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BUSINESS IN BRIEF 24/12
HR
pros advised on selecting best staff
Pressing
issues in human resource management, including employee assessments and
high-performing teams, were discussed by participants at a seminar held on
Thursday in
Organised
by Profiles International Southeast Asia, in collaboration with Vietnamworks,
the seminar attracted more than 60 domestic HR directors, company leaders,
project managers and HR advisors.
The
meeting aimed to help HR staff select the correct people who will succeed in
particular jobs.
Team
performance, work place harmony and lowering of turnover were other issues
discussed.
Co.opmart
opens more outlets
Supermarket
chain Co.opmart opened a new outlet in Ba Ria-Vung Tau on Thursday, its
second in the southern province.
Co.opmart
Vung Tau 2 in
Saigon
Co.op, which owns the supermarket, will also open its second outlet in Ha Noi
and the 67th overall on December 20. Co.opmart Hoang Mai will cost more than
VND110 billion.
Farm,
industry and trade fair in Dak Nong
A fair
showcasing agricultural, industrial and trade products is taking place in the
Tay Nguyen (Central Highlands) province of Dak Nong, with the participation
of over 160 domestic firms nation-wide.
The
event is described as a good chance for participating firms to advertise
their products and seek new opportunities, said its organiser.
The
fair will continue until next Wednesday.
FPT
reports annual profit increase
Software
developer FPT (FPT) announced it earned more than VND24.9 trillion (US$1.17
billion), increasing 14 per cent year-on-year, and reaching 93 per cent of
the year's target.
Net
profits reached nearly VND1.4 trillion ($66 million), up 2 per cent over the
same period last year, and completing 82 per cent of the year's plan.
Earnings per share were VND5,049 ($0.23).
FPT
said December was a favourable time for some of its main business operations,
therefore the company would fulfill this year's profit target.
Foreign
investors boost stake in steelmaker
A
group of eight foreign investors bought shares of steel maker Hoa Phat (HPG)
to increase their stake from 8 per cent to 9.07 per cent, the company has
announced.
The
change in ownership will be effective from December 23.
Specifically,
Norges Bank bought an additional 3.7 million HPG shares to hold 2.42 per cent
in the company, while
Fund
earns $3.36m through IPO
Bao
Viet Equity Dynamic Open Ended Fund (BVFED), managed by the Bao Viet Fund
Management Company, raised VND71.3 billion (US$3.36 million) through its IPO
on Wednesday.
The
IPO, which was higher than its expectation, attracted 140 individual and
organisational investors, including foreign companies.
The
fund is expected to run from the beginning of next year, with Bao Viet
Securities Co (BVS) being the distributor for fund certificates.
Viglacera's
IPO to take place in February
Brick
and ceramics manufacturer Viglacera will conduct its initial public offering
(IPO) on February 20 next year, the Ha Noi Stock Exchange announced.
Viglacera's
charter capital is VND3.07 trillion (US$144.8 million), but the company will
offer more than 76.9 million shares, accounting for only 25.06 per cent of
the charter capital. The initial price will be VND10,300 ($0.48).
In
addition, the company will sell a 0.77 per cent stake to its employees, while
the dominant stake of 74.17 per cent is held by the State.
Thaco
to produce diesel engines
The
Truong Hai Automobile company (Thaco) will begin producing diesel engines for
trucks and buses from 2015, the company said.
The
company's engine manufacturing plant, whose construction commenced last year
with an investment of US$185.5 million, will produce nearly 20,000 engines
meeting the Euro 2 and Euro 3 Emission Standards between 2017 and 2018.
The
central
In
order to reach the goal, the province would continue to simplify
administrative procedures for investors, while supporting them in land
clearance and human resources, they said, adding that speeding up investment
promotion would also be included.
This year,
the province licensed 72 projects with capital totalling over VND12.88
trillion ($614 million).
Japanese
firm NIDEC to expand VN venture
Leading
Japanese motor manufacturer NIDEC Corporation will expand its business in
According
to NIDEC chairman Shigenobu Nagamori, the firm will set up five additional
subsidiaries in Viet Nam, with the goal of not only turning the country into
a manufacturing hub, but also a leading technology research centre in the
region.
