Thread: Latest news on the Dong!

Foreigners purchase more shares on VN's WTO accession
14:15' 09/11/2006 (GMT+7)
Soạn: HA 949735 gửi đến 996 để nhận ảnh này

VietNamNet Bridge – The news that Vietnam was officially admitted to the WTO on November 7 has made the securities trading floor more bustling.

Foreign investors unexpectedly purchased a large volume of shares in the last transactions, leaving the VN Index up by 2.92 points to 520.03 points yesterday.

However, the increase is modest compared to the importance of the news. Analysts had expected a more active response from the market upon Vietnam’s admission to the WTO.

While foreign investors are trying to purchase more shares, local investors are seemingly indifferent to the news. According to atpvietnam.com, the stock market watcher, local investors fear that securities prices will go down in some days when the market is enlarged with more and more listing companies. Some 40 companies are waiting for licences from the State Securities Commission to list on the bourse. With limited volumes of capital, local investors believe it is wiser to wait and choose which securities to purchase.

The higher purchasing power of foreign investors, in the meantime, has helped boost transactions. The total transaction value reached VND105bil ($6.56mil) yesterday, an increase of 77% over the previous transaction. Foreign investors bought VND61.7bil ($3.85mil) worth of shares and fund certificates, while they sold 24,450 shares, worth VND1.1bil ($0.068mil).

Investors were most interested in AGF (they bought 16,700 AGF shares), BMP (24,300), BT6 (37,900), CII (130,800), and TYA (69,310).

In general, Sacombank shares (STB) proved to be the most wanted share item with 197,790 shares sold. Moreover, GMD, DHA and REE were also listed in investors’ portfolios.

The market yesterday saw the prices of 24 share items increase, 15 items decrease, while the prices of 14 share items remained the same, including VFM and VF1 certificates.

While investors hunted for bluechips, the shares of smaller companies decreased considerably in price on November 7 as investors fear that small companies will face big difficulties. Investors rushed to sell share items to recover capital. UNI, NHC and BTC were among these share items.

BTC saw the biggest decrease yesterday, trading at VND14,300/share. This is the third smallest share item on the market (the total value of the company’s shares available on the market is VND12.6bil or $0.78mil), but its market capitalisation is the lowest on the market, at VND19bil ($1.18mil).

UNI, the smallest share item in terms of listing value, saw its price decrease by 1.3% over the previous transaction to VND37,500/share. The company has the chartered capital of VND10bil ($0.625mil) and the market capitalisation volume of VND38bil ($2.37mil).

On Monday, November 6, one day before Vietnam was admitted to the WTO, the VN Index slightly increased by 3.37 points (0.66%) to 517.11 points after decreasing in previous transactions.

Nhat Linh

Foreign investors buy 75% of EVN's bonds
10:25' 09/11/2006 (GMT+7)

VietNamNet Bridge - The seventh issuance of the Electricity of Vietnam's bonds in 2006 proved to be successful with 75% of the issued bonds bought by foreign investors.

A representative of Deutsche Bank, EVN consultant, made the affirmation at a press conference in Hanoi on November 7, Deputy General Director of EVN Dinh Quang Tri said EVN issued 10-year bonds worth a total of 1 trillion VND (around US $62.2 million).

The success of this issuance will make EVN confident in its long-term bond issuance programme to mobilise investment for development of new electricity infrastructure until 2010, Tri said.

Foreign investors rushed in to buy EVN bonds thanks to a simple method in which they registered at Deutsche Bank and the bank will make their deposits in Vietnam. The interest rate of the bonds will be paid in Vietnamese dong and transferred into their personal accounts at Deutsche Bank.

(Source: VNA)

Question, and I havent researched this but I have called some banks.


I cant find a bank to deal in the VND. To me this means they are not tradeable on the world market or forex.

My understanding of joining the WTO was the money had to be on the forex or convertable somehow?

Is my understanding wrong?


Thanks,
Bill

HI been waiting for the WTO approval, so can anyone help me. I'm up in Canada, know of any one selling the dong up here? DO you have some good sites I can keep an eye on to stay on top of what's going on beside this one Thanks Guy's

Originally Posted by Dinar Duchess

I too, would like more information on the potential of the Dong. I agree with what you say postcon. I have found it easier to get involved with the IQD particularly as Warka made it easy for us to open accounts and buy on the ISX. What do Dong investors see in the future of this currency, can you see it being revalued similarly to the IQD or will it be a long haul.

I have seen several people ask about the Dong and a possible reval. What does the future hold and why.

Originally Posted by d-man

I have seen several people ask about the Dong and a possible reval. What does the future hold and why.

