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271117Intellasia Finance Vietn finance & business news 27 November FINANCE . 1 Vietnam, Slovakia promote trade, investment cooperation 35 Reference exchange rate goes up 1 VND at week's beginning 1 Vietnam's images, potentials spotlighted in Romania 36 Pressure on exchange rate more likely when Fed raises interest Vietnam and Poland set to tighten trade and investment rates 1 cooperation 36 Many banks have increased interest rates 3 BIZ NEWS. 37 Bad debt reduction remains insubstantial 4 Business Briefs 27 November, 2017 37 NPLs in property drop significantly 5 VN Index concludes winning week 38 Why are banks simultaneously divesting? 5 Market rally loses steam 39 Fintech a tool to boost integration: Asean meet 6 Investors warned of a likely correction 39 Foreign investors internally transfer 3 million VPBank shares 8 In new scheme, Song Da Corp IPO to offer 220m shares 40 Government reports: economy sees quality improvements 8 Online shopping platforms stir up Black Friday fever 41 Fitch forecasts high economic growth rate for Vietnam 9 Vietnam among countries hardest-hit by cyber crime 42 Vietnam to lose over 110 trillion dong due to free trade in Great expectations 43 next 3 years 10 Proptech to alter real estate industry 45 National Assembly wrapped up with big laws 10 HN, HCM City asked to report apartment disputes 46 Law on public debt management passed 11 Few enterprises keen on information security outsourcing 46 Vietnam urged to strengthen land, copyright laws 12 Farmers create innovative machines to save time, costs 46 Obstacles to SOE equitisation addressed 13 Nearly 20,000 tour guides are in danger of losing jobs 47 Vietnam sees bright future for apparel exports to Apec 13 Vietnam city proposes subsidising airlines flying to local airport 48 China makes up three-fourths of Vietnam's vegetable, fruit Vietnam scours for investors for major state-owned brewer 49 exports 14 Work starts on $19m area in Binh Duong 50 HCM City exports to top 35 billion USD in 2017 15 Formosa exceeds emission limit after raising capacity for Belgium to spur agricultural exports to Vietnam 16 evaluation: Vietnam ministry 50 Vietnam's fruit imports from Korea surge 16 First cashier-free convenience store appears in HCM City 51 Wooden product exporters regain growth momentum 17 NA approves $1b for airport land clearance 51 VN needs tech updates to remain competitive: experts 18 Construction on cement grinding station begins in Ha Giang 52 MoIT aims to improve business climate 19 Trung Nguyen opens Shanghai office 52 Beverage sector faces severe glut 21 Ecopark's super-luxury precinct makes debut 52 VN's retail sales to touch over $1.9 trillion 21 Concern over Vinawaco capital loss 53 Logistics industry looks towards impending growth 22 Samsung rejects INGO report on worker mistreatment 53 VN fashion industry faces threat of takeover by foreign brands 24 Vietnam's real estate tycoon catapulted into world's 500 Local agricultural products need more support 26 richest list 54 Food processing industry has ample space for development 27 Feeling of tranquility 55 Transport sector speeds up for 4.0 28 Update needed 56 Sports betting -- a potential sector for investment 29 Second EuroCham Central Vietnam Business Forum Real estate in the last months of the year: Which projects are successfully hosted in Danang 57 stirring up the market? 30 Workshop discusses sustainable irrigation development 58 Investors rush to pour money into hotels 31 TechDemo 2017 starts off with stellar success 59 Money well spent 31 Three deals inked on day one of agriculture fair 59 Vietnam promotes Vietnamese brands in RoK 34 Furnishings on display in HCM City 60 Italian firms seek investment opportunities in Vietnam 34 Festival promotes Bac Giang fruit industry 60 India, VN textiles eye cooperation 35 FINANCE FINANCE Reference exchange 27/NOV/2017 INTELLASIA| VNA rate goes up 1 VND at The State Bank of Vietnam set its reference VND/USD exchange rate at 22,431 VND/USD week's beginning on the morning of November 27, up by 1 VND from the end of last week. With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,097 VND per USD and the floor rate is 21,760 VND per USD. Major commercial banks kept their changes stable. 