Leaders of Binh Son Refining and Petrochemical Co., Ltd. (BSR) notified Vietnam’s state-run oil and gas group PetroVietnam in mid-November that operations would be halted for routine maintenance in March and April 2024.

BSR general director Bui Ngoc Duong is concerned that, assuming oil prices of $70 per barrel, a 50-day machine shutdown could reduce the company’s revenue by $473-990 million and profits by approximately $41.3 million. Since its inauguration in 2008, the total duration of maintenance has been reduced annually from 60 days in 2011 to 51 days in 2020.

“The crude oil and petroleum product markets remain volatile and complex,” said Duong. “Until the end of the first quarter of 2024, crude oil and product prices are anticipated to decline. However, the price differential between input materials and the crack margin is minimal, which renders high-capacity operation of the plant unfavourable.”

BSR maintained operations at 110 per cent capacity in 2023 to assure the domestic petrol market is supplied. The company, which controls about one-third of the petrol supply market in Vietnam, is apprehensive that competing with petroleum imported from South Korea will present additional challenges.

The establishment of a dependable petrol supply chain is a priority for governmental bodies, commercial enterprises, and indigenous consumers. President of the Vietnam Petroleum Association Bui Ngoc Bao said that the circumstances are extremely precarious since Vietnam imports petroleum from markets with varying tax rates.

“A sudden increase in imports due to favourable tax rates could harm the domestic industry,” Bao said.

Last month, the Ministry of Finance (MoF) submitted to the government a resolution on environmental protection tax rates for petrol, oil, and lubricants to apply in 2024. If approved, the new tax rate would be applied from January 1, with petrol (except ethanol) remaining at VND2,000 (8.40 US cents) per litre. Jet fuel, diesel oil, fuel oil, and lubricant oil would be set at VND1,000 (4.20 US cents) per litre.

According to the MoF, if the tax is not reduced, from January 1 the tax rate on petrol will double to VND4,000 (16.8 US cents) per litre; while diesel oil, fuel oil, and lubricant oil would also be doubled.

The policy of reducing environmental protection taxes on petrol and oil came into effect at the start of 2022, but is due to expire at the end of this year.

According to the MoF, reducing such taxes on petrol, oil, and lubricants in 2024 will contribute to reducing the increase in domestic petrol retail prices. The MoF expects that tax revenues for petrol and oil will decrease by about $1.61 billion and total state budget revenue (including VAT reduction) will decrease by about $2 billion as a result.

“Vietnam, as with 150 other nations, has implemented four taxes on petroleum products: special consumption, added value, environmental protection, and import; these account for 45-60 per cent of the selling price,” Bao of BSR explained. “Vietnamese petroleum importers prioritise importing petroleum from the ASEAN region for its incentives, but the source in this region is not abundant.”

Businesses may incur losses as a result of increased costs when they import from markets that impose most-favoured nation tariffs. In the interim, domestic petrol prices deviate significantly from global market prices and experience frequent fluctuations over a period of 7-10 days.

Dr. Dinh Trong Thinh at the Academy of Finance said that a short-term reduction of the environmental protection levy on petrol will not have a significant impact on the government’s emissions reduction plan, given the moderate increase in consumption.

“In addition, it is important to note that the reduction of environmental protection duties on petrol, oil, and lubricants does not contravene Vietnam’s adherence to international environmental obligations,” Thinh said.

Vietnam’s objective for the whole of 2023 is to maintain economic growth at 6-6.5 per cent and rein in inflation below 4.5 per cent, but Thinh said inflation will decline if environmental taxes on petrol and oil continue to be reduced.

“Comparing the first 10 months of 2023 to the corresponding period of 2022, core inflation rose an average of 4.38 per cent. The primary reason is that the average price of petrol in the domestic market fell by 13.24 per cent during the period, compared to the same period the previous year,” he explained.

Nevertheless, the economy is in need of solutions that can have a quick impact, and tax reduction is the policy that can have the fastest impact.

