Vietnamese cannot afford Apple stock.
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Updated : 9/18/2014 3:44:42 PM
Vietnamese firms invest US$849 million abroad
VOV - Vietnamese businesses poured US$849 million into 68 investment projects in 21 countries during the first seven months of this year, the Ministry of Planning and Investment’s Foreign Investment Agency reported.
The biggest project is worth US$355.2 million, invested by the telecommunications group Viettel in Tanzania. Viettel also put US$170 million into another telecoms project in Burundi.
So far, disbursement of overseas investments in 2014 totaled close toUS$609 million, expecting to reachUS$1.15 billion by the end of the year.
By the end of July, a total of 890 Vietnamese-invested projects had been granted licenses in 63 countries and territories, with combined registered capital of US$19 billion.
Several Vietnamese businesses, such as Viettel and Hoang AnhGia Lai Group, have recorded profitable returns on their overseas projects.
Vietnamese firms invest US$849 million abroad
VOV - Vietnamese businesses poured US$849 million into 68 investment projects in 21 countries during the first seven months of this year, the Ministry of Planning and Investment’s Foreign Investment Agency reported.
The biggest project is worth US$355.2 million, invested by the telecommunications group Viettel in Tanzania. Viettel also put US$170 million into another telecoms project in Burundi.
So far, disbursement of overseas investments in 2014 totaled close toUS$609 million, expecting to reachUS$1.15 billion by the end of the year.
By the end of July, a total of 890 Vietnamese-invested projects had been granted licenses in 63 countries and territories, with combined registered capital of US$19 billion.
Several Vietnamese businesses, such as Viettel and Hoang AnhGia Lai Group, have recorded profitable returns on their overseas projects.
Viet
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Updated : 9/19/2014 12:27:30 PM
First Vietnamese travel website launches
(VOV) -The first Vietnamese travel website dedicated to assisting consumers booking of air tickets, hotels and tours–www.gotadi.com – officially launched on September 18.
At present, Gotadi.com has connected with Vietnam Airlines and more than 900 airlines from around the globe, 2,000 domestic hotels and 400,000 international hotels.
Customers can enjoy a wide variety of promotions from travel operators when they book tours through the website.
The website also provides online shopping, a list of travel offices and a directory assistance center 1900 9002.Gotadi.com was founded with the participation of Hospitality Group (HG) Holdings-a leading travel group in Indochina.
First Vietnamese travel website launches
(VOV) -The first Vietnamese travel website dedicated to assisting consumers booking of air tickets, hotels and tours–www.gotadi.com – officially launched on September 18.
At present, Gotadi.com has connected with Vietnam Airlines and more than 900 airlines from around the globe, 2,000 domestic hotels and 400,000 international hotels.
Customers can enjoy a wide variety of promotions from travel operators when they book tours through the website.
The website also provides online shopping, a list of travel offices and a directory assistance center 1900 9002.Gotadi.com was founded with the participation of Hospitality Group (HG) Holdings-a leading travel group in Indochina.
Jlaw
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Vietnam growth worst since 1980s seen on credit crunch | Business | Thanh Nien Daily
Thi Hien points to about two dozen sewing machines lined up on one side of her apparel workshop near Hanoi’s Red River. They have been gathering dust as she tried to get a loan to increase output for exports.
“I’ve knocked on the doors of four banks already this year and I still can’t get a loan,” Hien, 42, said. “They’re only prepared to lend at high interest rates.”
Hien’s factory is among thousands in the country that have cut production or shut down as one of the highest levels of bad debt among Southeast Asia’s biggest economies damps lending. Government efforts to clean up banks have failed to reinvigorate the credit growth local companies rely on, threatening their ability to supply the Japanese and Chinese manufacturers who are turning to Vietnam as a production center.
“In Vietnam, economic growth relies on bank credit,” said Alan Pham, Ho Chi Minh City-based chief economist at VinaCapital Group, the nation’s biggest fund manager. “Credit growth has been slow on low absorption capacity of businesses and reluctance of banks to give new loans due to concern over non- performing loans. Government should address both issues.”
