Vietnam Financials

Hastc-Index up, VN-Index down

2007-09-11T20:02:00.000+07:00

HCM bourse :The session this morning saw exactly what happened in the session earlier. Stocks of medium and low prices saw continuous price escalations, while those of high prices and market capitalization fell sharply. The electronic board was overwhelmed with green as roughly one half of the listed stocks rose. The market’s statistics showed that there were 52 rising stocks, 47 falling ones

Vinamilk says Jan-August profit $43 million

2007-09-11T19:57:00.000+07:00

Vietnam's top dairy product maker, said on Tuesday it made a profit of 702 billion dong ($43.4 million), or 78 percent of its annual target, in the first eight months of this year. Vinamilk had revenues of 4.37 trillion dong in the January-August period, or 58.8 percent of its annual target, the firm said in a statement of unaudited results. It did not say if the profit was gross or net. The Ho

Vincom to float in $600 mln listing

2007-09-11T19:53:00.000+07:00

Vietnam property developer Vincom (VIC) will float all of its 80 million shares on Ho Chi Minh Stock Exchange next week in $600 million stock market listing, the company said on Tuesday.The Hanoi-based company will float the shares at starting price of 119,000 dong ($7.4), similar to the average price Vincom shares were sold to retail investors at an auction of five million shares in July this

Gemadept says 2008 profit to jump 50 pct

2007-09-11T19:51:00.000+07:00

Vietnam's top forwarder Gemadept Corp (GMD) forecast its profit next year would jump 50 percent from this year as it puts an office building, a port and a warehouse into operation."Even if we cannot increase our current business, next year we will have, maybe, a 50-percent profit increase compared to 2007," Gemadept CEO Do Van Minh told Reuters in an interview on Monday at the company's Ho Chi

Reverse moves on bourses

2007-09-10T18:13:00.000+07:00

HCM bourse :The session this morning saw reverse moves made by the Northern and Southern bourse. In HCM bourse, that one half of the listed stocks moved in the upward trend failed to keep the VN-Index from sliding. In Hanoi bourse, 57 out of 89 listed stocks rose, but HaSTC index inched up slowly. The Southern bourse’s total volume saw slight decrease the third session in a row but still exceed

Idicies increase

2007-09-07T20:41:00.000+07:00

HCM bourse :This morning saw the second consecutive rise of the market. Price indicators moved up, fueled by the advancing impetus gained in the session earlier.There were reportedly around 50 rising stocks, 35 falling stocks and 30 stills, which prompted the Vn-Index to rise to 934.13 points, up a slight 5.77 points or 0.62% against the session earlier. The total matched volume remained high.

Stock indexes increase slightly

2007-09-06T17:58:00.000+07:00

HCM bourse :After yesterday’s falls on both bourses, the situation was somewhat relieved today when increases were witnessed. Vn-Index rose a slight 2.79 points, while HaSTC index saw a 0.85 point rise. Though not as heavy as yesterday’s , today’ s trade remained one among the heaviest for the last couple of month.There were reportedly around 54 rising stocks, 33 falling stocks and 28 stills.

Imexpharm expects 6 pct profit rise

2007-09-06T17:57:00.000+07:00

Imexpharm (IMP), Vietnam's second largest pharmaceutical firm, expects its net profit to rise 6.1 percent to 50 billion dong ($3.1 million) this year, the company report said on Thursday.Imexpharm, based in the Mekong Delta province of Dong Thap, expected revenues of 530 billion dong ($33 million) this year, up from 525 billion dong last year.The company, which specialises in antibiotics and

Vietnam to export steel by 2010

2007-09-06T17:54:00.000+07:00

Under the strategy on steel industry development from 2007-2015 with a vision towards 2025, which has been approved by the Prime Minister, Vietnam strives to export 0.5mil tonnes of steel of different kinds.According to the Ministry of Industry and Trade, the total volume of finished steel to be demanded by 2010 will be 11-12mil tonnes. The figures will be 15-16mil tonnes by 2015 and 24-25mil

Finance leasing unfamiliar to Vietnamese companies

2007-09-06T17:53:00.000+07:00

The first finance leasing company was established in Vietnam 11 years ago, and only 11 finance leasing companies have been set up in the last 11 years.In the US, finance leasing every year provides 25-30% of the total credit funding enterprises’ purchasing and selling of equipment. The turnover from finance leasing activities is $17bil a year in the Republic of Korea, and the figure is $3bil in

Sacombank reports soaring profit

2007-09-06T17:50:00.000+07:00

The gross profit of Sacombank (STB), Vietnam's sixth-largest lender, in the first eight months of this year was nearly double that of the whole of 2006, an executive was quoted on Thursday as saying.The profit was 900 billion dong ($55.7 million), up from a pre-tax 543 billion dong last year, Sacombank chairman Dang Van Thanh was quoted by the Securities Investment newspaper as telling a company

Vietnam eyes more ambitious 2008 growth of 9.2 pct

2007-09-06T17:48:00.000+07:00

Vietnam said on Thursday it has raised its economic growth target to between 9.1 percent and 9.2 percent next year from an earlier 8.7 percent, with the aim of boosting incomes and reducing poverty.Prime Minister Nguyen Tan Dung told a cabinet meeting on Wednesday that GDP growth of 9 percent or more was attainable, the government said in a report on its Web site (www.chinhphu.gov.vn).Dung told

