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Finance & Business News 24 July 2017

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Finance & Business News 24 July 2017 finance & business news 24 July 2017 FINANCE . .1 Four Vietnamese giants join hands to compete with foreign Reference exchange rate goes down 3 VND at week's beginning 1 businesses 33 Various interest rates drop sharply 2 Local firms not well prepared for Fourth Industrial Revolution 34 Credit growth reported at 9.06pct in six months 2 Da Nang determined to build startup city 35 Vietnam's foreign reserves at over $42b 2 Angel investor network incubates startups in central region 36 SBV prepares bad debt settlement plan 3 HCM City wastewater treatment sector expected to draw Guiding hand 4 investors 36 Will Korean investors launch massive penetration into Ben Tre Province to develop seven wind power projects 37 Vietnam's banking and finance market? 6 PM okays Van Don EZ development 38 First wholly Singapore-owned bank to operate in Vietnam 8 Tra Vinh invites investment for Dinh An economic zone 38 SBV official clarifies MA concerns in banking sector 8 VN among top ten US home buyers 39 Citi launches new Debit Mastercard in Vietnam 9 BIZ NEWS . 39 Multinationals view Asean with renewed optimism 10 Business Briefs July 24, 2017 39 Nearly half trilliondollars needed foressential infrastructure 11 Market turnover plummets 40 FDI attraction in first half records new peak 11 Shares slump on fears of steeper correction 41 Australia partially ends probe against Vietnam's zinc coated steel 11 The newest, richest millionaires in the stock market 41 DOC stops anti-dumping investigation against VN polyester fibre 12 Binh Duong Water Environment JSC debuts on HCM City bourse 42 Vietnam exports 2.66 million tonnes of rice in first half 12 Binh Son Refining and Petrochemical reports positive business Vietnam strives to earn 250 million USD from tea exports in 2017 13 results ahead of IPO 42 Vietnam world's fifth-largest exporter of suitcases, handbags 13 Mekong Capital to divest Loc Troi 44 MoIT extends deadline for requests on anti-dumping steel Cat Linh-Hadong urban railway deadlock persists 45 import tax 14 Grab and Uber choking out traditional competition 45 US Fashion Industry sours on sourcing clothing from Vietnam 14 Bitexco still pursues Binh Quoi-Thanh Da urban area project 46 PM orders close watch on market when US applies Farm Bill 15 Hanoi-Chungcheong air route to be launched this year 47 Govt urges caution in issuing new aviation licenses 15 Vietnam suspends double-decker tour pilot programme 47 Vietnam wastes at least 1 billion USD yearly on over fertilisation 16 Stroke hospital to be built in Can Tho 48 Customs clearance for HCM City importers allowed at ICDs 17 Starbucks opens its first store in Hai Phong City 48 HCM City's equitisation process progresses at snail's pace 18 Binh Duong to launch $42 million plant 49 Ba Ria-Vung Tau urged to strive for higher growth in 2017 18 Binh Thuan looks to expand VietGap dragon fruit area 49 Hope for merger and acquisition push in 2017 19 Bac Giang to revoke slow-moving investment projects in its city 50 Value of M&A deals forecast to reach $5 billion this year 20 Bac Lieu reviews FAO-funded project on shrimp farming 50 Transactions worth $3-4m account for 90pct in Vietnam Numerous violations found in FLC's million-dollar projects 51 M&A market 21 TTC Energy to instal solar panels for Ben Tre department store 52 Bright outlook for franchising in Vietnam 21 HK firm invests to build low-cost multiplexes 52 Attracting investors: PM shows the way 22 Japan-invested firm opens 42 million-USD factory in Binh Duong 53 E-commerce dominates purchasing habits 23 Meada to develop high-end property project in HCM City 53 Are 70-80pct of goods at supermarkets Vietnam-made? 24 Change in emphasis 54 Not to everyone's taste 24 Lotus design for new HCM City airport 55 Are Vietnamese businesses tired of doing business? 26 Vietnam promotes Ngoc Linh ginseng as a national brand 56 Real estate conglomerates vie for Hanoi railway projects 28 Vietnam's tra fish among top-quality items at Japan Aeon Wrapped up 28 supermarkets 57 Government urges competitive coal market 30 Mercedes-Benz sales in Vietnam grow by 60pct in H1 57 VN property market looks to up transparency 31 Major start-up conference, exhibit opens in Da Nang 57 Vietnam reaching a heady high in the global beer business 32 Taiwan expo to showcase green technologies 58 Four big firms share lucrative ice cream market 32 Vietnam Export Forum 2017 to take place in August 59 FINANCE FINANCE Reference exchange 24/JUL/2017 INTELLASIA| VNA rate goes down 3 VND The State