Vietnam’s gross domestic product probably increased 5.4 percent in the nine months through September from a year ago, according to the median estimate in a Bloomberg survey ahead of data due tomorrow. The government’s full-year target is 5.8 percent for a seventh year of growth below 7 percent, the longest such stretch according to International Monetary Fund records going back to the 1980s, when the nation embarked on “Doi Moi” market opening.
Samsung, Intel
In recent years, manufacturers including Samsung Electronics Co., LG Electronics Inc., Nokia Oyj and Intel Corp. have set up operations in Vietnam as they looked for options to China. Disbursed foreign investment rose 3.2 percent in the nine months through September, with South Korea, Hong Kong and Japan the top investors in the country, data showed yesterday.
Even as foreign investment climbed, Vietnam’s credit growth has lagged, rising 5.82 percent as of end-August, compared to 6.44 percent in the same period last year. The government’s target this year is 12 percent to 14 percent, and Prime Minister Nguyen Tan Dung has repeatedly asked the monetary authority to get banks to lend more and at lower rates. (print more money further devalue the dong
)
A lack of trust between businesses and banks contributed to slow credit growth, Governor Nguyen Van Binh said this week. The central bank plans to introduce a pilot for unsecured loans for some firms to spur lending, Thanh Nien newspaper reported.
Even with these measures, “bank lending is still dominated by state-owned enterprises,” said Eugenia Fabon Victorino, a Singapore-based economist at Australia & New Zealand Banking Group Ltd. That’s “depriving small and medium enterprises of the needed capital boost.”
Plastic molds
“It’s still very hard to get loans,” said Tran Vuong, who owns a manufacturing unit in Bac Ninh near Hanoi that supplies plastic molds to Canon Inc. “Improving our product quality and selling to foreign firms is the only way to grow. We need the government to do more to help us get loans.”
It is a far cry from a lending rate of 51 percent in 2007, which fueled inflation of as much as 28 percent in 2008, among the fastest in the world. The central bank then acted to limit credit growth to curb price gains, even as the economy slowed.
The government set up an asset management company to clear bad debt, while the central bank cut interest rates and devalued the dong this year to help businesses and spur growth. Vietnam has also cut the corporate tax for some firms and extended incentives for foreign manufacturers.
Even so, the number of business closures increased 13 percent in the eight months
through August from the same period a year earlier, government data showed. The number of new businesses registered dropped 10 percent, it said.
Growth constraint
The ratio of bad debt at banks rose to 4.17 percent as of end-June, according to the monetary authority. The ratio may be “substantially higher” because of a lack of consistent classifications and reporting standards for banks, Standard & Poor’s said in a report July 15. Moody’s Investors Service earlier this year estimated it to be at least 15 percent.
The Vietnam asset management company has bought more than 58 trillion dong ($2.7 billion) of bad debt as of end-August, according to VAMC Chairman Nguyen Quoc Hung. The slow pace of purchases and the lack of a schedule for sale and allowing foreign investors to participate remains a concern and is limiting credit growth, Pham said.
“Credit can safely grow at about 10-12 percent, which is sufficient to finance necessary business transactions, and not too much as to cause inflation,” Pham said. “Expansion less than that range can act as a constraint on economic activities and GDP growth.”
Forecasts cut
The Asian Development Bank today cut its forecast for Vietnam’s GDP growth this year to 5.5 percent from an earlier estimate of 5.6 percent, and for next year to 5.7 percent from 5.8 percent.
While slow lending growth has hurt domestic demand, overseas sales have been a bright spot, rising 15 percent last year and forecast to climb 11 percent in 2014. The outlook for some exporters like Hien, the apparel maker, is weaker.
“Some banks asked to see my export contract as a condition for loans,” said Hien. “But how can I sign contracts with foreign buyers when I don’t know if I can get money to increase my production in the first place.”
Vietnam in worse shape than i expected.
