Vietnam Business News

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• Gold prices edged up to VND42.76 million/tael on Tuesday morning
• Gold prices at the crossroads
• Vietnam businesses in Russia boost bilateral trade
• Beeline brand to be discontinued after Russian firm divestment
• Nokia starts work on manufacturing facility in Vietnam
• Sembcorp gets OK for Vietnam industrial park, power plant
• Mexican business keen on investment in Vietnam
• Private-sector bankruptcy triggers concern
• Thaco acquires South Korean auto plant
• HoREA seeks nod for property mortgages at foreign banks

Gold prices edged up to VND42.76 million/tael on Tuesday morning Posted: 23 Apr 2012 09:16 PM PDT Vietnam gold prices edged up to VND42.76 million/tael on Tuesday morning despite world gold prices dropped in New York trade last night. SJC Hanoi quoted at VND42.54 million/tael for bid and VND42.76 million/tael for ask, respectively as of 9:16 am, Hanoi time. Sacombank-SBJ gold was listed at VND42.65-VND42.73 million/tael for bid and ask, respectively. Rong Thang [...]

Gold prices at the crossroads Posted: 23 Apr 2012 09:14 PM PDT Industry insiders are split on the future direction of domestic market gold prices. Banking Academy of Vietnam Training Centre deputy chief Nguyen Trong Tai said domestic markets prices would continue to trend downward on the back of volatile world prices. More stringent gold production and trading regulations due to Decree 24/2012/ND-CP effective from May 25 [...]

Vietnam businesses in Russia boost bilateral trade Posted: 23 Apr 2012 09:13 PM PDT The Vietnam Union of Friendship Organisations (VUFO) and the Vietnam Business Association (VBA) in Russia signed the minutes of cooperation in Russia on April 22. Under the minutes, the two sides will exchange information about investment environments in Vietnam and Russia , give advices to implement economic, commercial and investment cooperative projects, and support enterprises [...]

Beeline brand to be discontinued after Russian firm divestment Posted: 23 Apr 2012 09:12 PM PDT The mobile network Beeline will be discontinued in Vietnam due to the divestment of Russian VimpelCom Ltd, according to a recent deal. Accordingly, Vietnamese GTEL Mobile Joint Stock Co will not continue using the Beeline brand after six months from the date of transfer. VimpelCom Ltd has signed an agreement to sell the its entire [...]

Nokia starts work on manufacturing facility in Vietnam Posted: 23 Apr 2012 09:03 PM PDT Nokia yesterday kicked off the development of its manufacturing facility in Vietnam, to serve the growing demand for mobile phones all over the world. Located in Vietnam-Singapore Industrial Park (VSIP) in the northern province of Bac Ninh, the Nokia Vietnam manufacturing facility is being developed on an area of 17 hectares. Nokia expects to start [...]

Sembcorp gets OK for Vietnam industrial park, power plant Posted: 23 Apr 2012 09:02 PM PDT Singapore industrial conglomerate Sembcorp Industries said on Monday it has obtained approval to proceed with a $337.82 million industrial park and 1,200-megawatt power plant in Vietnam. A Vietnamese-Singapore joint venture involving Sembcorp will develop the industrial park in Quang Ngai Province in central Vietnam, Sembcorp said in a statement. The Vietnam-Singapore Industrial Park Quang Ngai [...]

Mexican business keen on investment in Vietnam Posted: 23 Apr 2012 09:00 PM PDT Almost 100 enterprises from Chiapas State in southern Mexico have affirmed their wish to establish trade relations with Vietnamese partners, especially in coffee production and processing, aquaculture and tropical fruit exports. Addressing a recent seminar, "Doing business in Vietnam" in Tuxla Gutierrez and Tapachula cities, representatives of Chiapas State and businesses expressed keen interest in [...]

Private-sector bankruptcy triggers concern Posted: 23 Apr 2012 09:00 PM PDT The policy on tightening credit and reducing aggregate demand under the spirit of Resolution 11 is currently posing a serious challenge to the health of the private sector. Some 2,400 private enterprises underwent procedures for dissolution in this year's first quarter, while 11,600 others registered for suspension of operations and tax payments, said the National [...]

Thaco acquires South Korean auto plant Posted: 23 Apr 2012 08:58 PM PDT Truong Hai Auto Joint Stock Co., or Thaco, has spent US$3.5 million taking over a 51% stake in the specialized vehicle manufacturing company Soosung of South Korea. With this acquisition, Thaco has officially added specialized automobile manufacturing and trading to its business fields, after having developed production and assembly of trucks, buses and sedans. Thaco [...]

HoREA seeks nod for property mortgages at foreign banks Posted: 23 Apr 2012 08:56 PM PDT The HCMC Real Estate Association (HoREA) has drawn up a petition suggesting certain solutions to the troubled property market, in which the association seeks permission for real estate mortgages at overseas banks. The prevalent Land Law only allows land users to mortgage their land use rights or the properties developed on the land at the [...]

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