Within
its business strategy including a vision for the next 50 to 100 years, the
firm will bring the latest technology to
Public
sector set for future revamp
The
number of State employees will remain the same until 2016, as a restructuring
and staff refinement process continues in the public sector, it was reported
at a conference yesterday.
The
conference, held by the Ministry of Home Affairs, reviewed its performance
this year and discussed the Ministry's responsibilities for next year.
According
to Deputy Minister of Home Affairs Tran Anh Tuan, staff management in the
public sector will participate in reforms, with many measures to be taken.
Among those are the enhancement of the policy on favourable treatment towards
talented officials, the development of a policy for the recruitment of ethnic
people, the development of tests for staff recruitment, and enhancement of
discipline and a sense of responsibility among State employees.
Tuan
added that the Ministry would step up inspections and supervision of the
performance of State agencies and organizations, as well as continue to fight
against fraud in staff arrangements and management, in order to ensure
productivity and efficiency in the operation of the public sector.
At the
conference, Nguyen Thai Binh, Minister of Home Affairs, said the quality of
the consultation work and advice made by State officials and some State
agencies had not always been satisfactory, while the progress of developing
legal documents was slow, without producing expected results.
The
conference participants, however, agreed that administrative reforms in local
and central governmental agencies had seen positive progress during the year.
Examples
cited include the pilot recruitment through examination of senior State
officials in certain ministries, sectors and localities and the application
of advanced information technology in staff recruitment.
Gov't
delays slow housing projects
Local
governments had, as of last month, suspended 524 new urban areas and
residential housing projects because they had made little headway in land
clearance.
These
projects, covering at total of 17,000 hectares, account for 13 per cent of
the country's existing new urban areas and housing projects, according to the
Ministry of Construction.
The
ministry announced these figures after a study of 11 major regions in the country,
officials said.
Nguyen
Tran
Projects
wherein more than 30 per cent but less than 70 per cent of the allocated land
has been cleared could be continued or suspended by local authorities, he
said.
Those
with less than 30 per cent of the land cleared and those whose investors were
not deemed financially capable would be suspended, he added.
One of
the aims of the suspension was to reduce the supply of commercial housing to
a saturated market,
"Even
if the ministry doesn't examine and suspend these projects, their investors
are not financially capable of completing them."
Many
investors are at present only capable of finishing site clearance and paying
land use fees, after which they have no funds to spend on the project,
according to the deputy minister.
However,
Pham Sy Liem, former deputy minister of construction and vice chairman of the
Viet Nam Construction Association, said such studies should have been
conducted earlier.
"The
ministry should not have waited until the real estate market had frozen to
review projects," he said.
Liem
said that the forecasting of land demand for all kinds of project had not
been done scientifically and in keeping with the country's socio-economic
development strategy.
This
resulted in the need for frequent adjustments to land use plans, he said.
Citing
Ha Noi's housing development strategy as an example, he noted it estimated
demand at 60 million square metres by 2020, but the actual land area that had
been allocated to investors was more than 82 million square metres.
The
situation has been repeated in
Regarding
the suspended projects, Liem said that in case the investors were not
replaced, the ministry should consider using the land for the actual needs of
local residents.
For
instance, for projects in suburban areas that had been suspended, local
authorities could establish farms to provide fresh food for urban consumers,
Liem said.
Renovations
commence on int'l highway route
The
upgrade of sections of National Highway 19 linking central Binh Dinh
province's Quy Nhon seaport with the
The
Built-Operate-Transfer (BOT) project, which is to cost more than VND2
trillion (US$94 million), is scheduled to be completed in 2015.
The
road work is expected to help ensure traffic moves safely on steep sections
of the highway, and boost economic development in Binh Dinh and Gia Lai
provinces, as well as the
The
sections to be upgraded include 33 km in Binh Dinh province and 22.6 km in
Gia Lai province.
Also
yesterday, construction of an 80km section of the
The La
Son - Tuy Loan section will be built at a cost of nearly VND12 trillion ($564
million).
