180817Intellasia Finance Vietnam of Finance to cut taxes for all small and medium-sized firms 12 MoF

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Transcript of 180817Intellasia Finance Vietnam of Finance to cut taxes for all small and medium-sized firms 12 MoF

  • 18 August 2017

    finance & business news

    FINANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Reference exchange rate kept unchanged 1Dong to continue devaluing in H2 2Government still wants to mobilise gold and dollars 3Deposit rates can be further reduced 4OK for new bond market plan 5Outstanding value of bond market targeted to reach 45pct

    of GDP in the next three years 6Banks exposed to more security risks 7Banks' messy cross-ownership resembles 'bamboo shavings' 7ADB increases trade finance to $75m for TPBank 8VPBank lists over 1.3 billion shares on HoSE 8Hanwha Life Vietnam opens 100th customer service centre 9Moody's: Cambodia and Vietnam have strong growth prospects 10Government okays amendments to tax laws 11Ministry of Finance to cut taxes for all small and

    medium-sized firms 12MoF considers excise taxes on soft drinks 12Tra fish exports steady after new US food safety rule 13New programme to tighten control of catfish exported to US 14US rescinds part of antidumping duty review on shrimp

    from Vietnam 14Coal exports to Laos see sharp increase 15Ministry finds no proof of alleged pepper price scam 15First-half FDI approvals in Binh Duong beat full-year target 16Cabinet blamed for problematic budget estimating,

    allocation planning 16Linking national and regional customs windows 17Govt calls for explanation about flight delays 19Real estate enterprises face difficulties in starting up

    new projects 19Vietnam's aviation market still very attractive 20Cooperatives urged to reform, modernise 22Closer look at three companies to be divested by VNPT and EVN 22Why are foreigners' house purchases proceeding at a

    sluggish rate? 24Reforms help M&A landscape to shine 24E-logistics: foreign rivals crowd busy market 26Foreign brewers eye Vietnamese beer market 26

    Omnichannel marketing provides sales boost 27Van Don Special Economic Zone envisioned to be green,

    modern urban 28Vietnam, Thailand vow to raise two-way trade value to

    $20 billion 29MPI proposes permanent residence cards for foreign

    investors on Phu Quoc 29BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

    Business Briefs August 18, 2017 30Large caps send market up 31Markets fall on investor sentiment 31Only UPCoM-Index gains ground 32Five firms to sell stake in A Vng Hydropower 33VTVCab to keep previous value 33Traffic congestion in HCM City needs a long time to solve 33Transport Ministry slashes fees at Cai Lay tollgate 34HCM City's annual retail promotion month gets bigger 35Hundreds of households upset after parking lot closed 35Beach tops National Day travel picks 36Central coast in spotlight 37Ca Mau wants to build $3.5 billion seaport 39Redsun ITI launches first kimchi plant in town 39Anpha Holdings kicks off smart city project in HCM City 40Indian company builds instant coffee plant 40ExxonMobil to kick off multi billion dollar gas-to-power

    complex in October 41$4 billion South Hoi An casino officially starts construction 42Masan Nutri-Science delivers 3F promise 42Deputy PM welcomes Kirin's stronger investment in Vietnam 44Rosneft offshore platform marks a flawless 15 years 45VSIP goes far beyond industrial parks 46Officials disciplined over Formosa incident 47Deputy minister of Industry and Trade fired 48Save 10pct when buying Vietjet fares with 32 local bank

    ATM cards 49Apec Food Security Week takes place in Can Tho 50Top Thai brands exhibition begins in Hanoi 50Hundreds attend opening day of Thai trade show 51Vietnamese businesses attend Sourcing at Magic Show 51

    Intellasia Tel: +844 2213 2244

    FINANCEReference exchange rate kept unchanged


    The State Bank of Vietnam kept its reference VND/USD exchange rate unchanged from August 17 at 22,450 VND/USD on August 18.With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,123 VND per USD and the floor rate is 21,777 VND per USD.Major commercial banks kept their rates quite stable.Vietcombank listed 22,690 VND (buying) and 22,760 VND (selling), per USD, unchanged from the day ago.Techcombank maintained its buying rate at 22,670 VND and its selling rate at 22,770 VND, per USD.


