Vietnam Business News

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• Gold edged up to VND42.26 million/tael on Monday morning
• Over 70,000 SMEs benefit from tax relief
• Transport fees freezing local automobile market: VAMA
• Chinese apples flood city markets
• Banks reap hefty profits while firms suffer losses
• Buyers return to capital city’s housing market
• Dung Quat IZ aims for $13 bln in investment capital
• Exporters face tough months ahead
• New international Visa card makes debut
• TPP may attract more foreign investment projects in textiles and dyeing

Gold edged up to VND42.26 million/tael on Monday morning Posted: 17 Jun 2012 10:48 PM PDT Vietnam gold edged up to VND42.26 million/tael on Monday morning. World gold prices slid. SJC Hanoi quoted at VND42.16 million/tael for bid and VND42.26 million/tael for ask, respectively as of 10:52 am, Hanoi time. Sacombank-SBJ gold was listed at VND42.18-VND42.24 million/tael for bid and ask, respectively. Rong Thang Long gold, a product of Bao Tin [...]

Over 70,000 SMEs benefit from tax relief Posted: 17 Jun 2012 10:46 PM PDT Over 70,000 small and medium sized enterprises (SMEs) in Hanoi have benefited about VND5.15 trillion ($245.24 million) from the government’s tax relief policy this year. The package included the extension and reduction of land use fees and corporation income tax payments, according to the deputy director of the city’s Tax Department Thai Dung Tien. “It [...]

Transport fees freezing local automobile market: VAMA Posted: 17 Jun 2012 10:45 PM PDT Transport fee used to limit personal vehicles have frozen the local automobile market, said Vietnam Automobile Manufacturers' Association (VAMA) in a recent document sent to Hanoi authorities. "Vietnam's automotive industry has faced the most dramatic decline in sales ever with total sales dropping 40 per cent year on year in the first five months of [...]

Chinese apples flood city markets Posted: 17 Jun 2012 10:44 PM PDT Apples from China have been found on shelves in many markets around Ho Chi Minh City, while according to Chinese media it has recently been discovered that the fruit is grown in toxic plastic bags there. The managing board of the fruit wholesale market in Thu Duc said Chinese fruit, mostly apples and pears, account [...]

Banks reap hefty profits while firms suffer losses Posted: 17 Jun 2012 10:40 PM PDT While most local businesses have been struggling to escape from financial troubles, all seventy one commercial banks in Vietnam raked in a handsome sum of profits in 2011 and the first four months of this year. The total revenues of local businesses in 2011, according to figures from the General Department of Tax, were some [...]

Buyers return to capital city’s housing market Posted: 17 Jun 2012 10:39 PM PDT Investors and buyers are beginning to return to the capital city’s real estate market after a long period of sitting on the sidelines, say local real estate dealers, attributing the interest in the market to recent State Bank of Viet Nam policies aimed at lowering financing costs. Nguyen Tien Dung, director of Van Phuc Real [...]

Dung Quat IZ aims for $13 bln in investment capital Posted: 17 Jun 2012 10:36 PM PDT The Dung Quat Economic Zone in the central province of Quang Ngai plans to attract $13 billion in investment capital by 2015, of which $8 billion will be disbursed. It also aims to handle 25 million tonnes of cargos through its port and generate approximately 20,000 jobs for local people. The zone has set a [...]

Exporters face tough months ahead Posted: 17 Jun 2012 10:31 PM PDT In the first five months of the year, Vietnam’s export revenues reached US$42.9 billion, a year-on-year increase of 24.1 per cent. However, things may not go smoothly in the coming months even in sectors considered to be the country’s biggest export earners, experts say. The textiles and apparel industry, for instance, exported goods worth over [...]

New international Visa card makes debut Posted: 17 Jun 2012 10:30 PM PDT The Vietnam Technological and Commercial Joint Stock Bank (Techcombank), in association with Vietnam Airlines, has recently introduced their new international credit card, Vietnam Airlines Techcombank Visa Platinum, in Hanoi. With their card, customers can pay for their purchased goods at more than 30 million Visa spots or withdraw cash from over 2 million ATMs worldwide [...]

TPP may attract more foreign investment projects in textiles and dyeing Posted: 17 Jun 2012 10:29 PM PDT A new wave of foreign investments in spinning, weaving and dyeing sectors has been kicked off, since investors can see the profits they can gain from the Trans-Pacific Partnership Agreement (TPP), according to the Vietnam Cotton and Spinning Association (VCSA). Foreign investors are considering pouring money into the textile and dyeing projects, while keeping a [...]

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