Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment. (Photo: vnexpress.net) Hanoi (VNS/VNA) - Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment. The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) finished last year at 892.54 points. Compared to 2017’s end, it has fallen total 9.31 percent. The benchmark index started soaring on January 22, 2016 at 522.24 points and it took the VN-Index more than two years to touch its all-time high of 1,204.33 points on April 9, 2018. In the first three months of the year, the VN-Index was one of the top three best-performing equity indices in the world. A similar pattern was also seen in the performance of the Hanoi Stock Exchange’s HNX Index, which hit its record high of 138.02 points on … [Read more...] about Vietnam’s equity market to thrive in 2019
Philippines dollar to usd
Vietnam pockets 2.5 billion USD from rice exports in nine months
Vietnam exports nearly 5 million tonnes of rice in the first nine months of 2018 (Source: VNA) Hanoi (VNA) – Vietnam shipped nearly 5 million tonnes of rice abroad in the first nine months of this year, earning 2.5 billion USD, up 8.5 percent in volume and 23.2 percent in value year-on-year, statistics show. China remained the largest importer of Vietnamese rice, accounting for 23.2 percent of the total, according to the Agro Processing and Market Development Authority under the Ministry of Agriculture and Rural Development. The price of the grain during January-August was averaged at 504 USD per tonne, a year-on-year rise of 14.6 percent. Markets posting surges in the price included Indonesia, Iraq, the Philippines and Malaysia. Analysts predicted that the domestic rice market would thrive in the fourth quarter of this year thanks to increasing demand from such importers as the Philippines, the Republic of Korea (RoK), Nigeria and Egypt. Egypt has recently agreed to import … [Read more...] about Vietnam pockets 2.5 billion USD from rice exports in nine months
Vietnam unlikely to face 10-year-economic crisis cycle: Report
There remain six challenges to Vietnam`s economy in its quest of rapid and sustainable development. Vietnam is unlikely to face the 10-year-economic crisis in the 2018 - 2019 period, however, there remain six major challenges to the economy, stated a report by state-run Bank for Investment and Development of Vietnam (BIDV). Economic crisis unlikely to happen BIDV's experts stated that there were clear signs of economic-financial crisis in Vietnam in each 10 year cycle from 1988 - 1989, 1998 - 1999, and 2008 - 2009, however, there is little evidence that the cycle could be repeated in the 2018 - 2019 period. The BIDV's report pointed to six major differences between the previous and current periods, which include: (1) Vietnam's credit growth has increased at more appropriate rate; (2) the government has stepped up effort to ensure a stable and healthy development of the finance - banking system, while the reasonable interest rate has created positive impact on growth; (3) … [Read more...] about Vietnam unlikely to face 10-year-economic crisis cycle: Report
Philippines’ external debt strongly drops
Hanoi (VNA) - The Philippines' outstanding external debt stood at 72.2 billion USD by the end of June 2018, down by 997 million USD or 1.4 percent from the end of March 2018, the country’s central bank has announced. Nestor Espenilla, Governor of the Bangko Sentral ng Pilipinas (BSP) – the central bank, said the reduction in the debt stock during the second quarter was mainly driven by negative foreign exchange (FX) revaluation adjustments as the US dollar strengthened against third currencies, particularly the Japanese yen. In terms of currency mix, Espenilla said the Philippines’ debt stock remained largely denominated in US dollar with 61.5 percent and Japanese yen accounting for 12.9 percent. He said US dollar-denominated multi-currency loans from the World Bank and Asian Development Bank had a 14.6 percent share to total, while the remaining 11.0 percent balance pertained to 17 other currencies, including the Philippine Peso, Euro and Special Drawing … [Read more...] about Philippines’ external debt strongly drops
VND to remain steady until year’s end
The VND is seen as one of the least depreciated currencies in the region, Photo: Le Toan FX on fire The daily fixing last Thursday set itself again to a record high of VND22,662 a dollar, adding VND13 a dollar on top of the previous day’s rate, before slightly cooling down to VND22,660 on Friday. Across local commercial banks, the FX rate was reported as edging up last Friday, following a sideways movement seen days before. Each dollar was sold at VND23,095-23,125 and bought at VND23,000-23,030 a dollar, with VND10-20 added on both the buy and sell sides. The upswing of the daily fixing and FX rates in the local market happened in response to the greenback gaining power against other major currencies, with the dollar index breaking the 95.00 figure last week. With the daily rate consistently trending upward in the past four weeks, investment advisory manager Phan Dung Khanh at Maybank Kim Eng Securities in Ho Chi Minh City said that the causes were attributed to several … [Read more...] about VND to remain steady until year’s end
Philippines plans to issue 1 billion USD worth of Samurai bonds
The Philippines is planning to issue 1 billion USD worth of Samurai bonds this year, Secretary of Finance Carlos Dominguez said on June 19 (Photo: www.rappler.com) Hanoi (VNA) - The Philippines is planning to issue 1 billion USD worth of Samurai bonds this year, Secretary of Finance Carlos Dominguez said on June 19. Dominguez unveiled the plan in his opening remarks at the economic briefing on the Philippine economy in Tokyo, Japan. The Philippine minister did not give other details of the planned yen-denominated bond float in his speech, but he said earlier that the government will proceed with it by September or October this year. Buoyed by the tight spreads of the Philippines' earlier bond issuances this year, Dominguez said such developments indicate confidence in the fiscal and debt management of the Duterte administration. The Philippine Government issued 2 billion USD worth of 10-year dollar denominated bonds in January. Two months later, the Philippines … [Read more...] about Philippines plans to issue 1 billion USD worth of Samurai bonds
BUSINESS IN BRIEF 19/6
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6
Vietnam among world’s top 10 remittance recipients in 2017
Vietnam received approximately 13.8 billion USD in 2017, showing a year-on-year rise of 16 percent (Photo: VNA) Hanoi (VNA) – Vietnam was listed among the world’s top 10 recipients of remittances in 2017, according to the latest report of the World Bank. The report said following a 10 percent decline in 2016, Vietnam received approximately 13.8 billion USD in 2017, showing a year-on-year rise of 16 percent. With this rebound, Vietnam replaced Bangladesh in the list of top 10 countries and territories having the most substantial remittances in the world. Up to 60 percent of the remittances to Vietnam last year came from the US, while Europe accounted for nearly 20 percent of the money sent home by overseas Vietnamese. Other major sources were China, the Republic of Korea and Japan. Ho Chi Minh City remained the biggest recipient of remittances in Vietnam, with the inflows estimated at 5.2 billion USD, up 4.5 percent against the preceding year. In the first quarter … [Read more...] about Vietnam among world’s top 10 remittance recipients in 2017
Thailand: Rice exports to drop in 2018
Rice exports of Thailand in 2018 will be less than the target growth of 9.5 percent due to strong baht and decrease in rice production, said the Thai Rice Exporters Association (Illustrative photo: VNA) Bangkok (VNA) – Rice exports of Thailand in 2018 will be less than the target growth of 9.5 percent due to strong baht and decrease in rice production, said the Thai Rice Exporters Association (TREA). The target was 18 percent lower than 2017’s 11.6 million tonnes. President of TREA Charoen Laothamatas explained that the strong baht caused a major difficulty for the country’s rice export as the prices of Thai rice have become less competitive. The baht increased nine percent compared to the US dollar in 2017 and increased by 3.1 percent in 2018 to be at 31.6 THB/USD. Laothamatas said the TREA will closely monitor exports in the first quarter of this year and, if the baht continues to rise, may revise the 2018 export target to below the previous forecast of … [Read more...] about Thailand: Rice exports to drop in 2018
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1