Vietnam Business Financial News - VNBusinessReg.com

Cotton May Be Traded on Vietnam Commodity Exchange

vnbusinessreg.com — Sun, 20 May 2012 07:34:40 +0000

Vietnam’s Ministry of Industry and Trade (MoIT) has proposed that cotton fibre may be listed for trade on the Vietnam Commodity Exchange (VNX). Trading on VNX would reduce price speculation of the commodity, as prices would be based on transparent...

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Vietnam Stocks Poised for Worst Week in a Year on Policy Concern

vnbusinessreg.com — Sun, 20 May 2012 07:34:40 +0000

Vietnam’s stocks fell on Friday, capping the worst weekly loss in a year, as investors considered this year’s rally overdone amid concern that monetary policy easing may fail to spur growth. The Ho Chi Minh City Stock Exchange’s VN Index declined...

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Survey Finds PC Software Piracy in Vietnam Costs $395 Mln

vnbusinessreg.com — Sun, 20 May 2012 07:34:34 +0000

Vietnam recorded a PC software piracy rate of 81 percent in 2011, costing the big business interests that control the computer industry US$395 million in commercial value, according to an international study released in Hanoi on Thursday. The rate...

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Vietinbank bonds sell well on Singapore Exchange

vnbusinessreg.com — Sun, 20 May 2012 07:34:32 +0000

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) successfully sold out its international bonds worth US$250 million on the Singapore Exchange (SXG) on May 18...

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TVS says error in transaction wasn’t costly

vnbusinessreg.com — Sun, 20 May 2012 07:34:31 +0000

Thien Viet Securities Co (TVS) did not incur any financial losses resulting from the purchase of over 6.4 million shares in HCM City Infrastructure and Investment (CII), TVS General Director Tran Quoc Tuan has said. In a letter sent to its...

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European businesses in Vietnam ‘still wary’

vnbusinessreg.com — Sat, 19 May 2012 14:45:09 +0000

Business confidence and outlook among European businesses in Vietnam has remained consistently near "neutral" for the third straight quarter, a quarterly survey by EuroCham shows. The EuroCham Business Climate Index for April/May 2012 released on...

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Vietnam’s fisheries sector sets target for 2012

vnbusinessreg.com — Sat, 19 May 2012 14:44:59 +0000

Vietnam ’s fisheries sector will increase its fish farms to 1.2 million hectares, producing as much as 4.5 million tons a year and reaching an annual average growth rate of 5.2 percent by 2020. The plan was announced at a conference on...

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Vietnam inks rare earth agreement with Japan

vnbusinessreg.com — Sat, 19 May 2012 11:33:53 +0000

A memorandum of understanding (MoU) on mining and processing rare earth in northern Lai Chau province’s Tam Duong district was signed with Japan on May 17. Lai Chau-VIMICO Rare Earth Joint Stock Co and the Japanese Dong Pao Rare Earth Development Co...

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ADB to lend US$500 million to city’s second metro line

vnbusinessreg.com — Sat, 19 May 2012 11:06:48 +0000

The Asian Development Bank (ADB) will lend an additional US$500 million to HCM City to develop the underground section of Metro Line No. 2. This will be the regional bank’s second loan for the Metro Line No. 2 project. A memorandum of...

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Robusta Coffee Gains to Eight-Month High on Vietnam Sales

vnbusinessreg.com — Sat, 19 May 2012 11:06:48 +0000

Robusta coffee climbed to the highest price in more than eight months as sales in Vietnam slowed, sending local prices to the highest since October. Sales of beans in Vietnam, the largest grower of robusta beans, slowed as farmers’ stockpiles became...

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Vietnam seafood exports to Europe plunge sharply

vnbusinessreg.com — Sat, 19 May 2012 11:06:48 +0000

Given the persistent debt woes in Europe, many local seafood exporters have seen their exports to this key aquatic product market of the country spiraling into slump. Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters...

