Vietnam Business News

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• Gold prices edged down VND50,000 to VND43.40 million/tael on Thursday
• Gold prices sank to VND43.6 million a tael
• Vietnam government becomes sole bullion producer; bans gold as a medium of exchange
• Dollar market spends peaceful days
• Bianfishco’s huge debts put bankers on tenterhooks
• Difficulties encircled from all sides, farmers leave tra fish ponds
• Two Vinashin’s international creditors raise their voices
• Seafood business debts leaving farmers in the lurch
• City lacks realty information
• Foreign currency loan restrictions hit wood importers

Gold prices edged down VND50,000 to VND43.40 million/tael on Thursday Posted: 04 Apr 2012 11:56 PM PDT Vietnam gold prices edged down VND50,000 from yesterday close to VND43.40 million/tael on Thursday morning. Gold rebounded to gain after tumbling yesterday night in New York. SJC Hanoi quoted at VND43.18 million/tael for bid and VND43.40 million/tael for ask, respectively as of 9:28 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.28-VND43.36 million/tael for bid [...]

Gold prices sank to VND43.6 million a tael Posted: 04 Apr 2012 11:17 PM PDT Following a drop of nearly 2 per cent in global price, price of gold in Vietnam sank to VND43.6 million a tael (1.2 ounces) on April 4. Sacombank Jewellery Company bought gold at VND43.45 million and sold at VND43.6 million as of 9.50am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected [...]

Vietnam government becomes sole bullion producer; bans gold as a medium of exchange Posted: 04 Apr 2012 08:47 PM PDT Vietnam Prime Minister on April 3 issued Decree No.24/2012/NĐ-CP on gold trading management, stipulating that the government will hold a monopoly over bullion production as well as the import and export of material gold. cThe new regulation also lists 7 activities that will be prohibited once the decree comes into effect on May 25, including: [...]

Dollar market spends peaceful days Posted: 04 Apr 2012 08:38 PM PDT The dollar price has been stabilized, which is believed to be beneficial from the efforts to fight against inflation and the gap between the dong and dollar interest rates. Three factors that help stabilize the exchange rate After the State Bank of Vietnam released a new decision stipulating that the daily foreign currency position now [...]

Bianfishco’s huge debts put bankers on tenterhooks Posted: 04 Apr 2012 08:37 PM PDT The total bank debts incurred by Bianfishco, the seafood company which has become the hottest topic of the discussions with its financial problems, have reached 1000 billion dong. The names of the nine banks which are the creditors of Bianfishco have been made public. The nine banks include the Bank for Investment and Development of [...]

Difficulties encircled from all sides, farmers leave tra fish ponds Posted: 04 Apr 2012 08:36 PM PDT Farmers now dare not to sell tra fish to seafood processing companies. Commercial banks have tightened the lending, making it unable for enterprises to collect fish. The tra farming has never fallen into such a difficult situation. The fact that An Khang and Binh An (Bianfishco), both seafood companies, cannot make payment for fish has [...]

Two Vinashin’s international creditors raise their voices Posted: 04 Apr 2012 08:36 PM PDT The US hedge fund Elliott Advisers LP has decided to drop a lawsuit against the Vietnam Shipbuilding Industry Group (Vinashin). Meanwhile, a Malaysian creditor has stated that the value of the loan provided by the bank to Vinashin is very small. The Wall Street Journal has quoted its source as saying that Elliot has decided [...]

Seafood business debts leaving farmers in the lurch Posted: 04 Apr 2012 08:29 PM PDT The recent bankruptcy of three seafood businesses has resulted in great losses of more than VND200 billion for hundreds of farmers in the Mekong Delta, according to preliminary statistics. It has also caused dozens of businesses that deal in cattle feed and veterinary medicine to go into debt. In 2011 and early 2012, the Binh [...]

City lacks realty information Posted: 04 Apr 2012 08:28 PM PDT The shortage of information and data is a drawback for the crisis-hit real estate market in HCMC, according to the city's Steering Committee for Housing Policy and Real Estate Market. With sufficient and accurate statistics reflecting the real situation of the housing and land market, State management agencies are able to make proper orientations, forecasts [...]

Foreign currency loan restrictions hit wood importers Posted: 04 Apr 2012 08:27 PM PDT The central bank's restrictions on foreign currency loans are making life hard for local wood material importers, according to the Vietnam Timber and Forest Product Association (Vietfores). Vietfores vice chairman Nguyen Ton Quyen said the association was seeking approval from the central bank and relevant agencies to remove the restrictions on foreign currency lending to [...]

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