Vietnam Business News

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• Vietnam dong to devaluate 2.5pct at most: ANZ
• More effort needed to boost exports
• Few homebuyers seek loans, waiting for more rate cuts
• Vietnam pledges to assist Japanese investors
• Liquidity shrinks to five-month low
• Apparel firms seek ways out of difficulties
• Prudential, Maritime Bank cut bancassurance deal
• Seafood export target raised amidst hardships
• PM says macroeconomic uncertainty bitter
• City traders still feel secure about meat supply

Vietnam dong to devaluate 2.5pct at most: ANZ Posted: 05 Jul 2012 07:34 PM PDT The Vietnam dong will face a slight devaluation of 2-2.5 per cent in 2012 due to a $6-7 billion surplus in balance of payments (BoP), said a recent report on Vietnam's macro-economy by the Australia-New Zealand Banking Group (ANZ). The foreign exchange rate between the Vietnam dong and US dollar is expected to increase to [...]

More effort needed to boost exports Posted: 05 Jul 2012 07:29 PM PDT Most of domestic businesses going bankrupt in recent times are private ones which have been seriously affected by the impact of economic slowdown. According to a recent survey by the Ministry of Planning and Investment, 66 percent of businesses say they have to reduce production because of low consumer demand, 53.6 percent put this down [...]

Few homebuyers seek loans, waiting for more rate cuts Posted: 05 Jul 2012 07:28 PM PDT Despite the recent steady lending rate cuts in the banking system, most local homebuyers have still found housing loans out of reach in the last three months as the interest rate in general is still high. An executive of an HCMC-based branch of BIDV unveiled that his branch had given housing loans to homebuyers of [...]

Vietnam pledges to assist Japanese investors Posted: 05 Jul 2012 07:27 PM PDT Deputy Prime Minister Nguyen Xuan Phuc has said the Vietnamese Government always creates the best possible conditions for Japanese investors. Phuc made the statement during talks with Hiromasa Yonekura, Chairman of Japan Business Association, 'Nippon Keidanren' in Tokyo on July 5. At their meeting, Phuc said that given the existing global economic slowdown, the Vietnamese [...]

Liquidity shrinks to five-month low Posted: 05 Jul 2012 07:25 PM PDT As investors remained pessimistic on the market outlook, bearish sentiment continued to drag stock prices down on Wednesday, marking the third losing session in a row while liquidity tumbled to a five-month low. The VN-Index lost 2.36 points, or 0.57%, against the day earlier to close at 410.73. The market opened just in the black [...]

Apparel firms seek ways out of difficulties Posted: 05 Jul 2012 07:24 PM PDT Apparel product consumption has shrunk by 40% year-on-year, forcing garment makers to seek solutions to prop up purchasing power and ride out the tough times. Textile and garment producers are trying to catch up with customers' demands and shopping habits to launch appropriate products, said Nguyen Huu Phung, chairman of Viet Fashion Co. (VFC). He [...]

Prudential, Maritime Bank cut bancassurance deal Posted: 05 Jul 2012 07:23 PM PDT Prudential Vietnam Assurance Company and Maritime Commercial Bank on Wednesday signed a partnership agreement for providing bancassurance services in the bank's network. The signing ceremony was attended by Jeremy Browne, UK Foreign Office Minister for Asia Pacific who is on his official visit to Vietnam and Douglas Barnes, UK Consul General in HCMC. According to [...]

Seafood export target raised amidst hardships Posted: 05 Jul 2012 07:16 PM PDT The Ministry of Agriculture and Rural Development has revised the seafood export turnover target for 2012 from US$6.5 billion to US$6.8 billion, regardless of financial distress faced by seafood traders, widespread diseases and shrinking export markets. Seafood export turnover had reached US$2.9 billion as of end-June, up 10.6% year-on-year. This means the country has to [...]

PM says macroeconomic uncertainty bitter Posted: 05 Jul 2012 07:15 PM PDT Macroeconomic stabilization and inflation control will remain the top priority of the Government in the coming time, said Prime Minister Nguyen Tan Dung, stressing that macroeconomic uncertainty had been a bitter lesson. "I would like to highlight that we should not be off our guard and must keep the macro-economy stable. We find the past [...]

City traders still feel secure about meat supply Posted: 05 Jul 2012 07:15 PM PDT Processed food traders in HCMC are still confident about meat supplies despite repeated warnings about a severe shortage towards the year's end, saying it is quick and easy for farmers to resume husbandry production while involved firms also have their own ways to stabilize the market. Given a sharp plunge in prices of pork, chicken [...]

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