“At the present time, taxes comprise around 38 per cent of the retail price of petrol. An environmental protection tax cut will help reduce domestic petrol prices and, in turn, a portion of the input costs of businesses,” Thinh said. “It will also assist companies in lowering a portion of their input expenses. Additionally, now is an ideal time to enact fiscal policies that reduce, postpone, and defer taxes on strategic products like petrol.”

Industrial real estate spearheads sector restoration

The industrial real estate segment in Vietnam is currently considered the best performing in the market, with strong business indicators, high land prices, and impressive occupancy rates.

The Ministry of Construction’s market report for the third quarter of 2023 released last week assessed that in recent times, the trend of shifting investment capital flows of multinational corporations into Vietnam has continued, causing demand for industrial park (IP) real estate to continue positive grow.

High occupation rate is seen in most Level 1 IPs in hub cities and provinces of Dong Nai, Binh Duong, Long An, Bac Ninh, Thai Nguyen, Haiphong, and Hai Duong.

In particular, the occupancy rate of IPs in the north and south economic hubs both maintains about 85-90 per cent for both types of industrial land, factories, and ready-built warehouses.

In the first 10 months of 2023, tenants from China, Vietnam, Japan, the US and the European Union are investors actively looking for industrial land and warehouses in the Vietnamese market, accounting for about 70-80 per cent of rental inquiries. The country now has 400 IPs nationwide, focusing mostly in the northern and southern key economic regions.

The advantage of the north region is its developed road network, strengthening connections between Hanoi and key industrial provinces, and seaports creating convenient links to international markets such as South Korea and China, thereby strengthening the region’s industrial competitiveness.

The south, meanwhile, is currently implementing projects on Ring Road 3 (expected to be completed in 2026), Ring Road 4 (expected to be completed in 2028) and Ben Luc-Long Thanh Expressway (expected to be completed in 2026).

Long Thanh International Airport in the southern province of Dong Nai has begun construction, and all phases of the super project will be completed by 2050. Terminal 3 of Tan Son Nhat International Airport is expected to go into operation in the second half of 2025.

The past two years have witnessed important milestones for the growth of the industrial sector in the Mekong Delta. In September, investor Vietnam-Singapore IP started construction on the first project in Can Tho city over an area of 900 hectares, expected to be a complex of industrial, high-tech, services, and residential centre.

Meanwhile, solar producers noted a shift north. Three of the top five manufacturing projects in the Northern Key Economic Zone recorded in 2022 were related to solar energy production. Among them, Trina Solar is the largest investor with a project worth $275 million in Yen Binh IP of Thai Nguyen province. Investors mostly come from China, Hong Kong, and Singapore.

According to JLL Vietnam, in the fourth quarter, the southern region will welcome more than 460,000sq.m of warehouse space ready to enter the market, mostly developed by BW Industrial Development, LOGOS, Emergent Capital Partners, Frasers Property, and Cainiao.

By the end of the year, the market size will be expanded to 2.3 million sq.m, an increase of nearly 1.3 times compared to the current size.

Trang Le, head of Research and Consulting at JLL Vietnam, forecast that in the short term, the logistics market’s driving force will continue to be provided by domestic demand. “Along with global trends, cross-border trade activities are projected to show signs of recovery but at a slow pace,” Trang said.

In this context, businesses with large amounts of available land ready for lease are considered to hold many advantages.

In an analysis report released in October, Vietcap Securities said that Long Hau 3 IP has completed 91 per cent of compensation procedures. It is estimated that the remaining available land that can be rented is about 44ha, which could bring in revenues of $108 million at an average price of $246 per sq.m per lease term.

Similarly, VCBS Research Securities forecasts that Urban and Industrial Park Development and Investment Corporation’s (IDICO) business results will grow strongly in the coming time thanks to owning a portfolio of 10 IPs, concentrated mainly in major economic key regions in the north and southeast. IDICO currently has more than 675ha available for rent in Long An, Ba Ria-Vung Tau, Bac Ninh, and Thai Binh provinces.

Meanwhile, Viglacera owns and operates 12 industrial properties covering 740ha of land for rent in Bac Ninh, such as Yen Phong IIC, Yen Phong MR, and Thuan Thanh, all bringing high and promising rents and revenues.