Construction
is to begin in La Son town, Phu Loc district, Thua Thien -
Once
completed in April 2017, the section is expected to ease congestion as
traffic will flow through the Hai Van tunnel and alleviate flooding on
A
recent report from GfK, one of the world's largest research companies, said
that smartphone use in Viet Nam had increased 156 per cent in volume from
January to September compared to the same period last year. It surged in
value by 113 per cent.
In
"The
increasing affordability of smartphones, particularly in developing markets,
is helping many consumers in these countries make the switch from basic
phones to their first smartphone," said Gerard Tan, account director for
digital technology at Gfk Asia.
Nguyen
Duc Tai, general director of The Gioi Di Dong (Mobile World) Joint-Stock
Company, said the local smartphone market would continue to boom in coming
years.
"This
year, about 15 million out of 55 million users have used smartphones. The figure
will soon increase to 30 million or 40 million," he said.
Tai
told Viet Nam News that this year smartphone sales had exceeded sales of
basic mobilephones.
He
also said that smartphones accounted for 80 per cent of his company's total
sales.
An
expert from a research company told Viet Nam News that the smartphone market
had developed well but had not reached its peak.
She
said that basic phones make about 60 per cent of the market, and smartphones
40 per cent.
Next
year, it is expected to be 50-50, she added.
Smartphones
have become popular with young people because of the access to games, music,
photos and applications.
Moreover,
the price of smartphones have fallen. For about US$100, customers can buy a
smartphone with many features, Tai said.
The
most wanted smartphones are those with large screens that sell under VND10
million ($480). Samsung and Nokia are bestsellers.
GfK
said that in the first three quarters of 2013, consumers from
Lenders
eye end-of-year credit targets
The
State Bank of
The
central bank fears that the low interest rates some banks are offering could
spark off unhealthy business practices.
But
some analysts refuse to buy into what they deem as specious logic, pointing
out credit institutions' liquidity has improved significantly and many are
facing the pressure to hit their credit growth targets set for the year.
The
target is 12 per cent but banks have achieved only 8.83 per cent growth,
forcing lenders to be offer credit at drastically lower interest rates.
In the
last year or so lenders' deposit growth has been several times higher than
lending growth, causing them to sit on a pile of cash even as companies are
wary of borrowing at high rates.
As a
result, banks have been forced to vie with each other to launch preferential
credit packages to attract customers.
HDBank
recently earmarked VND1.5 trillion for loans on which the interest rate is
zero for the first month and 12 per cent for the next 11.
Asia
Commercial Bank is offering loans worth VND500 billion (US$23.8 million) to
small traders in markets and trading centres at 0.79 per cent per month.
TPBank
is offering loans to buy, build, or repair houses at a mere 5.8 per cent for
the first few months.
OceanBank
is willing to lend at 7 per cent for the first three months of the loan.
The
head of a commercial bank in
Banks
pay 1 per cent interest on average on current accounts.
Usually
non-term deposits are used to lend on the inter-bank market, but at present
interest rates and demand there are too low to attract banks' interest.
Investing
in government bonds is also not a profitable business for them since their
liquidity is not high.
The
non-term-deposit situation is rather stable, enabling banks to use some of
them to lend at low rates for a short term to lure customers.
An
executive at another bank in the city's District 5 explained why lending at
low rates made sound sense.
His
bank too offers loans at 6-7 per cent to companies which have feasible
projects and good credit records.
"With
this we can help enterprises overcome their difficulties and also retain good
customers.
"These
borrowers also bring other benefits to the bank by paying service charges and
crediting their employees' salaries to their accounts.
"Banks
always do business in such a way that they make profits."
He
admitted however that the banks need to carefully monitor how their loans are
used.
Some
companies borrow at low rates and deposit the money at other banks that offer
high interest rates, a common practice in international markets known as
carry trade.
But
the bottom line is that most banks lending at the low interest rates continue
to make profits.
Stable
inflation
Analysts
expect inflation as measured by the consumer price index (CPI) to be
contained at around 6.74 per cent next year after the Government managed to
gradually rein in the earlier runaway price rise.
