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061117Intellasia Finance Vietn finance & business news 6 November 2017 FINANCE . 1 Vietnamese middle class on the rise 42 Reference exchange rate up by 7 VND at week's beginning 1 Hung Yen creates favourable conditions for investors 43 Nearly 1.18 billion VND worth of G-bonds mobilised 2 Vietnamese garment industry faces fierce competition from Vietnam's global integration: it is now the financial sector's turn 2 China, Burma 44 Will bank bankruptcy be allowed? 4 Commerce chamber hoped to boost Vietnam-Malaysia trade 45 Huge profits and unpredictable consequences from the strong Deputy PM backs Belgian firms expanding investment in VN 45 credit growth 5 HCM City promotes trade, investment, tourism in New Zealand 46 Credit contacts 7 BIZ NEWS. 46 Which banks help shareholders best exploit their assets? 7 Business Briefs 06 November, 2017 46 Local insurers still neglect network security insurance 9 Stocks plunge on heavy selling 47 Party official appreciates IMF's assistance for Vietnam 9 Vietnamese stocks tipped for a sluggish week 47 Vietcombank to improve internet banking security 10 Investment funds shift focus on to mid-cap stocks 48 SHB about to issue 83.9m shares to make 2016 dividend payment 10 ROS plans $21m dividend payout, defends profit tally 49 TPP11 quality pact remains significant, vital 10 CMC to finally debut in Japan 50 Potential impact of EU-Vietnam FTA 13 ROS plans $21m dividend payout, defends profit tally 52 Against tide, Apec seeks deeper trade integration 14 VCCI, ILO help SMEs join global supply chains 53 Apec 2017: New vision and position of Vietnam 16 Japanese tourism promoted in Can Tho 54 Japanese daily Nikkei hails Vietnam's economic development 18 Vietnamese goods favoured in RoK 55 An economist perspective on Vietnam's trade future 19 Legal system frowns at Silicon tech giants 55 Finance minister: Ratio of budget revenue to GDP not too high 21 Why foreigners aren't buying houses in Vietnam 56 Accurate valuations are key to luring FDI 22 Due to mistrust of sellers, 3pct VN shoppers pay online 57 Vietnam reports $5 billion phone exports in October 23 Internet users ignore network security 58 10M agri-exports reach $29.76bn 23 Ben Tre's vast coconut groves 59 Tra export value rises, firms cautious 24 When women mean business, society thrives 60 Vegetables emerge as major export earner 25 MobiFone, VNPost restructuring plans approved 63 Farm exports face more technical barriers 25 Toyota Vietnam lowers auto prices 63 Exporters worry as end of foreign loans nears 25 New car maker to hit the road running 64 As oil dips, tourism should soar: HSBC report 26 FLC Faros expects to exceed 2017 profit targets 65 Petrol price up 271 VND per litre 27 Co.opmart supermarkets offer steep discounts on seasoning, E5 fuel shortage growing concern 27 cheese and coffee 66 NA discusses law on public debt management 28 Garment giant Nha Be focused on technology for growth 66 Draft cyber security law mismatches WTO rules 30 McDonald's to open first restaurant in Hanoi 68 Construction Ministry: HCM City should approve mini-apartments 31 Past & present 68 Private economy thrives in southern localities 31 Suncity to buy into Hoiana An casino resort 69 Government talks development mechanisms for HCM City: Sales at Sanctuary Villas Ho Tram open 70 press conference 32 Construction of Movenpick Hotel & Residences kicked off in E-commerce the ticket to MSME success 33 Da Nang 71 Retail modernisation and e-commerce aiding FMCG 34 Government requires to make clear violations by Khaisilk Group 71 VN plans major solar power growth 36 Seminar talks aquaponics industry in Vietnam, Australia 71 Provinces set special economic units 36 Phu Quoc to host international cashew conference 72 Office rental price in HCM City cools down 38 Workshop seeks to enhance exports of Vietnam agri-products 72 Local wood sector takes firmer root 38 Conference looks to promote online exports in digital era 73 Farmers shift to more resilient crops in the Delta 39 Drugstore chains expand as competition heats up 41 FINANCE FINANCE Reference exchange 06/NOV/2017 INTELLASIA | VNA VNA rate up by 7 VND at The State Bank of Vietnam (SBV) set its reference VND/USD exchange rate at 22,469 week's beginning VND/USD in the morning of November 6, up by 7 VND from the end of last week. With the current/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,135 VND per USD and the floor rate is 21,797 VND per USD. At major commercial banks, the exchange rates were quite 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 6 November 2017 Vietcombank kept the rates at 22,675 VND (buying) and 22,745 VND (selling), per USD, unchanged from the