Vietnam Business News

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• Steel inventories fall sharply
• VietinBank signs agreement with foreign partners
• Trade surplus with Americas hit 15 billion USD
• Banks promoting personal credit
• Vietnam gold shops dodge bullion trading regulations
• Exports to ASEAN region increase 25.7% in 2012
• FDI disbursement hits 420 million USD in January
• Viettel targets profit of VND34.6 trillion in 2013
• Securities Commission tightens market monitoring
• Black cloud still hovering over enterprises

Steel inventories fall sharply Posted: 04 Feb 2013 08:43 PM PST Inventories of finished steel products plunged by 16.6 per cent in January, compared to the same month a year ago, the Viet Nam Steel Association has announced. The steel industry has set a modest growth target of 2-3 per cent this year in the face of uncertain economic situations domestically and internationally, said association chairman [...]

VietinBank signs agreement with foreign partners Posted: 04 Feb 2013 08:42 PM PST Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on February 4 signed a loan agreement of €120 million (or US$155 million) with some international banks. The five-year agreement will be supported by Sumitomo Mitsui Banking Corporation and German KFW IPEX- Bank GMBH though the Export Credit Insurance Program. German Euler Hermes credit insurance [...]

Trade surplus with Americas hit 15 billion USD Posted: 04 Feb 2013 08:41 PM PST The nation's trade surplus with markets in North and South America reached 15.3 billion USD in 2012, an increase of 15 percent over the previous year, according to the General Department of Customs. The total value of trade with the Western Hemisphere climbed to 31.3 billion USD, of which Vietnam's export value accounted for 23.3 [...]

Banks promoting personal credit Posted: 04 Feb 2013 07:52 PM PST Commercial banks would focus more on personal credit. In the context of limited enterprises' credit demand, banks have switched their focus on personal credit development. A manager of a commercial bank said that even the loan interest rate applied for corporate customers was just 6-7 percent per year, the corporate credit demand still remained at [...]

Vietnam gold shops dodge bullion trading regulations Posted: 04 Feb 2013 07:51 PM PST Local gold shops have been trading gold bars by taking the gold as pawn, the local newswire saigondautu.com.vn reported. The move was to dodge recent regulations of the central bank that shrank the local gold market by three-fourths and made local gold shops unqualified for bullion trading. Accordingly, local people would sell gold to the [...]

Exports to ASEAN region increase 25.7% in 2012 Posted: 04 Feb 2013 07:44 PM PST Viet Nam’s exports to ASEAN toppped US$17.08 billion in 2012, surging 25.7 per cent over the previous year. The figure accounted for 14.9 per cent of the country’s total export value last year, according to the General Department of Customs’ statistics. The strong growth was attributed to significant increases in value of key export items [...]

FDI disbursement hits 420 million USD in January Posted: 04 Feb 2013 07:43 PM PST Disbursement of Foreign Direct Investment (FDI) projects reached more than USD420 million in January 2013, up 5% against the same month last year, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. As of January 20, 2013, Vietnam had gained 37 licensed projects with a total registered capital of 257.1 million [...]

Viettel targets profit of VND34.6 trillion in 2013 Posted: 04 Feb 2013 07:43 PM PST The Defence Telecommunications Group Viettel earned revenue of VND141.4 trillion and profit of VND 27.5 trillion in 2012, the group announced on February 3rd. Along with its high growth rate, last year, Viettel contributed VND12 trillion to the State budget and donated VND 80 billion to social welfare, increasing 20 and 25 per cent, respectively, [...]

Securities Commission tightens market monitoring Posted: 04 Feb 2013 05:42 PM PST The Ministry of Finance issued a new revised regulation on January 25 which, from March 8, will increase the monitoring of securities trading. Accordingly, the State Securities Commission will be responsible for checking all rumours and information sources on the stock market. Specifically, the commission will have to watch out for cases of manipulation, inside [...]

Black cloud still hovering over enterprises Posted: 04 Feb 2013 05:00 PM PST Many consumers and enterprises in Vietnam are still glum about 2013. According to the "Consumer Confidence 2012-2013" survey released late last month by TNS Vietnam, Vietnamese consumers' confidence index, with 100 being the optimal score, has dropped to a score of 56, down from 68. The score has slipped considerable from the optimism of 2010 [...]

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