The central bank’s flexible management of monetary policy and the return of capital into markets around the world would have positive impacts on Vietnam’s market. Foreign investors sway back to the local stock market amid Vietnam’s bright economic outlook in the long term, according to a report from the SSI Securities Corporation. An investor at a securities company in Hanoi. File photo In July, Vietnam’s stock market witnessed a net outflow of VND347 billion (US$14.8 million) following a net inflow of VND8.37 trillion ($358 million) during the first six months of the year. Active funds also pulled a net amount of VND163 billion ($7 million) in July after two months of buying in. Among the lot, VFM VNDiamond withdrew VND522 billion ($22.3 million) in July after buying in a net amount of VND5.6 trillion ($239.4 million) in the first half, VanEck with VND300 billion ($12.8 million), and VFM VN30 with VND120 billion ($5.13 million). On the contrary, Fubon … [Read more...] about Vietnam’s positive outlook lures foreign investors back to stock market
Explain micro and macro economics
As profits disappear from NFT game Axie Infinity, so too do players
The HCMC office worker first heard of the NFT-based game last summer, and, after a few weeks of research, decided to invest US$1,000 into three non-fungible tokens linked to in-game characters called "axies." Axies and "smooth love potion" (SLP), the game’s reward for winning battles using axies, are its two selling points since they can be exchanged into money. Axies can also be "bred" with SLP and another token called AXS to produce new NFTs. Price of Axies, SLP and AXS suddenly surged last year, tracking the boom in the popularity of the game as players from developing countries found it a prominent source of income amid the Covid-19 pandemic. Kha then quit his job and invested all his savings in the game, but prices have fallen since the end of 2021 without any signs of recovery. In March its Ronin network was hacked, and some $625 million worth of Ethereum and USDC cryptocurrencies was stolen. An AXS token now is worth $18, a 10th of its peak price last year. Kha … [Read more...] about As profits disappear from NFT game Axie Infinity, so too do players
55 years of ASEAN – One vision, One identity, One community
It has also become the fifth largest economic community in the world, a reliable and important partner of countries, and played a central role in dialogues, important cooperation and connectivity in the region. In an article in celebration of ASEAN’s 55th birth anniversary (August 8, 1967 - 2022), Vietnamese Foreign Minister Bui Thanh Son recalled that the birth of ASEAN on August 8, 1967 was the start of the process of an intensive connectivity for peace, stability, and development in Southeast Asia and the region. Building an ASEAN Community with common vision and identities The grouping gathered countries divided by war. Its inception reflected the common aspirations of many countries in the region for peace, stability, friendship, and win-win cooperation. According to FM Son, Vietnam’s admission to ASEAN in 1995 paved the way for the building of an ASEAN common house connecting 10 Southeast Asian countries. In 1997, ASEAN, for the first time, approved the ASEAN Vision … [Read more...] about 55 years of ASEAN – One vision, One identity, One community
Ho Chi Minh City transport department proposes banning long-haul buses from inner city
The Ho Chi Minh City Department of Transport has proposed that long-haul buses be banned from the inner city in a bid to alleviate traffic jams and eliminate makeshift bus stops. The transport department suggested a road map to ban long-haul buses with over 30 seats from entering the inner city. In the first phase from 2022 to 2025, sleeper buses will be prohibited from traveling into the inner city area inside the corridor from National Highway No. 1 (Thu Duc City, District 12, Binh Tan District, Binh Chanh District) - Nguyen Van Linh Street (Binh Chanh District, District 7) - Vo Chi Cong Street (Thu Duc City) - Dong Van Cong Street (Thu Duc City) - Mai Chi Tho Street (Thu Duc City) - Hanoi Highway (Thu Duc City). In the second phase from 2025 to 2030, long-haul buses with over 30 seats, except for city buses, funeral cars, official vehicles, and tourist buses, will not be allowed to enter the inner city from 6:00 am to 10:00 pm daily. The transport department believed that … [Read more...] about Ho Chi Minh City transport department proposes banning long-haul buses from inner city
In Vietnam, online vendors seek ways to avoid taxes
After Vietnam's tax authorities enhanced the collection of taxes from traders on digital platforms, including social networks and e-commerce sites, many traders are seeking ways to avoid paying them or pass the buck to buyers. Shopping on websites, e-commerce platforms, and social networks is a national trend. E-commerce has boomed in Vietnam with revenue of some US$13.7 billion in 2021. The figure is forecast to reach $39 billion by 2025. However, the tax revenue from this sector has not risen commensurately its growth. Multiple tricks to avoid taxes Minh Thu, living in Thu Duc City, a district-level city in Ho Chi Minh City, said after ordering a pair of shoes from an online trader on Facebook, she was surprised as the trader announced that from August 1, customers must make payments in advance and the trader will not offer the cash-on-delivery (COD) service as earlier. Money transfer descriptions must not include the words 'buy' or 'sell,' but Facebook or Zalo … [Read more...] about In Vietnam, online vendors seek ways to avoid taxes
Petrolimex applies solutions to cope with big fluctuations in petrol prices
A Petrolimex petrol station (Photo: VNA) Hanoi (VNA) – The Vietnam National Petroleum Group (Petrolimex) is adopting a range of solutions in order to complete production and business targets of the third quarter and the entire year of 2022 in the context of unforeseeable fluctuations in petrol prices. One of the solutions is to modernise inventory management while engaging in negotiations with major petrol distributors to ensure supply to meet social demand for petrol. At the same time, the group has taken steps to cut costs in all production and business activities through several projects on centralized fleet management, asset management and customer relationship management. Petrolimex has also worked to increase non-cash payment in retail sales and researched the possibility of building truck stops to provide better services for customers. Under its own plan on digital transformation, the immediate focus is to automate the network of petrol warehouse and retail outlets, … [Read more...] about Petrolimex applies solutions to cope with big fluctuations in petrol prices
