finance & business news 21 July 2017 2017. 7. 21.¢  Intellasia 21 July 2017 3 / 45...

Click here to load reader

download finance & business news 21 July 2017 2017. 7. 21.¢  Intellasia 21 July 2017 3 / 45 FINANCE Vietnam finance

of 45

  • date post

    20-Dec-2020
  • Category

    Documents

  • view

    0
  • download

    0

Embed Size (px)

Transcript of finance & business news 21 July 2017 2017. 7. 21.¢  Intellasia 21 July 2017 3 / 45...

  • 21 July 2017

    finance & business news

    FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Reference exchange rate down 1 VND 1 SBV issues bills to shore forex reserves 2 Govt moves to enforce resolution on bad debt 2 How to mobilise US dollars? 3 UOB receives in-principle licence for Vietnamese subsidiary 5 Foreign investor undergoing comprehensive review to acquire

    OceanBank 5 HSBC cuts Vietnam's GDP growth forecast to 6pct 5 ADB upgrades Asian growth outlook while leaving Vietnam's

    unchanged 6 Agro-forestry-fishery exports target $35 billion next year 7 Vietnam's exports to Algeria grow 37pct 7 Vietnam, Pakistan, Burma to drive 2018 global rice exports 8 India firms seek to boost textile machinery exports to Vietnam 8 HCM City's industrial production index rises 7.51pct 9 Hanoi's agri-production hits over 818 million USD in 6 months 9 Small agri production must end 9 Petrol prices increased by over 300 VND per litre 10 Domestic materials for E5 fuel in short supply 10 Power price hike must be closely checked, says deputy PM 11 Vietnam expecting fewer power cuts for the rest of 2017 12 Appropriate policies needed to unlock $35b tourism industry 12 Workers over 35 squeezed out of jobs at foreign-invested firms 13 HCM City aims to have 100MW of renewable energy by 2020 14 PM asks Ben Tre to prioritise land funds for investors 14 New HCM CityCan Tho rail line under consideration 15 Vietnam borrows funds from Japan to cope with salinity intrusion 15 Private companies' influence on economy growing 16 How many private businesses are there in Vietnam? 16 Why do Vietnamese businesses always fear of failure? 17 List of the largest M&A deals in 2016-2017 19 Lagging M&A scene looking for a big push 22 Private-label products hold high potential 23 Which way for e-wallets ecosystems or payment instruments? 23 Enterprises in 20 public sectors allowed to turn into joint

    stock ones 24 Local firms still vague about Asean Economic Community 25 VCA plans support polices to spur cooperatives' development 25 Experts: Domestic companies should develop strong brand names 26 Infrastructure JVs earn nod at meet 27 Tourism market offers opportunities for start-up businesses 27 Foreign businesses eyeing domestic cement 28 Cybersecurity firms boom in Vietnam 29 Japanese restaurants mushroom in Vietnam 30 Vietnam cities garner heightened interest of hospitality investors 30 Japanese capital flows in real estate in Vietnam 31 Laos seeks to woo Vietnamese investors 32

    BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Business Briefs July 21, 2017 32 VN30 stocks dampen market recovery 33 Markets decline on rubber, retail stocks 34 SSI Asset Management Company launches bond fund 34 Promising M&A activities on the stock market 35 Tradincorp to trade on UPCoM on July 24 37 F&N's subsidiary undeterred in appetite for Vinamilk shares 37 First Energy Efficiency Network launched in Vietnam 38 Become entrepreneurs, prime minister exhorts youth in Ben Tre 38 Hanoi faces school shortage in new urban areas 39 Le Thanh-Oyadav border gates opened to traffic 40 Nghi Son Economic Zone to get luxury resort 40 Use finite resources optimally, PetroVietnam told 40 AC Energy readies Vietnam investments 42 Pou Chen awaits investment certificate for new footwear

    factory in second city 42 Japanese company buys 2.2pct of Pizza 4P's 43 Work starts on $5.1m Soc Trang shrimp farm 43 Tuong An Vegetable Oil's 1H pre-tax profit up 34pct 43 Vietnamese firm found for holding illegal tour to Thailand 44 Vietnam Airlines offers 20pct discount on domestic flights 45 Many green power technologies exhibited 45

    Intellasia Tel: +844 2213 2244

    FINANCE Reference exchange rate down 1 VND

    21/JUL/2017 INTELLASIA | VNA

    The State Bank of Vietnam cut the daily reference exchange rate for VND/USD by 1 VND on July 21 to 22,432 VND per USD. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,105 VND and the floor rate 21,759 VND. The opening hour rates at commercial banks saw slight changes. Vietcombank is buying the greenback at 22,700 VND and selling at 22,770 VND per USD, down 5 VND from a day ago. At BIDV, the buying rate is 22,700 VND and the selling rate 22,770 VND, up 5 VND. Techcombank kept the buying rate unchanged from July 20 at 22,685 VND per USD and adjusted the selling rate up by 5 VND to 22,780 VND per USD. http://en.vietnamplus.vn/reference-exchange-rate-down-1-vnd/115168.vnp

