Viet Nam’s benchmark VN Index tumbled on Thursday morning, driven by poor investor confidence in the real estate, banking, securities and rubber sectors. Dampened investor confidence sent stocks down in 17 of the 20 sectors, of which banks, real estate firms and securities companies were among the worst-declining. The VN Index on HCM Stock Exchange plunged 2.05 per cent, or 23.34 points, to close at 1,115.19 points. It had fallen 1.3 per cent on Wednesday. More than 97.6 million shares, worth VND3.3 trillion (US$146.8 million), were traded on Thursday morning The number of declining stocks tripled that of gaining stocks by 204 to 71 while 30 other stocks ended flat. Modest trading liquidity and negative market breadth proved that the market sentiment among all investors reached the bottom on Thursday morning. Dampened investor confidence sent stocks down in 17 of the 20 sectors, of which banks, real estate firms and securities companies were among the worst-declining. … [Read more...]

The International Monetary Fund issues warnings about risky behaviour in global financial markets that could create problems as interest rates start to rise. (AFP/SAUL LOEB) The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame. But the IMF pointed to some fragilities in global finance after a lengthy period of easy money policies and low interest rates, including a flood of high-risk bonds, record-high debt levels and lofty prices for risky assets. If conditions change abruptly that could even derail the economic recovery, the fund warned. "Financial vulnerabilities, which have accumulated during years of extremely low rates and volatility, could make the road ahead bumpy and could put growth at risk," the IMF said in its Global Financial Stability Report, a twice-annual analysis that also called for global coordination to regulate cryptocurrencies. A sudden acceleration of … [Read more...]

Vietnamese shares were dragged down by strong profit-taking pressure yesterday while investors remained cautious towards the current trading outlook. Vietnamese shares were dragged down by strong profit-taking pressure yesterday while investors remained cautious towards the current trading outlook.- Photo vneconomy.vn The benchmark VN Index on the HCM Stock Exchange dropped 1.28 per cent to close at 1,138.53 points, retreating from 0.4 per cent growth on Tuesday. The HNX Index on the Hà Nội Stock Exchange fell 1.09 per cent to end at 132.78 points. It gained 0.7 per cent in the previous session. Nearly 233 million shares were traded on the two local exchanges, worth VNĐ6.25 trillion (US$278 million), up 5 per cent in volume and 1.5 per cent in value from Tuesday. Declining stocks outnumbered gainers by 279 to 181 and 117 other stocks were steady, showing investors were quiet amid the current market volatility. Across the two stock markets, 15 of 20 sectors saw … [Read more...]

Shares in top Chinese manufacturing companies plunged on Wednesday (Apr 18) after Beijing announced plans to phase out ownership limits for foreign automakers, shipbuilders and aircraft firms. A man walks past a stock indicator showing share prices of US companies in Tokyo on Apr 18, 2018. (Photo: AFP/Behrouz Mehri) The liberalisation meets a longtime demand of the United States and other countries seeking better access for their companies in the world's biggest market for cars and one of the largest for air travel. The country will this year end shareholding limits for new energy vehicle firms such as those that produce electric cars, the National Development and Reform Commission (NDRC) said Tuesday. The move will be followed by commercial vehicles in 2020 and passenger cars in 2022. China currently restricts foreign auto firms to a maximum 50 per cent ownership of joint ventures with local companies. China's fifth-largest auto maker BAIC, which has a joint venture with … [Read more...]

The Supreme People’s Procuracy has just returned the documents of the case of “abusing trust to appropriate property” and “intentionally violating regulations on economic management causing serious consequences” at Dong A Bank (DAB) to investigate violations causing a loss of VND3.4 trillion ($150 million), and the involvement of Phan Van Anh Vu. The case of billion-dollar appropriation at Dong A Bank continues to be investigated Earlier, the investigation agency concluded that Tran Phuong Binh (former general director of Dong A Bank) directed all activities of funding and investment at Dong A Bank and abused customers’ trust to appropriate property, causing a loss of VND3.405 trillion ($150 million). The conclusions pointed out that Dong A Bank’s accumulated losses were VND31.075 trillion ($1.37 billion) and equity capital was negative VND25.451 trillion ($1.12 billion), while total assets at the time of the violations were only … [Read more...]

