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A worker collects latex at a rubber plantation of Vietnam Rubber Group. The group's shares jumped more than 4.6 per cent yesterday, leading the market's uptrend. — VNA/VNS Photo Benchmark indices ticked higher on Monday, buoyed by gains in manufacturing stocks and the return of foreign investors. On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index extended rallies to the second straight day. The index rose 1.1 points, or 0.1 per cent, to 1,155.25 points. It recovered on Friday with a slight increase of 0.15 per cent, but lost nearly 3.3 per cent for the week. The stock market has dipped for three consecutive weeks and recorded the longest weekly losing streak since the beginning of the year. The index was down 8 per cent from the peak of 1,250 points but some groups have witnessed sharp falls such as securities, real estate, and public investment stocks. The market has shown signs of rebalance and recovery in the last sessions, however low liquidity is an obstacle to breach … [Read more...] about Market extends gains on manufacturing stocks

Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the U.S. blocked the appointment of new judges to the WTO's Appellate Body due to complaints over judicial overreach, 29 cases have been left in limbo, delivering a heavy blow to the dispute settlement system. Those depositing cases include China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea and the United States. "No more fraud, no more pretending you're appealing,” former deputy director-general Alan Wolff told a WTO conference last month, urging countries to hold off on fresh appeals from 2024, when WTO members have pledged to address the issue. The WTO has warned a "polycrisis" of pandemic, military conflict in Ukraine and inflation is sapping faith in globalisation. The result is a growing disregard for global trading rules among WTO members. … [Read more...] about At WTO, growing disregard for trade rules shows world is fragmenting

The index closed 1.1 points higher after rising 1.7 points Friday. Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dropped 18% to VND11.5 trillion ($473.25 million). The VN30 basket, comprising the 30 largest capped stocks, saw 16 tickers gained. GVR of Vietnam Rubber Group led with a 4.6% increase, followed by VRE of retail real estate arm Vincom Retail, up 2.9%. VNM of dairy giant Vinamilk rose 1.9% and MSN of conglomerate Masan Group closed 1.4% higher. Twelve blue chips fell. TPB of private TPBank dropped 2% and GAS of state-owned Petrovietnam Gas closed 1.5% lower. Foreign investors were net sellers to the tune of VPB of private lender VPBank and VIC of private conglomerate Vingroup. The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, gained 0.18% while the UPCoM-Index for the Unlisted Public Companies Market dropped 0.10%. … [Read more...] about VN-Index gains marginally

Digital board showing stock information inside the building of the Hồ Chí Minh Stock Exchange (HoSE). — VNA/VNS Photo Việt Nam is still on the watch list of FTSE Russel for a possible reclassification from frontier to secondary emerging market status, the global index provider FTSE Russel said in its September report. However, the opportunity for the stock market’s upgrade may become clearer next year. The country has been on the watch since 2018. FTSE Russel said that Việt Nam’s reform progress is slower than expected, partly due to the COVID-19 pandemic. Việt Nam has yet to meet the delivery versus payment (DvP) criterion, which is currently rated as ‘Restricted’ due to the market practice of conducting a pre-trading check to ensure the availability of funds prior to trade execution, FTSE Russel said. Meanwhile, as the market does not experience failed trades, the ‘settlement - costs associated with failed trades’ criterion is unrated. It added that Việt Nam would need … [Read more...] about FTSE keeps VN on watch for reclassification to secondary emerging market

What have been some successful stories involving your members thus far in Vietnam? Tharabodee Serng-Adichaiwit, vice chairman of the Thai Chamber of Commerce in Vietnam Thailand has become the ninth-biggest foreign direct investment of Vietnam with nearly 690 projects and $13 billion so far. While Thai investment properly kicked off in the early 1990s here, Bangkok Bank started investment in Vietnam way back in 1961 with its first branch in the former Saigon. We believe that with the growing potential of Vietnam itself and our continuous promotion to Thai investors, one day Thai investment could enter the top five. This will also to help the two countries to achieve the bilateral trade goal of $25 billion by 2025, and ultimately bring our two countries closer in sub-regional, regional, and multinational cooperation. Most big Thai conglomerates already have a presence in Vietnam, such as C.P., SCG, Bangkok Bank, IVL, Red Bull, and more. Thai investment is also … [Read more...] about A land of promise for Thai investors

