Nguyen Luong Bang Street, D7, HCM City, asking to speak with Le Hoai Anh, General Director of the company, to [...]

“Big cheeses” struggle to withdraw capital Posted: 27 Mar 2012 08:20 PM PDT Under the pressure of the public opinion and the government's request, State-owned economic groups have to withdraw investment capital from 'left-handed' projects. However, this process is difficult and its sluggishness is justified by many arguments. One of the first "big cheeses" which are determined to withdraw capital from projects that are not in their major [...]

Special lending mechanism to be promulgated Posted: 27 Mar 2012 07:34 PM PDT Late last week saw the State bank of Vietnam (SBV)’s releasing Circular 06 on SBV’s and other credit institutions’ exceptional lending to insolvent banks that could hurt the sector’s stability. The movement is considered the first legal corridor for restructuring weak banks in accordance with the recent issued government’s Decision 254. Accordingly, the central bank [...]

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