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    Vietnam finance & business 18 August 2017

    BIDV offered 22,695 VND (buying) and 22,765 VND (selling), per USD, also un-changed from the day ago.http://en.vietnamplus.vn/reference-exchange-rate-kept-unchanged/116501.vnp

    Dong to continue devaluing in H2


    On August 11, the central exchange rate announced by the State Bank of Vietnam (SBV) was 22,442 dong/US dollar, down one dong in both selling and buying prices from the previous session. The reference exchange rate at the State Bank's Stock Ex-change was 22,725 dong23,095 dong per US dollar (up two dong each).Meanwhile, in commercial banks, Vietcombank listed buying-selling prices for US dol-lar at 22,695 dong22,765 dong/US dollar, up five dong in both prices compared to the previous trading session. At Vietinbank, the exchange rate was 22,690-22,760 dong/US dollar (buying-selling). ACB bought at 22,700 dong and sold at 22,770 dong per US dol-lar.Talking to reporters of the local Newswire Dau Tu Chung Khoan, a senior leader of the National Financial Supervisory Commission (NFSC) said the dong/US dollar ex-change rate at commercial banks and on the free market is stable compared to the pre-vious time and dong continues the decreasing trend from the beginning of the year.NFSC's calculation proved the aforementioned assessment. Specifically, as of July 20, 2017, the exchange rate at commercial banks ranged around 22,730 dong/US dollar, down 0.13 percent from the beginning of the year.At the same time, the exchange rate on the free market closely followed that of com-mercial banks, trading at 22,780 dong/US dollar, down 1.14 percent from the beginning of the year. Meanwhile, the central rate was adjusted up 1.24 percent from the begin-ning of the year."The consecutive reduction of Bloomberg Dollar index caused dong/US dollar ex-change rate to lessen many pressures. The move to increase central rate of the State Bank was only to support export and avoid future shocks", said the NFSC leader.Agreeing with the aforementioned opinion, BIDV's senior leader said the foreign ex-change market has stable trend. The foreign exchange supply was abundant, and ex-change rate mainly went sideway.Specifically, the exchange rate in July 2017 increased slightly at the beginning of the month and then moved sideways around the buying price of the State Bank, ranging around quite narrow range of 22,725-22,760 dong/US dollar. Notably, in July, SBV bought exchange rate from the market with the estimated volume of about $475 mil-lion.Besides, though the difference in dong/US dollar exchange rate has narrowed and reached negative level for short terms from overnight to one week, the foreign ex-change market is said to have the strong support from the supply-demand balance and US dollar fluctuations in the international market.Specifically, the foreign exchange supply is still abundant. Though the trade balance in July is estimated to post slight trade deficit of about $200 million, the FDI disburse-ment still maintains positive growth momentum of about 6-7 percent from the same period last year, reaching about $1.33 billion. In addition, foreign indirect investment also happened vibrantly in both share and bond markets.Besides, the DXY index that measures the strength of the US dollar in the international market also continued to plunge 2.8 percent in July, in the context that the U.S's infla-tion continued to be below the expectation, causing the U.S Federal Reserve (Fed) to decide to remain the interest rates in the meeting on July 25 and 26.As per the NFSC's leader, during the remaining time of 2017, sharply rising foreign currency demand due to seasonal factor may affect the market. generally, in January-July 2017, Vietnam's trade surplus was $3.08 billion, equal to 2.7 percent of the total ex-ports."However, due to increased foreign exchange reserve and the increased difference in interest rate between dong and foreign currency is still more favourable to dong, it is forecasted that dong will depreciate at the same level as in the first six months of the year", forecasted the NFSC leader.BIDV forecasts that the US dollar/dong exchange rate will maintain stable trend in Au-gust 2017, ranging around 22,725 dong22,750 dong/US dollar as the supply continues to be abundant and the pressure from the international market is low. The cash flow from FDI disbursement is more likely to grow strongly in 2017 as Vietnam continues strong reforms and the government gives commitments on development of healthy business environment.

    Intellasia 18 August 2017 2 / 51

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    Vietnam finance & business 18 August 2017

    It is forecasted that the disbursement of foreign direct investment (FDI) in August con-tinues to maintain a high level of about $1.4 billion. This cash flow will accordingly off-set the trade deficit which is expected to be at low level, ranging around $200-300 million.Besides, the DXY index is expected to go sideways or decrease as the new government in the U.S still faces some difficulties in the adoption of policies to vigorously support the economy while there have had some downturn and recession signals of the U.S economy.A senior leader of BIDV said "The State Bank will not continue raising the buying ex-change rate in August 2017 when a large amount of foreign currency supply in the market is abundant and commercial banks