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Vietnam National Assembly says won’t revise economic targets

vnbusinessreg.com — Sat, 19 May 2012 11:06:45 +0000

The growth targets for this year will be kept unchanged although the economy has encountered many problems in the first few months, said Nguyen Hanh Phuc, chairman of the National Assembly (NA) Office, at a press briefing on Thursday. Phuc said:...

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Vama bemoans poor sales

vnbusinessreg.com — Sat, 19 May 2012 11:06:42 +0000

The Vietnam Automobile Manufacturers Association (Vama) on Thursday called a live web news conference in both Hanoi and HCMC to decry the poor sales automakers are facing in the country. Vama chairman Laurent Charpentier said producers and...

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HCM City detects many toxic pickled plums

vnbusinessreg.com — Sat, 19 May 2012 09:51:51 +0000

Fourteen out of 27 food facilities that sell pickled and dried plums in Ho Chi Minh City have been found breaching food safety and hygiene regulations, the Vietnam Food Administration (VFA) announced yesterday. The violators have used raw materials...

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Vietnam gov’t to have more fiscal maneuverability in 2012

vnbusinessreg.com — Sat, 19 May 2012 09:51:48 +0000

Vietnamese fiscal and monetary policies will likely be more maneuverable in 2012, as the country’s macroeconomic situation is stabilizing, said an economist who is also a member of the National Assembly’s Economics Committee. The...

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Wanted notice issued for chief of Vietnam Maritime

vnbusinessreg.com — Sat, 19 May 2012 09:51:48 +0000

The incumbent chief of the Vietnam Maritime Administration Duong Chi Dung, who is former chairman of the state-owned shipping company Vinalines, and two other high-ranking officials were indicted Friday in Hanoi. According to the arrest warrant of...

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Vietnam hands newly-built ship to Mexico

vnbusinessreg.com — Sat, 19 May 2012 09:51:48 +0000

The Song Thu Co under the General Department of National Defense Industry and the Netherlands’s Damen Group yesterday held a launching ceremony to officially hand over its newly-built ship to a Mexican partner. The FCS 5009 vessel will be...

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Vietnam brokerages set for tighter debt ratios

vnbusinessreg.com — Sat, 19 May 2012 09:51:44 +0000

Capital inflows into the stock market are likely to decline substantially if a draft circular being prepared to replace Ministry of Finance Decision No 27/2007/QD-BTC is approved. The draft regulation on the organization and operation of securities...

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Khaisilk to open boutique resort in Dist. 7

vnbusinessreg.com — Sat, 19 May 2012 09:51:42 +0000

Khaisilk Corp. will tomorrow put into operation the TajmaSago Resort on Phan Van Chuong Street in Phu My Hung new urban area in District 7, after one year of construction. TajmaSago is a boutique resort modeled after the Taj Mahal Temple in India....

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Vietnam’s trade role with France spotlighted

vnbusinessreg.com — Sat, 19 May 2012 09:09:45 +0000

A seminar on Vietnam as an important industrial and trade partner of France in Southeast Asia, was held in Paris on May 16. Addressing the opening of the seminar, Deputy Minister of Industry and Trade Nguyen Thanh Bien spoke of Vietnam ’s...

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Vietnam association plans to launch gold assessment firm

vnbusinessreg.com — Sat, 19 May 2012 09:09:40 +0000

The Vietnam Gold Traders Association has called for organizations and private investors to contribute capital to establish a gold and gem assessment company. As of now, there have been five organizations and individuals pledging to contribute a...

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Numerous reasons to visit Hanoi, Vietnam

vnbusinessreg.com — Sat, 19 May 2012 09:09:36 +0000

From art to food, history and spas, Australian traveller Lance Richardson points out many reasons to visit Hanoi. Motorbikes in the Old Quarter The Hanoi traffic is an alarming introduction to the Vietnamese capital, though locals are acclimatized...