This
year it will be within 6.3 per cent, the National Financial Supervision
Committee has predicted in a report on the economic situation.
Vietcombank
Securities Company forecast an even lesser rate – 6 per cent – and said GDP
growth would be around 5.3 per cent.
All
this indicates that the Government has had success this year in keeping the
inflation within the targeted level.
The
inflation rate has decreased consistently from 23.2 per cent in August 2011
to 7.5 per cent in August this year and 5.78 per cent in November.
Analysts
explained that the trend is likely to continue next year also because the
banking sector is struggling with bad debts and quality of credit, thus
keeping lending at low levels.
However,
the taming of inflation means that lenders are likely to start thinking again
about lowering credit interest rates and lending again to facilitate
companies' production and business recovery.
This
could also result in an improvement in the quality of credit and the
collection of bad debts, laying the foundation for the next lending boom.
Thus,
the inflation fight is likely be a big challenge, especially for monetary
policy makers, in 2014 since the country's economic growth target for the
year is expected to be higher at around 5.8 per cent.
There
are also plans to raise the budget deficit cap to 5.3 per cent of gross
domestic product, which will also bring inflationary pressure.
And so
it goes … round and round.
Downsizing
units
The
law stipulates that apartments have to be at least 45 square metres in size,
but abolishing this provision could be one solution for reviving the property
market.
If it
is done, housing developers can rearrange unit sizes, making them smaller if
required, and selling them to low-income buyers since the high – and
medium-end segments seem to have been abandoned.
However,
before the area cap is lifted, there are some issues that need careful
consideration.
If
there is no limit on the minimum size, kitchens and bedrooms could shrink or
even be dispensed with.
This
would restrict the use of many apartments and make them suitable only for
certain customers like single people or small families.
But in
that case many of them may not choose to buy, preferring to rent a place
instead.
So,
the Government needs to allow developers to offer these tiny apartments for
lease, which would then meet many people's demand for shelter while also
enabling developers to make enough money to finish many stalled projects.
Another
problem with downsizing units is that this would push up management costs
since developers have to spend more especially for expanding common spaces
like parking lots and parks.
They
would also need to make changes to the designed power and water supply
capacities.
This
is likely to work, however, only in suburbs and outlying districts.
On
December 20, the city's Department of Information and Communications
organised a conference to develop a project designated to transfer 17
state-owned enterprises into e-enterprises. These SOEs are governed by
In the
last eight months, the agency has implemented a pilot e-enterprise project at
Sai Gon Industry Corporation, achieving encouraging results.
The
application of information technology has helped enterprises reduce the time
needed to process affairs among the corporation's offices and member
enterprises, and has also helped cut costs equal to billions of dong.
Based
on the success of this pilot, the People's Committee has decided to broaden
the project to State-owned enterprises, with priorities given to 17 companies
headed by the municipal government.
Speaking
at the event, People's Committee vice chairman, Le Manh Ha, said that the
city government's IT applications would be improved so that all data from
enterprises could be easily updated.
City
leaders will outline timely and proper measures to settle any problems soon,
Ha said.
If
eligible enterprises for the project show signs of delaying IT application,
they will be penalised, he added.
Investment
flows to industrial zones
Companies
in
They
have attracted total investment of US$576.77 million this year, a 40 per cent
increase year-on-year, Ho Xuan Lam, head of HEPZA's administrative office,
said.
Foreign
investment surged by 73 per cent to $358.5 million, including in 19 new
projects worth $68.7 million, he said.
The
$31 million
Twenty
nine existing foreign projects brought in additional investment of nearly
$290 million, he said.
The
remaining was from investors from
Domestic
investment rose by 7 per cent to US$218 million, all of it due to an increase
in capital at existing firms.
New
investors accounted for $125.9 million, a 10 per cent decrease year-on-year.
There
are now nearly 1,300 projects with a total investment of $7.78 billion in IPs
and EPZs, with 1,063 of them operational.
Exports
have been worth $5.1 billion this year, an increase of 13 per cent despite
the economic downturn.
Forty
firms have shut down or reduced production, leaving more than 1,700 workers
unemployed.
