Vietnam Business News

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• Vietnam forex reserve climbs to 13-14 weeks of import, says NFSC
• Bank to sustain 10% credit growth
• Banks opt against on-us ATM fees after SBV lifts restriction
• Vietnam central bank net withdraws VND533bln via OMO last week
• Mar 4: Vietnam central bank keeps dollar exchange at VND20,828, eximbank rate down
• March 4, 2013: Vietnam gold hovers at VND43.7mln/tael, dollar stable
• VNA uses large aircraft for Myanmar
• Economy forecast to face challenges
• Lotte Mart develops shopping center in Binh Thuan
• Japan aids Binh Duong-HCMC metro

Vietnam forex reserve climbs to 13-14 weeks of import, says NFSC Posted: 03 Mar 2013 07:54 PM PST Vietnam's foreign currency reserve has risen to the equivalent 13-14 weeks of imports, the local newswire Cafef.vn reported, quoting the National Finance Supervisory Commission (NFSC), as saying. According to the NFSC, the central bank bought large volume of dollars from most credit institutions at VND20,850 per US dollar ahead of the Lunar New Year holiday, [...]

Bank to sustain 10% credit growth Posted: 03 Mar 2013 07:54 PM PST The Viet Nam Development Bank (VDB) will reach an average credit growth rate of about 10 per cent per year between now and 2020, according to the bank’s medium-term strategies approved late last week by Prime Minister Nguyen Tan Dung. Any profit will be used to guarantee the bank's capacity to carry out investment and [...]

Banks opt against on-us ATM fees after SBV lifts restriction Posted: 03 Mar 2013 07:54 PM PST Up to thirty five banks in Vietnam have continued providing free ATM services for their customers for on-us transactions, although they were allowed to collect fees from March 1. According to the State Bank of Vietnam (SBV)'s Circular 35, cardholders can now be charged a maximum of VND1,000 per transaction at ATMs owned by their [...]

Vietnam central bank net withdraws VND533bln via OMO last week Posted: 03 Mar 2013 07:54 PM PST The State Bank of Vietnam (SBV) net withdrew VND533 billion via open market operation (OMO) in the week ending March 1, the local newswire NDHMoney.vn reported, citing data compiled by SSI Research. In details, the SBV pumped VND406 billion via OMO and withdrew VND939 trillion during the week. The monetary authority sold nearly VND4 trillion [...]

Mar 4: Vietnam central bank keeps dollar exchange at VND20,828, eximbank rate down Posted: 03 Mar 2013 07:54 PM PST Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND20,828 on Monday, unchanged since Dec, 2012.     Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036. Most of commercial banks kept dollar [...]

March 4, 2013: Vietnam gold hovers at VND43.7mln/tael, dollar stable Posted: 03 Mar 2013 07:45 PM PST This morning Vietnam gold was traded steady, comparing with last weekend at around VND43.7 million a tael. World gold eased in New York trade last Friday night but increased in Asia trade this morning. SJC Hochiminh was traded at VND43.55 million/taelfor bid and VND43.77 million/tael for ask respectively as of 9:09 am, Hanoi time. SJC in the North quoted [...]

VNA uses large aircraft for Myanmar Posted: 03 Mar 2013 07:37 PM PST HCMC – Vietnam Airlines will use the Airbus A321 to replace small aircraft Fokker 70 for the HCMC-Yangon route from March 31 due to an increasing transport demand. With the use of Airbus A321, the number of seats on each HCMC-Yangon flight will be increased by 75%. On this occasion, Vietnam Airlines is offering a [...]

Economy forecast to face challenges Posted: 03 Mar 2013 07:35 PM PST Challenges continue to face both the global and local economy, but opportunities do exist for businesses who know how to recognise and grasp them, economists declared at a seminar in HCM City on Friday. "The Government has recently approved the general plan for restructuring the economy, which goes together with a change in the growth [...]

Lotte Mart develops shopping center in Binh Thuan Posted: 03 Mar 2013 07:33 PM PST HCMC – Lotte Mart, an arm of South Korea's leading retailer Lotte Group, is developing a large-scale commercial center in the south-central coast province of Binh Thuan, sources close to the project said. The sources from Binh Thuan Province's Department of Planning and Investment said that Lotte Mart has been licensed to construct the general [...]

Japan aids Binh Duong-HCMC metro Posted: 03 Mar 2013 06:37 PM PST HCMC – A metro route connecting Binh Duong New City with HCMC's Suoi Tien Theme Park will be developed soon thanks to the Japanese Government's support, Tran Thanh Liem, vice chairman of Binh Duong Province, said. Takumi Onuma, representative of Japan's Ministry of Economy, Trade and Industry (METI), said at a meeting with Binh Duong [...]

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