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HoSE to provide odd-lot trading starting from June

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A man watching stock movements on screens. Photo thanhnien.vn

HÀ NỘI — Investors will likely be able to perform odd-lot trading on the southern bourse starting from June after all necessary tests are completed. 

An odd lot refers to an order amount lower than the normal unit of trading. Trading a number of shares from 1 to 99 is classified as odd lot trading. 

Speaking on national television, Phạm Hồng Sơn, Vice Chairman of the State Securities Commission (SSC), said that SSC has directed the introduction of odd-lot trading.

The Hồ Chí Minh Stock Exchange (HoSE) is working with securities companies to test the system and will complete it next week. 

After everything is accomplished, investors will likely be able to trade odd lots from early June. 

Last week, HoSE asked member securities companies to test odd-lot trading from May 9 to 20. After the testing period, securities firm must submit their reports before May 25. 

From the beginning of 2021, in order to minimise order congestion on stock exchanges, the regulator required all three exchanges – HoSE, the Hà Nội Stock Exchange (HNX) and UPCoM – to apply lots of 100 units, meaning that investors have to trade at least 100 shares, and they must be a multiple of 100.

With the odd-lot trading feature on HoSE, investors can only place orders to sell directly if securities firms provide this service.

Source: https://vietnamnews.vn/economy/1192452/hose-to-provide-odd-lot-trading-starting-from-june.html

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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

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On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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