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Big C wants to join city’s price stabilization program

vnbusinessreg.com — Sat, 19 May 2012 09:09:36 +0000

Big C supermarket chain has registered to join the price stabilization program in HCMC with pork and a number of goods bearing its own brands available on shelves. According to Le Ngoc Dao, deputy director of the city’s Department of Industry and...

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Lower-interest loans still hard to find borrowers

vnbusinessreg.com — Sat, 19 May 2012 09:09:34 +0000

Banks have lowered interest rates since last Tuesday after the lending rate was capped at 15% but most of them have found few eligible borrowers. Nguyen Phuoc Thanh, general director of Bank for Foreign Trade of Vietnam (Vietcombank), said his bank...

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Foreign investors hesitant to join PPP projects

vnbusinessreg.com — Sat, 19 May 2012 09:09:32 +0000

Non-transparent investment attraction policy discourages foreign investors from participating in traffic infrastructure projects, especially those developed under the public-private partnership (PPP) form. This was the view shared by the investors...

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Unreasonable financial mechanism makes trade promotion policies powerless

vnbusinessreg.com — Sat, 19 May 2012 08:33:51 +0000

Vietnam has a trade promotion agency, in charge of running national trade promotion program, aiming to help Vietnamese exporters reach out to the world market. However, the agency remains helpless with “hand and foot bound.” Budget on decrease, jobs...

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Vietnam Regional Deputy FMs meet on economic corridor

vnbusinessreg.com — Sat, 19 May 2012 08:33:47 +0000

The Deputy Foreign Ministers of Vietnam, Laos and Thailand discussed the progress and challenges in implementing the cross-border Greater Mekong Sub-region (GMS) transport agreement for the East West Economic Corridor (EWEC) at a conference in...

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WB, IMF share experience with Vietnam in control of public debts

vnbusinessreg.com — Sat, 19 May 2012 08:33:43 +0000

A seminar on the control of public debts was held here on Wednesday by the Vietnamese Ministry of Finance (MOF), the World Bank (WB) and the International Monetary Fund (IMF). Vietnamese MOF deputy minister Truong Chi Trung said the seminar provided...

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Austria Gives Medical Equipment Worth $11m To Ninh Binh Hospital

vnbusinessreg.com — Sat, 19 May 2012 08:33:39 +0000

The Austrian government will provide modern medical equipment worth 8.7 million euro (about $11 million) to the Ninh Binh general Hospital to ensure a high standard of check-up and treatment is given to patients in the province and surrounding...

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Forum discusses export opportunities and prospects

vnbusinessreg.com — Sat, 19 May 2012 08:33:38 +0000

Many economic experts, trade counselors, export-import promotion agencies and businesses gathered at an export forum in Ho Chi Minh City on May 18 to devise measures to help businesses promote exports. Participants analyzed Vietnam’s economic status...

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Vietnam set for first wind turbine repair centre

vnbusinessreg.com — Sat, 19 May 2012 08:33:36 +0000

The Alstom – Phu My Energy Services Joint Venture will be set up to operate a wind turbine repair centre, the first in Vietnam. An agreement to this effect was signed between Electricity of Vietnam (EVN) and France ’s Alstom in Hanoi on May 18....

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Vietnam’s Investigation Organisation Disagrees government’s Proposal of Tax Exemption

vnbusinessreg.com — Sat, 19 May 2012 07:42:35 +0000

Congress’s Finance and Budget Committee disagreed government’s proposal of tax exemption to a number of of entities in 2012, the local newspaper Vneconomy reported, citing news from plenary meeting held by Finance and Budget Committee this morning....

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Vietnam strives to boost exports to EU

vnbusinessreg.com — Sat, 19 May 2012 07:42:35 +0000

Measures to further boost Vietnam’s exports, especially wooden and aquatic products, to the European market were the main focus of a seminar that was held in Quy Nhon city, the central city of Binh Dinh, on May 17. The event was coorganized by...

