Vietnam Business News

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• Vietnam banks contract gold mobilization activity
• VN-Index makes steep fall in May
• Two-thirds of firms can’t get loans: survey
• Local gold outpaces global price
• South Korea firms seek partners
• Vinacomin exports coal while imports are needed
• Local companies look for Thai opportunities
• Sukhoi cancels Vietnam display flight after Indonesia crash
• Interbank overnight rate dips to 2.5pct, 5-year low
• Air cargo transport in vogue

Vietnam banks contract gold mobilization activity Posted: 11 May 2012 10:07 PM PDT Some banks halted mobilizing gold completely or lowered interest rates for gold deposits after the State Bank of Vietnam (SBV) extended the time for credit institutions to mobilize gold to Nov 25/2012, the local newswire VnExpress.net reported. Commercial banks raised gold to pay customers upon request or to convert into domestic currency, commented Nguyen Thanh [...]

VN-Index makes steep fall in May Posted: 11 May 2012 02:56 AM PDT Vietnam's benchmark VN-Index tumbled the steepest this month to close week in red on May 11 as selling took the upper hand on the market. Shares of 304 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange plummeted 1.23 per cent, or 5.97 points, to close at 480.1 points with [...]

Two-thirds of firms can’t get loans: survey Posted: 11 May 2012 02:55 AM PDT Nearly two-thirds of 60 businesses in HCM City and Da Nang say they were unable to access credit last year, and that the problem continues this year, according to a survey by the National Financial Supervisory Commission. The survey found that 61.5 per cent of surveyed companies also expected to meet with difficulties repaying debt [...]

Local gold outpaces global price Posted: 11 May 2012 02:54 AM PDT Price of gold in Vietnam surged marginally over the previous day on May 11 while global price continued to be tagged by losing trend. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, bought the metal at VND41.64 million and sold at VND41.79 million as of 10.03am Vietnamese time. Hanoi-based Phu Quy Jewellery Company purchased [...]

South Korea firms seek partners Posted: 11 May 2012 02:49 AM PDT South Korean businesses are keen on increasing trade and investment ties with Viet Nam, says Chae Byeong Yong, general director of the Korea Industrial Complex Corporation (KICOX). Yong was speaking on the sidelines of business-to-business (b2b) meetings held between a visiting delegation of 14 South Korean firms and Vietnamese businesses in HCM City on Wednesday. [...]

Vinacomin exports coal while imports are needed Posted: 11 May 2012 02:35 AM PDT While the Vietnam National Coal and Mineral Industries Corporation, or Vinacomin, has confirmed that it only exports coal types that are rarely used domestically, the Ministry of Industry and Trade's figures show that this is not entirely true. Vinacomin has exported nearly 10 million tons of coal to be used in thermo-power generation, and is likely [...]

Local companies look for Thai opportunities Posted: 11 May 2012 02:26 AM PDT Many Vietnamese companies will for the first time exhibit products at Thailand ‘s largest exhibition on manufacturing and support industries in Bangkok from June 21-24. The Manufacturing Expo will have four main shows on plastics and rubber manufacturing, mold and die manufacturing, auto parts manufacturing and industrial automation and assembly technologies. Three related shows will [...]

Sukhoi cancels Vietnam display flight after Indonesia crash Posted: 11 May 2012 02:15 AM PDT Russian Sukhoi aircraft holding company has announced the cancelation of the display flight of its new passenger plane, the Sukhoi Superjet 100 (SSJ100), in Vietnam,according to Lai Xuan Thanh, deputy head of the Civil Aviation Administration of Vietnam. The demonstration flight, expected to kick off on May 14 at Noi Bai airport to show off [...]

Interbank overnight rate dips to 2.5pct, 5-year low Posted: 11 May 2012 02:08 AM PDT The interbank overnight interest rate has tumbled to 2.5 percent a year, the lowest rate since the figure was set for the first time 5 years ago. The rate was first set on July 23, 2007, falling 0.5 percent from the previous rate of 3 percent, according to the State Bank of Vietnam (SBV). The [...]

Air cargo transport in vogue Posted: 11 May 2012 02:08 AM PDT VietJetAir and aviation services firm Vector Aviation are not deterred by falling air cargo numbers. Despite cargo volumes sinking 13 per cent on-year in the first four months of 2012 the firms have teamed up to establish an air cargo transport alliance. Vietnam Civil Aviation Administration of Vietnam figures show that 187,000 tonnes of freight [...]

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