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Posts Tagged ‘exchange’

National gold exchange to be set up

In Uncategorized on January 8, 2011 at 4:25 am

Vietnam’s National Financial Supervisory Commission said it has asked the government to open an official gold exchange in 2011 to decrease the dependence of Vietnam’s economy on US dollars and restore order to the market of this precious metal.  Government officials will discuss a concrete plan for the setting up of the national exchange next week, said Le Xuan Nghia, vice chairperson of the commission.


 


He said in other countries, gold is kept in reserve centers, under the management of the central Bank. In Vietnam, the ratio of gold controlled by the ordinary people is very high. He added that the state bank should help to mobilize the capital in gold in the population, by acting as the largest controller of gold and the final buyer and seller in the gold market. “The establishment of the Gold Exchange will help investors trade in gold methodically under the risk control of the State. The exchange is also a place where managing agencies can supervise, regulate and intervene in the market,” said NFMC Vice Chairman Le Xuan Nghia.


 

Under the project, the State Bank of Vietnam will establish a joint stock company to monitor and manage the operation of the exchange and build a technical infrastructure system to manage gold trading activities. Investors will buy and sell gold under the form of certificates.  The exchange will operate like a stock exchange in both Ho Chi Minh City and Hanoi. Gold will be traded in the form of certificates.


 


The launch of the exchange will allow investors to invest in gold officially, and at the same time, help authorities manage the market, Nghia said. He also informed that the government should apply the mechanism of issuing bonds in gold, allowing commercial banks to carry out services of refunding and rediscounting gold. Besides, commercial banks can be permitted to reserve gold as a foreign currency.


 


Vietnam closed all 20 gold exchanges in the country from March. The central bank said the closure was necessary to eliminate risks posed to the national financial system. After the shutdown, however, some illegal trading floors for gold ‘popped up’. This was because many investors still wanted to trade gold using accounts despite the huge risks involved.


 


Many experts proposed that this project would help stabilize, manage and develop the gold market better, as well as promote the role of the capital source in economic development.


Before, the Bank for Investment and Development of Vietnam (BIDV) proposes this project to the Prime Minister, a national gold exchange Department should be set up.  The Gold Exchange, which will be a state funded organization, will ensure the equity in the market and avoid any unnecessary price increases that may damage our economy, said Nguyen Manh, Head of BIDV’s Capital and Capital Business Department.


 


 

Source: SGGP

Artistic exchange “Soldiers and journalists” takes place in HCMC

In Uncategorized on December 17, 2010 at 5:57 am




Artistic exchange “Soldiers and journalists” takes place in HCMC


QĐND – Thursday, December 16, 2010, 21:4 (GMT+7)

An artistic exchange, “Soldiers and journalists”, will be organised by the Ho Chi Minh Journalists Association and the Nghebao Magazine, in cooperation with Saigon Giai Phong Newspaper and Ho Chi Minh Television, to celebrate the 66th founding anniversary of Vietnam’s People’s Army.


The information was made public at a press conference on Wednesday.


Spectators will have exchanges with journalists who had been or have been working in the Army such as Tran Dang Khoa, Tran The Tuyen, Dao Van Su, Quynh Hop, Nhi Du and Hoai Nam to have further understanding of the virtues and daily life of Uncle Ho’s soldiers.


The program also introduces songs and poems set to music by some journalists. Meritorious artists Quang Ly, Ta Minh Tam and singers Cam Van, Anh Tuyet, Cong Lam, Thanh Thao and the Ao linh Team will join the program to be held at the Ho Chi Minh Municipal Theatre and broadcast live on HTV9 at 8pm on December 20th.


Translated by Van Hieu


Source: QDND

Exchange rate fluctuation influences pharmaceutical companies

In Uncategorized on December 16, 2010 at 9:59 am

Due to the big fluctuations in exchange rates, many domestic pharmaceutical enterprises are in despairs because they cannot import materials and an adjuvant, a pharmacological or immunological agent that modifies the effect of other agents.

Employees are packaging drugs at the Pharmaceuticals and Medicinal Laboratories (Photo: SGGP)

Some production contracts might be cancelled or some pharmaceutical companies have to pay fines for the delays in production. Furthermore, Vietnam would face the risk of a shortage of medications.


Being one of the biggest pharmaceutical companies in the country, Vietnam Medical Products Import-Export Joint Stock Company (VIMEDIMEX) in Ho Chi Minh City, were extremely concerned about the high exchange rates and the soaring prices of imported materials.


The company’s general manager, Nguyen Tien Hung, said the company has stopped production of rutin-extraction, from Vietnamese flower bud of Sophora Japomica L (Hoe buds). This is because it takes US$50 to make one kilogram of the rutin ingredient, but sells at only US$12 in the marketplace.


Mr. Hung said one kilogram of the flower sold at VND25, 000 last year, but now it has soared by over VND200, 000 per kilogram and crocus has increased from VND9, 000 to VND100, 000 a kilogram this year. For years, VIMEDIMEX has focused on growing herbs, but has failed to satisfy home demand.