Thi Hien points to about two dozen sewing machines lined up on one side of her apparel workshop near Hanoi’s Red River. They have been gathering dust as she tried to get a loan to increase output for exports.
“I’ve knocked on the doors of four banks already this year and I still can’t get a loan,” Hien, 42, said. “They’re only prepared to lend at high interest rates.”
Hien’s factory is among thousands in the country that have cut production or shut down as one of the highest levels of bad debt among Southeast Asia’s biggest economies damps lending. Government efforts to clean up banks have failed to reinvigorate the credit growth local companies rely on, threatening their ability to supply the Japanese and Chinese manufacturers who are turning to Vietnam as a production center.
“In Vietnam, economic growth relies on bank credit,” said Alan Pham, Ho Chi Minh City-based chief economist at VinaCapital Group, the nation’s biggest fund manager. “Credit growth has been slow on low absorption capacity of businesses and reluctance of banks to give new loans due to concern over non- performing loans. Government should address both issues.”
Vietnam’s gross domestic product probably increased 5.4 percent in the nine months through September from a year ago, according to the median estimate in a Bloomberg survey ahead of data due tomorrow. The government’s full-year target is 5.8 percent for a seventh year of growth below 7 percent, the longest such stretch according to International Monetary Fund records going back to the 1980s, when the nation embarked on “Doi Moi” market opening.
Samsung, Intel
In recent years, manufacturers including Samsung Electronics Co., LG Electronics Inc., Nokia Oyj and Intel Corp. have set up operations in Vietnam as they looked for options to China. Disbursed foreign investment rose 3.2 percent in the nine months through September, with South Korea, Hong Kong and Japan the top investors in the country, data showed yesterday.
Even as foreign investment climbed, Vietnam’s credit growth has lagged, rising 5.82 percent as of end-August, compared to 6.44 percent in the same period last year. The government’s target this year is 12 percent to 14 percent, and Prime Minister Nguyen Tan Dung has repeatedly asked the monetary authority to get banks to lend more and at lower rates. (print more money further devalue the dong
)A lack of trust between businesses and banks contributed to slow credit growth, Governor Nguyen Van Binh said this week. The central bank plans to introduce a pilot for unsecured loans for some firms to spur lending, Thanh Nien newspaper reported.
Even with these measures, “bank lending is still dominated by state-owned enterprises,” said Eugenia Fabon Victorino, a Singapore-based economist at Australia & New Zealand Banking Group Ltd. That’s “depriving small and medium enterprises of the needed capital boost.”
Plastic molds
“It’s still very hard to get loans,” said Tran Vuong, who owns a manufacturing unit in Bac Ninh near Hanoi that supplies plastic molds to Canon Inc. “Improving our product quality and selling to foreign firms is the only way to grow. We need the government to do more to help us get loans.”
It is a far cry from a lending rate of 51 percent in 2007, which fueled inflation of as much as 28 percent in 2008, among the fastest in the world. The central bank then acted to limit credit growth to curb price gains, even as the economy slowed.
The government set up an asset management company to clear bad debt, while the central bank cut interest rates and devalued the dong this year to help businesses and spur growth. Vietnam has also cut the corporate tax for some firms and extended incentives for foreign manufacturers.
Even so, the number of business closures increased 13 percent in the eight months
through August from the same period a year earlier, government data showed. The number of new businesses registered dropped 10 percent, it said.Growth constraint
The ratio of bad debt at banks rose to 4.17 percent as of end-June, according to the monetary authority. The ratio may be “substantially higher” because of a lack of consistent classifications and reporting standards for banks, Standard & Poor’s said in a report July 15. Moody’s Investors Service earlier this year estimated it to be at least 15 percent.
The Vietnam asset management company has bought more than 58 trillion dong ($2.7 billion) of bad debt as of end-August, according to VAMC Chairman Nguyen Quoc Hung. The slow pace of purchases and the lack of a schedule for sale and allowing foreign investors to participate remains a concern and is limiting credit growth, Pham said.
