Chapter 5 foreign exchange market

Vinhomes Imperia Hải Phòng Urban Area, a project built by Vingroup. The company's shares soared nearly 3.5 per cent on Wednesday, leading the market's uptrend. — VNA/VNS Photo The Vietnamese stock market recovered on stronger demand force after recent corrections, while foreign investors continued to withdraw from main exchanges. The VN-Index on the Hồ Chí Minh Stock Exchange increased over 14.6 points, or 1.21 per cent, to close Wednesday at 1,266.11 points. The recovery helped recoup most of the losses hit in the last two sessions. On the southern bourse, breadth of the market returned to a positive zone with 275 stocks advancing, while 52 ended lower. Liquidity decreased over the previous session, but remained above VNĐ20 trillion. Particularly, VNĐ20.37 trillion (US$838.25 million) worth of shares was traded on HoSE, equal to more than 878 million shares. The index's reversal was mainly driven by strong rebounds in real estate stocks and other pillars in the securities … [Read more...] about Market rebounds, ending two-day losing streak

The hi-tech building of the Can Tho University is the most modern of its kind in the Mekong Delta. It is part of the Can Tho University upgrading project, funded through ODA of the Japanese Government. (Photo: VNA) Tokyo (VNA) – Friendship and mutual trust based on people-to-people exchanges nurtured for many years have formed an impetus for the Vietnam - Japan relations , said Japanese Minister for Foreign Affairs Kamikawa Yoko. She made the remark in a recent interview granted to the Vietnam News Agency on the occasion of the 50th anniversary of the two countries’ diplomatic ties (September 21, 1973 - 2023). She said that over the last 50 years, the countries have developed relations in all fields thanks to tireless efforts by predecessors. One of the most important milestones of bilateral ties, which are now in their prime, was the elevation of relations to the “ extensive strategic partnership ” in 2014. Since then, Japan and Vietnam have been building … [Read more...] about Friendship, mutual trust drive Vietnam-Japan relations: Japanese Foreign Minister

During the meeting, part of his trip to the U.S. for the high-level week of the 78th session of the United Nations General Assembly and bilateral activities, Pham Minh Chinh affirmed that Vietnam considers the U.S. a partner of strategic importance. He used the occasion to thank the U.S. Senate in general and its Foreign Relations Committee in particular for their support for promoting the Vietnam - U.S. relations over the past time, including the settlement of war consequences. The support and cooperation of the two countries’ legislatures plays a crucial role in concretizing new collaboration frameworks and areas of the Comprehensive Strategic Partnership in the time ahead, the leader stressed. Pham Minh Chinh called on the committee to further support joint efforts in fostering cooperation in economy-trade-investment, and other fields like science-technology, innovation, semiconductor industry, energy transition, and climate change response, while stepping up assistance to … [Read more...] about Prime Minister meets leaders of U.S. Senate Committee on Foreign Relations

Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX). — Photo courtesy of HKEX The Vietnamese stock market is a key capital mobilisation channel for the economy and is undergoing improvement and upgrading towards emerging status. Considered as Asia’s financial hub, Hong Kong is a role model for Việt Nam to follow. When Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX), came to Việt Nam for a conference, Việt Nam News reporter Ly Ly Cao took the opportunity to speak to her about solutions to enhance the country’s stock market and how Hong Kong can support Việt Nam in the upgrading process. What do you think about the Vietnamese stock market in its current state? Việt Nam’s economy is on very strong momentum in terms of GDP growth, which grew by more than 8 per cent last year and is hopefully to reach 6 per cent this year. This sets a very strong foundation for the local … [Read more...] about Hong Kong to help elevate Việt Nam’s stock market potential

Headquarters of the State Bank of Vietnam in Hà Nội. Some experts believe the SBV can still cut the policy interest rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. — Photo sbv.gov.vn Experts have different forecasts about the time when the State Bank of Vietnam (SBV) will lower its policy interest rate. While some experts expect the rate to decrease by 0.5-1 percentage point at the end of the third or fourth quarter of this year, others believe the rate will be kept unchanged. According to some experts, although rising pressure on the foreign exchange rate and inflation are the main factors affecting the SBV's ability to continue lowering the policy rates in the remaining months of this year, the SBV can still cut the rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. Banking expert Nguyễn Trí Hiếu forecasts that deposit interest rates will … [Read more...] about Different forecasts made for policy interest rates in the rest of 2023