VN-Index, HaSTC-Index on the decline

2007-09-05T18:00:00.000+07:00

Closing the session this morning, the number of matched shares reached a high 8.9 million units, worth a consolidated VND 771 billion. Heavy trade witnessed , yet the majority of stock was matched at lower prices, prompting the VN-Index to close down 4.28 points, or 0.46% at 925.57 points. Of the 115 listed stock, including the new comer ALC, 36 were reportedly on the rise, while 53 others fell

Bao Minh teams up with US insurance giant

2007-09-05T17:53:00.002+07:00

The Bao Minh Insurance Joint Stock Company on September 4 signed an agreement with Federal Insurance Company (Labuan), a wholly owned subsidiary of US-based insurance giant – Chubb Corporation, to offer speciality liability insurance inside Viet Nam.Under the agreement, Bao Minh, one of the country’s major insurance players will provide speciality liability insurance products for securities

Share items with ‘little room’ remain attractive

2007-09-05T17:53:00.001+07:00

Foreign investors are scrambling to purchase shares of companies in which the room for foreign investors is nearly run out, despite the fact that the PE indexes of these companies remain relatively high.The information about the changes in foreign ownership ratio in AGF (down from 49% to 45%) after the issuance of additional shares has given foreign investors the opportunity to buy more AGF. The

Acquisitions: a back-door market entry?

2007-09-05T17:49:00.000+07:00

Acquiring an existing company is an increasingly attractive investment option for both foreign and domestic investors seeking to increase market share quickly.ANCO Joint Stock Co, a domestic food and beverage maker, acquired a Nestle milk plant in the town of Ba Vi in Ha Tay Province. The acquisition includes a license to use the Nestle brand name for one year on fresh milk and yogurt products

Vinashin inks major deals with Malaysian partners

2007-09-05T17:46:00.000+07:00

State-owned Vietnam Shipbuilding Industry Group, or Vinashin, has said it will set up new joint ventures with the Malaysian-based budget airline AirAsia and Lion Group to form a new carrier and build a steel mill in central Vietnam.A Vinashin official told the Daily that a letter of intent for the establishment of a low-cost carrier in Vietnam was signed between AirAsia and Vinashin Group in the

VN-Index, HaSTC-Index bounce back

2007-09-04T19:34:00.000+07:00

HCM bourse :As expected, the market opened the new month with upbeat signs and the majority of stocks reportedly on the rise. The market price indicators in HCM and Hanoi market saw significant added points, putting an end to their strings of pullback sessions, which contributed to the lessened interests and patience of local investors in the last “dreadful” month of August.What happened in the

13 joint stock banks waiting to be set up

2007-09-04T19:33:00.000+07:00

By the end of August 2007, 13 applications to establish new joint stock banks had been put on the table of the State Bank Governor.Following the wave of setting up securities companies, the wave of establishing new banks has been kicked off, experts say.In fact, the race to establish banks started at the same time as the race to establish securities companies, in early 2006. However, in the past

Stock market to recover by year’s end?

2007-09-04T19:28:00.000+07:00

The stock market is expected to see optimistic signs in the third and fourth quarters of the year, when listing companies begin reaping fruits in their business.Though the stock market is still lackluster with falls in prices, experts still believe that the bourse will recover its prosperity by the end of the year.The good performance of listing companies, the interest of foreign investors in

Racing against time to achieve economic growth rate of 8.5%

2007-09-04T19:25:00.000+07:00

To obtain the target for GDP growth rate of 8.5 percent set by the National Assembly and control the inflation rate, the Government and localities must make more effort and introduce stronger measures.Earlier August 2007, Doctor Vo Tri Thanh, head of the Department for International Economic Integration Policy under the Central Institute for Economic Management (CIEM), said the target for GDP

Stock indexes record modest bumps

2007-08-31T18:24:00.000+07:00

The last trading session of the week saw improvement made by the two price indices on the Northern and Southern bourses.HCM bourse:HCM was reported to see a stunning high trade against yesterday’s poor performance, which was partly attributed to the system’s technical breakdown. The market price indicator saw its second consecutive rise. Vn-index closed at 908.37 points, up a slight 4.43 points,

Power Company joins hand with securities firm

2007-08-31T18:22:00.000+07:00

Power Company No. 1 and Ha Thanh Securities signed a comprehensive strategic cooperation agreement on Aug. 30.Under the agreement, the power company will contribute capital to Ha Thanh Securities, while Ha Thanh is expected to pour capital in power transmission, real estate and finance services projects invested by Power company No. 1.Ha Thanh will become a partner in providing outline

Supply side shocks, liquidity drive inflation

2007-08-31T18:20:00.000+07:00

Headline inflation picked up in August from 6.6 per cent at the end-2006 to 8.6 per cent year-on-year. This represents an inflation of 7.4 per cent in the first eight months of the year, somewhat below the real GDP growth of 7.8 per cent during the first half of the year.Rising inflation was initially induced by a rapid increase in food prices, for example in staple crops, and then later in other

Bosses try to ease investors’ jitters

2007-08-31T18:15:00.000+07:00

The heads of four leading Vietnamese companies met with shareholders yesterday to allay fears amid tumbling share prices.Investors fired more than 30 questions at bosses of the Refrigeration Electrical Engineering Corporation (REE), the Cables and Telecom Materials Company (SAM), the Gemadept Corporation (GMD) and the Kinh Do Corporation (KDC).Top of investor concerns was falling prices - despite

It’s time to buy shares

2007-08-31T18:12:00.000+07:00

The Hong Kong and Shanghai Banking Corporation (HSBC) has released a new report in a series of reports about Vietnam’s national economy and financial market.In the report, HSBC’s experts advise investors to buy Vietnamese stocks at this moment.At the end of January 2007, HSBC gave the forecast that the VN Index would stand at the 900 point level by the end of this year, and the forecast was

What can big corporations’ cooperation deals bring?

