Vietnam Business News

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• UBS lowers its 2012 gold estimate to $1,680/Oz
• Lao Airlines starts flights to Da Nang
• Banks mobilize gold via deposit box rental services
• Gold prices rose to VND44.1 million a tael
• Most seafood companies demanding urgent capital
• Vietnam big banks fear bad debts, strengthen control over credit
• BaoVietBank’s bad debts at 4.55pct in 2011
• Eemerging market central banks net sellers of gold in Feb
• GDP growth in Q1 gains 4pct
• Google plans low-price tablet computer

UBS lowers its 2012 gold estimate to $1,680/Oz Posted: 01 Apr 2012 12:10 AM PDT UBS lowered its 2102 average gold price estimate to $1,680 an ounce, down from the previous figure of $2,050, the bank said, reflecting the recent swoon in prices. It left its 2013 average estimate for gold at $1,725. Its silver 2012 average price outlook was lowered 4% to $33.40 an ounce, with its 2012 estimate [...]

Lao Airlines starts flights to Da Nang Posted: 31 Mar 2012 11:55 PM PDT Laos Airlines has opened its first direct flight from Pakse to Da Nang via Savannakhet. The first pilot chartered flight with 70 passengers landed on Da Nang International Airport in central Vietnam on Mar. 30. As scheduled, there will be three direct flights on ATR27 aircraft from Laos to Da Nang City on Tuesday, Thursday [...]

Banks mobilize gold via deposit box rental services Posted: 31 Mar 2012 11:31 PM PDT Many banks are luring gold depositors to use safe deposit box rental services as they will have to stop issuing short-term gold certificates to customers in over one month as required by the central bank. With Circular 11/2011/TT-NHNN coming out, the central bank requests local credit institutions to stop all gold mobilization and lending activities [...]

Gold prices rose to VND44.1 million a tael Posted: 31 Mar 2012 10:32 PM PDT Price of gold in Vietnam rose to VND44.1 million a tael (1.2 ounces) on March 31. Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.10 million and sold at VND42.60 million at noon. Bao Tin Minh Chau Jewellery Company quoted price of SJC at VND44.00 million for buying, and VND44.10 million for selling. AAA [...]

Most seafood companies demanding urgent capital Posted: 31 Mar 2012 07:55 AM PDT A source of Vietnam Association for Seafood Exporters and Processors (Vasep) reported that most seafood companies are demanding urgent capital with the lowest level of 10 billion dong and the highest at 500 billion dong for additional working capital and material purchase. More than 90% of these firms expect to enjoy higher credit line to [...]

Vietnam big banks fear bad debts, strengthen control over credit Posted: 31 Mar 2012 07:51 AM PDT Business and production activities of enterprises are predicted to be more difficult in 2012 and their capacity in debt repayment will continue falling so the banks in Vietnam are strengthening control over credit and limit bad debt. Asia Commercial Bank (ACB) said that because of the decreasing credit quality, the lender is focusing on analyzing [...]

BaoVietBank’s bad debts at 4.55pct in 2011 Posted: 31 Mar 2012 07:48 AM PDT Bao Viet Commercial Joint Stock Bank (BaoVietBank) has lately released its business performance in 2011 with after tax profit of 115.5 billion dong, down 13.5 percent from 2010, equalling to EPS (earnings per share) at 771 dong from 889 dong in 2010. The bank’s lower profit was attributable to highly increasing operation costs and risk [...]

Eemerging market central banks net sellers of gold in Feb Posted: 31 Mar 2012 07:45 AM PDT Mexico, Tajikistan, Turkey, and Russia reduced holdings by 0.1 ton, 0.2 ton, 1.3 ton and 3.8 tons, respectively, while Kazakhstan increased gold reserves by 2.2 tons. Citing data from the International Monetary Fund, HSBC notes some emerging market central banks turned net sellers of gold in February. Mexico, Tajikistan, Turkey, and Russia reduced holdings by [...]

GDP growth in Q1 gains 4pct Posted: 31 Mar 2012 07:44 AM PDT Vietnam’s GDP in the first quarter (Q1) of this year reached 4 percent compared to the same period last year, according to the General Statistics Office. Hanoi’s GDP per capita to reach US$17,000 by 2030 In particular, processing industry growth decreased sharply. The growth of the industry was 3 percent, while last year the figure [...]

Google plans low-price tablet computer Posted: 31 Mar 2012 07:40 AM PDT Google is teaming with Asia-based hardware makers on a low-priced, 7-inch tablet computer to challenge offerings by Amazon.com and Apple, reports said. Android software backed by the California Internet giant will power hardware built by partners including Samsung and Asustek to compete with iPad and Kindle devices, according to Digitimes and the Wall Street Journal. [...]

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