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Shares edge higher, foreign investors net buy over $90.3 million

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A store of Mobile World Investment Corporation on Minh Khai Street, Hà Nội. The company shares hit the biggest daily gain of 7 per cent yesterday. — /VNA Photo

HÀ NỘI — The market ended higher yesterday with the VN-Index recovering from the previous session’s losses. Meanwhile, foreign investors flocked back to the market with a net buy value of more than VNĐ2 trillion. 

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSe) surged 33.76 points, or 2.49 per cent, to 1,388.55 points. The index lost more than 56 points, falling below the key level of 1,400 points, as selling forces weighed on the market in the last trading hour of Tuesday.

The market’s breadth stayed negative as 226 stocks decreased, while 147 stocks rose and 40 ended flat.

The liquidity remained high with nearly 740 million shares traded, worth nearly VNĐ24.87 trillion (US$1.1 billion).

The rally was thanks to recoveries in large-cap stocks. The VN30-Index posted gains of 50.35 points, or 3.38 per cent, to 1,538.77 points. Of the 30 biggest stocks in the VN30 basket, 26 stocks rose while only four slid. 

Stocks across all sectors jumped sharply yesterday. 

In the top five stocks influencing the market’s rally, Vinhomes JSC (VHM) was the biggest gainer in market capitalisation, up 6.07 per cent. 

It was followed by PetroVietnam Gas JSC (PVGas, GAS), Techcombank and Hòa Phát Group (HPG), up 6.64 per cent, 4.81 per cent and 3.96 per cent, respectively.

Other stocks like Vietjet Aviation JSC (VJC), FPT Corporation (FPT) and Mobile World Investment Corporation (MWG) also witnessed good performance, with MWG shares hitting the maximum daily gain of 7 per cent. 

After the VN-Index broke through the short-term support level of around 1,380 points, the index’s technical signals were weaker and the next support zone is 1,325 points, said analysts from Saigon – Hanoi Securities JSC (SHS).

Based on Elliott theory, the market might enter the corrective wave A with a target of around 1,210 points. However, after strong correction sessions, the market often has technical recoveries to claim back some losses, SHS added. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index also inched 0.41 per cent higher to 319.83 points, boosted by gains in large-cap stocks. The HNX30-Index, tracking the 30 biggest stocks on the northern bourse, increased 1.01 per cent to 498.17 points. 

During the session, over 168.93 million shares were traded on HNX, worth nearly VNĐ3.9 trillion.

While foreign investors were net buyers on HoSE, with a net value of VNĐ2.08 trillion, they net sold a value of VNĐ47.27 billion on HNX. —

Source: https://vietnamnews.vn/economy/988041/shares-edge-higher-foreign-investors-net-buy-over-903-million.html

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Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS

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The 18th China-ASEAN Business and Investment Summit (CABIS) was held on September 10-11 in Nanning, Guangxi, China.

This year’s CABIS and China-ASEAN Expo (CAEXPO) were held at the same time. The theme of CABIS 2021 is “Sharing Opportunities Created by the New Land-Sea Corridor, Building the China-ASEAN Community with a Shared Future”.

The year 2021 marks the 30th anniversary of the establishment of China-ASEAN dialogue relations, the China-ASEAN Year of Sustainable Development, and the 60th anniversary of the establishment of China-Laos diplomatic relations. In this special period, there were 3 events within the framework of CABIS, namely the Round-table Dialogue between the State Leader of Laos and CEOs from China (herein after referred to as the Round-table), the China-ASEAN Business Leaders Forum & Special Meeting on the 30th Anniversary of China-ASEAN Dialogue Relations, and the Symposium on China-ASEAN Commercial Legal Cooperation.

These events have comprehensively deepened the China-ASEAN cooperation, serving as the practical platform for exchange and cooperation in the course of constructing the China-ASEAN community with a shared future.

Co-sponsoring CABIS for the first time, sharing new opportunities

The 30 years of China-ASEAN dialogue relations proved worthwhile. For the past 3 decades, economic cooperation has been increasing, with the scale of trade increased 85-fold. In 2020, ASEAN became the largest trading partner of China, and China has been ASEAN’s largest trading partner for 12 consecutive years. In the first half of 2021, the bilateral trade increased 38.2% on a year-on-year basis and revealed the momentum of further growth.