2007-08-31T18:08:00.000+07:00

Analysts have been talking about the trend of “brand name trading”. This is when big corporations signs agreements on strategic partnership and cooperation.A lot of cooperation agreements have been signed recently, between the Vietnam Post and Telecommunications Group (VNPT) and three corporations, Vincom (real estate developer), BIDV (bank) and Vinaconex (construction); between BIDV and the

What’s the fate of 6 blue chips on HOSE?

2007-08-31T18:05:00.000+07:00

Having the total capitalisation volume of VND120tril ($7.5bil), six share items, SJS, STB, FPT, VNM, PPC, and PVD, now account for one-third of the total listing market capitalisation.Domestic and foreign investors always refer to the prices of the six blue chips when making investment decisions, considering these the barometer of the stock market.Several days ago, foreign investors were given an

VN-Index surpasses 900 point benchmark

2007-08-30T18:27:00.000+07:00

Modest rises were witnessed in the two bourses this morning. In HCM bourse, VN-Index closed another session surviving the 900 level. The index closed at 903.94 points, up a slight 2.77 points against the session earlier. The market saw roughly 4.83 million shares changing hands, worth a combined VND 426.51 billion. The thing worth noting in the session this morning was HOSE’s electronic board

Kinh Do sees one third '07 profit rise

2007-08-30T18:25:00.000+07:00

Vietnam's Kinh Do Food Corporation (KDC) expects its net profit to rise by one third this year and to complete the takeovers of two subsidiaries, including North Kinh Do Food Co (NKD), an executive said on Thursday.Le Phung Hao, Deputy General Director of the Ho Chi Minh City-based firm, said this year's net profit would rise 37.8 percent from 2006 to 332 billion dong ($20.5 million) and to 572

Sacom to invest $24.7 mln in new bank

2007-08-30T18:20:00.000+07:00

Vietnam telecommunications cable maker Sacom (SAM) plans to invest 400 billion dong ($24.7 million) in a 20-percent stake in a start-up bank, its chief executive said on Thursday.Sacom, Military Bank and major construction firm Song Da Urban & Industrial Zone Investment and Development Joint Stock Co (SJS) would each contribute 10 percent to form the bank, Sacom Chief Executive Officer Do Van

REE makes foray into banking, brokerage

2007-08-30T18:17:00.000+07:00

Vietnamese engineering firm Refrigeration Electrical Engineering Co. (REE) plans to invest in two start-up banks in Vietnam as it diversifies into financial services, its chief executive said on Thursday.Communist Vietnam's banking sector is experiencing growth of more than 20 percent in loans and deposits, fuelled by a fast-growing economy where 85 million people hold just 5 million bank

Vietnam's Gemadept to build $410 mln container port

2007-08-30T18:16:00.000+07:00

Vietnam's top forwarder Gemadept Corporation will start building a $410 million deep-water container port in early 2008 to handle more transhipments, its chief executive said on Thursday."So far transhipments are carried out in Singapore, Taiwan or Hong Kong but when we put the port into operation, ships from the United States could come directly to Cai Mep port for transhipments to regional

Shinpetrol to start small refinery in Sept

2007-08-30T18:12:00.000+07:00

LPG trader Shinpetrol (VSP) will start operating a small oil refinery with an initial capacity of 2,000 barrels per day in southern Vietnam next month, state media reported on Thursday.The refinery in the Mekong Delta city of Can Tho was expected to have an internal rate of return of 23.46 percent, the Dau Tu Chung Khoan (Stock Investment) magazine quoted Chief Executive Nguyen Duy Hung as

Govt gives green light on Vietcombank equitisation

2007-08-30T18:11:00.000+07:00

The plan on equitising Vietcombank was approved in principle by the government yesterday, Vietcombank’s leader confirmed this morning, saying that the official decision would be made next week.The government has agreed to the proposals of international consultants and auditors relating to the bank’s appraisal in accordance with international standards. This means that Vietcombank’s appraisal

VND devaluates 0.8%: Citibank

2007-08-30T18:08:00.000+07:00

Citibank experts say in a newly released report that the local currency has lost 0.8% in value since July 2007, and that the VND is at risk of further devaluating in the time to come.Citibank on August 29 released a report about Asia’s economy, which mentions the key problems of Vietnam at this moment: inflation, monetary policy and external risks.The report says that there are no signs of

PM’s decision brings millions of clients to banks

2007-08-30T18:07:00.001+07:00

The instruction by the Prime Minister on paying salaries to state officials through bank accounts proves to be good news for banks as banks will have several million more clients.State employees at ministries, government agencies, and central People’s Committees will receive their salaries through bank accounts under a newly-implemented instruction passed by the Prime Minister.In fact, salary

Rule to tighten cap on insurance company shareholding

2007-08-30T18:04:00.000+07:00

A draft Ministry of Finance regulation would limit individuals and organisations to holding no more than 10% and 20%, respectively, of insurance company's total equity.The policy would apply to both domestic and foreign investors, said the ministry.The limits would help ensure that insurance companies are not dominated by a few major shareholders and would help maintain sustainable development

