03 Aug 2018 Intellasia Finance Vietnam - HKBAV Aug...¢  finance & business news...

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  • 3 August 2018

    finance & business news

    FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Reference exchange rate rises again 2 Bank rates surpass most predictions 2 SBV's forex policy aimed for macroeconomic stability 3 Cryptocurrency management regulations yet to be issued 3 Financial leasing significant to mobilise capital 4 When will debt trading market be formed? 5 Getting ahead of consumers' spending openness 6 Banks benefit after paving way for insurance to

    access customers 7 How are the parent banks in the last 6 months? 8 Tra Vinh supports SMEs with loans 9 HDBank, Vietjet Air launch promotion campaign 10 PTI aims to achieve sales of $171.8 million by the end of 2018 10 Vietnam feels heat of US-China trade war 11 New momentum for economic growth needed: PM 11 Vietnam jumps 25 levels in WB's logistics performance index 12 Vietnam inflation forecast to exceed central bank's

    4pct target: HSBC 13 Hanoi takes lead in FDI attraction 14 Vietnam PM asks for criteria to assess economic reform 14 Vietnam exports timber products to 120 countries, territories 15 Vietnam shrimp exports sluggish, but to recover along

    with prices 15 Shrimp, abalone to be under US import monitor

    from December 31 16 Vietnamese steel exporters warned of possible 25pct tax 16 Vietnam's tea exports fall 6.9pct in revenue 17 Vietnamese tea finds flavour of growth in new world tastes 17 VN businesses need to learn how to deal with anti-dumping

    lawsuits: experts 18 Vietnam, Thailand discuss ways to achieve 20

    billion USD in trade 19 CPTPP, EVFTA help Vietnam's garment-textile lure investment 20 HCM City to equitise many public service firms in 2019 20 Economic policies will remain stable: PM 21 Tax investigation removed from draft tax management law 22 MoF draft law gives taxpayer interests a nod 23 Vietnam, Croatia sign double taxation avoidance agreement 23 Procedures get cut to boost trade 24 Smart city building helps improve economic efficiency: Architect 25 Tay Ninh encourages safe and high-quality farming 26

    Hanoi advised to replan urban zoning to ease traffic pressure 26 Vietnam's online tourism to thrive 27 The cost for advertising in Vietnam is two low compared

    to other countries 29 Many sugar mills face uncertain future 30 Private capital to flow into aviation infrastructure projects 30 Real estate inventories fall sharply 31 Gas-to-power projects attract global energy giants 32 Investors run away from condotel projects 32 Vietnam attractive destination of Chinese enterprises 33 VN, Japan firms seek connection in agro-fishery, food trade 34

    BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Business Briefs 03 August 2018 34 Indexes on both markets recover slightly 35 VN stocks rebound on bottom-fishing 36 Stock market briefs 36 HNX sells 15.77 trillion VND worth of bonds in July 37 SOEs urged to list on stock market 37 EVN Finance to debut 250 million shares on UPCoM,

    valued at $133 million 38 Foreign investors bail on Vinalines sale 38 Cyber attacks target accounts of enterprise leaders 39 HCM City wants joint scheme with ministry to build Ring Road 3 40 Public transport centre seeks to resume minibus service in

    HCM City 40 HCM City urges speedier work on bridges to Thu Thiem 41 Vina Chuoi receives funding of more than VND2 billion 41 Indonesian ride-hailing Go-Jek extends testing services in Vietnam42 Airbus backs Vietnam's space industry development 43 Origin scandal undoes consumer trust in Con Cung 43 VND4.1bn tax arrears bill for man profiting from online business 44 Imported Ford Ranger recalled for fixing faulty 45 CapitaLand Vietnam organises picnic for underprivileged children 45 Vietbuild expo opens in Can Tho City 46


    FINANCE Reference exchange rate rises again


    The State Bank adjusted the daily reference exchange rate for August 3 up 10 VND from the previous day to 22,676 VND/USD. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial

