Vietnam Business News

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• June 12: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate drops sharply
• Local gold prices lost VND42 million/tale threshold on Tuesday
• Vietnam central bank quantifies non-sjc gold
• Vietnam banks offer higher rates for deposits of longer tenures
• Vietnam steel prices fall vnd300,000/ton from June 11
• Vietnam to impose tighter control on fdi projects
• Commodity exchanges show shortcomings amid pilot
• Intel Capital leaves local footprint
• Equity investors begin to smile
• 3G draws 20 per cent more subscribers

June 12: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate drops sharply Posted: 11 Jun 2012 11:06 PM PDT The State Bank of Vietnam, the country's central bank, Tuesday set the exchange rate for the U.S. dollar at VND20,828, unchanged for 6 months, however, commercial banks sharply adjusted the rate down by up to VND75. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is [...]

Local gold prices lost VND42 million/tale threshold on Tuesday Posted: 11 Jun 2012 11:06 PM PDT Local gold prices lost VND42 million/tale threshold on Tuesday as world gold prices notched down on EU debt crisis unease. SJC Hanoi quoted at VND41.77 million/tael for bid and VND41.99 million/tael for ask, respectively as of 10:30 local time. SBJ Sacombank was quoted at VND41.80 –VND41.88 million/tael for bid and ask respectively while Bao Tin [...]

Vietnam central bank quantifies non-sjc gold Posted: 11 Jun 2012 11:05 PM PDT The State Bank of Vietnam (SBV) has finished quantifying non-SJC bullion on the market, the central bank said in a meeting with the Saigon Jewelry Company Limited (SJC), the local online newspaper Tuoi Tre ("Youth") reported May 11. Yet, the conversion of non-SJC gold will be carefully implemented to avoid some units taking the advantage [...]

Vietnam banks offer higher rates for deposits of longer tenures Posted: 11 Jun 2012 11:05 PM PDT Commercial banks offer customers higher interest rates for long-term deposits for the first time in a while, the Saigon Times reported. Joint Stock Commercial Bank for Development and Investment of Vietnam (BIDV) now offers 10% for deposits with maturities longer than one year. Meanwhile, Joint Stock Commercial Bank for Foreign Trade of Vietnam or Vietcombank [...]

Vietnam steel prices fall vnd300,000/ton from June 11 Posted: 11 Jun 2012 11:02 PM PDT Vietnam Steel Gurus cut steel prices by VND200,000-300,000 a ton from June 11 in an effort to release inventory, theSaigontimes quoted Pham Chi Cuong, chairman of Vietnam Steel Association as saying. Steel producers' report showed that ex-work steel prices fell to VND15 million/ton (VAT exclude) from previous VND15.3 million, Cuong said, adding that big steel [...]

Vietnam to impose tighter control on fdi projects Posted: 11 Jun 2012 11:02 PM PDT The Ministry of Planning and Investment (MPI) is drafting a legal document which aims to strengthen the state management over foreign invested enterprises (FIEs). Under the draft circular, MPI would be given more power to strengthen the inspection over the compliance of FIEs with the legal regulations on investment licensing. Besides, the ministry would also [...]

Commodity exchanges show shortcomings amid pilot Posted: 11 Jun 2012 10:53 PM PDT Born after the stock exchanges, the commodity exchanges in Vietnam have quickly fallen into loss and slow development after operating for only two to three years under the pilot schemes. In January 2011, the Vietnam Commodity Exchange (VNX), the first of its kind in the country, debuted in Ho Chi Minh City, offering businesses and [...]

Intel Capital leaves local footprint Posted: 11 Jun 2012 10:48 PM PDT Vietnam Communications Corporation is the first local firm in Vietnam to receive Intel Capital investment.  Neither Intel nor the Hanoi-based internet infrastructure and services company disclosed the investment amount announced at the World Economic Forum in Bangkok. However, the investment arm of the world's largest chip-maker announced two investments totallling $17 million in the Vietnamese [...]

Equity investors begin to smile Posted: 11 Jun 2012 10:48 PM PDT Private equity investors are regaining confidence in Vietnam. Grant Thornton's private equity sector bi-annual survey last week showed that private equity investment would continue to be a good option for successful entrepreneurs to access capital to grow Vietnamese businesses. The survey, carried out in the second and fourth quarters annually, showed that 53 per cent [...]

3G draws 20 per cent more subscribers Posted: 11 Jun 2012 10:47 PM PDT Vietnam has 16 million 3G (third generation mobile telecommunications) subscribers benefiting from wide-area wireless voice messages, mobile Internet access, video calls and mobile TV by the end of May. Mobile users try out 3G services at a Viettel service centre.First provided in Viet Nam in 2009, 3G is now used by both computers and 3G [...]

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