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Posts Tagged ‘facilitate’

Vietnam to facilitate business with Belarusians

In Uncategorized on May 14, 2010 at 4:54 pm

Vietnam to facilitate business with Belarusians

QĐND – Friday, May 14, 2010, 22:30 (GMT+7)

Vietnam is willing to create favourable conditions for its potential businesses to set up cooperative ties with Belarusian partners, said the state leader.

State President Nguyen Minh Triet made the statement at a meeting with Belarusian Prime Minister Sergey Sidorskiy in Minsk capital late May 13.

At the meeting, Triet said he hoped Sidorskiy and the Belarusian government would take measures to support Belarusian businesses in their cooperation with Vietnamese partners in Belarus’ traditional industries such as heavy truck, tractor and mining equipment manufacturing and fertiliser production as well as other sectors Belarus have potentials namely petroleum, finance and banking.

The State leader asked Belarus to consider signing soon a free trade agreement with Vietnam to further facilitate economic, trade and investment cooperation between the two countries.

At present, numerous Vietnamese businesses, including the Vietnam National Coal and Mineral Industries Group and the Vietnam Engine and Agricultural Machinery Corporation, have enjoyed effective cooperation with Belarusian partners.

On the occasion, Triet affirmed that Vietnam always bears in mind Belarusian people’s valuable supports in the country’s struggle for independence and the cause of national construction.

For his part, Sidorskiy spoke highly of the achievements the Vietnamese people had made in the national renewal and construction process, that helped raise Vietnam’s prestige in the region and in the world.

Sidorskiy asked Triet to convey his invitation to visit Belarus to Prime Minister Nguyen Tan Dung.

Source: Vietnam+

Source: QDND

Vietnam to facilitate foreign share listings

In Uncategorized on May 8, 2010 at 4:51 pm

Vietnam to facilitate foreign share listings

QĐND – Saturday, May 08, 2010, 22:28 (GMT+7)

Vietnam plans to facilitate foreign invested firms to list their shares on the country’s stock exchanges, says an official from the State Securities Commission. 

Nguyen Son, head of the commission’s Securities Market Development Department, said the watchdog has submitted to the government a proposal which provides detailed guidelines for foreign invested public businesses to list their shares.

“The proposal, if passed by the government, will remove obstacles for the businesses to join the Vietnamese stock market,” Son told Thanh Nien Weekly.

The new decision is appreciated but its implementation circular should be introduced earlier or plans for listing by foreign invested businesses would be stuck, said Le Ngoc Chi, deputy head of Bao Viet Securities Company’s Corporate Finance department.

Chi said many foreign invested public companies, his firm’s potential clients, were interested in the new decision which opened the door wider for them to join the Vietnamese stock market.

They are keenly awaiting the implementation circular that would allow concerned agencies to license their listings, Chi said.

She said 100 percent – Korean padding, quilting and bedding firm Everpia, which owns the Everon brand, has been waiting for nearly eight months for permission from the Ho Chi Minh Stock Exchange to list on the stock maket.

“We hope the Korean firm will be the first foreign invested businesses to list its entire shares on the stock exchange and it will be a good example for others,” said Chi.

Everpia Vietnam, founded in 1992 as Viko Glowin, plans to list 10.72 million shares with the book value of VND10,000 each with the assistance of Bao Viet Securities Company or BVSC, also a strategic shareholder.

In 2005, Taiwan-based Taya Electric Wire and Cable was the first foreign invested business to list its shares on the HCM Stock Exchange under the government’s pilot scheme for the FDI sector.

Seven foreign invested firms including US-based mobile sensing technology provider Full Power, ceramic producer Chang Yih, Taiwanese Aluminum product manufacturer Tung Kuang and Korean Mirae Asset Financial Group have followed the scheme so far.

Under the pilot program, foreign invested firms were allowed to list shares valued at less than 20 percent of their chartered capital.

“We hope the new circular would allow them to list the rest,” said Chi of BVSC which has helped half the foreign invested businesses that have listed their shares in Vietnam.

Economist Bui Kien Thanh said the government should support the foreign invested firms by allowing them to list all their shares on the nation’s stock exchanges where they are able to seek capital for their investments in Vietnam besides offshore financial sources.

More than 450 businesses listed their shares in Ho Chi Minh and Hanoi stock exchanges as of last year, according to the commission. The share capitalization of the market was VND620 trillion (US$32.7 billion), accounting for 38 percent of the country’s gross domestic product, the commission said.

More than 11,500 foregin invested businesses are currently operating in the country, according to the Foreign Investment Agency.

Source: VietnamNet/Thanh nien


Source: QDND

Banks facilitate connection for move of securities accounts

In Uncategorized on September 18, 2008 at 6:05 pm

To facilitate connection for the move of investors’ accounts from securities firms to banks under the Finance Ministry’s decision, many banks have offered solution packages to securities companies.

The Bank for Investment and Development of Vietnam (BIDV) have launched BIDV@Securities solution that enables it to connect to 10 securities companies, namely Bao Viet, Artex, Gia Phat, Euro Capital, Thien Viet, BSC, Ban Viet, Dai Viet, Cho Lon and Dong A.

Meanwhile, MobiVi Securities solution deployed by VPBS and VP Bank allows one securities company to connect to investors’ accounts at different banks of the same system.

The connection solutions aim to speed up the shift of securities accounts to banks before the deadline of Oct. 1.

So far, only 20 out of 80 securities companies have shifted investors’ accounts to banks for management, according to initial statistics.

The slowness is attributed to the incompatibility between the systems of banks and securities companies. Another reason is the lack of specific regulations defining related parties’ responsibilities to investors in case of incidents.

Some experts say securities companies delay the move since they do not want to lose a huge profit earned from investors’ accounts.

At a seminar held in late August in Hanoi, representatives from the Hanoi Stock Trading Centre and the State Securities Commission said that moving investors’ accounts to banks for better management is necessary for the protection of investors’ interests and urged the enforcement of the regulation.

Securities companies which succeeded in connecting to banks said thanks to advanced technology solutions, connection failures rarely happened and if happening, they were solved quickly.

Connection to banks has opened up new investment opportunities and increased the competitive edge of securities companies, they said.-