Vietnam Business News

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• Governor: lending interest rates must be navigated to 12-15% /year
• Hai Phong: June credit growth -13.3%; total deposits +18.2% YoY
• Da Nang credit growth falls 0.8% by end-June
• July 3: Vietnam stocks plunge further on massive selling
• FDI disbursement stable despite lower pledged capital
• Sneaky banks fail to announce new fees
• Cooking gas prices on the decrease
• Da Lat visitors plagued by fake delicacies
• Gold surges slightly in Vietnam
• Stocks “get the shivers” amid deflation

Governor: lending interest rates must be navigated to 12-15% /year Posted: 03 Jul 2012 09:41 AM PDT "Banks must act somehow to raise funds at 9% p.a for short-term and not higher than 12%p.a for longer terms to ensure reasonable lending rates at 12-13% p.a for short terms and 4-15% for long terms", governor Nguyen Van Binh said. "Banks must act somehow to raise funds at 9% p.a for short-term and not [...]

Hai Phong: June credit growth -13.3%; total deposits +18.2% YoY Posted: 03 Jul 2012 09:40 AM PDT Total outstanding loans of commercial banks in Hai Phong are estimated at VND51 trillion in June, falling 13.3% on year Of the figure, Dong denominated loans were VND39 trillion, falling 10.3% on year while loans in foreign currencies reached VND12 trillion, plunging 21.9%. Meanwhile, total deposits of Hai Phong-based banks in the sixth month of [...]

Da Nang credit growth falls 0.8% by end-June Posted: 03 Jul 2012 09:39 AM PDT Total outstanding loans of commercial banks in Da Nang are estimated at VND47.95 trillion by end-June, down 0.8% on-month and rising 2.1% from late December last year, according to statistics from Da Nang's State Bank branch. Meanwhile, total deposits of Da Nang-based banks as of June-end are estimated at VND42 trillion, up 7.94% from end-2011. [...]

July 3: Vietnam stocks plunge further on massive selling Posted: 03 Jul 2012 09:38 AM PDT Vietnamese stocks continued to fall on massive selling concerning over Q2 earnings and economic growth outlook. The benchmark VN Index lost 6.21 points or 1.48% to 413.09. Volume rose by 12% to 43.3 million shares worth of VND678.7 billion. Put through trading contributed 3.7 million shares worth of VND138.2 billion. We saw 1 million VIC [...]

FDI disbursement stable despite lower pledged capital Posted: 03 Jul 2012 09:35 AM PDT The disbursement of foreign direct investment (FDI) is still on track, though pledged capital has recently witnessed an inevitable decline given the gloomy global economic outlook and the ambition of Vietnam to raise capital quality, said a senior state official. Registered FDI totaled $6.4 billion, and FDI disbursement reached $5.4 billion, in the first half of 2012, [...]

Sneaky banks fail to announce new fees Posted: 03 Jul 2012 09:31 AM PDT Banks have quietly doubled some kind of fees, including charges for money withdrawals from other banks’ ATMs, checking accounts and money transfers, even though the State Bank of Vietnam (SBV) is currently collecting opinions about ATM fees. Bank clients have been angry with the increase in fees, as many of them were not notified. “Why [...]

Cooking gas prices on the decrease Posted: 03 Jul 2012 09:31 AM PDT Retail gas prices in HCM City yesterday declined by VND36,000 (US$1.7) to VND315,000 ($15) per 12-kg canister, according to the city’s gas retailers. The move followed a price decrease of $125 in the world’s gas market. It was the fourth adjustment in the domestic gas market since April.-VNS

Da Lat visitors plagued by fake delicacies Posted: 03 Jul 2012 09:29 AM PDT Almost all of the food manufacturers operating behind a 'Da Lat specialty' banner in the namesake tourism city do not have a license, and their products are bought from various sources before they are sold to visitors at prices three to five times higher than in the city's market. Figures from the local people's committee [...]

Gold surges slightly in Vietnam Posted: 03 Jul 2012 09:28 AM PDT Saigon Jewelry Company, the biggest gold processer and trader in Vietnam, bought gold at VND41.81 million, and sold at VND41.96 million in HCMC; and VND41.98 million in Hanoi and the central city of Da Nang at 10.00am Vietnamese time. Sacombank quoted price at VND41.89 million for buying and VND41.93 million for selling at 10.30am Vietnamese [...]

Stocks “get the shivers” amid deflation Posted: 03 Jul 2012 09:28 AM PDT The consumer price index (CPI) decrease in June for the first time in the last three years, has been described by economists as "positive sign" for the national economy. However, this could be a worrying thing for the stock market in medium term. CPI decrease causes worry than joy The US JP Morgan Chase, in [...]

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