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Finance Vietnam News finance & business news 21 June 2021 FINANCE . 2 IPs in Dong Nai take measures to prevent COVID spread Reference exchange rate up strongly at week's beginning 2 from HCM City 35 Bank deposits grow slowly amid low interest rates 2 Contactless delivery in pandemic in HCM City 35 Delicate balance needed to address Vietnam's property Hairdressers, manicurists make house calls to survive Covid 36 risks: HSBC. 2 Coworking space companies respond to Covid with new solutions 37 Credit increases steadily, where has capital flown? 3 HCM City business premises rents continue downward spiral 38 TPBank approved to increase charter capital by VND1 trillion 4 Bac Giang compiles three scenarios for lychee WB warns of shrinking production amid COVID-19 outbreak 5 consumption amid Covid-19 39 Positive factors in place for economic growth in 2021 6 Points of sale in quarantine areas proposed to resume Vietnam's path to prosperity 8 operations soon 40 Will 24 years be enough for Vietnam to become a Free rides to COVID vaccination centres: Gojek's week-long offer 40 developed country with high income? 9 Japfa Vietnam donates $1 million to the COVID-19 vaccine fund 40 Overhaul in motion for ODA utilisation 11 Taiwanese footwear maker suspends 18,000 workers Multitude of options on table for further tax interventions 13 over Covid-19 linkage 41 Squid exports to China continue to surge 15 Many provinces and cities ask for 5G coverage 41 Fertiliser prices continue to increase: MoIT 15 Vietnamese lychees confident of winning over consumer Feed price increase drives fish farmers to dispair 16 taste in Netherlands 42 Origin fraud may erode Vietnamese rice's prestige: insiders 16 E-commerce platforms unwilling to pay taxes on sellers' behalf 43 Garment production may slow down over Covid-19 17 Firms stand ready for digital transformation in agriculture 43 Singapore committed to cooperating closely with Vietnam Trading with a digital tint 44 for post-pandemic recovery 18 Breaking through prejudices holding back female founders 46 Argentina hopes for strategic partnership with Vietnam: HCM City proposes railway connecting Tan Son Nhat ambassador 19 and Long Thanh airports 48 Vietnam ready to assist Tanzania in agricultural development: Shophouse Metro Start on right track for completion ambassador 20 with Metro Line 1 48 VN to develop eco-friendly construction materials 20 HCM City lifts lockdown at SP-ITC container port 49 Experts support proposal to open fuel market to foreign investors 21 Helping others make informed decisions 50 Bac Lieu to expand large-scale agricultural production 22 CAAV discusses establishment of VN's first cargo airline 52 Long An improves efficiency of public investment 23 Vietnam Airlines gets nod to operate flights to Canada 52 Long An to have 4 new industrial clusters this year 23 Don't delay moves in developing a small business Many enterprises return to domestically-made raw materials 24 restructuring plan 53 Coffee chains still grow amid pandemic 25 First gas pumped out of Su Tu Trang oil field in phase 2A 54 Property market to face three big pressures: expert 26 Digital foundations for increased SME agility 55 Demand for industrial land frozen amid Covid 27 Thuduc House sells stakes in divestment spree 57 Resort real estate sales plummet over Covid-19 impacts 27 SABECO to support national football teams for one year 57 BIZ NEWS . 28 For Sanofi, environmental protection is part of business 58 VN Index hits new peak on strong cash flow 28 Norway provides $1.3 million for waste management Shares to move up but investors should be cautious 28 project in Vietnam 59 Beverage stocks face more challenges despite positive First outdoor Vietnamese cuisine festival held in Paris 60 results in Q1 29 International expo on support industries slated for October 60 Factors keeping capital flowing into Vietnam stock market remain unchanged. 30 Government urged to require universal Covid-prevention regulations in all provinces 31 Public transport vehicles and app-based cars suspended in HCM City 33 JUNE 20: Sinopharm vaccine arrivals in Vietnam 33 Technologya prong in COVID-19 response strategy 34 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 21 June 2021 FINANCE FINANCE Reference exchange 21/JUN/2021 INTELLASIA| VNA rate up strongly at The State Bank of Vietnam set the daily reference exchange rate at 23,167 VND per week's beginning USD on June 21, up 19 VND from the last working day of previous week (June 18). With the current trading band of +/- 3 percent, the ceiling rate applied to commercial bank during the day is 23,862 VND/USD and the floor rate 22,572 VND/USD. The rates listed at commercial