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Shares continue to decline on both bourses
Shares continued to decline on the nation's two stock exchanges this morning, however, market volume rose as many investors started to seek bottom prices on good shares.
In HCM City, the VN-Index recovered during the latter half of the session, but fell 1.14 per cent to close at 441.6.
The bourse's volume soared 68.6 per cent after 44.5 million shares changed hands and the market's value rose by 65 per cent to more than VND1 trillion (US52 million).
However, decliners still outnumbered advancers by 213-25.
Blue chips Bao Viet Holding (BVH), property developer Hoang Anh Gia Lai (HAG) and Masan Group (MSN) posted gains in value, while Vietinbank (CTG), Sacombank (STB), software FPT Corp (FPT), industrial conglomerate Hoa Phat Group (HPG) and Vincom (VIC) declined.
Sai Gon Securities Inc (SSI) was the most active stock with almost 2.5 million shares changing hands. SSI backslide by 1.7 per cent to close at VND23,500 ($0.18).
In Ha Noi, the HNX-Index lost another 3.03 per cent over yesterday's value to close at 101.62.
Market volume rose by 45 per cent to 37.7 million shares worth almost VND654.1 billion ($32.7 million).
Losers largely outnumbered gainers by 279-27.
PetroVietnam Construction (PVX), on a volume of 4.87 million shares exchanged, and Kim Long Securities (KLS), on a volume of 3.38 million, were the most heavily-traded shares nationwide. PVX fell 2.9 per cent and KLS slid by 4.1 per cent.
Land values in Ha Noi remain unchanged
The prices of land would remain at the lowest of VND2.34 million per square metre in Duong Noi and Ha Dong District, while land on Hang Ngang and Hang Dao Streets in Hoan Kiem District will be priced at the highest of VND81 million per square metre.
Prices would increase by VND1.67 million-VND26.4 million per square metre in Tu Liem, Gia Lam, Thanh Tri, Dong Anh, Hoai Duc, Dan Phuong and Thuong Tin.
Basic land prices in agricultural areas are likely not to change. Land that is used to grow rice cost VND54,400-252,000 per square metre and land that is used to raise aquatic products cost between VND36,000-201,600 per square metre.
Anti-money laundering centre opens
The United Nations Office on Drugs and Crime (UNODC) in collaboration with the Ministry of Public Security opened Viet Nam's second computer-based, anti-money training centre yesterday in HCM City.
The centre is responsible for receiving, assessing and handing over information related to money laundering crimes to higher authorities.
A two-day computer-based training course on anti-money laundering and combating the financing of terrorism was also held yesterday at the centre for 20 instructors who teach at the People's Police University.
Varat Phongthirasuwan from Thailand, an expert in the subject, described how police could equip themselves with the latest information and knowledge, including interrogation and investigation methods.
The first computer-based, anti-money training centre in Viet Nam opened on November 8 in Ha Noi. There are currently 300 training centres in 50 countries.
Bankers receive risk management tips
Vietnamese bankers were provided with insights into various aspects of risk management at a seminar held in Frankfurt last week.
The seminar was organised by Commerzbank AG, the second largest credit institution in Germany, and German Technical Cooperation (GTZ).
Twelve representatives of commercial banks and five from the State Bank of Viet Nam (SBV) attended the seminar which was supported by the SBV.
The seminar at Commerzbank's Trading Floor in Frankfurt and covered topics like organisational structure, liquidity management, market risk models and monitoring, operational risk models and monitoring, internal audit, risk evaluation and the host bank's experience with the Basel II banking convention. Experts also spoke of lessons for the financial sector after the recent global crisis.
The seminar also included practical in-house training and presentations by Commerzbank experts with a focus on managing risks related to trading activities of financial institutions.
"Many financial institutions in Viet Nam are now expanding their treasury departments and are boosting their income from trading activities. With the support of GTZ experts, the State Bank of Viet Nam is at the same time in the process of drafting new regulations focusing on risks arising exactly from these market related activities of banks.
"The whole idea was to offer an opportunity to learn first-hand at our head office in Frankfurt the complexity of market risk management," said Peter Born, Chief Representative of Commerzbank in Viet Nam.
Dr Ulrike Maenner, Chief Technical Advisor of the GTZ Macroeconomic Reform Programme, said: "We highly welcome the practical input and expertise of a well recognized international bank to our Financial System Development Programme in Viet Nam through this Public-Private-Partnership."
Gas industry set to triple in size over next 15 years
Viet Nam's natural gas sector is set to triple in size over the next 15 years if Government objectives are achieved, a workshop in Ha Noi was told yesterday.
