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Finance & Business News 17 July 2017

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Finance & Business News 17 July 2017 finance & business news 17 July 2017 FINANCE . .2 Investors pouring money into transport infrastructure 28 Deposit rates forecasted to decrease in the near future 2 How foreign commercial mediation institutions operate Suitable financial, monetary policies needed to promote growth 2 in Vietnam? 29 Will foreigners be allowed to deposit in Vietnam? 3 Making agriculture attractive to today's youth 30 Local banks perform well in first half of the year 4 Footwear enterprises accelerate production automation 31 Foreign banks scale down business in Vietnam 4 Telecom sector revenue on target 32 13 Vietnamese banks among Top 1000 World Banks 2017 5 Hanoi property market sees lower Q2 sales 32 Standard Chartered APR Limited registers to sell over Vietnamese cosmetic loses in local market 34 600,000 ACB-coded shares 6 Vietnam urged to focus on making 2-wheel vehicles 34 Vietinbank's 1H pre-tax profit up 12pct 6 Vietnam, Turkey end trade talks on positive note 35 Keximbank keen on investing in HCM City urban railway lines 7 Vietnam boosts cooperation with Western Australian 36 Dai-ichi Life Vietnam opens new general agency offices in Hanoi 7 Vietnam seeks cooperation with Russia's Sverdlovsk province 36 WB advises Vietnam to base growth on market momentum 8 Binh Phuoc eyes hi-tech agricultural cooperation with Japan 37 WB forecast: GDP target will not be met 9 BIZ NEWS . 37 Appropriate policies will aid growth: experts 9 Business Briefs July 17, 2017 37 How do unemployed labourers affect GDP growth? 10 Stocks retreat from three-day rally 38 Vietnam debt-to-GDP ratio remains high 11 VN Index near 780 points 39 Inflation may return by the end of 2017: analysts 12 Stock market shows rosy signs 39 FDI investment in IPs, EPZs up 12 Vietnam fastest growing stock market in region 40 Thua Thien-Hue achieves GDP growth of 7.44pct in first half 13 Government asks for publishing list of unlisted, equitised SOEs 41 Export revenue likely to hit $200 billion in 2017 14 State to divest capital from Sabeco, Habeco via open tenders 41 Trade minister asks for diplomats' help in expanding Military companies' shares sought as defense ministry export markets 14 divests from businesses 42 Vietnamese clothiers, shoemakers eye Australia for expansion 15 KDC, TAC to pay dividends in cash 43 Vietnam losing US market due to low-quality agriculture products 16 Industrial parks in Vietnam total 325 43 EU to inspect Vietnam seafood exporters again 17 Nearly 50,000 apartments about to 'bomb' HCM City in Fish, fishery exports to Japan could reach levels not seen next 1.5 years 43 since 2014 17 Can Tho finds ways to boost airport efficiency 44 Vietnamese private rice exporters can bid for Philippines Foreign investors flock to metro projects 44 shipments 18 Open top bus tour launched in Danang 45 Vietnam eases reliance on Chinese products, but imports Dong Nai welcomes 2 million visitors in six months 45 more from Korea 19 Plan to promote social initiatives 46 Import of goods for trading in VN: procedures for foreign and Indonesia's Jababeka Group eyes investment in central Vietnam 46 Vietnam-based merchants 19 Vinamilk eyes 80 trillion VND revenues by 2021 47 Rice recovery no cause for cheer 21 Military-run Viettel widens gap with VNPT & MobiFone 47 Son La-grown green mango to be shipped to Australia 22 PVN reports positive H1 results 48 HCM City's IPs draw 384 million USD in investment 22 IDM Vietnam launches digital marketing training programme 49 Arbitration court gains investor trust 23 Thaco Truong Hai Chu Lai, the most successful business Replace workers with machines: experts 24 in Quang Nam 49 Conflicting numbers of private enterprises 24 ABB launches Food and Beverage Customer Day 50 How to succeed start-ups? 25 Ly Son Island restricts plastic bag use 50 Ho Chi Minh city supports startups 27 Vietnamese firms to join large-scale organic and natural Garment manufacturers feel pressure from foreign fashion expo in Thailand 51 brands 27 Vietfood & Beverage Propack 2017 expo to run in August 51 FINANCE FINANCE Deposit rates 17/JUL/2017 INTELLASIA| TRI THUC TRE forecasted to decrease The State Bank of Vietnam (SBV) has decided to lower 0.5 percent/annum of short-term in the near future lending rates in dong for priority sectors and 0.25 percent/annum of operating rates since July 10. As per HCM City Securities Company (HSC), this interest rate adjustment will slightly 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 17 July 2017 affect the general interest rates. However, this is a positive information. "This suggest that there is the isolation in interest rates between Vietnam and the U.S which is difficult to predict at the beginning of