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
Denmark-VN offshore wind project
Technode is reporting that Petrovietnam and Denmark’s Copenhagen Infrastructure Partners have signed an agreement to develop the 1,000-megawatt Nam Trung Bo 1 offshore wind project.
Located in Vietnam’s south-central region, the project is expected to cost more than US$4 billion. View source→
Crypto opportunity in stablecoins: Circle
Technode is reporting that US-based stablecoin issuer Circle has said digital currencies could improve Vietnam’s cross-border settlements, though domestic payments would likely continue using existing banking infrastructure.
Circle’s Asia-Pacific executive Vidit Agrawal has argued that dollar-backed stablecoins such as USDC could accelerate international settlements, with recipients continuing to receive Vietnamese dong through domestic payment networks. View source→
Bank bond interest rates
The Investor is reporting that Vietnamese banks are increasingly issuing bonds at interest rates above 9 percent, with some reaching 10.5 percent.
Rising bond funding costs could squeeze banks’ net interest margins as regulators simultaneously push lenders to reduce lending rates by 1.5–2 percentage points, the article notes. View source→
Ship detained over dock collision
VnExpress is reporting that a Vietnamese court has ordered the 30-day arrest of a Marshall Islands-flagged bulk carrier following a collision at Hoa Phat’s Dung Quat port.
The Aquacharm was carrying 170,586 tonnes of Australian iron ore when it struck the steelmaker’s pier in Quang Ngai on October 18. View source→
Slated stock market reforms
The Investor is reporting that Vietnamese securities regulators have outlined further market reforms including improved market access, greater transparency, diversified investment products and stronger supervision.
Planned measures include central counterparty clearing by 2027, expanded foreign ownership limits in eligible sectors and new investment products. View source→
EU human rights commitments VN
Deutsche Welle is reporting that Vietnam’s expanding economic relationship with the European Union is raising questions about Brussels’ willingness to enforce human rights commitments.
Twelve international rights organisations have accused Vietnam of failing to implement labour reforms promised under trade agreements, including permitting independent trade unions, the article says. View source→
Vingroup’s development environmental / financial concerns
The Associated Press is reporting that major coastal developments in Can Gio could threaten mangrove forests protecting Ho Chi Minh City from flooding.
Scientists warn that Vingroup’s 2,870-hectare Green Paradise project and associated infrastructure could disrupt water flows, increase pollution and damage the ecosystem. View source→
TL meets with EU president
VOV English is reporting that Vietnamese President To Lam met European Commission President Ursula von der Leyen in Brussels on October 22 to discuss expanding their Comprehensive Strategic Partnership.
Both leaders identified critical raw materials, technology, supply-chain diversification and energy development, including nuclear and renewable power, as priorities for cooperation, the article says. View source→
Exchange rates
As of 8am this morning, the black market US dollar buy rate was VND 26,000, and the sell rate was VND 26,080, for a mid-market rate of VND 26,040, according to prices quoted by Ty Gia USD.
Meanwhile, the State Bank of Vietnam’s central exchange rate was set at VND 25,632, while the Google Finance mid-market rate stood at VND 25,852.
The spread between the SBV’s central exchange rate and black-market mid-market rates was VND 408 or 1.59 percent.
Stock market Thursday
The VN-Index closed at 1,760.63, up 21.96 points or 1.26 percent, with a total trading value of VND 15,299.76 billion or US$580.64 million, and foreign traders net-buying US$12.94 million worth of equities, Thursday, according to the latest data from the Ho Chi Minh City Stock Exchange.
Yesterday’s news
In yesterday’s news: SBV threats banks interest rates, Polish PM to visit next week, Securities margin lending reaches record high, Hong Kong entity stake GSM VN Holding, Cryptocurrency exchange process delays, VinFast EV factory Philippines, Foreign investment recycled packaging, Corporate bond issuances slow, HRW report independent trade union suppression, Carlsberg US$65 million brewery investment plan, Exchange rates, Stock market Wednesday, Yesterday’s news, and more. View source→