Prime Minister Dung has given a nod to State Bank of Vietnam, the central bank to hold the 4th ASEAN’s Central Bank Governor Meeting and ASEAN’s Central Bank Deputy Governor Meeting, state media reported.
The central bank of Vietnam takes its turn to host the event in a bid to create more chances for the reigonal banking authorities to boost the banking and financial services.
On the top agenda of the event are the issues of macroeconomic and financial cooperation. (www.bsc.com.vn)
Vietnam to Reschedule IPOs to Boost Stock Market, Finance Minister (D:\Nam\Pictures\Banking \Anh bai TTCK)
The government of Vietnam will reschedule big IPOs this year, regulating share amounts to avoid “a shock to the stock market”, which will be based on the balance of supply and demand, Finance Minister Nguyen Van Ninh reaffirmed.
“The appropriate amount of shares offered via IPOs will be regulated in the five-, three- and one-year period or every quarter,” the finance minister told mass media on the sideline of the ongoing National Assembly’s session.
Vietnam will set up a securities, monetary and finance-supervising agency in the long-term, Ninh noted.
However, first of all, the government of Vietnam will form a common coordinating committee in charge of regulating the banking, financial and stock markets, Ninh said.
Privatization plans of state-owned enterprises will be continued, the finance minister elaborated.
Ninh expressed his concern over the limited management capacity of the State Securities Commission and other market authorities.
The finance minister also said that more severe punishments will be imposed on any violations on the market.
With such good news from the finance minister, Vietnam’s shares closed up 0.3 per cent at 983.43 after the recent four straight sessions. The market’s total volume reached 5.3 million shares valued at VND541 billion higher than the previous day. (Young People, Pioneer, VSE)
Markets & Prices:
Prices of steel ingots on the domestic market reportedly grew by 75 per cent to US$513/ton in the first half of this year, from US$389/ton last year; state media quoted Vietnam Steel Association (VSA) as saying.
Local steel mills are still heavily reliant on steel ingot imported mainly from China, noted VSA, saying that they are suffering from price increase of almost input cost especially from China’s increase tax to 15 per cent on steel exports since early June this year.
Currently, steel from China makes up for 80 per cent Vietnam’s market, said VSA.
As of July 20, construction steel climbed to around VND10 million (US$625) a ton, up 23 per cent compared with early this year, said Nguyen Tien Thoa, head of the ministry’s price control department under the Finance Ministry, adding that it is still keep rising.
Governmental officials earlier predicted that local steel mills would churn out three million tones of steel this year, meeting 50 per cent of the domestic demand. However, they have only produced 700,000 tons in the first half. (Vietnam & World Economy)
Three Vietnamese Retailers Rated among Asia-Pacific Top 500
Three Vietnamese retailers have been listed in the 2007 Retail Asia-Pacific Top 500 published in Retail Asia - a regional trade magazine, local media reported.
Ho Chi Minh City Commercial Cooperative Union (Saigon Co.op) wins gold award, the fourth to date.
Meanwhile, the Saigon Jewelry Holding Company (SJC) and the Saigon-Nguyen Kim Shopping Center get the silver and the bronze, respectively.
The awarding ceremony is due for opening October 11 this year in Japan’s Palace Tokyo hotel.
The award conducted by Euromonitor International covers seven retail formats – convenience stores, department stores, health & beauty specialists, hypermarkets, specialty outlets, supermarkets, and other retailers from 14 economies – Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Taiwan, and Vietnam. (Liberated Saigon)
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