the year. And with this decision, the State Bank seems to be comfortable with the monetary policy", said HSC. This company believes that in theory, lower refinancing and discount rates will be ben- eficial to banks borrowing from the State Bank through discount or refinancing chan- nels. This means the input cost of some state-owned commercial banks, especially Agribank and Vietcombank, will be lower. "However, we believe that there will have little impact on commercial joint stock banks as short-term interbank interest rates are recently low, about 2-3 percent and are diffi- cult to be further reduced. We also suppose that the reduction of short-term lending rates for certain sectors will have moderate impact on lending rates. Some loans will have slightly lower interest rates when the preferential interest rates are currently about 6-7 percent/year. In addi- tion, preferential loans are usually subject to limited support packages", said HSC. At the same time, HSC forecasts that the average interest rates, mainly deposit rates, will decrease next month or in the following months. The average lending rate will also be affected at a smaller extent. This move does not significantly affect the profits of banks in this year, though it may help increase slightly the profit margin. Leader of a joint stock bank in the South said the State Bank's decision to lower interest rates will more or less affect the business results of banks in this year. He also said de- FINANCE posit rates will tend to decrease but will not diminish right at this moment. Another expert said theoretically, when operating rates decrease, commercial banks may borrow from the State Bank at lower interest rates, and then lending rates in the market will decline, causing deposit rates to lessen accordingly. However, in fact, the reduction of 0.25 percentage points for operating rates is too small, so commercial banks are difficult to immediately reduce deposit rates, especial- ly medium and long-term interest rates. The reason is if commercial banks lower input rates, the capital mobilisation may fall accordingly. This is very difficult to be accepted when the total capital mobilisation and total money supply in the first six months of 2017 only grew by less than six percent while credit swelled nearly eight percent. In fact, the slow capital mobilisation in the first six months of 2017 was partly because the State Bank could purchase only few US dollars so only few dong was injected to the market. This also contributed to SBV's decision to reduce operating rates to pump dong through government bond channel. In the long term, the injection of dong through government bonds will hike because the US dollars in the market will be increasingly less. Therefore, the reduction of oper- ating rates is more likely to be a trend if the monetary and credit targets remains high. When operating rate falls to a certain level, commercial banks will have to lower de- posit rates accordingly. That many commercial banks are willing to lower lending rates while not reducing de- posit rates is because they believe that operating rates will continue falling in the near future and deposit rates will also have to decrease accordingly. Suitable financial, 17/JUL/2017 INTELLASIA| VNA monetary policies Management agencies need to focus on financial and monetary policies besides long- needed to promote term solutions such as restructuring the economy, reforming State-run businesses, and growth developing private economy to promote economic growth in the remaining months of this year, heard a workshop in Hanoi on July 14. Deputy minister of Planning and Investment Nguyen The Phuong said the business and investment environment improved in the first six months of 2017 with the expan- sion of the gross domestic product (GDP) growth, stable macro-economy and curbed inflation. Some restrictions such as high public debts, ineffective operation of State-run compa- nies, and unsustainable growth of private businesses should be addressed, he said. According to economists from the Academy of Policy and Development under the Ministry of Planning and Investment, financial and monetary policies are on the right track but they fail to catch up with reality. Therefore, relevant agencies need to improve the management efficiency, especially the responsibilities of individuals and leaders, participants said. They evaluated that the exchange rate controlling policy of the State Bank of Vietnam is suitable with the economic reality, noting that if the exchange rate is not controlled, it will pose negative impacts on the economic growth. Intellasia 17 July 2017 2 / 51 Vietnam finance & business 17 July 2017 Experts suggested curbing the exchange rate amplitude between 2-3 percent to stabi- lise the monetary market.
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