Việt Nam News

Shares surged yesterday on the two national stock exchanges, led by bank stocks, on expectations that the Government would allow banks to raise the limit of foreign ownership this year.

Prime Minister Nguyễn Xuân Phúc said Việt Nam expects Japan to become its top investor, with more high-tech investments in areas such as green growth, infrastructure development, high-quality agriculture and services as well as privatisation of State-owned enterprises.

The Trường Hải Automobile Company (Thaco) and Korean LS Mtron company inked an agreement on co-operation in agricultural machinery manufacturing and distribution in Việt Nam and abroad, starting in October 2017.

Prime Minister Nguyễn Xuân Phúc’s attendance at the annual summit of the World Economic Forum (WEF) in Davos, Switzerland, will highlight Vietnam’s determination to promote comprehensive reform and international integration, said Dương Chí Dũng, Vietnamese Ambassador to Switzerland.

The State Bank of Việt Nam (SBV) has issued a new circular to prepare for the application of BASEL II standards in the domestic banking system.

Việt Nam will increase the limits of foreign ownership in banks as early as this year to quicken the overhaul of the nation’s banking system and further lure overseas investments to boost economic growth, Prime Minister Nguyễn Xuân Phúc said.

Việt Nam will continue to supply up to 1.5 million tonnes of rice per year to the Philippines following the extension of the rice trade agreement between the two countries.

Interest rates are likely to rise by 0.5 to 1 per cent in 2017, the Bảo Việt Securities Company (BVSC) has forecast.

The domestic economy was stable in 2016, particularly toward the end of the year, after a slump in the first half, said Nguyễn Đức Thành, Director of the Vietnam Centre for Economic and Policy Research (VEPR).

Total transaction value paid via the system of the National Payment Corporation of Việt Nam (NAPAS) reached VNĐ320 trillion (US$14.1 billion) in 2016, nearly doubling from 2015.

Vietnamese firms are mostly optimistic about their business results for 2017, driven by the improved macro-economy coupled with Government efforts to improve the business climate and remove obstacles.

Electricity of Vietnam (EVN) mobilised US$2.96 billion in official development assistance and preferential loans for its power projects last year.

Shares slumped in the first session of this week on the two national stock exchanges as leading stocks lost steam on investor caution ahead of the upcoming long Tết (Lunar New Year) holiday.

Several commercial banks have in the early days of 2017 posted positive business performance for 2016, with profits much higher than the previous year.

The State Bank of Việt Nam (SBV) will control inflation under 4 per cent and stabilise the macro economy to reach a GDP growth of 6.7 per cent, as well as ensure a safe operation for the banking system, a high ranking official of SBV said.

Maritime Bank will list 1.17 million shares on the Unlisted Public Company Market (UPCoM) on January 20

Myanmar National Tele & Communications Co Ltd (MNTC), a joint venture between Viettel Global, Myanmar National Telecom Holding Public Limited (MNTH) and Star High Public Company Limited (Star High) on Thursday officially received a license to begin offering nationwide telecommunications services under the Mytel brand name.

The Ministry of Finance has proposed, in a draft law, to almost triple the environmental protection tax on oil and gas consumption from the current VNĐ3,000 (US$0.13) to VNĐ8,000 per litre.