banks all went up strongly. At 8:40 am, the rates at Vietcombank stood at 22,870 VND/USD (buying) and 23,100 VND/USD (selling), both up 40 VND from June 18. BIDV added 35 VND to both rates, listing the buying rate at 22,900 VND and the sell- ing rate at 23,100 VND/USD. During the week from June 14 to June 18, the daily reference exchange rate was adjust- ed down on Monday but then around to follow an upward trend until the end of the week. It ended the week up 49 VND compared to the rate on Monday./. https://en.vietnamplus.vn/reference-exchange-rate-up-strongly-at-weeks-beginning/ 203362.vnp Bank deposits grow 21/JUN/2021 INTELLASIA| VNEXPRESS FINANCE slowly amid low Bank deposits made by individuals in the first four months were up a mere VND120 interest rates trillion ($5.2 billion) year-on-year, the lowest rate of increase in the last six years. The increase was only half that in the same period in 2019, the year before the Covid- 19 pandemic broke out. Since the end of 2019, deposit interest rates have fallen by 1.5-2.5 percentage points. The State Bank of Vietnam has also cut policy rates as banks have large amount of cash while businesses struggle to borrow as a result of the pandemic's impacts. Analysts said people are withdrawing money from bank accounts to invest in stocks, a new asset class for many Vietnamese, as they seek to make quick profits in a booming market. Over 113,000 trading accounts were opened last month, the highest monthly figure ev- er. Trading on the main bourse, the Ho Chi Minh Stock Exchange, in May rose by 53 per- cent from December to VND438.75 trillion. https://e.vnexpress.net/news/business/data-speaks/bank-deposits-grow-slowly- amid-low-interest-rates-4296560.html Delicate balance 21/JUN/2021 INTELLASIA| HANOI TIMES needed to address The State Bank of Vietnam (SBV) is facing a delicate balance of curtailing excessive Vietnam's property lending to real estate developers while reducing imminent Covid-19 risks to the sector, risks: HSBC. according to HSBC. Referring the property sector as an increasing source of growth for Vietnam, the bank in its latest report noted real estate activity in the country accounts for 8 percent of the GDP, while the ratio in Asean is between 5 percent and 15%. "The memory of a housing bubble of 2007-12, which ultimately led to a prolonged banking crisis, looms large in the collective conscience. Even after a gradual recovery in the banking sector, real estate loans continue to account for a large proportion of bank balance sheets," noted the HSBC. While some banks do not have a specific classification on loans to the real estate sector, balance sheets of the "Big-4" SOE banks [Vietcombank, Vietinbank, BIDV, Agribank] reveal a key linkage with the associated construction sector, stated the bank. As the real estate market has been hit by the pandemic, there are signs that it is recov- ering. Although output fell in year-on-year terms in the second and third quarters of last year, it registered a strong rebound from the fourth quarter. Meanwhile, property prices continue to rise, partly due to accommodative monetary policy that offers low-interest rates and abundant liquidity, along with a sharp rise in the price of luxury condos, growing 9 percent year-on-year 2020 vs. a 4-5 percent price increase in the mid-end and affordable segments. Demand for luxury and high-end properties remains elevated, with their market share increasing from less than 30 percent of total units sold in 2019 to more than 70 percent in 2020. According to the HSBC, FDI data suggests that even though new FDI inflows into the Intellasia 21 June 2021 2 / 60 Vietnam finance & business 21 June 2021 real estate sector increased more than 200 percent year-on-year as of May, FDI was largely concentrated in manufacturing. "This means that price rises are mainly due to domestic investors," noted HSBC. Rising housing prices limit the central bank for further rate cuts Along with price rises, there has been a surge in credit channeling into the sector, prompting the SBV to called for commercial banks to enhance their risk management operations. Statistics data suggests that credit growth in the real estate sector accelerated to 15 per- cent year-on-year in January and February, exceeding the SBV's target of 12%. "If the property market shows more signs of overheating, there is scope for the SBV to do more, such as introducing more restrictive macro-prudential measures or further tighten its quantitative [credit] quota. That being said, there is also a risk that the most recent wave of Covid-19 may complicate the process, given the adverse impact on Vi- etnam's growth," stated the HSBC.
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