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VIETNAM BUSINESS NEWS JANUARY 13

SSC carries out sanctioning procedures of FLC Chairman's huge share sale

A leader of the State Securities Commission of Vietnam (SSC), on January 12, said that directing the Ho Chi Minh City Stock Exchange (HoSE) to cancel the sale of 74.8 million FLC shares by Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC, for not reporting and disclosing information before performing the transaction was an unprecedented measure on the Vietnamese stock market.

The SSC also directed the HoSE, the Vietnam Securities Depository (VSD), and securities companies to coordinate in reviewing reciprocal and selling transactions from Mr. Trinh Van Quyet's account on January 10 to cancel them.

According to the SSC, the review and identification of these reciprocal transactions take a lot of effort and time. However, the SSC and relevant units are determined to complete it as soon as possible to ensure discipline in the market.

Along with that, the SSC has decided to freeze the securities account of Mr. Trinh Van Quyet from January 11 until SSC’s Chairman makes another decision.

A source from the SSC said that, according to the order of violation handling procedures, at first, the inspection agency of the SSC will ask violators to sign the minutes, and after five days will issue an administrative sanction decision according to regulations.

 

 

Standard Chartered forecasts Viet Nam 2022 GDP growth at 6.7 per cent

Standard Chartered Bank forecasts Viet Nam’s recovery will accelerate markedly in 2022, with GDP growing by 6.7 per cent. The bank raised its 2023 growth forecast for Viet Nam to 7 per cent as it believes Viet Nam’s positive medium-term outlook remains intact.

The forecast is highlighted in the bank’s recently published global research report titled “Still battling headwinds” and Viet Nam-focused macro-economic research report titled “Viet Nam – Moving back to high growth”.

According to Standard Chartered’s economists, exports should be supported in 2022 by a continued improvement in the global trade environment, although import growth is likely to remain high.

Standard Chartered Bank maintains its medium-term constructive view on the Vietnamese dong amid expectations of a strong balance of payments (BoP). The rapid pace of appreciation since July reflects more flexible exchange rate management by the central bank. The VND is among the best-performing emerging market currencies in 2021.

Shares trade higher on the back of bank stocks

On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark gained 1.22 per cent, to 1,510.51 points on Wednesday. The index had dropped 0.76 per cent to end at 1,492.31 points on Tuesday. The market's breadth was negative with 203 gainers and 267 losers. During the session, over 1.13 billion shares were traded on the southern bourse, worth nearly VND35.7 trillion (US$1.57 billion).

The VN30-Index, which tracks the 30 biggest stocks on HoSE, rose 2.02 per cent, to 1,530.04 points. Of the VN30 basket, 20 stocks rose, while eight inched lower and two ended flat.

On the Ha Noi Stock Exchange (HNX), meanwhile, the HNX-Index lost 1.65 per cent to end at 473.64 points on Wednesday. The northern market index had lost 0.27 per cent to end Tuesday at 481.61 points.

During the trading session, investors poured nearly VND4.4 trillion into the bourse, equivalent to a trading volume of more than 135.1 million shares.

MARD seeks solutions on refrigerated container shortage and high rental prices

To support the export of agricultural produce, the Ministry of Agriculture and Rural Development (MARD) has proposed the Ministry of Transport find solutions to the problem of a shortage of refrigerated containers and excessively high container rental prices.

MARD sent an official dispatch to the Ministry of Transport (MoT) to coordinate in solving problems in sea transport and give priority to refrigerated containers for exporting agricultural produce.

The official dispatch of the Ministry of Agriculture and Rural Development stated that in the past two years, the pandemic had a great impact on export transport, with the cost increasing many times, particularly sea freight rate, which had increased by up to 500 per cent, in addition to a lack of containers for exports.

Meanwhile, the pandemic continues to be complicated. China has announced restrictions on the clearance of agricultural produce due to the pandemic and still applies a "Zero COVID" policy.

To promote the export of agricultural produce, fresh vegetables and fruits through sea and rail transport, and to reduce congestion for Vietnamese agricultural, forestry and fishery exports through northern border provinces, MARD has requested the MoT to work with associations, corporations and shipping businesses in Viet Nam to find solutions. 

