Vietnam Business News

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• SJC to provide further 350,000 taels of gold
• Bankers seeking sweetness in sugar industry
• Sept 25: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates hover vnd20,900
• Soaring China steel imports draw fire
• Scandals, inflation depress shares
• Viet Kieu desire to enrich homeland
• Prime Minister signs off on import restrictions
• Vietnam bond market more than double in size in 3 years
• Vietnam to tighten control over opening new bank branches
• Enterprises still suffer from high lending interest rate

SJC to provide further 350,000 taels of gold Posted: 24 Sep 2012 10:13 PM PDT State Bank of Vietnam on September 19 ordered Saigon Jewelry Company to produce 350,000 taels of gold, or 13 tons of gold, from damaged SJC and non-SJC gold to increase supply in the local bullion market. According to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam-Ho Chi Minh City Branch, this amount [...]

Bankers seeking sweetness in sugar industry Posted: 24 Sep 2012 10:09 PM PDT Sugar companies once were considered the "pretty traders" if compared with the big guys in the banking sector. However, nowadays they are the aiming points of many big bankers. Rapid-fire information has come about the commercial affairs conducted by sugar companies, showing the heat of the sugar industry, from the news about the collection of [...]

Sept 25: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates hover vnd20,900 Posted: 24 Sep 2012 10:09 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 8 months, and banks' rates were mostly at VND20,900. 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 [...]

Soaring China steel imports draw fire Posted: 24 Sep 2012 10:08 PM PDT Steelmakers are calling on the authorities to crack down on unlawful steel imports at a time when the domestic industry is already struggling with low demand and large stockpiles. Viet Nam Steel Corporation’s deputy director Vu Ba On said the country had recently seen a sudden increase in imported steel volumes, especially from China. Figures [...]

Scandals, inflation depress shares Posted: 24 Sep 2012 10:06 PM PDT Stocks made a negative start in the new trading week yesterday, declining on both of the nation’s stock exchanges, as recent scandals surrounding banking executives continued to shadow the market. “The resignations of bank executives have fanned concerns over graver problems within the banking system, with scandals centred around top-rated lender Asia Commercial Bank,” FPT [...]

Viet Kieu desire to enrich homeland Posted: 24 Sep 2012 10:06 PM PDT Phung Kim Vy, chairman of the Cliff Resort & Residences in Mui Ne, Binh Thuan province on Vietnam's southern central coast, is a Vietnamese Canadian business woman well known among the Viet Kieu business community in Vietnam. As an entrepreneur, she has made substantial contributions to the homeland and now is deputy chief of the [...]

Prime Minister signs off on import restrictions Posted: 24 Sep 2012 10:05 PM PDT Used goods imported for imminent re-export, along with frozen animal and poultry innards, will be temporarily suspended from trading by the end of this month. The regulation has been issued by the Ministry of Industry and Trade (MoIT) following the Prime Minister’s Direction No 23/CT-TTg dated September 7. As from September 30, the traders will [...]

Vietnam bond market more than double in size in 3 years Posted: 24 Sep 2012 11:54 AM PDT Vietnam's listed bonds value rose from VND159.54 in 2009 inception to VND339.34 as of August 31, 2012. Vietnam's government bond market officially opened on September 24, 2090, marking a big milestone for Vietnam securities market. Bond market has been serving as an effective fund raising channel for State budget and the government has raised a [...]

Vietnam to tighten control over opening new bank branches Posted: 24 Sep 2012 11:53 AM PDT Vietnam will tighten regulations on opening new banking branch as the system undergoes restructuring period, the Banking Times reported September 24. Currently, opening new banking branches and representative offices is regulated in the Decision No 13/2008/QĐ-NHNN. However, according to banking insiders, the Decision No 13/2008/QĐ-NHNN is built in old law of credit institutions, and the [...]

Enterprises still suffer from high lending interest rate Posted: 24 Sep 2012 11:53 AM PDT By August, all lending interest rate for the loans before July 15 has been reduced to 15 percent/year By August, all lending interest rate for the loans before July 15 has been reduced to 15 percent/year, Nguyen Hoang Minh, deputy Governor of State Bank of Vietnam (SBV)'s HCM City branch said at a meeting on [...]

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