House prices rise

The Government Office last week issued Dispatch No.4648/VPCP-KTTH to the Ministry of Finance (MoF) requiring it to continue proposing a reduction of taxes and fees related to fuel and consumption, especially those that can cause an increase in input costs for production and business. Rough waters remain in fuel price pressure “This aims to help reduce costs and selling prices of products in service of exports, production, and business, contributing to controlling inflation and supporting the government’s monetary policy in the short and medium term,” the dispatch stated. The MoF has also proposed to the government a plan to halve the preferential import tax for petrol and oil from the existing 20 to 10 per cent, in order to help reduce the prices of these items in the local market. Meanwhile, the Vietnamese government has also submitted to the National Assembly a plan on reducing the special consumption tax and VAT for October. According to the General Statistics … [Read more...] about Rough waters remain in fuel price pressure

The Vietnamese manufacturing sector remained in growth territory at the start of the third quarter of the year, but there were some signs of demand softening, according to a survey released on August 8 by S&P Global. Illustrative image (Photo: VNA) S&P Global said the Vietnam Manufacturing Purchasing Managers' Index (PMI) remained above the 50.0 no-change mark for the tenth successive month in July, signalling a further strengthening of business conditions. That said, at 51.2, down from 54.0 in June, the index signalled a softer improvement. As such, output, new orders and employment all increased at weaker rates than in June. New orders increased for the 10th month running, but the rate of expansion eased to the weakest since April. New export business rose solidly, meanwhile, and at a faster pace than total new orders. The continued growth of new orders encouraged manufacturers to keep expanding production in July. Output rose for the … [Read more...] about Vietnam’s manufacturing output continues to rise

General Department of Vietnam Customs data show that in May 2022, Vietnam exported 9,340 tonnes of coffee worth US$22 million to the US, down 16.5 percent in volume but up 2.3 percent in value compared with May 2021. In the first five months, the export volume reached 50,580 tonnes, with the value reaching US$124.95 million, down 2.9 percent in volume but up 23.6 percent in value year-on-year. Harvesting coffee The average price of Vietnamese coffee exports to the US in May 2022 was US$2,359 per tonne, down 5.9 percent compared with April but up 22.4 percent compared with May 2021. In the first five months, the average price was US$2,470 per tonne, up 27.2 percent year-on-year. According to the Center for WTO and International Trade, in the first four months of 2022, the US imported 768,800 tonnes of coffee worth US$4.11 billion, up 10.8 percent in volume of 49.6 percent in value compared with the same period last year. The average import price was US$5,353 per … [Read more...] about Coffee exports to US rise in value

Although all the micro-economic and macro-economic advantages are available, it seems that there is no key catalyst for trending towards a new growth level at the stock market. Profits vary Initial statistics show that around 600 corporations have made public their financial statements in the second quarter of 2022. The number could be a bit higher if all the estimated figures were actively made public. Figures will continually be updated over the next few days, but the sales and profits of listed corporations will rise positively. For instance, as estimated by Vndirect Securities Corporation, considering 590 corporations listed by 26 July the total sales and profits in the second quarter increased by 25.3% and 17.9% respectively, over the same period last year. Stocks with high capitalization of more than VND 10,000 bln have recorded an average of 34.3% increase in sales and 24.9% in net profits. It is certainly normal for the stock trading market to have dark and bright … [Read more...] about Stock market showing no indication of growth

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

A trader observing the market's movements on his computer. — Photo baodautu.vn After hitting a bottom of around 1,140 points in early July, the stock market had recovered for four straight sessions, with the benchmark VN-Index surpassing the threshold of 1,250 points. Notably, liquidity improved significantly last week and has now exceeded the recent 20-week average. This marked the second week of such an increase, showing that investors' interest is improving. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index ended the week at 1,252.74 points, down 0.11 per cent. Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) closed higher, up 0.73 per cent to 299.9 points. For the week, the VN-Index rose by 3.85 per cent and the HNX-Index was up 3.91 per cent. Trading value on HOSE increased by 39.2 per cent from the previous week to VND83.1 trillion (US$3.5 billion), equivalent to a gain of 47 per cent in volume to more than 3.5 billion shares. On the northern bourse, … [Read more...] about Investors’ risk appetite continues to improve this week