Vietnam Business News

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• Ceiling interest rate reduction put banks in a stir and a jumble
• Credit down, production stagnant in Q1
• Vietnam bond yields extend fall ahead of government debt sales
• March 29: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable
• Inflation decrease raises worry about weak demand
• Vietnam, Customs Union kick off FTA talks
• Vietnam-UK trade turnover approaches US$4.4 billion
• Businesses need to save their bacon
• Handicraft industry eyes new markets
• Danang-Hong Kong air route opens

Ceiling interest rate reduction put banks in a stir and a jumble Posted: 29 Mar 2013 06:33 AM PDT Commercial banks have been told by the State Bank to lower the deposit interest rate to 7.5 percent per annum. However, if they do, they would not be able to attract deposits. Banks all have quoted the new deposit interest rate of 7.5 percent per annum for short term deposit as instructed by the State [...]

Credit down, production stagnant in Q1 Posted: 29 Mar 2013 06:33 AM PDT A credit growth slowdown and stagnant production have posed challenges for the economy in the first quarter, economic administrators said at a meeting held in Hanoi on Tuesday by the Ministry of Planning and Investment. Nguyen Hoang Minh, deputy director of the HCMC Department of Planning and Investment, said the city recorded credit growth of [...]

Vietnam bond yields extend fall ahead of government debt sales Posted: 29 Mar 2013 06:33 AM PDT Vietnam's bonds rose for a fourth day, pushing the five-year yield to its lowest level since February 2009, on speculation auction yields will slide further. The dong was unchanged. The State Treasury will offer 7 trillion dong ($334 million) of government debt tomorrow, according to the Hanoi Stock Exchange website. It sold 3 trillion dong [...]

March 29: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable Posted: 29 Mar 2013 06:33 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 and free market rates were firm. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at VND21,036. Dollar [...]

Inflation decrease raises worry about weak demand Posted: 29 Mar 2013 06:19 AM PDT The reported inflation decrease in March turns out to be not the good news at all. This, in the eyes of businesses, means the low market demand and the unsalability of goods. The CPI decrease of 0.19 percent in March was explained by state management agencies as a "normal thing." March is the month coming [...]

Vietnam, Customs Union kick off FTA talks Posted: 29 Mar 2013 06:14 AM PDT PM Nguyen Tan Dung and Chairman of the Eurasian Economic Commission's Board Viktor Borisovich Khristenko on March 28 launched free trade agreement negotiations between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan. The announcement was made following a meeting between Dung and Khristenko in Hanoi during the latter's working visit to Vietnam. Dung [...]

Vietnam-UK trade turnover approaches US$4.4 billion Posted: 29 Mar 2013 06:13 AM PDT Two-way trade turnover between Vietnam and the UK reached US$4.37 billion in 2012 – up 35.5 percent compared to 2011 – according to statistics from the Vietnamese Embassy's trade office in the UK and Northern Ireland. Vietnam's UK exports totalled US$3.9 billion, up 44.3 percent on 2011's figure. Vietnam's key export items include electronic equipment, [...]

Businesses need to save their bacon Posted: 29 Mar 2013 06:11 AM PDT Many businesses have successfully overcome challenges to secure their foothold in the global market after 54,000 others were dissolved under the negative impact of the global economic crisis in 2012. Nguyen Thi Thuan, Chairwoman of Traphaco's executive board, said that her pharmaceutical firm was badly affected by low consumer demand and high interest rates of [...]

Handicraft industry eyes new markets Posted: 29 Mar 2013 06:08 AM PDT Seeking new markets will help increase sales of locally made wooden and handicraft products. Leading experts in the field outlined the potential and limits of the local wooden and handicraft industry and ways to find new customers in new and traditional markets. Nguyen Chanh Phuong, a member of the Handicrafts and Wood Industry Association of [...]

Danang-Hong Kong air route opens Posted: 29 Mar 2013 06:08 AM PDT Hong Kong Dragon Airlines Limited (Dragonair) launched a direct air route between Danang and Hong Kong on March 28. Dragonair will operate three flights departing from Danang (Vietnam) to Hong Kong (China) on Tuesdays, Thursdays and Sundays. A return ticket costs US$266. Danang is the airline's second Vietnamese destination of Dragonair after Hanoi. Using Airbus [...]

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