Thread: Latest news on the Dong!

Originally Posted by elgordo

I Thought I Saw That Dinartrade Was Now Selling Dong

But Marek owner of Rolclub is going to get involved. We can just go thru Rolclub instead of other dealers. Just waiting on Marek to get this underway. You don't have to wait, but please when purchasing more remember Rolclub. Thanks

My daughter bought some dong for me while she was in Vietnam. I was tickled pink! Then I saw on here "beware of the big bills, could be possible reprint". My heart fell!!! I have 3 500,000 notes. Anyhow, hope we ae able to get smaller denominations through RC also. Just being able to get dong from here will be great! Thanks!

US Congress approved the PNTR to Vietnam
18:47' 09/12/2006 (GMT+7)

VietNamNet Bridge – Both the US House and Senate have passed the PNRT to Vietnam last night December 8.
Soạn: HA 980118 gửi đến 996 để nhận ảnh này

The Bill HR 6406 was passed by the US House of Representatives at 7:45 PM (US Eastern time) last nigh December 8 with the 212-284 votes. Six hours after that, the bill was voted 79-9 at an all-night session of the US Senate.

The Permanent Normal Trade Relation to Vietnam has been waited for long from US and Vietnam. This is not only the measure allowing business communities of two countries fully benefit from the WTO membership of Vietnam. More importantly, this is the complete end of a policy designed by the US during the Cold-War and applied on Vietnam since 1974.

In the last four months, the bill was faced many obstacles, mainly from the opposition of textile protectionists in the US. Trickier situation came when the bill was brought to the US Congress in a lame-duck session, while the power will be transferred from the Republican to the Democrat in a few days.

Several other bills, including the extension of trade packs with Haiti, Adean Nations, and the GPS for over 130 developing countries were combined with the PNTR in a package, that made the situation of the PNTR to Vietnam more complicated.

Viet Nam welcomes the accomplishment

Viet Nam on Dec. 9 hailed the long-awaiting vote by the US Congress for the Permanent Normal Trade Relations (PNTR) status with Viet Nam as an important step to boost bilateral ties.

Foreign Ministry Spokesman Le Dung said that the approval - made on December 9 at Ha Noi time by both the House of Representatives and Senate - has met aspirations of both Vietnamese and US people.

"The event is of primary importance in Viet Nam - US ties, marking a full normalisation, especially in economics and trade," said the spokesman.

He said the vote has resulted from great efforts made by the both sides in normalising bilateral relations as well as the desire to build a better relationship between Viet Nam and the US.

"On this occasion, we would like to express thanks to President G. Bush personally, US authorities and Congressmen for your support, the business community, the Overseas Vietnamese community in the US and those who have lobbied for the approval of the PNTR with Viet Nam," Dung said.

"We hope that President Bush will enact the bill on PNTR with Viet Nam very soon," he emphasised.

He also said the approval of the PNTR will pave the way for the two sides to implement their commitments to the World Trade Organisation (WTO) and the bilateral agreement on Viet Nam's accession to the WTO. The event will also open up opportunities for bilateral cooperation, especially among business circles, Dung added.

"We believe that the approval of the PNTR will help boost the recent positive relations between Viet Nam and the US and contribute to gearing the ties to constructive partnership, friendship and multi-faceted cooperation on the principle of equality, mutual respect and benefit," concluded the spokesman.

(Vietnamnet, Xinhua, VNA)

After reading through I can see that there would be a ROI buying stocks, shares as there will be a larg amount of new companies starting due to the new trade laws.

BUT!!!!

What about holding there currency (Dong), Why would they need to raise the exchange rate?
Have they not been coping on the existing exchange, what would they need to import? making them want to RV.

Sorry for asking what some might think are simple quastions.

Originally Posted by DEAN

After reading through I can see that there would be a ROI buying stocks, shares as there will be a larg amount of new companies starting due to the new trade laws.

BUT!!!!

What about holding there currency (Dong), Why would they need to raise the exchange rate?
Have they not been coping on the existing exchange, what would they need to import? making them want to RV.

Sorry for asking what some might think are simple quastions.

I got into the Dinar late. Not this time. I am learning Vietnam. But for now I will bank on "Supply and Demand" for the Future. Also recived my first Order Today.

Originally Posted by Raditz

VNECONOMY updated: 06/11/2006


Vietnam will have to open its service market upon its accession to the WTO and signing up to Free Trade Agreements (FTA).


Apart from the opening of the goods market, Vietnam will have to open its service market upon its accession to the WTO and signing up to Free Trade Agreements (FTA).

So far, Vietnam has opened its local market within the frameworks of ASEAN and the U.S.-Vietnam Bilateral Trade Agreement (BTA).

In the coming time, Vietnam will have to further open the financial services market once it becomes an official member of the WTO and signs up to other FTAs.

Such financial services sectors as accounting, auditing, tax advice and consulting services, insurance services and securities investment advisory services are currently put under the country’s commitments to open the market within the frameworks of the ASEAN and the BTA.

