Ernst & Young Vietnam role to be examined

The State Securities Commission (SSC) would check DVD auditing files in Ernst & Young in late September, according to SSC’s vice chairwoman Vu Thi Kim Lien. The Accounting and Auditing Department and Vietnam Association of Certificated Public Accountants also join the inspection. A&C Auditing & Consulting, which audit the DVD’s 2008 financial statement, would be checked as well.

Expert predicts inflation at single-digit rate in 2012

Fiachra Mac Cana, managing director and head of research of the Hochiminh City Securities Co. (HSC), told a meeting with investors last Friday that 2012 inflation would be around 10 percent or so, as money supply has been choked off and the pressure on price increase has abated. The global growth is slowing down so there is no much pressure on prices, and furthermore, the credit growth and money supply growth have come down substantially this year, he said.

Securities firms seek solutions to overcome difficulty

Many securities firms have submitted to the shareholders various business plans, depending on the market conditions. Previously, VNDirect Securities Co (coded VND) had proposed two targeted profit plan.

Income from securities could get tax waiver

Deputy Minister of Finance Do Hoang Anh Tuan said the recommendation is in light of the fact that the securities market has been on a downtrend since the beginning of this year.

SMEs owned by large firms denied tax extension

SMEs’ income from property, financial, banking, insurance, and securities transactions and services that attract special consumption tax too will not be eligible under the program.

Seize illegal profits, ban stock fraudsters: experts

On March 24, Thai Thuy Tuyet Ngan, Nguyen Van Vinh, and Do Thi Thanh Thuy were each slapped with a 300 million dong (US$14,000) fine for manipulating the share prices of Cai Lay Veterinary Pharmaceutical JSC last year. According to the State Securities Commission, the three individuals used not only their own stock accounts but also that of many other people and coordinated with each other to “artificially” create demand by buying a large number of Cai Lay shares between April 1 and December 24 last year.

Only 20-35pct of stock accounts see frequent transactions

According to the Agribank Securities Joint Stock Co (Agriseco-AGR)’s general director, currently, the total number of transaction accounts at AGR reached over 30,000, however, the total volume of trading accounts seeing the frequent transactions accounted for only more than 30 percent.

Government defers tax by 2 years for small businesses

Taxes due in the first two quarters can be paid respectively by April 30 and July 30 next year. Those due for the last two quarters have been deferred until October 30, 2012, and March 31, 2013. However, tax on income earned from real estate, financial, banking, insurance, and securities transactionsb have to be paid normally

Firms eye new way to attract capital

Depository receipts (DRs) are financial instruments that represent an ownership interest in the securities of a foreign issuer typically trading outside its home market, and they have become a primary channel for raising capital worldwide, according to Citibank. Domestic enterprises might access foreign capital by issuing DRs, but they must be able to demonstrate attractive industry dynamics, visible revenue trends, strong growth drivers, and a strong financial position, said Citibank’s Viet Nam managing director Brett Krause.

Experts explore potential products for securities market

At the meeting held by the State Securities Commission of Viet Nam (SSC), Nguyen Thanh Ky, general secretary of Viet Nam Association of Securities Business suggested that Ministry of Finance (MoF) and SSC should consider policies to help create more new products for the stock market. Suggestions include allowing an investor to sell and trade shares during the same session while being able to open more than transaction account at different securities firms.

Ministry says securities rules to change for the better

This year, the ministry will continue completing the legal framework for the equity market. We will reorganize operations on the Hanoi and HCMC stock exchanges and the government bond market, and launch new products.

Listed firms post fourth-quarter losses

On the Ha Noi Stock Exchange, eight firms announced losses for 2010. Viet Hai Shipping and Real Properties Co (VSP) suffered the biggest loss of VND359 billion ($18.4 million), while Kim Long Securities (KLS) lost nearly VND173 billion ($8.9 million).

US consultancy firm inks deal with Beta Securities

Both of the companies intend to initially focus on the common high priority areas such as listing Vietnamese companies abroad, asset management, investment banking and facilitating access for international investors to participate in the Vietnamese stock market and for Vietnamese investors that would wish to buy foreign stocks.

No immediate plans to pull capital from Bao Viet: SCIC

Nguyen Minh Hai, a securities analyst with a Ha Noi-based securities company, said that it was clearly an unusual event for an insurance stock, especially when taken in comparison to its business earnings. “The insurance industry is characterised by stability with no profit mutations,” Hai said, adding that the abnormal behaviour of the stock had distorted the VN-Index.

Vietnam bonds fall on speculation inflation may fall this month

“The consumer price index is expected to fall to 1.6 percent this month from 1.98 percent in December,” said Luu Hai Yen, an analyst at Thang Long Securities Joint-Stock Co.

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