Vietnam Business News

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• US$2.65 billion invested abroad in Q1
• City sees recovery in FDI capital flow
• DOJI & Tienphongbank buy 7,000 gold taels in 2 auctions last week
• Housing conversion project raises doubts
• Results of economic restructure fail to meet up to expectations
• Businesses wait for government’s action plan to plan their actions
• Domestic building material companies swallowed up by foreign groups
• Banks and businesses need mutual trust
• Seafood exports to hit US$6.5 billion
• Brent slumps to eight month low on US jobs data gloom

US$2.65 billion invested abroad in Q1 Posted: 08 Apr 2013 01:32 AM PDT Vietnamese enterprises are increasingly investing overseas, especially in Laos, Cambodia, Myanmar and Russia, with their investment reaching US$2.65 billion in the first quarter. Of the total, US$720.7 million came from 22 newly-licensed projects and the remainder was additional capital from existing projects, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and [...]

City sees recovery in FDI capital flow Posted: 08 Apr 2013 01:29 AM PDT The Department of Planning and Investment in Ho Chi Minh City said that there were 78 new foreign direct investment projects licensed in the first quarter of this year with a total investment capital of US$159.8 million, up 109.4 % year-on-year. In addition, 26 projects asked to increase their investment capital by an additional $175.3 [...]

DOJI & Tienphongbank buy 7,000 gold taels in 2 auctions last week Posted: 07 Apr 2013 07:53 PM PDT DOJI and TienPhongBank bought a combined 7,000 taels of gold bars in two auctions held in the previous week [Apr 1-5], said Do Minh Phu, chairman of both DOJI and the bank in an interview with the local newswire VnEconomy.vn. In details, DOJI Gold & Gems Group purchased 3,000 taels in the auction on Apr [...]

Housing conversion project raises doubts Posted: 07 Apr 2013 07:49 PM PDT HA NOI — As big apartments are divided into smaller ones to transform commercial housing projects into social housing, a move that aims to warm up the troubled domestic real estate market, experts question whether the conversion makes sense. The market has over 20,000 houses unsold, according to the Construction Ministry, including about 4,000 low-rise [...]

Results of economic restructure fail to meet up to expectations Posted: 07 Apr 2013 07:47 PM PDT HA NOI — The country’s macro-economy had not improved as much as expected after a year of restructuring and the process needed a strong boost, said economists at the Spring Economic Forum opened yesterday in the central city of Nha Trang. The two-day forum was aimed at reviewing a year of the country’s economic restructuring [...]

Businesses wait for government’s action plan to plan their actions Posted: 07 Apr 2013 07:38 PM PDT Vietnamese and Japanese businesses plan to join forces with develop priority industries. However, they still cannot map out any business plans until a government's action plan is approved. Nguyen Van Tan, Director of the Hanoi-based Thong Tan Trade and Food Processing Company, said he got no new information from the workshop on the industry development [...]

Domestic building material companies swallowed up by foreign groups Posted: 07 Apr 2013 07:35 PM PDT The frozen real estate market has put big difficulties on the domestic building material industry, but has brought the golden opportunities to foreign groups to take over domestic companies. A lot of M&A deals made The deal of Indonesian Sement Gresik buying back 70 percent of Thang Long Cement stakes from Geleximco, worth $230 million, [...]

Banks and businesses need mutual trust Posted: 07 Apr 2013 07:25 PM PDT Commercial banks are bearing the brunt of the economic slowdown, putting them in a paradoxical situation: they have an oversupply of money, but cannot lend it to businesses. Bank concerns Like many other economic sectors, the banking industry is struggling to weather the storm and support the national economy. Commercial banks are tipped to lower [...]

Seafood exports to hit US$6.5 billion Posted: 07 Apr 2013 07:23 PM PDT Vietnam is expected to earn US$6.5 billion from seafood exports by the end of 2013, representing a year-on-year increase of 5 percent. Nguyen Huu Dung, Deputy Head of the Vietnam Association of Seafood Exporters and Producers (VASEP), says that shrimp exports will fetch US$2.2 billion, equivalent to last year' figure, while Tra fish exports are [...]

Brent slumps to eight month low on US jobs data gloom Posted: 07 Apr 2013 07:20 PM PDT Brent crude fell to an eight-month low near $104 a barrel on Friday and was on course for the biggest weekly slide since June, as a weak U.S. jobs report fed worries about the economy in the world’s largest oil consumer. The U.S. Labor Department reported that employers added meager 88,000 jobs in March, the [...]

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