China state funds start selling in warning sign for stock rally

The index closed 1.7% points higher. It has dropped nearly 39 points this week. Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 12% to VND13.96 trillion ($575.20 million). The VN30 basket, comprising the 30 largest capped stocks, saw 10 tickers gained. VIC of private conglomerate Vingroup rose 4.1%, followed by BCM of Becamex Investment and Industrial Development with a 3.4% increase. VRE of retail real estate arm Vincom Retail rose 2.6% and VPB of private lender VPBank closed 2.4% higher. Fourteen blue chips fell. CTG of state-owned lender VietinBank lost 2.6% and SSI of leading brokerage SSI Securities Corporation dropped 1.5%. Foreign investors were net sellers to the tune of VND537 billion, mainly selling CTG and VCI of Viet Capital Securities. The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.79% while the UPCoM-Index for the Unlisted Public Companies Market gained 0.38%. … [Read more...] about VN-Index steadies after stormy week

Vietnam-China relations have made substantial progress over the past decade, with numerous positive outcomes that benefit both countries and contribute to regional and global peace, stability, and development. Hanoi supports comprehensive relations with Beijing and Guangdong, especially in fields of trade–investment, healthcare, science and technology, and urban development. Secretary of the Hanoi Party Committee Dinh Tien Dung (l) and Chairman of the Chinese People’s Political Consultative Conference Wang Huning (r). Photos: The Hanoi Times Secretary of the Hanoi Party Committee Dinh Tien Dung stressed the view during a meeting with the Chairman of the Chinese People’s Political Consultative Conference Wang Huning on September 28. At the meeting, Dung expressed his delight at visiting China and Beijing again , where he witnessed significant progress and accomplishments made by the Chinese people. He extended warm congratulations to the Chairman of the … [Read more...] about Hanoi supports comprehensive relations with Beijing, Guangdong

Photo Le Toan Just a week after Vietnam and the US elevated their bilateral relations to a comprehensive strategic partnership, Prime Minister Pham Minh Chinh paid a working trip to the US to attend the 78th session of the UN General Assembly where he underlined Vietnam’s contributions and commitments to the UN’s activities, and met with UN Secretary-General António Guterres. In the US, he also met with US Vice President Kamala Harris, leaders of the US Congress, the national security advisor, and several members of the US cabinet. He also visited the New York Stock Exchange where he knocked the gavel to open a trading session. He underlined the need for both nations to focus on materialising the new cooperation framework into specific strategies, projects, and business cooperation. Noting priorities to be implemented, the PM said both nations must continue to prioritise resources for realising commitments in the joint leaders’ statement on elevating US-Vietnam relations. … [Read more...] about More consideration lent to US investment

Talking to Saigon Giai phong newspaper, Huy provided specific details about cooperation agreements signed between Vietnamese government agencies and U.S. corporations during Prime Minister Pham Minh Chinh's recent official visit to the U.S., which focus on enhancing design capabilities, product development, and training human resources serving the semiconductor industry. NIC has signed three significant memorandums of understanding (MOUs) with U.S. partners, Huy said. Among them, the MoU with Synopsys aims to support the development of a chip design incubation center. Meanwhile, the MoU with Cadence Design Systems Inc was designed to promote the semiconductor and electronics industry in Vietnam. Through this collaboration, NIC will provide Vietnamese universities, training centers, and startups with the necessary technology and training programs to design and develop semiconductor products. Through the MoU with Arizona State University (ASU), NIC and the university will … [Read more...] about Vietnam looks to attract foreign high technology “eagles”

A foreign-invested footwear material factory in Thuan An city, Binh Duong province (Photo: VNA) Hanoi (VNA) – Many foreign press agencies have run articles featuring Vietnam’s economic growth, pointing to rosy signs in its recovery. French wire service AFP cited statistics by the General Statistics Office (GSO) showing the economy grew 5.33% in the July-September period from a year earlier, and that loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact. Nikkei Asia also said the growth was accelerated thanks to tourism, noting “the services sector helped boost economic output during the three months through September, driven mainly by retail and tourism. The sector is estimated to account for about 40% of Vietnam's GDP.” “Travelers returned to popular destinations like the central city of Da Nang, with the number of foreign visitors entering the country from July to August reaching 2.25 million, already … [Read more...] about Foreign media upbeat about Vietnam’s economy