Wednesday, April 3, 2013

Vietnam Business News

Vietnam Business News

‘Room’ for foreign investors in local bank at 30pct too low

Posted: 02 Apr 2013 04:58 AM PDT

The "room" for foreign investors in local bank at 30 percent, says experts, is still too low for desire of both foreign investors and domestic credit institutions. Draft Decree on foreign investors buying Vietnamese credit institutions' shares was given for opinions. Foreign ownership would not change much. Strategic partner would not own more than 20 [...]

Vietnam sells over 65tln government bonds in Q1/2013

Posted: 02 Apr 2013 04:58 AM PDT

Vietnam has mobilized VND65.45 trillion from the sale of government debts in the first quarter of this year, fulfilling 43.6% of its full-year target for 2013, according to data from the finance ministry. Of the figure, the country sold VND13.992 trillion worth of bills [less than 1-year maturity] and issued VND51.458 trillion worth of bonds [...]

Vietnam can totally abolish the deposit rate caps by now

Posted: 02 Apr 2013 04:58 AM PDT

The State Bank of Vietnam (SBV) could absolutely remove the caps on dong deposit interest rates by now given current liquidity condition of the banking system, the central bank governor Nguyen Van Binh was quoted as saying. Yet, the monetary authority decided not to abolish the caps now to save time for lowering rates faster, [...]

Hanoi: Banks restructure vnd155tln loans by end-Feb

Posted: 02 Apr 2013 04:58 AM PDT

Credit institutions in the capital city of Hanoi have restructured loans worth VND154.585 trillion for 15,558 borrowers by the end of February this year, the local newswire TTVN.vn reported. As of Feb 28, 2013, Hanoi-based lenders have cut lending interest rates for 'old' loans to at most 15% per annum. Currently, 86% of total loans [...]

Vietnam delays setup of assets management firm to april

Posted: 02 Apr 2013 04:58 AM PDT

Vietnam's government has not yet approved the plan to establish an asset management company (AMC) and said changes and adjustments are needed. Some points in the draft remained unclear and failed to gain absolute confidence from the cabinet members, Minister and Chairman of the Office of Government Vu Duc Dam said at a press conferenceon [...]

April 2: Vietnam stocks extend gain, liquidity rises

Posted: 02 Apr 2013 04:56 AM PDT

Vietnamese stocks rose second straight day today with rising liquidity, VN Index continued to find new highs led by blue chips. The benchmark VN Index rose 3.62 point or 0.72% to 509.43. Volume rose 26.77% to 70.26 million shares worth of VND1.46 trillion. Put through trading contributed 3.9 million shares worth of VND219.43 billion. We [...]

Gold bar bidding not to stabilise gold price: Head of foreign exchange management department

Posted: 02 Apr 2013 04:46 AM PDT

The State Bank of Vietnam (SBV)'s gold bar bidding is to increase the supply of gold bullion and stabilise the market but not for price stabilisation, Nguyen Quang Huy, head of Foreign Exchange Management Department under the central bank said. The State Bank of Vietnam (SBV)'s gold bar bidding is to increase the supply of [...]

Cooking with gas becomes even cheaper

Posted: 02 Apr 2013 04:43 AM PDT

HA NOI— Domestic gas retail prices continued to drop sharply following a fall in the world market. Saigon Petrol’s gas prices will be cut by VND24,000 (US$1.09) per 12-kg cannister, said Do Trung Thanh, Deputy Sales Manager of Saigon Petrol Gas. This was the sharpest cut in gas prices since the beginning of the year, [...]

Deep-water port welcomes Panamanian vessel

Posted: 02 Apr 2013 04:41 AM PDT

The Nghi Son deep-water port in the central province of Thanh Hoa has recently welcomed a Panamanian vessel of 45,000 DWT. It was the second largest ship of its kind ever docked in the port. The well-equipped port received the vessel named Qi Yuan without resort to transshipment, which helped save cost and time of [...]

Trade surplus reaches US$482 million in Q1

Posted: 02 Apr 2013 04:37 AM PDT

Vietnam's trade surplus was recorded at US$482 million in the first quarter of this year, according to the Ministry of Industry and Trade. The export turnover in Q1 was estimated at US$29.68 billion, up 19.7 percent compared to the same period in 2012. Of that figure, State-owned businesses brought back US$10.4 billion, accounting for 35 [...]
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