Vietnam Business News

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• Cambodian, Vietnamese provinces increase cooperation
• April 25: Vietnam central bank keeps dollar exchange at vnd20,828
• Gold prices continued rising to VND42.94 million/tael on Wednesday
• HCMC: bad debts rise to 4.9% in q1/2012
• Gas prices to decrease by vnd20,000/ 12kg canister from beginning May 2012
• AIA Vietnam launches new insurance product
• High-class tours sell well
• Realty firms seek fund via share issuance
• IT industry posts annual growth rate of 25-35%
• Rice storage program ends up in failure

Cambodian, Vietnamese provinces increase cooperation Posted: 24 Apr 2012 09:08 PM PDT Leaders of the Cambodian provinces of Pursat and Kampong Thom made a fact-finding tour of Tien Giang province on April 24 to seek opportunities for cooperation. The event is one of activities to commemorate Vietnam-Cambodia Friendship Year 2012 and the 45thestablishment of Vietnam-Cambodia diplomatic ties. At a working session with local authorities, the Cambodian guests [...]

April 25: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 24 Apr 2012 08:58 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged from Dec 26, the longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for [...]

Gold prices continued rising to VND42.94 million/tael on Wednesday Posted: 24 Apr 2012 08:58 PM PDT Vietnam gold prices continued rising to VND42.94 million/tael on Wednesday morning, following world gold prices. SJC Hanoi quoted at VND42.72 million/tael for bid and VND42.94 million/tael for ask, respectively as of 9:42 am, Hanoi time. Sacombank-SBJ gold was listed at VND42.86-VND42.92 million/tael for bid and ask, respectively. Rong Thang Long gold, a product of Bao [...]

HCMC: bad debts rise to 4.9% in q1/2012 Posted: 24 Apr 2012 08:57 PM PDT Bad debts at banks in Ho Chi Minh City, by the end of the first quarter of 2012, climbed to VND36.924 trillion or 4.9% of total outstanding credits. Bad debts at banks in Ho Chi Minh City, by the end of the first quarter of 2012, climbed to VND36.924 trillion or 4.9% of total outstanding [...]

Gas prices to decrease by vnd20,000/ 12kg canister from beginning May 2012 Posted: 24 Apr 2012 08:56 PM PDT Gas prices in Vietnam will be decreased by VND20,000 per 12-kg cylinder from beginning of May, the local news provider Gafin.vn reported, citing news from domestic gas companies. The current gas price on the global market has dropped by $100/ton from previous announcements to below $900/ton, letting the domestic gas suppliers to cut retail prices, [...]

AIA Vietnam launches new insurance product Posted: 24 Apr 2012 08:54 PM PDT AIA (Vietnam) Life Insurance Co. Ltd., or AIA Vietnam, has just launched a new product called An Phuc Thanh Tai, which is described as a "three-in-one" education plan designed for customers who want to accomplish an education plan for their child and, at the same time, protect their whole family against unexpected circumstances in life. [...]

High-class tours sell well Posted: 24 Apr 2012 08:53 PM PDT Despite the slowing demand for cheap tours, long-haul and high-class tours have still marked good growth, with many high earners booking tours at prices nearly four times higher than normal ones. Viettours just arranged the four-day Singaporean tour for a group of some 300 members last week. Besides the large number of members, these customers [...]

Realty firms seek fund via share issuance Posted: 24 Apr 2012 08:53 PM PDT Local cash-strapped property companies have strong expectations on new share issuance as a way to mobilize capital from the improving stock market after the central bank's announcement to loosen realty loans recently. Like other securities, prices of the real estate stocks have constantly shrunk in line with dampened confidence among investors over the past year, [...]

IT industry posts annual growth rate of 25-35% Posted: 24 Apr 2012 08:52 PM PDT Software industry and IT services registered an annual growth rate of 25-35% in the past decade, three to five times higher than GDP growth rate, according to the Vietnam Software Association (VINASA). Software sector recorded a ten-fold increase in revenue when it topped US$1.2 billion last year, said Pham Tan Cong, vice chairman of VINASA. [...]

Rice storage program ends up in failure Posted: 24 Apr 2012 08:50 PM PDT Participants in the program to buy one million tons of rice for temporary storage have basically finished their assignment, but the program's target to prevent rice prices from falling was not achieved. The rice storage program conducted by the Vietnam Food Association (VFA) has completely failed, said agricultural experts. During the run of the program, [...]

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