Bank of Vietnam announced its reference VND/USD exchange rate at 22,429 at week's beginning VND/USD on July 24, down 3 VND from the end of last week. With the current/- 3 percent VND/USD trading band, the ceiling exchange rate is 23,102 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 24 July 2017 VND per USD and the floor rate is 21,756 VND per USD. Major commercial banks kept their rates stable at the opening hours. Vietcombank offered 22,700 VND (buying) and 22,770 VND (selling), per USD, un- changed from the end of last week. BIDV also posted the same rates as Vietcombank's, with 22,700 VND (buying) and 22,770 VND (selling), per USD, also unchanged from the end of last week. Techcombank kept its buying and selling rates unchanged from July 21 at 22,685 VND and 22,780 VND. http://en.vietnamplus.vn/reference-exchange-rate-goes-down-3-vnd-at-weeks-begin- ning/115275.vnp Various interest rates 24/JUL/2017 INTELLASIA| VNS drop sharply The lending interest rate is expected to further expand with the interest rate reducing sharply in the inter-bank, central bank bill and G-bond markets over the past 10 days. According to a report from Maritime Bank's market research division, a sharp drop in the interest rate has been continuously seen in the G-bond market this week. On Wednesday, the State Treasury issued VND3.6 trillion of G-bond with the interest rates falling sharply. The rates for five-year, 15-year and 20-year bonds declined by 0.21, 0.50 and 0.53 percentage points to 4.48, 5.75 and 6.02 per cent per year, respective- ly. Wednesday was also the third consecutive day the State Bank of Vietnam successfully FINANCE issued bills to withdraw money. The interest rate of the bills dropped sharply to 0.79 per cent per year against 1.1 per cent in the previous session and 1.75 per cent in the same period last year. Despite the significant withdrawal, which totalled nearly VND21 trillion (US$921 mil- lion), the interest rate on dong loans in the inter-bank market continued to slide sharp- ly by 0.19 to 0.44 percentage points, hitting the lowest level from the beginning of this year. Specifically, overnight, one-week, two-week and one-month rates stood at 1.2 per cent, 1.36 per cent, 1.54 per cent, and 2.34 per cent, respectively. The inter-bank market also saw the rate of dong loans sliding to a lower level than that of the dollar. The overnight rate for dollar loans stood high at 1.31 per cent per year on Wednesday. After the central bank cut policy rates by 0.25 percentage points at the start of last week, a series of local banks reduced lending rates for priority sectors by between 0.5 and 1 percentage points per year. http://bizhub.vn/banking/various-interest-rates-drop-sharply_287740.html Credit growth 24/JUL/2017 INTELLASIA| VNA reported at 9.06pct in Vietnam posted a credit growth rate of 9.06 percent as of June 30 compared to the end six months of last year, which did not pressure interest rates, Governor of the State Bank of Viet- nam (SBV) Le Minh Hung said on July 21. He made the announcement at a teleconference to carry out a National Assembly res- olution on bad debt settlement and a plan on credit institution restructuring and bad debt settlement for 2016-2020. Credit in the economy has increased rapidly and evenly month on month, which was not the case in previous years, he noted, adding that loans were mainly poured into production and business activities. Hung said the central bank kept interest rates stable in the first half of 2017 despite high inflation in late 2016 and earlier this year. As inflation is under control and the SBV wants to facilitate business activities, the bank ordered credit institutions to cut interest rates for short-term loans in prioritised fields by 0.5 percent from July 10. The prioritised fields are agricultural and rural development, exports, activities of small and medium-sized enterprises, development of support industries and high- tech companies. Interest rates are at about 6 6.5 percent for short-term loans and 8 10 percent for me- dium- and long-term loans, the Governor added. http://en.vietnamplus.vn/credit-growth-reported-at-906-percent-in-six-months/ 115189.vnp Vietnam's foreign 24/JUL/2017 INTELLASIA| VNEXPRESS reserves at over $42b At the conference on bad debt settlement in connection with the restructuring of credit Intellasia 24 July 2017 2 / 59 Vietnam finance & business 24 July 2017 organisations organised by the State Bank of Vietnam (SBV) on July 21, Governor Le Minh Hung said the national foreign exchange reserves continued to increase in the first six months of this year, reaching over $42 billion.
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