Vietnam Business News

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• April 11: Central bank keeps dollar exchange at vnd20,828
• April 11: Vietnam stocks close morning session up on rate cut news
• Vietnam gold prices hovered at VND43.37 million/tael on Wednesday
• Vietnam c.bank asks foreign credit institutions to restructure debt repayment period for businesses
• ADB adjusts down Vietnam GDP growth forecast to 5.7% in 2012
• ADB asked to fund US$40 million for Moc Bai
• Banks need to pull back curtain
• Textile, leather companies circle US market
• Northern province lures new foreign projects
• Regulations issued on independent auditing

April 11: Central bank keeps dollar exchange at vnd20,828 Posted: 10 Apr 2012 11:37 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged for 4 months and a half, 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 [...]

April 11: Vietnam stocks close morning session up on rate cut news Posted: 10 Apr 2012 11:36 PM PDT Vietnamese stocks rose this morning on the news that the Central Bank cut key interest rates and deposit rate cap by another 1% from today, a second move in just 1 month. The benchmark VN Index gained 3.54 points or 0.78% to 454.39. Volume rose to 64.4 million shares worth of VND1 trillion. Put-through trading [...]

Vietnam gold prices hovered at VND43.37 million/tael on Wednesday Posted: 10 Apr 2012 11:36 PM PDT Vietnam gold prices hovered at VND43.37 million/tael on Wednesday morning.The world gold prices edged down this morning in Asia trade after rising by 1% in New York last night. SJC Hanoi quoted at VND43.15 million/tael for bid and VND43.37 million/tael for ask, respectively as of 9:50 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.23-VND43.33 million/tael [...]

Vietnam c.bank asks foreign credit institutions to restructure debt repayment period for businesses Posted: 10 Apr 2012 11:35 PM PDT The State Bank of Vietnam (SBV) requires foreign credit institutions to restructure the debt repayment period for local firms which failed to pay off due debts due to the adverse impacts of unfavorable local and global economic conditions. Credit institutions and branches of foreign banks have to actively coordinate with borrowers to overcome difficulties regarding [...]

ADB adjusts down Vietnam GDP growth forecast to 5.7% in 2012 Posted: 10 Apr 2012 11:35 PM PDT The Asian Development Bank (ADB) has again adjusted down Vietnam’s gross domestic product (GDP) growth forecast to 5.7% in 2012 from previous forecasts of 6.3% and 6.5% last year. The information was provided at the ADB's press conference to release its report on "Asia development outlook and Vietnam's economic prospects in 2012" held in Hanoi [...]

ADB asked to fund US$40 million for Moc Bai Posted: 10 Apr 2012 11:33 PM PDT The Asian Development Bank (ADB) has been asked to provide approximately US$40 million for the southeastern province of Tay Ninh to carry out sub-projects related to the building of Moc Bai urban area at a total cost of US$54 million. The request was made by the Management Board of Tay Ninh Economic Zone at a [...]

Banks need to pull back curtain Posted: 10 Apr 2012 11:32 PM PDT Greater transparency is inevitable in the banking sector, National Advisory Council for Monetary Policy member Tran Hoang Ngan told Thoi bao Kinh te Viet Nam (Viet Nam Economic Times) The banking information system has always been considered a sensitive issue, but why do you say transparency is inevitable? Financial institutions and banks are the backbone [...]

Textile, leather companies circle US market Posted: 10 Apr 2012 11:30 PM PDT A conference titled “New opportunities to approach the US market” is being held today in Ha Noi by the Viet Nam Textile and Apparel Association (Vitas) and the Viet Nam Leather and Footwear Association (Lefaso). The event is being organised to coincide with a visit by Jessie Zhang, Business Development Manager of Tiger Trade, who [...]

Northern province lures new foreign projects Posted: 10 Apr 2012 11:30 PM PDT The authority of northern Hung Yen Province granted investment certificates for four foreign-invested projects with a total registered capital of US$47.5 million in the first quarter of this year, announced Dang Ngoc Quynh, Director of the provincial Planning and Investment Department. The figure represent a 33 per cent rise in volume and a 200 per [...]

Regulations issued on independent auditing Posted: 10 Apr 2012 11:29 PM PDT Under regulations issued by the Ministry of Finance on March 13 and taking effect on May 1, enterprises with foreign capital, all credit institutions (including foreign bank branches), all enterprises in the financial sector (including insurers, reinsurers and brokers), and all companies with shares listed on the stock market must have their financial statements audited [...]

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