Vietnam Business News

Reform urgently needed for Vietnam to make use of EVFTA
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam needs to reform its trade mechanisms while local businesses are advised to be more proactive to take advantage of the European Union Vietnam Free Trade Agreement (EVFTA). According to the Ministry of Planning and Investment before the COVID-19 outbreak, the EVFTA will boost Vietnam8217;s economy 2.18 to 3.25 percent in the first five years [8230;]

Pyn Elite Fund becomes CMC Group8217;s big shareholder
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The Finland-based Pyn Elite Fund has announced it will buy 61,750 shares of CMC Group (CMG) to bring its ownership at the group to 5.08 per cent (equivalent to 5.08 million shares), according to the Ho Chi Minh Stock Exchange (HOSE). According to the group8217;s financial report in April to June 2020, its net income [8230;]

Dozens of tonnes of Vietnamese longan enter Australia over past few weeks
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Dozens of tonnes of Vietnamese longans have been exported to Australia and distributed in the states of South Australia and Western Australia over the past few weeks. The most recent was the shipment of 7.5 tonnes of longans from the Mekong Delta provinces which arrived in Australia on August 6 and the 9-tonne batch departing [8230;]

VN Index rises for fifth straight day
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The VN Index of the Hochiminh Stock Exchange extended its rising streak to the fifth consecutive session today, August 7, gaining 1.42 points, or 0.17%, at 841.46. Market breadth was positive with 185 winners and 177 losers. Trade volume totalled 259.88 million shares worth VND4.56 trillion, up 1.1 percent and 9.7%, respectively, from the session [8230;]

Wood, wooden product exports rise 6.2 pct.
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Wood and wooden product exports hit 1.05 billion USD in July, bringing the figure to 6.09 billion USD in the first seven months of this year, a year-on-year rise of 6.2 percent, the Ministry of Agriculture and Rural Development (MARD) has revealed. Imports by the sector neared 1.31 billion USD in the seven-month period, down [8230;]

With all eyes on virus control, VN stocks set to swing
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

While corporate earnings reporting no longer has an impact on overall market sentiment, all eyes will be on new developments of the second wave of coronavirus in Vietnam. Vietnam8217;s benchmark VN Index on the Ho Chi Minh Stock Exchange gained a total of nearly 5.4 per cent to finish last week at 841.46 points. The [8230;]

Techcombank increases provisions to deal with bad debts
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

In the first half (H1) of 2020, Vietnam Technological and Commercial Joint Stock Bank (Techcombank, HoSE: TCB) recorded a pre-tax profit of 6.737 trillion dong, 19 percent higher than the same period of 2019. This figure is lower than the 34 percent growth of the profit before provisioning (7.984 trillion dong). This is because the [8230;]

Derivatives market sees liquidity rise in July
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Transactions on the derivatives market in July increased compared to June with average trading volume up by 18.59 per cent to about 212,623 contracts per session, according to statistics from the Hanoi Stock Exchange (HNX). The session on July 29 had the highest trading volume during the month also the highest level since the inception [8230;]

Bad debts tend to rise despite slow credit expansion
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Non-performing loans are still increasing despite slow credit expansion as the COVID-19 pandemic stretches many businesses to their limits. The first-half financial statements of big banks like Vietcombank, the Bank for Investment and Development of Vietnam (BIDV) and Vietinbank all indicated an increase in non-performing loans (NPLs). Total NPLs of Vietcombank increased 11 per cent [8230;]

Shares struggles to advance amid international tensions
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Vietnamese shares inched upwards up on Friday, driven by technology, construction materials, and mining and energy sectors while market sentiment was clouded by worries about the increase of virus infection cases and US-China tension. The benchmark VN Index on the Ho Chi Minh Stock Exchange rose 0.17 per cent to end at 841.46 points, extending [8230;]

VPBank records positive results thanks to its 3 pillars
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Although being the first bank in the system to publish business results, Vietnam Prosperity Joint-Stock Commercial Bank (VPBank stock code: VPB) was much more optimistic than investors8217; expectation. Specifically, accumulated total income for the first six months of the year was recorded at 18.854 trillion dong, up by 12 percent over the same period. VPBank8217;s [8230;]

Can Van Luc advises not to use financial leverage to invest at the moment
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Exchanging at the online seminar 8216;Real Estate in a Vortex of Uncertainty: Turn and Adapt8217;, which was organised by BizLIVE Corporate Life on the morning of August 4, experts had shared about investment activities in the current period when the economy was deeply affected by the Covid-19 epidemic. Accordingly, experts believed that the current situation [8230;]

