Stock rallies seen extending this week

Kim Ngan Many brokerages told Dau tu Chung khoan newspaper that the VN-Index may beat the 580- point line this week before entering a correction phase. If index drivers remain strong, there would be a pickup in the medium term. The exchanges nosedived last Monday but strongly recovered in the final sessions of the week. Closing last Friday, the VN-Index rose by 2.62% against the week earlier to 570.87 points while the HNX-Index inched up 0.86% at 78.27 points. Investors changed hands 720.7 million shares on the HCMC bourse, up 24.8%, while the Hanoi market saw a 26% increase in trading volume at 254.8 million shares. News about the Vietnam dong devaluation against the U.S. dollar and the sharp losses of global stock markets, especially in China, dampened investor sentiment at the first session last week, pushing both the VN-Index and HNX-Index down by over 5% each. In addition, news that exchanged traded fund FTSE Vietnam UCITS ETF had delisted fund certificates on the Nasdaq … [Read more...]

Banks, businesses sell dollars, forex market cools down

VietNamNet Bridge - Banks and businesses have begun selling dollars after an urgent meeting with the State Bank of Vietnam (SBV) which affirmed that it would not adjust the dong/dollar exchange rate until the end of the year, and it would sell dollars to intervene in the market when necessary. A local newspaper some days ago quoted a businessman as saying that he would try to buy dollars for early debt repayment because he anticipated the dollar price would rise. There have been more dollar buyers than sellers in the market since the day the central bank widened the forex trading band twice to 3 percent and devalued the dong by one percent. Bizlive some days ago quoted Nguyen Thanh Toai, deputy general director of ACB, as saying that commercial banks rushed to buy dollars for fear that the dollar price would increase further, while they were very cautious when selling dollars to businesses. The news website quoted a banker as saying that most of Vietnamese businesses bought … [Read more...]

Central bank assurance calms forex market

After hovering at the ceiling rate set by the State Bank of Viet Nam for three days, the dollar pulled back a little on Thursday after the central bank promised no more devaluation is in the offing, with almost all banks reducing their selling rate by VND25-35. The greenback prices fall in the market on August 27 after soaring to the ceiling prices in three days. Photo vietbao.com The greenback had soared after the dong was recently devalued by 1 per cent for a third time this year: With the inter-bank rate set at VND21,890, the wider daily trading margin of 3 per cent meant the dollar shot up to VND22,547 and remained there. But on Thursday, two days after the SBV assurance, most other lenders except Agribank cut their exchange rates. The Technological Commercial Bank (Techcombank) sold at VND22,540 while Vietcombank, Asia Commercial Bank, DongABank, VietinBank, and BIDV all sold at VND22,510 The buying rates were between VND22,410 and VND22,480. Le Duc Tho, general director of … [Read more...]

SBV assurance calms foreign exchange fears

HA NOI (VNS) — After hovering at the ceiling rate set by the State Bank of Viet Nam for three days, the dollar pulled back a little yesterday after the central bank promised no more devaluation is in the offing, with almost all banks reducing their selling rate by VND25-35. The greenback had soared after the dong was recently devalued by 1 per cent for a third time this year: With the inter-bank rate set at VND21,890, the wider daily trading margin of 3 per cent meant the dollar shot up to VND22,547 and remained there. But yesterday, two days after the SBV assurance, most other lenders except Agribank cut their exchange rates. The Technological Commercial Bank (Techcombank) sold at VND22,540 while Vietcombank, Asia Commercial Bank, DongABank, VietinBank, and BIDV all sold at VND22,510 The buying rates were between VND22,410 and VND22,480. Le Duc Tho, general director of Vietinbank, said the exchange rate has stabilised, adding banks have been reassuring clients who fear … [Read more...]

US dollar cools down

The price of the US dollar at commercial banks cooled down on August 27 after tumultuous spikes in the last few days. On the same day, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted its USD dollar buying and selling prices at VND22,460-VND22,520. The rates dropped by VND40 and VND20, respectively compared to the previous day. The Bank for the Investment and Development of Vietnam (BIDV) set the buying and selling rates at VND22,450-VND22,510 per US Dollar while the rates at Vietnam Export Import Commercial Joint Stock Bank (Emximbank) are transacting at VND22,430-VND22,520 per US Dollar, both lowered by VND50 to VND25 from a day earlier. According to commercial banks, transactions are rebounding to their normal rates after the State Bank of Vietnam (SBV)’s confirmation that it will not change the exchange rate. General Director of the Industrial and Commercial Bank of Vietnam (Vietinbank) Le Duc Tho said the foreign exchange market is … [Read more...]