Similarly, Sonadezi Corporation also recorded $54 million of revenues in the third quarter, mostly from its IP activities.

Ministry ready to support partnerships between Vietnamese, Belgian firms

The Ministry of Industry and Trade (MoIT) and relevant ministries and sectors of Vietnam are ready to work with the Belgian side to effectively support cooperation activities between the two countries’ enterprises, Minister Nguyen Hong Dien told a bilateral business forum in Brussels on December 1.

He affirmed consistent assistance and the best possible conditions for Belgian firms to conduct fruitful and sustainable investment, production, and business activities in Vietnam.

Dien considered Belgian enterprises’ success as Vietnam’s, adding that the Southeast Asian nation also hopes Belgian authorities will create conditions for its businesses to consider investment and carry out projects in the European country.

The enhancement of economic and trade ties within the bilateral framework as well as the ASEAN - EU framework will generate enormous benefits for both countries, he said, adding Vietnam and Belgium hold much potential to continue expanding bilateral trade as their export and import structures do not directly compete with but are complementary to each other.

This is a favourable condition for the two countries’ enterprises to develop partnerships and diversify supply chains, especially for the sectors matching one country’s strength and the other’s demand, he went on.

In terms of investment, the minister noted that such comprehensive, practical, and effective cooperation mechanisms as the EU - Vietnam Free Trade Agreement (EVFTA) and the EU - Vietnam Investment Protection Agreement (EVIPA) will provide optimal conditions for investors from Belgium as well as the EU to expand their investment and business projects in Vietnam, particularly in the fields that the EU and Belgium are strong at and Vietnam has demand for like mechanical engineering, processing - manufacturing, new materials, electronics, chemicals, hi-tech industries, renewable energy, and logistics.

The advantages and opportunities in bilateral relations will create a crucial basis, further momentum, and confidence for both sides’ enterprises to scale up investment, production, and business activities in the future, Dien opined.

He added that the MoIT hopes Belgium will ratify the EVIPA soon, and Vietnam welcomes more Belgian firms coming to invest in the country.

Addressing the forum, Nguyen Van Thao, Vietnamese Ambassador to Belgium and head of the Vietnamese delegation to the EU, stressed that Vietnam’s relations with Belgium and the EU have been growing well as seen in recent mutual visits. There remains much room for Vietnam and Belgium to promote cooperation in multiple spheres, especially seaport, renewable energy, and environment.

As President of the Belgian - Vietnamese Alliance (BVA) and First Vice President of the Belgian Senate, Andries Gryffroy pledged utmost support for both sides’ enterprises to enter each other’s markets, and that the BVA will help Vietnamese firms export to Belgium and the EU.

The BVA and the Vietnam Chamber of Commerce and Industry (VCCI) signed a memorandum of understanding under which they will work together to bolster bilateral economic, trade, and investment ties, Gryffroy said.

Mariella Cantagalli, a senior expert at the Directorate-General for Trade at the European Commission, also highly valued the EU - Vietnam trade and investment partnerships, especially since the EVFTA officially came into force. She described the EVFTA as a driving force for Vietnam’s economic links with 27 EU members and European enterprises.

On the sidelines of the forum, Minister Dien received leaders of British oil and gas company Pharos Energy and BVA President Gryffroy. He also had a working session with the trade office of Vietnam in Belgium and the EU.

Retailers anticipate business to pick up in year-end shopping season

Retailers in Việt Nam are increasing inventory and have launched promotions in anticipation of opportunities in the year-end shopping season, as there are just over two months left until the Lunar New Year (Tết) – the biggest festival in a year of Vietnamese people.

Experts predict that from now until the end of this year, retail sales of goods and services may increase again as the domestic economy is gradually recovering and disbursement of public investment continues to be promoted.

It is forecast that consumer demand for essential goods will surge during the Lunar New Year, so many businesses have implemented plans to stock up on goods and negotiate with suppliers to ensure supplies.

Keeping pace with the market, major retailers such as Saigon Co.op, Aeon, Lotte Mart, Winmart, MM Mega Market have been continuously conducting major promotions in all commodity groups.

