Wednesday, September 12, 2012

Vietnam Business News

Vietnam Business News

Sep 11: VN-Index extends loss on fuel price speculation

Posted: 11 Sep 2012 08:18 AM PDT

Stocks on the Hochiminh Stock Exchange declined for a second straight day this week as investors continued selling off shares on fears that corporate earnings prospects might worsen after gasoline traders asked for another price hike. The market got another blow as local companies have been struggled to withstand economic recession, a stock analyst said. [...]


Vietnam has no perfect legal framework for bank M&A

Posted: 11 Sep 2012 08:10 AM PDT

The merger and acquisition (M&A) affairs which successfully wrapped up recently all witnessed the deep intervention of the state management agencies. It is because Vietnam still does not have a perfect legal framework for the bank M&A activities. "Vietnam is lacking the legal framework for this issue," said Lawyer Tran Minh Hai, Director of Basico, [...]


Bank-business dialogue comes to deadlock, businesses at the stake

Posted: 11 Sep 2012 08:09 AM PDT

Ignoring the businesses' complaints about the lack of capital, banks do not hurry to push up lending. The dialogues between banks and businesses have not helped reach a common voice to settle the problem. Businesses at stake The bank loan interest rate escalations have been attributed to the tightened monetary policies Vietnam has been applying [...]


Sept 11: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates eases

Posted: 11 Sep 2012 08:09 AM 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 8 months, and banks' rates eased. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at VND21,036. The rate offered by major [...]


Interest rates on overdue loans proposed to be redefined

Posted: 11 Sep 2012 08:07 AM PDT

Vietnam Banking Association (VNBA) has recently forwarded commercial banks' request for determination of interest rates on delinquent debts when filing against debt settlement postponement to the Supreme People's Court and Supreme People's Procuracy. Otherwise, borrowers may delay repayment further in an attempt to enjoy low interest rates, according to this agency. Corporate borrowers would be [...]


Banks unwilling to excessively soften interest rates

Posted: 11 Sep 2012 08:07 AM PDT

It has been one month and a half since the central bank called for credit institutions' lowering interest rates for existing loans to below 15pct. Some 77pct of such loans have reportedly enjoyed lower rates, thus easing financial pressure on business However, given a pool of economic difficulties, much assistance would be needed in addition [...]


Vietnam gas prices likely to rise 4.5% soon

Posted: 11 Sep 2012 08:05 AM PDT

Retail gas prices in Vietnam is likely to rise VND20,000 or 4.5% to VND440,000/ 12kg canister soon following uptrend of global gas prices,, the state-run online newspaper Nguoilaodong reported. Representative of gas traders in Ho Chi Minh city attributed higher imported gas prices as reason for the possible price hike in local market, citing that [...]


Vietnam central bank net pumps vnd1.88trillion on omo on September 10

Posted: 11 Sep 2012 07:54 AM PDT

Vietnam central bank net injected VND1.88 trillion on OMO on September 10, Bloomberg' data showed. On the day, the State Bank of Vietnam (SBV), the country's central bank, the country's central bank, injected VND1.88 trillion on OMO at interest rate of 8% p.a through 7 day window and withdrew zero dong on the OMO as [...]


Sept 11: Vietnam stocks extend loss, property shares plunge

Posted: 11 Sep 2012 07:49 AM PDT

Vietnamese shares continued to post losses as local investors continued to dump shares to cut losses. The benchmark VN Index lost 2.26 points or 0.58% to 386.62. Volume fell 26.7% to 35.75 million shares worth of VND454.04 billion. Put through trading contributed 1.87 million shares worth of VND18.35 billion. We saw two big deals of [...]


Vietnam economy loses its roar

Posted: 11 Sep 2012 07:49 AM PDT

Four years ago, Le Van Tho borrowed $200,000 to build a new ceramic factory on rice fields bordering Hanoi. But with the economy slowing, orders have slumped this year and she recently laid off almost half her workers. It””s also a grim picture down the road: bowls, statues and flower vases gather dust in export [...]


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