Why future is bright

The central bank’s flexible management of monetary policy and the return of capital into markets around the world would have positive impacts on Vietnam’s market. Foreign investors sway back to the local stock market amid Vietnam’s bright economic outlook in the long term, according to a report from the SSI Securities Corporation. An investor at a securities company in Hanoi. File photo In July, Vietnam’s stock market witnessed a net outflow of VND347 billion (US$14.8 million) following a net inflow of VND8.37 trillion ($358 million) during the first six months of the year. Active funds also pulled a net amount of VND163 billion ($7 million) in July after two months of buying in. Among the lot, VFM VNDiamond withdrew VND522 billion ($22.3 million) in July after buying in a net amount of VND5.6 trillion ($239.4 million) in the first half, VanEck with VND300 billion ($12.8 million), and VFM VN30 with VND120 billion ($5.13 million). On the contrary, Fubon … [Read more...] about Vietnam’s positive outlook lures foreign investors back to stock market

“Thanks to the effective pandemic response and guided by the ASEAN Comprehensive Recovery Framework (ACRF) and its Implementation Plan, we have emerged safer, stronger, and more resilient as a community,” he said at the event, held by the ASEAN Secretariat at its headquarters in Jakarta to mark ASEAN’s 55th founding anniversary. ASEAN trade volumes have returned to pre-pandemic levels and the association’s economy is forecast to grow by 4.9% this year and 5.2% next year. “The entry into force of the Regional Comprehensive Economic Partnership (RCEP) earlier this year demonstrates ASEAN’s pivotal role in contributing to regional peace and growth, bettering the life of our people, and providing opportunities for all.” According to the Secretary General, in spite of these achievements, ASEAN must remain vigilant against the ever present risks to its recovery, including disruptions to the supply of key commodities, rising costs in food and logistics, and the economic slowdown in … [Read more...] about 55th ASEAN Day Celebration solemnly held

Foreign Minister Bui Thanh Son addresses the ceremony (Photo: VNA) Hanoi (VNA) – Foreign Minister Bui Thanh Son made a speech at the ASEAN flag-hoisting ceremony in Hanoi on August 8 on the occasion of the 55th anniversary of the regional grouping. Following is the full text of his speech. Excellencies, Ladies and gentlemen, It is my great pleasure to welcome all of you to the ASEAN Flag-Hoisting Ceremony today to mark the 55th founding anniversary of ASEAN. I am also happy to see all of you, healthy and safe after two years of COVID-19 outbreak. The ceremony this morning brings me back to the solemn moment as the ASEAN Flag was hoisted high amidst the stirring ASEAN Anthem at the very successful 55th ASEAN Foreign Ministers’ Meeting in Phnom Penh last week. Standing before the ASEAN Flag, we are truly proud of what we all have achieved in pursuing the aspirations of nearly 700 million Southeast Asian people for an ASEAN Community of peace, solidarity, resilience and … [Read more...] about FM Bui Thanh Son’s remarks at ASEAN flag-hoisting ceremony

Minister of Foreign Affairs Bui Thanh Son (Photo: VNA) Hanoi (VNA) - Minister of Foreign Affairs Bui Thanh Son wrote an article entitled ’55 years of ASEAN: One Vision, One Identity, One Community’ on the 55th anniversary of the Association of Southeast Asian Nations (ASEAN) (August 8, 1967-2022). Following is the full text of the article: “On August 8, 1967, the Association of Southeast Asian Nations (ASEAN) was established, initiating the process of extensive integration for the sake of peace, stability, and development in Southeast Asia and the region. From a group of Southeast Asian nations divided by wars, after 55 years of growth, ASEAN is today one of the most important, reputable, and successful regional organisations in the world, a ‘common home’ for 650 million people in 10 Southeast Asian countries with diverse culture, the fifth largest economic community in the world, and an important and reliable partner of many countries in the world, and an organisation that … [Read more...] about 55 years of ASEAN: One Vision, One Identity, One Community

General Department of Vietnam Customs’ data showed that the bilateral trade reached US$1.03 billion in the first four months of 2022 (up 15 percent from the same period of 2021), including US$689.13 million worth of Vietnamese exports (up 19.2 percent) and US$342.16 million worth of Vietnamese imports (up 7.3 percent). Tra fish exports are projected to surge by a whopping 97 percent year-on-year in the first five months of 2022, reaching US$1.1 billion Nguyen Thi Hoang Thuy, Head of the Vietnam Trade Office in Sweden, concurrently in Denmark, Norway, Iceland, and Latvia, said Nordic enterprises generally bought Japonica rice from Spain, Italy, Japan and the US, and were excited to discover they could import a similar product with similar quality from Vietnam at a one-third to one half less. Foreign trade accounts for 50-60 percent of the Nordic bloc’s gross domestic product (GDP). Despite their small population, Nordic countries made an impressive import value … [Read more...] about Vietnamese exports to Nordic markets thrive

