Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade XRPUSD, Bitcoin and Cryptocurrencies

BUY & SELL XRPUSD | View XRPUSD News & Updates

Buy Sell XRPUSD, Bitcoin and Cryptocurrencies

Ripples from Vietnamese interest rates reach Malaysia   2008-06-01 - Bloomberg

Shares of Malaysian property developers sank Saturday on concern their sales in Vietnam will be eroded by higher borrowing costs.

Gamuda, Malaysia’s third-biggest builder by stock market value, Saturday tumbled 18 percent to 2.45 ringgit, its steepest decline in more than a decade.

Malaysian developers, including Gamuda, have increased investments in Vietnam as its economy booms.

Gamuda’s projects include the Yen So Park in Hanoi, a cluster of offices, luxury apartments and a convention center that the company values at US$1 billion.

SP Setia Bhd., whose only overseas projects are in Vietnam, dropped 5.7 percent, while Berjaya Land Bhd. lost 3.8 percent.

Vietnam’s central bank raised its key interest rate to 12 percent on May 17.

US investment bank Morgan Stanley has warned the country is heading for a “currency crisis” because the bank has kept the dong too strong as inflation soars.

SP Setia, Malaysia’s biggest property developer, said in April it plans to invest $100 million in Vietnamese projects that may generate as much as 30 percent of the company’s profit and sales in three years.

Other news

Banks cut loans for shares as market drops   2008-06-01

Long-term foreign investors eye Vietnam, say experts   2008-06-01

World’s worst stock market rout continues   2008-06-01

Airline introduces the Jetstar jump   2008-06-01

World’s worst stock market rout continues   2008-06-01

Little impact from ‘technical error’   2008-06-01

Bank warns of looming dong dilemma   2008-05-30

Multinationals resist rising office rents   2008-05-30

Vietnam to import coal from 2012   2008-05-30

Joint venture to build HCMC luxury apartments at $100 million   2008-05-29

Dollar eases to VND16,900   2008-05-29

HCMC stock exchange likely to reopen May 30   2008-05-29

Gold to rise above VND19 mln this year, says expert   2008-05-29

Stalled containers must be processed by mid-June: HCMC vice mayor   2008-05-28