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Workers unload products at one of Lam Thao Fertilizers And Chemicals’ warehouses. The company shares increased by 10 per cent on Wednesday. — Photo supelamthao.vn

Viet Nam’s stock market ended higher on Wednesday as the VN-Index bounced back in the afternoon session.

The Hanoitimes – The program is designed exclusively for Vietnam amid a rise in Facebook users in the country.

The “Facebook for Vietnam” program that puts existing and newly created programs in Vietnam under one hashtag is a way that the world’s largest social media platform has launched to assist the digital transformation in the Southeast Asian country.

Daniel Kritenbrink, US Ambassador to Vietnam. Photo: Facebook Vietnam

In partnership with the US Mission to Vietnam partners, this program is part of activities to celebrate the 25th anniversary of the Vietnam-US relations.

To be launched from May to December 2020, the campaign with the hashtag #fb4vn is a first-of-its-kind comprehensive program designed exclusively for Vietnam.

The program includes five pillars namely Innovation, Safety and Digital Literacy, Community, Cities, and Digital Economy.

#fb4Innovation covers start-up supporting initiatives, programmers, and innovation-driven campaigns.

#fb4Safety and Digital Literacy focuses on safety on social networks, including protective measures for women and children, prevention of child abuse, and digital skills equipped for youth.

#fb4Community includes initiatives to bring people together and use technology for good.

#fb4Cities supports localities in their efforts to build e-government and smart cities through coordinated programs in various fields.

#fb4Economy contributes to the business community, mostly small- and medium-sized enterprises, and promote tourism and education in Vietnam after Covid-19.

Number of Facebook users in Vietnam from 2017 to 2023. Source: Statista

“As we celebrate the 25th anniversary of diplomatic relations this year, the “Facebook for Vietnam” campaign, which further expands Facebook’s socio-economic development projects throughout the country, demonstrates both Facebook’s and the United States’ long-term commitment to the prosperity of Vietnam,” said Daniel Kritenbrink, US ambassador to Vietnam.

Nguyen Anh Nguyet, Facebook’s Vietnam Public Policy Director, said Vietnam, with a digital economy that is growing at a remarkable pace, is an important market for Facebook.

With this campaign, Facebook wants to work more closely with the government, partners, non-profit organizations, and others to help Vietnam quickly recover from the global health crisis while creating opportunities for people to build digital literacy skills, helping businesses grow and creating jobs in the digital economy, she said.

In recent years, Facebook has collaborated with different partners in Vietnam to implement projects that help boost the nation’s socio-economic growth. Such projects include #SheMeansBusiness & “Facebook Community Boost” that provided training and consultation for more than 10,000 small and medium-sized enterprises, including 6,500 businesswomen. In 2019, the “We Think Digital” program offered digital skills training to 244,813 secondary schoolchildren and 1,277 teachers in 13 provinces and cities across Vietnam.

Vietnam is among top 10 countries having the largest Facebook using community, with 47.1 million users.

The Hanoitimes – The head of Vietnam’s stock market watchdog urged players to trust the internal strengths of the economy and the resilience of Vietnam’s stock market.

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, is considering a number of solutions to help investors and securities firms overcome negative impacts of the Covid-19 epidemic and global turmoil, according to the SSC’s Chairman Tran Van Dung.

Chairman of the SSC Tran Van Dung.

Among them are lowering fees for some brokerage services and easing regulations on margin trading, Dung told Vietnam Financial Times.

At the close on March 9, the benchmark Vn-Index plunged 6.28% to 835.49, the biggest tumble since May 2014 when the standoff between Vietnam and China occurred after China moved an oil rig into Vietnam’s waters.

Dung, however, noted the liquidity of the Hochiminh and Hanoi stock exchanges remained abudant with nearly VND6.5 trillion (US$278.69 million) traded, indicating investors were buying in battered stocks.

Besides, foreign investors remained net sellers but at a moderate amount of VND230 billion (US$9.85 million) on March 9, Dung added.

Dung said the freefall of the stock market was a common situation globally, especially as “all bad news came at one time” that directly impact investor sentiment, including the sharpest decline of oil price since 1991, prompting Goldman Sachs to predict Brent oil could drop to US$20 per barrel this year.

On early March 9, the Japanese government issued lower-than-expected economic data for 2019, heightening fears the global economy may come to a recession under the growing impacts of the Covid-19 epidemic.

The Federal Reserves (FED) on March 3 cut interest rates by 0.5% in an emergency move, prompting 65% of traders to expect the FED to continue lowering interest rates by 0.75% in the upcoming meeting on March 17. If it happens, the cut in the federal funds rate would take the borrowing cost in the short-term markets down to a range of 0.25% – 0.5% and raise concern over the US and global economies going to slow down.

For the Vietnamese stock market, new cases of Covid-19 infections were the main reason for shares going downhill, Dung said. However, Vietnam’s successful containment of the epidemic is just a matter of time, given strong determination of the government and the public.

Moreover, in the mid- and long-term, credit and fiscal support packages from the government will no doubt help enterprises recover, Dung added.

