Vietnam Forex Reserves Estimated at $38 Billion
Vietnam’s foreign currency reserves are calculated at $38 billion currently, a record high, Fiacha Mac Cana, head of research at leading brokerage house Ho Chi Minh City
Securities Corp. (HSC), said at a conference last weekend.
The domestic currency, the dong, is expected to stay stable from now to the end of the year while inflation is forecast at 3%-5% this year, he said, adding that interest rates will likely move sideways or increase slightly in the short term.
Vietnam to Sell 35% Stake in State-owned Medicine Maker
Vietnam Pharmaceutical Corporation, run by the Ministry of Health, is set to sell up to a 35% stake to cut the government ownership to 35%.
The firm will sell 42.5 million shares, or an 18% stake, to the public at an initial public offering (IPO) on June 22 at a starting price of 10,000 dong ($0.44) each, and another stake of nearly 17% to strategic partners who will be domestic buyers.
Department Allows 12 Additional Vietnamese Catfish Processors to Export to U.S.
The Food Safety and Inspection Service (FSIS) under the United States Department of Agriculture has put an additional 12 catfish processors in Vietnam on the list of companies eligible to ship their products to that country, bringing the total figure to 57 so far.
VN-Index Forecast to Reach 700 This Year: HSC Analyst
The benchmark VN-Index of the Hochiminh Stock Exchange (HOSE
) is predicted to climb to 700 by the end of this year, an increase of 12% from the close on June 14 and 21.8% from the end of 2015, according to Fiacha Mac Cana, head of research at Ho Chi Minh City Securities Corp. (HSC).
The prediction is based on the country’s good economic fundamentals, the government’s measures to boost the local stock market, and affordable P/E of 14x.
Vietnam among ASEAN Market Hotspots for Japanese Firms
A recent survey conducted by Mizuho Research Institute of 1,100 companies in Japan shows growing interest in Vietnam as an investment priority among ASEAN countries, the Vietnam News Agency (VNA) reported.
More than 53% of the enterprises participating in the survey said that Vietnam was their ideal investment destination, up 4.9% compared with last year’s survey. Thailand ranked first, with 59.7%.
Vietnam Leads in Import of South Korea Clothes
Vietnam took the lead in importing clothes from South Korea in 2015 with value at $382 million, an increase of 132.5% compared with five years ago as South Korean factories in Vietnam boost import of clothing accessories.
China came second with import turnover of $372 million, according to the latest statistics released by the Korean Customs Service.
MTA Vietnam 2016 to Open in HCM City
The 14th International Precision Engineering, Machine Tools and Metalworking Exhibition and Conference (MTA Vietnam 2016), featuring the latest in advanced technologies and equipment, will be organized in HCM City from July 5-8.
As many as 360 exhibitors from 20 nations and territories, including many newcomers, will display their products and services, according to VNA.
Experts Praise Vietnam’s Franchising Potential
Vietnam is showing huge potential for franchising, with dozens of franchises having been established and more new brands expected to enter the market in the next five to 10 years, VNA cited analysts as saying.
Figures from the Ministry of Industry and Trade show that since 2007, more than 144 foreign franchises have been licensed in the country. Market leaders include Lotteria, KFC, Jollibee, Pizza Hut, Baskin Robbins and Domino’s Pizza.
New Law Drafted to Fuel Boom in SMEs
The Vietnamese government is drafting a law on extending support to small and medium-sized enterprises (SMEs), part of its efforts to promote the development of the business community and double the number of firms to one million by 2020.
The Ministry of Planning and Investment will submit the draft law to the government next month and to the second meeting of the 14th National Assembly for discussion.
The Ho Chi Minh City government should take a series of bold measures to turn the city into a financial and hi-tech hub in the country as well as in the region, said business leaders on Monday.
At a meeting with Chairman Nguyen Thanh Phong of the HCM City People’s Committee, nearly 50 executives of the Young Presidents’ Organization (YPO) and the World Presidents’ Organization (WPO) put forward proposals regarding infrastructure development and policies to attract talents.