More ways needed to fully tap Son Tra Peninsula’s tourism potential

The Prime Minister has approved a master plan for developing Da Nang’s Son Tra Peninsula into a national tourism area. This decision will help to promote the tourism development of the peninsula, as well as diversify the local tourism products and help the city’s tourism improve its position as a local spearhead economic sector. Many domestic and foreign visitors have unforgettable memories of their trips to the peninsular as they discovered red-shanked douc langurs and the thousand-year-old banyan tree, stayed in high-class holiday resorts, dived to explore the coral reefs, or took part in numerous beach sports and other interesting activities. According to the Management Board of the Son Tra Peninsula and Tourism Beaches, the number of visitors to the peninsula reached 650,000 over the first half of this year. Of these, over 600,000 visited the Linh Ung Pagoda and the thousand-year-old banyan tree, whilst 7,500 discovered the underwater world of marine creatures. … [Read more...]

Da Nang: Various cultural and sporting events to celebrate National Day

A wide variety of cultural and sporting activities will be organised across Da Nang to celebrate the 70th anniversary of Viet Nam's August Revolution (19 August) and its National Day (2 September). A musical performance entitled 'For a Peaceful Life' will be held at 7:00pm on 27 August in the 29 March Square on 2 September street. At 7.30pm on 29 August, a public art performance, which has 'Melodies of the Fatherland' as its theme, will take place in a park near the intersection of Ly Nam De and Tran Hung Dao streets in Son Tra District. The German Film Festival will take place at the city's Le Do Cinema, 46 Tran Phu Street from 11 - 13 September and 18 - 20 September, whilst a similar event for Russian films will run at the same venue between 21 and 23 September. During the period, the Cinema and Film Distribution Centre's mobile team will also show numerous fascinating films in the city's more remote areas. An exhibition featuring outstanding photos from the 2015 South … [Read more...]

Vietinbank finances over 3 trillion VND to rock salt project in Laos

Delegates at the signing ceremony

The Vietnam Joint Stock Commercial Bank of Industry and Trade (Vietinbank) has signed a three-trillion-VND (143 million USD) loan agreement for the Vietnam National Chemical Group (Vinachem)’s rock salt project in Laos. This is the largest project of a Vietnamese enterprise in Laos so far with a total investment of over 522.4 million USD in total investment, of which Vinachem’s capital amounts to 104.5 million USD. It is building a salt exploitation and processing plant to in the Nongbok district of Khammouane province, with a capacity of 320,000 tonnes of KCl and 300,000 tonnes of NaCl per year. VietinBank General Director Le Duc Tho said the signing will open cooperation opportunities for the two sides in numerous areas such as investments, payments, capital mobilisation and affiliations. He added VietinBank has launched its branch in Laos this month, helping the two countries’ business communities foster collaboration and investment, particularly among the … [Read more...]

VietinBank expands business in Laos

At the ceremony.

PANO - The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has officially converted its branch in Vientiane and transaction office in Champasak in Laos into the Vietnam Limited Liability Bank for Industry and Trade with total chartered capital of US$ 50 million. Since its opening in February 2012, the VietinBank Laos Branch has achieved outstanding results. By late last year, it had more than US$ 83 million credit in outstanding balances and total assets of over US$ 114 million, while the figures in 2012 stayed at only US$ 24 and US$ 41 million respectively. VietinBank’s Director General Le Duc Tho assured that the bank is committed to strictly conforming to local laws and to becoming a major commercial bank contributing to the country's socio-economic development. In the time to come, the Vietnam Limited Liability Bank for Industry and Trade plans to open more transaction offices in some potential provinces of Laos, such as Savanakhet, Bolikhamsay … [Read more...]

VietinBank upgrades its branch in Laos to limited liability bank

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At the launch ceremony for Vietnam Bank for Industry and Trade Limited in Vientiane NDO - The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on August 8 held a launch ceremony for Vietnam Bank for Industry and Trade Limited in Vientiane, Laos. The bank limited was established based on the upgrade of VietinBank's branch in Laos with total chartered capital of US$50 million. According to VietinBank General Director Le Duc Tho, the branch began operations in Laos in February 2012 and has posted positive business results since its first year of operations. By the second quarter of 2015, the branch recorded total assets of US$160 million and a credit balance of US$95 million. It posted a profit of US$2.4 million in 2014. Tho said the upgrade of the branch to a limited bank will help the bank be more active in its business activities and in expanding its branches and transaction offices in Laos in order to provide more diverse products and services to customers. … [Read more...]

