"The record high export value was fuelled by higher quality shrimp farming practices this year," said Nguyen Huu Dung, Viet Nam Association of Seafood Exporters and Producers (VASEP) deputy chairman. "Shrimp exports continued to grow this year despite the world economic downturn and market uncertainty."
Pham Thien Nghe, deputy chairman of the Viet Nam Electronic Industries Association (VEIA), said that investment in R&D was important for both large and small- to medium-sized companies. Additional capital for R&D activities would assist the ICT industry in making more value-added products. More money should be poured into R&D rather than in the computer-parts industry because local companies do not have the capital to invest in the latter, and have a low share of the hardware market, Nghe said.
On the HCM City market, the VN-Index closed down 1.27 per cent to 475.41 points. Volume was low with 57.2 million shares totalling a value of VND1.4 trillion ($66.7 million) changing hands. In Ha Noi, the HNX-Index dropped 2.68 per cent to close the day's trading at 110.68 points. Volume remained moderate with 37.2 million shares worth VND777.7 billion ($37 million) traded. The number of decliners increased to 256 stocks from 196 on Wednesday.
The prices of some shares are believed to be controlled by some powerful investors, according to CafeF. The suspected cases of controlling stock prices. In 2010, the terms “driving prices” and “driving power” became very popular among securities investors.
Talking about the gap of nearly 2,000 dong per US dollar between official and unofficial FX rate and the sudden rises of saving and lending rates in the recent weeks, Bingham said the first thing is to determine where the pressure on FX market comes from. According to IMF’s representative, the pressure does not come from the shortage of supply. If looking at the balance of payments, current account deficit is fairly large, but it could be offset by FDI inflows.
How will the State Bank’s recent decision to extend commercial banks’ chartered capital expansion deadline impact on banks’ performances? Vietnam’s stock market fared poorly in 2010. However, we still saw many companies making initial public offerings (IPO) and issuing more shares to raise their chartered capital, so why bank cannot do the same.
The benchmark VN Index gained 3.49 points or 0.72% to 481.78. Volume rose to 68.33 million shares traded for VND1.691 trillion compared with 66.94 million shares traded for VND1.554 trillion on Dec 20. High volume level today indicated that investors stayed with the stock market in a hope for a year-end rally and better 2011 year.
Information that the State Bank of Vietnam (SBV) has officially postponed the deadline to carry out Decree 141 on increasing legal capital of banks until the end of 2011 has warmed up trading on bank shares. Trading volume of all listed shares has soared up, prices have increased to the maximum allowed amplitude in the first three sessions of the week. In fact, bank shares have been unmarketable since the stock market started being in deep decline. Therefore, many small banks are unable to complete the charter capital increase, as investors are not interested in buying additionally issued shares. With this new information, individual investors are now paying attention to bank shares.
The Government would give top priority to tackling infation and foreign exchange problems next year, he said last Saturday on the sidelines of a seminar on opportunities and risks in the stock market in 2011. Once the inflation problem was solved, the interest rate issue would cool down and the stock market would grow in a more stable manner.
In early 2010, while the world economy was still in a fix to bounce back, the Vietnamese Party, National Assembly and Government worked out solutions to help the national economy recover from the global economic slowdown.
The move is aimed at preventing the types of rumours that have had negative impacts on the stock market and the economy in recent months. The head of the Government Office Nguyen Xuan Phuc emphasised the important role of the mass media to disseminate information accurately to maintain economic stability.
Recently, The Asset-Hong Kong Organisation officially announced the selected list “The best investment banking service in 2010″, however, Vietnam has no banks receiving the prize for “The most possible bank to support for the bond market”. In 2010, Vietnam’s bond market welcomed over 9.638 trillion dong of corporate bonds, 28.584 trillion dong of G-bonds, bank bonds and local G-bonds.
Citibank announced its willingness to open a 100 per cent foreign bank in Vietnam after submitting its application. Citibank country officer for Vietnam Brett Krause last week said the bank expected to receive a licence next year.
Three years after officially operating in Ho Chi Minh City, Commonwealth Bank of Australia (CBA) has a strong foothold in Vietnam and is planning to expand its presence in this country. CBA Vietnam’s CEO Danny Armstrong tells VIR about the bank’s expansion plans in Vietnam.
Over the past two months, Honda Vietnam Company’s (HVN) automatic gear motorbike prices have rocketed up uncontrollably. HVN’s proposed average price was around VND50 million ($2,564) for a newly-launched PCX motorbike and VDN31 million ($1,589) for a Honda Lead motorbike. However, the marketed price was VND65-70 million ($3,333-$3,589) for the PCX motorbike and VND38.5 million ($1,974) for the Honda Lead. Honda motorbikes currently occupy 50 per cent of Vietnam’s motorbike market.
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