Probably good time to get OSW and a few of the other business guys to get involved

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What the IMF Does

Chinese President and Party leader to visit Vietnam
11:57' 11/11/2006 (GMT+7)
Soạn: HA 952507 gửi đến 996 để nhận ảnh này
photo: smh.com.au

VietNamNet Bridge - Hu Jintao, General Secretary of the Communist Party of China and President of the People's Republic of China, and his wife will pay an official friendship visit to Vietnam from Nov. 15-17, the Foreign Ministry announced in a communique on Nov. 10.

Hu Jintao and his wife will be guests of General Secretary of the Communist Party of Vietnam Nong Duc Manh and State President Nguyen Minh Triet.

The visit will take place in the context of the deepening friendship and comprehensive cooperation between Vietnam and China, bringing benefits to both countries, especially since they normalised their relations in 1991.

Bilateral relations have developed rapidly in all areas. The two sides have signed 52 agreements at the state level, building legal foundations for long-term cooperation. They also annually exchange over 100 delegations of high ranking officials of various ministries, sectors and localities.

Meetings between the two countries' senior leaders are maintained every year. In 2006, Party General Secretary Nong Duc Manh visited China. Prime Minister Nguyen Tan Dung met Chinese Premier Wen Jiabao at the 6th ASEM Summit in Finland in September, and at the commemorative summit marking the 15th anniversary of the dialogue partnership between China and the ASEAN in Nanning, China, in October.

Cooperation between key sectors such as foreign affairs, national defence and security have been strengthened. A cooperation agreement between the two foreign ministries was signed in December 2002, between public securities ministries in September 2003 and national defence ministries in October 2003.

A breakthrough was also made in trade and economy. Two-way trade turnover increased from 32.23 million USD in 1991 to 8.74 billion USD in 2005. In the first nine months of this year, the figure reached 7.2 billion USD and is expected to hit 10 billion USD by the end of the year, equalling to the target by 2010.

China has always been Vietnam's leading trade partner. Since 1991, Vietnam has exported to China over 100 staples like crude oil, rubber, seafood, vegetables and coal. Meanwhile, the country imported about 200 products from China, mainly industrial products including machines, equipment, spare parts, petroleum, fertilizers, and steel.

By mid-October this year, China ranked 15th among 74 countries and territories investing in Vietnam, with 399 valid projects and a combined registered capital of 834.7 million USD. These projects are concentrated in 42 out of the country's 64 provinces and cities.

The two countries have signed an agreement on basic principles of settling border and territory issues. The negotiations on land border, the "Bac Bo" (Tonkin) Gulf demarcation and sea-related issues have officially begun. The two countries have so far conducted 12 rounds of negotiations on border and territory issues at the governmental level.

The two sides have actively carried out joint surveys on marine resources in the common fishing ground as well as joint patrols on the Tonkin Gulf and negotiations on delineation of the water area off the Tonkin Gulf. A tripartite agreement between Vietnam, China and the Philippines on a joint survey of seismic activity in the East Sea is also being implemented.

The two countries have agreed to coordinate closely in completing the demarcation of land borders, the planting of border markers by 2008 and accelerating the pace of cooperation in exploring and exploiting oil and gas structures crossing the delineated border.

During the upcoming visit by President Hu Jintao, the two countries are expected to sign a number of agreements, including a framework agreement on economic and trade cooperation and a memorandum of understanding on the cooperation of "Two Corridors, One Belt". They are the Nanning-Lang Son-Ha Noi- Hai Phong-Quang Ninh and the Kunming-Lao Cai-Ha Noi- Hai Phong-Quang Ninh corridors. The project will lead to prospects for respective countries' economic development.

The visit is a chance for the two sides to continue maintaining the traditions of high-level meetings and affirm the attachment to the motto, "friendly neighbourliness, comprehensive cooperation, durable stability and future-oriented vision" and under the spirit of "good neighbourliness, good friendship, good comradeship and good partnership".

The two sides will inform each other of their respective countries' situation and discuss orientations for accelerating and further expanding bilateral cooperative ties in all fields in order to meet the desires and mutual interests of the two peoples and for peace, stability and development in the region and the world at large.

(Source: VNA)

US President urges congress to pass PNTR status with Vietnam
19:51' 10/11/2006 (GMT+7)

VietNamNet Bridge - US President George W. Bush on November 9 asked Congress to pass pending trade legislation, granting Vietnam the Permanent Normal Trade Relations status.

Speaking at a news conference after a White House cabinet meeting, the President said that some issues need to be addressed before the current Congress finishes its legislative session.

One of the issues is that “we need to pass trade legislation that will enable us to recognise Vietnam as a member of the World Trade Organisation,” Bush said.-

Vice Chairman of the Chinese People's Political Consultative Conference Li Meng met with a Vietnamese youth delegation, who attended the seventh China-Vietnam Youth Friendship Meeting, in Beijing, on November 9.

Vice Chairman Li Meng highlighted the fine results of the annual youth friendship meeting between the two countries, which, he said, contributed to the development of the Vietnam-China traditional ties.

(Source: VNA)