Vietnam Business News

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• Remittances fall slightly
• State treasury succeeds in raising 1.6tr dong worth of g-bond
• Five banks spare 217b dong of soft loans for HCM city-based companies
• SBV issues treasury bills on OMO after 16 weeks
• US dollar deposit rate breaches allowable cap of 2pct/yr
• Investment funds wavering between coming back and staying on
• New fund model in Vietnam may boost liquidity
• Economic growth turns positive
• Jetstar Pacific expands Airbus fleet
• Tax collection below target makes balancing the budget a challenge

Remittances fall slightly Posted: 12 Oct 2012 05:32 AM PDT Contrary to the growth trend in the past few years, overseas Vietnamese remittances this year have fallen slightly. "In the first eight months of the year, overseas remittances dropped 10% year-on-year," said a senior source from the central bank. Based on the statistics on private remittances in the year to date, the official predicted overseas [...]

State treasury succeeds in raising 1.6tr dong worth of g-bond Posted: 12 Oct 2012 05:29 AM PDT Hanoi Stock Exchange (HNX) on October 11 reported the tender result for two trillion dong worth of government-backed bond issued by the State Treasury for tenors of 2-years and 3-years. For 2-year tenor bond, the total offered volume was one trillion dong. The total registered volume reached 2.6 trillion dong. The raised volume was 950 [...]

Five banks spare 217b dong of soft loans for HCM city-based companies Posted: 12 Oct 2012 05:29 AM PDT Five commercial banks signed a 217 billion dong credit contract to offer soft loans with preferential interest rate for 19 small and medium sized enterprises (SMEs) in HCM City's Tan Binh District. Five commercial banks namely Saigon Thuong Tin Commercial JS Bank (Sacombank-STB), Orient Commercial JS Bank (OCB), Vietnam Bank for Agriculture and Rural Development [...]

SBV issues treasury bills on OMO after 16 weeks Posted: 12 Oct 2012 05:18 AM PDT After 16 weeks of suspension for treasury bill issuance and the liquidity situation of commercial banks is now relatively stable, from October 10, the State Bank continued to issue treasury bill to withdraw money in order to regulate capital flows Particularly, on two days October 10 and 11, the central bank issued total 1.398 trillion [...]

US dollar deposit rate breaches allowable cap of 2pct/yr Posted: 12 Oct 2012 05:15 AM PDT Not only deposit rate in dong but also the saving rate in US dollar also breached the cap of 2% p.a set by the State Bank of Vietnam (SBV) whereby with a deposit worth $10,000, the depositor will enjoy the saving rate of up to 3.5% p.a. As per the Circular No 14/2011/TT-NHNN, effective from [...]

Investment funds wavering between coming back and staying on Posted: 12 Oct 2012 05:13 AM PDT Despite the current big difficulties, some foreign investment funds still have decided not to leave Vietnam. This is really the good news for Vietnamese stock market. It's time to make decision about leaving or staying Thanh Nien has reported that the Vietnam Enterprise Investments Limited (VEIL) and Vietnam Growth Fund Limited (VGF), which both are [...]

New fund model in Vietnam may boost liquidity Posted: 12 Oct 2012 05:12 AM PDT Vietnam's investment landscape is about to get a facelift that could ultimately boost its private equity industry, as fund management companies seek to establish open–ended funds Vietnam's investment landscape is about to get a facelift that could ultimately boost its private equity industry, as fund management companies seek to establish open–ended funds that will allow [...]

Economic growth turns positive Posted: 12 Oct 2012 05:01 AM PDT The socio-economic performance has recorded positive movements, signalled by bright signs like declining lending interest rate, stable exchange rate, higher foreign currency reserve and lower inventory level. This is part of the latest report that the Ministry of Planning and Investment (MPI) presented at a working session of the National Assembly's Economic Committee o­n October [...]

Jetstar Pacific expands Airbus fleet Posted: 12 Oct 2012 04:57 AM PDT Low-cost carrier Jetstar Pacific on Wednesday received one more Airbus A320 aircraft at Tan Son Nhat International Airport, taking to four the total number of its Airbus A320 fleet. According to a statement released by Jetstar Pacific, the airplane manufactured by Airbus Group was transferred by the U.S.'s Aviation Capital Group Corporation. The carrier in [...]

Tax collection below target makes balancing the budget a challenge Posted: 12 Oct 2012 04:57 AM PDT General Department of Taxation deputy director Tran Van Thu released the figures at a meeting held in Ha Noi yesterday to review State budget utilisation so far this year . “The ministry has strived to bring the debt ratio to less than 5 per cent to ensure a balance between State budget collections and spending,” [...]

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