A customer using a tablet at a HDBank (HDB) branch. HDB rose 1.2 per cent Monday. — Photo courtesy of the bank Vietnamese shares opened higher on Monday, led by banking and large-cap stocks which were bolstered by continued improvements in investors’ sentiment. On the Ho Chi Minh Stock Exchange, the VN-Index edged up 0.32 per cent to close Monday at 1,256.75 points. The VN-Index had risen by 3.85 per cent last week. Some 699 million shares worth VND15.8 trillion (US$675.5 million) were traded on the southern exchange. The market's breadth was positive with 271 stocks climbing, of which 75 stocks hit ceiling prices, while 189 stocks declined. The index's rallies were driven by sharp gains in some large-cap stocks, especially in the banking sector. The VN30-Index, which tracks the 30 biggest stocks on HoSE, jumped 0.36 per cent, to 1,276.70 points. In the VN-30 index, gainers included Sacombank (STB), HDBank (HDB), ViBank (VIB), VPBank (VPB), Techcombank (TCB) and … [Read more...] about Shares open the week higher on banking sector

Dong Hai wind farm in Tra Vinh Province. — Photo courtesy of Trungnam Group The Ministry of Industry and Trade (MoIT) has asked the Prime Minister about the mechanism for ongoing solar power and transitional wind power projects to enjoy the incentive price. In a recent document sent to the PM, the MoIT suggested investors of those projects negotiate electricity prices and power purchase and sale contracts with Viet Nam Electricity (EVN). Of a total of 78,121 MW of installed capacity of electricity sources nationwide, there was 16,545 MW of solar power, including 8,904 MW of concentrated solar power and 7,660 MW of rooftop solar power and 4,126 MW of wind power that have been put into operation and have enjoyed the FIT (preferential purchase price) according to the Prime Minister’s decision. However, the MoIT announced there were still many projects or parts of wind and solar power projects that had been implemented in practice but not been able to enjoy the FIT price in time. … [Read more...] about MoIT recommends unfinished wind, solar farms negotiate energy prices

Waiting for a taxi at TSN Airport on August 8 (Photo: SGGP) The Southern Airports Authority reported that the planned capacity of TSN International Airport is at 30 million passengers a year, but the airport in reality has served nearly double that figure. Particularly during this summer, TSN Airport each day accommodates 730 flights with 120,000 passengers on average. This high quantity has resulted in trouble of vehicle parking or pick-up and drop-off. Compared to the planned space for 6,000 motorcycles and 700 taxis, now the airport is welcoming 6,600 motorcycles and 4,500 automobiles in and out per day. Moreover, Truong Son Street is the only route to enter or exit the airport, not to mention it being the shortcut from Binh Thanh District, Go Vap District, and Thu Duc City to the downtown. Deputy Director of the HCMC Transport Department Phan Cong Bang added that surrounding roads were not built in accordance with planning, also leading to more pressure on Truong Son Street. … [Read more...] about More comprehensive solutions needed to retrieve traffic order in TSN Airport

The program was co-held by the Central Committee of the Ho Chi Minh Young Pioneer Organization and the International Dairy Products Joint Stock Company. Accordingly, the organizing panel of the “Lof Bus - Love ride” program will meet with 50 students orphaned by the COVID-19 pandemic in the city. The bus will arrive in all parts of the country to support needy children. The organizers also hope that these needy children will be taken care of both materially and spiritually, contributing to helping them have a happier life in the future. After the meeting, orphaned students will experience double-decker buses and visit famous tourist attractions in the city, including Ho Chi Minh City Museum, Notre Dame Cathedral, Ho Chi Minh City Post Office, the city’s Book Street, Independence Palace, among others. The “Lof Bus - Love ride” event aims to continue supporting 800 children of the city who have been orphaned by the pandemic. Along with visiting and giving gifts to orphaned … [Read more...] about Program launched to support children orphaned by COVID-19

As BNPL allows consumers to spread the cost over multiple instalments and attracts those who cannot, or would not, purchase goods or services by paying the price in full, these conditions create the ideal opportunity for BNPL service providers. Bui Ngoc Hong-Partner, LNT & Partners Despite the opportunity, the BNPL landscape in Vietnam remains slow-moving. This is partly due to the fact that Vietnam does not have a clear legal framework regulating the method. Even the sandbox scheme for fintech activities still remains in the legislative pipeline. In addition, even if a BNPL platform owner cooperates with traditional bank lenders, the parties need to deal with a significant gap between the strict regulatory web the traditional lenders are subject to, and the fintech providers’ need to “move fast and break things”. For those reasons, BNPL ventures find it hard to enter the Vietnamese market, unless they are equipped with suitable investment structures. In BNPL … [Read more...] about Clearing the way to legal support for BNPL services