Vietnam Business News

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• Lacking orders became an obsession for garment companies
• Vietnam banks reach consensus to cut old loan rates to 15%
• Vietnam steel industry find it hard to reach 4% growth target in 2012
• EVN needs vnd20 trillion for urgent electricity projects
• Local gold prices edged down on Monday morning
• July 9: Central bank sets dollar unchanged at vnd20,828; banks rate down
• Vietnam governor requests banks to cut old lending rates to 15% from july 15
• Economists optimistic, businesses pessimistic about economy performance
• Vietnam to increase investments in Laos by 2015
• Promoting Vietnam-Laos economic cooperation

Lacking orders became an obsession for garment companies Posted: 08 Jul 2012 08:20 PM PDT After the prosperous year 2011, when garment companies were all very busy with big orders, they are now experiencing dark days with the serious thirst for jobs. According to the Ministry of Industry and Trade, the world's economy still has not recovered from difficulties, while consumers still continue cutting down their expenses. Vietnam exported 4412 [...]

Vietnam banks reach consensus to cut old loan rates to 15% Posted: 08 Jul 2012 08:18 PM PDT Leaders of Vietnam's banks have committed to adjust down outstanding loan interest rates to 15% from July 15 under the Governor's request. Nguyen Phuoc Thanh, CEO of Vietcombank said the lender curently has 25% credit of over 15% interest rates, and the bank can completely follow the Governor's request. He committted that after the meeting [...]

Vietnam steel industry find it hard to reach 4% growth target in 2012 Posted: 08 Jul 2012 08:17 PM PDT The steel industry will find it difficult to fulfill the target of 3-4% on-year growth in 2012 because of low consumption and rising electricity prices, said Pham Chi Cuong, chairman of the Viet Nam Steel Association (VSA). Pham Chi Cuong, Chairman of VSA, said global and local economic conditions have caused local steel sales decline [...]

EVN needs vnd20 trillion for urgent electricity projects Posted: 08 Jul 2012 08:17 PM PDT The Electricity of Vietnam (EVN) needs VND20 trillion capital for urgent electricity projects, said the group at a meeting with deputy Primier Hoang Trung Hai. Some of the urgent projects are: O Mon I power plants, power station 2, Vinh Tan 2, Duyen Hai 1,3; 220kV network from Dak Nong to Binh Long, 500kV network [...]

Local gold prices edged down on Monday morning Posted: 08 Jul 2012 08:14 PM PDT Local gold prices edged down on Monday morning to VND41.8 million/tale on Friday and local premium continued to stay high at VND2 million a tael. Hanoi SJC gold is quoted at VND41.71 million/tael for bid and VND41.8 million/tael for ask, respectively as of 11:00 local time. Thang Long gold, produced by Bao Tin Minh Chau [...]

July 9: Central bank sets dollar unchanged at vnd20,828; banks rate down Posted: 08 Jul 2012 08:12 PM PDT The State Bank of Vietnam, the country's central bank, Monday set the exchange rate for the U.S. dollar at VND20,828, unchanged for 7 months while Vietcombank, Vietnam's biggest dollar trader, adjusted the rate down to VND10. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is [...]

Vietnam governor requests banks to cut old lending rates to 15% from july 15 Posted: 08 Jul 2012 06:18 PM PDT The Governor of the State Bank of Vietnam, the country's central bank, requested local banks to adjust down former lending rates to 15% p.a from July 15 to share difficulties with businesses. The request was given at the meeting to review the first six month operation and deploy tasks for the last 6 months of [...]

Economists optimistic, businesses pessimistic about economy performance Posted: 08 Jul 2012 07:18 AM PDT While independent economists and government officials believe that the economic downturn has "touched bottom" and the economic recovery would be seen in some more days, businesses have affirmed that the situation is still very worrying. The inflation decrease, the higher GDP growth rate in the second quarter in comparison with the first quarter both have [...]

Vietnam to increase investments in Laos by 2015 Posted: 08 Jul 2012 07:16 AM PDT Bui Quang Vinh, minister of Planning and Investment, stated at the Vietnam-Laos Economic Cooperation Conference in Da Nang on July 7 that Vietnam expects to invest around US$7 billion in Laos by 2015. In June 2012, Vietnam had 214 projects in Laos with a total investment of US$3.45 billion, ranking it as the biggest investor [...]

Promoting Vietnam-Laos economic cooperation Posted: 08 Jul 2012 07:15 AM PDT The Vietnam-Laos conference on economic and investment cooperation took place in Danang, Vietnam on July 7. Representatives from the two Ministries of Planning and Investment reported on Vietnamese business investment in Laos. By the end of May 2012, 214 projects have been granted licences to invest in Laos with a combined capitalization of US$3.45 billion. [...]

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