Vietnam Business News

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• Gold bar auction expected to narrow price gap
• Panasonic washing machine factory operational in Vietnam
• Businesses win contracts at International Furniture Fair
• Hospitality expo expects huge turnout
• Trade with Brazil nears $2 billion
• Vietnam to form asset management firm this month to resolve debt
• The secrets of ATMs
• Banking staff remain on high pay despite economic difficulties
• March 20: Vietnam central bank sets Dollar unchanged at VND20,828; back market rates fall
• Vietnam Feb credit growth +0.26% m/m

Gold bar auction expected to narrow price gap Posted: 20 Mar 2013 05:00 AM PDT The State Bank Governor issued a decision regulating gold bar trading procedures on Monday to prepare for the commodity’s first official auction.  In order to ensure enough gold bars for the auction, the central bank authorised four commercial banks to export non-SJC gold bars and import standardised gold from early February. The combined volume of [...]

Panasonic washing machine factory operational in Vietnam Posted: 20 Mar 2013 04:12 AM PDT Panasonic Appliances (PAPVN) has officially inaugurated its washing machine factory in Thang Long II Industrial Park in the northern province of Hung Yen. This is PAPVN's second factory in Vietnam after they established a fridge factory in Hanoi's Thang Long Industrial Park in 2003, with a capacity of producing 800,000 units per year. With an [...]

Businesses win contracts at International Furniture Fair Posted: 20 Mar 2013 04:09 AM PDT SINGAPORE — About two-thirds of 27 Vietnamese businesses showcasing their products at the recent 2013 International Furniture Fair Singapore have received new orders, worth a total of nearly $2 million. Half of the value was the result of a contract signed between Grass – a company producing bamboo-made decorations in the southern province of Tay [...]

Hospitality expo expects huge turnout Posted: 20 Mar 2013 04:05 AM PDT HCM CITY— Food & Hotel Viet Nam 2013, scheduled to be held on April 24-26, will provide local industry professionals with high-quality equipment, services and solutions available in the global marketplace. With at least 70 per cent of the exhibitors from overseas, the sixth event is expected to become a premier platform for networking and [...]

Trade with Brazil nears $2 billion Posted: 20 Mar 2013 03:59 AM PDT HA NOI — Trade between Viet Nam and Brazil could hit US$2 billion this year, the Viet Nam Trade Office in Sao Paulo has forecast. The office said the bilateral trade has seen rapid growth in recent years despite the impact of the global economic recession. During 2000-12, two-way trade saw a 65.2 fold rise [...]

Vietnam to form asset management firm this month to resolve debt Posted: 20 Mar 2013 03:50 AM PDT Vietnam will set up a debt asset management company this month as it steps up efforts to tackle bad debt in banks that curbed lending and dragged economic growth to its slowest pace since 1999. "The Politburo has already approved it, and preparation work is almost finished," Le Xuan Nghia, member of the National Financial [...]

The secrets of ATMs Posted: 20 Mar 2013 03:49 AM PDT Commercial banks all complain that they have been incurring with ATM services, but they still keep developing ATM services. Experts said the prices of ATMs vary depending on the technologies, but an ATM is priced no less than $20,000. Banks not only have to pay for the machines, but also spend money to maintain the [...]

Banking staff remain on high pay despite economic difficulties Posted: 20 Mar 2013 03:49 AM PDT Banking staff received lower wages last year, but their incomes are still high despite the current economic difficulties according to recent bank reports. Financial reports from six listed banks showed that staff at the Vietnam Joint Stock Commercial Bank for Industry (Vietinbank) had the highest incomes, while employees from the Sai Gon Thuong Tin Commercial [...]

March 20: Vietnam central bank sets Dollar unchanged at VND20,828; back market rates fall Posted: 20 Mar 2013 03:49 AM PDT The State Bank of Vietnam, the country's central bank today set the exchange rate for the U.S. dollar at VND20,828, unchanged for 14 months, banks' rates were firm but free market rates fell sharply. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at [...]

Vietnam Feb credit growth +0.26% m/m Posted: 20 Mar 2013 03:49 AM PDT The government portal chinhphu.vn yesterday cited the latest report by the State Bank of Vietnam (SBV) as saying that total credits of Vietnam banks by the end of February this year slid 0.28% from late 2012; yet growing 0.26% on month. Reportedly, total outstanding loans of commercial banks in Vietnam in Jan declined by 1.23% [...]

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