Vietnam Value to be broadcast on VTV1 channel

Vietnam Value, a trade promotion programme of the Government, was launched at a ceremony jointly held by the Ministry of Industry and Trade (MoIT) and Vietnam Television in Hanoi on January 12.

The programme will be broadcast on VTV1 channel at 17:20 every day, except Friday and Sunday, for one year, said Vu Ba Phu, head of the MoIT’s Vietnam Trade Promotion Agency and head of the Secretariat of the Vietnam Value programme.

Since its inception in 2003, Vietnam Value has played a part in promoting Vietnamese brands, and helping local consumers identify quality and prestigious products.

At the same time, it has encouraged enterprises to work harder to raise product quality, and continue with innovations.

A total of 124 firms with 285 products have won the Vietnam Value title so far. The number of products is expected to reach 1,000 by 2030.

76 percent of Vietnamese plan domestic travel in 2022

Visa has reported great pent-up appetite for travel among Vietnamese in its Voice of the Consumer survey, which found that as many as 76 percent of respondents are planning to travel for leisure within the country, far higher than the 38 percent planning overseas trips.

Travel plans hinge predominantly on how the pandemic plays out, as the COVID-19 situation accounts for the top 3 factors that will make one feel comfortable to travel. The stability of the COVID-19 situation at the destination was the top factor for 63 percent of respondents, followed by being vaccinated (48 percent) and global cases going down (40 percent).

Despite the benefits they could bring through the controlled reopening of borders and industries, travel bubbles elicit only moderate interest among Vietnamese respondents with 52 percent saying they were keen to travel within a bubble but not in the immediate future. As a particular consequence of the pandemic, people are rediscovering their immediate surroundings, giving rise to the growing trend of staycation – vacations in their own city. Around a third of respondents said they would be planning, booking or having a staycation as soon as possible if there were no longer any government restrictions. Thirty percent would also visit local attractions.

Reference exchange rate down 14 VND

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,096 VND/USD on January 13, down 14 VND from the previous day.

With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,789 VND/USD and the floor rate 22,493 VND/USD.

Auto market grows slightly last year

 

The Automobile Manufacturers Association reported Vietnam’s automobile market recorded slight growth in 2021. Its members sold more than 304,000 units last year, up 3 percent from the previous year.

Hyundai remained the best-selling brand last year, with more than 70,500 units. It was followed by Toyota, Kia, VinFast and Mazda.

 After seven years of dominating the market, Toyota Vios lost its top position as the best-selling model to VinFast Fadil, with over 24,000 units sold.

The following places belonged to Hyundai Accent, Toyota Vios, Toyota Corolla Cross, and KIA Seltos.

Insiders said the sales of passenger and domestically assembled vehicles in December grew 33 percent and 23 percent month on month, which was driven by the halving of registration fees for domestically assembled cars since the month.

Facing that pressure, CBU importers also cut down corresponding fees to boost sales./.

China reopens one border gate for Vietnamese fresh fruits

 

Chinese authority on January 12 re-opened its Hekou International Border Gate – which pairs with Vietnam's Kim Thanh II border gate in the northern province of Lao Cai – for imported fresh fruits, according to the Ministry of Industry and Trade.

The move is expected to reduce congestion at the shared border gates between the two countries in Lang Son and Quang Ninh after China has suspended imports of Vietnamese dragon fruits via two key border gates with Vietnam since December 29, 2021.

Data of the General Department of Vietnam Customs shows that nearly 35 percent of Vietnamese dragon fruit exports to China went through border gates in Lao Cai.

The lift of the ban resulted from multiple efforts made by the Ministry of Industry and Trade and Vietnamese localities to work with the China side on the issue since then.

Vietnam looking to expand export to Eurasian market

Being flexible in accessing distribution systems, overcoming logistical difficulties and making good use of free trade agreements (FTA) are important factors for Vietnamese goods to better access the Eurasian market in the coming time, said insiders. 

The large Eurasian region consisting of 28 countries, stretching from Eastern Europe to Central Asia, is a potential export market for Vietnam.