Many people burnt in campfire

Patients are treated in Children Hospital in Thanh Hoa Province (Photo: SGGP)

Dr. Le Duc Tho, deputy head of Surgery Ward of the Children Hospital in the northern province of Thanh Hoa said that the condition of burnt patients is stable. 31 patients were burnt in a campfire in Dong Anh Commune in Dong Son District on August 5. The fire began as a small, a man threw a bucket of petrol into the fire to make it bigger. However, because it rained before so petrol ran following the rain water flow spread widely causing many adults and children burnt. According to the initial statistic, around 75 people were burned and rushed to the general hospital in Dong Son District, Children Hospital and the general hospital in Thanh Hoa Province. Children Hospital has the most patients with 31 patients. Doctors said 31 patients suffered burnt in second and third level, mainly in their feet and legs with the burnt areas of 9 to 15 percent. All patients received timely treatment and their health condition is stable so far. It is expected that they could be discharged after … [Read more...]

Power couple: U.S. ambassador and his husband

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Since their December arrival in Vietnam, U.S. Ambassador Ted Osius and his husband have become the most prominent gay couple in the Southeast Asian country. U.S. Ambassador Ted Osius, left, and his husband Clayton Bond. Photographer: Le Duc Tho via Bloomberg Osius and Clayton Bond landed with their toddler son shortly before the government abolished its ban on same-sex marriage. Now the couple, who recently adopted an infant girl, find themselves ambassadors of the nascent LGBT rights movement spreading across the country. "A lot of young people have reached out to me on Facebook, to say: ‘We are happy to see somebody who is gay and is happy in his personal life but also has had professional success’," Osius said in an interview. "I don’t think of it as advocating as much as supporting Vietnamese civil society in doing what it is already doing." The Communist government’s revised marriage law, while not officially recognizing same-sex marriage, and its … [Read more...]

20 years of Vietnam-U.S. diplomatic ties – P1: Untold stories behind normalization

Former Vietnamese Trade Minister Le Van Triet. Photo:

Untold stories ‘behind the scenes’ of the path to the normalization of relations between Vietnam and the United States are clearly part of the legacy of the two nations. The stories started sometime right after 1975, when the war that lasted for around 20 years between the two nations ended. However, it was the start of a new battle – the process to normalize bilateral relations. Relations between the two countries were officially normalized in 1995, or 20 years after the end of the war, but some argued that normalization should have come much earlier, sometime after 1975. However, Nguyen Manh Cam – former Foreign Minister and Deputy Prime Minister of Vietnam – admitted that it was not simple then because of ‘an abundance of disagreements.’ ‘An abundance of disagreements’ means so many untold stories and efforts before the national flag of Vietnam flew above the Vietnamese embassy in Washington, D.C., on August 5 in … [Read more...]

Hanoi prepares VND25 billion for Mers-CoV prevention

Korean passengers fill in heath declaration forms at the  Noi Bai International Airport. (Photo: VOV)

As the Middle East Respiratory Syndrome Corona virus (MERS-CoV) is undergoing complex changes in foreign countries, departments and agencies in Hanoi have prepared diverse methods to promptly cope with any possible cases. Accordingly, it has prepared VND25 billion to prevent the disease. To raise health staff’s awareness and prevent transmission in hospitals, the city Department of Health has increased the dissemination of the disease information among health workers as well as people, on the symptoms and the preventive measures against Mers-CoV. The city Health Department has suggested people coming from infected regions to declare their heath situation to the health sector while distributing 16,000 fliers and 1,600 posters about the disease at Noi Bai International Airport and the areas at high risk of reporting the disease. It has also worked with the Ministry of Health to check on the readiness in prevention of the disease at Noi Bai International Airport and hospitals; … [Read more...]

VietinBank lends to power development project in major cities

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At a VietinBank branch (Photo: VNA) The Vietnam Joint Stock Commercial Bank of Industry and Trade (VietinBank) has signed a contract with the Ministry of Finance for an authorised loan from the Asian Development Bank (ADB) to implement the power grid development project in Hanoi and Ho Chi Minh City. The signing ceremony took place in Hanoi on May 25 in the presence of Deputy Finance Minister Truong Chi Trung and Vietinbank General Director Le Duc Tho. The project aims to strengthen the capacity and reliability of the power infrastructure in the capital and Ho Chi Minh City through rehabilitation, expansion and development of the 220kV and 110 kV electricity power grids in the respective cities. It also aims to meet the increasing demand for electricity in the two cities in the period from 2014 to 2016. The Hanoi and Ho Chi Minh City power grid development project has a total investment of 392 million USD, with 272.7 million USD sourced by loans from the ADB and the ASEAN … [Read more...]

