Wall Street sneezes, local markets shiver (09-11-2009) An investor keeps watching a share prices board in Bao Viet Securities. VN-Index continues on a downward trend last week. — VNS Photo Viet Thanh HA NOI — Domestic stock indices continued on a downward spiral last week as global market fluctuations continued to have a significant impact on local investor sentiment. On the HCM City Stock Exchange, the VN-Index lost 32.24 points overall last week to close at 554.88 points, a decline of 5.49 per cent from the previous Friday's close. The average daily trading volume dropped by 26 per cent from the previous week's average to 57.6 million shares, while trading values averaged VND2.7 trillion (US$146 million) per day, down 25 per cent from the previous week's figure. On the Ha Noi Stock Exchange, the HNX-Index closed at 189.14 after losing 10.24 points during the course of the week, a cumulative loss of 5.14 per cent. Daily turnover averaged VND1.4 trillion (US$75.7 … [Read more...] about Wall Street sneezes, local markets shiver
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International Bonds: Time Matters
International bond sales are one of the main capital sources which big State-owned companies expect to resort to until 2020, especially when the need for financial prowess will become increasingly pressing. For instance, the Vietnam Oil and Gas Group (PVN) needs more than US$10 billion in 2009-2015, excluding existing capital and that borrowed by its partners and joint ventures. "We plan to issue US$1 billion worth of bonds in the U.S. in the fourth quarter. This is PVN's first offering," says Phan Thi Hoa, head of PVN's audit committee. Hoa adds that PVN will tap into international bonds to invest in major projects. Pham Hong Thai, head of finance of the Vietnam Coal and Mineral Industries Group (Vinacomin), says that this conglomerate also chooses the fourth quarter to issue US$500 million to US$1 billion worth of bonds. The exact amount will be determined based on the liquidity of the bonds and market demand at the time of issue. According to Thai, Vinacomin is in thirst of … [Read more...] about International Bonds: Time Matters
Prices must be fixed by the market
Giving the right to fix prices of goods and services back to the market will not affect the state's power. It will actually strengthen the state because the state can control interest groups, promote the market to function effectively and create opportunities for related sides to improve production. That was the main content of talks entitled "Changing policies to enhance economic vitality," held recently by VietNamNet, with the participation of three experts: Dr. Nguyen Dinh Cung, Vice Director of the Central Institute for Economic Management, Scott H. Jacobs, high-ranking advisor of the US Agency for International Development-funded Vietnam Competitiveness Initiative project and Nick Malyshev from the Organisation for Economic Cooperation and Development (OECD). The world's biggest renovation project In 2007, the Master Plan for Simplification of Administrative Procedures in state management for the 2007-2010 period, also called Project 30, "opened fire" straight into one of the … [Read more...] about Prices must be fixed by the market
Vietnam’s cryptocurrency market remains active despite ban Info Alert Alert Chia sẻ bài viết qua e-mail
Vietnam’s decision to outlaw the supply and use of cryptocurrency does not stop bitcoin investors and enthusiasts from actively engaging in trade and transactions with the digital money.The amended Vietnamese Penal Code, taking effect on January 1, 2018, criminalizes the issuance, supply and usage of cryptocurrency, a digital or virtual currency that uses cryptography for security.While it is less than a week from the effective date, some groups and organizations are still luring investors in bitcoin and other cryptocurrencies with promises of easy and hefty profit.Some bitcoin ATMs have also been installed in Ho Chi Minh City, where people can withdraw cash from their digital money accounts.Many service venues in the southern metropolis accept payment in bitcoin, but some of them have stopped the practice after the State Bank of Vietnam outlawed cryptocurrency as a means of payment in October. Possible fraudsTuoi Tre (Youth) newspaper met Le, a broker who … [Read more...] about Vietnam’s cryptocurrency market remains active despite ban Info Alert Alert Chia sẻ bài viết qua e-mail
Vietnam’s cryptocurrency market remains active despite ban
Vietnam’s decision to outlaw the supply and use of cryptocurrency does not stop bitcoin investors and enthusiasts from actively engaging in trade and transactions with the digital money.The amended Vietnamese Penal Code, taking effect on January 1, 2018, criminalizes the issuance, supply and usage of cryptocurrency, a digital or virtual currency that uses cryptography for security.While it is less than a week from the effective date, some groups and organizations are still luring investors in bitcoin and other cryptocurrencies with promises of easy and hefty profit.Some bitcoin ATMs have also been installed in Ho Chi Minh City, where people can withdraw cash from their digital money accounts.Many service venues in the southern metropolis accept payment in bitcoin, but some of them have stopped the practice after the State Bank of Vietnam outlawed cryptocurrency as a means of payment in October. Possible fraudsTuoi Tre (Youth) newspaper met Le, a broker who … [Read more...] about Vietnam’s cryptocurrency market remains active despite ban