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Vietnam-EU business forum held in Ho Chi Minh City

vnbusinessreg.com — Sat, 19 May 2012 07:42:35 +0000

Trade officials put forward proposals to create a stable legal corridor to facilitate trade and investment activities between Vietnam and the European Union (EU), at the Vietnam-EU business forum in Ho Chi Minh City on May 18. The forum is an annual...

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A third scenario for Vietnam national economy?

vnbusinessreg.com — Sat, 19 May 2012 07:42:35 +0000

Lawmakers are asking the government to draft a new scenario for the national economy, as the economic slowdown is looming large and the 6-6.5 percent GDP target set for this year is unlikely to be met. At a National Assembly (NA) Standing Committee...

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Facebook falls flat in market debut

vnbusinessreg.com — Sat, 19 May 2012 07:42:30 +0000

Facebook stumbled in its first trading day Friday as shares ended barely above the starting price after a glitch-plagued market debut on the Nasdaq that failed to live up to the enormous hype. The stock, priced at $38 on Thursday in the largest-ever...

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Vietnam reports robust exports to Africa

vnbusinessreg.com — Sat, 19 May 2012 07:42:28 +0000

During the first quarter of 2012, Vietnam reported a high growth in exports to major markets in Africa, mainly South Africa, Egypt, Algeria, Ghana, Nigeria and Angola, according to the Ministry of Industry and Trade. Among Vietnam’s main exports to...

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May 19: Vietnam Gold Inches up to VND42.12Mln/Tael

vnbusinessreg.com — Sat, 19 May 2012 06:38:59 +0000

Vietnam gold rose by VND370,000 a tael to VND42.12 million/tael on Saturday morning, following the world gold prices. SJC Hanoi quoted at VND41.90 million/tael for bid and VND42.12 million/tael for ask, respectively as of 11:32 am, Hanoi time. SJC...

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Gold Settles Near $1592 as Euro Recovers

vnbusinessreg.com — Sat, 19 May 2012 06:38:58 +0000

Gold prices rose on Friday, building on the previous session's hefty gains, as a recovery in the euro prompted fresh buying of the precious metal after prices slid to five-month lows earlier this week. Gold posted its biggest one-day gain since Jan....

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Crude Oil Settles Below $92 for First time Since October

vnbusinessreg.com — Sat, 19 May 2012 06:38:58 +0000

Brent crude dipped on Friday in choppy trading after recovering from a 2012 low as the euro rallied from a four-month low, but oil remained on track a third straight weekly loss as Greece's political turmoil kept concerns about the euro zone in...

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May 19: Vietnam Central Bank Keeps Dollar Exchange At VND20,828

vnbusinessreg.com — Sat, 19 May 2012 06:38:58 +0000

Vietnam's central bank quoted the U.S dollar exchange rate at VND20.828 on Saturday, unchanged for nearly 5 months, the longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate...

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Deflation Not a Problem Yet: Expert

vnbusinessreg.com — Sat, 19 May 2012 06:38:54 +0000

HCMC – Deflation is not a problem in Vietnam at the moment and the country will not face it in the near future, said Trinh Nguyen, an economist at HSBC. Many experts have expressed concern that Vietnam is facing the risk of deflation, especially...

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Software copyright violations fall year on year

vnbusinessreg.com — Sat, 19 May 2012 06:38:53 +0000

Vietnam recorded a PC software piracy rate of 81 percent last year, down 2 percent compared to 83 percent in 2010 and 85 percent in 2009. The figures were released at a press briefing in Hanoi on May 17 by the international Business Software...

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Leading gas firm set to debut on bourse next week

vnbusinessreg.com — Fri, 18 May 2012 19:54:52 +0000

PetroVietnam Gas Corporation (PV Gas) will begin trading nearly 1.9 billion shares on the Hochiminh Stock Exchange (HOSE) next Monday under the code of GAS, making it the second largest firm on this bourse after Vietcombank. According to a statement...

