Vietnam Business News

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• Starbucks to open 1st Vietnam cafe
• HCMC: 2012 credit growth +7.5%; total deposits +9%
• Interest rate may fall to 7-8% by end 2013, says BSC
• Central bank refuses to cap interest on long-term loans
• SBV’s action to prevent banks’ gold speculation will help?
• Vietnam prepares for mobile banking push
• Vietinbank spares vnd1tln preferential loans at minimum 9% p.a.
• Vietnam banks dodge deposit rate cap to draw in deposits
• Dak Nong‘s Coffee exported to 23 countries
• Haiphong surpasses Hanoi, HCMC in FDI attraction

Starbucks to open 1st Vietnam cafe Posted: 03 Jan 2013 11:09 PM PST Starbucks Corp. will open its first Vietnam cafe early next month in Ho Chi Minh City as part of its strategy to expand across Asia, the company said Thursday. The Seattle-based chain will be entering a country of coffee lovers that already has an established market. At least two popular homegrown chains have dozens of [...]

HCMC: 2012 credit growth +7.5%; total deposits +9% Posted: 03 Jan 2013 07:51 PM PST Total outstanding loans in Ho Chi Minh City, by the end of 2012, have grown 7.5% from end 2011, the Banking Times reported, citing data from the central bank branch in the area. According to To Duy Lam, director of the central bank branch in Ho Chi Minh City, commercial banks have struggled with great [...]

Interest rate may fall to 7-8% by end 2013, says BSC Posted: 03 Jan 2013 07:50 PM PST BIDV Securities Company (BSC) forecasts that interest rate may fall to 7-8% per annum by the end of this year. The securities company's projection was based on the progress in tackling bad debts and restructuring the banking system as well as expected inflation of 7% in 2013. This year, the central bank tended to relax [...]

Central bank refuses to cap interest on long-term loans Posted: 03 Jan 2013 07:49 PM PST The State Bank of Viet Nam will not cap interest rates on loans given for longer than a year except in the case of four priority sectors, Nguoi Lao Dong (Labourer) newspaper quoted its chief as telling the media on December 27. The refusal by governor Nguyen Van Binh, who is wary that cheap funds [...]

SBV’s action to prevent banks’ gold speculation will help? Posted: 03 Jan 2013 07:47 PM PST The State Bank of Vietnam has, for the first time in history, has set a cap on the commercial banks' gold position, an action that aims to restrict the gold speculation. Vietnam, gold market, price increase, management, policies A circular was issued by the State Bank of Vietnam in late December 28, 2012, just before [...]

Vietnam prepares for mobile banking push Posted: 03 Jan 2013 07:46 PM PST Vietnamese payment switch operator Smartlink has called in Singaporean vendor Tagit to help it build a mobile banking service. Tagit says that its Mobeix platform will be available to over 40 million card holders belonging to Smartlink’s more than 50 member banks. First to roll out the service will be Vietcombank, allowing customers to download [...]

Vietinbank spares vnd1tln preferential loans at minimum 9% p.a. Posted: 03 Jan 2013 07:46 PM PST VietinBank said that it spared a credit package worth VND1 trillion to offer loans at preferential interest rates of at least 9% per annum to assist business activities of individuals and households. The credit package will last until the end of April 2013, the HOSE-listed lender said. Accordingly, borrowers seeking funds for their business in [...]

Vietnam banks dodge deposit rate cap to draw in deposits Posted: 03 Jan 2013 07:45 PM PST A number of commercial banks have been offering above-cap interest rates to lure depositors, with the rates climbing up to as high as 11.5% per annum, far above the current rate cap of 8%, the local online newspaper Thanh Nien reported. The newspaper then gave out an example of an unnamed bank headquartered in Hanoi [...]

Dak Nong‘s Coffee exported to 23 countries Posted: 03 Jan 2013 07:34 PM PST Dak Nong province's coffee was exported for the first time to 23 countries and territories across the world in 2012, registering an export turnover of US$ 239.8 million, up 41.6% year on year, according to Dak Nong Department of Industry and Trade. The sector contributed to the province's total export turnover of US$515 million in [...]

Haiphong surpasses Hanoi, HCMC in FDI attraction Posted: 03 Jan 2013 07:33 PM PST  Haiphong surpassed Hanoi and HCMC to take over the second spot in foreign direct investment (FDI) attraction in 2012. As of end-December 2012, Haiphong had lured US$1.16 billion in FDI, only after Binh Duong Province with US$2.53 billion, as reported by the Foreign Investment Agency under the Ministry of Planning and Investment. The latest data [...]

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