FPT opens cell-phone and laptop shops

2007-08-30T18:00:00.000+07:00

FPT Retail Co., a subsidiary of the big information technology firm FPT, launched on Tuesday four shops retailing cell phones and laptops in HCMC and Hanoi, marking its first business activity since establishment early this year.Le Quang Vu, managing director of FPT Retail, said at the opening ceremony that "the new retail shop chain marks FPT Retail's debut in Vietnam mobile retail market and

Ensuring IP rights, due diligence in an M&A deal

2007-08-30T17:57:00.000+07:00

The nation is witnessing an increasing trend towards mergers and acquisitions among both Vietnamese and foreign companies. One of the most important factors in ensuring the success of an M&A deal is for the acquiring company to conduct proper "due diligence," lawyer-speak for the process whereby the potential buyer evaluates the target company and its assets.While lawyers have long focused due

Sabeco IPO progresses cautiously

2007-08-30T17:55:00.000+07:00

Leading beverage maker Sabeco will continue with its equitisation, but may move slower than expected as it attempts to list shares during the current period of uncertainty on the stock exchange.The company’s IPO is still slated for some time in the fourth quarter, and is still receiving a great deal of attention from investors.Nguyen Quang Minh, the company’s general director, says equitisation

VN-Index drops below 900 points

2007-08-29T17:51:00.000+07:00

Ho Chi Minh City’s VN-Index dropped 7.91 points or 0.87 percent to slump below the 900 point barrier by the end of trading on August 29.Finishing up on 894.67 points, the exchange had little reason to cheer as only 23 stocks rallied for games at the session. 3.8 million shares worth 351.5 billion VND were traded during the morning run.The Capital City’s HaSTC-Index fared a little better as it

Indochina Capital buys stake in BIM Seafood

2007-08-29T17:49:00.000+07:00

The Ha Long Investment and Development Company (BIM Group) on Aug. 28 announced the establishment of the BIM seafood joint stock company (BIM Seafood), the first shrimp processing association model in Viet Nam that will see 20 percent stake go to Indochina Capital.The signing of a strategic cooperation pact between BIM Seafood and Indochia Capital Vietnam Holdings (ICVH), will allow ICVH to play

Real estate market heating up as securities fever cools

2007-08-29T17:47:00.000+07:00

As the stock market keeps falling down and bank deposits cannot bring high profit, investors are turning to inject money in real estate projects, making the market warmer.No price fever is occurring on the real estate market; prices are just moving up gradually as the demand is expected to increase as more Viet Kieu will return home to settle down when they can enjoy visa waivers, and foreigners

Banks continue funding securities investments

2007-08-29T17:45:00.000+07:00

While many joint stock banks have announced ceasing loaning to securities investors, other banks are trying to push up this operation, which proves to bring high profit.SeABank Hanoi, for example, on August 20 announced that it would cooperate with SeABank Securities Company, belonging to the bank, to provide loans to securities investors with the mortgages being the securities themselves.The

SSC to have information about ATIP shares checked

2007-08-29T17:41:00.000+07:00

The State Securities Commission (SSC) has promised to have the information about ATIP (ATI Petroleum) shares clarified after the government on August 8, 2007 requested that the Ministry of Finance and SSC provide faithful information about ATIP to investors.According to SSC, ATIP is a foreign enterprise, established and now operating in Nevada state in the US. On July 4, 2001, ATIP got an

New banks to be born

2007-08-29T17:37:00.000+07:00

The number of applications for establishing new banks now on the table of the Governor of the State Bank of Vietnam has reached 20. The well-informed circle says that the central bank will give answers on the applications in October.Big general corporations are all making capital contributions to set up banks, despite the worries about unmarketable shares, which have prompted Vietcombank, MHB and

Hanoi bourse welcomes 89th company

2007-08-29T17:34:00.000+07:00

Two and a half million shares of the Song Da No 6.06 Joint Stock Company were officially listed on the Hanoi Securities Trading Centre under the symbol SSS on August 28, bringing the total companies listed on the centre to 89.On its first trading session, 10,200 SSS shares were traded at an average price of VND 50.700 a share.The company is the 20th member of the Song Da Corporation listed on the

Textile exports reach 5.1 billion US$ after 8 months

2007-08-29T17:32:00.000+07:00

The garment and textiles industry posted a massive 5.1 billion USD in exports revenues for the first eight months of the year, representing a year-on-year surge of 30 percent.The US remains to be Viet Nam’s largest market by importing almost 3 billion USD of products or a 20 percent increase over the same period last year. The figure represented a 60 percent share of Viet Nam’s gross garment

VN-Index dips slightly after gains

2007-08-28T18:32:00.000+07:00

The VN-Index at the Ho Chi Minh City Stock Exchange reported a miniscale decline by the end of the August 28 trading session by closing at 902.58 points, a dip of 6.49 points.The market saw 4.9 million shares worth over 518.3 billion VND changing hands on the day.Both Imexpharm Pharmaceutical JSC (IMP) and Domesco Medical Import & Export JSC (DMC) topped the list of 35 gainers by tacking 7,000

Jan-Aug industrial output to rise 17 pct y/y

2007-08-28T18:31:00.000+07:00

Vietnam's January-to-August industrial output is expected to rise 17.1 percent from a year earlier to 377.07 trillion dong ($23.3 billion), but crude oil production has slowed, the government said on Tuesday.The industrial sector, making up a third of Vietnam's economy, helped lift gross domestic product by 7.87 percent in the first half of the year from the same period a year earlier.But crude