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Vietnam aims for $1.78b from exports to France

vnbusinessreg.com — Fri, 18 May 2012 16:07:55 +0000

Vietnam's exports to France are expected to earn nearly $1.8 billion by the end of this year, according to a seminar in Paris on May 16. Participants at the event focused their discussions on bilateral trade ties, Vietnam's policies on...

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Asia Naphtha/Gasoline-Margins down nearly 20 pct

vnbusinessreg.com — Fri, 18 May 2012 16:07:54 +0000

Fri May 18, 2012 8:42am EDT SINGAPORE, May 18 (Reuters) - Asia's naphtha price hovered at a five-month low on Friday at $878.50 a tonne while margins fell nearly 20 percent from a week ago, hitting a 5-1/2 month low on slow demand. Taiwan's Formosa...

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SE Asia Stocks-Philippines, Vietnam lead weekly losses

vnbusinessreg.com — Fri, 18 May 2012 16:07:47 +0000

(Reuters) - Southeast Asian stock markets extended their losses on Friday, with Philippine shares sliding almost 3 percent, as escalating problems in Europe made investors head for the exits. The Philippine index a suffered 5.4 percent loss for the...

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Chief of Vietnam Maritime Administration arrested

vnbusinessreg.com — Fri, 18 May 2012 15:19:18 +0000

The incumbent chief of the Vietnam Maritime Administration Duong Chi Dung, who is former chairman of the state-owned shipping company Vinalines, and two other high-ranking officials were arrested and prosecuted Friday in Hanoi. According to the...

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Socar, PetroVietnam Agree Draft Production Accord on Azeri Block

vnbusinessreg.com — Fri, 18 May 2012 15:19:17 +0000

State Oil Co. (ATPG) of Azerbaijan and Vietnam National Oil and Gas Group signed a draft production- sharing agreement setting out the main terms of a partnership between the two companies in an onshore block in Azerbaijan. The agreement was signed...

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Volcafe Sees Indonesian Coffee Harvest Peaking in June or July

vnbusinessreg.com — Fri, 18 May 2012 15:19:17 +0000

Harvesting of the 2012-13 coffee crop in Indonesia, the world’s third-biggest robusta grower, is likely to peak in June or July, according to Volcafe, the coffee unit of commodities trader ED&F Man Holdings Ltd. Growers there may harvest 10...

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Vietnam Coffee Gains to 7-Month High After Exports Fall

vnbusinessreg.com — Fri, 18 May 2012 15:19:17 +0000

Coffee prices in Vietnam, the world’s biggest producer of the robusta variety, climbed to the highest level in almost seven months. Exports fell in April. Beans from the Southeast Asian nation reached 42,000 dong ($2.02) a kilogram (2.2 pounds)...

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Vietnam: Low fish Prices But High Fish Feed Costs Push Fish Farmers Out

vnbusinessreg.com — Fri, 18 May 2012 15:19:17 +0000

In Vietnam the price farmers are getting for their fish has been falling, if they can sell it at all, while the fish feed prices remain high. Causing concern for local fish farmers. Currently farmers stand to lose 4,000 dong (0.15 euro) for each...

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Home prices fall in 60% of big Chinese cities

vnbusinessreg.com — Fri, 18 May 2012 15:19:13 +0000

Prices for new homes in China fell in more than 60 percent of major cities in April from March, the government said Friday, as moves to curb the property market took effect. Out of 70 major cities tracked by the government, 43 registered...

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May 18: UPCoM-Index Closes Bucks Trend to close Up

vnbusinessreg.com — Fri, 18 May 2012 11:25:59 +0000

The UPCoM-Index, the measure of 130 unlisted public companies bucked trend of the official bourses to close up for the third consecutive day on Friday. Liquidity improved but still in low level. The index added 0.34 point or 0.95% to close at...

