The newly-launched Vietnam Stock Exchange is expected to streamline the national equities market, but there remains a possible risk of more red tape for investors and listed firms. Despite the introduction of the Vietnam Stock Exchange, the Hanoi and Ho Chi Minh City exchanges will continue to run separately, Photo: Le Toan Prime Minister Nguyen Xuan Phuc recently approved the plan to set up the Vietnam Stock Exchange (VSE), a state-owned entity that regulates the existing Hanoi Stock Exchange (HNX) and the Ho Chi Minh City Stock Exchange (HSX). The new VSE, scheduled to be launched in Hanoi in 2020, will have VND3 trillion ($130 million) in capital, whilst the two stock bourses it controls will continue to run independently from one another. The VSE will be wholly-owned by the Ministry of Finance until its scheduled equitisation in 2023. According to the plan, it will take over the supervision of the HNX and HSX, as well as launch new regulations for market activities. The … [Read more...] about Could new bourse end city rivalry?
Shenzhen stock index
A man reads a newspaper while keeping an eye on stock price movements at a securities company in Beijing. (Photo: AFP/NICOLAS ASFOURI) The benchmark Shanghai Composite Index dropped 5.22 per cent, or 142.38 points, to 2,583.46, marking the lowest level since November 2014. The Shenzhen Composite Index, which tracks stocks on China's second exchange, plummeted 6.45 per cent, or 89.15 points, to 1,293.90, the lowest point since September 2014. READ: Asia shares shattered in early trade by Wall Street rout, China's yuan under fire It is the second dive in Chinese bourses this week after both Shanghai and Shenzhen fell nearly four per cent on Monday. "(The) Chinese market already suffered a blow in confidence after Monday and investors were in a very sensitive state of mind," said Zhang Yanbing, analyst with Zheshang Securities. "So they panicked and overacted today." Other Asian markets also tumbled Thursday following the worst session on Wall Street for months, as US President Donald … [Read more...] about Chinese stocks sink to lowest levels since 2014
Hanoi (VNA) â Vietnamese shares on January 11 declined for a third session on both local markets as investors were rocked by another sharp fall of Chinese stocks. The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Hanoi Stock Exchange each dropped 0.4 percent to finish at 557.87 points and 76.10 points, respectively. The southern index has fallen 2.9 percent and the northern index has lost 3.3 percent over the last three sessions. Investors fears were heightened after Chinese stocks slumped again on January 11, with China's Shanghai and Shenzhen stock markets dropping 5.3 percent and 6.6 percent, respectively. Shenzhen's market has fallen 18 percent since the end of last year. Both local and foreign investors in Vietnam sought to sell stocks on expectations that Chinese stocks will likely extend losses this week, further undermining investor confidence, Saigon - Hanoi Securities Corporation (SHS) wrote in a report. Large-cap stocks led decliners, with … [Read more...] about Stocks decline for third session
HCM City property market stalls There are growing signs of a stalemate in HCM City's residential market, with prices in the primary market seeing little change in the first quarter. "What we are seeing is a face-off between developers and buyers," said Marc Townsend, managing director of CBRE Viet Nam. "Residential buyers will not buy property if they think prices will go down in the future. "They simply expect prices to be lower next quarter and thus will not re-enter the market, while developers are attempting to show, in some cases, there is little more to give for, for over a year, they have offered discounts, gifts and lucky draws, and that has not turned the residential market around." Adam Bury, CBRE's research and consulting senior manager, says with the economy now appearing more stable, calmer inflation, lower interest rates, and a rising stock market, developers, a couple of whom have had reasonable sales in March, may now feel the market is approaching the … [Read more...] about BUSINESS IN BRIEF 17/4
Vietfood, Beverage-ProPack Ha Noi exhibit It is the first time the exhibition will come to Ha Noi after being held in HCM City for 20 years. The event is organised by Vinexad. It is expected to attract 180 enterprises with more than 200 pavilions from 11 countries and territories, including South Korea, Thailand, Russia, Malaysia, Italia, Denmark, Spain, Lithuania and China. Products displayed at the exhibition include vegetables (fresh, dried, canned, processed), seafood (cooked, frozen), agricultural products (coffee, tea, cashew, pepper), food ingredients, beverage, confectionery, and packaging and food preservation equipment. The four-day event is also expected to attract about 15,000 visitors, especially e-commerce partners from agricultural areas, including the northern provinces of Hai Duong, Bac Giang, Lao Cai and Bac Ninh. Product origin key to seafood exports to EU Certificates of origin is a must for Vietnamese seafood exported to the EU, Siegfried Bank, an expert from … [Read more...] about BUSINESS IN BRIEF 10/10