Michael Kokalari, Chief economist, VinaCapital The Fed effectively prints money and uses it to acquire bonds and other securities. In doing so, it increases the amount of US dollars in the global economy, and thus the Fed’s quantitative easing (QE) programme is essentially (but not exactly) a form of money printing that pushes up stock prices around the world. For that reason, some investors are worried about the possibility of another “taper tantrum” like in 2013. At that time, the Fed’s announcement that it would reduce its monthly QE purchases from $85 billion to $65 billion prompted major corrections in several emerging market (EM) stock markets. Most analysts expect the Fed to begin its QE tapering in December. As such, some investors are concerned about the possibility that another taper tantrum could prompt a correction in the VN-Index, which has surged by more than 20 per cent on-year despite the lockdowns. We are not overly concerned that another taper tantrum will … [Read more...] about Fed’s fiscal tightening won’t dent Vietnam’s position
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HCM City to implement third relief package worth 7.3 trillion VND Ho Chi Minh City will carry out the third relief package worth 7.3 trillion VND (around 320.7 million USD) sourced from the local budget to help more households and informal workers affected by the COVID-19 pandemic, said Vo Van Hoan, Vice Chairman of the municipal People’s Committee. Speaking at a press conference held by the city’s Steering Committee for COVID-19 Prevention and Control on September 20, Hoan said given complicated developments of the COVID-19 pandemic in the city and prolonged social distancing, people face more difficulties due to job loss and having no income. Therefore, in addition to the social security relief packages of the city's Vietnam Fatherland Front Committee and other organisations and individuals, the municipal People's Committee continues to implement the third relief package to help ease difficulties for local residents. According to reports from the People's Committees of … [Read more...] about VIETNAM NEWS HEADLINES SEPTEMBER 21
Since the day Prime Minister Pham Minh Chinh became the Head of the Steering Committee for Covid-19 Prevention and Control, there have been some fundamental changes made in the long march to fight the pandemic. Workers need to have tests First, Chinh allowed businesses to import vaccines, signing introduction documents for tens of businesses. Most recently, the encouragement of enterprises to import vaccines, buy equipment, machines, Covid-19 treatment drugs and materials for pandemic prevention and control, and the encouragement to produce vaccines and drugs domestically have been included in Resolution 105. This is a big step forward that calls on enterprises to join hands with the Government to fight the pandemic amid a global vaccine shortage, and as vaccine manufacturers only negotiate with Governments. As a result of the new policy, some businesses, including Van Thinh Phat, VNVC and Vimedimex, have recently brought millions of vaccine doses. Meanwhile, Vingroup … [Read more...] about Vietnam changes way of thinking in fighting Covid-19
Retail consumption - financial services – telecommunications and essential services on digital platforms are estimated to account for 80 percent of the Vietnamese consumer’s wallet. To Masan, the integration of telecom solutions and useful technologies into the ‘Point of Life’ platform will boost consumer benefits by delivering a user-friendly experience and optimal performance. Therefore, Masan recently acquired 70 percent of Mobicast to mark its official entry into the telecom and digital service sectors. This is a strategic step of the company to build a complete ecosystem of its own and transform the retail consumer industry. Why did Masan decide to launch Reddi as a Mobile Virtual Network Operator? MVNOs (Mobile Virtual Network Operators) are wireless communication service providers that do not have their own frequency spectrum allocation or the wireless network infrastructure. MVNOs partner with traditional Mobile Network Operators (MNO) to use their wireless network … [Read more...] about Entering into telecommunications sector, will Masan adopt Reliance Jio model in Vietnam?
Lam Van Thanh, Chairman of Kien Giang Province, where Phu Quoc is located, said that by the end of October, the island would not have ensured necessary conditions to carry out its planned tourism reopening plan. He said only 35.2 percent of people aged 18 and above have got a first shot and just 6.13 percent of residents have been fully vaccinated. The island needs another 250,000-300,000 doses to achieve herd immunity, but recent allocation has also been low, while the stipulated time between two doses of a Covid vaccine is 4 to 8 weeks, depending. Even if the amount of needed vaccine doses was allocated right now, it would take around two months for Phu Quoc to achieve vaccination coverage for 90 percent of its population, Thanh said. He emphasized: "The province will reopen international tourism when pandemic prevention measures are ensured at highest level. It will not sacrifice the health and lives of people for economic growth." Therefore, while local authorities are … [Read more...] about Phu Quoc not ready for foreign tourists next month
Illustrative photo. (Source: VNA) Hanoi (VNA) – Fitch Ratings has assessed the Vietnam Oil and Gas Group (PetroVietnam)'s Standalone Credit Profile (SCP) at 'BB+', reflecting the company's conservative financial profile, diversification and integration. Fitch Ratings affirmed the group’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Positive Outlook as well as senior unsecured rating at 'BB'. The agency expected PetroVietnam ’s earnings before interest, taxes, depreciation, and amortization (EBITDA) to double in 2021 to over 45 trillion VND (1.97 billion USD) from 2020 due to a recovery in crude oil prices, refining margins and distribution spreads. It does not expect the current surge in COVID-19 infections in Vietnam to significantly affect PetroVietnam's earnings recovery, as Vietnam is a net importer of fuels, resulting in stable demand for the company's gas distribution, fertiliser and power segments. In the first eight months of … [Read more...] about Fitch Ratings ranks PetroVietnam’s Standalone Credit Profile at ‘BB+’