Vietnam Business News

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• Liquidity pressure eases as central bank extends time for gold mobilization
• 2012 is among most effective year for open market operations
• SaiGonBank says Jan-Sept net profit rises 20.2% Y-o-Y
• HSC reiterates HAG outperform rating
• Vietnam treasury sells 67% of offered government bonds on Nov 21
• Vietnam banks spend vnd3.8tln to buy t-bills nov 21 amid abundant liquidity
• FPT Software enters German market
• French seminar draws investors to Vietnam
• Official blames cross ownership for banking risks
• Real estate inventory causing huge losses

Liquidity pressure eases as central bank extends time for gold mobilization Posted: 21 Nov 2012 08:29 PM PST Nearly a month after the State Bank of Vietnam (SBV) decided to extend time for gold mobilization, gold buying pressure to settle accounts seems to ease and dong deposit rates show signs of cooling down. Asia Commercial Bank (ACB) announced to cut dong deposit interest rates to maximum 12.5% per annum from 13% previously. Earlier, [...]

2012 is among most effective year for open market operations Posted: 21 Nov 2012 08:28 PM PST 2012 is among the years in which open market operation (OMO) is the most effective, as OMO becomes a key tool for the central bank to control money supply and inflation, said expert Le Xuan Nghia. The central bank has bought about $10 billion, equaling to an injection of about VND200 trillion into the market, [...]

SaiGonBank says Jan-Sept net profit rises 20.2% Y-o-Y Posted: 21 Nov 2012 08:28 PM PST Saigon Bank for Industry and Trade (SaiGonBank) reported to have earned a net profit of VND365.4 billion in the first nine months of this year, soaring 20.2% from one year earlier. Its net interest income, or its core business, surged 29.6% on year to VND763.5 billion in the nine-month period, the lender said in its [...]

HSC reiterates HAG outperform rating Posted: 21 Nov 2012 08:24 PM PST Ho Chi Minh City Securities Corporation (HSC), on its November 21 market comment said the broker sees HAG's announcement to issuing new shares as good news. HAG's announcements: Hoang Anh Gia Lai Corporation (HAG) has announced that it will seek approval from shareholders to issue 175,474,210 shares including (1) 68,000,000 shares issued to repay the [...]

Vietnam treasury sells 67% of offered government bonds on Nov 21 Posted: 21 Nov 2012 08:22 PM PST The State Treasury of Vietnam sold VND2 trillion worth of government bonds or 66.6% of the offered value, at the yield of 9.15-9.29% p.a. in an auction held on Nov 21, said the Hanoi Stock Exchange (HNX). In details, the State Treasury sold VND2 trillion government debts out of VND3 trillion auctioned bonds with a [...]

Vietnam banks spend vnd3.8tln to buy t-bills nov 21 amid abundant liquidity Posted: 21 Nov 2012 08:22 PM PST Local commercial banks spent VND3.803 trillion yesterday [Nov 21] to purchase Treasury bills at low rates of 6-6.8% per annum amid ample funds availability, the local newswire VnEconomy.vn reported, citing Reuters' data. Specifically, domestic lenders have bought VND2.21 trillion worth of 56-day T-bills at 6% p.a. and VND1.593 trillion 91-day securities at 6.8% p.a. On [...]

FPT Software enters German market Posted: 21 Nov 2012 08:17 PM PST Vietnam’s leading information technology company FPT Software recently opened software outsourcing operations in Germany, aiming to develop it into o­ne of its three key markets besides the US and Japan. The company now has a presence in 12 countries. Company general director Nguyen Thanh Lam said that the launch of the German branch was in [...]

French seminar draws investors to Vietnam Posted: 21 Nov 2012 08:15 PM PST A seminar entitled " Vietnam , trade and industrial partner in Southeast Asia" took place in the French city of Lyon. The event was jointly organised by the Vietnamese Embassy in France 's Trade Office, the Rhon – Alpes Chamber of Commerce and Industry and the Lyon Chamber of Commerce and Industry. Addressing the event, [...]

Official blames cross ownership for banking risks Posted: 21 Nov 2012 08:15 PM PST Banking mogul Nguyen Duc Kien's case is a typical example of dangerous cross ownership, one official has said. Cross ownership adds risks to the banking system SBV's Deputy Governor Dang Thanh Binh made the comment at a press conference on November 20 prior to the international meeting on financial stability and the role of financial [...]

Real estate inventory causing huge losses Posted: 21 Nov 2012 08:13 PM PST The real estate sector is in the doldrums with many condominium projects on hold while other projects are being launched in the hope that the year end will bring cheer to the market. Long lasting losses have however weakened the financial capacity of many enterprises. Last year, Quoc Cuong Gia Lai (QCG) was listed among [...]

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