“Credit can safely grow at about 10-12 percent, which is sufficient to finance necessary business transactions, and not too much as to cause inflation,” Pham said. “Expansion less than that range can act as a constraint on economic activities and GDP growth.”
Forecasts cut
The Asian Development Bank today cut its forecast for Vietnam’s GDP growth this year to 5.5 percent from an earlier estimate of 5.6 percent, and for next year to 5.7 percent from 5.8 percent.
While slow lending growth has hurt domestic demand, overseas sales have been a bright spot, rising 15 percent last year and forecast to climb 11 percent in 2014. The outlook for some exporters like Hien, the apparel maker, is weaker.
“Some banks asked to see my export contract as a condition for loans,” said Hien. “But how can I sign contracts with foreign buyers when I don’t know if I can get money to increase my production in the first place.”
Vietnam in worse shape than i expected.
NiceGuy
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Yep, seem like our economy is in trouble now, the stock is down below 600 again (597 now). The risks in real estate bubble bust, in banking system r still high.Vietnam growth worst since 1980s seen on credit crunch | Business | Thanh Nien Daily
Vietnam in worse shape than i expected.
But we r trying to solve the problem. The economy is acceptable As long as the stock still over 600 points. We need some talent men to work for the Govt., but they seem not so interested coz our Govt. still seem not respect talented person.
Jlaw
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So you lose money in stock market.
NiceGuy
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Not much, I bought TNT 3,7 (when it went down from 4.3) coz I thought VN index would not go below 600, but it went down to 3.4. As VN index keep going down.
VN index was below 600 this morning, but it bounced back to 605 in afternoon, so my TNT recover to 3.6. I may cut loss if TNT wont go up tmrrow and buy another ones coz many good stocks went down and cant recover today like VIC, HDL,VSC
so, I just lose 2,5 %, not so bad, and it may go up to 3.7 or even 3.8 tmrrow, so I hope I dont have to cut loss.
visom
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Four Houses Proving That Vietnam is a Vertical Garden Hub
Photo via Arch Daily
While verdant vertical gardens are apt to blossom in nearly every city, Vietnam seems a particularly fertile land for architecture covered in flowering vines and shrubbery. Thanks in large part to the industrious folks at the Vietnamese firm Vo Trong Nghia, the city is home to some seriously lush examples of green space and urban design coming together as one. Take a look, below:
1. (↑ and ↓) MM++ architects restored this Ho Chi Minh City vila to "turn the existing construction, a 'pastiche' art deco, into a contemporary villa with clean lines and open spaces." Half of one of the home's sides is engulfed in a climbing gardens, which extends indoors through large cut-out windows.
2. (↑ and ↓) In an effort to add more green space to Ho Chi Minh City, Vo Trong Nghia architects crafted apartment buildings in the vein of giant planters, with luscious rooftop gardens. The entire project, five houses in all, was built for just $156K.
3. (↑ and ↓) Construction is underway for Vo Trong Nghia's insane checkerboard technical university in Hanoi, Vietnam, which will pop tree-filled balconies between the concrete slab walls.
4. (↑ and ↓) Vo Trong Nghia went with a "lasagna-like" approach to the vertical garden by slatting greenery between the dozen slabs of concrete planters. The leafy veil also looks just as cool from the inside looking out.
Photo via Arch DailyWhile verdant vertical gardens are apt to blossom in nearly every city, Vietnam seems a particularly fertile land for architecture covered in flowering vines and shrubbery. Thanks in large part to the industrious folks at the Vietnamese firm Vo Trong Nghia, the city is home to some seriously lush examples of green space and urban design coming together as one. Take a look, below:
1. (↑ and ↓) MM++ architects restored this Ho Chi Minh City vila to "turn the existing construction, a 'pastiche' art deco, into a contemporary villa with clean lines and open spaces." Half of one of the home's sides is engulfed in a climbing gardens, which extends indoors through large cut-out windows.