Price increases stopped by drastic measures

2007-08-28T18:25:00.000+07:00

he prices of food, poultry meat, seafood and dairy products have been stabilised, while the prices of steel, import cars and electric products have been decreasing in some areas.Regarding food prices, though rice exporters are trying to collect rice to fulfill signed export contracts, the rice price has still decreased by VND50-100/kg thanks to the superfluous supply, now selling at VND4,600-

Price increases – reverse effects of WTO admission

2007-08-28T18:22:00.000+07:00

he price increases in the last eight months, according to economist Pham Chi Lan, have been explained as reverse effects of Vietnam’s admission to the WTO due to shortcomings in the management of the national economy.The consumer price index (CPI) has increased by 6.78% through August, and 8.57% over the same period last year. The most worrying thing is that rural areas have exceeded urban areas

Vietcombank fails to keep IPO timetable

2007-08-28T18:20:00.001+07:00

The Vietnam Bank for Foreign Trade (Vietcombank) cannot make IPO prior to August 30 as previously planned as the government has not given the green light on the IPO plan.Vietcombank announced in February 2007, right after it signed a contract with Credit Suisse on equitisation consultancy, that it would make IPO at the end of July or August at the latest, and have its shares listed on the bourse

Indexes see slight increases

2007-08-27T22:02:00.000+07:00

Both of the country's bourses in Ho Chi Minh City and Ha Noi experienced slight increases after the conclusion of the August 27 trading session.The VN-Index at the HCM City Stock Exchange rose 3.59 points to finish at 909.07 points.Today's session had 6.2 million shares worth nearly 543 billion VND change hands.Binh Dinh Mining (BMC) continued topping the list of 51 shares that recorded gains by

San Miguel looks to expand brewing in Vietnam

2007-08-27T16:17:00.000+07:00

San Miguel Corp of the Philippines said Friday it wants to expand brewing operations in Viet Nam and possibly into neighboring Cambodia.Local press reports said San Miguel, Southeast Asia's largest publicly-listed food, beverage and packaging group, would spend up to eight million dollars to build up the capacity of its Viet Nam plant."The company confirms that it intends to expand its presence

VN-Index records sharp increase

2007-08-24T17:46:00.000+07:00

The VN-Index at the Ho Chi Minh City Stock Exchange climbed 17.86 points after the conclusion of the August 24 trading session to finish at 905.48.As many as 7.563 million shares worth 660.955 billion VND changed hands with Binh Dinh mining (BMC) topping the list of 88 shares recording gains by adding 24,000 VND onto its listed price. BMC was followed by Tay Ninh Cable Tour with an 18,000 VND

VNPT signs strategic pact with Vincom

2007-08-24T17:45:00.000+07:00

Viet Nam Post and Telecommunications Group (VNPT) and Vincom Joint Stock Company on Aug. 23 signed an agreement making them strategic partners.The agreement involves closer cooperation between the two companies, so that they will become strategic shareholders and customers of each other’s respective enterprises.While VNPT will become the main supplier of telecom equipment for Vincom’s real estate

VN-Index slides, HaSTC-Index bounces back

2007-08-23T17:55:00.000+07:00

The Ho Chi Minh City Stock Exchange (HOSE) reported losses again while its Ha Noi-based counterpart bounced back by the end of the August 23 trading session.The VN-Index at the HOSE dropped 4.45 points or 0.5 percent to finish at 887.62 points. Close to 6 million shares, worth more than 439 billion VND, changed hands during the day.The session witnessed 52 shares decline, 22 remain unchanged and

Vietcombank says H1 2007 profit drops, assets up

2007-08-23T17:54:00.000+07:00

Bank for Foreign Trade of Vietnam, the country's third largest, said on Thursday its first-half profit fell 22.7 percent but its assets were up 9.8 percent at 183.4 trillion dong ($11.3 billion) at the end of June.The six-month net profit was 1.02 trillion dong ($63 million), down from 1.32 trillion dong in the same period last year, the unlisted bank, also known as Vietcombank, told the Ho Chi

Indices decline

2007-08-22T20:17:00.000+07:00

Both the Ho Chi Minh City Stock Exchange (HoSE) and its Ha Noi counterpart reported small losses by the end of the August 22 trading session.The VN-Index at the HoSE sunk 3.65 points or 0.4 percent from the previous trading session to end the day at 892.07 points with more than 5.8 million shares worth over 516 billion VND being traded. The HoSE saw 35 stocks rallying for gains, 22 remain

Stock market awaiting new investment funds

2007-08-22T16:47:00.000+07:00

Experts believe that the current gloomy stock market will become brighter if more investment funds enter Vietnam, calming down domestic investors and raising the securities demand. However, management companies seem to be continuing to wait for their time.Twelve investment fund management companies were established in 2006. However, only the Hanoi Fund Management Company (HFM) announced the

Market gloomy, idle capital has nowhere to go

2007-08-22T16:44:00.000+07:00

The stock market has fallen, bank deposits bring low interest rates, the real estate market remains frozen: investors do not know where to inject their idle money.It proves to be quite difficult for investors to earn money at this moment. They cannot inject money in stocks any more as the market has been falling for the last three months. Prices of blue chips have decreased by 30-40% compared to

