Vietnam Business News

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• Four more gold traders asked to report their bullion trading networks
• Worries linger on new gold management law
• Vietnam to cut deposit cap to 12 pct -report
• Low-cost smartphones dominate market
• HSBC Vietnam wins Card and Payment Award
• Lack of credit slows growth by nearly 2%
• Stocks continue to rally after yield rumours
• Financial shares lead market rebound on both exchanges
• Transfer-pricing comes under attack
• Gold, dollar edge up

Four more gold traders asked to report their bullion trading networks Posted: 06 Apr 2012 11:21 PM PDT The State Bank of Vietnam (SBV) on April 5 issued Dispatch No. 1937/NHNN-QLNH, requesting four more bullion traders to report their trading networks no later than April 10, 2012. These gold traders include Vietnam Agribank Gold JS Corporation (AJC), Ho Chi Minh City Agribank Gold, Silver and Gemstone Company (VJC), DOJI Gold & Gems Group [...]

Worries linger on new gold management law Posted: 06 Apr 2012 11:21 PM PDT Both the public and gold companies have raised concerns over the newly released gold management law since there is no clear roadmap or regulations for the conversion of non-SJC gold bullions into the state brand. Government Decree No.24, along with a draft circular for the implementation of the decree to gather ideas from the public, [...]

Vietnam to cut deposit cap to 12 pct -report Posted: 06 Apr 2012 08:31 AM PDT Vietnam’s central bank will reduce the deposit rate cap to 12 percent from 13 percent, in line with its target to bring the ceiling to 10 percent by year-end, a state-run news website said on Friday. The State Bank of Vietnam planned the cut thanks to the stabilising macroeconomic situation, slowing inflation, improving bank liquidity [...]

Low-cost smartphones dominate market Posted: 06 Apr 2012 08:24 AM PDT Although Viet Nam’s mobile phone market has been unable to maintain its previous high growth rate, smartphones continued to be popular last year as vendors launched low-cost models as well as promotions that increased shipments by 75 per cent quarter–on-quarter in 2011, according to a recent report from International Data Corporation. For total mobile-phone shipments, [...]

HSBC Vietnam wins Card and Payment Award Posted: 06 Apr 2012 08:23 AM PDT HSBC Vietnam announced on April 6 that the bank has been named as the Best Bank for the Card and Payment Award by Visa. This is the second consecutive year HSBC Vietnam has won the prize which aims to highlight the top banking partners' contribution to developing the credit card market in Vietnam through innovative [...]

Lack of credit slows growth by nearly 2% Posted: 06 Apr 2012 08:22 AM PDT Viet Nam’s credit-expansion-led growth has ground to a halt, decelerating to 4 per cent in the first quarter from 5.9 per cent last year, an HSBC study said. With real credit growth falling into negative territory, there was no fuel to accelerate the growth engine, it said. The State Bank of Viet Nam’s monthly statement [...]

Stocks continue to rally after yield rumours Posted: 06 Apr 2012 08:21 AM PDT National stocks retained their growing streak during this morning’s session following yesterday’s rumours that interest rates would be reduced. “Although there hasn’t been any official announcement, the rumours will still help boost trading,” Bao Viet Securities Co analyst Nguyen Xuan Binh wrote in yesterday’s note. On the HCM City Stock Exchange, the VN-Index added 0.9 [...]

Financial shares lead market rebound on both exchanges Posted: 06 Apr 2012 08:20 AM PDT Shares pared earlier losses yesterday, adding value on both of the nation’s stock exchanges. Source: VietstockFinance On the HCM City Stock Exchange, the VN-Index advanced by 1.17 per cent to close at 444.93 points, while the VN30, tracking the exchange’s 30 leading stocks by capitalisation and volume, also rose by 1.4 per cent to 507.35 [...]

Transfer-pricing comes under attack Posted: 06 Apr 2012 08:18 AM PDT Tax authorities this year would inspect 7,800 enterprises, particularly those suspected of transfer pricing, in an aim to avoid tax losses and ensure a fair business environment, a conference heard yesterday in HCM City. Transfer pricing is a new issue in Viet Nam, according to Nguyen Quang Tien, director of Tax Reform and Modernisation Department, [...]

Gold, dollar edge up Posted: 06 Apr 2012 08:11 AM PDT Price of gold in Vietnam recovered to VND43.7 million a tael (1.2 ounces) on April 6 while global price regained slowly on thin trade. Sacombank Jewellery Company bought gold at VND43.55 million and sold at VND43.67 million as of 8.10am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected the metal at [...]

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