Shares extend losses on sudden selling force
The index performed positively in most of the session, but sudden strong selling pressure hit the market in the last trading minutes, causing the benchmark to reverse. On the southern bourse, liquidity fell back to VNĐ13.6 trillion (US$556.4 million), equivalent to a trading volume of nearly 610.5 million shares. Similarly, on the Hà Nội Stock Exchange, the HNX-Index declined 6.43 points, or 2.72 per cent, to 230.03 points. During the trading day, investors poured over VNĐ2 trillion into the market, with a trading volume of 94.9 million shares. Specifically, they net bought VNĐ17.67 billion on HoSE and nearly VNĐ92.4 billion on HNX.
Source:Viet Nam News
October 17, 2023 22:21 UTC
State, enterprises ensure enough goods supply until Tết: MoIT
Some others are developing those plans to ensure the supply of essential goods at reasonable prices. In the first nine months of 2023, the domestic market has been relatively stable with a consistent supply of domestic goods. She said domestic prices of essential goods are not expected to experience unusual fluctuations. Enterprises participating in the market stabilisation programme always commit to selling at stable prices, or 5-10 per cent lower than market prices. If the prices increase due to higher transportation costs and raw materials, they will report to the Department of Finance.
Source:Viet Nam News
October 17, 2023 14:48 UTC
Vietnam’s overseas investment up 4.6% during nine months
More than 170 million USD was added to 18 existing ones, surging 3.3-fold. Among the 24 countries and territories recording Vietnamese investments during the period, Canada took the lead. During the period, Vietnamese investors poured money into 14 sectors abroad. The wholesale and retail sector topped the list with nearly 150 million USD, accounting for 36% of the total. The biggest destinations of Vietnamese investments were Laos, Cambodia, and Venezuela./.
Source:Viet Nam News
October 17, 2023 14:33 UTC
Development strategy of rural occupations approved
The strategy’s general goal is to promote the potential of rural areas, improve production and business efficiency, increase incomes, create jobs, and improve the material and spiritual life of the people. The strategy is expected to spur rural economic development towards ecological agriculture, and modern rural areas and farmers. Under the strategy, the growth rate of rural occupations will expand by 6-7% per year by 2030. The average income of labourers engaging in rural occupations will be 2.5-3 times higher than in 2020. Rural occupations are to attract about 5 million regular workers, and earn over 6 billion USD per year from export./.
Source:Viet Nam News
October 17, 2023 13:50 UTC
FDI plays crucial role in VN's socioeconomic development
HÀ NỘI Foreign investment and investors have been and will continue to play a crucial role in Việt Nam's socio-economic development, heard participants at a conference held yesterday in Hà Nội. Việt Nam has become the third-largest economy in ASEAN with a GDP scale of over US$400 billion. According to the ministry, recent attempts to address legal barriers and obstacles have resulted in the successful establishment of large-scale FDI projects in Hải Phòng, Bình Dương, Nghệ An, and Bắc Ninh. MPI advised businesses to put forward proposals and projects aligned with such a vision of sustainable development and mutual prosperity. Minko said the EU is willing to support Việt Nam in its transition to green development, especially in the energy field.
Source:Viet Nam News
October 17, 2023 02:59 UTC
Banks estimated to have varying profit results in Q3 2023
According to the analysts, as provision costs have decreased from a record high, VietinBank's pre-tax profit will increase by 20-22 per cent in Q3 2023. Although VPBank's Q3 2023 profit recorded a decline, SSI assessed that a bright spot in the bank’s Q3 2023 business picture was positive results from its subsidiary FE Credit. Meanwhile, the decrease in profits of TPBank in Q3 2023 was mainly due to the high base level of last year. Specifically, the bank’s pre-tax profit is expected to reach about VNĐ1.45-1.60 trillion, down 25-32 per cent over the same period last year. TPBank’s NIM decline and the burden of provisioning are said to be the reasons why the bank’s pre-tax profit declined in Q3 2023.