Social News 25/5

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Two drug smugglers arrested in Yen Bai Two brothers were arrested on Thursday as they were transporting 4,000 pills in the northern province of Yen Bai, according to the police. Vang A Lau and Vang A Cho of Ta Phinh Village in the neighbouring province of Son La were detained and found to be carrying pills and another 14 packs of drugs from their hometown to Yen Bai. This was the largest amount of drugs ever seized in the province, said officials. Train accident kills two in Nam Dinh Two people were struck and killed by a train as they crossed railway tracks at T-junction in Y Yen District, northern Nam Dinh province, according to witnesses. A witness said today that two men, ages about 49 years old, left a car on the side of National Highway 10 at about 10:30am and crossed the road, heading towards a wooden furniture storage building located near the railway on the other side of the road. While walking across the railway tracks, a South-North train struck the two men, who … [Read more...]

Companies fined for violating food safety

Inspectors from the Food Administration of Vietnam under the Ministry of Health May 24 decided to give an administrative fine of VND200 million (US$ 9,172) to six companies on violation of food safety regulation. These companies are Hong Vy Commercial Company, Kieu Viet Import-Export Company, Ngay Thang Loi Company, the Southern Basic Chemical Company, Salco Pharmaceutical Company, Viet Nam Trust Commercial Import-Export Company. Hong Vy Commercial Company located at 6 Do Duc Duc Street in Me Tri Ward in Nam Tu Liem District in Hanoi released advertising leaflets’ the unapproved content of nutritional supplement. Kieu Viet Import-Export Company at 1331/15/220 Le Duc Tho Street in ward 14 in District Go Vap, HCMC launched advertising of nutritional supplement Super Growth Height on the website whose content is not suitable with what health authority approved. Ngay Thang Loi Company at 114 Le Lai Street in Nguyen Trai Ward in Ha Dong District, Hanoi was fined because its … [Read more...]

Image: South African triathlete wins Ironman race

South African athlete James Cunnama.

South African athlete James Cunnama won the IRONMAN 70.3 Vietnam, an international triathlon held in the central coastal city of Da Nang on May 10. He finished the 113 kilometre race in 3 hours, 51 minutes and 29 seconds. The competitors began with a 1.9 kilometre ocean swim off the beautiful Hyatt Regency Da Nang Resort and Spa in the morning. They later raced over a scenic two-loop 90 kilometre bike course, starting from the resort on Truong Sa Street and winding through Vo Nguyen Giap, Hoang Sa, Le Duc Tho and Thuan Phuoc bridge and further to Nguyen Tat Thanh and back. The final 21 kilometre run also started from the Hyatt Regency and passed through Truong Sa, Vo Nguyen Giap and Hoang Sa and back. The athletes took around eight hours to finish the muscle sport race in the hot tropical weather of the central city. The race, with over 1,000 athletes from 54 countries taking part, offered a total 15,000 USD in prize money. Vietnam is the 30 th country in the world and … [Read more...]

International triathlon to be held in Da Nang

Each individual triathlete is to compete in 8 hours non-stop

PANO - Da Nang will host the international triathlon "Ironman" for the first time on May 10th. So far, according to the organizing panel, more than 1,000 athletes from 54 countries and territories have registered to this international contest. The athletes will compete in three contents of swimming, cycling, and running. In the swimming event, the athletes will swim 1.9km from the beach of the Hyatt Regency Da Nang Resort. Then they will cycle 90km in a double-lap from Truong Sa Street through Vo Nguyen Giap, Hoang Sa, Le Duc Tho to Nguyen Tat Thanh streets. For the running event, the athletes will run 21km from the Hyatt Regency Da Nang Resort through Truong Sa, Vo Nguyen Giap and Hoang Sa streets and back. Apart from the main contents of the triathlon, other activities, such as tourism and sports fairs, gala dinners to promote the images of Da Nang to foreigners, will also be held. Source: baodanang.vnTranslated by Huu Duong … [Read more...]

Da Nang to host Ironman race

More than 1,000 athletes from 54 countries and territories will compete in the Ironman, an international triathlon, in the coastal central city of Da Nang on May 10. The event organising board said the triathletes would begin with a 1.9km ocean swim off the beautiful Hyatt Regency Da Nang Resort and Spa in the morning. Then the athletes will race over a scenic two-loop 90km bike course, starting from the resort on Truong Sa street and winding through Vo Nguyen Giap, Hoang Sa, Le Duc Tho and Thuan Phuoc bridge, and further to Nguyen Tat Thanh and back. The final 21km run will also start from Hyatt Regency and pass through Truong Sa, Vo Nguyen Giap and Hoang Sa and back. The athletes will take at least eight hours to finish a muscle sport race in hot tropical weather in the central city. The organising board said Hong Kong (China) would send the largest team of 161 members. The race offers 15,000 USD in professional prize money. Vietnam is the 30th country in the world and … [Read more...]