Vietnam has maintained a consistent upward trajectory since 2015, reflecting the government's efforts to restructure the economy toward full market-oriented development and international integration. Vietnam has climbed four places to secure the 106th position out of 165 countries and territories in the Economic Freedom of the World index, according to the Canada-based Fraser Institute. Manufacturing of mechanical products at Tam Hop Company in Soc Son District, Hanoi. Photo: Viet Linh/The Hanoi Times The Economic Freedom of the World index evaluates the extent to which policies and institutions support economic freedom. It is published annually by the Fraser Institute in collaboration with the Economic Freedom Network, a coalition of independent research and educational institutions covering nearly 100 countries and territories. Singapore currently leads the world in economic freedom, followed by Hong Kong (China), Switzerland, New Zealand, the US, and … [Read more...] about Vietnam moves up 4 places in Economic Freedom of World index

Illustrative image (Photo: https://coinmarketcap.com/) Bangkok (VNA) - Thailand will implement measures to tighten tax rules on overseas income as part of efforts to reduce income inequality as well as raise revenue to pay for initiatives to stimulate its economy. Accordingly, the Thai Ministry of Finance's Revenue Department recently introduced more stringent rules concerning overseas income . The new regulation, slated to be enforced from January 1, 2024, allows authorities to levy taxes on the foreign income of individuals who have resided in Thailand for a minimum of 180 days within the specified assessment year. Legal experts said that the policy specifically targets residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders and Thais who have been exploiting a loophole that allowed them to bring foreign earnings into the country tax-free after keeping it in an offshore account for more than a calendar year. There is … [Read more...] about Thailand to tighten tax rules on overseas income

Tuan said that during this visit, Chairman Vuong Dinh Hue, on behalf of top leaders of Vietnam, will join leaders of Bangladesh in a celebration of the 50th anniversary of the bilateral diplomatic relations (1973-2023). The official underlined that amid the fast, unpredictable and complicated developments in the region and the world, the strengthening of ties between the two countries, who are traditional friends, through the parliamentary channel is expected to contribute to foster ties between the two countries and parliaments. He noted that the Vietnam - Bangladesh relations have been continuously developed with political trust built through visits and meetings via all channels and at all levels. The two sides have set up many important cooperation mechanisms, including a Joint Committee on economic, cultural, science and technology cooperation. Economic and trade partnership has been a highlight of the bilateral partnership, he said, noting that two-way trade has increased … [Read more...] about N.A. leader’s visit aims to reinforce, promote Vietnam – Bangladesh ties: Official

French tourist Laurine, who visited HCMC for the first time earlier this month, said before her trip to Vietnam her friends told her she should haggle at half the initial price when buying items in HCMC. When Laurine visited Ben Thanh in downtown area, she was impressed by the beauty of the century-old market with French colonial architecture. She dropped by souvenir stalls inside the market and asked to buy conical hats and small embroidered paintings, but vendors charged her over VND200,000 (US$8.22) for each item. She then negotiated with the vendors and bargained for 50-70% of the initial price. When the vendors refused, she pretended to walk away and they then chased after her, agreeing to sell each item for VND40,000-80,000. "Rip-offs have become a common issue at traditional markets in many Asian countries, not just Vietnam. Therefore, I was not shocked when I was overcharged, but I just didn't know what the real value of the item was, nor what I deserved for the amount … [Read more...] about Tourists wary of rip-offs in HCMC

In his speech, Pham Minh Chinh said that such challenges related to population aging, non-traditional security like climate change, epidemics, food, water resources, energy, transnational crime, and cybercrime are developing fiercely, causing serious consequences, while the global economy is facing many headwinds. According to the PM, the world is facing two choices: passively accepting challenges and risks at a very high price, or proactively adapting to, taking advantage of opportunities, solving challenges, and taking peace, stability and development cooperation as goals, the U.N. Charter and international law as the foundation, and dialogue and collaboration as tools. In particular, Vietnam chooses the second choice and hopes its partners also choose it, Pham Minh Chinh stated. Accordingly, Vietnam chooses the basic foundations to develop the country, with the goal of becoming a developing country with modern industry and high average income by 2030, and a developed, … [Read more...] about Prime Minister delivers policy speech at Georgetown University