Vietnam Business News

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• Gold tumbled to VND42.45 million/tael on Friday
• Borrowers get better access to foreign capital
• Vietnam, Laos strive for US$1 bln trade turnover
• Import-export slowdown hit logistics
• Conference urges setting up public investment law
• High number of firms established in the first quarter
• Gold prices dropped further due to depreciation pressure in global price
• FDI disbursement still stable
• Southern provinces enjoy bumper rice harvest
• Enterprises bemoan difficult access to bank loans

Gold tumbled to VND42.45 million/tael on Friday Posted: 03 May 2012 11:02 PM PDT Vietnam gold tumbled to VND42.45 million/tael on Friday morning following the loss string of the world gold prices. SJC Hanoi quoted at VND42.23 million/tael for bid and VND42.45 million/tael for ask, respectively as of 8:37 am, Hanoi time. Sacombank-SBJ gold was listed at VND42.34-VND42.42 million/tael for bid and ask, respectively. Rong Thang Long gold, a product [...]

Borrowers get better access to foreign capital Posted: 03 May 2012 11:01 PM PDT Credit institutions, including foreign bank branches, can now make loans in foreign currency to customers residing in the country, the State Bank of Viet Nam has ruled. Under Decision No 857/QD issued by the Sate bank of Viet Nam on Wednesday, credit institutions authorised to engage in foreign exchange may make short-term loans in foreign [...]

Vietnam, Laos strive for US$1 bln trade turnover Posted: 03 May 2012 10:57 PM PDT Lao Minister of Industry and Commerce Nam Viyaketh held talks with his Vietnamese counterpart Vu Huy Hoang in Hanoi on May 3 to promote trade cooperation between the two countries. Vietnamese businesses boost investment in Laos The two ministers agreed to speed up the 2008-2015 Vietnam-Laos trade development plan, aiming to bring bilateral trade turnover [...]

Import-export slowdown hit logistics Posted: 03 May 2012 10:52 PM PDT Import-export order slump has led to a drop in contract volume of local logistics firms. Pham Quang Thang, country sales manager of FedEx Express, said textile-garment and leather-shoe are the top two sectors that contribute the most to the revenue gained from air freight of FedEx Vietnam. He said his company's orders are falling, in [...]

Conference urges setting up public investment law Posted: 03 May 2012 10:51 PM PDT The country is seemingly addicted to public investment and this 'disease' should be cured soon, experts said at a conference on restructuring held yesterday by the Vietnam Institute of Economics (VIE). "Vietnam — an economy with a US$130-billion GPD, is currently home to as many as 100 seaports, 18 coastal and 30 border gate economic [...]

High number of firms established in the first quarter Posted: 03 May 2012 10:50 PM PDT Over 18,700 enterprises have registered in the first quarter of this year, compared with 16,500 from the same period last year, according to a report issued by the Vietnam Chamber of Commerce and Industry. However, many firms still face difficulties as a result of the economic downturn. Nearly 10 per cent of enterprises have suspended [...]

Gold prices dropped further due to depreciation pressure in global price Posted: 03 May 2012 10:50 PM PDT Sacombank Jewellery Company bought gold at VND42.75 million and sold at VND42.9 million as of 8am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected the metal at VND42.46 million and sold at VND42.66 million as of 10.32am Vietnamese time. Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.59 million and [...]

FDI disbursement still stable Posted: 03 May 2012 10:49 PM PDT Though foreign direct investment (FDI) capital flow into Vietnam kept declining in the first four months of the year, FDI disbursements remained stable. US$1.09 billion was disbursed by foreign-invested businesses in April, taking the total in January-April to US$3.61 billion, equivalent to the same period last month, according to the Foreign Investment Agency of the [...]

Southern provinces enjoy bumper rice harvest Posted: 03 May 2012 10:49 PM PDT Provinces in the southern region have now basically finished harvesting the winter-spring 2012 rice crop with a total volume recorded until April 15 of around 11.5 million tons, up one million year-on-year. According to a recent report of the Ministry of Agriculture and Rural Development, the southern region had harvested 1.7 million hectares of rice [...]

Enterprises bemoan difficult access to bank loans Posted: 03 May 2012 10:48 PM PDT Local enterprises find it difficult to access bank loans at present even though the central bank and commercial lenders said lending rates have been reduced. Nguyen Tuan Anh, director Ut Xi Aquatic Products Processing Co. in Soc Trang Province, said the most time-consuming task of a manager like him is not seeking consumption markets, but [...]

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