Policies need to be timely and reasonable to stimulate demand in Vietnam
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Domestic consumption will help the economy recover from the effects of the Covid-19 epidemic A series of supply and demand connections have been carried out recently by businesses to stimulate domestic demand. Vu Thanh Son from Hapro said the link between distributors and manufacturers will help stabilise the market and allow consumers to buy goods [8230;]

Sacombank cards, Sacombank Pay owners enjoy amazing privileges when shopping on Tiki
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Owners of Sacombank cards (including credit and payment cards) and Sacombank Pay accounts will get a preferential combo worth up to VND400,000 (US$17.2) when shopping on e-commerce site www.tiki.vn or the Tiki shopping app from now until October end. The programme does not apply to corporate and UnionPay cards. Sacombank card and Sacombank Pay account [8230;]

Digital Transformation Facilitates Cross-Border Trade
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The Covid-19 pandemic has made businesses realise the superiority of digital economy and the urgent need for digital transformation. Digital transformation will help Vietnamese businesses, especially small and medium-sized enterprises (SMEs), find flexible business models, reduce costs and optimise resources to access global supply chains and sell goods across the border. Opportunity for digital transformation [8230;]

Analysts, authorities make contrasting claims about high Vietnam gold prices
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

A supply shortage in Vietnam has widened the difference between domestic and global gold prices, according to experts, but authorities reject the claim. Gold prices have been rising relentlessly this year as investors sought a safe haven amid the uncertainties caused by the Covid-19 pandemic. Vietnamese gold prices have always been higher than international rates, [8230;]

Strategies for new FDI trends in Vietnam
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The 8216;new normal8217; is accelerating the trend of foreign investors relocating production lines to Vietnam, according to Bizlive. Alex Feldman, chair of USABC (US-Asean Business Council), said that US businesses believe that in the time to come, investors will pay more attention to the ability of governments to cope with external shocks when considering their [8230;]

Sun Life Financial increases footprint in Asia
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Canada-based insurer and asset manager Sun Life Financial is seeking opportunities to acquire Asian companies in a bid to increase its footprint in the region. Accordingly, Sun Life announced that it has opened a branch in Singapore a few days ago, in anticipation of its upcoming Asia-focus strategy. The newly-opened Singapore subsidiary extends Sun Life8217;s [8230;]

Pork supply and demand to be in balance by end of the year: official
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The domestic short supply of pork is expected to be offset by imports, but it is difficult to import pork now because of a decline of 12 percent in global supply of pigs, mostly caused by Asian Swine Fever (ASF). Deputy minister of Agriculture and Rural Development Phung Duc Tien said that there is no [8230;]

BIDV continues bond mobilisation
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) successfully issued 490 billion dong of medium and long-term bonds on July 30. Bonds are non-convertible and unsecured, issued and paid in dong and established direct debt repayment obligations. Furthermore, they are subordinated debts and satisfy the conditions to be included in the tier [8230;]

Shipments worth below 6,000 euros to EU entitled to origin self-certification
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Vietnamese exporters can now make origin declarations for their shipments, valued at less than 6,000 euros (US$7,100) each, to the European Union as the European Union-Vietnam Free Trade Agreement (EVFTA) takes effect. According to the Import-Export Department under the Ministry of Industry and Trade, after the EVFTA officially came into force on August 1, Circular [8230;]

Online savings prevail these days
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Online transactions were increasingly dominant, which was why banks were also actively promoting the exploitation of products and services on electronic platforms. Although the deposit interest rate decreased, the pressure on the gold price increased sharply (as of 14:00 on August 6, 2020, the price of SJC gold pushed up to 62,320 million dong/tael), the [8230;]

Vietnam gains ground over China in apparel exports to US
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Vietnam8217;s market share in US apparel imports is now equal to that of China, which was the largest supplier of products for fashion companies in the US just seven months ago. Vietnam is now on par with China in terms of apparel exports to the US in the first six months of 2020, South China [8230;]

Life insurers likely to achieve 2-digit growth rates
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Promoting digitisation process According to Dau tu Chung khoan, due to the recurrence of te Covid-19 epidemic in some provinces and cities, insurance companies have to changesome business development activities in the third quarter (Q3) of 2020. However, fundamentally, important strategies will still be implemented, even if the results may not be as expected. Talking [8230;]

Database sharing important to developing e-government
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Database sharing between management agencies at both central and local levels is key to the process of developing e-government, experts have said. The Ministry of Information and Communications is compiling an e-government development strategy, with services a pillar in Vietnam8217;s socio-economic development model. Under the draft strategy which has been made public for comments, the [8230;]

