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Trading at JSC Bank For Investment and Development of Vietnam (BIDV)'s office. The bank shares plunged nearly 2.2 per cent on Thursday. — Photo www.bidv.com.vn Viet Nam’s stock exchange ended mixed on Thursday as the benchmark VN-Index reversed course to finish lower while the HNX-Index continued its rally. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index declined by 8.62 points, or 0.69 per cent, to 1,247.25 points. The index rose slightly 0.15 per cent in the morning trade. The market breadth was negative with 294 stocks dropping while 141 stocks climbed. The market’s liquidity remained high as nearly 806.5 million shares were traded, worth over VND20.6 trillion. The index successfully tested the support territory of 1,225 – 1,232 points and rebounded at the end of Wednesday’s trade. The move is expected to help the index continue to rise and head toward the resistance zone of 1,275 – 1,300 points in the short-term, Bao Viet Securities Company said in a daily report to customers. “However, during this period, the market is likely to be dominated by some large-cap stocks, along with a strong division between groups of stocks,” the securities firm added. April futures contracts expired yesterday and the event might have a huge impact on large-cap stocks in the VN30 basket. The VN30-Index, which tracks the 30 biggest stocks in HoSE, fell 0.51 per cent to 1,284.2 points. Of the VN30 basket, 24 stocks declined while only five increased. Stocks from banking, materials, utilities, information technology, retail, transportation and logistics posted poor performance on Thursday. Of which, top five stocks weighing the market were Vietcombank (VCB), JSC Bank For Investment and Development of Vietnam (BID), Investment And Industrial Development Corporation (BCM), Techcombank (TCB) and Vietnam Rubber Group JSC (GVR). VCB posted the biggest loss in market capitalisation, down 1.22 per cent. The losses were limited by gains in material stocks and real …

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Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates According to the Department of Credit for Economic Sectors under the State Bank of Vietnam, in the first quarter of this year, the deposit growth reached only 0.54%, well below the credit growth of 2.93% and the average deposit growth of 2.28% in the first quarter of the past seven years, Lao Dong newspaper reported. At present, the rate for savings of less than six months is 3%-4%. Meanwhile, tenors of six to less than 12 months and over 12 months enjoy a rate of 3.5%-5.5% and 4.6%-6%, respectively. Although some banks have revised up their deposit rates by 0.1-0.4 percentage points, the banks’ average deposit rate in the first quarter remained some 2 percentage points lower than that in the same period last year. If the trend continues, the banking system’s liquidity will no longer be ample this year, according to Bao Viet Securities Company. Meanwhile, the General Statistics Office stated that capital had been injected into other sectors, with life insurance premium soaring 11%. Meanwhile, the securities market mobilized nearly VND55.6 trillion, surging 42% over the same period last year. Pham Lam, vice chairman of the Vietnam Association of Realtors, attributed land fevers over the past few months partly to residents’ idle money and their expectations of higher prices of real estate products. According to Dao Minh Tu, deputy governor of the central bank, as of mid-March, banks’ outstanding loans for the property sector grew 2.13%, higher than the current credit growth of 2.04%, despite the central bank’s close control over credit for the sector. Market rebounds, VN-Index returns to 1,250 point-level Shares settled higher on Wednesday, reversing their morning course on recoveries of materials and banking stocks. The benchmark VN-Index …

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Hai Phong - Quang Ninh Expressway. The northern province of Quang Ninh ranked first in provincial competitiveness among 63 provinces and cities for the four consecutive years. — VNA/VNS Photo Thanh Dat The northern province of Quang Ninh has led in provincial competitiveness among all 63 provinces and cities for four consecutive years, according to the ranking announced by the Viet Nam Chamber of Commerce and Industry (VCCI) and the US Agency for International Development (USAID) yesterday. Other provinces and cities in the top 10 of the 2020 provincial competitiveness index (PCI) ranking included Dong Thap, Long An, Binh Duong, Da Nang, Vinh Long, Hai Phong, Ben Tre, Ha Noi and Bac Ninh. With a score of 75.09, 1.69 higher than the previous year, Quang Ninh maintained its top position for the fourth straight year and became the first locality to top the 75-point mark since 2010. VCCI Chairman Vu Tien Loc said the northern province had made significant efforts to help enterprises overcome the COVID-19 pandemic. Second on the list was Dong Thap Province with a score of 72.8, 1.1 points higher than a year before, followed by Long An with a score of 70.37, a jump of five spots in the PCI ranking. Binh Duong made the strongest improvement in 2020 with an increase of 2.78 points in its score and a jump of nine spots against 2019, due to positive responses from enterprises about market entry and support for firms. The report found provincial competitiveness in Viet Nam was improving year over year with positive movements in reducing informal charges, building constructive local governments, enhancing administrative reforms and promoting a fair and transparent business environment. The findings showed enterprises saw the fairness of the business climate was improving with the percentage of participant enterprises feeling that the local Government prioritising State-owned enterprises (SOEs) and foreign direct investment (FDI) firms dropped from 37.9 per cent …

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