Vietnam Business News

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• Cement companies in deep crisis
• Retailers battle falling demand
• Exchange rate changes likely as dong up
• May 15: Vietnam central bank keeps dollar exchange at vnd20,828
• Gold fell to VND41.24 million/tael on Tuesday morning
• Hai Phong’s IZs lure $908Mln FDI in 4M/2012, up 20times YoY
• Banks reduce investment in ATM system
• Keangnam tower changes Hanoi office trends
• VietinBank bonds snapped up by foreign investors
• Can Tho lures more than $76m in investment capital

Cement companies in deep crisis Posted: 14 May 2012 11:38 PM PDT From mid-2011 till now, Vietnam’s cement enterprises have been facing numerous difficulties such as reducing consumption, high inventory, high interest rates and fierce competition. According to data from the Vietnam Cement Association (VCA), in 2011, domestic cement consumption reached approximately 50 million tonnes, down one million tonnes on year. Especially, by late of last year, [...]

Retailers battle falling demand Posted: 14 May 2012 11:37 PM PDT Sharing with consumers” is one of the most common strategies that retail enterprises are adopting as they try to survive at a time most consumers are tightening their belts, a conference in HCM City has heard. Experts said at the conference last week that 2012 was set to be a specially difficult year for retailers [...]

Exchange rate changes likely as dong up Posted: 14 May 2012 11:34 PM PDT The Vietnamese dong currency is rising, so exchange rate adjustments may be in store, said economic experts of the National Institute for Finance at a conference in Hanoi last week. According to analyses by experts, the dong has strengthened by 23.8% against the U.S. dollar and by 5.7% against the basket of currencies of the [...]

May 15: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 14 May 2012 11:33 PM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Tuesday, 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 fell to VND41.24 million/tael on Tuesday morning Posted: 14 May 2012 11:32 PM PDT Vietnam gold fell to VND41.24 million/tael on Tuesday morning following world gold prices. SJC Hanoi quoted at VND41.07 million/tael for bid and VND41.24 million/tael for ask, respectively as of 8:44 am, Hanoi time. Techcombank-gold was listed at VND41.08-VND41.20 million/tael for bid and ask, respectively. Rong Thang Long gold, a product of Bao Tin Minh Chau [...]

Hai Phong’s IZs lure $908Mln FDI in 4M/2012, up 20times YoY Posted: 14 May 2012 11:31 PM PDT Hai Phong's industrial zones (IZ) are estimated to have attracted a total of $908 million foreign direct investment (FDI) in the first 4 months of this year, rising 20 times on year, the local news provider Gafin.vn reported. The figure accounted for 98% of the city's total FDI in the period ($926.3 million).This positive result [...]

Banks reduce investment in ATM system Posted: 14 May 2012 11:30 PM PDT The number of new Automated Teller Machine (ATM) increased slowly in 2011 due to high investment and operation costs and low service charges, the local newspaper Tuoi Tre (Youth) reported, citing information from Vietnam ATM card association. By end of 2011, Vietnam had a total of 13,600 ATMs, rising 16.2% on year, including 2,100 machines [...]

Keangnam tower changes Hanoi office trends Posted: 14 May 2012 11:29 PM PDT KeangnamHanoi Landmark Tower is changing Hanoi's office market as more firms look to relocate to the west of the city. With more than 40 reputable tenants globally and domestically move in to the Tower, Keangnam has signaled a new trend for Hanoi's office market. Tenants at Keangnam Hanoi Landmark Tower are high-profile and renowned companies [...]

VietinBank bonds snapped up by foreign investors Posted: 14 May 2012 11:28 PM PDT The Vietnam Bank for Industry and Trade (VietinBank) has become the first local financial institution to successfully issue US$250 million worth of bonds in international markets at an annual real coupon of 8.25%. "On the issuance date, May 10, we sold out the bonds to investors from Asian, European and American markets. The coupon is [...]

Can Tho lures more than $76m in investment capital Posted: 14 May 2012 11:27 PM PDT The industrial zones in the southern Can Tho City have so far this year attracted 10 projects of foreign and domestic enterprises with a total investment capital of US$76 million, bringing the number of projects up to 198 with a combined registered capital of $1.6 billion. The new projects cover sectors as diverse as seafood, [...]

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