Bank shares prices to bounce back

2007-08-22T16:43:00.000+07:00

Bank share prices will recover sooner or later, experts say. However, the prices will not reach previous levels, when the overly hot stock market made shares overvalued.On the OTC market, bank share prices have been decreasing by 50-60% in the last time compared to the beginning of the year. On the official market, ACB and STB still have not seen any signs of recovery. However, experts assert

Rubber firm shares drop 20 pct on debut

2007-08-22T16:36:00.000+07:00

Shares in Vietnam's Thong Nhat Rubber Company (TNC) dropped limit down 20 percent on their debut on the Ho Chi Minh City Stock Exchange on Wednesday.TNC set a starting price at 50,000 dong ($3.1) each for the shares' first day of listing but investors only paid 40,000 dong ($2.47) for each of the total 98,380 shares sold during Wednesday's trading session, figures from the exchange showed.The

VN-Index up, HaSTC-Index down

2007-08-21T15:55:00.000+07:00

The Ho Chi Minh City Stock Exchange (HOSE), Viet Nam's largest, continued its recent rebound while its Ha Noi-based counterpart suffered another successive loss, albeit a minimal one, by the end of trading on August 21.The VN-Index, which measures the value of the HOSE, jumped 5.7 points (or 0.64 percent) to finish at 895.72 points. More than 6 million shares, worth nearly 516 billion VND,

2007-08-20T19:53:00.000+07:00

The rise in several blue chips today saw the VN-Index climb 2.09 points to end the session at 890.02. The slight recovery doesn’t mean a boom, but it does put a touch of brightness on the gloom of the previous week, in which prices fell steadily and left investors questioning when the bear market would end. Among the top market caps, PPC put on an impressive performance, rising VND1,500 to

Vincom to list on HCM City Stock Exchange

2007-08-20T18:18:00.000+07:00

Vincom has received regulatory approval to list 80 million shares on the Ho Chi Minh City Stock Exchange, raising its charter capital from 600 billion VND (37.5 million USD) to 800 billion VND.The company predicts 2007 revenue will reach 220 billion VND, with profit at about 127 billion VND.Vincom has also received the go ahead to expand into golf course construction and entertainment

M&A deals booming in stock market age

2007-08-20T18:15:00.000+07:00

With the rapid development of the stock market, merger and acquisition (M&A) deals have been booming as enterprises consider this a good way to get bigger.According to the Ministry of Industry and Trade’s Competition Administration Department (CAD), the value of M&A cases in 2007 may triple 2006. The M&A deals in the first half of the year were worth $626mil, which was double 2006’s value and 15-

Putting OTC market under management – when?

2007-08-20T18:13:00.000+07:00

State management authorities are trying to speed up the compilation of legal documents, based on which, the OTC market will be put under management, expected for early 2008.State Securities Commission (SSC) plans to put the OTC market under management in early 2008. However, experts fear that the short time left (four months) until early next year will not be enough time as a lot of things still

IPOs go from dazzling to duds during lengthy market downturn

2007-08-20T18:11:00.000+07:00

Now may not be the best time to hold an initial public offering (IPO) or issue additional shares given recent stock failures as the securities market heads further into chaos.For example, Song Da Industrial Zone and Urban Development and Investment JSC attempted to auction six million additional shares on the Ho Chi Minh City Stock Exchange (HOSE) on August 10 at an initial price of VND235,000 a

Petrovietnam service unit sets Sept 12 share debut

2007-08-20T18:09:00.000+07:00

Petrovietnam Tourism and Services Company, a subsidiary of state oil group Petrovietnam, said on Monday it would make its debut on the country's main stock market, the Ho Chi Minh Stock Exchange, next month.The Ho Chi Minh City-based firm, also known as Petrosetco, would list all 25,530,000 shares on Sept. 12, Chairman Tran Cong Tao said in a statement.The firm is valued at $98.5 million, based

VN-Index falls below 900-point mark

2007-08-17T19:45:00.000+07:00

Both the Ho Chi Minh Stock Exchange (HOSE) and the Ha Noi Securities Trading Centre continued their downward trend by the end of the August 17 morning trading session.By closing, the VN-Index at the HOSE dropped 12.33 points or 1.38 percent to finish at 887,93 points. Almost 4.4 million shares, worth nearly 428 billion VND, were traded during the day.The market witnessed 74 shares fall, 21 remain

Kinh Do bakery buys stake in Sai Thanh software solutions

2007-08-17T18:17:00.000+07:00

Commercial baker Kinh Do (KDC), which is listed on the HCM City stock exchange, has expanded its activities into training by buying a stake in the Sai Thanh Solutions Company (SSC).KDC chairman Tran Kim Thanh said the company had set up its own training centre but needed a professional consulting and training firm to better satisfy staff and client needs.KDC has acquired 40 per cent of SSC, which

JP Morgan to advise Vinamilks listing abroad

2007-08-17T18:15:00.000+07:00

Dairy company Vinamilk , Vietnam's largest listed firm, said on Friday it had picked JP Morgan to advise on its overseas listing, the first by a Vietnamese firm.Vinamilk, or Vietnam Dairy Products Company, said in a statement issued through the Ho Chi Minh Stock Exchange that it had chosen JP Morgan as adviser after completing its assessment of bids on Thursday.The Ho Chi Minh City-based firm did

