The Vietnamese Government and the European Commission (EC) have pledged to carry out the EVFTA and the IPA in a timely and effective manner (Source: VNA) Brussels (VNA) – The Vietnamese Government and the European Commission (EC) have pledged to carry out the Europe-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) in a timely and effective manner. The commitment is expressed in a joint statement issued by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Cecilia Malmström following their meeting on October 19 in Brussels on the sidelines of the 12th Asia-Europe Meeting Summit (ASEM 12). The statement said the Vietnamese Government is preparing plans to fulfill obligations under the free trade agreements while the EC stands ready to support the necessary reforms and adjustments through technical assistance. Both sides acknowledged the relevance of the trade and sustainable development … [Read more...] about Vietnam, EU reiterate commitment to trade, investment deals
Trade adjustment assistance
HCMC proposes adjusting HCMC-Can Tho express railway project
HCMC proposes adjusting HCMC-Can Tho express railway projectThe Saigon Times Daily The scheduled route of the HCMC-Can Tho high-speed railway project as proposed by the Ministry of Transport HCMC - The HCMC government has proposed the Ministry of Transport adjust the HCMC-Can Tho high-speed railway project to reduce the route length to make the project more feasible, the local media reported. According to the Ministry of Transport’s decision, issued on August 27, 2013, the railway was planned to be nearly 173,700 kilometers long with 14 stations, starting from An Binh station in Binh Duong Province and running through the urban areas of HCMC and four Mekong Delta provinces. However, representatives of HCMC and four localities in the Mekong Delta region later agreed to the Southern Institute of Science and Technology’s proposal to reduce the route’s length to 139 kilometers, shortening the travel time between HCMC and Can Tho City to roughly 45 minutes. The … [Read more...] about HCMC proposes adjusting HCMC-Can Tho express railway project
VN-Cambodia trade forum kicks off
Viet Nam News HÀ NỘI — The Việt Nam - Cambodia trade and investment promotion forum opened in Phnom Penh, Cambodia on Friday, providing updated information on new trade policies for enterprises of the two countries and creating opportunities to increase business. The forum was part of efforts to help the two countries reach the target of US$5 billion trade value in the future. Chairman of the Vietnam Confederation of Entrepreneurs Cao Sỹ Kiêm said the forum aimed to help businesses reach ministries and agencies of Cambodia, seek partners and set up joint ventures, contributing to trade and investment promotion activities between the two countries, towards a stable and prosperous common market in the region and in the world. Vietnamese Ambassador in Cambodia Vũ Quang Minh said that enterprises of the two countries had good conditions to develop business as Cambodia had successfully organised the national polls of the 6th mandate of the … [Read more...] about VN-Cambodia trade forum kicks off
Vietnam’s forex reserves soar to record-setting US$48 billion
It meant that the SBV has brought in another US$3 billion worth of hard currencies over the past month. Previously, Governor Hung told National Assembly deputies on November 16 during a plenary session that the bank had increased its buffer fund by US$7 billion in 11 months to bring the sum to a record high of US$45 billion. The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. A few years ago, the exchange rate usually fluctuated widely towards the year-end due to seasonal factors. In particular, the USD/VND rate has undergone little change, although the US Federal Reserve raised its benchmark interest rates by 0.25 percentage points for the third time, effective December 14. As the US rate increase was well-anticipated, the local forex market did not react negatively to the Fed’s rate announcement. The USD/VND rates were kept almost unchanged on December 15, a day following the rate hike. Across … [Read more...] about Vietnam’s forex reserves soar to record-setting US$48 billion
VN’s forex reserves soar to record-setting $48b
Viet Nam’s foreign currency reserves hit approximate US$48 billion thanks to the country’s stable macroeconomic conditions and strong influx of exports, foreign direct investment (FDI) and remittance, according to State Bank of Viet Nam (SBV)’s Governor Le Minh Hung. Foreign curency exchange at the Ho Chi Minh City Development Bank.It meant that the SBV has brought in another $3 billion worth of hard currencies over the past month.Previously, Governor Hung told National Assembly deputies on November 16 during a plenary session that the bank had increased its buffer fund by $7 billion in 11 months to bring the sum to a record high of $45 billion.The rise was reported in the context of the foreign exchange rate in the domestic market being relatively stable. A few years ago, the exchange rate usually fluctuated widely towards the year-end due to seasonal factors.In particular, the USD/VND rate has undergone little change, although the US Federal Reserve raised its … [Read more...] about VN’s forex reserves soar to record-setting $48b