    FINANCE

    No. 21, lane 173/63/17, Ngoc Ha Ward, Ba Dinh Dist, Hanoi © All Rights Reserved

    Fax: +844 3759 2034 Email: Office@intellasia.com

    Websites: www.Intellasia.Net www.TriTueAChau.com

  • F I N

    A N

    C E

    Vietnam finance & business 21 July 2017

    SBV issues bills to shore forex reserves

    21/JUL/2017 INTELLASIA | VNA

    The State Bank of Vietnam (SBV) unexpectedly resumed the issue of central bank bills worth 8 trillion VND (350.9 million USD) this week, a move aimed at increasing the nation's foreign exchange reserves. Before this issue of bills, whose term is one week with interest rate of 1.3 percent per year, the most recent issue the central bank made was on March 3. According to industry insiders, SBV made the move as commercial banks did not sell the US dollar to the central bank although they bought a large quantity of the green- back from individuals and institutions. The issue will contribute to increasing the interest rate in the inter-bank market, which slipped to an eight-month low last week in the wake of the central bank's recent policy rate cut. The rates for overnight, one-week and one-month loans declined by 47, 49 and 67 basis points against the previous week to 1.28, 1.57 and 2.42 percent, respectively, according to a report from Saigon Securities Incorporation (SSI)'s research division. The rate hike in the inter-bank market will push up the cost of holding the dollar, es- pecially in the context that the dollar/dong exchange rate tends to decline, insiders ex- plained. Therefore, the fact that banks are forced to sell the dollar to the SBV is only a matter of time, they said. To expand the foreign reserves, in the first half of 2017, the central bank increased the buying rate for the greenback at its transaction centre thrice, posting a total increase of 150 VND. The latest hike of 50 VND was made on June 19, raising its buying rate for the US dollar from commercial banks to 22,725 VND per dollar. Analysts say the buying rate hike at SBV's centre is aimed at encouraging commercial banks to buy dollars from currency holders at higher rates. The banks will then sell dollars to SBV's centre, helping the central bank further build foreign reserves to pre- pare for any fluctuation that may occur if the US Federal Reserve (Fed) increases inter- est rates. Early this month, SBV Governor Le Minh Hung said that Vietnam's foreign exchange reserves was at an all-time high of 42 billion USD. The reserves have increased by roughly 1 billion USD against the end of last year. http://en.vietnamplus.vn/sbv-issues-bills-to-shore-forex-reserves/115147.vnp

    Govt moves to enforce resolution on bad debt

    21/JUL/2017 INTELLASIA | VNS

    Prime minister Nguyen Xuan Phuc on Wednesday took action so that the National As- sembly's (NA) new resolution on bad debt settlement could be applied from August 15. The PM issued Directive 32/CT-TTg, stating that all regulations to guide the imple- mentation of the NA resolution on settling non-performing loans must be issued be- fore August 15, the date the resolution takes effect, a move that reflects the government's determination to settle bad debts. Under the directive issued on Wednesday, Phuc has assigned the Ministry of Justice to direct the enforcement agencies at all levels to rapidly settle lawsuits, which have tak- en legal effect, related to bad debts of credit institutions and the Vietnam Asset Man- agement Company (VAMC). The ministry will also be responsible for drafting a decree on collateral transaction, which will be submitted to the government for approval. The directive orders the Ministry of Public Security to direct its agencies to maintain security and social order when credit institutions and the VAMC exercise their legal right to confiscate and sell collateral assets of bad debts as per the regulations stated in the resolution. The Ministry of Natural Resources and Environment must direct its property owner- ship registration agencies to carry out procedures to transfer the property ownership and use rights to legal purchasers and assignees of bad debts, as stipulated in the res- olution. The PM has also entrusted the Ministry of Planning and Investment to cooperate with relevant agencies to map out plans to disburse State budget in order to pay arrears for the government's infrastructure construction projects. Under the directive, Phuc has required the State Bank of Vietnam (SBV) to closely su- pervise and inspect credit institutions and the VAMC in the implementation of the res- olution. The central bank must also work out with relevant ministries and agencies a stream- lined legal framework proposal for settling bad debts and collateral assets and submit

    Intellasia 21 July 2017 2 / 45

  • F I N

    A N

    C E

    Vietnam finance & business 21 July 2017

    it to the government before August 15, 2021, based on effects of the enforcement of the resolution. Besides enhancing supervision, the SBV must also take responsibility for streamlining current legal regulations on the governance of credit institutions, especially risky gov- ernance, and credit granting for credit so as to minimise bad debts the next time. Last mon