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Young Vietnamese wins two int’l piano awards

Last year, Mi won the Gold Prize at the Music Festival and Competition Cheonan in the Republic of Korea and the first prize at the F. Chopin International Piano Competition in Singapore. She is voted as one of the 20 top young representatives of Vietnam.

Gold soars by VND1million a tael in Vietnam

Saigon Jewellery Company, the biggest gold shop in Vietnam, bought gold at VND47.800 million and sold at VND48.100 million at 9:17 am local time in Ho Chi Minh City on September 2. Hanoi-based Bao Tin Minh Chau Jewellery Company purchased SJC-branded gold at VND47.7 million and sold at VND48.45 million at the same time.

Large banks post robust profit

Currently, most of large banks in turn published their business results in Q1 with quite surprising figures amidst many hardships of the economy, highly surging inflation, tension on interest rate and forex rate, narrowed credit growth and tightened gold trading.

Banks to stop gold deposits to curtail risks

According to the SBV, gold deposit and lending activities in the past resulted in gold price unpredictability and fluctuations, leading to increased gold speculation and illegal imports, which negatively impacted the monetary and foreign exchange market and exchange rate. Moreover, credit organisations’ gold lending activities mainly focused on the non-production area, which is excluded from the State’s capital priorities.

Vietnam gold hovers vnd37.5mln, Dong strengthens to 1 month high – Apr 27

As of 9:20 Hanoi time, Sacombank-SBJ gold as listed at VND37.43million/tael and VND37.49million/tael for bid and ask, respectively.

Gold and dollar plummet

Internationally, gold advanced for eight consecutive trading sessions, hitting a record high as concerns over rising inflation strengthened the appeal of the precious metal as a store of value amid the US dollar weakened.

Gold saving rate fall further

That is new response of commercial banks in the downward tendency of gold saving rate starting from October 2010 when the State Bank of Vietnam (SBV) issued a circular to narrow gold mobilising and lending activities of credit institutions.

Vietnam places further restrictions on gold lending

Vietnam has already forbidden banks from lending gold for the production and trade of gold bars since October last year. But starting May 1 banks are not allowed to offer gold loans to jewelry makers either.

Vietnam banks to stop lending gold from May 1

Commercial banks were requested to propose their specific plans for the roadmap to the central bank, the local media reported, noting that the new regulation will head up to refuse gold as a means of payment in the economy. Local media noted that the meeting didn’t mention any restriction on gold-trading transactions in the black market.

Ending the nation’s love affair with gold

The State Bank of Viet Nam has reset the dollar-peg six times since 2008, nominally devalueing the currency by a cumulative total of over 20 per cent. Excluding the public’s purely speculative motives, one likely explanation for widespread shetering of assets in gold underscores not only a weaker currency but overall economic instability.

Gov’t to have roadmap for reducing dollarization of the economy

SBV was also assigned to quickly finalize and submit to the Government the draft decree on gold trading management towards strict control over gold bar import and trading, step by step reducing and removing the use of gold as a mean of payment.

Outlook bleak for future of Vietnamese badminton

Minh's most successful year was 2009, when he won the men's singles's events at the SCG Thailand Open Grand Prix and the Yonex Chinese Taipei Gold Grand Prix 2009. He also won the Viet Nam Grand Prix 2009 in HCM City that year, pushing him into the top ten realm. In 2010, Minh could not defend his title in Thailand because the tournament was cancelled and at Chinese Taipei, he failed to retain the title, knocked out in the semi-finals by Indonesia's Simon Santoso.

Gold bullion ban a bad idea, warn experts

At a conference held in Ho Chi Minh City Monday to discuss a State Bank of Vietnam (SBV) proposal to become the sole buyer gold bullion and ban people from buying it, officials from the, relevant ministries, and gold trading firms warned the measure could even cause an adverse effect.

Foreign currency saving-lending to be changed to buying-selling relation

This is a requirement in Resolution 77/NQ-CP on the regular meeting in March 2011 recently issued by the government. Specifically, the resolution required SBV to promptly finalise and submit to the prime minister regulations on penalising illegal trading of foreign currencies and gold; research and propose schedule to reduce the dollarisation situation in the economy and gradually change the relation of foreign currency mobilisation – lending to the relation of buying – selling. The scheme should be submitted to the prime minister to decide in April 2011.

Vietnam to release draft decree on gold trading in April

The central bank has prepared a draft Decree to replace Decree No 174/1999/ND-CP on local gold-trading activities and will release it to collect opinions from ministries, industries, commercial banks and gold traders in April, before sending it for approval from the Government in Q2/2011, the Deputy Governor specified.


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