Seesawing trade forecast for this week
Seesawing trade forecast for this weekPhuong Thao By Phuong Thao - The Saigon Times Daily HCMC – Securities firms have predicted the market would oscillate in a narrow range this week. Last Friday, the VN-Index briefly broke through the 580-point resistance level but fell below it at the close due to heavyweights’ retreat. HAG and MSN closed at intraday lows, taking away the most points from the VN-Index. On the other hand, bank tickers STB and EIB led the gainers and contributed a combined 0.8 point to the VN-Index of the HCMC Stock Exchange. There was another sizable put-through transaction of KBC with 5.1 million shares, following the 5.8 million shares in the previous session. Foreigners remained net sellers at VND67 billion. The FTSE Vietnam Index, the underlying index for the exchange traded fund (ETF) DB FTSE Vietnam, announced its quarterly review results. SBT will be excluded from the index while there will be no inclusion. According to Viet Dragon Securities … [Read more...] about Seesawing trade forecast for this week
Direct PPAs spark renewable energy
To attract investment in the renewable energy sector, the Ministry of Industry and Trade has confirmed that a mechanism to allow businesses to buy power at competitive prices from renewable energy generators will be piloted in 2018.The mechanism will enable businesses in Vietnam to enter into contracts directly with renewable energy generators. Speaking at the annual Vietnam Business Forum (VBF) recently, Deputy Minister of Industry and Trade Do Thang Hai said that the pilot will be implemented in the fourth quarter of 2018 at the latest.The Ministry of Industry and Trade (MoIT) had previously confirmed that it was prioritising the study of direct power purchase agreements (DPPAs), and that the Electricity Regulatory Authority (ERA) has been assigned to work with the United States Agency for International Development (USAID) to implement a technical assistance programme on DPPAs.The MoIT asked the consultants to define clear milestones and provide a detailed schedule of DPPA … [Read more...] about Direct PPAs spark renewable energy
Social News 15/12
Vietnam zeroes in on hunger eliminationPoverty alleviation and hunger eradication has been a consistent priority for Vietnam and the country is committed to achieving these goals in cooperation with the international community, Deputy Prime Minister Trinh Dinh Dung said in Hanoi on December 13.Dung was speaking at the first meeting of the National Steering Committee for the ten year (2016-2025) Zero Hunger Action Programme.The programme was established by the Prime Minister in 2014 in response to the “Zero Hunger Challenge” of the United Nations, a major initiative to eradicate hunger worldwide.Vietnam’s action programme targets ensuring enough food and nutrition for all citizens towards improved physical and intellectual health; and towards fulfilling sustainable development goals (SDGs) of food security and sustainable agricultural development.There are five specifics targets under the action programme, including ensuring food and nutrition for people all year … [Read more...] about Social News 15/12
Vietnam dong depreciates against greenback
Vietnam dong depreciates against greenbackTran Thu By Tran Thu - The Saigon Times Daily HCMC – Vietnam dong continued to slightly fall against the U.S. dollar on October 2 after staying firm for a long time. Vietcombank quoted the greenback at VND21,290 on October 2 morning before lowering it to VND21,280 in the afternoon. Meanwhile, Techcombank sold a dollar at VND21,295. Since mid-September, the dong-U.S. dollar exchange rate has increased mildly and remained stable in general. Earlier, the dollar had stood at VND21,210-21,230 for around a month, much lower than the ceiling level of VND21,458 and even lower than that before the central bank devaluated the domestic currency by 1% to support exports in June. After the central bank’s move, the local currency, unlike earlier expectation, kept appreciating due to strong dollar supplies backed by trade surplus, foreign direct and indirect investment inflows, official development assistance (ODA) capital and overseas … [Read more...] about Vietnam dong depreciates against greenback
Major banks lower deposit rates
Major banks lower deposit ratesThe Saigon Times Daily HCMC – A couple of large commercial banks have adjusted down their annual deposit rates after a short time of hiking them, according to An Ninh Thu Do newspaper. VietinBank has cut interest rates for deposits of six to less than nine months to 5.3% and nine- and ten-month tenors to 5.5%. At BIDV, the interest rate for savings of one and two months are now 4.3% while three- and five-month savings get an interest rate of 4.8%. The interbank market also saw a plunge of 0.26%-0.71% in interest rates for overnight, one-week and two-week tenors. According to Bao Viet Securities JSC (BVSC), the State Bank of Vietnam (SBV) has issued VND28.8 trillion (US$1.27 billion) worth of promissory notes while debts falling due this week totaled over VND10.3 trillion. Thus, the central bank has net withdrawn VND18.5 trillion from the system. The decline in interbank interest rates and the SBV’s net withdrawals show ample liquidity in … [Read more...] about Major banks lower deposit rates