Alain Barbu, acting country director of World Bank, told the workshop on the Viet Nam gas sector development framework that the boom in natural gas would come from a solid foundation.
From virtually nothing, natural gas had started to take off in 1995 with the development of gas associated with oil production from Bach Ho oil field, Barbu said.
Gas now met more than 15 per cent of the country's primary energy demand and had spawned an interconnected industry of strong State-owned enterprises and private investors, he said.
The industry had developed challenging offshore natural gas fields, transmission pipelines and offshore power stations, fertiliser plants and industrial facilities.
Some 88 per cent of the gas was currently consumed in the power sector and gas-fired generation accounted for 40 per cent of total electricity supply, he said.
The next phases of development would open up new producing areas and enable another major expansion of efficient natural gas-fired power plants to help meet Viet Nam's rapidly growing demand for power.
These additional supplies of clean energy, complementing other developments in the hydroelectric, coal and renewable energy areas, would be critical in enabling Viet Nam's economic growth of around 8 per cent a year to be maintained, Barbu said.
There was much to do to ensure that such developments happened, he said. To meet Government objectives for the sector – which could mean a three-fold increase in consumption to as much as 24 billion cubic metres a year by 2025 – Viet Nam's natural gas sector institutions must strengthen their capabilities and the country's energy market needed to be developed in a manner that benefited both buyers and sellers of gas.
These parallel developments were critical because the gas sector must attract significant public and private investment. PetroVietnam estimated that US$30-billion in investment from 2006-25 would be needed to develop offshore petroleum and natural gas resources and bring them to market.
The Viet Nam gas sector development report said Viet Nam's natural gas sector had tremendous potential which could be realised by 2025 with concerted and co-ordinated efforts by public agencies and their private partners.
The result would be a sector that provided fairly priced, high quality services for gas consumers of all types, provided a sustainable and profitable business opportunity for Viet Nam and foreign investors, and helped make the country one of the world's most competitive and efficient economies, the report said.
This would translate directly into sustained economic growth permanent poverty reduction, good environmental stewardship and steady advances in quality of life.
Canada eyes greater maritime links
A Canadian official met with local officials in Ha Noi and HCM City this week to promote trade relations and encourage the use of the port and transportation infrastructure on Canada's western coast.
Stockwell Day, president of Canada's Treasury Board and Minister for the Asia-Pacific Gateway, and his delegation visited ports along the Sai Gon River, following a two-day trip to Ha Noi.
Day met with the ministers of Home Affairs and Planning and Investment in Ha Noi to discuss further cooperation and investment opportunities.
He said the Canadian government was interested in pursuing Public-Private-Partnerships with Vietnamese companies, adding that logistics was another area Canadian businesses were interested in pursuing in Viet Nam.
Firms to attend Malaysia trade fair
Thirty Vietnamese businesses attended the Malaysian International Trade Fair 2010 and the Kuala Lumpur International Business Forum from November 9-11 to seek international partners and investors.
The fair, themed "One world, one market", attracted 370 enterprises from Malaysia and other Asian countries such as South Korea, China and Japan to exchange information, experiences and find trade and investment opportunities.
Consortium finances container port
Cai Lan International Container Terminal (CICT) has entered into loan agreements worth US$100 million with an international lending consortium.
The financing will allow CICT to immediately move forward on the construction of its new state-of-the-art deep-water container facility in the northern province of Quang Ninh. It will support Ha Noi and the northern market.
"North Viet Nam's container volume is growing at over 20 per cent per year and by 2011 it will surpass terminal capacity. We need CICT as quickly as we can build it just to keep pace," said CICT chairman Le Trieu Thanh.
Vietinbank fund manager licensed
The State Securities Commission (SSC) has granted a business licence to the Vietinbank Fund Management Co Ltd with a total charter capital of VND50 billion (US$2.5 million).
The company offers business services on securities investment and fund management.
Air freight company adds flights
Viet Nam Air Services Company (VASCO) has increased its number of flights between Chu Lai and HCM City in both directions from four to seven flights per week to meet rising demand.
Passengers will fly on ART-72-500 planes.
The company also offers four flights per week linking Ha Noi with Chu Lai.
ABBank earns $30m in profits
An Binh Bank (ABBANK) earned a pre-tax profit of VND604.5 billion (US$30.22 million) in the first 10 months of this year, reaching 96 per cent of its yearly target.
Its outstanding loans were valued at VND18.24 trillion ($912.15 million) during the period. Corporate loans made up VND13.53 trillion ($676.85 million) while individual loans, the remainder, up 66.3 per cent and 43.9 per cent, respectively, over the same period last year.
Source: VNS
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