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160617Intellasia Finance Vietn finance & business news 16 June 2017 FINANCE . .1 BIZ NEWS . 26 Reference exchange rate rises by 6 VND 1 Business Briefs Jun 16, 2017 26 US dollar/dong exchange rate not to fluctuate much VN Index hits new high 27 despite Fed's rate hike: HSBC 2 Shares flat on profit-selling 27 Domestic gold prices rise slightly after Fed's rate hike 2 Capital flows return to the economy 28 Banks boast high profits right after first 5 months 3 Paradox: investors await businesses' capital raising via Banks' registered loan for hi-tech agriculture reaches $5.29 billion 4 the use of accumulative fund 29 Small banks still have difficulty in raising capital 4 Bibica power balance coming to an end? 30 VietinbankSc to trade on HOSE from June 20 6 Petronas subsidiary finds new buyer for Vietnam LPG unit 32 BIDV's pre-tax profit touches $140 million 6 Novaland added to FTSE Vietnam Index 33 BIDV MetLife & ISA hold digital insurance workshop 7 Government approves Becamex IDC equitisation 34 Ways to ensure sustainable economic growth in mid term sought 8 Vinamilk on list of Nikkei Asian Review's Asia300 Power Investment minister clears up concerns over public investment 8 Performers 34 HCM City's economy grows 7.76pct in six months 9 Third runway deemed feasible for Tan Son Nhat airport 35 Domestic businesses cause steep trade deficit in Jan-May 10 Authorities push Phan Thiet Airport construction 36 Garment, footwear exports fetch $15bn in five months 10 First BRT line in HCM City ready in 2019 36 Vegetable and fruit exports reach $1.4 billion 11 HCM City eyes taxes Facebook tax 37 US trade mission targets higher seafood exports to Vietnam 11 HCM City petitioned to get tough on overloaded trucks 37 Coffee, pepper exports to India plunge 11 Fujitsu picks Digiworld as strategic partner 37 Coffee exports reduce in volume but grow in value 12 Big thermal power plant to be built in Ba Ria-Vung Tau 38 As highlands pepper prices fall, farmers hold out 12 SolarBK sets Vietnam on greener track 38 VN looks to improve bidding transparency 13 Vietjet to offer dividend payouts at rate of 60pct 39 Hanoi tax department publishes debtors 14 Increasing investment in Ngoc Linh ginseng 39 HCM City budget meets 20pct of investment demand 14 Why does AirAsia want to enter Vietnam despite three failed HCM City to call for PPP investment in 130 projects 15 attempts? 40 SOE divestment seen bringing $15-20 billion 16 Viettel's 4G most discussed on social media 40 Minister of Health grilled on health care and medicine 7-Eleven opens first store in Vietnam 41 price control 17 Lotte opens service training centre in Ho Chi Minh city 41 MoIT drops ball on draft car recall decree 18 Sun Group's Kem beach resort attracts investors 42 Vietnam's support industry viewed as boasting huge potential 20 Earning respect 43 Airport overload puts airlines in trouble 20 NEU & BTCI to cooperate in banking and finance training 44 Seafood processors guzzle energy 21 Hanoi's notorious apartment project to be revived? 45 Internet TV: challenge and opportunity 21 Vietnam consumes $2 billion cosmetics a year 46 Grim future awaits Vietnamese railway sector 22 GM brings Thailand operations under Vietnamese management 46 Three SEZs expected to attract more investors 23 Exhibitions to promote Vietnam's support industry 47 2-in-1 hometel model attracts investors 24 Mechanical machines, equipment displayed in Hanoi 48 Luxury hotels to boom in HCM City 25 Foreign cosmetic exhibitors introduce products in HCM City 48 Bac Giang attracts 77 investment projects in five months 25 Vinh Long, Dutch firm boost cooperation in agriculture 26 FINANCE FINANCE Reference exchange 16/JUN/2017 INTELLASIA| VNA rate rises by 6 VND The State Bank of Vietnam raised its reference VND/USD exchange rate to 22,411 VND/ USD on June 16, up 6 VND from June 15. With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,083 VND per USD and the floor rate is 21,739 VND per USD. Major commercial banks' rates fluctuated slightly at opening hours. Vietcombank adjusted its buying and selling rates down by 15 VND to 22,650 VND and 22,720 VND, per USD. BIDV offered the buying and selling rates at 22,660 VND and 22,730 VND, down 5 VND, Intellasia Tel: +844 2213 2244 No. 21, lane 173/63/17, Ngoc Ha Ward, Ba Dinh Dist, Hanoi Fax: +844 3759 2034 © All Rights Reserved Email: [email protected] Websites: www.Intellasia.Net www.TriTueAChau.com Vietnam finance & business 16 June 2017 per USD. Techcombank reduced its selling rate by 10 VND to 22,740 VND and maintained its buying rate at 22,630 VND, per