Mau Intellasia Finance Vietnam - hkbav.org Billions of dollars ready for disbursement in property...

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Transcript of Mau Intellasia Finance Vietnam - hkbav.org Billions of dollars ready for disbursement in property...

  • 14 March 2018

    finance & business news

    FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Reference exchange rate adjusted further down 1 US dollar losing charm as investment haven in Vietnam 2 Foreign currency supply remains plentiful 3 Banks stock drive VN Index over peak 4 Bad debts yet to decline 4 Foreign banks assure continued presence in Vietnam 6 Foreign banks' withdrawal no cause for concern: experts 6 Non-life insurers set cautious targets in 2018 8 Jardines Matheson to play part in restructuring weak banks? 9 Japan bank considers funding PetrolVietnam's gas project 9 CPTPP a progressive trade direction in 21st century 10 Vietnam prime minister says first-quarter growth of 7.41

    pct likely: website 11 DOC receives petitions for anti dumping investigation on

    plastic bags 11 Turkey's anti-dumping investigation into Vietnam's core

    weldining wire 11 VN's laminated woven sacks might face anti-dumping

    investigation 12 Cement consumption on the rise 12 Qualified t people soughfor State capital management committee 13 SOEs failed to disclose business information to be punished 13 $66b invested in Greater Mekong Sub-region: ADB official 13 Can Tho enhances collective economy 14 Property market expected to be stable in 2018 15 Billions of dollars ready for disbursement in property market 16 Vietnam's green dream within reach 17 Property sales in Industry 4.0 era 19 Office leasing market promises undetained impetus on all fronts 21 CP TPP to bring both opportunities, challenges to breeding sector 22 CPTPP impacts on small and medium enterprises 23 Garment-textile sector eyes 10pct growth in 2018 24 Snacks market in VN worth $500 million 24 Supporting industries urged to improve competitiveness 25 Electronics industry needs development: seminar 26 E-commerce eager for Amazon debut 27

    Some pursue, some abandon billion dollar projects 28 Another domestic giant joins retail segment 29 Vietnam & New Zealand trade to reach $1.7- 2bn by 2020 31 70 HK businesses seeking trade ties in Vietnam 32

    BIZ NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Business Briefs 14 March, 2018 33 March 13: Main indexes gain ground 33 Foreign investors confident in Vietnamese stock market

    outlook 34 Thai firms continue pushing for bigger Vietnam market share 35 US news website names Hanoi among 13 best places

    to visit in March 36 Outstanding enterprises in made-in-VN products campaign

    to be named 36 Vietnam spends big on abattoir training to secure Aussie

    cow imports 36 More Chinese travellers visiting Vietnam via chartered flights 37 Peruvian grapes arrive in Vietnam 38 Saigon Petro proposes cutting bio-fuel tax 39 Vinachem's loss-making projects grapple with huge interest

    payments 39 Ministry asks Formosa to clarify investment increase 40 UK's group encouraged to participate in SOEs' restructuring 41 Korean groups planning Thua Thien-Hue tourism complex 41 Lazada to be inspected over customer complaints 41 MobiFone, AVG cancel acquisition agreement 43 Tuan Chau Group to invest in Vung Tau mega project 44 Silk Path Hotels Resorts opens French chateau-inspired

    resort in Sa Pa 44 ILDC wants to develop $6 billion deep seaport complex in

    Soc Trang 45 Spotify challenges Apple Music in Vietnam's streaming market 46 Exerting influence 46 Jail terms declared in Da River water pipelines ruptures 48 Binh Duong to host World Technopolis Association 2018 events 50

    FINANCE

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

    Tel: +844 2213 2244 Fax: +844 3759 2034

    Email: Office@intellasia.com Websites: www.Intellasia.Net www.TriTueAChau.com

    FINANCE Reference exchange rate adjusted further down

    14/MAR/2018 INTELLASIA| VNA

    The daily reference exchange rate was adjusted down for the second consecutive day on March 14, standing at 22,440 VND/USD, 10 VND less than the rate set on March 13. 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 opening hour rates at major commercial banks went up slightly. Vietcombank is listing the buying rate at 22,725 VND/USD and the selling rate at 22,795 VND/USD, both up 5 VND from the previous day. Similarly, the rates at BIDV also went up 5 VND to 22,730 VND/USD (buying) and 22,800 VND/USD (selling). Vietinbank is buying the greenback at 22,729 VND/USD and selling at 22,799 VND/USD, both up 1 VND from the rates on March 13 https://en.vietnamplus.vn/reference-exchange-rate-adjusted-further-down/127824.vnp

