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Investors feel insecure about Ho Chi Minh City Stock Exchange congestion, move to other bourses

March 9, 2021 by bizhub.vn

Two investors look at stock prices on a laptop in HCM City. — Photo courtesy of Vietnambiz.vn

The chronic congestion on the Ho Chi Minh City Stock Exchange (HoSE) has caused losses for retail investors, making them insecure.

Instead of congestion, and errors, only in the afternoon or near the close like previously, errors are now occurring even in the morning.

For example, on March 5, just after the market opened, the security live board froze and failed to show realtime prices.

Nguyen Kha, a veteran investor in HCM City, said he punched in an order to sell HBC shares on March 3 when it jumped to above VND18,500 (US$804 million), but only half his order was matched, and in the next few days had to sell at below VND18,000 since he needed money, losing VND1,000 per share.

Another investor on HoSE said he has been in a constant state of insecurity recently and cannot do any other work after placing orders since one needs to watch the screen to see if the order is matched.

This insecurity has caused many investors to switch to trading on the Hanoi Stock Exchange (HNX) and UPCoM, causing shares there to skyrocket in terms of both price and trading.

On March 4 UPCoM saw trading worth VND1.7 trillion, twice the normal average.

Drastic solutions

To tackle the overload at HoSE, the State Securities Commission (SSC) said it is speeding up installation of a new trading system provided by the Korean Exchange (KRX).

Last week it instructed the temporary transfer of shares from HoSE to HNX to much acclaim from both investors and analysts, but a difficult task since listed companies need to get approval from their shareholders.

Besides, it could take securities companies one to two months to meet the technical changes involved in identifying the shares transferred to the HNX.

Some need even six to nine months.

Dr Nguyen Van Thuan of the University of Finance and Marketing told Thanh Nien (Youth) newspaper however that since this solution has the least impact on investors and companies, the SSC could make it not mandatory for companies to get approval.

The settlement between the two exchanges and securities companies is an internal issue, and so the switch could be accelerated, he pointed out.

If the problem lasts much longer, not only investors but also the stock market and the economy itself would suffer badly, he added. — VNS

Filed Under: Markets Ho Chi Minh City Stock Exchange, HOSE, SSC, State Securities Commission, HNX, Markets, State Securities..., the common room project ho chi minh, vietnam ho chi minh mausoleum, ho chi minh mausoleum tickets

Vietnamese overseas celebrate International Women’s Day

March 9, 2021 by en.qdnd.vn

The Vietnamese women’s union in Malaysia hosted the charity auction on its Facebook page, auctioning products made by female Vietnamese expatriates. In just over an hour, more than 100 different products were sold for nearly 7,500 RM (42 million VND), which was channelled into the union’s charity fund to help disadvantaged people.

The friendship association of Vietnamese in Macau, which has more than 8,000 female members, held a meeting and musical festival in a bid to cheer up participants and encourage them to overcome the difficulties amid the pandemic.

Meanwhile, the association of Vietnamese in Vientiane held a celebration and a contest to honour Vietnamese women in the country.

Vu Tu Oanh, a counsellor at the Vietnamese Embassy in Laos, lauded the female group’s contribution to the growth of the association.

Source: VNA

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Book on VN-Russia relationship launched in Moscow

March 9, 2021 by vietnamnews.vn

The book compiled by Vietnamese ambassador to Russia Ngô Đức Mạnh was launched last weekend in Moscow. VNA/VNS Photo Trần Hiếu

HÀ NỘI — A book on the 70 years of Việt Nam-Russia relations was launched in Moscow recently.

The book consists of five parts including 700 images and documents classified into diplomatic events and co-operation activities between the two countries in politics, economy, defence-security, culture, education, science, and people-to-people diplomacy.

The book was compiled by Vietnamese Ambassador to Russia Ngô Đức Mạnh to promote relations between the two countries.

“In my new position, I have favourable conditions to turn my wish into reality. I have collected, systematised and compiled the book,” said the ambassador at the book launching ceremony last weekend in Moscow.

Attending the ceremony were representatives of the Russian Ministry of Foreign Affairs, Federation Council, State Duma, administrations of Moscow, Saint Petersburg, and other localities, as well as local scholars, people and Vietnamese expatriates.

Speaking at the event, ambassador Mạnh said the book is a gift of gratitude for leaders, people, and readers of the two countries, which, he said, shared a traditional friendship of closeness, trust, mutual understanding and support during the wartime and in the current national construction cause.

The 624-page book gives an overview of the Việt Nam-Russia ties and introduces Vietnamese President Hồ Chí Minh’s activities in Russia, who set the foundation for bilateral relations.

In the book’s introduction, Vietnamese Deputy Prime Minister and Minister of Foreign Affair Phạm Bình Minh wrote today’s Việt Nam-Russia relations have inherited from the Việt Nam-Soviet Union relationship with the precious assets of sincere affection, and mutual support and assistance, forging a strong and loyal friendship between the two nations.