Gold escalates to above VND62 million per tael
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The price of gold in Vietnam on August 7 continued to go up by more than VND1 million per tael (1.2 ounces) compared to the previous day, surpassing VND62 million per tael. Saigon Jewellery Company listed the price at VND60.75 million per tael for buying and at VND62.4 million per tael for selling at 5 [8230;]

Vietnam may see negative GDP growth rate this year
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Economists have predicted that Vietnam8217;s GDP may be negative this year as the possibility of a second outbreak exists. The Vietnam Institute for Economic and Policy Research (VEPR) in early July predicted that Vietnam8217;s GDP may grow by 2.2-3.8 percent in 2020. Drawing up different scenarios about epidemic performance in the world, economists believe that [8230;]

Reference exchange rate up 15 VND at week8217;s beginning
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The State Bank of Vietnam set the daily reference exchange rate at 23,215 VND per USD on August 10, up 15 VND from the last working day of the previous week (August 7). With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,903 VND/USD and [8230;]

PM urges Hanoi to soon achieve upper-middle income level status
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

Hanoi should set a vision to compete with other capital cities in the world such as Beijing, Bangkok, or Kuala Lumpur, said prime minister Nguyen Xuan Phuc. Prime minister Nguyen Xuan Phuc has urged Hanoi to achieve the income per capita of $8,100 8,300, the threshold of upper-middle income level, much sooner than the timeline [8230;]

Vietnam stock market predicted to be resilient amid Covid-19 resurgence
Mon, 10 Aug 2020 23:02:02 +0000

Intellasia East Asia News

The stock market still proves to be quite attractive in the context of redundant liquidity and other investment channels having not fully recovered. It is unlikely that Vietnam8217;s stock benchmark VN Index would return to its March bottom with a 25 percent slump, given that investors now have sense of Covid-19 impacts instead of the [8230;]

Mountainous areas and islands need investment
Sat, 08 Aug 2020 00:09:42 +0000

Intellasia East Asia News

PhD Doctor Le Quoc Phuong, former deputy director for the Information Centre for Industry and Trade, under the Ministry of Trade, talks on key requirements in trade development in mountainous areas and islands. What are the achievements of the government8217;s programme on trade development in mountainous and islands from 2015-2020 in accordance with the prime [8230;]

Footwear exports likely to bounce back at year8217;s end
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020, a year-on-year decline of 7.9 percent, according to the Ministry of Industry and Trade. The sector is among the hardest hit by the COVID-19 pandemic, along with garment-textile and manufacturing. Europe is the leading export market of Vietnam8217;s leather [8230;]

Vietjet to sell all treasury stock
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Budget carrier Vietjet is seeking to sell its treasury stock to a strategic investor to raise working capital as the Covid-19 pandemic hits revenues. The airline8217;s 17.77 million treasury shares, or 3.28 percent of its charter capital, was bought in August 2019 for VND132,063 ($5.7) per share. Vietjet said it would negotiate the price with [8230;]

Novaland has successful first half 2020 thanks to Mamp;A strategy
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Real estate developer Novaland Investment Group Corporation has reported consolidated revenues of nearly VND4.4 trillion for the first half of the year. In its financial report which was recently released, the company also announced a year-on-year increase in post-tax profit of 48 per cent to VND1.177 trillion. For the second quarter Novaland reported profit after-tax [8230;]

Regional minimum wage may be unchanged in 2021
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Due to the impact of the COVID-19 pandemic on the country8217;s economy and enterprises8217; operation, almost all members of the National Salary Council agree with the plan to maintain the existing regional minimum wage by the end of 2021. At the second meeting of the National Salary Council organised on August 5, 9 of 13 [8230;]

Strong demand keeps VN Index afloat
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Despite the profit taking pressure, the VN Index of the Hochiminh Stock Exchange fluctuated in the positive territory and closed up 0.27 percent at 840.04 points today, August 6, buoyed by strong demand for large-cap stocks. With 167 stocks rising and 199 others falling, the southern bourse saw 257 million shares worth VND4.2 trillion change [8230;]

$213mn bridge to tap into southern Vietnam port8217;s potential
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Ba Ria-Vung Tau Provine in southern Vietnam on Tuesday approved in principle a plan to spend approximately VND4.9 trillion (US$213 million) building a bridge connecting an expressway with its seaport. The bridge, named Phuoc An, is projected to serve as an important link between Cai Mep Thi Vai International Port in Ba Ria-Vung Tau and [8230;]

The rapid development of the corporate bond market sparks a considerable controversy
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Despite the recent rapid development, Vietnam8217;s corporate bond market had a long way to go, to share the burden of providing capital to the economy with the banking system as expected by the government. Statistics from Hanoi Stock Exchange (HNX) and businesses showed that 211 businesses were offering a total of 300.588 trillion dong in [8230;]