Due to high prices of saffron, these companies use the curcumin extract from the herb. This is causing distress to the medical companies, as they may force to pay a compensation fee, if they did not complete the contract on time.


According to the Ministry of Health, Vietnam has three factories to make antibiotic materials, but only Mekophar Chemical Pharmaceutical Joint Stock Company is still in production. Furthermore, the company directors are considering fewer contracts and are negotiating with its partners about the prices.


Moreover, imported materials from China, India and some countries in Europe, have quadrupled during the year.


Truong Duc Vong, director of the OPC Pharmaceutical JSC has, said he has just sent a petition to the city’s Department of Health (DOH) to raise some prices of the medications. While other pharmaceutical companies have now followed suit.


In addition, certain medical enterprises now face difficulties buying foreign currencies. They purchase at even higher prices or sometimes purchase imported materials from the ‘black market’.


The Boston Pharma JSC’s general manager said it needs to encourage consumption of local-made medications in the aid to reduce pressures for local enterprises.


Boston Pharma management said at a meeting, DOH should resolve registration formalities and other bureaucratic red tape as well as lead medical staffs to pharmaceutical factories to see technologies to make drugs in order to make them believe in home methodologies.


Many companies have filed a petition for preferential policies to special goods, to cease the drugs protective policies and to enforce strictly the anti-dumping law.

Source: SGGP

Exchange program for the poor

In Uncategorized on December 16, 2010 at 9:30 am




Exchange program for the poor


QĐND – Tuesday, December 14, 2010, 20:20 (GMT+7)

PANO – An exchange programme titled “Enterprises and businessmen with border houses”, is scheduled to be held at Hai Phong City Convention Center on December 18th.


Co-organised by the Vietnam Fatherland Front Central Committee, the Vietnam Chamber of Commerce and Industry (VCCI), the Border Guard High Command, the People’s Army Newspaper and People’s Committee of Hai Phong City, the exchange is aimed at honouring and encouraging enterprises, businessmen and benefactors to respond and participate in the “Action Month for the Poor”, particularly the campaign “Houses for needy people in border regions and off-shore islands 2010”


The exchange will be broadcast live on Hai Phong Radio and Television and VTC2 channel at 8pm on December 18th.


Translated by Vu Hung


Source: QDND

Exchange of Vietnamese and Asian cultures

In Uncategorized on November 8, 2010 at 6:24 am

SBV adjusts VND/USD exchange rate

In Uncategorized on August 18, 2010 at 3:23 pm




SBV adjusts VND/USD exchange rate


QĐND – Wednesday, August 18, 2010, 21:12 (GMT+7)

The State Bank of Vietnam (SBV) has adjusted the VND/USD exchange rate from 18,544 to 18,932, a rise of almost 2 percent.


The exchange rate remains in a range of around 3 percent, currently at between VND18,364 and 19,500 for a dollar.


According to the SBV, the adjustment will help to curb the import surplus. Before the SBV adjusted the rate, the foreign currency market had fluctuated sometimes at a rate of up to VND19,350 for a dollar.


The Deputy Director of the Asia Commercial Bank, Nguyen Thanh Toai, said that the exchange is governed by supply and demand in the domestic market. When the demand increases, the exchange rate will also rise.


Source: VOV


Source: QDND

Cotecland listed on Ho Chi Minh Stock Exchange

In Uncategorized on August 10, 2010 at 7:22 am

Ten million shares of Cotec Investment & Land-House Development Joint Stock Company (Cotecland) were officially listed on the Ho Chi Minh Stock Exchange under the stock symbol CLG on August 9.

Cotecland is part of the Cotec Group, went public in 2004; they mainly operate in the fields of construction and real estate. Its current chartered capital is VND100 billion, of which the Cotec Group holds 51 percent.


According to the company’s prospectus, revenues from real estate trading sharply rose in 2009, reaching VND18.6 billion, accounting for 74.87 percent of net profits. While revenues from real estate services were at VND5.7 billion, accounting for 22.98 percent of net profits.


In the first quarter of this year, revenues from real estate trading spiked 298.66 percent over last year, accounting for 97.06 percent of the company’s total revenue.


Cotecland will implement 14 real estate projects, including offices, trade centers, residential areas, and resorts in Ho Chi Minh City, Binh Duong Province, Vung Tau, Hoi An and Danang cities during the 2010 – 2012 period.

Source: SGGP

Foreign exchange market remains in control: central bank

In Uncategorized on July 3, 2010 at 12:04 pm

In response to the rising demand for US dollars, the State Bank of Vietnam (SBV) asserted last week that the foreign exchange market remains stable and is under control. 

A teller counts US dollar banknotes at a bank in Ho Chi Minh City (Photo: SGGP)

US dollar credits on the rise
 
It has not just been in July alone, as trade of US dollars has been soaring since early this year.
 
At banks, due to a difference between interest rates of loans in Vietnam dong and US dollars, sometimes up to 7-8 percent and the general stability of dong-US dollar ratio, most of enterprises have preferred borrowing loans in dollar than dong.
 
According to SBV, loans offered in dong only increased by 3.51 percent, while those in dollar surged by 20.23 percent in the first five months.
 