However, at present, fields of services under the administration of the Ministry of Finance are opened the most under commitments in BTA.

Accordingly, the opening of local service market with the participation of foreign partners is made under the following forms:
(1) allowing overseas enterprises to provide services to individuals/organizations in Vietnam;
(2) allowing Vietnam-based individuals/organizations to use overseas services; (3) allowing foreign enterprises to establish their Vietnam-based trade agents, including representative offices, branches, joint-ventures and 100% foreign-owned enterprises, to provide services;
(4) allowing foreign individuals to independently provide services in the local market.

According to the Ministry of Finance, in the next five years, the opening of Vietnam’s service market will mostly focus on the implementation of the country’s commitments upon its accession to the WTO and announce its commitments at bilateral and multilateral negotiations to join the WTO.

The field of accounting, auditing and tax consulting services are fully opened for the first aforesaid three forms. Regarding the fourth form, Vietnam did not commit to open.

Regarding the field of insurance services, WTO commitments will allow overseas insurance companies to provide its services to foreign-invested enterprises and foreigners who are working in Vietnam. Furthermore, Vietnamese individuals and enterprises are allowed to use overseas insurance services when going abroad.

Restrictions on the establishment of a Vietnam-based legal entity of foreign insurance companies will be removed as soon as Vietnam officially join the WTO. Particularly, the market for mandatory insurance will only opened for 100% foreign-owned enterprises in early 2008.

Regarding securities investment services, Vietnamese individuals or organizations will be allowed to use overseas services. Also, establishment of representative offices and joint-ventures of up-to-49% foreign direct investment will be allowed as soon as Vietnam becomes an official member of the WTO.

5 years later, establishment of 100% foreign-owned enterprises which provide such services as management of assets and investment funds, deposits, offset payment, provision and transfer of financial information, etc.

However, Vietnam-based branches of foreign traders will not be allowed to provide such services as well as services in the form 1 & 4 aforesaid.

To facilitate the implementation of WTO commitments, documents on the implementation of the Securities Law should have detailed guidelines relating to the WTO commitments on the establishment of 100% foreign-owned securities companies and branches within 5 years since the country joins the WTO.

Since customs regulations aim at creating favorable conditions for trade development, WTO commitments in this field focus on custom valuation according to the provisions of the Customs Valuation Agreement (CVA), basing on transaction values instead of regulations on minimum import prices or a price list.

Moreover, Vietnam commits to fully implement WTO regulations relating to custom fees to ensure transparence.

Dear MOD, I know this article is about Vietnam, but considering the information here, about what a country has to agree to to be a member of the WTO, this is relevent and would be good reading for those over on the think tank on the dinar side of the house. Since Iraqi is in the process of a WTO membership, this explains a little more fully what that might mean. A little further along than just "transparent and global" economy. WTO membership has HUGE implications for an oil rich economy like Iraq even much more than little Vietnam. But, I will ask you (MOD) to post this over there if you think appropriate.. Trust is everthing. Thank You.

Vietnam Index at record high ahead of new listings


Vietnam's stock market rose 2.53 percent to close at another lifetime high Tuesday as investors sought to buy into top listed firm FPT ahead of a series of share debuts.

The VN Index on the Ho Chi Minh City exchange, which now lists 67 firms, closed at 799.31 points and the market capitalisation hit $8.4 billion. The index has risen nearly 160 percent since the end of 2005.

Shares in FPT hit the 5-percent daily limit for the fourth day in a row since their Dec. 13 debut to end at VND486,000 ($30.2).

Last Thursday, the top information technology firm announced it was licensed to provide landline telephone services nationwide, which has caught more investor eyes as FPT expands into the lucrative telecoms sector.

The Hanoi OTC market index edged up 1.9 percent to end at a record 257.4 points on Tuesday. It hit a record of 252.59 points on Monday with the share debut of Baoviet Securities, a subsidiary of the country's top insurer, Bao Viet.

Telecoms and insurance sectors are among the fastest growing industries in Vietnam, where the economy is one of the world's fastest expanding after China.

On Wednesday, three companies are scheduled to make their share debuts in Ho Chi Minh City and shares in eight more will start trading in the Hanoi over-the-counter market, taking the number of firms listed there to 49.

Investor interest is growing in the relatively small but fast-growing Vietnam market despite concerns about lack of transparency and lack of international auditing standards.

About two dozen companies have been licensed to list in Hanoi and 35 more in Ho Chi Minh City by the end of the year to win tax relief.

In a bid to boost Vietnam's capital market, the government has offered 50 percent corporate income tax relief to companies which make their market debuts by Dec. 29, the last trading day this year.

A race to meet the deadline has produced a rash of IPOs in recent months.

Source: Reuters

Vietnam exports touch record $39.5 bln


Vietnam’s exports have topped a record US$39.5 billion this year, a 22 percent increase, the Ministry of Trade said.

