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  • 15 March 2018

    finance & business news

    FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Reference exchange rate remains stable 2 Central bank issues bills valued at nearly $1.9bn 2 Vietnam central bank seeks to lower commercial rates 2 Vietnam has first digital asset trading platform 3 Consumer credit market sees more M&A deals 3 Peer to Peer lending increasingly popular in Vietnam 4 Idle money flowing back to banks 5 Foreign capital strongly flows in Vietnamese banks 5 Which Vietnamese banks are strong enough to carry out Basel 2? 6 Lack of senior staff, banks' remuneration soar 7 VIB targets 43pct earnings growth in 2018 8 Eximbank under fire after string of embezzlement 9 Top legislator: SMEsmomentum of national economy 10 JLL: HCM City & Hanoi among most dynamic growing cities

    worldwide 10 FDI into real estate sector on the sharp rise 11 FDI in Vietnam's agricultural sector remains low 11 US about to inspect Vietnam catfish control programme 12 US steel tarriffs a violation of WTO guidelines: VSA 13 2,300 tonnes of beef imported from US, Australia 14 Vietnam getting tough on harmful online info 15 Vietnam's automobile support industry remains underdeveloped 15 Electronic firms advised to boost linkages in supply chain 16 Domestic businesses expect positive impacts by CPTPP 16 Global e-commerce giants willing to take a hit to expand

    market share in Vietnam 17 Many people want to experience head-hunter job 19 JapanPotential market for Vietnam's IT firms 20

    BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Business Briefs 15 March, 2018 21 VN Index fails to reach 1,140 points despite vibrant transactions 21 March 14: VN Index & HNX-Index gain ground 22 State stake transfers must go through auctions 22

    Vinafood II raises 51 million USD selling 23pct of stakes in IPO 23 Local consumers spend heavily on snacks and beer 23 Vietnamese people spend an average of 20m dong on a trip

    abroad 24 Khanh Hoa, Danang seek to reduce tourism dependence on

    China 25 Vietnamese thirst for overseas travel grows in tandem with

    expanding economy: Visa 26 HCM City seeks more metro line funding 26 Foreign consultant questioned over low forecasts for Tan

    Son Nhat Airport 27 Takara Belmont takes over Vietnam's hair cosmetics producer 28 FLC insists on twin-tower project in Halong 28 Amazon studying Vietnam market 29 Amazon welcomes Vietnamese traders, but will not come

    to Vietnam 30 Inspectorate proposes prosecution of MobiFone over AVG

    acquisition 30 Petrolimex and PV Oil oppose Saigon Petro's wish to return

    to RON A92 31 Sabeco charged $110 million in tax arrears 32 Grab decries Vietnam's plan to regulate it as taxi service 33 First Travelodge hotel on way in Khanh Hoa 34 Economist calls for end to negative sentiment against

    Vietnam's super-rich 35 Vietnam Online Business Forum opens 36 HCM City tops Vietnam E-commerce Index 2018 37 HCM City authorities work to connect support industry suppliers 38 VITM 2018: Vietnam's travel companies adapt to Industry 4.0 38 Vietnam attends electricity exhibition Elecrama 2018 in India 38 15th China-Asean Expo slated for September 39 HCM City hosts 3 international farm expos 39 Vietnam Expo to promote regional, international

    economic connection 40


    FINANCE Reference exchange rate remains stable


    The State Bank of Vietnam set the daily reference exchange rate on March 15 at 22,440 VND/USD, unchanged from the previous day. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,113 VND/USD, and the floor rate 21,769 VND/USD. The rates listed at major commercial banks also stayed rather stable. Vietcombank maintained both rates at the same level as on March 14, at 22,725 VND/USD (buying) and 22,795 VND/USD (selling). The greenback is also traded at 22,725 VND/USD (buying) and 22,795 VND (selling), down 5 VND for both rates from March 14 Meanwhile the rates listed at Vietinbank went up 1 VND to 22,730 VND/USD (buying) and 22,800 VND/USD (selling).