On November 24-25, Hà Nội Midnight Sale, a large-scale promotion event, attracted about 2.4 million shoppers who enjoyed more than 3,000 promotion programmes worth over VNĐ25 trillion (US$1.03 billion), up 20 per cent over last year’s edition.

This year, it drew about 200 businesses, trade centres and producers, and fashion brands. There were over 10 million visits to the online shopping website.

A highlight of the event is a flash sale display area at Big C Thăng Long supermarket with the participation of nearly 20 brands offering discount of up to 70 per cent.

A representative from Big C stated that the supermarket experienced a significant spike in visits, almost 230 per cent higher than on other days of the week.

The Winmart chain also reported a 140 per cent increase in sales and visits compared to other days of the week.

Japan's AEON reported that sales and foot traffic at AEON Mall Hà Đông and AEON Mall Long Biên malls increased by nearly 200 per cent during the three-day event. The website and mobile app traffic for shopping also nearly tripled compared to regular weekdays.

Vũ Thanh Sơn, general director of the Hanoi Trading Corporation (Hapro), said that to meet increasing consumer demand during the Lunar New Year 2024, Hapro's affiliated units and member companies have made plans to reserve goods worth up to VNĐ1 trillion ($41.2 million).

The Big C supermarket chain shared that since September, the unit signed agreements with partners to supply goods for Tết with a 20 per cent increase in volume compared to the previous Tết.

At the Co.op Mart supermarket system, the amount of goods to serve Tết will rise by about 30 per cent over the same period last year and 50 per cent compared to normal days.

According to Lê Việt Nga, deputy director of the Domestic Market Department under the Ministry of Industry and Trade, the ministry will continue to coordinate to closely monitor market developments, ensure sufficient supply of essential goods, especially during holidays and Tết, to prevent product shortages or price wars.

Việt Nam's industrial production surges in 11 months

Việt Nam’s index of industrial production (IIP) went up 1 per cent in the first 11 months of 2023 with the November IIP alone rising 5.8 per cent year-on-year, according to the General Statistics Office (GSO).

The GSO said enterprises have made efforts to find orders to complete the year's production and business plans and prepare goods to serve consumption at the end of the year so industrial production in November continued a positive trend.

During 11 months, the manufacturing and processing sector rose 1.1 per cent, electricity generation and distribution (3.2 per cent), and water supply and sewerage and waste management (4.9 per cent) compared to the last year's same period. The mining sector, meanwhile, was down 2.8 per cent year-on-year.

Key industrial sectors registering increases in IIP during the period include rubber and plastic products, up 11.8 per cent, metal ore mining (11 per cent), tobacco (10.5 per cent), chemicals and chemical products (8.6 per cent), and food production and processing (6.2 per cent).

Some major goods also saw positive IIP growth such as sugar production rose 35 per cent; mixed N.P.K fertiliser (14.2 per cent); dairy products (8.4 per cent); TVs (7 per cent) and chemical paints (6 per cent).

Meanwhile, the IIP of some manufacturing industries decreased such as other means of transport (9 per cent); motor vehicles (3.6 per cent); crude oil and natural gas exploitation (4.2 per cent); other non-metallic mineral (3.9 per cent); electronic product manufacturing, computers, and optical products (1.3 per cent).

According to the GSO, 50 cities and provinces posted year-on-year growth in their IIP during the period, while 13 saw declines.

Some localities have seen a fairly high increase in the IIP due to a sharp increase in the processing and manufacturing industry, electricity production, and distribution industry including Đắk Lắk (33.6 per cent), Bắc Giang (20.5 per cent), Phú Thọ (17.6 per cent), Nam Định (15.5 per cent), and Hải Phòng (13.5 per cent).

The number of workers working in industrial enterprises as of November 1, 2023, increased by 1 per cent compared to the same time last month and decreased by 0.2 per cent compared to the same time last year.

Particularly, the number of workers in the State-owned sector and the non State-owned sector decreased by 1.4 per cent and 2 per cent year-on-year, respectively. The number of workers in the foreign-invested sector surged by 1 per cent compared to last year's corresponding period.

