Vietnam Business News

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• Banks seek to appoint new leaders
• Sacombank denies merger rumour
• First foreign deal in pharma sector
• Property trading floors need reinforcing
• HDBank arranging capital for $550 mln Ha Long property complex
• Saigon Jewelry chosen as VN gold trademark
• Vietnam keen to boost ties with Brazil
• Nation ranks 76th in innovation
• Investors favour penny stocks
• MOC: Some cement plants facing difficulties, but this is not doomsday

Banks seek to appoint new leaders Posted: 07 Jul 2012 07:27 AM PDT Three commercial joint stock banks in Vietnam have appointed new CEOs this week. On July 3, Sacombank appointed Phan Huy Khang as its new General Director. He was previously General Director of the Southern Bank. VPBank assigned Nguyen Duc Vinh who was Vice Chairman of Techcombank earlier as its new General Director and TienPhong Bank [...]

Sacombank denies merger rumour Posted: 07 Jul 2012 07:17 AM PDT A member of the Sacombank board of management has denied that Southern Bank has any plans to take over Sacombank (STB) – rumours that arose after recent management changes at STB that included the appointment of a new general director and the naming of representatives from both Southern Bank and Eximbank (EIB) to STB’s board. [...]

First foreign deal in pharma sector Posted: 07 Jul 2012 07:17 AM PDT Chilean pharmaceutical CFR International SPA has acquired a stake in Domesco Medical Import-Export Co (DMC), making it the first foreign strategic partner of a domestic drugmaker. “This deal has been the most successful in the sector, since co-operation involving foreign factors has normally been difficult to implement in the pharmaceutical industry,” said the head of [...]

Property trading floors need reinforcing Posted: 07 Jul 2012 07:16 AM PDT Real estate trading floors established in HCM City to make transactions more transparent have failed badly, forcing the city administration to ask related agencies to strengthen management of the sector. The People’s Committee of HCM City has said that it wants the property market to develop in a more transparent, stable and sustainable manner. It [...]

HDBank arranging capital for $550 mln Ha Long property complex Posted: 07 Jul 2012 07:13 AM PDT Ho Chi Minh City-based HDBank has become the bookrunning mandated lead arranger for the US$550 million Ha Long Star property complex by Ha Long Bay in the northern province of Quang Ninh. The Vietnamese lender signed the capital arrangement deal on July 5 with project developer Limitless Vietnam, a member of Dubai-based Limitless, a global [...]

Saigon Jewelry chosen as VN gold trademark Posted: 07 Jul 2012 07:12 AM PDT The State Bank of Viet Nam has selected Saigon Jewelry Co (SJC) as the national gold trademark, the bank’s deputy dovernor, Le Minh Hung, announced on the central bank’s website. “The State Bank (SBV) has reported the decision to the Government after receiving the agreement of the HCM City People’s Committee, which has oversight over [...]

Vietnam keen to boost ties with Brazil Posted: 07 Jul 2012 07:12 AM PDT Vietnam attaches great importance to developing friendship and cooperation with Brazil, said Prime Minister Nguyen Tan Dung at a reception for Brazilian Foreign Minister Antonio de Aguiar Patriota in Hanoi on July 6. FM Patriota conveyed a message from Brazilian President Dilma Vana Rousseff to senior Vietnamese leaders affirming that Brazil is eager to elevate [...]

Nation ranks 76th in innovation Posted: 07 Jul 2012 07:10 AM PDT The World Intellectual Property Organisation (WIPO) has released its Global Innovation Index 2012 (GII), in which Vietnam was ranked 76th in innovation performance. The report ranks 141 countries and economies based ontheir innovation capabilities and results, jointly conducted by WIPO, INSEAD, Alcatel-Lucent, Booz&Company and theConfederation of Indian Industry (CII). The study shows that the dynamics of innovation continue to be affected by the emergence of new successfulinnovators, as seen by the range of countries across continents in the top twenty GII ranking. Good emerging country performers include [...]

Investors favour penny stocks Posted: 07 Jul 2012 07:09 AM PDT Shares closed higher on July 6 on the HCM City bourse but fell again on the Hanoi exchange on sluggish trading. On the HCM Stock Exchange, the benchmark VN-Index gained another 0.39 percent to finish the day at 415.44 points on a turnover of 629.4 billion VND (30 million USD), up 36 percent from a [...]

MOC: Some cement plants facing difficulties, but this is not doomsday Posted: 07 Jul 2012 07:08 AM PDT While the cement industry has been struggling with the oversupply, the Ministry of Construction still believes that the inventory volume is within the safety line, denying the opinion about overproduction.  Dothi.net has cited a report that Vietnam may have 6 million tons of cement in excess in 2012. In fact, the situation has been anticipated. [...]

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