Russia was the first country that Việt Nam established a strategic partnership in 2001 and a comprehensive strategic partnership in 2012.

Chairwoman of the Federation Council Valentina Matviyenko stated the friendship, formed when Việt Nam was fighting to safeguard its independence years ago, has been fortified over the past years and become a common asset of both nations. — VNS

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Word Bank, Green Climate Fund provide Việt Nam with $86.3 million to spur energy efficiency investments

March 9, 2021 by vietnamnews.vn

Workers from Vietnam Electricity (EVN) instruct a business owner in Hà Nội’s Thanh Oai District on how to use power economically and efficiently. — VNA/VNS Photo

HÀ NỘI — The World Bank, acting on behalf of the Green Climate Fund (GCF), has signed a grant worth US$11.3 million with the State Bank of Việt Nam to support the development of a commercial financing market for industrial energy efficiency investments.

The total financing from the GCF also includes a $75 million guarantee.

Out of the grant, $8.3 million will be used to build capacities for the private sector to identify, appraise and execute energy efficiency projects.

It will also provide technical assistance to the Ministry of Industry and Trade and authorities to strengthen policy frameworks and regulations and create an enabling environment to accelerate the energy efficiency market in Việt Nam.

The remaining grant funds and the guarantee will be used to establish a risk-sharing facility to provide partial credit guarantees to support local banks who may risk potential defaults on loans for energy efficiency projects.

By reducing lending risks, the facility is expected to mobilise about $250 million of commercial financing to be provided to industrial enterprises and energy service companies at competitive terms and with low collateral requirements.

Carolyn Turk, Country Director for the World Bank in Việt Nam, said: “Scaling up energy efficiency is the single best and lowest cost option to achieve multiple goals at once: meeting energy demand, preventing pollution and reducing greenhouses emission while also increasing industry competitiveness.”

“Against the context of limited public financing for energy, the risk-sharing facility is an innovative financial instrument to crowd in private sector investment financing for a greater uptake of industry-wide energy efficiency measures,” she added.

The grant and guarantee are executed under the ‘Việt Nam Scaling up Energy Efficiency Project’ which aims to support the country in achieving energy efficiency targets in the Green Growth Strategy as well as emission reduction objectives under the National Determined Contributions.

According to the World Bank, as a country whose level of energy intensity and emission intensity is among the highest in the region, Việt Nam is actively embarking on the green energy transition and decarbonisation pathway.

The World Bank’s Low Carbon Study estimates Việt Nam could save up to 11 GW of new generation capacity by 2030 if comprehensive demand-side energy efficiency investments are carried out. The energy efficiency investment need for key industries in Viet Nam has been estimated at around $3.6 billion. — VNS

Filed Under: Uncategorized Vietnam News, Politics, Business, Economy, Society, Life, Sports, Environment, Your Say, English Through the News, Magazine, vietnam war, current news, ..., market data providers to investment banks, energy efficiency investments, green energy providers, energy efficiency providers, green deal energy providers, another word for energy efficient

State budget revenue up in first two months

March 9, 2021 by en.qdnd.vn

Domestic revenue stood at 246.65 trillion VND, equivalent to 21.8 percent of the estimate and marking a year-on-year rise of 2.8 percent.

After conducting 3,400 inspections and checking 16,500 corporate tax filings, tax agencies proposed 3.4 trillion VND in fines be imposed, including 780 billion VND for the State budget. Some 345 billion VND has been collected, together with 5.1 trillion VND in tax debts.

State budget expenditure reached 207.3 trillion VND in the first two months, or 12.3 percent of the estimate and down 6 percent year-on-year. Of this, 23.49 trillion VND was for development, or 4.9 percent of the estimate and down 32.4 percent.

According to the ministry, debt interest payments fell 14.3 percent to 21.88 trillion VND while regular expenditure was up 1.2 percent year-on-year to 161.8 trillion VND.

Some 12,760 tonnes of rice from the national reserve were provided for residents in disaster-hit areas. Up to 27 trillion VND worth of Government bonds were issued.

In the remaining months of this year, the ministry will continue using the national reserve, as requested by the Prime Minister, and implement bids to buy rice for the reserve.

Source: VNA

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Party Central Committee discusses whole-term working agenda, personnel work

March 9, 2021 by en.qdnd.vn

In the morning, members of the committee discussed in groups the working agenda of the committee throughout the 13th tenure after listening to a proposal on the agenda, which was presented by Politburo member and permanent member of the Party Central Committee’s Secretariat Vo Van Thuong.

In the afternoon, they attended a plenary session to listen to the Politburo’s proposal on the completion of the nomination of candidates for a number of leadership positions in State agencies in the 14th tenure of the 2016-2021 term and the 15th tenure of the 2021-2026 term.

After that, members of the Party Central Committee discussed in groups this proposal which had previously been presented by Politburo member and Chairman of the Party Central Committee’s Organisation Commission Pham Minh Chinh.

The plenum of the Party Central Committee is scheduled to conclude on March 9.

Source: VNA

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