Vietnam Business News

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• No final plan for Habubank takeover yet, central bank says
• Vietnam banks offer cheaper loans after central bank rate cuts
• April 17: Vietnam stocks close mixed, stock divergence clear
• April 17: UPCoM-Index closes up following HOSE
• April 17: foreigners continue net buying on both HOSE and HNX
• Lending rate will not fall until Q3
• Luxury sedans sell well amid economic woes
• Why Elliott drops its lawsuit against Vinashin
• Stocks are improving their competitive edge
• Japanese investors keen on realty market

No final plan for Habubank takeover yet, central bank says Posted: 17 Apr 2012 09:35 AM PDT Vietnam's central bank has not received the final plan for the acquisition of troubled lender Habubank by Saigon-Hanoi Commercial Joint Stock Bank, the government has said in a statement on its website. State Bank of Vietnam Governor Nguyen Van Binh said the restructuring of local banks needs to happen in several steps, including auditing weak [...]

Vietnam banks offer cheaper loans after central bank rate cuts Posted: 17 Apr 2012 09:34 AM PDT The State Bank of Vietnam says borrowing costs have started falling after it cut policy rates for the second time in less than one month. Eximbank has announced a credit fund of 6 trillion dong that will be lent to exporters, small and medium companies and low-income homebuyers at 16.5 percent per year, the central [...]

April 17: Vietnam stocks close mixed, stock divergence clear Posted: 17 Apr 2012 09:28 AM PDT Vietnamese stocks closed mixed today as money flew to the primary bourse sending the VN Index to pass 471 resistance while late selling pressure forced HNX index to fall under 80 threshold. The benchmark VN Index added 4.58 points or 0.98% to 472.84, off the high but still at the 11 month high. Volume rose [...]

April 17: UPCoM-Index closes up following HOSE Posted: 17 Apr 2012 09:28 AM PDT The UPCoM-Index, the measure of 130 unlisted public companies closed up on Tuesday, following the primary bourse HOSE. Liquidity decreased for the second consecutive day. The index gained 0.3point or 0.86% to close at 35.22.The gauge started with given mark of 100 on June 24, 2009 but it has never been back to that level. [...]

April 17: foreigners continue net buying on both HOSE and HNX Posted: 17 Apr 2012 09:27 AM PDT Foreigners extended their position of net buyers on both HOSE and HNX on Tuesday. Level of participation significantly increased. These players net bought VND60.26 billion worth of shares on HOSE after buying 7,277,640 shares for VND194.02 billion and selling 4,564,180 units for VND133.76 billion, accounting for 9.65% buying value and 6.65% selling value. Of note, [...]

Lending rate will not fall until Q3 Posted: 17 Apr 2012 09:10 AM PDT Despite the central bank's move to reduce the deposit rate to 12% last week, most experts forecast the lending rate will only fall from the third quarter, with the average rate expected at some 15.5%. Several banks have announced credit lines amounting to trillions of Vietnam dong each at softer rates, but experts said few [...]

Luxury sedans sell well amid economic woes Posted: 17 Apr 2012 09:10 AM PDT While the country's automobile industry experienced a sharp fall in sales in the first quarter of the year, the luxury sedan sector posted a strong performance, said Laurent Genêt, CEO of Automotive Asia, a specialized Audi importer. Sales of the whole industry dropped by 40 percent year on year, while the number of Audi cars [...]

Why Elliott drops its lawsuit against Vinashin Posted: 17 Apr 2012 09:07 AM PDT It is not by coincidence that the solution to Vinashin’s problem emerges when the Ministry of Finance works more closely with global credit ratings agencies Nguyen Ngoc Su, Vinashin's chairman, is quoted as saying that the investment fund Elliott has dropped its lawsuit against Vietnam's giant shipbuilder. Why so? Before the lawsuit was initiated, Vinashin [...]

Stocks are improving their competitive edge Posted: 17 Apr 2012 09:05 AM PDT What happened to Vietnam's stock market between April 4 and 10 Although the HSX-Index and the HNX-Index have climbed swiftly since early this year, they are not believed to be sustainable as credit tightening is still reigning. However, the reduction of the official deposit rate ceiling in mid-March and another expected to happen soon may [...]

Japanese investors keen on realty market Posted: 17 Apr 2012 09:05 AM PDT Japanese investors are now interested in mushrooming high-rise building in HCMC Japanese investors have paid much attention to high-rises which have been erected recently in Vietnam At first, just like the way Tama Home did, Japanese enterprises wanted to buy stakes of struggling Vietnamese companies. Late last year, this property firm earning nearly US$2 billion [...]

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