Vietnam Business News

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• Deposit rates may fall to below 10%: source
• Gold traded at VND41.69 million/tael on Monday morning
• Vietnam treasury sells 100% of offered government bonds on May 11
• Inbound remittances to HCM city estimated at $1.5bln in Q1
• Sanofi plans to build third plant in Vietnam
• Week ending May 11: finance and banking review
• May 14: Vietnam central bank keeps dollar exchange at vnd20,828
• Russia remains large potential market for Vietnamese exports
• Vietnam urged to diversify energy sources
• Declining demand slows down economic growth

Deposit rates may fall to below 10%: source Posted: 13 May 2012 08:09 PM PDT The deposit interest rates are likely to ease to 10% per annum by the end of this year. The deposit interest rates are likely to ease to 10% per annum by the end of this year, said Truong Van Phuoc, CEO of Vietnam Export Import Commercial Joint Stock Bank (EIB), quoting Governor of the State [...]

Gold traded at VND41.69 million/tael on Monday morning Posted: 13 May 2012 08:06 PM PDT Vietnam gold was traded at VND41.69 million/tael on Monday morning, slightly rose from yesterday close. The world gold prices rebounded to gain this morning in Asia trade after falling in New York trade last Friday night. SJC Hanoi quoted at VND41.52 million/tael for bid and VND41.69 million/tael for ask, respectively as of 8:46 am, Hanoi [...]

Vietnam treasury sells 100% of offered government bonds on May 11 Posted: 13 May 2012 08:05 PM PDT The State Treasury of Vietnam sold VND7 trillion worth of government bonds or 100% of the offered value, at the yield of 8.95%-9.45% p.a. in an auction held on May 11, said the Hanoi Stock Exchange (HNX). The bid-to-cover ratio over 3, including 14 bidders registering for VND6.32 trillion 2-year bonds, seeking for yields of [...]

Inbound remittances to HCM city estimated at $1.5bln in Q1 Posted: 13 May 2012 08:03 PM PDT Ho Chi Minh City is estimated to see $1.28 billion inbound remittance in the first quarter of this year, accounting for 24.6% of the city's 2011 figure, the state-run online newspaper Tuoi Tre ("Youth") reported, citing data from the municipal State Bank of Vietnam (SBV). The majority of remittance receivers have sold back foreign currencies [...]

Sanofi plans to build third plant in Vietnam Posted: 13 May 2012 07:57 PM PDT Sanofi is planning to build another pharmaceutical plant in Vietnam, Hanspeter Spek, Sanofi's Chairman for Global Pharmacy, announced during his working visit to the Group's representative office in Ho Chi Minh City on May 11th. According to his statement, after successfully investing in the first two plants in Vietnam, Sanofi is prepared to build the [...]

Week ending May 11: finance and banking review Posted: 13 May 2012 07:54 PM PDT Vietnam's credit growth slid 1.71% by April 16 from late December last year, said the National Finance Supervision Committee (NFSC). The Central Bank's Policies The State Bank of Vietnam (SBV) seeks to promote listing of banking shares as part of a broader solution package to improve quality of the banking sector, said Governor Nguyen Van [...]

May 14: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 13 May 2012 07:53 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Monday, 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 [...]

Russia remains large potential market for Vietnamese exports Posted: 13 May 2012 07:50 PM PDT Vietnam-Russia trade will gain benefits since Russia joined the World Trade Organisation in December 2011, according to Doctor Nguyen Chi Tam, Minister-Counsellor of the Vietnamese Embassy to Russia. A number of Vietnamese exports to Russia will enjoy tariff cuts by 30-50 per cent in 3-4 years' time, he said at a Vietnam-Russia trade promotion seminar [...]

Vietnam urged to diversify energy sources Posted: 13 May 2012 07:48 PM PDT To resolve the scarcity of energy, France and developing countries such as Vietnam need to diversify and develop all sources of energy, including nuclear, renewable and fossil energies. The statement was confirmed by Christian Ngo, former scientific director of the French Atomic Energy Commission (CEA) in a seminar on energy strategy in France, held in [...]

Declining demand slows down economic growth Posted: 13 May 2012 07:48 PM PDT Tightening monetary policies have helped contain demand for credit and inflation, but limited credit is likely to slow down economic growth in 2012. According to HSBC experts, Vietnam has been successful in reducing demand to control inflation, but this has also decreased economic growth more than expected. No consumer demand   In the first quarter of [...]

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