According to statistics of the General Department of Customs, two-way trade between Vietnam and the Eurasian region hit 12.7 billion USD in 2020, representing a year-on-year of 20.4 percent, accounting for 2.3 percent of Vietnam’s total export turnover.

Despite difficulties caused by the COVID-19 pandemic, the two-way trade in the first 11 months of 2021 reached 12.7 billion USD, 13.1 percent higher than that of the same period of 2020.

In order to fully tap incentives from FTAs and promote import-export growth with the Eurasian market in general and the Russian market in particular, Vietnamese enterprises should actively conduct market survey, join more trade fairs in Russia, and cooperate with Vietnamese firms operating in this country to introduce products in EAEU member countries.

Vietnam Airlines seeks to resume air services to Australia

Vietnam Airlines has proposed the Civil Aviation Authority of Vietnam allow it to operate regular international flights to Australia from January 13 due to the rising travel demand from overseas Vietnamese people.

The number of Vietnamese citizens who wish to return to the country for the Lunar New Year celebrations will be high, while the national flag carrier has yet to be licensed to relaunch regular flights to Australia, according to Vietnam Airlines.

Besides, Australia has achieved a high Covid vaccination rate, the local media reported.

It is high time to resume air services linking Vietnam and Australia, the local airline said, adding that the resumption will prevent the risk of international airlines dominating the market.

All Pouchen workers return to work after stoppage over reduced Tet bonuses

After four days of work stoppage over reduced Tet bonuses, all workers at Pouchen Vietnam, a Nike contract manufacturer, in Bien Hoa City of Dong Nai Province have returned to work.

Nguyen Thi Bich Thuy, vice president of Bien Hoa City’s Labor Union, said some 16,500 workers agreed to get back to work, though the company keeps its Tet bonuses unchanged as announced previously.

Over the past four days, the authorities of Dong Nai Province and Bien Hoa City worked with Pouchen’s leaders to explain to workers that the unexpected reduction in the Tet bonuses was due to the Covid-19 pandemic, said Thuy.

As such, the workers agreed to return to work, Thuy added.

Thuy also said that Pouchen Vietnam agreed to pay the workers their full salary for all four days of the strike, the local media reported.

A representative of the Pouchen Labor Union said that apart from the Tet bonuses, the firm will also give over 16,500 gift sets to its workers, pledging that if its production and business operations see positive results and high revenue in 2022, it would raise Tet bonuses and improve the welfare of its workers.

At around 10:30 a.m. on January 7, thousands of workers at Pouchen Vietnam walked off the job after the management announced smaller Tet bonuses, demanding that the company maintain the same Tet bonuses as last year.

Commercial flights between Singapore, Vietnam resumed

Singapore Airlines (SIA) will resume three-times weekly commercial flights from Singapore to Vietnam from January 13.

Currently, SIA operates 11 weekly flights from HCMC to Singapore and 11 others from Hanoi to Singapore. The carrier will offer two weekly flights from Singapore to HCMC, and one weekly flight to Hanoi, starting on January 13, using 303-seater Airbus A350-900.

Flights to and from Da Nang continue to be suspended.

Tickets for flights between Vietnam and Singapore are available for sales through various SIA’s distribution channels.

Vinh Phuc sets out plan for support industry development by 2025

Under a programme on support industry development for 2021-2025 recently issued by the provincial People’s Committee, support industries will play a key role in industrial development in Vinh Phuc.

The locality will poured over 94.7 billion VND (4.17 million USD) into the programme, of which 66 billion VND comes from the State budget, and the remainder is sourced from organisations and individuals.

Agencies will carry out solutions to spur support industries such as stepping up the communication work, organising exhibitions, and developing markets at home and abroad.

The province will roll out support policies in personnel training and the research, development, application and transfer of production technologies, while developing a portal for support industries.

It has set the goal of having 70 enterprises eligible to become first-tier and second-tier suppliers for manufacturers of automobile, motorcycle, electronic products and partially supply for large enterprises or corporations or exports by 2030.

Source: VNA/SGT/VNS/VOV/ND/SGGP

VIETNAM BUSINESS NEWS JANUARY 12

VIETNAM BUSINESS NEWS JANUARY 12

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