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) dropped to a five-month low of 47.3 in November from 49.6 in October. The index signalled a solid monthly deterioration of business conditions in the sector, extending the current sequence of decline to three months in the process.

The S&P Global said manufacturers faced a renewed reduction in new orders during November, thereby ending a three-month sequence of growth. The pace of decline was solid and the most marked since May.

"Weaker customer demand was reportedly behind the fall in new business. Waning demand extended to international customers as new export business decreased for the first time in four months."

"With new orders falling and economic conditions challenging, firms scaled back production again. Output has now decreased in each of the past three months. Moreover, the rate of contraction accelerated sharply and was the most pronounced since May."

It said cost pressures picked up again midway through the final quarter of the year, with the rate of inflation hitting a nine-month high.

Currency weakness reportedly led to higher prices for imported items, while fuel, oil, and sugar were among the specific inputs increasing in cost over the month. In turn, firms raised their selling prices for the fourth successive month, the S&P Global said.

It added that falling new orders, reduced production requirements, and a further drop in backlogs of work meant that manufacturers looked to scale back their purchasing activity and employment in November.

Andrew Harker, economics director at S&P Global Market Intelligence, said: "Demand weakness, both domestically and in international markets, led to reduction across the Vietnamese manufacturing sector in November."

"With new orders down, firms scaled back their production, employment, and purchasing activity, plus limited inventory holdings."

"The renewed fall in new business was partly attributed to some resistance among customers to price rises. With firms' input costs increasing to the largest extent since February, it may prove challenging for manufacturers to price competitively in the months ahead," he said, adding that the sector therefore looks set to head into 2024 in a pretty subdued fashion, hoping for a pick-up in demand conditions to occur soon.

HCM City to add 4,000ha for industrial production 

The HCM CITY People's Committee has ordered relevant agencies and departments to add an additional 4,000 hectares of land for industrial production.

The Office of the municipal People's Committee has announced that the committee requested the city’s Department of Natural Resources and Environment to urgently review land funds which can be used to develop projects around industrial clusters.

This aims to support businesses, promote public-private cooperation, encourage investment and call for social contributions as well as improve the competitiveness of businesses in the city by 2025.

The municipal People's Committee also asked businesses to submit their proposal of adjustments for worker housing projects to the city People's Committee.

It asked the HCM City Industrial and Export Processing Zones Management Board (HEPZA) to coordinate with the city’s Department of Planning and Architecture and the Department of Industry and Trade to review the land fund and add suitable land for the building of more concentrated industrial parks in the city.

Relevant departments should coordinate with authorities of Thủ Đức City and districts to speed up site clearance progress in industrial parks to create land funds to serve the needs of businesses.

Related agencies should review land funds directly managed by the State, or land for social housing projects in areas around industrial parks, to propose the municipal People's Committee conduct bidding to select investors for worker housing projects by exchanging the value of land use rights to create a worker housing fund.

They should give advice to the People's Committee that the city authorities allow economic organisations that are paying annual land rents should have the right to mortgage, transfer land or lease rental rights in land lease contracts.

The Department of Planning and Architecture will be responsible for evaluating and adjusting industrial development orientations associated with a sustainable urban development model with synchronous infrastructure.

The department will adjust the planning of industrial parks according to advanced models that apply and promote models of marine economy, circular economy, and digital economy with high land use efficiency.

It will review, study and adjust the planning of existing industrial zones and clusters, aiming to form smart, high-tech industrial zones or industrial complexes, and business parks - modern urban services to integrate into the legal regulation of the city general planning.

HEPZA will work to give advice to the municipal People's Committee on solutions to accelerate the establishment of Vĩnh Lộc 3 Industrial Park and Hiệp Phước Industrial Park - phase 3, and solutions to solve problems in Lê Minh Xuân Industrial Park.

Advancing the mechanism for developing corporate bond market

To build a healthy and sustainable bond market, the Ministry of Finance (MoF) recently met with relevant agencies to discuss measures for enhancing the policy framework for long-term development.

At the event, which was chaired by Deputy Minister of Finance Nguyễn Đức Chi, ministries, central agencies, associations, and businesses provided their opinions and evaluated the implementation of Decree 08/2023/NĐ-CP while also discussing policy directions for the future.