end of last week. Vietinbank set the rates at 22,680 VND (buying) and 22,750 VND (selling), per USD, both up 5 VND as compared to the end of last week. Similarly, BIDV listed the buying rate at 22,680 VND and the selling rate at 22,750 VND, per USD, both up 5 VND. https://en.vietnamplus.vn/reference-exchange-rate-up-by-7-vnd-at-weeks-beginning/ 120616.vnp Nearly 1.18 billion 06/NOV/2017 INTELLASIA | VNA VNA VND worth of G- The Hanoi Stock Exchange (HNX) raised nearly 1.18 trillion VND (51.9 million USD) bonds mobilised by selling government bonds issued by the State Treasury at an auction on November 1. The bonds were offered for four tenures: five years valued at 1 trillion VND, seven years at 500 billion VND, 10 years at 1 trillion VND, and 30 years at 500 billion VND. The five-year bonds did not see a winning volume. Meanwhile, the seven-year bonds were sold at a total value of 500 billion VND, with a winning yield of 4.85 percent a year, 0.02 percent higher than bonds of the same term sold at the previous auction on October 25. The 10-year bonds brought in only 295 billion VND with a winning yield of 5.42 per- FINANCE cent, equal to the sale during the October 25 session. Some 350 billion VND worth of 30-year bonds sold at the auction had an interest rate of 6.1 percent per annum, equal to the previous sale on September 27. Since the beginning of this year, the Vietnam State Treasury has mobilised nearly 156.26 trillion VND (6.87 billion USD) through government bonds issued on the HNX. https://en.vietnamplus.vn/nearly-118 billion-vnd-worth-of-gbonds-mobilised/ 120537.vnp Vietnam's global 06/NOV/2017 INTELLASIA | VNS integration: it is now Vietnam has made great strides in integrating with the global economy and accom- the financial sector's plished a great deal as its rapid economic growth in the past 30 years testifies. turn It is committed to opening up its finance sector, an important pillar in the economic integration process, and enhancing international cooperation. But the country's financial integration is relatively low, though increasing, especially when compared with its high degree of trade integration. It has been a decade since Vietnam became the 150th member of the World Trade Or- ganisation (WTO). It now has trade relations with around 200 countries and territories and investment relations with 114. The country has signed or wrapped up negotiations for 12 bilateral and multilateral free trade agreements (FTAs), including new-generation FTAs with large scope and high-level commitments such as the Trans-Pacific Partnership (TPP). It is also engaged in talks for four other FTAs: the Regional Comprehensive Economic Partnership (RCEP), the Asean-Hong Kong (China) FTA, and separate FTAs with the European Free Trade Association and Israel. Deepening global economic ties will also lead to deeper financial ties. Vietnam's tariff liberalisation through its FTAs has been vigorous, and the country is set to open up its financial services to carry out its commitments as well as enable a comprehensive eco- nomic structure reform. Under the FTAs, Vietnam's commitments in the financial services sector are the same as those committed under the WTO, conforming to a 'positive list' approach, which in- cludes obligations such as National Treatment and Market Access in three modes: cross-border supply, consumption abroad and commercial presence. Insurance is one of the areas of financial services in which the country has made exten- sive liberalisation commitments. Since its accession to the WTO, Vietnam has disman- tled many barriers and stopped discrimination against foreign insurers. The country now allows access to international transport insurance, reinsurance, insurance and re- insurance brokers and advisory services. Foreign investors are allowed to establish 100 per cent foreign-owned insurance com- panies in Vietnam. Foreign firms are allowed to establish offices to sell non-life insur- ance in the country. In the securities sector, Vietnam allows cross-border information delivery, consultancy Intellasia 6 November 2017 2 / 73 Vietnam finance & business 6 November 2017 and auxiliary services and establishment of 100 per cent foreign-owned securities com- panies. It also allows foreign companies to establish subsidiaries to provide asset manage- ment, payments and clearing, financial information, advisory, intermediary and aux- iliary services. However, the country reserves the right to impose a testing programme by capping the number of financial service providers or restricting the scope of the pilot pro- gramme to match the development level of the local banking and financial system.
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