USD. http://en.vietnamplus.vn/reference-exchange-rate-rises-by-6-vnd/113398.vnp US dollar/dong 16/JUN/2017 INTELLASIA| BIZLIVE exchange rate not to The U.S Federal Reserve (Fed) has decided to raise interest rates by 0.25 percentage fluctuate much points after a two-day meeting, marking the third increase within the last six months. despite Fed's rate hike: Commenting on this move, Ngo Dang Khoa, Head of Trading at HSBC Vietnam said HSBC the US dollar/dong interest rate is expected to have little change and interest rate in dong will be maintained at reasonably attractive level. Right after Fed's decision to raise interest rate in the early morning of June 15, the US dollar did not fluctuate much as the market had expected its interest rate increase in the meeting. However, Fed has also announced in more detail the plan to reduce the bond that this agency bought during and after the economic crisis period to support liquidity and economic growth. The Federal Open Market Committee (FOMC) plans to set the $6 billion/month for US government bonds and then gradually increase to $30 billion over the next four quar- ters. For mortgage-backed securities (MBS), the quota is $4 billion/month and will be increased to $20 billion within one year. Fed's Chair Janet Yellen said if the US's economy develops as planned, the possibility FINANCE of reducing the volume of bond holdings will be sooner. "We think that Fed is likely to announce in September 2017 and starts implementing this roadmap in October 2017. Therefore, we forecast that the next interest rate hike will be in December instead of September as previously predicted because it is unlike- ly that Fed wants to tighten monetary policy by raising interest rates and reducing the volume of bond holdings at the same time in September 2017", said Khoa. The HSBC expert said for the foreign exchange market, Fed's reduction in bond hold- ing volume is seen as an alternative to the interest rate increase. The larger reduction in Fed's asset balance sheet scale will led to decreased demand for raising interest rate, and thereby, weakening the US dollar. In this year, the US dollar/dong exchange rate fluctuated at some times but generally, it has been rather stable since the beginning of this year at around 22,680-22,750 dong with relatively good market liquidity and abundant supply from the foreign direct in- vestment (FDI) and the foreign indirect investment (FII) as well as M&A activities. "With the slight downward trend of the US dollar compared to major currencies in the near future, the US dollar/dong exchange rate is expected not to fluctuate much", fore- casted Khoa. However, with the trade deficit of about $2.5 billion in the first five months and the possibility of extending to $7 billion at the end of the year, the US dollar/dong ex- change rate will suffer from certain pressures at some times. In two recent months, in- flation has tended to decrease but the average in the first five months is still higher than the target of four percent. Khoa suggests that the interest rate in dong should remain at reasonably attractive lev- el to both support the economy and maintain the stability of exchange rate. With Fed's policy, the interest rate and US dollar trend is rather clear, and it is likely that the market will shift its focus to the European Central Bank (ECB) and there will have more unexpected factors in the near future. Therefore, businesses having activities related to risks in interest rates and exchange rate should keep a close watch on market developments and use appropriate risk pre- vention measures, the HSBC expert added. Domestic gold prices 16/JUN/2017 INTELLASIA| VNA rise slightly after Fed's The domestic gold market did not show much fluctuations on June 15 after the Fed rate hike raised its prime rates, with gold prices moving around the mark VND36 million VND (US$1,586.5) a tael (37.5 grammes). At 9am, major gold trader Doji group listed the buying price for SJC 24k gold bars at VND36.34 million a tael and the selling price at VND36.42 million a tael, up VND50,000 (US$2.2) a tael compared to late June 14. At the same time, the prices for SJC gold bars at Bao Tin-Minh Chau Company were VND36.35 million (buying) and VND36.41 million (selling) per tael, both up VND20,000 (US$0.88) from the closing prices on the previous day. Intellasia 16 June 2017 2 / 48 Vietnam finance & business 16 June 2017 Meanwhile, gold prices on the New York market dropped after the Fed's move on June 14 while the greenback gained compared to other key currencies.
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