Vietnam Business News

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• Selling gold reserve for market stabilization unnecessary
• March 25: Vietnam stocks rebound on rate cut news
• Vietnam stocks fall as rally drives valuations to one-month high
• March 25: UPCoM-Index falls
• March 25: Foreigners continue to buy on HSX, sell on HNX
• Billion-dollar apartments now available
• Banks struggle to make capital work
• Vietnam central bank cuts key rates by 1% from Mar 26
• Overseas loans fraught with risk, experts warn
• Vietnam credit growth estimated at 0.03% as of mar 21

Selling gold reserve for market stabilization unnecessary Posted: 25 Mar 2013 03:11 AM PDT The central bank has decided to auction gold from the reserves to stabilize the market, a move analysts think is unnecessary and could jeopardize the country's reserves. Nguyen Quang Huy, director of the State Bank of Vietnam's foreign exchange department, said it was aimed at narrowing the gap between global and domestic gold prices. Domestic [...]

March 25: Vietnam stocks rebound on rate cut news Posted: 25 Mar 2013 02:12 AM PDT Vietnamese stocks ended higher today on the news that key interest rates are cut by 1% and deposit rate caps are adjusted down by 0.5%, effective from tomorrow [March 26]. The benchmark VN Index rose 3.58 points or 0.73% to 493.57. Volume fell 19.7% to 38.3 million shares worth of VND908.89  billion. Put through trading [...]

Vietnam stocks fall as rally drives valuations to one-month high Posted: 25 Mar 2013 02:12 AM PDT Vietnam stocks fell, snapping a three-day advance that drove valuations on the benchmark index to a one-month high. The Ho Chi Minh City Stock Exchange's VN Index fell 0.4 percent to 489.99 at the close. It climbed 2.6 percent in the past three days, driving the gauge's valuation to 13.8 times reported profit, the highest [...]

March 25: UPCoM-Index falls Posted: 25 Mar 2013 02:12 AM PDT The UPCoM-Index, the measure of 135 unlisted public companies ended lower today. The index lost 0.08 point or 0.19% to 41.98. The market volume was 194,134 shares worth of VND1.73 billion. Market breadth was negative with 12 gainers, 13 losers, 7 unmoved and the rest untraded. NTW was the biggest gainer, climbing 10% to finish [...]

March 25: Foreigners continue to buy on HSX, sell on HNX Posted: 25 Mar 2013 02:12 AM PDT Foreigners continued to be net buyers of Vietnamese shares on the Hochiminh Stock Exchange but turned to slight net sellers on the HNX. These players net bought VND58.68 billion worth of shares on HOSE after buying 6.71 million shares for VND330.02 billion and selling 4.93 million units for VND271.34 billion, accounting for 36.31% buying value [...]

Billion-dollar apartments now available Posted: 25 Mar 2013 02:08 AM PDT Becamex Tokyu Company Ltd, a Viet Nam-Japan joint venture, began selling apartments in its first real estate project in the country on Wednesday. On offer are more than 400 apartments at Sora Garden 1, one of three high-rise condominium projects being built under an overall project called Sora Gardens. The first stage of selling will [...]

Banks struggle to make capital work Posted: 25 Mar 2013 02:05 AM PDT Banks are continuing to sit on a pile cash with few firms ready to talk business. The State Bank yesterday, March 21, 2013 revealed that by the end of February 2013, mobilised capital increased by 2 per cent compared to the end of 2012, double the growth of 2012's first two months, with VNDmobilisation growth higher [...]

Vietnam central bank cuts key rates by 1% from Mar 26 Posted: 25 Mar 2013 02:05 AM PDT The State Bank of Vietnam (SBV) announced to adjust down key rates by another 1% from tomorrow [March 26], the central bank said in a statement released today. Specifically, the central bank will slash the refinancing rate, a key interbank lending rate, to 8% p.a. from current 9% p.a. Besides, discount rate will be cut [...]

Overseas loans fraught with risk, experts warn Posted: 25 Mar 2013 02:05 AM PDT A new ordinance that continues to allow Vietnamese individuals and entities to take loans from overseas creditors has experts concerned about its practicability because it fails to introduce a strict and detailed legal framework for such transactions The ordinance, which would revise the 2005 ordinance on foreign exchange, was recently passed by the National Assembly's [...]

Vietnam credit growth estimated at 0.03% as of mar 21 Posted: 25 Mar 2013 02:05 AM PDT Total outstanding loans of the whole banking system as of March 21, 2013 were estimated to grow by 0.03% from last December and up 0.31% m/m, the Saigon Times reported. As of Mar 21, dong-denominated loans climbed 0.69% on month while foreign currency ones declined by 1.54% -6.25% from late 2012]. The country also reported [...]

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