Source:Viet Nam News
October 17, 2023 02:58 UTC
Market to continue extending its recovery this week
HÀ NỘI - The market will continue to extend its recovery this week but also face difficulties because supply pressure may increase again when the market approaches a new resistance zone of 1,160 - 1,170 point area. With this effort to increase points, it is likely that the market will continue to extend its recovery in the near future." "However, the recovery will continue to face difficulties because supply pressure may increase again when the market approaches a new resistance zone, such as the 1,160 - 1,170-point area." "Economic results in the third quarter of 2023 will be a supporting factor for the market trend," he told Việt Nam News. This week, the index will test the important resistance mark of 1,159 points," said Phạm Bình Phương at Mirae Asset Securities Joint Stock Company.
Source:Viet Nam News
October 16, 2023 13:20 UTC
Vietnam’s public debt management on right track: Ministry
Illustrative image (Source: VNA)– Vietnam’s public debt accounted for 37.4% of the country’s gross domestic product (GDP) as of the end of 2022, while national external debt stood at about 36.1% of GDP, according to data released by the Ministry of Finance (MoF).According to the ministry’s Bulletin No.16 on Public Debt of Vietnam for the 2018-2022 period, to date, all targets set by the National Assembly in public debt repayment for the 2021-2025 period have been completed.In the 2021-2023 period, the Government's total borrowing reached 42.9% of the plan. The Government's direct debt repayment obligation was equivalent to 53.3% of the plan, while withdrawal of Government loans for re-lending has been within the limit.The average issuance term of government bonds in 2021, 2022, and 2023 ensured the target of 9 - 11 years set by the National Assembly. The growth rate of government guaranteed outstanding debt in a year did not to exceed the growth rate of nominal GDP in the previous year, according to the bulletin.Meanwhile, the total borrowing level of the local budget reached 26.3% of the plan approved by the National Assembly. The debt repayment obligation of local administrations reached 41.1% of the plan approved by the National Assembly. Debt safety targets for each year in the 2021-2023 period have been kept within the approved ceiling levels and safety thresholds.Truong Hung Long, Director General of the MoF’s Debt Management and External Finance Department said that in the 2021-2023 period, Vietnam has shown strong performance in public debt management, while making full and on-time debt payments, contributing to improving the national credit rating.He noted that in 2022 when many countries saw their credit ratings downgraded, both Moody’s and S&P, the two international credit rating agencies, upgraded Vietnam’s ratings, while Fitch maintained its ratings.Speaking at a recent conference, Andrea Coppola, the WB’s Lead Country Economist, lauded Vietnam’s reforms in public debt management in terms of legal framework and institutional management.He advised Vietnam to reform institutions to facilitate public debt mobilisation, thus supporting the development of the domestic capital market and contributing to effective budget management./.
Source:Viet Nam News
October 16, 2023 13:05 UTC
VIETNAM NEWS HEADLINES OCTOBER 16/2023
Vietnam Summit in Japan 2023 kicks offThe Vietnam Summit in Japan 2023 opened at the University of Tokyo on October 15 as part of activities to mark the 50th founding anniversary of the diplomatic ties between Vietnam and Japan. The subcommittee will also make a report on personnel work of the new Party Central Committee to be submitted to the 14th National Party Congress. It focused on three pillars: digital solutions, digital agricultural economics and digital rural development. Consequently, participants' accomplishments in this race will be recognised as qualifying conditions for any of the six esteemed marathons within the Abbott World Marathon Majors system, namely the New York Marathon, Chicago Marathon, London Marathon, Boston Marathon, Tokyo Marathon, and Berlin Marathon. Indian diplomatic chief Jaishankar begins Vietnam visitIndian External Affairs Minister Dr. S. Jaishankar arrived in Hanoi on October 15 to begin an official visit to Vietnam at the invitation of Vietnamese Minister of Foreign Affairs Bui Thanh Son.