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    Vietnam finance & business 3 August 2018

    banks during the day is 23,355 VND/USD and the floor rate 21,997 VND/USD. The opening hour rates at commercial banks saw mixed changes from August 2. Vietcombank raised both rates by 5 VND, listing the buying rate at 23,250 VND/USD and the selling rate at 23,330 VND/USD. Meanwhile, both the rates at BIDV were adjusted down 10 VND to 23,240 VND/USD (buying) and 23,320 VND/USD (selling). The rates listed at Techcombank also went down by 15 VND to 23,210 VND/USD (buy- ing) and 23,320 VND/USD (selling). The reference exchange rate was on a rising trend on the first two days of the week from July 30 to August 3. It stood unchanged on Wednesday and went down on the next day before rising again on the last day of the week. Overall, the reference ex- change rate has gained 17 VND during the week. The rates listed at commercial banks saw mixed changes but overall, the rates on Fri- day showed increases ranging from 20 to 50 VND compared to the beginning of the week. https://en.vietnamplus.vn/reference-exchange-rate-rises-again/135790.vnp

    Bank rates surpass most predictions


    On 1st August, the central rate of the State Bank of Vietnam (SBV) was quoted at 22,669 dong (the ceiling exchange rate was 23,349 dong) and the SBV's exchange rate was 22,700-23,299 (buy-sell). At commercial banks, the highest selling price of US dollar on 2nd August was 23,345 dong, only four dong to the ceiling price, the purchase price was around 23,250 dong. On the free market, the US dollar's price was traded around 23,450 dong. Compared to the beginning of the year, the central rate has risen by approximately 1.1 percent while the price of US dollar's quoted by commercial banks has risen by 2.6%, the same as on the free market. The increase of exchange rates was explained by many factors, but mainly due to the impact of the US dollar's appreciation around the world, the devaluation of the Chi- nese yuan and partly due to psychological elements. SBV said that the appreciation of US dollar is appropriate for domestic and international markets. Earlier when the exchange rate increased sharply from late June to early July, many popular experts and financial institutions forecasted that exchange rate would rise but slightly, such as MB Securities Joint Stock Company (MBS) and Hochiminh Securities Corporation (HSC) forecasted an increase by one to two percents. Nguyen Tri Hieu predicted an increase of one to three percents (he had forecasted one to two percents in the beginning of the year but then adjusted to three percents in June). At the begin- ning of this year, there were many forecasts. For example, the National Financial Su- pervisory Commission (NFSC) predicted an increase of 1.5 to two percents, The Hongkong and Shanghai Banking Corporation (HSBC) forecasted exchange rate to rise to 23,000 dong, etc. The forecasts were based on the fact that the SBV would intervene to stabilise the ex- change rate when foreign exchange reserves are abundant, constantly rising, and cur- rently at a current record high. In addition, the exchange rate policy will also aim to maintain the macro-economy and support export activities. In fact, the exchange rate has increased by more than two percent from June till now, 2.6 percent in total since the beginning of the year, and far exceeded all forecasts. Although the exchange rate has risen sharply, there are two opposing views on this ad- justment. An expert group opines that exchange rate should be allowed to fluctuate with the market since SBV cannot intervene by selling foreign exchange reserves to support exchange rates, instead should try to be familiar with strong US dollar. Anoth- er suggestion says that the devaluation of the dong must be very careful, otherwise the economy will be affected.

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    Vietnam finance & business 3 August 2018

    SBV's forex policy aimed for macroeconomic stability


    The State Bank of Vietnam (SBV)'s exchange rate policy was aimed at ensuring macr- oeconomic stability, not just export growth, said Nguyen Thi Hong, the bank's deputy governor. Hong made the statement following suggestions that the dong should be further weakened against the US dollar to support the country's exports, especially given the recent devaluation of the Chinese yuan. According to Hong, the SBV had been monitoring several currencies as well as the yuan to set its daily reference exchange rates. Besides managing the forex market based on the daily reference rate, Hong said that SBV was also looking at other factors such as interest rates and liquidity, as well as fis- cal policies to ensure the country meets its macroeconomic targets. The SBV reported that by August 1, the central bank's daily reference exchange rate of the dollar against the dong had risen by 1.1 per cent compared to the end of last year, while with the current trading band of +/- 3 per cent, the inter-bank rate was up 2.5 per cent. The rise was under control and in line with other currencies in the region and the world, Hong said. On August 2, the SBV announced a daily reference exchange rate of VND22,666 per dollar, down VND3 against the previous day. The ceiling rate applied for commercial banks during the day was from VND23,345- 21,987. Opening hour