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    Vietnam finance & business 14 March 2018

    US dollar losing charm as investment haven in Vietnam

    14/MAR/2018 INTELLASIA| TUOITRE NEWS

    The State Bank of Vietnam takes credit for its resolute effort to keep the foreign ex- change rate stable Short-term trading in US dollars has increasingly become less lucrative in Vietnam as the VND-USD exchange rate has been kept stable by the State Bank of Vietnam, which also maintains a zero interest rate for savings in the greenback. Many Vietnamese would stockpile US dollars for savings instead of the local currency, hoping to rake in profits, albeit insignificant, from short-term price fluctuations. However, this method has become less remunerative in the last few years, when the State Bank of Vietnam, the country's central bank, began to boost its effort to de-dol- larise the economy through different administrative measures. "Dollar prices at local banks only rose 1.1 percent to VND22,790 from VND22,540 over the last year, meaning it is not really profitable to hold this currency as an investment," Loan, a HCM City resident, told Tuoi Tre (Youth) newspaper. Loan and her husband have some VND400 million ($17,640) to spare after the Lunar New Year that ended last month, and were told to invest in foreign currency as the sum was not enough to be channeled into real-estate. However, Loan said she has carefully studied the forex market and decided that "it would be better if we put the money in [VND] savings or stocks." Like Loan, many Vietnamese have changed their mindset, after realising that they could no longer reap easy money from trading the greenback short-term. Huong, another HCM City resident, used to be a short-term trader of the dollar, one who stockpiled the foreign currency only to immediately sell it once its price in- creased. "I was able to make a few million dong every several days then but this has no longer been the case in recent years," she said. The VND-USD exchange rate is expected to remain stable even when the US Federal Reserve is projected to hike its benchmark interest rate three times this year. "Last year, there were three FED interest rate increases but the foreign exchange rate remained almost unchanged, so I don't think the situation will be different this year," Loan said. Forex rate to remain stable in 2018 From a regulatory viewpoint, Truong Van Phuoc, acting chair of the National Commit- tee for Financial Supervision, explained that all the FED interest rate increases were carefully planned and announced beforehand, so any impact they may leave on the in- ternational financial market is quite predictable. Theoretically speaking, a higher interest rate would drive global investment back into the US, thus strengthening the dollar. "However, the reality is that some $30 billion worth of investment has since been poured into emerging markets, including Vietnam, and the dollar was actually weak- ened by an average of nine percent compared to other strong currencies," Phuoc told Tuoi Tre. The policies meant to protect the US against a trade deficit under the administration of President Donald Trump could explain this unexpected development, Phuoc added. The official went on to underline that any changes to the FED interest rates in 2018 will also have insignificant effects on the foreign exchange and foreign currency market in Vietnam. The dollar is expected to lose five percent of its strength following the FED rate hikes this year, compared to the nine percent depreciation in 2017, which "only lends cre- dence to predictions that it will leave diminutive impacts on Vietnam." The positive outlook is also backed by such factors as Vietnam's record $60 billion in foreign reserves, and a $1.1 billion trade surplus in the first two months of this year, according to the official. "These all lay solid ground for [the central bank] to stabilise the foreign exchange rate," he concluded. Since 2015, the central bank has set a zero percent interest rate for savings in US dollars

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    Vietnam finance & business 14 March 2018

    for both individual and corporate clients in order to support its anti-dollarisation ef- fort. As people are no longer able to take profit from US dollar savings, the central bank has been able to keep the foreign exchange rate stable and managed to buy across a large number of foreign currencies to elevate its foreign reserves. Dao Minh Tu, a deputy governor of the central bank, said in December that it was "not the right time" to scrap this policy. https://tuoitrenews.vn/news/business/20180313/us-dollar-losing-charm-as-invest- ment-haven-in-vietnam/44501.html

    Foreign currency supply remains plentiful

    14/MAR/2018 INTELLASIA| BIZLIVE

    According to Saigon Securities Incorporation (SSI)'s Vietnam's monetary and financial report in February 2018, the monetary market in the first two months had many macro factors that were maintained in good condition. In this period, foreign investment in t