Vietnam Business News

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• Market value decreases on both bourses
• Gold bars vs. gold mobilization
• Gold prices hovered at VND42.62 million/tael on Thursday morning
• Conversion time extended for gold traders
• Credit institutions may have to set aside provision for their interbank deposits
• VPBank expects 22% jump in 2012 consolidated profit
• Interest rate for 28-day treasury bills slips to 9.5% p.a.
• April 18: Vietnam stocks end down on profit taking
• Vinacomin targets 13mln tons of coal production in q2/2012
• Vietnam ships 1.73mln tons of crude oil in 3m/2012

Market value decreases on both bourses Posted: 19 Apr 2012 12:45 AM PDT Shares tumbled during this morning’s session with sluggish trades on the Ha Noi Stock Exchange. The HNX-Index on the northern bourse lost 1.4 per cent to rest at 78.22 points. Decliners overwhelmed advancers by 180-66. Around 56.5 million shares changed hands, totalling a value of VND581.1 billion (US$27.6 million), falling 20 per cent compared to [...]

Gold bars vs. gold mobilization Posted: 19 Apr 2012 12:44 AM PDT The general gist emanating from Decree 24/2012 ND-CP signed into effect by the Government last Tuesday, April 3, is that gold trading management will be handled the same way as foreign exchange management has been. Individual and corporate ownership of gold is protected by law, and from now on, the agency accountable for gold market [...]

Gold prices hovered at VND42.62 million/tael on Thursday morning Posted: 18 Apr 2012 11:44 PM PDT Vietnam gold prices hovered at VND42.62 million/tael on Thursday morning, almost unchanged from yesterday close, world gold fell both in New York trade last night and in Asia trade this morning. SJC Hanoi quoted at VND42.40 million/tael for bid a nd VND42.62 million/tael for ask, respectively as of 9:56 am, Hanoi time. Sacombank-SBJ gold was [...]

Conversion time extended for gold traders Posted: 18 Apr 2012 11:19 PM PDT The State Bank of Vietnam (SBV) has completed a draft circular permitting gold bar traders to switch business for another six months after Decree 24/2012/ND-CP o­n gold bar trading restrictions takes effect o­n May 25. So now gold firms have more than seven months to go after Decree 24 came out early this month. In [...]

Credit institutions may have to set aside provision for their interbank deposits Posted: 18 Apr 2012 10:42 AM PDT The State Bank of Vietnam (SBV) is seeking opinions for a draft circular which stipulates that commercial banks must set aside risk provisions for their deposits at other credit institutions or branches of foreign banks, except for demand deposits. According to the draft regulation, credit institutions will be also requested to classify and set aside [...]

VPBank expects 22% jump in 2012 consolidated profit Posted: 18 Apr 2012 10:41 AM PDT Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) targets its consolidated profit to rise 22% to VND1.3 trillion this year, the lender said on its documents for the 2012 Annual General Meeting (AGM). By the end of the year, the Hanoi-based bank expects its total assets to jump 33% on year to VND110 trillion. VPBank said it [...]

Interest rate for 28-day treasury bills slips to 9.5% p.a. Posted: 18 Apr 2012 10:41 AM PDT Interest rate on 28-day Treasury bills dropped 2% to 9.5% per annum on April 14, versus 11.5% as of mid-March, the local newswire NDHMoney.vn reported, citing Reuters' data. Yet, commercial banks have been actively purchasing T-bills despite falling interest rates. In the past four days, domestic lenders have bought VND6 trillion worth of 28-day T-bills. [...]

April 18: Vietnam stocks end down on profit taking Posted: 18 Apr 2012 10:40 AM PDT Vietnamese stocks closed the day with a loss as profit taking pressure rose at high prices, liquidity soared to new high. The benchmark VN Index lost 0.68 point or 0.14% to 472.16. Volume rose 21.5% to 143.5 million shares worth of VND2.5 trillion. Put-through trading contributed 23.8 million shares worth VND664.1 billion. We saw another [...]

Vinacomin targets 13mln tons of coal production in q2/2012 Posted: 18 Apr 2012 10:33 AM PDT Vietnam National Coal and Mineral Industries Group (Vinacomin) targets to produce 13 million tons of coal in the second quarter of the year, take off 75 million m3 of soil and rock and dig 105,000 m3 of kiln, Quang Ninh province's newspaper reported. The information was provided at the Vinacomin's summary conference of its operation [...]

Vietnam ships 1.73mln tons of crude oil in 3m/2012 Posted: 18 Apr 2012 10:31 AM PDT Vietnam is estimated to ship1.73 million tons of crude oil for $1.68 billion in the first three months of this year, down 10.4% on year in volume but up 7.5% on year in value, the General Department of Customs said on its latest report today. In March alone, the country shipped 709,000 tons of crude [...]

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