Online gold, money trades cited as illegal (10-05-2008) HCM CITY — The State Bank of Viet Nam (SBV) on Wednesday issued an instruction warning investors that online gold and dollar trading was illegal under current law. SBV said that online trading was risky and that it had caused losses to many investors. Online trading offers high interest rates, from 5 per cent to 20 per cent of the volume of money or gold traded per month. To begin online trading, investors typically must open an account of at least US$5,000 each. Under current regulations on foreign exchange management, only commercial banks authorised by SBV are allowed to trade in foreign currencies. All online gold and foreign currency trading activities are illegal. Ho Huu Hanh, deputy director of SBV in HCM City, said: "Only organisations licensed by the State Bank of Viet Nam in this field can provide this service." — VNS … [Read more...] about Online gold, money trades cited as illegal
Investors bank online
Index up, as foreign investor sales slow down
Index up, as foreign investor sales slow down (10-03-2009) Investors watch online trading boards at VNDirect Securities in Ha Noi. — VNA/VNS Photo Viet Thanh HA NOI — The VN-Index yesterday increased 2.15 points to close at 247.85, a rise of 0.88 per cent, as a couple of reports noted an easing in the pace at which foreign investors have been unloading Vietnamese shares since late last year. Volume in yesterday’s session on the HCM City Stock Exchange rose 43 per cent over the previous session to 10.4 million shares, for a combined value of VND197.2 billion (US$11.6 million). Buying volume has outnumbered selling volume for six consecutive days, according to VNDirect Securities. PetroVietnam Transportation Co (PVT) claimed the spot as the most-active share, with 958,000 units traded, followed by perennial favourite Sacombank (STB), with 737,000 shares. "There’s little chance that the VN-Index will fall further," Ha Noi Securities Co opined in a … [Read more...] about Index up, as foreign investor sales slow down
Investors not online with the e-commerce push
VietNamNet Bridge - E-commerce is said to be the promised land, but it has yet to receive much interest from local investment funds. “Vietnam has a very good foundation that is ready for further growth, with strong demand, an educated workforce and growing tech sophistication,” said DFJ VinaCapital director Hoang Duc Trung. Trung said consumption potential was promising, around 70 per cent of Vietnamese people’s income, which was $1,200 per capita per annum and was expected to double in the next seven to 10 years. Vietnam is the 17th most active country in terms of internet usage in the world, with around 29 per cent of the Vietnamese population using the internet, according to a recent survey conducted by the World Bank. Some investment funds agreed that now was a good time for e-commerce, an important channel to support retailers and to distribute products to customers and businesses. However, these funds have not found many opportunities to invest despite the huge … [Read more...] about Investors not online with the e-commerce push
Online Bidding Guarantee Starts from 2016
Online Bidding Guarantee Starts from 2016 This plan will be carried out in two phases, starting from July 13, 2016. The first phase (from 2016 to 2018) will include the following contents: Upgrading, managing and operating existing national procurement network systems in a secure, stable and smooth manner; collecting bidder selection and bidding guarantee fees via banks, online payment gateways and electronic invoices; enabling online bidding guarantee; providing bid information on mobile devices and emails. The second phase (from 2019 to 2025) will comprise of the following contents: Linking the national tender system with other e-government systems; developing bid information provision utilities, participating in bidding, bidder selection supervision and contract implementation via mobile devices; applying online payment between investors and bid winners. The objectives of the second phase are 100 per cent of information about bidder/contractor selection and contract execution is … [Read more...] about Online Bidding Guarantee Starts from 2016
State Bank makes big efforts to stem dollar price fall
VietNamNet Bridge – If the State Bank of Vietnam (SBV) had not made the timely intervention, the dollar prices would have tumbled more dramatically in recent days. This was for the first time since August 7, 2013, that the State Bank’s Exchange raised the dollar purchase price sharply, the move aiming to brake the decrease of the dollar price. The action has helped the dollar prices quoted by commercial banks to return to VND21,110 per dollar level. The new exchange rate does not represent a big gap if compared with the VND21,115 per dollar rate which has been stabilized since the end of 2013. However, it reflects a new situation. Central bank continues buying dollars What happened on the 2012 pre-Tet days are repeating now, just three weeks before the 2014 Tet. The dollar price has been decreasing, though the decrease is less sharp than the VND300 per dollar decrease in 2012. In 2012, commercial banks lowered the dollar purchase prices by VND300. Governor of the … [Read more...] about State Bank makes big efforts to stem dollar price fall