The Ministry of Finance has submitted Decree 08 to the Government for issuance, aiming to provide businesses with additional time to address immediate challenges related to the private placement of corporate bonds.

According to assessments from regulatory authorities, firms have recently suffered liquidity issues, potentially resulting in delays in principle and interest payments for corporate bonds.

As a proactive measure, these businesses have engaged in negotiations with investors to settle the principal and interest of the bonds using alternative assets (primarily real estate assets), extend the bond maturity period, or modify other terms and conditions of the bonds, such as changes to the timing, method, and frequency of principal and interest payments.

Many businesses with delayed payments have reached negotiation agreements with investors.

This policy, outlined in Decree 08, is a legal basis for companies to talk with investors about restructuring their bond debts and easing repayment pressures.

As a result, businesses have time to adjust their operations, restore production and business activities, and generate cash flows for debt repayment.

The MoF received 13 opinions from ministries, central agencies and participating associations during the meeting. The discussions centred on various topics, including identifying professional securities investors, mandatory credit rating requirements and regulations on reducing bond distribution time.

Among these topics, most delegates agreed there is no need to prolong the suspension period for implementing the provision that categorises individual bond investors as professional securities investors.

The MoF explained that Decree 65/2022/NĐ-CP, which amends Decree 153/2020/NĐ-CP, introduces a requirement that retail investors must have a minimum average portfolio value of VNĐ2 billion (US$82.4 million), based on their assets (excluding borrowed funds), for at least 180 days to be considered professional securities investors.

Decree 153 regulates the issuance and trading of private placements of corporate bonds in the domestic market and the offering of corporate bonds to the international market.

To cater to the demand from retail investors who have the financial capability but have not fulfilled the 180-day requirement specified in Decree 65, and to allow for additional adjustment time in the market, Decree 08 suspends the implementation of that provision until December 31, 2023.

As of now, after more than eight months of implementing Decree 08 (since March 2023), individual professional securities investors have accumulated the required 180-day period to meet the provisions of Decree 65.

So, there is no need to wait for the suspension period to enforce this regulation.

The Deputy Minister of Finance said that the MoF is determined to foster the sustainable development of both the bond market and the private placement of corporate bonds.

To ensure the stability and growth of the corporate bond market, the ministry has devised a range of short-term and long-term measures, including mechanisms and policies. The MoF has already reported to the government leadership to make necessary amendments to regulations governing the private placement of corporate bonds and related parties. This involves examining the Securities Law, Enterprise Law and other pertinent legislation.

According to Chi, if needed, the ministry will propose to the relevant authorities to promptly introduce amended and supplementary laws to address any legal challenges encountered in the corporate bond market.

Furthermore, it is conducting a comprehensive review to refine and enhance the effectiveness of implementing bankruptcy regulations for enterprises, ensuring a well-organised process for handling bankruptcies.

During the meeting, economic experts highlighted the turbulent situation in the corporate bond market following the recent cases involving Sài Gòn Joint Stock Commercial Bank (SCB) and Vạn Thịnh Phát Group. These incidents have caused significant fluctuations, leading to a loss of investor confidence. As a result, investors are now demanding early bond buybacks from companies, posing difficulties for businesses in issuing new bonds.

Adding to the challenges, the overall economic and financial landscape, both domestically and internationally, has been experiencing complex developments, with increasing interest rates and difficulties in monetary liquidity.

Nguyễn Hoàng Dương, Deputy Director General of the Department of Banking and Financial Institutions, under the MoF, said that the ministry has proactively implemented measures to stabilise the market.

According to Dương, the corporate bond market has gradually stabilised, especially since the implementation of Decree 08.

As of November 3, there have been 68 private placements of corporate bonds, totalling VNĐ189.7 trillion. 

New circular aims to improve stock market transparency

The Ministry of Finance has issued a new circular which aims to improve stock market transparency in Việt Nam.

Circular No. 69/2023/TT-BTC, amending and supplementing several articles of Circular No. 57/2021/TT-BTC issued on July 12, 2021, will come into effect on December 30, 2023.