VN Index climbs to two-week high in fourth gaining session
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The VN Index climbed 0.27 percent to 840.04 points Thursday, the fourth straight gaining session taking it to its highest point since July 23. The benchmark index saw steady growth throughout the day with strong gains in the session8217;s last hour to end 2.24 points higher than the previous day. The Ho Chi Minh Stock [8230;]

Vietnam Tourism Hard Hit by Second Wave of Covid-19
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

As domestic tourism was just coming back, expected to be the silver bullet for Vietnam8217;s tourism industry post Covid-19, the resurgence of the pandemic in Da Nang has dealt a heavy blow to the industry. According to statistics of the Vietnam National Administration of Tourism (VNAT), Ministry of Culture, Sports and Tourism, the programme to [8230;]

High-risk forex scams spook investors
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The allure of quick money and high returns from foreign exchanges has put investors at risk of unscrupulous scammers who take advantage of their lack of knowledge and an unregulated market. Falling for gimmicks such as AI, matrix algorithms, or promises of more than 30 per cent profit per month, many investors have been withdrawing [8230;]

Enterprises urged to advance during EVFTA execution: PM
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Urging ministries, agencies and localities to be more proactive while executing the tasks specified in the government8217;s action plan, during a web conference on August 6, prime minister Nguyen Xuan Phuc asked enterprises operating in Vietnam to keep making headway and innovating to align their business growth with global standards to be able smoothly execute [8230;]

Vietnam Airlines plans to sell nine planes due to financial woes
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Vietnam Airlines is planning to sell nine A321CEO planes to optimise its fleet and improve its cash flow, as the national flag carrier8217;s revenue has dropped sharply due to the Covid-19 pandemic. The selling of these planes, which were produced between 2007 and 2008, is also part of Vietnam Airlines8217; plan to replace planes aged [8230;]

Industrial production declines in HCM City in seven months
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The index of industrial production (IIP) in HCM City went down 5.5 percent year-on-year in seven months of this year due to COVID-19 pandemic, according to the municipal Department of Industry and Trade. In July alone, the index rose by 8.6 percent month-on-month, including manufacturing and processing up 9 percent, electricity production and distribution up [8230;]

Banks loosen policies to collect big interest
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

In the first half of 2020, the USD/VND exchange rate was almost completely quiet. As with other channels, the lack of signal often limited the magnitude of profitability or risk. Nevertheless, it was the stillness of the USD/VND exchange rate in the first half of this year, as well as the stability in 2019, which [8230;]

Some 1,700 visitors register to leave Danang, accept quarantine requirements
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Some 961 visitors stranded in Danang City have registered to leave for Hanoi so far, while 734 others want to go to HCM City. These tourists have to pay for their own airfares and spend 14 days in quarantine in accordance with the current regulations. The city supports bringing them to the airport. 8220;Currently, we [8230;]

Hanoi to call for EU investment in pharmaceutical and hi-tech industries: Mayor
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The EVFTA is an opportunity for Hanoi to boost cooperation in trade and investment with EU member countries, said Hanoi8217;s mayor Nguyen Duc Chung. As the EU Vietnam Free Trade Agreement (EVFTA) has come into force, Hanoi plans to promote investment from European countries, focusing on pharmaceutical, supporting and hi-tech industries, according to Chair of [8230;]

Hai Duong longan set for export to Australia
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The first batch of nine tonnes of longan from the northern province of Hai Duong will soon be shipped to Australia, with the harvest beginning in Hoang Hoa Tham commune in Chi Linh city on August 5. The buyer, the HCM City-based Red Dragon Service Trading Manufacture Co., sent staff to the commune to supervise [8230;]

State Bank of Vietnam cuts some interest rates
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

The State Bank of Vietnam (SBV) on August 6 announced its decision on cutting some policy rates with immediate effect, the second time this year following the adjustment on March 16. Accordingly, the interest rate of compulsory reserves in VND at banks will be 0.5 percent per annum, and the interest rate on dong deposits [8230;]

Lark Mail offers new email experience for Vietnamese enterprises
Fri, 07 Aug 2020 23:50:40 +0000

Intellasia East Asia News

Technology company, Lark Technologies Pte Ltd, has recently launched a new product, Lark Mail, that is expected to redefine the email experience for enterprises in Vietnam. Lark Mail is seamlessly integrated with Lark8217;s suite of collaboration tools including messenger, video calling, docs and sheets, cloud storage, and calendar, the company said. The new product allows [8230;]

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