Vietnam Business News

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• May 11: Vietnam central bank keeps dollar exchange at vnd20,828
• Gold prices gained this morning
• HXN30 Index to be launched in Q2
• Billions of dollars needed to rescue enterprises
• Russian tour operators check out local tourism
• Several seafood items spared of export check
• Lending cap fails to affect enterprises
• BIDV spares vnd4tln preferential loans for real estate
• Vietinbank raises $250 mln in overseas bonds-executive
• Vietnam central bank to refinance credit institutions according to their credit records

May 11: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 10 May 2012 09:38 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Friday, unchanged for more than 4 months, 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 [...]

Gold prices gained this morning Posted: 10 May 2012 09:35 PM PDT Vietnam gold gained this morning from yesterday close to VND41.67 million/tael . The world gold prices rose in New York trade last night but eased in Asia trade this morning. SJC Hanoi quoted at VND41.50 million/tael for bid and VND41.67 million/tael for ask, respectively as of 8:59 am, Hanoi time. Sacombank-SBJ gold was listed at [...]

HXN30 Index to be launched in Q2 Posted: 10 May 2012 09:27 PM PDT The Hanoi Stock Exchange (HNX) has plans to launch the HNX30 Index into operation in this quarter to meet increasing demands of investors and the market. Like the VN30 Index for the southern bourse, the HNX30 Index will track the movements of the 30 leading shares by market capitalization and liquidity. Its calculation methods rely [...]

Billions of dollars needed to rescue enterprises Posted: 10 May 2012 09:24 PM PDT The Government should spend US$3 billion or so to help enterprises restructure their debts if the national economy is to be put back on the development track, said a local economist. Le Xuan Nghia, former vice chairman of the National Financial Supervision Committee, said the Government should buy enterprises' debts totaling billions of U.S. dollars [...]

Russian tour operators check out local tourism Posted: 10 May 2012 09:22 PM PDT Representatives from dozens of Russian travel agencies will arrive in Vietnam later this month to study local tourism services in Nha Trang, Phan Thiet, Danang and Hoi An. This is the first time Russian operators have arrived in large numbers, estimated at 120, to prepare for the year-end tourism season. The guests will come in [...]

Several seafood items spared of export check Posted: 10 May 2012 09:16 PM PDT The Ministry of Agriculture and Rural Development has decided to ease impurity control on tiger prawn shipments and remove quality testing requirements for export tra and basa fish. This decision is attached to a document sent by the National Agro-Forestry-Fisheries Quality Assurance Department (Nafiqad) to the General Customs Office and local customs agencies on Wednesday, [...]

Lending cap fails to affect enterprises Posted: 10 May 2012 09:15 PM PDT Despite interest rates being capped at 15% for four industries, many enterprises are still finding it difficult to access bank loans. Only a few companies, especially SMEs, could meet their requirements for the loans at 15% Firms claim that the biggest barrier to most small and medium-sized enterprises (SMEs) has been demonstrating their financial capacity [...]

BIDV spares vnd4tln preferential loans for real estate Posted: 10 May 2012 09:00 PM PDT Bank for Investment and Development of Vietnam (BIDV) said that it spared as much as VND4 trillion to offer preferential home loans during the year, the state-run newswire VNMedia.vn reported. Besides, the lender vowed to provide home loans at preferential interest rate of 16% per annum with the lending duration of up to 15 years [...]

Vietinbank raises $250 mln in overseas bonds-executive Posted: 10 May 2012 08:43 PM PDT VietinBank, Vietnam’s largest partly private lender, has raised $250 million via a five-year dollar bond in several offshore markets, a senior executive said on Friday. The Hanoi-based lender sold the debt, which carries an annual coupon of around 8 percent, in Europe, Asia and the United States, Deputy Chief Executive Le Duc Tho told Reuters. [...]

Vietnam central bank to refinance credit institutions according to their credit records Posted: 10 May 2012 08:30 PM PDT The State Bank of Vietnam (SBV) has recently announced that it will offer refinancing loans to credit institutions in accordance with their credit records to support their ability to pay and assist economic development within certain period. Accordingly, those credit institutions which (1) temporarily lack ability to pay; yet are not under special supervision of [...]

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