290118Intellasia Finance Vietnam - HKBAV E-government still far away 9 France pours over 2 billion...

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Transcript of 290118Intellasia Finance Vietnam - HKBAV E-government still far away 9 France pours over 2 billion...

  • 29 January 2018

    finance & business news

    FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Reference exchange rate up by 10 VND at week's beginning 1 Central Bank targets 17 per cent credit growth 2 Who would reap benefits from surging euro? 2 New law set to help weak banks recover: experts 3 Jewellers seek better loans for 2018 4 Multi-national lucky money trends 4 Vietnamese banks protest after prosecutors call for $266

    million to be returned at fraud trial 4 Total premium income of non-life insurance market in 2017

    estimated at 40.561tr dong 6 ANZ, Prudential and the ambition of Shinhan 6 Vietnam-EFTA FTA to be signed in H1 7 ATIGA regulation worries local sugar manufacturers 8 E-government still far away 9 France pours over 2 billion euros into Vietnam in 10 years 9 Jica seeks agricultural partnerships with Vietnam 10 Vietnam anticipates wave of FDI from India 10 Dong Nai: selected FDI proves efficient 11 Forestry, wood exports to top $9b 12 MoIT announces vote for top exporters 13 Stainless steel traders complain about time-consuming tests 13 2017 production of steel products at 22mn tonnes 14 Commercial arbitration improves dispute resolution 15 Eastern area dominates apartment supply in Hochiminh city 15 Steel sector set for 20pct growth 16 IT sector needs more tech exchanges 17 Is there any reason not to invest in Vietnam? 17 Vietnamese garment companies increase competitiveness 18 More and more Vietnamese brands bought by foreign companies 18 Foreign firms buy into online retail 19 French drink-makers eye Vietnam 20 Investors conflicted about investing in condotels 21 Confectionery firms compete for $1.76 billion market 22 HCM City, Laos seek measures to boost trade 23

    BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Business Briefs 29 January, 2018 24 Emerging market status a no-go in 2018 26 Capital mobilisation via stock market increasing 27 Foreign money ready to be spent on large IPOs 27 Four foreign investors eye GENCO 3 28

    Govt gets VND4.17 trillion from PV Oil stake sale 29 FLC postpones dividend payment due to HSX shutdown 30 PV Gas seeks approval for 30pct strategic stake sale 30 Malaysia's Samchem plans Vietnam listing for subsidiary 31 Blockchain tech may open new era 32 Vietnamese people purchase nearly 8,000 Bitcoin 'diggers'

    in early 2018 32 Women supported to open businesses amid industrial

    revolution 4.0 33 Vietnam in Top 10 destinations for Americans aged 55+ 34 Ha Tinh to receive safe drinking water from EKOCENTER 34 HCM City needs IT system for natural resources 35 Traffic obstruction at BOT tollgates faces sanctions 35 Spain to finance Metro Line No.5 in HCM City 36 Debt-laden Mai Linh's effort to seek help seen faltering 37 Digiworld looks to foray into FMCG sector 37 PNJ strengthens position in jewellery market 38 ACV has yet to fix errors uncovered by 38 Phu My Hung starts selling The Signature 39 Vinamilk set to expand abroad 40 FPT Software signs 100 million USD contract with Innogy SE 41 SaigonCo.op joint venture opens store 41 Vietnam rubber latex processing plant inaugurated in Cambodia 41 RoK's CJ Group inaugurates 5th animal food factory in Ha Nam 42 Uber and Grab subject to tax in Hanoi 42 MTS Systems arrives in Vietnam 43 TH Group begins construction of juice factory in Son La 43 Ford Vietnam organises first Ford Sunday Service Day 44 SCG unveils satisfactory operating results in 2017 44 SCG keen to acquire Long Son project 46 Phu Yen province receives wind power mega project 46 Former Vinashin chief arrested 47 Second national survey on women's health and life

    experiences launched 48 2017 Outstanding Property awards given away 49 Dozen agreements signed at Vietship 2018 49 Three agricultural shows to be held in HCM City 50 Five safe farm produce fairs to be opened in 2018 50 Can Tho hosts Mekong Delta Trade Fair 2018 51 Trade fair displays local goods 51


    FINANCE Reference exchange rate up by 10 VND at week's beginning


    The State Bank of Vietnam set its reference VND/USD exchange at 22,426 VND/USD on the morning of January 29, up by 10 VND from the end of January 26. With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,099