Source:Viet Nam News
October 16, 2023 10:00 UTC
Vietnam Summit in Japan 2023 kicks off
The Vietnam Summit in Japan 2023 opens at the University of Tokyo on October 15. (Photo: VNA)The Vietnam Summit in Japan 2023 opened at the University of Tokyo on October 15 as part of activities to mark the 50th founding anniversary of the diplomatic ties between Vietnam and Japan.The event is a series of seminars held every two years by the Vietnamese Academic Network in Japan (VANJ), the Vietnamese Professionals in Japan (VPJ) and the Vietnamese Youth and Students’ Association (VYSA) in Japan.In his opening remarks, Vietnamese Ambassador to Japan Pham Quang Hieu highlighted the rapid development of the Vietnamese community in Japan in recent years, which is the second largest foreign community in Japan with nearly 500,000 people.In this community, many have obtained important positions in teaching, research, and management at prestigious universities and businesses in Japan, the ambassador said, stressing that the community have made great contributions to the development of the Vietnamese community in Japan and the host country’s socio-economic development. They also serve as important bridges promoting friendship cooperation between the two countries.The firm foundation of scientific and technological cooperation over the past years, along with the development of the Vietnamese intellectual community in Japan, will help create a new pillar - science, technology and innovation cooperation, in the relations between the two countries, Hieu added.According to Deputy Minister of Science and Technology Bui The Duy, Vietnamese scientific intellectuals abroad are an indispensable force of Vietnam's science and technology sector.Vietnamese intellectuals in Japan have engaged in many practical activities benefitting their homeland and contributed to establishing and promoting cooperation between Vietnam and Japan, especially in the fields of technology and innovation, he said.In a plenary discussion on the 50-year relations between Vietnam and Japan, Rector of Vietnam - Japan University, Prof. Furuta Motoo said the key for the bilateral relations in the future will be whether they can build a really equal partnership. According to him, with its rapid development at present, Vietnam has sufficient foundations and conditions to have a bilateral "equal partnership" with Japan.Participants reviewed the development of Vietnam-Japan relations over the past five decades, and discussed opportunities and challenges posed for the bilateral relationship in the future.In the framework of the event, many activities have been organised, including an exhibition on science - technology and trade and nine debates gathering 62 speakers, which focus on directions for Vietnamese people in Japan, challenges and opportunities for Vietnam in microchip technology, and green energy and sustainable development in Vietnam./.
Source:Viet Nam News
October 15, 2023 12:31 UTC
VIETNAM NEWS HEADLINES OCTOBER 15/2023
She said the establishment of the Vietnam Trade Promotion Office in Chongqing - Vietnam's first trade promotion office in China - demonstrates the two countries’ attention to trade promotion between the two countries. Thang told the hosts that the Vietnamese Party and State consistently value the comprehensive strategic partnership with the RoK. On October 13, the Hanoi delegation cut the ribbon to open the "Hanoi - Vietnam" booth at the Home Show exhibition, a major event in the furniture industry in the Asia-Pacific. Vietnam supports Canada's implementation of Indo-Pacific strategies and strategic partnership with ASEAN, especially in economics, trade, investment, and development cooperation. Canada, a multi-ethnic country like Vietnam, wants to strengthen cultural cooperation and people-to-people exchanges with Vietnam, she said.