Foreign-invested businesses accounted for $22.9 billion for a 42.5 percent year-on-year increase.

Textiles and garments, footwear, seafood and electronic products were the major items exported.

Crude oil remained in top spot with $8.45 billion, followed by garments and textiles with US$5.9 billion, a 22 percent rise.

The US remained the largest textile market accounting for $2.7 billion, followed by the EU and Japan.

Footwear exports fetched $3.5 billion, a 15 percent increase over last year, and seafood $3.4 billion, a 24 percent increase.

Rubber joined the $1 billion club with exports of more than US$1.3 billion. Thanks to the sharp increase in latex prices, rubber exports jumped 64 percent over last year.

The US$1 billion club now has eight members –seafood, rubber, rice, crude oil, garments and textiles, footwear, electronic products and PC parts, and wooden products.

Source: VNA

Singapore to share in Vietnam's boom: report


Singapore has struck a deal to help modernize Vietnam's capital markets, placing it in pole position to attract potential overseas listings from one of Asia's fastest-growing economies, the Financial Times reported.

Singapore has been overtaken in recent years by Hong Kong as Asia's dominant capital market after several large floats of Chinese companies.

The signing of an exclusive financial cooperation agreement with Vietnam involves the Monetary Authority of Singapore and the Singapore Stock Exchange advising Vietnam's Ministry of Finance and its chief regulator, the State Securities Commission.

Credit Suisse, the investment bank, and SGX will provide the technical expertise to the governments and to corporations which seek advice about listing.

The agreement spans the training of Vietnamese regulators and issuers on listing requirements and how to organize roadshows.

Towards the end of next year, the program will seek to prepare potential Vietnamese companies for listing overseas.

The agreement marks the latest stage in Vietnam's "equitization" program, designed to improve the governance and competitiveness of those state-owned enterprises seeking to privatize.

In spite of the agreement, the recent strong rally in the country's domestic markets could delay the need for Vietnam's companies to list abroad in the short term.

"All the things that weren't here a couple of years ago - namely liquidity and foreign capital - are here now in abundance," said Jonathon Waugh, a director of PXP Vietnam Asset Management.

Vietnam, where the economy has grown about 7.5 per cent a year since 2001, launched its stock exchange in 2000, but the market took off slowly because of corporate wariness of scrutiny from outside the country.

But this year has seen a sharp rally, triggered by a bullish Merrill Lynch report pronouncing Vietnam a "10-year buy".

Recent weeks have also seen a surge of listings as companies have rushed to take advantage of tax incentives that will be phased out at the end of the year.

Source: Financial Times

Vietnam firms eye overseas listing


Many Vietnamese companies are expected to list on foreign stock exchanges in 2008-09 to tap the international capital market, analysts said.

Some heavyweights listed in Vietnam have unveiled plans to list in Singapore possibly in 2008.

Beating others to a Singapore listing will be leading dairy producer, Vinamilk, which will next year become the first Vietnamese firm to list overseas.

It will be followed by tech giant, FPT.

Le Thi Bang Tam, chairwoman of the State Capital Investment Corp – a state agency set up to reallocate funds earmarked for restructured state-owned enterprises – confirmed plans for the two listings on the sidelines of an investment conference in Singapore recently.

Potential firms

Tam said Vinamilk was a favourite among foreign investors because of its solid performance.

The company, which holds 75 percent of the dairy market, is valued at US$930 million.

It has also invested in other businesses like packaging company V-Pack and infrastructure and property projects.

FPT’s stock soared 150 percent over the gray market price upon its debut on the Ho Chi Minh City bourse last week.

In October it sold a 10 percent stake for $36.5 million to Texas Pacific Group, a private-equity fund, and Intel Capital, a unit of chipmaker Intel.

In other international listing efforts Cavico Corp., a Vietnamese construction conglomerate, is preparing to have its shares listed in the US.

In April it entered into an asset purchase agreement with Agent155 Media Group, a US provider of multimedia content management tools.

Vietnam’s stock market watchdog, the State Securities Commission, said Kinh Do Corp., Saigon Securities Incorporated (SSI), Trung Nguyen coffee group and some 50 other companies had sought information about procedures for foreign listing.

Nguyen Hoang Ha, general secretary of the Vietnam Association of Financial Investors, said these companies would benefit from listing abroad in terms of raising funds and applying international corporate governance standards.

Foreigners’ interest

Last week a Singapore Stock Exchange mission flew to Vietnam to participate in a listing ceremony held for SSI at the Hanoi securities market.

Its members were hoping to learn more about SSI after hearing it was planning to list in Singapore.

UBO Asia, a giant Singaporean securities firm, came to Vietnam in March to meet firms expecting to list in Singapore.

Earlier the Republic of Korea Stock Exchange organized a workshop in Vietnam to discuss opportunities for raising funds in that country.

Kang Kwang Ha, its director, said there was interest in his country in attracting Vietnamese firms.

Source: Thanh Nien, VnExpress – Compiled by Ha Dong