Vietnam Business News

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• Interbank trading dong -16%, dollar +2% in week ending June 8
• Vietnamese bonds drop as interbank rates rise; dong strengthens
• Vietnam GDP likely rises 5.5 – 6%: Report
• Restructuring financial monitoring systems: seminar
• Fund proposed to prop up Vietnamese SMEs
• New wave of Japanese investment in Vietnam
• HCM city: fdi capital mainly poured into real estate sector
• June 13: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate rises
• Local gold prices hovered VND42 million/tale threshold on Wednesday
• Vietnam to restructure all ailing banks within June/2012: governor

Interbank trading dong -16%, dollar +2% in week ending June 8 Posted: 12 Jun 2012 11:15 PM PDT The total interbank trading value of the dong fell 16% to VND112.428 trillion from VND134.83 trillion in the week ending June 8 while that of the dollar rose 2% to VND65.489 trillion from VND64.236 trillion, said the State Bank of Vietnam (SBV). Transactions in the interbank market were mostly for short terms. Specifically, trading value [...]

Vietnamese bonds drop as interbank rates rise; dong strengthens Posted: 12 Jun 2012 11:13 PM PDT Vietnam's government bonds fell, snapping an eight-day advance, as a surge in the local money- market rate sapped demand. The dong strengthened. The overnight interbank deposit rate increased 83 basis points to 3.25 percent, the highest level since May 11, according to data compiled by Bloomberg. The rate has gained 2.03 percentage points since June [...]

Vietnam GDP likely rises 5.5 – 6%: Report Posted: 12 Jun 2012 11:13 PM PDT The Ministry of Planning and Investment has sent an additional report to the National Assembly meeting saying that Vietnam's economy is likely to grow 5.5-6% this year with government's solutions to support businesses and market. The report also said the target of 6-6.5% economic growth is very hard to achieve but the target of curbing [...]

Restructuring financial monitoring systems: seminar Posted: 12 Jun 2012 11:12 PM PDT A seminar on restructuring the financial monitoring systems in Vietnam took place on June 12 in the northern province of Quang Ninh. The State Committee for Financial Monitoring in conjunction with Germany's Konrad-Adenauer-Stiftung Institute co-chaired the event, which saw the attendance of policy makers and economists from national and international organisations, including several ministries, the [...]

Fund proposed to prop up Vietnamese SMEs Posted: 12 Jun 2012 11:11 PM PDT The Vietnamese Government should set up a fund to help small- and medium-sized enterprises (SME) at a time of economic hardship, said Pham Thi Thu Hang, general secretary of the Vietnam Chamber of Commerce and Industry (VCCI). Hang said this fund had already been mentioned in the Government's Decree 56/2009 but it has yet to [...]

New wave of Japanese investment in Vietnam Posted: 12 Jun 2012 11:10 PM PDT A new wave of Japanese investments in Vietnam have recently risen from business merger and acquisition (M&A) transactions, according to experts at a forum on mergers and acquisitions that took place in HCM City on June 7. The country saw 345 merger and acquisition deals worth $1.7 billion and 400 transactions in 2011 valued at [...]

HCM city: fdi capital mainly poured into real estate sector Posted: 12 Jun 2012 11:10 PM PDT HCM City now has over 4,200 foreign direct investment (FDI) projects with pledged capital of nearly $31 billion HCM City now has over 4,200 foreign direct investment (FDI) projects with pledged capital of nearly $31 billion, the local newswire Phap Luat TP HCM (HCM City Law) reported, citing Nguyen Hoang Minh, deputy director of HCM [...]

June 13: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate rises Posted: 12 Jun 2012 11:08 PM PDT The State Bank of Vietnam, the country's central bank, Wednesday set the exchange rate for the U.S. dollar at VND20,828, unchanged for 6 months, however, commercial banks sharply adjusted the rate up after a single day down. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar [...]

Local gold prices hovered VND42 million/tale threshold on Wednesday Posted: 12 Jun 2012 11:08 PM PDT Local gold prices hovered VND42 million/tale threshold on Wednesday while world gold rose sharply in New York trade last night but edged down in Asia trade this morning. SJC Hanoi quoted at VND41.87 million/tael for bid and VND42.09 million/tael for ask, respectively as of 10:40 local time. This price level was VND100,000/tael lower than yesterday [...]

Vietnam to restructure all ailing banks within June/2012: governor Posted: 12 Jun 2012 11:07 PM PDT The State Bank of Vietnam (SBV) will basically restructure all nine weak commercial banks within this month, the SBV Governor Nguyen Van Binh said in a report to the National Assembly last Friday, the local newswire TTVN.vn reported. The central bank has conducted comprehensive inspection, independent audit on all ailing lenders and prepared restructuring plans [...]

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