The stock market experienced vibrant transactions with total value of over 6.16 trillion VND (271 million USD) on both bourses on April 17. The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) rose 4.79 points to close at 1,153.28 points on the day. A total of 176 million units worth 5.43 trillion VND (238 million USD) were traded on the southern bourse. Many stocks regained their shine, including insurance, up 2.42 percent; securities, up 1.02 percent; banking, up 2.58 percent; and seafood processing, up 3.62 percent, respectively. VN30 Index, which measures the performance of 30 stocks with the highest market capitalisation and liquidity on HOSE, increased by 2.29 points to end at 1,130.32 points with nearly 48 million units worth about 2.51 trillion VND (110 million USD) traded. Meanwhile, the HNX Index on the Hanoi Stock Exchange closed at 134.25 points with almost 46 million shares equivalent to 725 billion VND (31.9 million USD) were traded. HNX30 Index, tracking the … [Read more...]

Singapore sovereign wealth fund GIC will invest about $1.3 billion in leading Vietnamese property developer Vingroup and related entities for its real estate arm ahead of its market debut, which is slated for the second quarter of this year.  Vinhomes' Imperia project in Haiphong GIC will purchase an ordinary shares and extend a debt-like instrument to the subsidiary of Vingroup namely Vinhomes, subject to the satisfaction of mandatory regulatory and other conditions. The combined value of the investment and debt instrument is approximately VND29.5 trillion, or $1.3 billion. GIC is a sovereign wealth fund of the Singaporean government. It invests in the unlisted public market and private equity with a focus on healthcare, operating infrastructure, as well as financial and business services, among others. GIC is one of the largest investment funds in Vietnam. It currently holds a 5 per cent stake in Masan Group, 5 per cent in VietJet, 0.7 per cent in Vinamilk, … [Read more...]

Vietnamese shares fell further on Tuesday morning as investors became cautious of the current volatility in the market. Vietnamese shares fell further on Tuesday morning as investors became cautious of the current volatility in the market. The benchmark VN Index on HCM Stock Exchange dropped 0.61 per cent to close at 1,141.43 points. It had lost 2.1 per cent in the previous two sessions. The HNX Index on Ha Noi Stock Exchange slipped down 0.32 per cent to end at 132.89 points, extending the loss from a two-day decline of 1.7 per cent. More than 121 million shares, worth VND3.33 trillion (US$148.2 million), were traded on the two local exchanges. Large-cap stocks underperformed and were the main factor to drive the market down. The large-cap VN30 Index lost 0.56 per cent to reach 1,121.71 points, with 19 of the 30 largest shares by market capitalisation decreasing. Investors remained quite cautious after trading on the stock market had shown signs of decline in recent … [Read more...]

Vietnamese shares ended Monday on a negative note as investor confidence remained weak on global geo-political risks and incoming new regulations on margin lending rate. Investors on the HCM Stock Exchange (HOSE) in HCM City. - VNA/VNS Photo Hoang Hai The benchmark VN Index on the HCM Stock Exchange dropped 0.75 per cent to close at 1,148.49 points. It lost total 3.5 per cent last week. The HNX Index on the Ha Noi Stock Exchange finished at 133.31 points, nearly unchanged from last week’s end of 133.34 points. It fell total 3.4 per cent last week. More than 246.3 million shares were traded on the two local exchanges, worth VND8.8 trillion (US$390.4 million). The market trading condition was negative with 196 gaining stocks against 241 decliners while 124 other stocks were flat. Banks, insurance-finance companies, rubber producers, food and beverage firms, and building material providers were among the worst-performing sectors on the stock market. According to securities … [Read more...]

At the annual general shareholders’ meeting expected to take place on April 27, Eximbank will recommend the target of VND1.6 trillion ($70.5 million) in net profit, one and a half times higher than the 2017 performance. Despite recent scandals, Eximbank sets an ambitious profit target Accordingly, total assets are planned to be raised by 19 per cent to VND178 trillion ($7.84 billion) by the end of this year. Capital mobilisation is expected to increase by VND30.5 trillion ($1.34 billion), equivalent to 26 per cent, while outstanding credit is only expected to raise by 12 per cent. This is the second year Eximbank deploys its “New Eximbank” project to restructure its operations. The bank plans to earn VND1.6 trillion ($70.5 million) in net profit, which is 50 per cent higher than last year’s performance. At this annual general shareholders’ meeting, Eximbank will elect two additional members to its board of management for the term 2015-2020. The … [Read more...]