Central bank to issue bonds to check inflation

2007-08-17T18:12:00.000+07:00

The State Bank of Vietnam (SBV) plans to reduce excess liquidity in the financial markets by issuing bonds in a move to curb inflationary pressure.Nguyen Dong Tien, SBV deputy governor, said on August 13 that the central bank plans to continue keeping liquidity in check to rein in inflation, which accelerated to 8.39% year-on-year in July.His statements came during a press briefing held by

VN-Index and HaSTC-Index continue slide

2007-08-16T18:14:00.000+07:00

The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) continued to fall by the end of the August 16 morning trading session.By closing, the VN-Index fell 15.08 points or 1.65 percent to finish at 900.26 points. Nearly 4 million shares, worth close to 392.95 billion VND, were traded during the day.Blue-chips like the Corporation for Financing and Promoting Technology (FPT), Bien Hoa

VOSCO to raise $46 mln in IPO

2007-08-16T18:09:00.000+07:00

Vietnamese shipping firm VOSCO said on Thursday it would sell about 50 million shares, or a third of the company, in an initial public offering next month to raise at least $46.2 million for fleet expansion.The shares would be sold in an auction at the Hanoi over-the-counter exchange on Sept. 12 starting at 15,000 dong ($0.9) each, the company said in a statement published by the State Securities

MoF attempting to ease requirements on stock auditors

2007-08-16T18:08:00.000+07:00

The Ministry of Finance (MoF) is trying to lower requirements on auditing companies, hoping to settle the problem of the lack of auditors for the stock market.MoF said it was amending Decision No 76 on auditing companies eligible for the stock market, setting easier requirements on auditing companies. With the new regulation, there would be 23 auditing companies eligible to provide auditing

SBV fights inflation, commercial banks’ wings clipped

2007-08-16T18:05:00.000+07:00

In order to curb inflation, the central bank has to apply several urgent measures. However, the measures, while helping the central bank hit the mark, have been creating big difficulties for commercial banks.Since July 30, 2007, the State Bank of Vietnam has three times raised the required compulsory reserve ratio for bank deposits. The ratio for demand deposits and less-than-12-month deposits

Foreign investors aren’t leaving Vietnam

2007-08-16T18:02:00.000+07:00

CEO and Co-founder of VinaCapital Don Lam, who is also the Chairman of the Vietnam Infrastructure Ltd, has denied the report that foreign investors are trying to withdraw from Vietnam.Foreign investors have not sold shares in the last three months, they just have not bought them. This is also one of the reasons that made the market fall, Mr Don Lam said, trying to explain the fluctuations in the

Dollar surges to VND16'200

2007-08-16T18:00:00.000+07:00

The local foreign exchange market witnessed a strong surge of the dollar against the local currency by end of last week and early this week.The market was trading the greenback at VND16,180 to the dollar in the first days of last week, but the hard currency suddenly rose up significantly last Friday to close last week at VND16,210.The big movement was attributed to a high dollar overnight

VinaCapital launches infrastructure fund

2007-08-16T17:58:00.000+07:00

VinaCapital officially launched Vietnam Infrastructure Limited (VNI), a US $402 million fund dedicated to investment in Vietnam’s rapidly growing infrastructure sector, at a ceremony held in Hanoi this afternoon.The amount of money would be invested in infrastructure projects in Vietnam in field of energy, traffic system, water supply system and telecommunications, said Mr Don Lam, CEO and

ACB has a strong growth in Jan-July

2007-08-16T17:57:00.000+07:00

Asia Commercial Bank (ACB), Vietnam's fifth largest, said on Thursday it made a gross profit of 1 trillion dong ($61.8 million) in the first seven months of this year compared with $42 million for all of 2006.The Ho Chi Minh City-based bank also said in a statement its assets had jumped 40 percent to 62.52 trillion dong ($3.86 billion) between the end of 2006 and July 31.ACB, which expects a 2007

Both VN-Index and HaSTC-Index slide

2007-08-15T20:22:00.000+07:00

The VN-Index at the Ho Chi Minh City Stock Exchange (HOSE) dropped again by the end of the August 15 morning trading session after rallying for gains the previous day.By closing, the VN-Index fell 7.81 points or 0.85 percent to finish at 915.34 points. Nearly 3.7 million shares, worth more than 364 billion VND, were traded during the day.Blue-chips like the Corporation for Financing and Promoting

Domestic-made market surveys booming

2007-08-15T20:17:00.000+07:00

A lot of market surveys conducted by domestic financial institutions have been released in the last one month.Investors now have a lot of choices when they want reliable reports and market surveys to refer to before making investment decisions. Besides the reports released by foreign HSBC or Merrill Lynch, they can also seek information and advice in domestic-made reports by SSI, VDSC or BVSC.SSI

REE's 7-month profit soars 55.6 pct y/y

2007-08-15T20:16:00.000+07:00

Vietnam's Refrigeration Electrical Engineering Co. (REE) said on Wednesday its pre-tax profit jumped 55.6 percent in the first seven months of 2007 from a year earlier to nearly $15 million on strong construction demand.The Ho Chi Minh City-based firm, also known as REE, said in a statement issued through the Ho Chi Minh Stock Exchange the seven-month profit accounted for 71.22 percent of its

VN-Index on the up, HaSTC-Index falls again

2007-08-14T18:41:00.000+07:00

The VN-Index at the Ho Chi Minh Stock Exchange (HoSE) rallied to add on 14 points or 1.51 percent to close at 923.15 points by the end of the August 13 trading session after a sharp decline the day before.Over 5.1 million shares worth nearly 495.4 billion VND changed hands.The market saw 84 stocks gain, including blue-chips Binh Dinh Minerals (BMC), Tay Ninh Cable Car Tour (TCT), and North Kinh

