Author: the-shiv
State Bank of Vietnam to start auctioning gold
The State Bank of Vietnam intends to undertake a series of gold auctions in an attempt to bring down the price of gold, Tuoi Tre is reporting. The gold price in Vietnam is currently trading at a 13 percent premium to the world gold price. This will be the first
Vietnam’s VN-Index drops 60 points in a day, biggest one-day fall in two years
Vietnam’s VN-Index took a dive on Monday losing 4.7 percent wiping about US$10 billion from its market capitalization, according to Doanh Nhan Vietnam. As far as analysis goes, Tuoi Tre is carrying comments from Tran Hoang Son, the strategy director at VPBank Securities Market. He cites geopolitical tensions that have
Class action launched against Vietnam’s Vinfast
Three law firms have initiated legal action against Vietnamese electric vehicle maker Vinfast on the grounds that it withheld information from shareholders, according to a press release from US law firm Pomerantz. Specifically, that it would be unable to meet its 2023 delivery target and that it lacked the capital
Vietnam’s Ministry of Justice says regulate crypto, don’t ban
Vietnam’s Ministry of Justice has said that crypto should not be banned but does need to be regulated, and soon, VN Express is reporting. Notably foreign currency exchange and gold are both heavily regulated in order to keep a lid on the exchange rate. Crypto has become one way to
Vietnam’s gold bar supply to increase but no word on more imports
The Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, has said that the central bank will increase the gold bar supply, VN Express is reporting. This is after instructions from the Prime Minister to bring the local price of gold, currently about 15 percent higher than the
Maybank Securities forecasts Vietnam GDP growth of 5.8 percent in 2024
The local arm of Malaysia’s Maybank, is predicting GDP growth for Vietnam of 5.8 percent in 2023, The Investor is reporting. The financial firm says that pressure on the dong is coming from the local gold price being out of step with the world gold price and that this should
ADB forecasts GDP growth for Vietnam in 2024 highest in SEA
The Asian Development Bank is forecasting GDP growth this year of 6 percent for Vietnam, the equal highest with the Philippines in Southeast Asia. Full report: Asian Development Outlook April 2024 GDP Growth Southeast Asia, ADB April 2024 2022 2023 2024 2025 Southeast Asia 5.7 4.1 4.6 4.7 Brunei Darussalam
No feed-in-tariffs for rooftop solar projects in Vietnam?
Tuoi Tre is reporting that the latest report from the Ministry of Industry and Trade says that rooftop solar projects that feed excess power to the grid will not receive a feed in tariff. Zing News on the other hand, earlier this week, said that the MoIT was looking at
Netflix told to remove its video games from app stores in Vietnam
Vietnam’s Ministry of Communication–the MIC–has told Netflix it will need to stop advertising its video games on its platform and will need to remove them from the Apple App store and Google Play store by April 15, according to a statement on its website. It is says that Netflix has
HCMC-based real estate tycoon sentenced to death on fraud charges
Truong My Lan, the head of property developer Van Thinh Phat was sentenced to death this week convicted of a number of charges including embezzling US$12.5 billion. Local news coverage is more or less all the same. See: Vietnam property tycoon Truong My Lan sentenced to death in multi-billion dollar
Vietnam’s Imports and Exports, March 2024: Snapshot
Vietnam’s General Department of Customs has released import-export data for March of 2024. Here’s what it has found. Vietnam imports by item, March 2024 March MOM % 2024 YOY % Computers, electrical products, spare-parts and components thereof 8,406,551,184 18.7 24,042,310,269 24.1 Machine, equipment, tools and instruments 3,758,610,687 45.5 10,344,804,723 12.5
AMRO report finds Vietnam GDP likely to grow at 6 percent in 2024
The ASEAN Macroeconomic Research Office has released its Annual Consultation Report Vietnam – 2023 which forecasts a GDP growth rate of 6 percent this year. Other key takeaways from the report include: The expansion is predicted to be off the back of increased exports and increased foreign direct investment; Risks
Vietnam’s MoIT backflips on removal of feed-in tariffs for rooftop solar
In December, Vietnam’s Ministry of Industry and Trade–the MoIT–circulated a dossier that suggested a draft decree on rooftop solar should have no feed-in-tariffs. However, it has now been reported by Zing News that there has been a reversal of this position with a ‘time-based’ price suggested though it’s not made
Vietnam misses latest FTSE Russel stock market upgrade deadline
FTSE Russel has released its March country classification upgrade update with Vietnam holding its position on the firm’s watch list. The assessment is more or less the same as its September assessment with no key changes made to the operation of Vietnam’s stock trading ecosystem in the last six months.
Vietnam gold prices jump up on ‘impatient’ buyers
Recent record high gold prices in Vietnam have in part been caused by ‘impatient’ buyers, Tuoi Tre is reporting. A number of buyers were waiting for the gold price to go down but as it reached record highs they gave up waiting and bought into the market anyway pushing the
Vietnam gold stores are running out of gold
Gold stores have been applying limits to how much gold a single customer can buy on the back of higher processes and lower supplies–some have even run out of gold entirely, according to VN Express. The arrest of a local gold smuggler made national news last week which was likely
Vietnam secures funding for two LNG plants but start date uncertain
Yesterday there was an article in VN Express that said Vietnam would have LNG power by April 15. Today, however, The Investor is reporting that PetroVietnam Power has secured short-term funding for the two plants which are expected to go online November 15 this year and May 15 next year.
Vietnam construction material makers stills struggling to find buyers
A number of construction materials firms reported losses last year and are now asking for government support, specifically more large scale infrastructure projects, Doanh Nhan Vietnam is reporting. This is not a good sign for the real estate industry in that construction firms, presumably in the know, are not banking
Vietnam consumer finance firms record broad business downturn
The consumer finance market in Vietnam has taken a dive with most of the big players recording losses or sharp falls in profits in 2023, Doanh Nhan Vietnam is reporting. Outstanding debt to the sector, according to Nguyen Quoc Hung, General Secretary of the Vietnam Banking Association, is down VND
Electricity shortages on the cards for northern Vietnam this summer
Northern Vietnam’s electricity consumption could increase by as much as 17 percent this summer, however, the supply of electricity is slated to have added only 10 percent, VN Express is reporting Last year, power shortages cost Vietnam an estimated US$1 billion.
In today’s Vietnam news: Hanoi low-emissions zone begins, Tougher penalties for social media, Regulatory delays hamper protein company acquisition, VietJet Australia?, Gold bar tax
In today’s Vietnam news: Dragon Capital Europe ETF, Carbon market opens, New regulations communicating with press , Copyright commercial-use fee confusion, Vingroup reduces holdings
In today’s Vietnam news: Ethical / cultural business standards framework, Floating solar project, Embattled construction firm investment spinoff, Raising public debt ceiling, Selling excess
This is an interview with Chris Walker, a Vietnam Sourcing Expert with Vietnam Factory Tours how rising oil prices and the Middle East crisis are
This is an interview with John Gardner, CEO and Founding Partner, at Optimum Hospitality in Ho Chi Minh City. It covers fuel price impacts on:
This is an interview with Dr Nuno F. Ribeiro, Associate Professor, International Tourism & Hospitality Management at Copenhagen Business College, formerly of RMIT Vietnam. It