Vietnam Business News

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• July 16: Vietnam shares fail to test 418 resistance
• SHB’s credit outlook downgraded on HBB’s acquisition
• ‘B’ rating with stable outlook affirmed for 4 banks
• Air conditioner sales rise 22pct in Jan-May: GfK VN
• Da Nang seeks more US investment
• Stocks fall on sluggish trading
• Lotte seeks to become 100% foreign invested
• Building slump bad news for construction materials companies
• Vietnam replaces Thailand as largest rice exporter to Hong Kong
• Vinaphone launches mobile service on international flights

July 16: Vietnam shares fail to test 418 resistance Posted: 16 Jul 2012 10:00 AM PDT Vietnamese shares kicked off the new week in the red as traders sold shares to take quick profit after recent rally when the index failed to test 418 resistance. The benchmark VN Index lost 3 points or 0.72% to 413.98. Volume fell 25.13% to 41.7 million shares worth of VND560.6 billion. Put through trading contributed [...]

SHB’s credit outlook downgraded on HBB’s acquisition Posted: 16 Jul 2012 09:59 AM PDT Moody's Investors Service Inc has downgraded the credit outlook of Sai Gon-Hanoi Commercial Joint Stock Bank (SHB) due to its recent acquisition of Hanoi Building Commercial Joint Stock Bank (Habubank). SHB's credit rating has still been maintained at B2 for deposit and issuer ratings and E+ for its standalone bank financial strength rating. Moody's said [...]

‘B’ rating with stable outlook affirmed for 4 banks Posted: 16 Jul 2012 09:59 AM PDT Fitch Ratings has affirmed ‘B’ rating in Foreign-Currency Issuer Default Ratings (IDRs) with stable outlooks for four Vietnamese banks. Accordingly, the rating is assigned for Asia Commercial Bank’s (ACB) and Saigon Thuong Tin Commercial Joint Stock Bank’s (Sacombank), Vietnam Bank for Agriculture and Rural Development’s (Agribank), and Vietnam Joint-Stock Commercial Bank for Industry and Trade’s [...]

Air conditioner sales rise 22pct in Jan-May: GfK VN Posted: 16 Jul 2012 09:58 AM PDT Air conditioner (air cons) sales in Vietnam registered a 22 percent rise in the first five months of 2012 with nearly 76,000 more air con units snapped up by local consumers, said a recent report from GfK Vietnam. "It appears that consumers in Vietnam are now ready to loosen their purse strings once again following [...]

Da Nang seeks more US investment Posted: 16 Jul 2012 09:57 AM PDT A delegation of the central city of Da Nang led by Chairman of the municipal People's Committee Van Huu Chien has paid a working visit to the US to promote investment and seek cooperative opportunities. At a conference in Houston city, Texas, Chien introduced Da Nang's investment incentives with priority given to high-tech sectors that [...]

Stocks fall on sluggish trading Posted: 16 Jul 2012 09:56 AM PDT Stocks closed in the red on sluggish trading this morning . On the HCM City Stock Exchange, the benchmark VN-Index slid 0.41 per cent to finish at 415.28 points, on a turnover of just VND386.7 billion (US$18.4 million). Decliners outnumbered advancers by 117-74, led by blue chips. Seventeen of the top 30 shares by market [...]

Lotte seeks to become 100% foreign invested Posted: 16 Jul 2012 09:53 AM PDT Lotte Vietnam, the operator of the namesake supermarket chain in the country, has recently submitted a proposal to become a 100 percent foreign invested company, according to the Ho Chi Minh City Department of Planning and Investment. The company intends to buy the remaining 20 percent stake of the Vietnamese Minh Van Co. Lotte's total [...]

Building slump bad news for construction materials companies Posted: 16 Jul 2012 09:52 AM PDT Due to a slump in real estate market, the construction materials companies have been holding onto very large inventories. Construction materials companies have been holding onto very large inventories  Thach Ban JSC, one of the companies that has historically been profitable, is considering cutting back on production. Deputy Director of Thach Ban JSC, Nguyen Trong [...]

Vietnam replaces Thailand as largest rice exporter to Hong Kong Posted: 16 Jul 2012 09:51 AM PDT This year, rice exports from Vietnam are expected to take over 50-60 percent of market share in Hong Kong, replacing Thailand as the largest rice exporter in this market. To achieve this mark, Vietnam had to raise the quality of jasmine and high-quality rice so as to compare with similar rice varieties in Thailand and [...]

Vinaphone launches mobile service on international flights Posted: 16 Jul 2012 09:51 AM PDT Vietnam’s leading telecommunication company Vinaphone announced the launch of its mobile service for customers on some international air lines by which subscribers will be able to make calls and send text messages from inside airplanes. Subscribers of Vinaphone need not register for the service as it will automatically be activated on international roaming. However, customers [...]

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