Source:Viet Nam News
October 15, 2023 04:02 UTC
Halal tourism – “gold mine” for Vietnam to tap into
To lure more travelers from the Middle East, localities need to pay attention to providing Muslim-friendly food and drinks with certification stamps. (Photo: VNA)Indian tourists at a restaurant in Quang Ninh province (Photo: hanoimoi.com.vn)VNAVietnam’s tourism sector is working hard to attract more tourists from Muslim countries (Halal tourists) which is seen as a potential market for the global tourism industry.According to the Global Muslim Travel Index (GMTI), the Halal tourism market is quite promising, with a growing demand from the 2.1 billion Muslims worldwide, constituting about 23% of the global population.The number of international Muslim tourists was estimated to increase from 108 million in 2013 to 160 million in 2019. The figure is expected to grow 80% in 2023. The spending on tourism from this market is projected to reach up to 341.1 billion USD per year by 2030.Statistics from the Vietnam National Authority of Tourism (VNAT) under the Ministry of Culture, Sports and Tourism show that the number of tourists from Muslim countries visiting Vietnam has increased remarkably in recent years, especially travelers from India (up 240% in September this year).Muslim tourism arrivals from Southeast Asian nations such as Singapore and Indonesia have also sharply risen.VNAT Deputy General Director Ha Van Sieu said the Halal market offers promising opportunities for Vietnam's tourism industry and can be a "gold mine" that could provide a significant boost to the sector.Since the beginning of 2022, many conferences to promote investment in tourism have been organised in the Middle East region and South Asia, including those on Halal tourism , which discussed solutions to lure more Muslim travelers to Vietnam.Some localities such as Quang Ninh, Da Nang, Quang Nam and Kien Giang have planned to welcome Muslim tourists from potential markets such as India, Malaysia, and Singapore.India is seen as one of the key markets for Vietnam’s tourism in the coming time, VNAT Director Nguyen Trung Khanh said, noting that Vietnam will strengthen promotion activities to lure more holiday-makers from this South Asian market.Apart from exploring the traditional Muslim tourism markets such as Malaysia, Indonesia, Singapore, and India, businesses should focus on the Middle East region, which is known for affluent tourists who are willing to spend on high-end services, Khanh said.To lure more travelers from the Middle East, localities should pay attention to building prayer places in public areas, restaurants, hotels, and entertainment spots; as well as providing Muslim-friendly food and drinks with certification stamps, he added./.
Source:Viet Nam News
October 15, 2023 02:49 UTC
Liquidity of banking system forecast to be abundant in Q4 2023
HÀ NỘI — Credit institutions expect liquidity of the banking system will be abundant in the fourth quarter of 2023, and deposit and lending interest rates will continue to decrease. The forecast was based on a survey of business trends among credit institutions in the fourth quarter of 2023 released recently by the State Bank of Vietnam’s Department of Forecasting and Statistics. According to credit institutions, the liquidity of the banking system in the third quarter of 2023 continued to maintain a good and improved status compared to the second quarter of 2023. Credit institutions predict that the liquidity situation will continue to be abundant in the fourth quarter of 2023 and for the whole year 2023 compared to 2022.Credit institutions also expect the average deposit and lending interest rates in the banking system to continue to decrease by 0.26-0.35 percentage points in the fourth quarter of 2023. As expected in the June 2023 survey, at this survey period, credit institutions said they continued to adjust and reduce the average price of their products and services. For the whole of 2023, customer demand for banking services is forecast to increase at a slower rate compared to 2022.
Source:Viet Nam News
October 14, 2023 15:32 UTC
Vietnamese businesses striving to cut carbon emissions
The main energy source for this business’s production activities is electricity and coal. The change was aimed at reducing the company’s carbon footprint to meet requirements in import markets. Recognising Vietnam’s commitment at COP26 and due to shared interests, Vietnamese manufacturers have been gradually changing their production models, shifting towards more green and sustainable models to cut carbon emissions. The balance between economic development and environmental protection has become one of the most important issues and an indispensable requirement for survival. With rapid growth and frequent changes in technology, Vietnamese businesses cannot afford to miss the opportunity to create a low-carbon economy, aiming for balance and sustainability./.
Source:Viet Nam News
October 14, 2023 11:43 UTC
New salary policy mandates budgetary requirement of nearly VNĐ500 trillion for 2024-2026
Salary policy stands out as a particularly pivotal component of the socio-economic policy system; it serves as a resource and a driving force for the nation's development. One can say that never before has a salary policy been constructed with such meticulousness and comprehensiveness, encompassing numerous groundbreaking elements. This is an exceptionally vital issue, and it plays a decisive role in implementing salary reform policy. To date, the entire nation has set aside VNĐ500 trillion in preparation for salary reform scheduled for the 2024-26 years. In addition to following the salary reform roadmap, I believe agencies should continue to boost revenue, economise expenses, and devise fundamental strategies to create resources for salary policy reform.
Source:Viet Nam News
October 14, 2023 09:34 UTC