This is a brief rundown of what is being reported today in Vietnam and about Vietnam in the international press.
It endeavours to highlight the narratives currently shaping the country’s economic, financial, and business news landscape.
Ed’s note: I’m always looking for new sources with unique insights. If you have anything to share, reach out: mark.barnes@the-shiv.com
HNX stocks to transfer to HSX
Znews is reporting that the Vietnam Stock Exchange has said all shares listed on the Hanoi Stock Exchange will transfer to the Ho Chi Minh City Stock Exchange by the end of December.
December 23 will be the final trading day on the Hanoi Stock Exchange, with affected shares suspended on December 24 and 25.
Trading will resume on the Ho Chi Minh City Stock Exchange from December 28. View source→
*This article doesn’t say if the HNX listed companies being transferred will need to satisfy HoSE listing criteria.
Exit block VN-Aus. re: tax credit
The BBC is reporting that Vietnamese authorities have lifted an exit ban imposed on a Vietnamese-Australian man whose decade-old business tax account remained unresolved.
The 62-year-old was prevented from returning to Australia because authorities had not completed the closure of his business tax code partly because of an unresolved VND40,000 (US$1.50) tax overpayment. View source→
MWG employee embezzlement
Nguoi Quan Sat is reporting that Vietnamese police have prosecuted a Dien May Xanh employee accused of embezzling VND 168.24 million (US$6,400) from the retailer between August and September.
The employee allegedly misappropriated customer payments while working in sales, inventory management and payment collection at a store in Gia Lai province. View source→
US-VN patrol boat contract awarded
Work Boat is reporting that US boatbuilder Metal Shark has won a US government contract to build 13 patrol boats for Vietnam.
The boats will support coastal patrol, interdiction, search and rescue, and maritime law enforcement operations. View source→
SK carpet plant Da Nang
Business Korea is reporting that South Korea’s HS Hyosung Advanced Materials has broken ground on a US$100 million carpet manufacturing plant in Da Nang.
The project adds 110,000 square metres to HS Hyosung’s existing 390,000-square-metre manufacturing footprint in the area. View source→
SK rare earths processing project
Business Korea is reporting that South Korea’s LS Eco Energy has said it will invest 11.6 billion won (US$8.4 million) in a samarium metal plant in Ho Chi Minh City.
Australian rare-earths producer Lynas will supply raw materials, with LS Eco Energy processing them in Vietnam for supply to LS Cable & System. View source→
Shinhan Bank inspectiojn outcomes
The Korea Times is reporting that Vietnam’s central bank has issued nine corrective recommendations to Shinhan Bank Vietnam following an inspection of its Da Nang branch.
Inspectors identified shortcomings in loan screening and post-loan monitoring, including insufficient documentation of borrowers’ income, repayment capacity, and use of funds. View source→
Coal power plant connected grid
The Investor is reporting that both turbines at the VND42 trillion (US$1.62 billion) Quang Trach 1 coal-fired power plant have been connected to the national grid.
The second 701.5-megawatt turbine was connected on September 28, following the first unit’s initial grid connection in April. View source→
Finnfund-EVF loan agreement
Finnfund has announced in a press release that it has signed a US$15 million senior loan agreement with Vietnam’s EVF General Finance Joint Stock Company.
The financing will strengthen EVF’s long-term funding base and support lending to small and medium-sized enterprises, particularly women-led businesses. View source→
Dat Bike-Toshiba MoU
The Investor is reporting that Vietnamese electric motorcycle startup Dat Bike has signed a memorandum of understanding with Toshiba Electronics Asia covering components for future electric motorcycles.
The partnership will combine Dat Bike’s product development with Toshiba’s semiconductor and electronics technology, focusing on performance, energy management and reliability, the article says. View source→
*Dat Bike appeared right around the time VinFast did. It’s been interesting watching the two brands develop in parallel, with strong tortoise and hare vibes. VinFast racing to grow as big and spread as far as quickly as possible, with Dat Bike taking a slower, incremental approach.
Hanoi development consultation outcome
France24 is reporting that Vietnamese leader To Lam has acknowledged public disagreement over Hanoi’s Red River redevelopment after a consultation showed 71.8 percent support for the project.
The article points out that more than a quarter of respondents did not support the plan, which includes redevelopment across 11,000 hectares and the relocation of about 250,000 residents. View source→
*This article frames the public release of this information as unusual. I’d suggest that had the results not shown broad support, they probably wouldn’t have been publicly disclosed. I can’t find the methodology behind these figures either — I’d point out the turnout at the last election was 99.64 percent according to government numbers.
Exchange rates
As of 7am this morning, the black market US dollar buy rate was VND 25,900, and the sell rate was VND 25,950, a change of 0 and 0, respectively, for a mid-market rate of VND 25,925 (down 0.00 percent), according to prices quoted by Ty Gia USD.
Meanwhile, the State Bank of Vietnam’s central exchange rate was set at VND 25,627, while the Google Finance mid-market rate stood at VND 25,962.
Stock market Wednesday
The VN-Index closed at 1,768.62, down 9.11 points or 0.51 percent, with a total trading value of VND 15,230.52 billion or US$578.01 million, and foreign traders net-selling US$33.78 million worth of equities, Wednesday, according to the latest data from the Ho Chi Minh City Stock Exchange.
Yesterday’s news roundup
In yesterday’s news: Long Thanh passenger fees, Violent short film producers fined, Innovation index improvement, Hanoi pilotless aircraft sandbox under consideration, Power project Japan loan, Vietcombank offshore bonds considered, JETP bankability issues, Arrests Australian / Norwegian, Exchange rates, Stock market Tuesday, Yesterday’s news roundup, and more. View source→