Dollar transactions hiked sharply during the last week of June when trading volume in the interbank market soared over US$500 million. Overnight and one-week-term interest rates also increased slightly.
 
However, the rate for six-month-term loans rose unusually, from 0.99 percent to 3 percent per year.
 
On the free market, purchase of dollars has increased.
 
The dong-US dollar rate has been high at commercial banks in recent days, over VND19,000 per dollar, and the gap between buying and selling prices has been over VND100 per dollar.
 
Financial experts said the country’s trade gap in the first half of the year, which accounted for 21 percent of the total export turnover, has caused worries for people and enterprises.
 
They have worried that the rate would rise further and have bought dollars to save and pay their loans, experts added.
 
In addition, they said, companies have issued a considerable volume of bonds in foreign currency, and this has led to a high demand for dollars and a hike in Vietnam’s US dollar central parity rate.
 
The change of exchange rate yet to cause concern
 
The Central Bank said its foreign currency reserves are still safe because the interbank average exchange rate remains unchanged at VND18,544 per US dollar; it has bought dollars at a price of VND18,980 per dollar, commercial banks have pushed to sell dollars to the Central Bank, and the supply of US dollars has been abundant on the foreign currency market.
 
According to SBV, dollar sources from overseas remittance, FDI disbursement and tourism have likely increased, with overseas remittance reaching US$3.6 billion in the first six months.
 
Therefore, the US dollar supply and demand is unlikely to see the unusual change many people expected.
 
However, the Central bank has asked credit organizations to control the growth of loans offered in dollars and keep them at reasonable rates that are appropriate to the mobilizing capacity of banks.
 
Dr. Tran Huy Hoang, head of the Ho Chi Minh City University of Economics’ Banking Faculty, said the current dong-US dollar rate shows a proper parity between the two currencies and represents a healthy economy.
 
Therefore, he said, SBV has not yet needed to adjust the rate, adding that the rate will help facilitate business and production, especially exports, and limit the trade gap.
 
To balance supply and demand of US dollars, relevant agencies need to strengthen their management on imports and exports, and limit or ban the importation of luxurious commodities and products that are also produced in Vietnam, he said.
 
In addition, SBV and commercial banks need to monitor tightly enterprises’ loan usage, he added.

Source: SGGP

Capital investments help stabilize foreign exchange market

In Uncategorized on July 1, 2010 at 10:27 am




Capital investments help stabilize foreign exchange market


QĐND – Tuesday, June 29, 2010, 20:42 (GMT+7)

The inflows of overseas remittances and foreign indirect investment (FII) into Vietnam have increased in the first half of this year, raising the supplies of foreign currency in the market.


In the first six months, the total overseas remittances to the country are estimated at US$3.6 billion. According to statistics from the State Bank of Vietnam, the inflow of overseas remittances to Vietnam in the first quarter of the year was estimated at US$2.05 billion, up 30.5 percent compared to the same period last year.


Vietnam’s stock market has also showed signs of recovery, attracting almost US$350 million in FII.


The SBV said that the increase is attributed to the recovery and green shoots of the national economy.


The SBV added that the remarkable increase in overseas remittances and FII have helped to stabilize the foreign exchange market, keeping the US$/VND exchange rate at commercial banks below the ceiling rate since April 2010.


Source: VOV


Source: QDND

Trade exchange between Vietnamese and Indian garment businesses held

In Uncategorized on July 1, 2010 at 10:27 am




Trade exchange between Vietnamese and Indian garment businesses held


QĐND – Tuesday, June 29, 2010, 20:45 (GMT+7)

An Indian delegation including 16 leading groups and corporations in the field of garments and textiles held a trade exchange to learn about the market and seek cooperation opportunities with Vietnamese counterparts in Hanoi on June 29.


Indian businesses producing garment input materials committed to provide assistance with technology to Vietnamese enterprises and supply high-quality materials for this market, said V.S Velayutham, Chairman of the Cotton Textiles Export Promotion Council of India (Texprocil).


According to Nguyen Thi Hong Tin, Director of Market Research & Promotion Department of the Vietnam National Textile and Garment Group (Vinatex), Vietnam’s garment exports can look forward to a year of good growth. In the first six months it reached US$4.65 billion and it’s on track to achieve the goal of US$10.5 billion by the end of this year.


However, the garment industry’s development is still encountering many difficulties because most source materials must be imported. To address this, Vietnamese businesses need to step up cooperation with Indian businesses to better serve production in the future, Mrs. Tin noted.    


In recent years, India’s garment exports to Vietnam have steadily risen. In 2008, India exported about US$80 million of cotton cloth and US$57 million of garment input materials to Vietnam.  However, at a time when Vietnam has become one of the top ten biggest garment exporting countries in the world, that number falls short of its potential, Mr. Velayutham added.


The leader of Texprocil also expressed the hope that strategic cooperation between Vietnamese importers and Indian companies would be strengthened through trade exchanges, exhibitions and fairs, especially through Vietnamese participation in the India International Garment Fair in February, 2011.

Source: VOV

Source: QDND