Vietnam Business News

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• Low-grade rice exports likely to fall this year
• Opportunities for garment, footwear and wood furniture businesses
• Shares fall on weak demand
• Interest rates down, but cash keeps flowing to banks
• Positive credit growth recorded by some institutions from March: Governor
• Some Vietnam banks almost use up their credit growth limit: governor
• Vietnam sells 20.8% of government bond offer june 13
• Vietnam treasury bond sales triple as banks buy more debt
• Long-term dong deposit rate climbs to 13.5%/yr
• Vietnam banks slash interest rates on gold deposits en masse

Low-grade rice exports likely to fall this year Posted: 14 Jun 2012 01:35 AM PDT Viet Nam’s rice exports may drop by 1 million tonnes compared to last year if the world rice market continues to face difficulties, according to forecasts from the Ministry of Agriculture and Rural Development. The country’s rice exports may fall to 6.2 million tonnes from the 7.2 million tonnes of last year. The ministry said [...]

Opportunities for garment, footwear and wood furniture businesses Posted: 14 Jun 2012 01:34 AM PDT Coordination among sectors and industrial groups is a key measure to help garment, footwear and wood furniture businesses improve their chain value and competitiveness in both domestic and foreign markets. According to the United Nations Industrial Development Organization (UNIDO)'s Competitive Industrial Performance (CIP) report in 2011, Vietnam's CIP dropped from 72nd in 2005 to 58th in 2008/2009 [...]

Shares fall on weak demand Posted: 14 Jun 2012 01:33 AM PDT Shares continued to lose ground during this morning’s session on weak demand. Declining nearly 0.3 per cent, the VN-Index on the HCM City Stock Exchange reached 426.53 points. Losers outnumbered gainers by 104-75. The value of trades fell to VND442.7 billion (US$21 million), as trading volume totalled only 27 million shares. Of the 30 leading [...]

Interest rates down, but cash keeps flowing to banks Posted: 14 Jun 2012 01:32 AM PDT The deposit interest rate has dropped sharply to 9 percent per annum, which means the lower earnings for depositors. However, banks do not fear that the capital to be mobilized would decrease, because those who have idle money, would not have better choices than depositing their money at banks. Nguyen Dinh Hoan in the Dinh [...]

Positive credit growth recorded by some institutions from March: Governor Posted: 13 Jun 2012 10:58 PM PDT Answering the question related to negative credit growth during the past time and whether credit growth for the whole year can attain15-17 percent target or not, the State Bank of Vietnam (SBV)'s governor, Nguyen Van Binh, said that in the first two months of this year, lending activities of the entire banking system declined. But [...]

Some Vietnam banks almost use up their credit growth limit: governor Posted: 13 Jun 2012 10:57 PM PDT Several lenders have almost exhausted their "room" for credit growth granted by the State Bank of Vietnam (SBV) and still have demand to grow lending in the coming time, the local newswire VnEconomy.vn quoted the SBV Governor as saying. In the first five months of 2012, bank lending stayed almost the same from last year. [...]

Vietnam sells 20.8% of government bond offer june 13 Posted: 13 Jun 2012 10:56 PM PDT The State Treasury of Vietnam could sell only 20.8% of the total VND7 trillion government bonds auctioned on June 13, yields ranging from 8.89-9.45%, said the Hanoi Stock Exchange (HNX). The bid-to-cover ratio 1.14, including 4 bidders registering for VND1.6 trillion 2-year bonds, seeking for yields of 8.89-10.25% per annum and 6 bids for VND3.2 [...]

Vietnam treasury bond sales triple as banks buy more debt Posted: 13 Jun 2012 10:56 PM PDT Vietnam’s banks are increasing their investments in government debt as the slowing economy cuts demand for funds, helping the treasury triple its bond sales in the first five months of the year. The treasury tripled its sales of government debt to 60 trillion dong ($2.87 billion) in the first five months of the year, making [...]

Long-term dong deposit rate climbs to 13.5%/yr Posted: 13 Jun 2012 10:54 PM PDT Western Commercial Joint Stock Bank (Western Bank) offered to pay customers an interest rate of as high as 13.5% per annum for their 13-month deposits, the highest level in the entire banking industry currently. The unlisted lender also promises to pay 13% p.a. on 12-month deposits and 12% p.a. for deposits of 18-, 24-, and [...]

Vietnam banks slash interest rates on gold deposits en masse Posted: 13 Jun 2012 10:54 PM PDT Commercial banks have been cutting interest rates offered on gold deposits and narrowing their gold mobilizing structure, the local newswire VnEconomy.vn reported. Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank or STB), which resumed its short-term gold mobilization activity in early May, announced to lower the rates to 0.5% p.a. for 1,2 and 3-month terms [...]

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