Dung urged enterprises, intermediary financial institutions and investors to trust the internal strengths of the economy and the resilience of Vietnam’s stock market.

Such confidence would help the market to rebound sooner and avoid unnecessary sell-offs, Dung stated.

In the coming time, the SSC would continue to closely monitor the market and only intervene out of necessity, Dung added, stating the authority would strictly punish cases of market manipulation or providing false information for unfair gains.

The Hanoitimes – The move ended a retail brand name that has been familiar with local customers for the past 22 years.

Central Group Vietnam, the owner of the retail chain Big C Vietnam, has announced its decision to rename the brand into GO! and Tops Market, officially ending a name that has been familiar with local customers for the past 22 years.

Big C supermarkets are now renamed into Tops Market.

The change was actually delayed by nearly five years against Central Group’s original plan. In 2016, the Thai-based group had completed the acquisition of Big C Vietnam from France’s Casino Group.

Central Group is entitled to use the Big C brand in 10 years, but it wanted to change the name right after completing the deal. However, the transition was not easy due to the prestige of Big C brand among local customers.

Starting from March 1, 2021, three Big C supermarkets in Ho Chi Minh City, including Big C An Phu, Big C Thao Dien and Big C Au Co have changed their names to Tops Market.

In Hanoi, the four Big C super markets, including the Garden, Ha Dong, Nguyen Xien and Le Trong Tan, are scheduled to complete the change into Tops Market in this third quarter.

The Hanoitimes – The new change is set to take effect from March 3, 2021, under a SSC’s instruction once a technological solution could fully solve the current overload issue on HOSE.

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has instructed the Hanoi Stock Exchange (HNX) to process transactions of stocks from the Ho Chi Minh Stock Exchange (HOSE) to ease the latter’s overload issue.

Investors at a securities center in Hanoi. Photo: Viet Dung

The move came after the Ministry of Finance (MoF) gave the nod for temporarily moving stocks listed on the HOSE, home to the majority of large-caps, to the HNX, which is mainly responsible for government bond transactions and management of the derivatives market.

Under the decision, public firms that want to move their stocks to HNX would need to submit in writing of such request along with a resolution of the Board of Directors or from the annual general shareholder to both the HNX and HOSE.

The SSC expected the HNX to process stocks moving from HOSE without applying a procedure for new listing of shares, while the mechanisms of transaction, supervision and reporting and information declaration should be the same as those already on the HNX.

“Both two stock exchanges should cooperate in monitoring transactions of these stocks to ensure continuity in state administration in this regard,” noted the SSC.

However, an option to move to the HNX would not apply for stocks under the VN30 Index, comprised of the 30 largest stocks on the HOSE.

Once completed, both HOSE and HNX are tasked with publishing related information to enterprises and investors.

The new change is set to take effect from March 3, 2021, under SSC’s instruction once a technological solution could fully solve the current overload issue on HOSE.

The frequent overload of orders forcing the stock exchange to halt market trading is causing frustration among investors.

Both before and after the Tet holiday, the overload occurred multiple times on HOSE whenever liquidity in a trading session hit around VND14-17 trillion (US$608-738 million).

The SSC attributed the overload issue on the HOSE to the transaction processing capacity of the stock exchange that limits the number of transactions per day, while a recent surge of orders has exceeded the expectation of the market.

The Hanoitimes – The new change is set to take effect from March 3, 2021, under a SSC’s instruction once a technological solution could fully solve the current overload issue on HOSE.

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has instructed the Hanoi Stock Exchange (HNX) to process transactions of stocks from the Ho Chi Minh Stock Exchange (HOSE) to ease the latter’s overload issue.

Investors at a securities center in Hanoi. Photo: Viet Dung

The move came after the Ministry of Finance (MoF) gave the nod for temporarily moving stocks listed on the HOSE, home to the majority of large-caps, to the HNX, which is mainly responsible for government bond transactions and management of the derivatives market.

Under the decision, public firms that want to move their stocks to HNX would need to submit in writing of such request along with a resolution of the Board of Directors or from the annual general shareholder to both the HNX and HOSE.

The SSC expected the HNX to process stocks moving from HOSE without applying a procedure for new listing of shares, while the mechanisms of transaction, supervision and reporting and information declaration should be the same as those already on the HNX.

“Both two stock exchanges should cooperate in monitoring transactions of these stocks to ensure continuity in state administration in this regard,” noted the SSC.

However, an option to move to the HNX would not apply for stocks under the VN30 Index, comprised of the 30 largest stocks on the HOSE.

Once completed, both HOSE and HNX are tasked with publishing related information to enterprises and investors.

The new change is set to take effect from March 3, 2021, under SSC’s instruction once a technological solution could fully solve the current overload issue on HOSE.

The frequent overload of orders forcing the stock exchange to halt market trading is causing frustration among investors.

Both before and after the Tet holiday, the overload occurred multiple times on HOSE whenever liquidity in a trading session hit around VND14-17 trillion (US$608-738 million).

The SSC attributed the overload issue on the HOSE to the transaction processing capacity of the stock exchange that limits the number of transactions per day, while a recent surge of orders has exceeded the expectation of the market.