The
number of workers fell by 2,700 to 268,800.
Many
companies in IPs and EPZs are trying to pay Tet (Lunar New Year) bonuses and
for workers' bus tickets to return home for the year's most important
festival.
But
only 150 out of more 1,000 firms have so far reported about their bonus plans
to HEPZA.
Most
firms plan to pay a bonus equal to one month's basic salary.
The
average basic salary is VND4.72 million per month at foreign firms and
VND3.26 million at domestic companies.
Labour
unions in co-ordination with employers are set to provide 6,000 free bus
tickets to workers.
More
than 3,400 gifts will also be made to disadvantaged workers.
Business
leaders urged to develop strategic thinking
Business
leaders will need to apply strategic thinking in order to survive sustainably
in the new economy, experts said at a seminar held on Thursday in
The
seminar was organised by the International Business Knowledge Corporation,
attracting 150 Vietnamese economic experts, researchers, managers, strategy
planners and business leaders.
Si
Danh Quoc Hung, training centre director of OCB Bank, said that new strategic
thinking was indispensable for a manager, especially for business leaders.
"Without
strategic thinking, companies will not develop well or could go
bankrupt," he said.
He
outlined five basic steps in a strategic thinking model to help businesses
identify "where we are", "where we want to be", "how
we will go there" and "how are we doing".
The
steps will allow businesses to realise priorities, understand their strengths
and weaknesses to use resources effectively and make key decisions to reach
their targets, he said.
Dang
Quoc Tien, deputy general director of Military Bank, said that "traditional
strategic thinking is based on today's figures and forecasts for the future.
But new strategic thinking requires business leaders to be creative."
The
businesses need to focus on market demand, market forecasts and outside
influences on their firms.
For
instance, future forecasts must be based on social conditions as well as
short – and long-term situations.
Then
they can prepare substitute products and services to meet market demands.
Tien
said that "new strategic thinking would help firms build new business
strategies that show the strengths of their businesses."
This
approach helps them create distinctive products and services compared to
other competitors.
"If
the competitors want to copy these products, it will take them a lot of time
and then the competitors will be left outside," he added.
Tien
said new strategic thinking has become an urgent issue for businesses when
most Vietnamese SMEs are still struggling in a difficult economy.
Since
the beginning of this year, 55,000 businesses have gone bankrupt or ceased
operations.
He
said that it was necessary to seek advice from consulting firms on strategy
because the latter could analyse strengths, weaknesses, opportunities and
challenges for businesses.
Tran
Quang Thang, head of the HCM City Institute of Economy and Management said
that "new strategic thinking required business leaders to create many
possible scenarios to cope with situations in the future market. This can
minimise business risks."
New
strategic thinking is needed for start-up businesses, SMEs businesses and
large businesses since all enterprises face many risks during their own
business development process, he added.
These
risks are related to taxes, capital crises, human resources and management.
On the
occasion of the conference, the International Business Knowledge Corporation
announced the establishment of a Strategy Consulting Centre to provide
courses in strategic thinking and strategic consulting for businesses and
cities and provincial officials.
This
would include risk and financial management, human resources and macro-policy
analysis.
The
centre will also create a strategy consulting board with the country's
leading economic experts, including Tran Dinh Thien, president of the Viet
Nam Institute of Economics; Pham Linh, deputy general director of OCB Bank;
Nguyen Chi Hai, head of HCM City University of Economy-Law's Economic
Department; and Vo Tri Thanh, vice president of Central Institute for
Economic Management.
Tra
fish exports down as farming area shrinks
The
fish was exported to 149 countries and territories with the major markets
being the
According
to VASEP, in the Mekong Delta tra fish is farmed on 4,679ha, only 87 per cent
of the area last year. More than 1 million tonnes have been harvested this
year at an average of 276 tonnes per hectare.
Deputy
chairman of the Vietnamese Tra Fish Association Vo Hung Dung said the
industry faced difficulties since the farming area had shrunk.
Exports
to the
Exports
to the 14 markets in the
The
seminar discussed issues relating to the title "Developing Markets and
Raising Value Addition of Tra Fish in the Mekong Delta", including the
work on brand building.
