Friday, January 25, 2013

Vietnam Business News

Vietnam Business News

Real estate absorbs 23 percent of FDI

Posted: 24 Jan 2013 10:50 PM PST

The real estate sector has accounted for almost one fourth (23 percent) of all foreign investment in Vietnam , with 49.8 billion USD poured into 389 projects by the end of 2012. With 163 projects worth 12.4 billion USD, Ho Chi Minh City tops the list of localities attracting FDI in property. The city is [...]

Central bank may set local gold prices

Posted: 24 Jan 2013 10:49 PM PST

The State Bank of Viet Nam yesterday began gathering public comments on a draft decision to be issued by the Prime Minister to govern the sale and purchase of gold bullion on the domestic market. Under the provisions of the draft decision, the State Bank of Viet Nam would buy and sell gold bullion as [...]

Vietnam’s official public debt bulletin to be released

Posted: 24 Jan 2013 10:49 PM PST

The Ministry of Finance will officially releaseVietnam's public debtbulletins in Vietnamese and English. The forthcoming release follows theLaw on public debt management, according to the ministry. The principal content of the public debt bulletin reflects the total public debt of Vietnam, which stood at VND1,392 trillion ($66.8 billion), or 54.9 percent of Vietnam's gross domestic [...]

Shares climb on increased foreigh holdings data

Posted: 24 Jan 2013 10:48 PM PST

Information indicating a likely increase of foreign holdings in listed companies helped extend share gains on both exchanges this morning. According to a source from the newspaper Thoi bao kinh te Sai Gon (Sai Gon Economic Times), the regulation allowing foreigners to raise their holdings in listed companies by another 10 per cent without voting [...]

Garment, textile businesses step up production

Posted: 24 Jan 2013 10:48 PM PST

All garment and textile enterprises in Ho Chi Minh City have stepped up production so as to timely deliver goods to importers in the US, EU and Japan before the Tet holiday season begins. With only ten days to go before the nine-day long Tet Lunar New Year holidays begin, production is being stepped up [...]

Vietnam central bank may open offshore gold trading account

Posted: 24 Jan 2013 08:14 PM PST

The State Bank of Vietnam (SBV) may open its own offshore gold trading account to import material gold to supplement the country's foreign exchange reserve when it sells gold bars in the local market. The information is unveiled in the draft decision on gold bar trading of the central bank in the domestic market, which [...]

Vietnam: bad debts of ‘big4’ banks top vnd46.6tln by end 2012

Posted: 24 Jan 2013 08:13 PM PST

Total bad debts of 'big4' banks in Vietnam [including Agribank, BIDV, Vietcombank and VietinBank] reached VND46.6 trillion by the end of 2012, the local newswire VnEconomy.vn reported. Agribank, Vietnam's only 100% state-owned and largest lender by assets, posted its bad loans at VND27.8 trillion by end 2012, or 5.8% of its total loans. The bank [...]

Jan 25, 2013: Vietnam central bank keeps dollar exchange at vnd20,828, commercial banks rate down

Posted: 24 Jan 2013 08:13 PM PST

Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND20,828 on Friday, unchanged since Dec 17, 2012 Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036. Some commercial banks continued lowering dollar prices [...]

Vietnam: banker’s arrest puts Agribank in the spotlight

Posted: 24 Jan 2013 06:37 PM PST

Vietnam's minister of public security announced on Wednesday that Pham Thanh Tan, ex-chief of the state-owned Agribank, had been arrested for "irresponsibly causing serious consequences." Just when Vietnam's weary investors were breathing a little easier amid improved economic data and an unexpected upturn in its stock markets, a long-simmering bank scandal burst back into the [...]

Agribank says bad debts at VND27.8Tln by end 2012

Posted: 24 Jan 2013 06:37 PM PST

Bad debts of Agribank, Vietnam's largest lender by assets, stood at VND27.8 trillion by the end of last year, accounting to 5.8% of its total loans and two notches below its target of 6%, the bank said in a press meeting early yesterday. Agribank, officially called the Vietnam Bank for Agriculture and Rural Development, saw [...]
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