It provides guidelines for the reorganisation of the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities in Việt Nam.

Under Circular 69, the Hồ Chí Minh Stock Exchange (HoSE) is mandated to reorganise the trading market for stocks, fund certificates, and covered warrants in accordance with the Securities Law and its associated regulations. The reorganisation process is expected to be completed no later than December 31, 2026, ensuring compliance with the stipulated legal framework.

As part of the reorganisation efforts, the HoSE is set to receive and review listing registration applications for new stock trading from eligible organisations. To be eligible, organisations must meet the listing conditions outlined in Decree No. 155/2020/NĐ-CP, dated December 31, 2020, and possess contributed charter capital of at least VNĐ120 billion (US$4.9 million) at the time of listing registration. The deadline for receiving and reviewing these applications is set before July 1, 2025.

Circular 69 also includes provisions concerning the transfer of shares of listed organisations from the Hanoi Stock Exchange (HNX) to the HoSE. By December 31, 2025, the HoSE is required to complete the process of receiving shares from HNX-listed organisations. This transfer aims to streamline and consolidate securities trading activities within a unified market.

Furthermore, the circular introduces amendments to certain clauses of Circular 57. It specifies that HNX will receive and review listing registration applications from eligible organisations before July 1, 2025. Eligible organisations must meet the listing conditions defined in Decree No 155 and possess a contributed charter capital of at least VNĐ30 billion at the time of listing registration. Starting from July 1, 2025, HNX will no longer accept new stock listing registration applications from organisations.

In cases where an organisation has submitted a stock listing registration application to HNX before July 1, 2025, but the listing has not been approved, HNX is responsible for transferring the organisation's listing registration dossier to HoSE before July 8, 2025. This allows HoSE to continue processing the organisation's listing registration in accordance with the legal regulations.

If the HoSE receives a listing registration dossier from an organisation with contributed charter capital of less than VNĐ120 billion at the time of listing registration and the listing has not been approved by the effective date of Circular 69, the HoSE must transfer the organisation's listing registration dossier to the HNX for further processing according to legal regulations. The deadline for transferring listing registration documents is within five working days from the effective date of Circular 69.

Circular 69/2023/TT-BTC will play a crucial role in restructuring the securities trading markets in Việt Nam, promoting transparency, and aligning with international standards. The measures outlined within the circular aim to enhance the efficiency and effectiveness of securities trading, bolster investor confidence, and contribute to the overall development of Việt Nam’s capital market.

Stock market set to test the 1,100 - 1,108 point range

The VN-Index this week is anticipated to hover within the range of 1,100-1,108 points, indicating that the market will likely continue its exploration of price levels within this specific range.

Investors should closely monitor market movements and observe how supply and demand dynamics unfold within this price range, said experts.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index rose 0.73 per cent to end Friday at 1,102.16 points.

It had risen 0.6 per cent last week.

Việt Dragon Securities Joint Stock Company (VDSC) noted that despite cautious movements and pressure last week, the market found support in the range of 1,090-1,095 points. Liquidity remains low, indicating that supply has not exerted significant downward pressure in low price areas, leaving room for cash flow to support the market towards the end of the session.

Based on the current support signal, VDSC predicts that the market will likely continue exploring supply in the range of 1,100-1,108 points this week.

It is important to note that this range has previously shown significance as a resistance level, and the market's ability to breach and sustain above this range will be crucial in determining further upward momentum. Traders and investors should exercise caution and closely analyse market indicators and trading volumes to identify potential breakout opportunities or signs of a reversal, it said.

Market conditions, investor sentiment, and external factors may influence the stock market's behaviour within this range. It is advisable to stay informed about any significant news or developments that could impact market movements during the week. By staying vigilant and responsive to market dynamics, investors can make informed decisions and navigate the stock market effectively.

According to Việt Nam Kiến Thiết Securities Joint Stock Company (CSI), the prominent trend last week was a sideways movement within a narrow range, accompanied by a significant drop in matched volume compared to the previous week and below the 20-session average. This reflects the hesitation and high caution among investors.