It was
organised by the Ministry of Agriculture and Rural Development's Department
of Farm, Forestry and Seafood Processing Department, and the Vietnamese Tra
Fish Association.
Vietnamese
businesses should improve their understanding of
According
to the Ministry of Industry and Trade's
The
consumer demands of the 200,000 Vietnamese, who account for 1 per cent of
However,
it's not an easy task for Vietnamese firms to penetrate
During
a recent trade conference in
He
suggested that Vietnamese exporters should establish ties with Taiwanese
importers who knew local consumer tastes, habits and market trends.
The
General Department of Customs reveals that bilateral trade reached US$11
billion in 2012, of which
In the
past eight months,
During
the reviewed period,
Retailers
launch year-end deals
Trade
promotion programmes are on the rise as retailers aim to boost sales by the
year-end, despite the economic downturn.
Saigon
Co.op, one of the largest domestic supermarket chains, is discounting many
products between 10-50 per cent, according to a representative.
The
supermarket will also set up mobile shops selling essential goods in rural
industrial zones and other remote areas.
Electronics
retailers like Media Mart, Nguyen Kim, Pico, HC and Topcare are also slashing
prices.
Tran
Thi Phuong in Thanh Xuan District, Ha Noi, compared the prices of televisions
and electric rice cookers at those retailers and reported little difference
between them.
Nguyen
Quang Duc, in charge of marketing for Pico told CAND online newspaper that
electronics stores were offering discounts of 20-35 per cent or even 50 per
cent.
However,
purchasing power had not increased because consumers were spending less on
home appliances. Retailers expect the domestic market to improve next year.
US
tapering likely to benefit VN
The
reduction of the US Federal Reserve's US$85 billion stimulus package to $75
billion won't directly impact the Vietnamese stock market, but will affect
foreign capital inflows.
The
Fed's decision, according to analysts, was reasonable, as the
The
reduction is also seen as a preventive action against an asset bubble, when
housing prices in the
The
Fed will probably continue to taper and is expected to terminate its
quantitative easing by the third quarter of 2014.
According
to MB Securities' Hoang Cong Tuan, the tapering would boost US government
bond yields, indicating the Fed's confidence in the continuing economic
recovery. Also, foreign investment would not be massively withdrawn from
emerging markets, including
In the
long term, a stronger
Tuan
said that only a number of stocks with weak business results during the first
nine months of this year would be easily exposed to exchange-traded funds'
(ETFs) offloading.
They
could include PetroVietnam Construction (PVX), food processor Bourbon Tay
Ninh (SBT) and property developers Tan Tao (ITA), Hoang Anh Gia Lai (HAG) and
Dic Corp (DIG).
"In
addition, although the selling trend remains in many emerging markets, it has
ended in
The
price to earnings and price to book ratios of
Hoang
Thach Lan, head of MHB Securities Co's brokerage service, was more cautious,
saying short-term foreign investment could be withdrawn since the market had
absorbed a large value of indirect investment.
"However,
I expect the amount of indirect investment next year will be poured into the
Vietnamese stock market, rather than than moving out," he said.
Textiles
to reap TPP gains
Of all
the industries in
Vo Tri
Thanh, vice director of the Central Institute for Economic Management, said
the TPP would bring many opportunities to the sector.
Thanh
spoke during a seminar held yesterday in
Also
speaking at the seminar, Le Tien Truong, deputy head of the Viet Nam Textile
and Apparel Association, predicted that the industry's export turnover would
surpass US$20 billion in 2013, exceeding the target of $19 billion set for
the year by the association.
With
TPP membership, Truong said the textile and garment export turnover to the
And by
2025, the sector's overall export turnover could reach $50-$55 billion, he
said.
Industry
insiders said that the TPP agreement would help stimulate investment in
making raw materials, helping to increase the rate of localised products.
By
2015, the localisation rate for export products is expected to be between 60
per cent and 70 per cent, Truong said, adding that this would open up many
opportunities for the sector.
