Vietnam Business News

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• Gold hits 15-week low
• VSIP Bac Ninh is busy looking for the fountain of youth to live on
• Houses out of reach for capital buyers
• Policies help boost shares
• We’re ready for T+3, say brokers
• Striving to maintain export momentum
• Quang Nam’s export value soars in first quarter
• Seafood exporters find hard to hook tasty profits
• Oil refinery eyes $2 billion upgrade, production boost
• Banks finally begin to trim interest rates

Gold hits 15-week low Posted: 16 Apr 2012 12:05 AM PDT The local price of the precious metal hit a 15-week low as the world price plummeted to around $1,650 an ounce on Monday. As of 9:00am, the bid and ask price of the national gold brand, SCJ of Saigon Jewelry Co, was quoted at VND43.03 million a taell and VND43.23 million a tael respectively, down [...]

VSIP Bac Ninh is busy looking for the fountain of youth to live on Posted: 15 Apr 2012 11:48 PM PDT Leading industrial park and township developer VSIP wants to extend the lifetime of its key Bac Ninh province project to 70 years. The joint venture between Becamex IDC and Singapore's Sembcorp Parks Holdings proposed Bac Ninh People's Committee give VSIP Bac Ninh another 20 years, a source at the province's Industrial Parks Management Authority said. [...]

Houses out of reach for capital buyers Posted: 15 Apr 2012 11:48 PM PDT While most Vietnamese people dream of owning a place to live in a big city, only 5 per cent of the people who live in Hanoi can afford to buy a home. Owning a home is just a dream for many Vietnamese people Dean Cira, the World Bank urban sector coordinator, said that due to [...]

Policies help boost shares Posted: 15 Apr 2012 11:46 PM PDT Economic movements will continue to hinder stock indices from conquering new high levels, predicts Viet Dragon Securities Co analyst Nguyen Thi Phuong Lam, noting that the nation’s stock market has already absorbed the postive effects of last month’s supporting data. Business operations in the first quarter of this year did not appear positive, Lam added. [...]

We’re ready for T+3, say brokers Posted: 15 Apr 2012 11:45 PM PDT After the Vietnam Securities Depository said the settlement period could be shortened to T+3 if brokerages settle payments prior to 4 pm of the T+2 date, several securities companies confirmed their ability to deploy. “I think many other brokerages will be capable of implementing,” said Bao Viet Securities CEO Nhu Dinh Hoa. It was a [...]

Striving to maintain export momentum Posted: 15 Apr 2012 11:45 PM PDT This will create a negative impact on businesses, especially those that depend on imported raw materials and equipments. In addition, though bank interest rates have been lowered, small and medium enterprises still find it difficult to borrow. Nguyen Nam Hai, Vice Minister of Industry and Trade also informed that in the first quarter of 2012, [...]

Quang Nam’s export value soars in first quarter Posted: 15 Apr 2012 11:44 PM PDT The export value of businesses in the central province of Quang Nam reached US$35 million last month, contributing to a total of $94.4 million for the first quarter of this year. The first quarter result registered a rise of more than 65 per cent against the same period last year, marking the highest increase in [...]

Seafood exporters find hard to hook tasty profits Posted: 15 Apr 2012 11:43 PM PDT Our peak time for production will come in July. If we fail to get access to loans to buy raw materials by that time, we'll face high risks – Nguyen Tuan Anh General director of Ut Xi Seafood Company A capital-thirsty seafood sector needs to cast its net further for funding. Vietnam Association of Seafood [...]

Oil refinery eyes $2 billion upgrade, production boost Posted: 15 Apr 2012 11:39 PM PDT It would cost the Binh Son Refining and Petrochemical Co Ltd US$2 billion to expand production at the Dung Quat Oil Refinery by 43,000 oil barrels per day, according to a feasibility study conducted by Japanese consultant JGC. Under the study, the refinery could raise its capacity to 192,000 oil barrels per day, equivalent to [...]

Banks finally begin to trim interest rates Posted: 15 Apr 2012 11:38 PM PDT Four weeks after the deposit interest rate ceiling was cut to 13 per cent from 14 per cent, it was cut by another percentage point last Wednesday to 12 per cent. Just like last time, banks have started to announce cuts in lending rates too. The Bank for Investment and Development cut then by 1.5-2.5 [...]

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