Business

Vietnam’s benchmark VN-Index closed 4.1% lower Tuesday after gaining in seven of the last 10 sessions. The index lost nearly 45 points after rising 13.7 points Monday. Trading value surged 11.8% to VND23.45 trillion ($977.08 million). The VN30 basket, comprising the 30 largest capped stocks, saw all tickers falling. Nine …

South Korean electronics giant Samsung announced plans Tuesday to increase its investment in Vietnam from $18 billion to $20 billion. “Samsung has clear goals to implement projects in Vietnam effectively. We want to invest in developing new, young human resources, and promote research in artificial intelligence and big data, ” …

The popular location-tracking social media platform Zenly will shut down February 3 as its operator Snap Inc undergoes restructuring. “Time to say goodbye,” read a notification to all users of the app Tuesday morning. The notification said the platform would shut down in 59 days. It also urged users to …

The Ministry of Finance is seeking to keep environmental tax on gasoline at VND1,000 per liter ($0.042) throughout next year amid concerns of rising inflation. It is gathering comments from relevant government bodies on the proposal to keep the tax same as this year, which has been reduced by 75% …

The U.S. dollar shoots up over the Vietnamese dong at commercial banks Tuesday but continued to fall on the black market. Vietcombank sold the dollar at VND24,250 Tuesday, up 0.75% from Monday. Eximbank sold the greenback at VND24,220, up 0.62%. TPBank set the rate 0.41% higher at VND24,400. Techcombank, however, …

SJC gold prices dropped 0.22% to VND66.9 million ($2,786.34) per tael Tuesday morning, lowest since October 15. Gold ring prices fell 0.73% to VND54 million. Global spot gold was up 0.4% at $1,775.69 per ounce, helped by a slight pullback in the U.S. dollar, which makes the greenback-priced bullion less …

South Korean electronics giant LG will invest US$4 billion in Vietnam as it seeks to make the country a future smartphone manufacturing hub. Its chief operating officer Kwon Bong-seok made this commitment at a meeting with visiting Vietnamese Prime Minister Nguyen Xuan Phuc Monday, according to the Voice of Vietnam. …

Smartphone exports fell nearly 10% in volume and 7.4% in value in November after the country’s largest manufacturer, Samsung Vietnam, lowered production the second time this year. Vietnam produced 20.6 million phones in November and export of phones and phone components were worth $5 billion, according to the General Statistics …

Vietnam’s central bank said on Monday it had raised its 14% cap on the local banking system’s credit growth for this year by 1.5-2.0 percentage points. The move comes after the local property and financial markets have faced a credit crunch over the past weeks following increases in the central …

A HCMC trial proposal to tax property owners on second homes is in line with international practices, but insiders don’t agree on how and when the plan should be implemented. Vo Hong Thang, R&D deputy director of DKRA Vietnam, said it is necessary to develop a more specific roadmap before …