Vietnam Business News

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• June 27: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate mixed
• Local gold prices lost VND80,000/tael to VND41.75 million/tale threshold on Wednesday
• City to focus efforts on property demand stimulus
• Low-income housing fund up for consideration
• Banks hike long-term rates
• Industrial parks see falling investment
• Korea grows fresh vegetables in Vietnam
• Vietnamese retail market down in global rankings
• Vietnam predicted to 29 highest growth economies
• Poor earnings depress securities market

June 27: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate mixed Posted: 26 Jun 2012 11:01 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 while commercial banks adjusted the rate both up and down to balance supply and demand. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price [...]

Local gold prices lost VND80,000/tael to VND41.75 million/tale threshold on Wednesday Posted: 26 Jun 2012 11:01 PM PDT Local gold prices lost VND80,000/tael to VND41.75 million/tale threshold on Wednesday following suit of a fall in global market, and local premium continued to stay high at VND2.1 million a tael. Hanoi SJC gold is quoted at VND41.64 million/tael for bid and VND41.74 million/tael for ask, respectively as of 10:00 local time. Thang Long gold, [...]

City to focus efforts on property demand stimulus Posted: 26 Jun 2012 10:54 PM PDT In the second half of 2012, HCMC will focus efforts on stimulating market demands, especially that of the real estate market. In addition, the lending package of VND30 trillion will be fully disbursed to enterprises right in this month to help remove the difficulties in production and business, heard a conference held on Monday on [...]

Low-income housing fund up for consideration Posted: 26 Jun 2012 10:41 PM PDT The Ministry of Construction (MIC) is seeking PM's approval for a fund that could be used to provide low interest rate loans for affordable housing to help low-income families.  Low-income housing fund to be considered The MIC said that, if people who contributed to the fund, the total would be about 30% of the value [...]

Banks hike long-term rates Posted: 26 Jun 2012 10:37 PM PDT Small banks have raised interest rates on medium- and long-term deposits following a State Bank of Viet Nam decision to float these rates beginning June 11 to lure more long-term capital. However, new savings inflows remain limited at these banks. Meanwhile, the State Bank has lowered the ceiling interest rate for short-term dong deposits of [...]

Industrial parks see falling investment Posted: 26 Jun 2012 10:37 PM PDT Total investment capital in industrial parks and export processing zones reached US$202.29 million as of June 10, a drop of 38.35 per cent compared to the same period last year, according to the HCM City Export Processing and Industrial Zones Authority (HEPZA). Of that amount, FDI capital was $75.84 million, a drop of 59.45 per [...]

Korea grows fresh vegetables in Vietnam Posted: 26 Jun 2012 10:37 PM PDT South Korea has invested US$2.6 million on a fresh vegetable project in the northern province of Quang Binh, Cho Weon Dae, director of the Korean Project of International Agriculture (KOPIA) has revealed. The four-year project began in December 2011, Cho said during the 2012 Korean Food Festival currently taking place in Hanoi. "Besides developing products [...]

Vietnamese retail market down in global rankings Posted: 26 Jun 2012 10:36 PM PDT Vietnam has been removed from the list of the most attractive retail markets, according to a recent report from A. T. Kearney, a US-based global management consulting firm. The report o­n the 2012 Global Retail Development Index (GRDI) shows that Vietnam has consistently dropped in the ranking, from its top place in 2008 to 23rd [...]

Vietnam predicted to 29 highest growth economies Posted: 26 Jun 2012 10:28 PM PDT The Business Insider has just ranked 29 economies, including Vietnam, which is predicted to grow highest in the world in the next two years. The criterion for ranking is based o­n estimative growth report by the World Bank for 2013 and 2014. The Business Insider judged that export is the largest revenue source in Vietnam's [...]

Poor earnings depress securities market Posted: 26 Jun 2012 10:27 PM PDT Shares continued their losing streak on June 26 on the HCM Stock Exchange, with the VN-Index closing down by over a percent to 419.19 points. The value of trades also sagged by over 25 percent from June 25′s pace to a mere 744.9 billion VND (35.4 million USD). Volume reached about 50.5 million shares. Gains [...]

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