Vietnam Business News

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• Surging forex rate driven by increasing demand of enterprises: SBV
• Loans inaccessible for firms to upgrade technologies
• Vietnam’s bonds decline most in a month on inflation concern
• Interbank overnight interest slips to 7.65pct/yr
• VietinBank’s Laos branch to sign credit contract with Unitel
• SBV requires to report network of gold bar trading
• Vietnamese GDP: getting into balance?
• Vietinbank cuts lending rates from April 5
• Vietnam OCB posts after-tax profit of VND302Bln in 2011
• April 6: Vietnam central bank keeps dollar exchange at vnd20,828, Vietcombank rate up

Surging forex rate driven by increasing demand of enterprises: SBV Posted: 05 Apr 2012 11:55 PM PDT As reported by the State Bank of Vietnam (SBV) on weekly banking operations between March 19 and 23, the central bank said that the forex rate showed signals of slight increase against the previous week due to the increasing demand on foreign currency of businesses. In week, the forex rate listed at commercial banks was [...]

Loans inaccessible for firms to upgrade technologies Posted: 05 Apr 2012 11:54 PM PDT While a large number of local businesses have been operating with very poor or even outdated technologies, upgrading them is beyond their reach, with the banks refusing to offer loans. Undeveloped technologies have resulted in low productivity, high cost prices, unstable quality, and low competitiveness for the businesses’ products, economic website Saigon Times Online reported. [...]

Vietnam’s bonds decline most in a month on inflation concern Posted: 05 Apr 2012 11:54 PM PDT Vietnam’s bonds fell the most in more than a month on concern inflation will accelerate after the nation raised fuel prices last month. The dong was steady. Vietnam increased prices of petroleum products, including gasoline, by as much as 12 percent on March 7. The nation’s consumer-price index rose 14.15 percent last month from a [...]

Interbank overnight interest slips to 7.65pct/yr Posted: 05 Apr 2012 11:54 PM PDT The figures from the State Bank of Vietnam (SBV) reveal that the interbank overnight interest rate on March 30 slipped to only 7.65 percent per annum, marking the lowest since October 22, 2010, according to the local online newspaper Gafin. In comparison with March 29, the average interest rate for this term decreased 1.84 percent. [...]

VietinBank’s Laos branch to sign credit contract with Unitel Posted: 05 Apr 2012 11:53 PM PDT Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG)’s Laos branch on April 3 worked with Star Telecom Joint Venture Co (Unitel) on detailed agreements to prepare for signing a credit contract worth $20 million. Unitel is a joint venture between two leading telecommunication firms of Vietnam and Laos namely Lao – Asia Telecom [...]

SBV requires to report network of gold bar trading Posted: 05 Apr 2012 11:33 PM PDT The State Bank of Vietnam (SBV) issued Document No.1873/NHNN-QLNH to require joint-stock commercial banks, namely the Asia Joint-Stock Commercial Bank, the East Asia Joint-Stock Commercial Bank, the Export and Import Joint-Stock Commercial Bank, the Vietnam Technological Joint-Stock Commercial Bank and the Sai Gon Jewelry Company Limited (SJC), to report their networks of gold bar trading. [...]

Vietnamese GDP: getting into balance? Posted: 05 Apr 2012 11:24 PM PDT A sharp slowdown in GDP growth in the first quarter has left Vietnam watchers feeling rather ambivalent. On the one hand, it's evidence that the government's monetary tightening measures have been successfully implemented, helping to bring annual inflation down to 14 per cent in March from an August peak of 23 per cent. But the [...]

Vietinbank cuts lending rates from April 5 Posted: 05 Apr 2012 11:22 PM PDT Vietnam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG) has announced to cut lending interest rates from today, April 5. In details, exporters, businesses in agriculture industry and rural areas, supporting industries, small and medium enterprises will enjoy borrowing rates at between 14-15% / year. In particular, loans to purchase 2011-2012 winter-spring [...]

Vietnam OCB posts after-tax profit of VND302Bln in 2011 Posted: 05 Apr 2012 11:21 PM PDT Orient Commercial Bank (OCB) said it generated an after tax profit of VND302 billion last year, unchanged from over the same period in 2010. Of note, the bank's earnings per share (EPS) fell 26.7% y-o-y as its charter capital rose 13.8% from VND2.635 trillion to VND3 trillion during the year. Among its key profit components, [...]

April 6: Vietnam central bank keeps dollar exchange at vnd20,828, Vietcombank rate up Posted: 05 Apr 2012 11:21 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Friday, unchanged for more than 4 months, the 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 [...]

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