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    Vietnam finance & business 15 March 2018

    After an increase of 5 VND on the first day of the week (March 12), the daily reference exchange rate was adjusted down for two consecutive days before stabilising on March 15. https://en.vietnamplus.vn/reference-exchange-rate-stable/127890.vnp

    Central bank issues bills valued at nearly $1.9bn


    The State Bank of Vietnam (SBV) issued bills worth some VND43 trillion (US$1.89 bil- lion) in the past week to withdraw money from the banking system. Reports from Bao Viet Securities Co (BVSC) showed that the move was aimed to min- imise the risks of inflation, especially after the central bank pumped a large amount of dong to buy foreign currencies for the country's foreign reserves in the recent months. According to SBV Governor Le Minh Hung, the SBV's net purchase of hard currencies in the first months of this year was worth more than $4 billion, raising the fund to a record high of more than $57 billion until February 6. The past week also saw the interest rate of dong loans in the inter-bank market decline sharply by 0.29 to 0.49 percentage points for most terms against the previous week. Specifically, the overnight rate dropped to 0.91 per cent against more than 3 per cent before Tet (Lunar New Year). The rates for one-week and two-week loans also reduced to 1.17 and 1.44 per cent, respectively. BVSC said the drop was normal, as it was forecast earlier that the idle money would return to the banking system after Tet. The past week also saw the $/VND exchange rate increase significantly by 15 dong to VND22,761 per dollar, while the central bank reduced the daily reference rate by six dong to VND22,453. bizhub.vn/banking/central-bank-issues-bills-valued-at-nearly-19bn_293177.html

    Vietnam central bank seeks to lower commercial rates


    The central bank will pursue a flexible monetary policy that aims at maintaining eco- nomic stability The State Bank of Vietnam will seek to lower commercial interest rates this year to sup- port business activity, while keeping the exchange rate stable, the central bank said in a statement. The central bank will pursue a flexible monetary policy that aims at maintaining eco- nomic stability, according to the statement posted on the central bank's website late on Tuesday. It said it will continue its efforts to clean up non-performing loans in the local banking system and build up foreign exchange reserves. prime minister Nguyen Xuan Phuc said earlier this month that Vietnam's Foreign Reserves hit $60 billion, an all time high. Vietnam is targeting economic growth of 6.7 percent this year. Last year's pace was 6.81 percent, the fastest in a decade. Phuc said first-quarter GDP is likely to grow 7.41 percent. The central bank's benchmark annual refinancing rate is currently 6.25 percent, and was last lowered in July, with the discount rate at 4.25. https://tuoitrenews.vn/news/business/20180314/vietnam-central-bank-seeks-to-low- er-commercial-rates/44536.html

    Vietnam has first digital asset trading platform


    VNDC, Vietnam's first digital asset trading platform, was launched last week, facilitat- ing connection, transaction and exchange of digital currencies. The platform serves as a financial transaction platform whose activities include giving loans, calling for community loans, and issuing gift vouchers. Transactions on the platform which are all involved in online contracts use "VNDC" as an internal digital currency. Digital Asset Management Holding, the operator of VNDC, said in a white paper that each VNDC unit which is backed by a dong held in the reserves of the company's part- ner banks.

    Intellasia 15 March 2018 2 / 40

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    Vietnam finance & business 15 March 2018

    VNDC owners may use their contracts to exchange or transfer their digital currency units and other digital assets on the trading platform trustdex.io, a convenient place to buy and sell cryptocurrencies. Besides, they have the right to transfer their contracts to TRUSTPay JSC at a fixed ex- change rate with a dong equaling to a VNDC unit. Platform users are able to digitalise their assets, including money, gold, real estate, and corporate assets through blockchain technology, the world's leading software plat- form for digital assets. Earlier, HVA Investment JSC approved a board resolution to acquire all stakes of TRUSTcard JSC, a branch of TRUSTPay JSC. HVA and its strategic partner TRUSTPay that are also co-founders of the VNDC platform will work together to set up the former's Fintech projects. english.thesaigontimes.vn/58776/Vietnam-has-first-digital-asset-trading-plat- form.html

    Consumer credit market sees more M&A deals


    The increased presence of foreign investors in M&A deals of finance companies shows the attractiveness of the consumer credit market. Vietnam is among the countries with the highest ratios of consumption to GDP in Asia, as young people are borrowing more money to buy consumer goods. The growing tendency has caught attention from foreign institutions and stimulated the birth of new lenders and more M&As. In late January, P