Vietnam Business News

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• Malaysian petrol distributor buys Vietnamese companies
• ODA funds boost infrastructure plan
• Phone exports nearly double
• FIEs lead on export growth
• Shares rise welcoming new year
• Market forecast to rebound in 2013
• Mekong Delta farmers eager for Gov’t to stockpile rice
• Inflation still haunting economy
• Mineral export control tightened
• Exporters can still access foreign currency loans

Malaysian petrol distributor buys Vietnamese companies Posted: 01 Jan 2013 11:34 PM PST Petronas Dagangan Bhd, the supplier of petroleum products in Malaysia, has completed the acquisition of two Vietnamese petroleum companies, Petronas Vietnam Co and Thang Long LPG Co. The transaction was made in accordance with an agreement of share sale and purchase dated June 1, 2012. Both Vietnamese companies would be held by Petronas Dagangan Bhd [...]

ODA funds boost infrastructure plan Posted: 01 Jan 2013 11:31 PM PST Vietnam has successfully disbursed about $3.9 billion in official development assistance in 2012, the Ministry of Planning and Investment reported. The official development assistance (ODA) disbursement included $3.65 billion of loans and $250 million of non-refund aids. "It is a positive result, especially amid economic difficulties, and at a time when Vietnam has become a [...]

Phone exports nearly double Posted: 01 Jan 2013 11:30 PM PST Viet Nam’s phone exports has achieved a record growth of 97.7 per cent over 2011 to reach US$12.6 billion, according to a source with the Ministry of Industry and Trade. However, foreign-invested companies are responsible for the bulk of this growth, market analysts say, adding that domestic firms need to tap into growth potentials created [...]

FIEs lead on export growth Posted: 01 Jan 2013 11:30 PM PST After riding out the economic storm to brighten Vietnam's export performance in 2012, foreign invested enterprises are expecting more export jackpots for the new year. Under the glow of hundreds of electric bulbs, 1,500 workers at Korean-backed garment maker KJ Vina in Binh Duong province are working to meet the company's export orders for early [...]

Shares rise welcoming new year Posted: 01 Jan 2013 11:29 PM PST Shares added value on the first trading day of the new year. On the HCM City Stock Exchange, the VN-Index advanced 1 per cent to reach 417.88 points after gainers outnumbered losers by 182-50. The VN30, tracking the bourse’s top shares, also rose 0.87 per cent to 489.58 points. The rally of the VN30 was [...]

Market forecast to rebound in 2013 Posted: 01 Jan 2013 08:31 PM PST If the Government effectively implements its business rescue plan this year, the securities market will prosper, say market insiders. “According to predictions by domestic and foreign financial institutions, Viet Nam’s economy will be better in the second half of this year, and so will the stock market,” Nguyen Doan Hung, vice chairman of the State [...]

Mekong Delta farmers eager for Gov’t to stockpile rice Posted: 01 Jan 2013 06:39 PM PST Farmers in the Mekong Delta want the Government to stockpile rice at the earliest as rice prices are continually falling with low demand and harvest of the winter-spring crop still far away. Farmer Duong Van Chau from Thanh My Commune in Chau Thanh District of Tra Vinh Province still has unsold rice from the autumn-winter [...]

Inflation still haunting economy Posted: 01 Jan 2013 06:38 PM PST Inflation will remain a threat to the economy and consumers next year even though it is restrained relatively well in 2012. This was a common view shared by many experts with experience in price management at a workshop on price and market developments in 2012 and forecasts for 2013 held in Hanoi last Thursday. The [...]

Mineral export control tightened Posted: 01 Jan 2013 06:37 PM PST After numerous delays, the Ministry of Industry and Trade last week officially issued a circular imposing stricter control on mineral export in order to limit the sale of crude ore abroad. As per Circular 41/2012/TT-BCT on mineral export, from February 4 only enterprises established and operating under the Enterprise Law will be permitted to export [...]

Exporters can still access foreign currency loans Posted: 01 Jan 2013 06:36 PM PST Local exporters will still be able to take out forex loans for business activities instead of being subject to an earlier decision by the central bank stopping forex loans from tomorrow, according to a new circular. Under Circular 37/2012/TT-NHNN just issued by the State Bank of Vietnam, credit institutions are allowed to provide short-term forex [...]

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