"Although the VN-Index closed the trading week in the green, the increase was limited and did not indicate a clear recovery trend. The support level of 1,063-1,075 points was maintained, suggesting that the VN-Index may still be in an accumulation phase to gather recovery momentum," said CSI

"CSI expects the resistance level for the VN-Index next week to be between 1,120-1,128 points."

Port and transportation stocks saw notable gains last week, with Đình Vũ Port Investment and Development JSC (DVP) increasing by 10 per cent, Việt Nam Sea Shipping Joint Stock Company (VOS) rising by 8.7 per cent.

In the real estate stocks group, some stocks showed positive developments, such as Nam Long Investment Corporation (NLG) up by 6.11 per cent and Vinhomes (VHM) up by 4.6 per cent.

Meanwhile, the majority faced downward pressure.  LDG Investment JSC (LDG) experienced a sharp decline of 11.31 per cent due to negative information, Licogi 14 (L14) decreased by 5.15 per cent, and CEO Group (CEO) declined by 3.57 per cent.

Banking stocks exhibited less positive movement during the past week, with most of them experiencing a decrease. Liquidity remained low, failing to attract significant cash flow. Sacombank (STB) decreased by 2.83 per cent, Eximbank (EIB) declined by 2.14 per cent. 

HCMC ready to call for PPP investments in key projects

The Ho Chi Minh City People’s Committee has just submitted a report to the City’s People’s Council to issue a list of project investments under public-private partnership (PPP) form in fields of health, education and training, sports and culture.

Accordingly, Ho Chi Minh City has identified 41 projects, comprising 12 projects in the field of education and training, six health projects and 23 projects in the fields of sports and culture in need of being implemented.

As for the health field, there are the projects of building a medical examination and treatment services area at Nguyen Tri Phuong Hospital in District 5 with its scale of 300 patient beds, four ground floors and 15 floors with a total investment of VND3.5 trillion (US$144 million); Ho Chi Minh City Stroke Hospital in Thu Duc City with a scale of 500 patient beds and a total investment of VND1.2 trillion (US$49.5 million) which is expected to implement in Build-Operate-Transfer (BOT) form.

Regarding the field of education, HCMC will concentrate on projects of building schools at all levels in Districts 7, 8,12, Binh Tan, Binh Chanh districts and Thu Duc City, notably Le Loi primary school in Binh Tan District with an investment of VND285 billion (US$11.7 million), Phong Phu primary school in Binh Chanh worth VND457 billion (US$18.8 million) and District 8 kindergarten with VND491 billion (US$20.2 million).

In the field of culture and sports, there are many projects with a total investment of VND one trillion (US$41.1 million) or more, mostly in Thu Duc City such as the projects of building a tennis stadium and outdoor tennis court complex worth, a swimming pool for competition and training, a football academy and cluster of six outdoor practice fields, a track and field stadium, a stadium for all sports and so on.

The list aims at encouraging and calling for investors to study and implement the projects under the PPP form.

The People’s Committee of Ho Chi Minh City is expected to submit the contents above mentioned to the Ho Chi Minh City People's Council for consideration at the year-end meeting next week.

HCMC promotes application of electronic invoices for electricity and gasoline

Ho Chi Minh City promotes the application of electronic invoices for electricity and gasoline which is considered one of the mandatory solutions.

Chairman of the municipal People's Committee Phan Van Mai has just assigned the Ho Chi Minh City Tax Department to coordinate with departments, the People's Committees of Thu Duc City and districts to apply electronic invoices as one of the most important and mandatory solutions, especially electronic invoices of electricity and gasoline.

Departments and agencies are assigned to closely coordinate and accompany the City Tax Department in propaganda, examination, inspection, management and use of electronic invoices as well as improve the efficiency of state management in tax administration. Moreover, they will throw the book on those who do not comply with the law of using electronic invoices.

Previously, on November 18, the Prime Minister issued a telegram on strengthening the management and use of electronic invoices, contributing to the promotion of digital transformation. The Prime Minister assigned the Ministry of Finance to disseminate information on the use of electronic invoices and expand the implementation of electronic invoices created from cash registers.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes