Vietnam, China boost capital market connectionHung Le HCMC – Shenzhen Securities Information Co Ltd, a wholly-owned subsidiary of the Shenzhen Stock Exchange, and the HCMC branch of Bank of China signed a cross-border financial service cooperation agreement on December 5 to strengthen capital markets between Vietnam and China. In the agreement, they will establish a cross-border capital service mechanism providing an efficient and transparent information platform to connect Chinese capital with Vietnamese innovative projects. The signing ceremony took place during the China-Vietnam Capital Cooperation Forum, held by the Shenzhen Stock Exchange, Bank of China’s HCMC branch and the China Hi-Tech Zone Technology Financial Information Service Platform. The event aims at accelerating cooperation between the two countries’ capital markets, promoting two-way capital flow and supporting small and medium-sized enterprises (SMEs) in both countries. During the event, all … [Read more...] about Vietnam, China boost capital market connection
Markets
Stock market plummets
Stock market plummetsPhuong Thao HCMC – Stocks had another day of heavy losses on December 7 while cautious sentiment sent turnover on the HCMC market down sharply. The VN-Index slumped for the third consecutive session, losing 8.99 points, or 0.95%, versus Wednesday at 938.65. The southern bourse saw 196.6 million shares worth VND4.7 trillion changing hands at the end of the day, down 19.2% and 23.3% respectively, including around 34 million shares traded via block deals with the combined value of VND801.4 billion. Many heavyweights kept sliding, including dairy giant VNM with a 4.6% drop at VND186,000 per share and Vietnam’s top brewery firm SAB shedding 2.6% at VND319,400 a share. VIC, a leading property enterprise, and its affiliate retailer VRE retreated after several days of sharp gains, falling 1.4% and 2.3% at VND72,000 and VND46,000 a share respectively. Real estate firm FLC again took the lead for liquidity with over 7.5 million shares traded, followed by housing … [Read more...] about Stock market plummets
A busy weekend market in town
A busy weekend market in town Hoang Phong As it is close to the backpackers quarter in HCMC’s District 1, the weekend market attracts many foreigners - PHOTO: NGUYEN QUY Saigon Central Market has emerged as an ideal gathering place for young locals and foreign tourists at weekends. Located at Zone B of September 23 Park in District 1, adjacent to HCMC’s quarter of international backpackers, the market is open from 9 a.m. to 9 p.m. on Saturday and Sunday. Guests can find a variety of dishes from Vietnam, Japan, Korea and Thailand, fashion items at various stands, and enjoy music performances. … [Read more...] about A busy weekend market in town
Large-cap stocks drive market up
Large-cap stocks drive market upPhuong Thao HCMC – The stock market bounced back slightly on July 11 after two consecutive days of losses as some large-cap stocks rallied. Having stayed in the red for much of the day, the VN-Index added seven points in the final hour and a half to close at 769.36, up 0.37% against the previous session. Turnover on the HCMC market was equivalent to that on Monday, with 225.5 million shares worth VND4.2 trillion traded. VNM and VIC, two large caps of the dairy and real estate sectors, were the largest contributors to the index’s gain by adding 0.9% and 2.4% from the session earlier. Brokerage firms HCM, SSI, VND and SHS recovered slightly after two sessions of strong decline, while VCI saw a modest decline after rising a combined 25.2% from the reference price in its first two trading days on the exchange. Notably, property firm HAG and its agricultural affiliate HNG saw strong gains of 4.55% and 2.64%. In the steel sector, HSG … [Read more...] about Large-cap stocks drive market up
Vietnamese retailers worry as country opens market in 2015
Vietnamese retailers have expressed concerns about the increasingly competitive retail market, as the country plans to open up to an influx of foreign retailers required by the World Trade Organisation (WTO) obligations, which will come into effect from January 11, 2015. People shopping at a Co.op Mart in HCM City. Photo by Nld. Under the WTO obligations, Vietnam will have to permit the establishment of wholly foreign-owned businesses, including retailers, and some of the world's leading retailers have expressed great interest in the Vietnamese market. Fierce competition Since Vietnam began to open its markets to foreign retailers beginning in early 2009, with the entry of companies such as Metro Cash&Carry and Lotte Mart, the landscape of modern retail in Vietnam has changed. Some foreign … [Read more...] about Vietnamese retailers worry as country opens market in 2015