He
said the TPP agreement would allow
However,
many experts said that
Last
year, Vinatas imported 415,000 tonnes of cotton, which satisfied 99 per cent
of total demand.
The
TPP negotiation has undergone 20 rounds on 30 topics.
Early
this month in
Another
ministerial meeting will be held in January, according to Tran Quoc Khanh,
deputy minister of Industry and Trade and head of the government's delegation
for negotiations.
"Garments
and textiles are one of the core benefits for us with the TPP
agreement," Khanh said.
Vo Tri
Thanh, vice director of the Central Institute for Economic Management, said,
however, that the agricultural sector would face harsh competition from other
TPP members.
But he
noted that TPP membership would produce an overall positive impact on the country.
It would stimulate the economy, and inflation would drop as the number of
foreign-invested projects increased, he said.
Local
gold price tumbles after Fed prompts global sell-off
Domestic
gold price yesterday lost an additional 1.08 per cent to fall below the
resistance level of VND35 million per tael (US$1,647), which marked a
record-low not seen since November 2010.
The
falling price followed the drop in world gold prices after the US Federal
Reserve's move to curb its bond-buying stimulus prompted a huge sell-off.
Spot world gold prices fell to a six-month low of $1,185.10 an ounce earlier
yesterday, before it inched-up to $1,192.80 due to bargain-hunting buyers.
SJC
gold bars were traded at VND34.9/VND35.13 million ($1,642/1,653) per tael.
The drop extended the gap between local and world price to VND4.7 million
($221) per tael. One tael is equivalent to 1.2 ounces.
PNJ
reported strong sales from individuals, doubling the volume of two days ago
to around 300 taels. However, the daily purchase power remained stable at 500
taels.
Nguyen
Cong Tuong, sales manager of Saigon Jewellery Company (SJC), quoted by
Vnexpress as saying that many people worried about the down trend continuing,
and sold their gold to secure as much as possible.
However,
SJC said prices at the State Bank of
During
the 75th auction, 12 credit institutions purchased 14,700 of 15,000 taels of
gold offered by SBV at a cost of VND35.01-35.04 million ($1,667-1,668) per
tael.
According
to SBV, it has sold 1.799 million taels of gold since its first auction in
March.
Yesterday,
the US dollar was traded at VND21,250.
According
to the Committee for Overseas Vietnamese Affairs, some 4.5 million Vietnamese
are living in more than 100 nations and territories around the globe.
There
are also some 500,000 Vietnamese guest workers.
BIDV
subsidiary company opens seventh branch in
The
Bank for Investment and Development of Cambodia (BIDC), a subsidiary company
from the Bank for Investment and Development of Vietnam (BIDV) inaugurated
its seventh branch in
The
new branch office is located in Mean Chey district - an important economic
sector of
Addressing
the inauguration ceremony, Uok Maly, deputy governor of the National Bank of
She
expressed her hope that the BIDC will continue to strengthen cooperation with
the National Bank of
By
September 2013,
Fruit,
vegetable exports earn US$1 billion
Fruit
and vegetable exports were estimated at US$1 billion by mid-December,
according the General Department of Customs’ report.
The
figure was 27 percent higher than over last year, especially in the context
that the earnings from other agricultural products declined in terms of both
quality and price.
The
shipments of fruits and vegetables has risen steadily over the years, earning
US$305 million in 2007, US$628 million in 2011 and US$829 million in 2012.
However,
it requires greater investment in the purchase and processing of fresh fruits
and vegetables for export to meet Good Agriculture Practice (GAP) standards.
Hai
made the affirmation at a reception for Wang Jiarui, head of the Chinese
Communist Party's International Liaison Department, in
He
expressed his delight at the fine development of the relationship between the
two Parties and states through high-level visit exchanges, helping expand
bilateral relations.
He
briefed his guests on
Currently
the city is home to more than 300 Chinese businesses investing nearly US$300
million in various areas. This year two-way trade between
Hai
expressed hope Wang will create favourable conditions for Chinese localities
and businesses to strengthen cooperation with
At the
reception, Wang was very impressed by
He
also shared
He
spoke highly of
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Hai, 23 tháng 12, 2013
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