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Business Beat

Property firms opt for bonds as bank loans dry up

February 10, 2019 bizhub Leave a Comment

Earlier, in August, Vingroup issued 84 million preference shares on a private offering basis to Hanwha Viet Nam Opportunity Private Fund 1 for over VND9.3 trillion ($400 million). — Photo Vingroup Last month, property developer Vingroup unveiled plans to sell 20 million non-convertible bonds at VND100,000 (US$4.39) each in two phases without any covered warrants or guaranteed assets. The total value of the issuance will be VND2 trillion ($87.8 million), and, according to Vingroup, it will help partly repay its bank loans and achieve its financial targets. Earlier, in August, Vingroup issued 84 million preference shares on a private offering basis to Hanwha Viet Nam Opportunity Private Fund 1 for over VND9.3 trillion ($400 million). A Vingroup spokesperson said the majority of the money raised from that issuance would be used for the company’s housing and social infrastructure projects. Also in August, a subsidiary of Vingroup, Vinhomes, issued 20 million three-year bonds … [Read more...] about Property firms opt for bonds as bank loans dry up

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CPTPP bonanza awaits Vietnamese exporters

January 27, 2019 bizhub Leave a Comment

Viet Nam will be among the countries enjoying the most opportunities from the CPTPP though there will also be big challenges. — Photo vietnambiz On January 14, the Comprehensive and Progressive Agreement for Trans-Pacific Partner (CPTPP) came into effect in Viet Nam, two weeks after six Pacific Basin Countries, Australia, Canada, Japan, Mexico, New Zealand, and Singapore, adopted it. It comes as a reminder that trade liberalisation efforts continue and that trade patterns are constantly shifting, irrespective of trade disputes. The CPTPP is a sweeping accord that liberalises trade and investment in 11 economies in the Pacific Basin: Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam. Ultimately it will remove 95 per cent of the current tariffs on trade between the partners. It is considered an important milestone in Viet Nam’s global integration. According to analysts, Viet Nam will be among the countries enjoying the most … [Read more...] about CPTPP bonanza awaits Vietnamese exporters

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Government set to develop derivatives market

January 13, 2019 bizhub Leave a Comment

Officials from the Hà Nội Securities Commission (HNX) said the derivatives transaction numbers averaged 78,800 per session, seven times higher than the number in 2017. — Photo tinnhanhchungkhoan.vn On the first day of the new year the Government issued Resolution No 01/NQ-CP/2019 for the robust development of the securities market, especially the derivatives segment. In 2018 the VN-Index was down 9.3 per cent, which created an opportunity for the derivatives segment to come into its own. Officials from the Ha Noi Securities Commission (HNX) said the derivatives transaction numbers averaged 78,800 per session, seven times higher than the number in 2017. The open interest numbers were consistently rising, reaching 21,635 contracts by year-end, 2.7 times last year’s figure. Open interest is the total number of options and/or futures contracts that are not closed or delivered. Experts said the main reason for the derivatives market’s strong growth last year … [Read more...] about Government set to develop derivatives market

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Why SBV keeps dong weak against US dollar

January 6, 2019 bizhub Leave a Comment

On December 11 the State Bank of Viet Nam reduced the value of the dong against the US dollar by VND9 from the previous day to VND22,775 (US$1). The selling price of the greenback at the central bank’s transaction offices was also adjusted to VND23,408 though the buying price was kept unchanged at VND22,700. At commercial banks, the price of the greenback did not see strong fluctuations. Vietcombank still kept its selling and buying prices at VND23,265 and 23,355. Similarly, BIDV kept its rates unchanged at VND23,260 and 23,350. Market observers said the central bank has been adjusting its daily reference rate for the dong against the dollar constantly since early December though the adjustments have been minor. Why does the central bank continue to devalue the Vietnamese currency when globally the dollar is weakening after the US and China agreed to halt their trade war for 90 days? For instance, in the Asian dollar market, the dollar index, which tracks the greenback against … [Read more...] about Why SBV keeps dong weak against US dollar

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Banks earn increasing profits from services

December 23, 2018 bizhub Leave a Comment

In the first nine months of the year, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank)’s pre-tax profit exceeded the full-year 2017 figure and closed in on the year’s target. — Photo soha.vn In the first nine months of the year, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank)’s pre-tax profit exceeded the full-year 2017 figure and closed in on the year’s target. Thanks to a decline in provisioning for risky loans from 36.2 per cent to 29.9 per cent, the profit surged by 47 per cent year-on-year to VND11.68 trillion (US$516 million). Notably, its net profit from services was up 34 per cent to VND2.63 trillion. Explaining the reasons for the impressive results, a bank executive said profits from non-credit activities increased sharply and contributed 30 per cent of the profits. In addition, the lender’s investments became more selective, focusing on effective products, the executive said. Military … [Read more...] about Banks earn increasing profits from services

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