Local insurers dominate non-life market

2007-08-14T18:40:00.000+07:00

Vietnamese firms, led by Viet Nam Insurance Corporation (Bao Viet), have won over world giants such as France’s Prevoir and US AIG, ACE Life and New York Life to garner 80 percent of the domestic non-life insurance market.The Viet Nam Insurers’ Association said so far 19 businesses are operating in this burgeoning sector, which enjoyed a five-year high of 20 percent growth in the first half of

Saigontourist invests in upgrading Grand Hotel

2007-08-14T18:37:00.000+07:00

Saigontourist Holding Company (Saigontourist) has invested 328 billion VND (20.5 million USD) into the Grand Hotel, adding more floors, more rooms, and more amemities.This move aims to transform and upgrade the old building in district 1, Ho Chi Minh City, to five-star standards,The new Grand Hotel will be built on a 2,780 sq.m site and will feature 20 floors with 233 rooms.Saigontourist is

RIC may beat profit target

2007-08-14T18:33:00.000+07:00

The Taiwan-backed operator of Vietnam's biggest casino, Royal International Corp (RIC), may beat its profit target this year as it taps into the country's booming tourist industry by opening a Sheraton hotel in Halong Bay.The company, which was floated on the Ho Chi Minh Stock Exchange <.VNI> last month, said it expects to post a net profit of $10 million for the whole of 2007, more than triple

France Telecom eyes big stake in Vietnam MobiFone

2007-08-14T18:31:00.000+07:00

France Telecom aims to buy a large stake in Vietnam's second-largest mobile phone service provider, MobiFone, state media quoted its chief executive as saying."We hope to participate with the highest stake possible," France Telecom CEO Didier Lombard was quoted by the Dau Tu (Investment) newspaper on Tuesday as saying."Vietnam is a market with potential for growth. Moreover, when we seek the

Vietnam doubles forex reserves, fights inflation

2007-08-14T18:28:00.002+07:00

Vietnam has enough foreign exchange reserves to cover 20 weeks of imports, a senior central bank official was quoted on Tuesday as saying."We have dozens of billions of U.S. dollar in reserves," the Thanh Nien newspaper quoted Deputy Governor of the State Bank of Vietnam Nguyen Dong Tien as saying."While the foreign exchange reserves were just enough to cover nine to 10 weeks of imports, now they

Two-digit inflation rate won’t occur

2007-08-14T18:28:00.001+07:00

The government will instruct ministries to take necessary action to curb inflation; two-digit inflation rate will not occur, government officials said yesterday at a press conference to announce the Prime Minister’s conclusions about measures to curb the price increases.When asked if the government would ask the National Assembly to adjust the approved plan for CPI growth rate as the prices

Foreign investors reduce stakes in two companies

2007-08-14T18:25:00.000+07:00

Deutsche Bank has announced the sale of 19,560 shares in the Ho Chi Minh City Infrastructure Investment Joint Stock Co, reducing its stake from 5.04 percent to 4.97 percent.The bank continues to hold nearly 1.5 million shares in the company.The Cable and Telecommunications Materials Co (SAM) also announced that Wareham Group Ltd’s stake in the company had been reduced from 12.68 percent to 10.51

Banks tighten securities investment funding

2007-08-14T18:23:00.000+07:00

Banks have begun taking action to tighten the funding of securities investment deals in order to bring their outstanding loans to stock investors to below 3% of total outstanding loans as the central bank has required.The Director of the Saigon Housing Development Bank at the end of June 2007 released a decision to stop funding securities investments immediately. The bank has also stopped the

Low fines turn securities law into a toothless tiger

2007-08-14T18:22:00.000+07:00

Authorities have recently punished a number of individuals and organisations for violating regulations in securities transactions, but analysts say the penalties haven't been strict enough.Investors were eager when the State Securities Commission (SSC) first issued a decision to punish an investor in HCM City in late June with a fine of VND30mil (US$1,875) for entering into collusion to distort

Indices drop further

2007-08-13T20:08:00.000+07:00

The Vn-Index at the Ho Chi Minh Stock Exchange (HoSE) saw a remarkable decrease of 26.53 points or 2.83 percent to close at 909.15 points by the end of the August 13 trading session.Today's total trading volume also dropped with 4 million shares worth nearly 408.5 billion VND changing hands.The market saw only 10 stocks gain, 95 other decline and eight stocks remain unchanged.Blue-chipper Binh

Life insurers becoming optimistic again

2007-08-13T20:02:00.000+07:00

The life insurance market, which has experienced two years of falling down, now is showing signs of recovery, according to the Vietnam Insurance Association (VIA).The last two years witnessed the decline of the life insurance market with the APE (Annual Premium Equivalent) decreasing by 3-3.5% in 2005 and 2006. Big names like Prudential, AIA and Manulife all saw premiums down and lost their

VAFI considering setting up club of minority shareholders

2007-08-13T20:00:00.000+07:00

The idea of setting up a club of minority shareholders, which has been suggested by Head of the Division for Macroeconomic Studies Research under the Central Institute of Economic Management (CIEM) Nguyen Dinh Cung, is being considered by the Vietnam Association of Financial Investors (VAFI).Mr Cung said that in Vietnam there existed legal loopholes which could cause small shareholders, called ‘