Jan. 17 – The Vietnamese Finance Ministry is permitting domestic fuel traders to withdraw money from the national price stabilization fund to offset the increasingly high price vendors are paying for imported oil. The vendors have been told to keep prices stable.
Since November 2010, domestic companies selling fuel have taken VND1,200 (US$.06) from the fund for every liter of gas and kerosene sold and VND1,000 (US$.05) for every liter of diesel sold. Continue reading
Jan. 14 – Licensed last year by the Ministry of Industry and Trade (MoIT), Vietnam’s first commodity exchange became operational on January 11 in Ho Chi Minh City.
The Vietnam Commodity Exchange (VNX), with a registered capital of US$7.5 million, is allowed to exchange all types of commodities under MoIT regulations. According to its general director Nguyen Duy Phuong, the VNX will initially trade coffee and rubber. Steel will become another commodity on the trading list in the second quarter of 2011. All three commodities are Vietnam’s major exports. Continue reading
Jan. 12 –Vietnam Electricity has said it plans to generate 112.6 billion kilowatt-hours of power this year, up 16 percent from 2010, and it will buy electricity from China to ease its shortage.
The power shortage was estimated at 6 billion kilowatt-hours in 2010, caused in part by dry weather and reduced hydropower output, according to a year-end report from the state-owned utility. It predicts a shortfall of roughly 3 billion kilowatt-hours during the dry season this year. Continue reading
Dec. 31 – Vietnam’s central bank is proposing to the government that the country set interest rates annually and allow companies to negotiate the price they pay for the country’s currency independently with banks, according to reports by Tuoi Tre, a local newspaper.
The State Bank of Vietnam submitted the plan, which allows policymakers to communicate key government stances on interest rates and currency values to Prime Minister Nguyen Tan Dung. Continue reading
Dec. 30 – Typically, blistering fast growth rates are a boon for any economy. But Vietnam’s above-the-mark growth rate of 7.3 percent in Q4 only strengthened fears of overheating.
Gross domestic product grew 7.34 percent in the three months through December from a year earlier, while annual GDP rose by 6.83 percent for 2010. Continue reading
Dec. 14 – The State Bank of Vietnam and HSBC Bank held a joint meeting on derivative products, the adoption of which the central bank considers important in integrating Vietnamese capital markets more closely with the rest of the world.
The aim of the workshop was to share experiences in using and managing derivatives, and to discuss what legal and practical issues would arise if the financial products were to be introduced to Vietnam. Continue reading
Dec. 10 – Presenting an opportunity for investors, Vietnam’s banking industry seeks to apply more advanced information technology and security infrastructure in the near future, the government said on Thursday.
“Developing more useful banking services, widening the use of the new Point of Sale (POS) for plastic money, and seeking more idle capital in rural areas are new trends in the banking industry,” Governor of the State Bank of Vietnam Nguyen Van Glau said at the opening ceremony of Vietnam’s 2010 annual banking conference in Ho Chi Minh City. Continue reading
Dec. 10 – In a sign that the world’s markets have all but fully recovered, Vietnam’s exports are expected to hit US$70.8 billion for the year, which is an increase of 24 percent since 2009 and 16.5 percent higher than the government’s desired targets.
The Ministry of Industry and Trade reported that most sectors have experienced growth, especially industries involved in rubber, cashews, rice, chemicals, steel, and machinery. Continue reading
Dec. 8 – Cai Mep Agricultural Port, one of the region’s largest ports, reopened on December 1.
The 308-meter-long port closed to allow upgrade efforts to take place which aim to more than quadruple its capacity from 30,000 deadweight tons to 160,000 deadweight tons, and will eventually be able to accommodate 200,000 deadweight tons by the end of next year. Presently, it is capable of accommodating ships of up to 75,000 deadweight tons. Continue reading
Dec. 7 – The State Bank of Vietnam announced on Tuesday that it would concentrate on controlling inflation and stabilizing the economy as its key goals for 2011.
“[The central bank] will actively, flexibly and prudently conduct monetary policies in order to give the first priority to controlling inflation and stabilizing the macroeconomy, contributing to growth economy,” Governor Nguyen Van Giau said in prepared remarks. Continue reading
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