Federal reserves

/ March 11, 2020

Vietnam stock market watchdog to provide support for businesses

The Hanoitimes - The head of Vietnam's stock market watchdog urged players to trust the internal strengths of the economy and the resilience of Vietnam’s stock market. The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, is considering a number of solutions to help investors and securities firms overcome negative impacts of the Covid-19 epidemic and global turmoil, according to the SSC’s Chairman Tran Van Dung. Chairman of the SSC Tran Van Dung. Among them are lowering fees for some brokerage services and easing regulations on margin trading, Dung told Vietnam Financial Times. At the close on March 9, the benchmark Vn-Index plunged 6.28% to 835.49, the biggest tumble since May 2014 when the standoff between Vietnam and China occurred after China moved an oil rig into Vietnam’s waters. Dung, however, noted the liquidity of the Hochiminh and Hanoi stock exchanges remained abudant with nearly VND6.5 trillion (US$278.69 million) traded, indicating investors were buying in battered stocks. Besides, foreign investors remained net sellers but at a moderate amount of VND230 billion (US$9.85 million) on March 9, Dung added. Dung said the freefall of the stock market was a common situation globally, especially as “all bad news came at one time” that directly impact investor sentiment, including the sharpest decline of oil price since 1991, prompting Goldman Sachs to predict Brent oil could drop to US$20 per barrel this year. On early March 9, the Japanese government issued lower-than-expected economic data for 2019, heightening fears the global economy may come to a recession under the growing impacts of the Covid-19 epidemic. The Federal Reserves (FED) on March 3 cut interest rates by 0.5% in an emergency move, prompting 65% of traders to expect the FED to continue lowering interest rates by 0.75% in the upcoming meeting on March 17. If it happens, the cut in the federal funds rate would take the …

/ July 16, 2020

Measures sought to manage, preserve Vietnam’s biosphere reserves

Cu Lao Cham in Tan Hiep island commune, Hoi An city, Quang Nam province seen from above (Photo: VNA) Hanoi (VNA) – Vietnam has nine biosphere reserves with a total area of 4 million hectares, accounting for 12.1 percent of the country’s total natural land area. These reserves are home to 1.78 million people. According to the Vietnam Environment Administration , the nine biosphere reserves, which are located in plains, mountains, coastal areas and islands, are recognised by UNESCO’s Man and the Biosphere Programme ( MAB-UNESCO ). Among the nine Southeast Asian countries which have biosphere reserves, Vietnam is second only to Indonesia in the number of biosphere reserves , with the latter owning 11. However, there is still no document that regulates the management of biosphere reserves, causing loose coordination between ministries and sectors. Lack of unified organisational structures The core zones, mostly national parks, nature reserves and special-use forests, account for 11 percent of the total area of the biosphere reserves, about 450,000 hectares. There is high biodiversity concentration with diverse ecosystem services. Cat Ba archipelago is the smallest biosphere reserve, with an area of 26,241 hectares, while the largest is Western Nghe An with more than 1.3 million hectares. There is also no common organisational structure for biosphere reserve management boards as each locality follows its own way of organising its board. Meanwhile, a unified management model is important for unifying State management. The problem is that there are no detailed guidelines from central agencies for the biosphere reserves on the need to strengthen organisational structure and coordinate their operations. Some biosphere reserves are put under the administrative management of many districts, towns and provinces with large areas and populations, which makes it difficult to manage the reserves. Dong Nai Biosphere, for example, is located …

/ July 31, 2020

Vietnam discovers oil & gas well with record reserves

The Hanoitimes - The Ken Bau well is set to be put into operation by 2028. An oil and gas well has been discovered offshore Vietnam with record reserves that help state-run energy group PetroVietnam fulfil its reserves plan set for this year, local media reported. The discovery of Ken Bau-2X, located in Block 114 of the Red River Basin, is estimated to provide 9 trillion cubic feet in place with 400 – 500 million barrels (Mbbl) of associated condensates. Ken Bau well to increase Vietnam’s oil, gas reserve in 2020. Photo: Keri Jackson/Pixabay Eni Vietnam and Essar E&P, two operators of Block 114, each holds 50% share of the exploration contract. In 2020, Ken Bau-2X was drilled 2km apart from Ken Bau-1X, the first well in 95 meters of water depth till a total depth of 3,658 meters below sea level and encountered a pay in excess of 110 meters in several intervals of miocene sandstones interbedded with shale. The result of estimated reserves from Ken Bau-2X well appraisal is the historical discovery of Vietnam oil and gas industry so far. Eni Vietnam, with its partner, is currently planning additional drilling and testing on Ken Bau discovery coupled with new drilling and seismic activity in the Red River basin, where Eni operates with a 100% share the neighboring Block 116. The operator will prepare a reserve and mine development report. It is expected that Ken Bau can be put into exploitation by 2028, according to PetroVietnam. PetroVietnam said this is a crucial premise for exploration activities as well as further exploitation in the Quang Tri, Thua Thien-Hue and central regions, contributing strongly to promoting the gas power industry in the central region. It is also expected to contribute to ensuring national energy security and promote the sustainable development of Vietnam’s oil and gas sector in the future. The gas market in Vietnam is rapidly growing, driven by the country’s consistent GDP progression and …