Lower-than-expected growth in advanced economies and China could reduce external demand for Vietnamese exports. Vietnam's economic growth for 2023 is set to hit 4.7%, primarily influenced by weak domestic and external demand . Production of aircraft components at MHI Aerospace Vietnam. Photo: Pham Hung/The Hanoi Times The World Bank released the forecast in its latest East Asia and Pacific October 2023 Economic Update. However, there's optimism for a recovery in the following years, with growth expected to reach 5.5% in 2024 and 6.0% in 2025. The main driver of this growth will be domestic demand, although at a slower pace than in previous years. In terms of inflation, the Consumer Price Index (CPI) is projected to average 3.5% this year, largely due to scheduled increases in civil servant salaries. In the following years, assuming stable energy and commodity prices, inflation is expected to decline to 3.0% in both 2024 and 2025. On the fiscal side, … [Read more...] about Vietnam’s GDP growth forecast to expand by 4.7% in 2023: WB

Energy is one of the key pillars in Vietnam-Germany relations over the past decades with a series of projects and programs operated by The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) – the German Development Agency. A delegation of nearly 50 German companies led by Minister-President of the German state of Lower Saxony , Stephan Weil, has expressed their interest in renewable energy and energy efficiency , the field in which the Federal Government of Germany has cooperated with Vietnam for years. Vietnam's Prime Minister Pham Minh Chinh (R) and Minister-President of the German state of Lower Saxony , Stephan Weil, in Hanoi on October 1. Photo: VGP Other fields of potential cooperation that the Lower Saxony’s government and businesses want to focus on include vocational training, skilled labor migration, tourism, digitalization, and Industry 4.0. The issues were stated by Prime Minister-President Stephan Weil at … [Read more...] about Lower Saxony wants to invest in energy transition in Vietnam

Petrol prices were forecast to continue to increase towards the end of the year due to moves to tighten the supply by major world producers. — VNA/VNS Photo Trần Việt The Ministry of Industry and Trade believes that the appropriate use of the stabilisation fund would be important to restrain increases in petroleum prices and reduce the impacts of these increases on the country’s socio-economic development. From the beginning of this year, petrol prices have been raised 16 times with a total increase of VNĐ3,500 per litre. The latest increase was on September 21, which brought the petrol price to nearly VNĐ26,000 per litre. Petrol prices are forecast to continue to increase towards the end of the year due to moves by major world producers to tighten supply. According to the Mercantile Exchange of Việt Nam (MXV), Russia, the world's third-largest oil producer with a market share of 13 per cent globally, after the US' 16 per cent and Saudi Arabia's 13.5 per cent, has put a … [Read more...] about Appropriate use of stabilisation fund important to restrain petroleum prices increases

Võ Trí Thành * Võ Trí Thành The General Statistics Office on Friday unveiled a comprehensive report on Việt Nam's socio-economic development for the third quarter and the first nine months of this year. The report demonstrates a less daunting economic landscape, albeit one that remains exceedingly challenging if the nation is to achieve the economic growth targets set by the National Assembly. As of the third quarter of 2023, Việt Nam's economy has traversed two-thirds of the year, yet the Gross Domestic Product (GDP) has only expanded by a modest 4.24 per cent in comparison to the same period last year. This growth rate, though higher than the rates recorded in the corresponding nine months of 2020 (2.19 per cent) and 2021 (1.57 per cent) during the 2011-23 period, falls short of the ambitious 6 per cent growth target set by the National Assembly for the whole year, let alone the more ambitious target set by the Government at 6.5 per cent. The economic recovery following the … [Read more...] about Việt Nam’s economic landscape at crossroads: Q3 reports highlight challenges in achieving targets

Chairman Tran Dinh Quyen with Acuity Funding president Ranjit Thambyrajah at September 25’s signing event On September 25, Australian Acuity Funding committed to invest $6.4 billion for Tin Thanh Group (TTG) to implement green projects. Accordingly, circa $1 billion will be used to develop four biomass power plants and thousands of hectares of sorghum cultivation in central and south of Vietnam. Around $1.7 billion will be set aside to build a tyre retread, tyre recycling and truck service plant in South Carolina over one million trucks in the United States with the goal of reducing emissions, saving costs, and transitioning to green energy. TTG has been granted land and support from the state of South Carolina with huge incentives over $500 million. The remaining $3.7 billion in funding will go towards building a green hydrogen manufacturing facility in the same state. According to chairman and CEO of TTG Tran Dinh Quyen, the company’s strategy is to become a … [Read more...] about TTG steps up green energy and emission cut ambitions