Proprietary trading benefits securities companies
HCMC Securities Corporation (HSC) reported VNĐ325 billion in pre-tax profit in the first quarter of this year, a year-on-year increase of 250 per cent.
Last month, Toyota Việt Nam unveiled the recommended retail prices for its first shipment of cars imported from Indonesia at zero tax, and most of them are higher than before the policy of zero tariffs took effect.
Analysts attributed the excellent performances in the banking sector this year to sharp credit growth.
The shares of many textile and apparel companies are on a downward trend. This is a paradoxical situation since most textile companies are doing pretty well on the business front.
According to the Foreign Investment Agency, in the first five months of the year foreign direct investment in new projects was worth US$4.66 billion, 17 per cent down from last year’s figure for the same period.
On May 29 the State Bank of Việt Nam adjusted the đồng-US dollar exchange rate, weakening the Vietnamese currency by VNĐ9 to VNĐ22,605 per dollar, which represented the greenback’s biggest rise so far this year.
The Government plans to develop three special economic zones, which it hopes will spearhead the country’s growth. They will be located in the coastal district of Vân Đồn in the northern province of Quảng Ninh, Bắc Vân Phong in the central province of Khánh Hoà and Phú Quốc Island.
Many other companies too have opted to go down the equity path to raise funds rather than borrow from banks. Intriguingly, many of them have sold their stakes to strategic partners at several times higher than the market price.
The Ministry of Industry and Trade confirms this saying more than 160 franchises have come to Việt Nam so far. But the movement in the reverse direction has been very modest.
After making an entry into the automobile manufacturing industry, Vingroup, the country’s leading property company, has set its sights on the US$5.3 billion pharmaceutical sector.