Vietnam Business News

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• Gold prices broke down the VND43 million/tael threshold
• Oil prices mixed after Iran nuclear talks
• Pepper exports surge despite prices
• Domestic steel consumption up in March
• Speciality exports thrive during hard times
• Doubts raised about the feasibility of international bond issuance campaigns
• Imported, mostly Chinese, fruit deluges local markets
• PVN could have contributed more to state budget
• ACB’s VIPs given free healthcare
• PGBank targets vnd700bln pretax profit in 2012, up 18% y-o-y

Gold prices broke down the VND43 million/tael threshold Posted: 16 Apr 2012 11:25 PM PDT Vietnam gold prices broke down the VND43 million/tael threshold to the lowest level since the Lunar New Year (for 3 months) at VND42.92million/tael on Tuesday morning, following the world gold prices. SJC Hanoi quoted at VND42.70 million/tael for bid and VND42.92 million/tael for ask, respectively as of 9:42 am, Hanoi time. Sacombank-SBJ gold was listed [...]

Oil prices mixed after Iran nuclear talks Posted: 16 Apr 2012 11:22 PM PDT Oil prices were mixed on Monday after weekend talks between Iran and world powers regarding the Islamic republic’s nuclear program eased concerns over crude supplies, according to analysts. In New York trade the benchmark West Texas Intermediate for May delivery added 10 cents from Friday’s close to end at $102.93 a barrel. In London, Brent North Sea crude for [...]

Pepper exports surge despite prices Posted: 16 Apr 2012 11:21 PM PDT Viet Nam pepper prices saw a US$100 increase against last week, posting at $6,100-6,150 per tonne of black pepper 500 grams/litre-FAQ (Fair Average Quality) and $6,450-6,500 per tonne of black pepper 550 grams/litre-FAQ. According to General Department of Customs statistics, by March 15, 2012, Viet Nam exported 20,374 tonnes of pepper worth over $139.6 million, [...]

Domestic steel consumption up in March Posted: 16 Apr 2012 11:20 PM PDT Domestic C consumption increased sharply in March with a month-on-month rise of 34 per cent despite the ailing domestic real estate market. Nguyen Tien Nghi, vice chairman of the Viet Nam Steel Association, told the Cong Thuong (Industry and Trade) newspaper that thanks to increased consumption, steel makers were able to reduce their stockpiled products. [...]

Speciality exports thrive during hard times Posted: 16 Apr 2012 11:19 PM PDT Exporters of traditional specialities have survived and even prospered during the prolonged economic turndown worldwide. The Minh Hai Ltd Company, for example, which specialises in production and export of traditional food products, has maintained its weekly export plan and contracts, unlike many other companies in Viet Nam. The company director, Quach Hung Tong, said the [...]

Doubts raised about the feasibility of international bond issuance campaigns Posted: 16 Apr 2012 11:17 PM PDT A series of big Vietnamese commercial banks have announced that they plan to issue long term international bonds. The information has surprised people, who cannot understand why banks still seek foreign currency capital, though they have dollars in excess and the dollar lending has been tightened. It's better to seek capital from international market The [...]

Imported, mostly Chinese, fruit deluges local markets Posted: 16 Apr 2012 11:16 PM PDT Markets around Ho Chi Minh City have recently been flooded with a great variety of imported fruits and vegetables, most of which are from China. The managing board of the Hoc Mon wholesale market said that around 110 to 150 tons of fruits and vegetables are imported on a daily basis, with Chinese products accounting [...]

PVN could have contributed more to state budget Posted: 16 Apr 2012 11:16 PM PDT While the Vietnam National Oil and Gas Group, commonly known as PetroVietnam (PVN), always prides itself on the fact that it accounts for 30 percent of the state's total budget collection, it has in fact contributed only 56 percent of its revenues from oil extracting activities to the budget. The rate is much lower than [...]

ACB’s VIPs given free healthcare Posted: 16 Apr 2012 10:21 PM PDT French life insurer Prevoir Vietnam and Asia Commercial Bank (ACB) signed an agreement on April 15 under which ABC Bank's top 100 personal customers will receive a free healthcare insurance policy that will cover $530,000 a year in health care costs. Under this VIP Healthcare plan, each of the bank's 100 VIP clients can receive [...]

PGBank targets vnd700bln pretax profit in 2012, up 18% y-o-y Posted: 16 Apr 2012 09:25 PM PDT Petrolimex Group Commercial Joint Stock Bank (PGBank) expects its pretax profit to rise 18% on year to VND700.2 billion on revenue of VND1.24 trillion in 2012. By the end of the year, the Hanoi-based bank expects its total assets to jump 46% on year to VND25.684 trillion; total deposits to rise 49% y-o-y to VND21.988 [...]

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