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Tag Archive for ‘Inflation’

Vietnam G-bond yield falls in all tenors

As per the bond report in week between October 29 and November 2 issued by Bao Viet Securities Joint Stock Co (BVSC), the secondary market in week was less exciting with a total trading value of over 1.556 trillion dong, down over 20 percent from the previous week. Bond transactions for less than 3-year tenors […]

Vietnam National Assembly green lights socio-economic development plan

HA NOI (VNS)— Members of the National Assembly yesterday adopted the 2013 socio-economic development plan by a majority vote of 91.77 per cent. Under the plan, the macro-economy will be stabilized and inflation reduced. The plan also sets out how to provide better management of social welfare and to strengthen national defence and social order. GDP growth has been set at 5.5 per cent compared to 6 to 6.5 per cent for the present year. The plan outlines hopes to increase exports by 10 per cent while keeping the trade deficit at about 8 per cent. The…

Vietnam State Bank To Buy Back Gold

HA NOI (VNS)— The State Bank of Viet Nam (SBV) has announced plans to buy back gold from the public in a bid to resolve the problem of gold hoarding by wary savers. Speaking before National Assembly deputies at their most recent meeting, SBV’s Governor Nguyen Van Binh said the scheme would be the main effort to mobilize gold from the public, safeguarding the country’s economic development, while also benefiting the gold owners. In addition, the central bank will reorganize gold bar purchasing networks by granting licenses to businesses and credit institutions which are…

PRESS DIGEST – Vietnam Newspapers – Nov 9, 2012

FINANCIAL NEWS: VIETNAM NEWS — The central bank plans to buy gold from the public to prevent gold hoarding by wary savers, said governor Nguyen Van Binh. LAO DONG — Asia Commercial Bank said it has offered gold deposit certificates with rates of 0.8-1.8 percent. — Partly private VBBank has received the central bank’s approval to raise the registered capital to 5.7 trillion dong ($273.7 million) from 2.05 trillion dong. — VietinBank , the country’s second biggest partly private lender…

Vietnam sets moderate socioeconomic goals for next year

The majority of National Assembly deputies have agreed with 15 goals in the national socioeconomic development plan for 2013. Vietnam is targeting GDP growth of 5.5% for 2013 The country will target a GDP growth rate of 5.5% and a 10% increase in export revenues while reducing inflation to around 8% next year. Total investment is expected to account for 30% of GDP and the budget deficit will be curbed to 4.8% of GDP. The country will strive to lower its poverty rate by 2% and the unemployment rate in urban areas to less than 4%. It will generate jobs for 1.6 million people…

Helping Vietnam Businesses Through A Difficult Time

Many businesses have asked the Government to help them with economic stimulus packages similar to the one it offered three years ago. Over the past ten months, more than 41,000 businesses were dissolved or had to suspend production and by the end of September inventories remained high, accounting for 50 percent of total production volume in some industries like cement, steel and plastics. Nguyen Minh Quang, General Director of the Hanoi Infrastructure Investment and Development Company, says many businesses are finding it hard to realize their feasible projects for lack of capital coupled with slow progress in site clearance. Those operating in…

Reducing VIetnam’s Public Investment to Increase Salary Level

After a review of the expense budget, the Finance Ministry forecasted that about VND20,700 billion will be used to increase the minimum wage from VND1.05 million to VND1.15 billion in 2013. Public investment will be reduced to compensate for the increase What is being discussed in the National Assembly is garnering much attention from the public. One of the pressing issues is a plan to increase the minimum wage…

Vietnam’s Troubles Take a Toll on Chinese Exporters

Vietnam’s economic slowdown is proving a tough hurdle to overcome for mainland Chinese and Taiwanese plastics industry exporters, although some of them say they continue to see long-term potential there. Chinese and Taiwanese firms outnumbered exhibitors from everywhere else at the recent VietnamPlas show in Ho Chi Minh City, but there was cautious tone among […]

Vietnam Land And Factors For Lowering Land Prices

There are three essential factors that affect the value of agricultural land: time for land allocation, restrictions on land conversion and the underdeveloped land market. Major assets As being mentioned before, the Constitution and the Land Law stipulates that land is owned by the people. Personal ownership of land has no value. The value of land is only for the access to the use of land, which is worth billions of US dollars. It is estimated that the value of land in Vietnam is about $200 billion. The estimation method takes into account the…

Goldenization and dollarization put under control in Vietnam

The prevention of dollarisation and goldenisation (or reversion-to-gold) has yielded initial outcomes in the Vietnamese market. As of 2011, the Vietnamese economy had around USD120 billion. Experts estimated that up to 300-400 tons of gold worth of around USD 15-20 billion were not put into investment, production and business. The public gold and foreign currency blockage amounted to 30-40% of GDP and was equivalent to the total social investment every year. The problem of goldenisation and dollarisation is unfortunate for socio-economic growth and causes negative impacts on the economy. In Vietnam, gold and foreign currencies have been used as payment…