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    Vietnam finance & business 29 January 2018

    VND per USD and the floor rate is 21,755 VND per USD. Major commercial banks made no changes to their rates. Vietcombank and BIDV offered 22,675 VND (buying) and 22,745 VND (selling), per USD, unchanged from January 26. Vietinbank cut its rates by 1 VND to offer 22,674 VND (buying) and 22,744 VND (sell- ing), per USD. https://en.vietnamplus.vn/reference-exchange-rate-up-by-10-vnd-at-weeks-begin- ning/125716.vnp

    Central Bank targets 17 per cent credit growth


    The State Bank of Vietnam (SBV) has set its sights on 17 per cent credit growth this year, slightly down from 18.17 per cent last year. "[It] will be a tough year with many challenges," SBV deputy governor Nguyen Thi Hong told the media in HCM City on Thursday. "Every move in international markets would directly impact the country. "The SBV will strongly focus on the stability of the economy, continue resolving busi- nesses' problems, control inflation, and issue guidelines for amendments to the Law of Credit Institutions." It would follow a pro-active and flexible monetary policy and cut interest rates, be- sides stabilising the foreign exchange and gold markets, and the monetary policy in 2018 would work in close conjunction with fiscal and other policies to control inflation and support reasonable economic growth, she promised. In 2017, credit growth focused on serving production (increase of 12-13 per cent for ag- riculture and rural development), automation and engineering (26 per cent), high-tech (20 per cent), supporting industries (22 per cent) and foreign trade (16 per cent). "Lending next year would focus on the government's priority sectors such as agricul- ture, exports, supporting industries, small- and medium-sized enterprises and hi-tech firms. Lending to risky sectors such as real estate, securities and consumer lending will be limited," Hong said. She said to reach this year's credit growth target of 17 per cent, the SBV must closely align with the government's macro-economic policies to make suitable adjustments from time to time. Vietnam's foreign reserves have risen to a record $53 billion, and the SBV has said it would try to increase them further besides stabilising the foreign exchange market. Measures will be also taken to stabilise the monetary market and ensure liquidity in the banking system, it has said, adding it will continue to restructure credit institutions and settle non-performing loans. Hong said the successful monetary management policy last year also contributed to keeping foundation inflation at 1.41 per cent, helping the banking system cut lending interest rates by 0.5-1 percentage points. http://bizhub.vn/banking/central-bank-targets-17-per-cent-credit- growth_291863.html

    Who would reap benefits from surging euro?


    Over the span of 2017 and the first three weeks of 2018, the price of the euro surged, causing mild unease among import-export businesses despite Vietnamese exports to the European Union (EU) hitting $40 billion per year. Specifically, domestic importers like Nhon Trach 2, Bim Son Cement JSC, and Ha Tien I Cement JSC that previously applied to euro-denominated deposits and loans experi- enced major distress as the soaring price of euro multiplied their interest expenses from VND billions to dozens of billions. To date, a substantial number of domestic firms that imported commodities from Eu- rope were reported to raise their commodity prices due to the volatility of the euro. In contrast, according to statistics provided by the general Department of Vietnam Customs (GDVC), Vietnam's total commodity export volume to the EU was estimated at over $38 billion, equivalent to 14 per cent of gross domestic export sales.

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    Vietnam finance & business 29 January 2018

    Nguyen Ton Quyen, vice chair and general secretary of Vietnam Timber and Forest Product Association (VIFORES), stated that Vietnam's total exports of wood forest products achieved nearly $700 million in 2017 and is expected to escalate to around $800 million by the end of 2018. "The volatility of the euro would only have a minimal impact on wood products trade as the majority of exporting agreements with EU-based companies are denominated in US dollars," Quyen added. Likewise, the exports of fisheries and aquaculture products to the EU stood at roughly $1.3 billion, leading the domestic markets in sales revenue. Exporting firms such as Vinh Hoan, Sao Ta, and Hung Vuong made vast contributions to the growth of the do- mestic aquaculture market by obtaining dozens of millions of dollars of sales revenue. According to recent surveys on the trade situation between domestic exporting firms and the EU, around 30 per cent of domestic firms applied the euro as the base currency in their contracts. The remaining firms denominated the US dollar as the base curren- cy, which minimised the impact of the euro on general exporting business. The euro's global price spiralled out of control: a 2 per cent rise in the first three weeks of 2018 and a 14 per cent rise over the y