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BUSINESS IN BRIEF 30/3

Ba Ria-Vung Tau Province sees huge flow of FDI capital The Department of Planning and Investment of Ba Ria-Vung Tau Province announced that it has licensed two foreign direct investment projects with a total registered capital of US$11.2 million in the first two months of this year. By February this year, the province had 301 valid FDI projects with total ... Read More »

Southern hub solves business difficulties

Southern hub solves business difficulties HCM CITY (VNS)— HCM City authorities will continue to remove barriers in the real estate market and closely co-operate with the State Bank to offer loans for firms in prioritised sectors. These include agriculture businesses – particularly those in rural areas –as well as support industries and those producing goods for export. Besides implementing “the ... Read More »

PM starts Customs Union FTA talks

PM starts Customs Union FTA talks Two-way trade between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan stood at US$2.7 billion in 2012.—VNA/VNS Photo HA NOI (VNS)— Prime Minister Nguyen Tan Dung and Chairman of the Eurasian Economic Commission’s Board Viktor Borisovich Khristenko officially launched negotiations for a free trade agreement (FTA) between Viet Nam and the ... Read More »

Gold fails to lure buyers at first auction

Gold fails to lure buyers at first auction Gold fails to lure buyers at first auction at the State Bank of Viet Nam. — VNA/VNS Photo HA NOI (VNS)— The gold auction yesterday drew only two buyers – Asia Commercial Bank (ACB) and Phu Quy Gold Investment – who purchased a total of 2,000 taels (2,400 ounces). The winning price ... Read More »

SBV tightens regulations on gold trading

The State Bank of Vietnam (SBV) has issued a document requiring credit institutions to strictly abide by the regulations for managing gold trading. According to Official Letter No.1889/NHNH-QLNH dated March 21, credit institutions are not allowed to convert gold deposits into Vietnamese dong or other forms of currency, nor can they use gold deposits for mortgages, collateral or security for ... Read More »

Sanofi expands operation in Vietnam

Sanofi, a leader in consumer health care, will build its third factory in Vietnam at a total investment of 75 million USD. Sanofi CEO Chris Viehbacher said on March 29 that the factory, based in the high-tech park in Ho Chi Minh City , is the group’s largest project in the country to date. Equipped with modern technologies, the factory ... Read More »

Sustainable wood import-export discussed

Difficulties facing the wood industry and measures to promote sustainable wood import and export in Vietnam were tabled during a policy dialogue in Ho Chi Minh City on March 29. At the event, Deputy Minister of Agriculture and Rural Development Ha Cong Tuan suggested that in 2013, the State issue a set of standards on sustainable forest management and build ... Read More »

Vietnam continues selling rice to Guinea

Vietnam will export 300,000 tonnes of rice to the Republic of Guinea a year from 2013 to 2015 following a memorandum of understanding on the trade signed in Hanoi on March 29. The document was inked by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Minister of Trade Mohammed Dorval Doumbouya of Guinea. Minister Hoang said the MoU ... Read More »

Vietnam, Customs Union starts first round of FTA talks

The first round of the negotiations of a free trade agreement between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan took place in Hanoi on March 29. Vietnamese Minister of Industry and Trade Vu Huy Hoang and Trade Minister of the Eurasian Economic Commission Andrey Slepnev signed a joint notice on the session between the two sides. Both ... Read More »

Ceiling interest rate reduction put banks in a stir and a jumble

VietNamNet Bridge – 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 Bank. ... Read More »