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 27 November Vietcombank and Vietinbank offered 22,690 VND (buying) and 22,760 VND (selling), per USD, unchanged from the end of last week. BIDV also retained its buying rate at 22,690 VND and its selling rate at 22,760 VND, per USD, unchanged from the end of last week. https://en.vietnamplus.vn/reference-exchange-rate-goes-up-1-vnd-at-weeks-begin- ning/122340.vnp Pressure on exchange 27/NOV/2017 INTELLASIA| DTCK rate more likely when Dong is assessed to be the most stable currency in the region over the last period. How- Fed raises interest ever, banking experts said it is still necessary to be cautious with exchange rate pres- rates sure when the U.S Federal Reserve (Fed) is expected to raise interest rates next month. *Liquidity, US dollar interest rate continue to be stable The dong/US dollar exchange rate in October was almost unchanged when it was ad- justed to increase one point only compared to the end of September, the lowest month- ly change from the beginning of the year. Thus, since the beginning of this year, this index has increased 312 points. At the same time, in October, the State Bank of Vietnam (SBV) had adjustments related to foreign currency purchase policy (slightly reducing buying rate by 15 points and purchasing foreign currency following three terms including on-spot, one-week and two-week terms), helping to clear the "stagnant" foreign currency on the status of the banking system. Monetary director of a bank said it is estimated that the State Bank FINANCE purchased a large amount of foreign currency i.e. about $1.3-$1.4 billion in October. A senior leader of BIDV said liquidity in foreign currency market in November still re- mains stable. Interest rates are in horizontal trend, ranging around 1.3-1.4 percent/an- num for overnight to one-week term. The main factors influencing this development include: foreign currency deposits fore- casted to still increase relatively well amidst abundant foreign currency supply. Mean- while, foreign currency credit is showing weak growth in 2-3 recent months and is forecasted not to grow strongly as the State Bank requires commercial banks to strictly control foreign currency lending operations in the capital balance. Therefore, the dif- ference between capital mobilisation and foreign currency credit remains high. It is forecasted that the foreign currency will have the most stable November in three recent years. As per the assessment of BIDV, the factors supporting the stability of ex- change rate remained quite strong at this time. First, the cash flow from FDI disburse- ment is forecasted to remain positive in November given positive economic situation in Vietnam and the government's emphasis on improving business environment to at- tract foreign capital flow, promoting the domestic economic development. It is forecasted that the FDI disbursement in November is equivalent to October, at about $1.6-1.8 billion. Notably, in November, the State Capital Investment Corporation (SCIC) plans to sell 3.33 percent of the chartered capital of Vietnam Dairy JSC (Vinamilk), equal to about $300 million. Second, the trade balance is more likely to continue having surplus in November. Al- though import demand of domestic businesses may increase to meet the demand for production and business at the end of the year, exports of foreign businesses will grow well. Accordingly, the trade balance may run a surplus of about $300 million. Third, SBV continues to regulate in a flexible, positive manner, limiting speculative be- haviours as well as stabilising the market during periods of high volatility. A senior leader of TPBank said last week alone, SBV purchased more than $600 million from credit organisations. *Caution needed A BIDV's study shows that the interbank US dollar in November suffers from both in- creasing and decreasing factors. Of which, the support factor of market liquidity still dominates the trend. Specifically, the foreign currency supply maintains the stability when the difference in capital mobilisation-foreign currency credit in this period slightly expanded by about $0.2 billion, as the capital mobilisation continues growing faster than foreign currency credit. At the same time, LIBOR interest rate in the international market continued to increase slightly by about 0.05 percent-0.2 percent for terms of three months and above after the meeting of the US Federal Reserve (Fed) on September 15 due to the expectation on in- terest rate increase in the meeting in December. "The pressure on US dollar interbank interest rates will come from the rising trend of the international US dollar interest rate which is forecasted to continue rising in No- vember as Fed's likelihood to raise basis interest rate in the December meeting has Intellasia 27 November 2017 2 / 61 Vietnam finance & business 27 November swelled to 82 percent compared to 70 percent at the end of September 2017", BIDV's study forecasted. Standard Chartered predicts that Fed will raise interest rates by 25 basis points in De- cember 2017 and that gold price is more likely to face downside risks in the short term. An economic expert said that some factors are still likely to create increased risks for exchange rate, though it is not worth worrying.
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