2. (↑ and ↓) In an effort to add more green space to Ho Chi Minh City, Vo Trong Nghia architects crafted apartment buildings in the vein of giant planters, with luscious rooftop gardens. The entire project, five houses in all, was built for just $156K.
3. (↑ and ↓) Construction is underway for Vo Trong Nghia's insane checkerboard technical university in Hanoi, Vietnam, which will pop tree-filled balconies between the concrete slab walls.
4. (↑ and ↓) Vo Trong Nghia went with a "lasagna-like" approach to the vertical garden by slatting greenery between the dozen slabs of concrete planters. The leafy veil also looks just as cool from the inside looking out.
Vietnam Airlines may sell stake to Japan’s All Nippon Airways
HANOI: Vietnam Airlines has identified Japan's All Nippon Airways (ANA) as a possible strategic partner as part of the flag carrier's partial privatisation plan, state media quoted its president as saying on Tuesday.
President and Chief Executive Pham Ngoc Minh named ANA, which raised $1.6 billion via a share offer in 2012 to fund purchases in Asian airlines, as a one of several firms in the running for a 20 percent stake up for grabs in the airline, the Vietnam Economic Times reported.
Several other newspapers carried similar stories on Tuesday naming ANA as a possible partner.
Minh last month told Reuters Vietnam Airlines was in talks with several possible partners, but it would prefer to choose only one.
A spokesman for ANA declined to comment on the reports and officials with Vietnam Airlines could not be reached for comment.
Valued at $1.5 billion, Vietnam Airlines is allocating a stake of just 5 percent in an initial public offering (IPO), with the state retaining control of three-quarters of the company initially.
The airline accounts for about half of Vietnam's air travel market, which is one of the fastest growing in Asia.
The Vietnam Economic Times also quoted Minh saying the airline would list on a stock exchange within a year of the IPO, without specifying which bourse.
The IPO has been repeatedly delayed since the plan was first announced six years ago and it looks set to be delayed further having been initially scheduled for this month.
Vietnam Airlines may sell stake to Japan's All Nippon Airways
HANOI: Vietnam Airlines has identified Japan's All Nippon Airways (ANA) as a possible strategic partner as part of the flag carrier's partial privatisation plan, state media quoted its president as saying on Tuesday.
President and Chief Executive Pham Ngoc Minh named ANA, which raised $1.6 billion via a share offer in 2012 to fund purchases in Asian airlines, as a one of several firms in the running for a 20 percent stake up for grabs in the airline, the Vietnam Economic Times reported.
Several other newspapers carried similar stories on Tuesday naming ANA as a possible partner.
Minh last month told Reuters Vietnam Airlines was in talks with several possible partners, but it would prefer to choose only one.
A spokesman for ANA declined to comment on the reports and officials with Vietnam Airlines could not be reached for comment.
Valued at $1.5 billion, Vietnam Airlines is allocating a stake of just 5 percent in an initial public offering (IPO), with the state retaining control of three-quarters of the company initially.
The airline accounts for about half of Vietnam's air travel market, which is one of the fastest growing in Asia.
The Vietnam Economic Times also quoted Minh saying the airline would list on a stock exchange within a year of the IPO, without specifying which bourse.
The IPO has been repeatedly delayed since the plan was first announced six years ago and it looks set to be delayed further having been initially scheduled for this month.
Vietnam Airlines may sell stake to Japan's All Nippon Airways
vtnsx
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"but they seem not so interested coz our Govt. still seem not respect talented person."
This is also true here in Canada.
NiceGuy
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Canada Govt. is US's puppet, u cant hope much from them. US dont want a strong Canada Govt.
Due to HK protest & war against IS in middle east, the world economy is going down, stock going down, so does VN stock, I decide to wait and see only.
Luckily, VN stock is still fluctuating around 600 points.
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NiceGuy
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Maybe it will go up again after Q3 reports release. So, we need to wait for few more weeks.
vtnsx
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Canada is not US's puppet. What do you really know, you live in Vietnam.
