Vietnam Business News

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• Gold retreats marginally
• Ministry to limit licences for rice exporters
• Fuel prices to go up by VND1,000 per liter: Ministry
• SuperStar Aquarius brings 80,000 tourists to Vietnam
• Many auto firms sell products for no profit
• Banks move on with soft loan packages
• Realtors see profits falling in Q2
• Excess inventories hinder real estate market growth
• Few visitors get VAT refund
• Exports likely to reach set target

Gold retreats marginally Posted: 01 Aug 2012 07:14 AM PDT Price of gold in Vietnam fell by VND100,000 a tael (1.2 ounces) over the previous day on August 1 as global price continuously made correction. Saigon Jewelry Company, Vietnam's biggest gold processer and trader, bought the metal at VND41.85 million and sold at VND42 million as of 8.05am Vietnamese time. Hanoi-based Phu Quy Jewelry purchased [...]

Ministry to limit licences for rice exporters Posted: 01 Aug 2012 07:13 AM PDT Strict new conditions for rice exporters that take effect on October 1 are set to result in 50 enterprises losing export licences, according to The Ministry of Industry and Trade’s Import and Export Department. Decree 109 on rice export businesses will require enterprises to meet criteria such as having a warehouse with capacity of at [...]

Fuel prices to go up by VND1,000 per liter: Ministry Posted: 01 Aug 2012 07:12 AM PDT The retail prices of petroleum products are expected to rise by some VND1,000 a liter today, Wednesday, said a senior state official. Seven local petroleum wholesalers have submitted their plans to increase the prices, said Nguyen Tien Thoa, head of the Price Management Department under the Ministry of Finance. They include the Vietnam National Petroleum [...]

SuperStar Aquarius brings 80,000 tourists to Vietnam Posted: 01 Aug 2012 07:11 AM PDT Saigontourist expects to welcome around 80,000 international tourists, mainly Chinese, traveling on the cruise ship SuperStar Aquarius from November this year to March next year. Some 80 trips of SuperStar Aquarius of StarCruises will bring tourists on the routes from China's Sanya to Halong Bay and Danang City during the period. The ship owner arranges [...]

Many auto firms sell products for no profit Posted: 01 Aug 2012 07:11 AM PDT Many auto firms are applying non-profit sale mode to maintain production and reduce inventory, said Laurent Charpentier, chairman of the Vietnam Automobile Manufacturers Association (VAMA). The written reply of the Ministry of Transport saying it would need a couple of years until the scheme on personal vehicle restriction fee comes into practice has sparked a [...]

Banks move on with soft loan packages Posted: 01 Aug 2012 07:10 AM PDT After presenting disbursement results of recent lending programs, many local banks have announced to expand new loan programs with a further cut in interest rates to help pump credits onto the economy. Vietnam Export Import Commercial Bank, or Eximbank, over the weekend launched a loan package worth over VND5 trillion, giving an interest rate of [...]

Realtors see profits falling in Q2 Posted: 01 Aug 2012 07:08 AM PDT Given poor sales performance and tough challenges, real estate businesses in the year's first half saw their profits dwindling. There has been a build-up of unsold homes over the past two quarters owing to low sales. Meanwhile, an increase in financial spending, bank loan payments and management costs puts more pressure on property traders and [...]

Excess inventories hinder real estate market growth Posted: 01 Aug 2012 07:07 AM PDT More than 60 real estate firms listed on HCMC HOSE and Hanoi HNX stock exchanges have confirmed that they have excess inventories worth over VND83 trillion (USD4 billion). Inventories have increased 6.69% compared to the end of 2011. Currently housing inventories account for 45.84% of othe total assets of these enterprises. However, 69.4% of all [...]

Few visitors get VAT refund Posted: 01 Aug 2012 07:05 AM PDT Only 34 foreign tourists have claimed value-added tax refunds at Tan Son Nhat International Airport after a month since the customs started a pilot program to this effect to make local shopping more attractive to tourists. Pham Tri Dung, a customs officer at the airport, said the VAT refunds totaled only VND67.5 million, and most [...]

Exports likely to reach set target Posted: 01 Aug 2012 07:04 AM PDT The Ministry of Industry and Trade has predicted that Vietnam ‘s export turnover in 2012 will reach US$109.5 billion, up 13 percent against 2011. According to the General Statistics Office (GSO), Vietnam enjoyed a trade surplus of US$100 million in July of this year. The Foreign Direct Investment (FDI) sector alone is estimated to earn [...]

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