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New storm hits local stock market

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A Petrolimex gas station on Lạc Trung Street, Hai Bà Trưng District, Hà Nội. Shares of the largest petrol company dropped 3.8 per cent on Wednesday. — VNA/ Photo Trần Việt

HÀ NỘI — Vietnamese shares posted the worst loss in three months on Wednesday on the landing of a new storm in the central region, raising concerns over the economic growth and business performance in the rest of the year.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange plunged 2.69 per cent or 25.42 points to 921.05 points at the end of the day.

It was the index’s worst decline since July 29, when it plummeted 2.77 per cent or 22.52 points.

The benchmark has lost a total of 4.18 per cent in the last three trading days and returned to near its closing level of 918 points made on October 8.

Investors panicked “due to the news about the 9th storm Molave, making the market worry that it will affect the business activities and the stability of the socio-economic condition at the end of the year,” BIDV Securities Corp (BSC) said in its daily report.

The worries “caused sell-off activities to increase and lead to the rapid devaluation of most stocks today,” the company said.

More than 456 million shares were successfully sold on Wednesday, worth VNĐ9 trillion (US$387.4 million).

The southern market saw 365 stocks decline while 66 others increased and 46 stocks ended flat.

The large-cap VN30-Index lost 2.67 per cent to 888.88 points. The VN30 futures due on November 19 fell 2.62 per cent to 895.90 points to indicate negative market outlook among investors.

Among the worst large-cap decliners were HDBank (HDB), Vincom Retail (VRE), Vingroup (VIC), VPBank (VPB), retailer Mobile World Investment (MWG), Techcombank (TCB) and petrol company Petrolimex (PLX).

Those stocks declined by 3.8-6.3 per cent. TCB was the most active stock on the market with more than 32 million shares traded.

The large-scale sell-off also hit the mid-cap and small-cap trackers on HoSE, which dropped 1.76 per cent and 1.85 per cent, respectively.

Retail, banking, securities, property, insurance and materials were the worst-performing sectors on Wednesday, according to vietstock.vn.

On the Hà Nội Stock Exchange, the HNX-Index dived 2.25 per cent to 134.04 points.

The northern market index has decreased by total 5.40 per cent after the last three trading days.

Nearly 68 million shares were traded on the northern market, worth VNĐ1.04 trillion. —

Source: https://vietnamnews.vn/economy/803996/new-storm-hits-local-stock-market.html

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China-ASEAN Expo opens, featuring digital economy, RCEP

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The 17th China-ASEAN Expo and China-ASEAN Business and Investment Summit kicked off on Friday, highlighting booming digital economy cooperation and the implementation of a recently signed major trade pact.

Chinese President Xi Jinping called for cultivating a closer community with a shared future for China and the Association of Southeast Asian Nations (ASEAN) when addressing via video the opening ceremony.

Chinese President Xi Jinping addresses the opening ceremony of the 17th China-ASEAN Expo and China-ASEAN Business and Investment Summit via video on Nov. 27, 2020. (Xinhua/Li Xueren)

This year’s expo aims to deepen cooperation in trade, the digital economy, science and technology, health, and other fields.

With an exhibition area of 104,000 square meters, the expo has 5,400 booths in Nanning, capital of south China’s Guangxi Zhuang Autonomous Region. More than 1,500 enterprises from home and abroad will participate virtually in the four-day event, according to the organizers.

The expo will also host 11 high-level forums and more than 160 economic and trade promotion activities.

China-ASEAN Expo opens, featuring digital economy, RCEP

Booming digital cooperation

This year is designated as the China-ASEAN Year of Digital Economy Cooperation. Strengthening digital economy cooperation was the common call of ASEAN leaders at the opening ceremony.

ASEAN’s digital economy is estimated to increase from 1.3 percent of the group’s GDP in 2015 to 8.5 percent in 2025, according to ASEAN Secretary-General Lim Jock Hoi, adding that China is leading the development of digital infrastructure and is an important partner of ASEAN in promoting the digital economy in the region.

This year’s expo also highlights the Regional Comprehensive Economic Partnership (RCEP), the world’s biggest trade pact, which was signed earlier this month by 15 Asia-Pacific countries including ASEAN’s 10 member states and China. It was a massive move for regional economic integration, multilateralism and free trade.

China-ASEAN Expo opens, featuring digital economy, RCEP

The signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) agreement is held via video conference in Hanoi, Vietnam, Nov. 15, 2020. (VNA via Xinhua)

The expo features an exhibition area, and enterprises from RCEP countries including Japan, the Republic of Korea, Australia and New Zealand have participated in the event, according to Wang Lei, secretary-general of the expo’s secretariat.

High-level dialogue conducted during the expo will promote greater participation from RCEP members, said Wang, adding that the expo will help integrate the market advantages and resources of the 10 ASEAN members with the capital and technical advantages of other RCEP members.

“I believe that the RCEP will also provide a solid foundation for an open, inclusive, and rules-based global trade environment,” said Myanmar President U Win Myint at the expo’s opening ceremony.

Xu Ningning, executive president of the China-ASEAN Business Council, said that opening up the markets of the 15 countries to each other will bring about new changes and closer regional cooperation. 

(Source: Xinhua)

Source: https://vietnamnet.vn/en/business/china-asean-expo-opens-featuring-digital-economy-rcep-694444.html

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VNR petitions for reduction of infrastructure charge

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Passengers board a train. VNR has proposed an infrastructure use fee reduction – PHOTO: LE ANH

HANOI – Vietnam Railway Corporation (VNR) has proposed reducing the infrastructure charge from 8% of its railway transport revenue to 2% due to the difficulties caused by Covid-19.

The proposal has been sent to the Ministries of Transport and Finance and the Commission for the Management of State Capital at Enterprises.

This year, VNR may generate nearly VND3.2 trillion in revenue and its losses were estimated at VND643 billion. It has minimized its operation cost and furloughed its staff.

VNR and transport firms have encountered cash flow difficulties to maintain their operations. They are finding it hard to overcome their budget deficit, VNR Chairman Vu Anh Minh said.

VNR needs VND320 billion in 2020 and VND350 billion in 2021 to make good its losses.

VNR’s railway transport revenue was estimated at VND2.7 trillion this year. With this revenue, it will have to pay VND213 billion as the infrastructure use fee.

If the proposal to reduce the infrastructure use fee is approved, the fee will be cut by VND160 billion. The reduced amount in 2021 will be an estimated VND179.5 billion.

Thus, the firm can make good half of its budget deficit.

Source: https://english.thesaigontimes.vn/79630/vnr-petitions-for-reduction-of-infrastructure-charge-.html

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Mekong Delta expressway network expansion: infographic

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Source: https://e.vnexpress.net/infographics/economy/mekong-delta-expressway-network-expansion-infographic-4200146.html

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