Vietnam Financials

[tungsteng]

It’s time to mobilize funds, said Prudential

General manager explains stock market performance and offers advice on improving the economy. The Prudential Viet Nam Fund Management Company (PVFMC) the first international fund management firm licensed in Vietnam, now manages some US$1.4 billion and is seeking to mobilize three additional Vietnamese funds worth around $500 million in total.

Acting general manager of the fund, Pham Ngoc Bich, says temporary fluctuations on the financial market could offer attractive investment opportunities...

Full story: http://www.vnstocknews.com/2008/05/its-time-to-mobilize-funds-prudential.html

[tungsteng]

Bank interest rates have witnessed a new record high of 16.92% per annum. With the interest rate, banks will struggle to make profit as the maximum lending interest rate is capped at 18% per annum.

Full story: http://www.vnstocknews.com/2008/05/high-interest-rates-may-make-banks.html

[tungsteng]

Shares are selling at any price, and the VN Index dropped dramatically to below 450 points, the deepest low since November 2006. Meanwhile, Minister of Finance Vu Van Ninh still affirms that Viet Nam will not sacrifice the stock market to restrain inflation.

Full story: http://www.vnstocknews.com/2008/05/finance-minister-vn-wont-sacrifice.html

[tungsteng]

VietNam reiterates need for flexible currency

The government has urged the central bank to allow a flexible exchange rate by allowing the dong to move 2% up or down against the dollar, it said in a statement...

Full story: http://www.vnbusinessnews.com/2008/05/viet-nam-reiterates-need-for-flexible.html

[tungsteng]

Exporters benefit from stronger dollar

The rising value of the US dollar over the dong this month will help exporters stabilise business performance and production following a recent period in which a devalued dollar and rising input costs had lessened the profitability of exports...

Full story: http://www.vnbusinessnews.com/2008/05/exporters-benefit-from-stronger-dollar.html

[tungsteng]

Former Canadian premier Jean Chretien will meet with foreign business representatives at a luncheon on May 22 in Ho Chi Minh City during his three-day visit here, the Canadian Chamber of Commerce (CanCham) said...
http://www.vnbusinessnews.com/2008/05/former-canadian-pm-to-meet-with.html

[tungsteng]

Oil joint venture gets license to build refinery in Mekong Delta

The Can Tho Oil Refinery Company, a Vietnam-U.S. joint venture, will invest US$538 million in an oil refinery in the Mekong Delta city of Can Tho...
http://www.vnbusinessnews.com/2008/05/oil-joint-venture-gets-license-to-build.html

[tungsteng]

The Ministry of Finance has permitted Aon Viet Nam, an American-invested insurance broker, to provide services to State-owned enterprises...
http://www.vnbusinessnews.com/2008/05/us-insurance-broker-to-enter-viet-nam.html

[tungsteng]

The race to increase deposit interest rates has already begun among banks, just one day after the central bank jettisoned the 12% cap...

http://www.vnbusinessnews.com/2008/05/banks-deposit-interest-rates-go-through.html

[tungsteng]

Vietnam raises interest rates to fight inflation

Vietnam raised interest rates from Monday in a move that aims to tackle double-digit inflation by strengthening the dong, the local currency, putting money into banks and reducing credit growth...

Full story: http://www.vnstocknews.com/2008/05/viet-nam-raises-interest-rates-to-fight.html

[tungsteng]

Viet Nam to rank 2nd garment exporter to US

The US International Trade Committee (ITC) placed Viet Nam among the 30 biggest exporters to the US market in 2007, said the Ministry of Industry and Trade...

Full story: http://www.vnbusinessnews.com/2008/05/viet-nam-to-rank-2nd-garment-exporter.html

[tungsteng]

Governor of Vietnam Central Bank Meets U.S. Ambassador, IMF Official

Governor of the State Bank of Viet Nam, Nguyen Van Giau on May 14 had meetings with Benedict Binghamd, Resident Representative of IMF and the U.S. Ambassador Micheal Michalack to discuss measures to stabilize Viet Nam’s macroeconomy...

Full story: http://www.vnbusinessnews.com/2008/05/governor-of-vietnam-central-bank-meets.html

[tungsteng]

During early deals on Monday, the Viet Nam dong fell to a new multi-month low of 1.6178 against the US dollar. The pair closed last week's deals at 1.6160... http://www.vnstocknews.com/2008/05/viet-nam-dong-sets-new-multi-month-low.html