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VietABank plans to boost chartered capital to 5tr dong

vnbusinessreg.com — Fri, 18 May 2012 11:25:59 +0000

Viet A (Vietnam Asia) Commercial Joint Stock Bank (VietABank) has announced that at the upcoming 2012 AGM the bank would report forecasted consolidated after tax profit at 248 billion dong for FY 2012 with the earnings per share (EPS) of 808 dong....

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KDB Calls $200Mln for Hanoi Urban Area Project

vnbusinessreg.com — Fri, 18 May 2012 11:25:59 +0000

The State-owned Korea Development Bank (KDB) has announced that it would mobilize $200 million from commercial banks for the first phase of Western West Lake urban area project in Hanoi, Vietnam. This project is owned by Daewoo E & C...

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ACB credit rating takes a dive after Moody’s downgrade

vnbusinessreg.com — Fri, 18 May 2012 11:25:57 +0000

Moody’s Investors Service has recently downgraded the standalone financial strength rating of Asia Commercial Joint Stock Bank (ACB) to E+ from D-. In addition, ACB’s rating for local currency long-term credit and bond issuer has been also cut down...

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May 18: Vietnamese stocks fall on margin calls, foreign sales

vnbusinessreg.com — Fri, 18 May 2012 11:25:54 +0000

(Reuters) - Vietnamese stocks fell sharply on Friday with the trading volume rising as margin calls weighed and foreign investors stepped up selling because of concern about the European debt situation, a broker and analysts said. Foreigners sold...

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Worries mount as Nokia burns through cash

vnbusinessreg.com — Fri, 18 May 2012 11:25:53 +0000

LONDON/HELSINKI – Nokia Oyj is tearing through its cash reserves at an unsustainable rate, raising what some analysts say are serious questions about the struggling Finnish phone maker's ability to stabilize its finances in the months ahead....

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VietinBank Q1 consolidated profit at 1.54tr dong

vnbusinessreg.com — Fri, 18 May 2012 10:50:40 +0000

Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) has recently released its consolidated fiscal statement in the first quarter of 2012 with profit from services at 299 billion dong, down 23 percent over the same period last...

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Moody’s Reviews Vietnam SHB for Downgrade

vnbusinessreg.com — Fri, 18 May 2012 10:50:38 +0000

Moody’s Investors Service said it placed Saigon-Hanoi Joint Stock Commercial Bank (SHB) in review for possible downgrade after the lender announced its merger with Hanoi Building Commercial Joint Stock Bank (HBB) on May 5. The ratings agency said in...

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Vietnam’s PV Oil Seeks Diesel, Gasoline for June Delivery

vnbusinessreg.com — Fri, 18 May 2012 10:50:37 +0000

By Yee Kai Pin - 2012-05-18T03:23:41Z PV Oil Corp. is seeking to buy gasoil, or diesel, and gasoline for June delivery, the company said in a document e-mailed to potential suppliers. The unit of state-owned Vietnam Oil & Gas Group, or...

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Vietnam Bonds Have Best Week Since June 2009 on Interbank Rates

vnbusinessreg.com — Fri, 18 May 2012 10:50:34 +0000

Vietnam’s five-year bonds had the best week since June 2009 on speculation a decline in money- market rates bolstered demand for government debt. The dong was little changed. The overnight interbank deposit rate declined 43 basis points this week to...

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Samsung gets 9 million preorders for new Galaxy phone: report

vnbusinessreg.com — Fri, 18 May 2012 10:50:32 +0000

SEOUL – Samsung Electronics Co has received some 9 million pre-orders for its third-generation Galaxy S smartphone from more than 100 global carriers, the Korea Economic Daily reported on Friday. Samsung toppled Apple as the world's biggest...

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Pickled plums with cancer-causing substance detected

vnbusinessreg.com — Fri, 18 May 2012 10:50:31 +0000

The Ministry of Public Security’s police unit that fights against environmental crimes (C49B) yesterday announced that they have found the samples of a pickled plum product that contains the forbidden cancer-causing chemical cyclamate . > >...

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