Deputy Prime Minister and Minister of Commerce of Thailand Jurin Laksanawisit said in his video remark presented in the Business Leaders Forum that for 30 years, China-ASEAN Strategic Partnership has gain fruitful results in the cooperation of economy, political security, and social exchanges, making China and ASEAN the crucial cooperation partners and the most vital strategic partners of each other.

The results of 30-year cooperation also have been benefiting the people, which were highly spoken of by China and ASEAN countries.

“For 3 decades, the commerce and industry community of China and ASEAN have joined hands to promote the construction of the China-ASEAN Free Trade Area and the negotiation of Regional Comprehensive Economic Partnership (RCEP). They have contributed a lot to the constant development of China-ASEAN economic cooperation,” said Gao Yan, Chairperson of China Council for the Promotion of International Trade (CCPIT) and Director of the CABIS Organizing Committee, during the Business Leaders Forum.

One thing worth mentioning is, this CABIS invited 10 national chambers of commerce and industry from 10 ASEAN countries as the co-sponsors for the first time, in order to promote the China-ASEAN economic cooperation to a new level and to listen to the voice of ASEAN commerce and industry community, for which this innovation was positively responded.

With 18-year fruitful results, CABIS combines efforts to create a brighter future

The CABIS has been successfully held 18 times and has become a significant China-ASEAN platform for opening-up and cooperation. This year’s CABIS also achieved several significant results, which strongly facilitated the upgrade and development of China-ASEAN economic cooperation.

The significance of the Round-table could not be clearer. Since its first meeting, it has promoted a series of key projects to put into construction, showing its great efficacy. In this year’s Round-table, Lao Deputy Prime Minister and Minister of Planning and Investment Sonexay Siphandone continued having in-depth exchanges with CEOs from Chinese enterprises with certain practical cooperation reached, promoting the bilateral economic cooperation to a new stage. It is safe to say that the Round-table has set an example for mutually beneficial cooperation and development.

Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS
Scene of the 18th China-ASEAN Expo and China-ASEAN Business and Investment Summit. Photoed by Huang Ke and Deng Hua, reporters of Guangxi Daily

Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS

On September 10, the Round-table Dialogue between State Leader of Laos and CEOs from China was held in Nanning, China
Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS
On September 10, the China-ASEAN Business Leaders Forum & Special Meeting on the 30th Anniversary of China-ASEAN Dialogue Relations was successfully held in Nanning, Guangxi, China.
Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS
On September 11, the Symposium on China-ASEAN Commercial Legal Cooperation was successfully held in Nanning, Guangxi, China.

The Symposium on China-ASEAN Commercial Legal Cooperation is themed “New Opportunities for Legal Services under RCEP”, which received thoughtful ideas. On the Symposium, CCPIT and Lao National Chamber of Commerce and Industry jointly signed the Memorandum on the Establishment of China-Laos Commercial Legal Cooperation Committee. Besides, there was also the Inauguration Ceremony of Commercial Legal Services Offices of Guangxi International Chamber of Commerce in Singapore and Malaysia. The Research on Coordination Cooperation Mechanism of China-ASEAN Commercial Legal Arbitration White Paper was also issued.

The huge potential increase in demand for legal services and new opportunities for legal services under RCEP were comprehensively revealed during the symposium.

PV

Source: https://vietnamnet.vn/en/business/fruitful-results-in-30-year-dialogue-relations-and-a-new-chapter-for-18-year-cabis-775171.html

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GDP to reach 3.5-4 per cent this year

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Việt Nam’s exports this year would increase by 10 per cent which is quite impressive in the current world context. — Photo vietnamplus.vn

HÀ NỘI — The country’s GDP this year is expected to reach 3.5-4 per cent if the COVID-19 pandemic is controlled in September and a ‘new normal’ achieved from the fourth quarter, said Minister of Planning and Investment Nguyễn Chí Dũng.

Việt Nam’s exports this year would increase by 10 per cent while State budget revenue will exceed the estimate. The growth will be low but quite impressive in the current global context.

“This forecast is lower than the set target of 6.5 per cent this year, but achieving this level needs a huge effort, requiring more drastic actions of both the political system and localities,” Dũng said.

If GDP reaches the level, this will be the second year that Việt Nam’s GDP has not completed its growth plan. In 2020, GDP grew by 2.92 per cent due to the impact of the COVID-19 pandemic. This would affect the implementation of the overall goal of the five-year plan in the 2021-25 period.

He said that social distancing has seriously affected production, business, labour and employment. Meanwhile, the country has spent large resources on the fight against the pandemic, affecting State budget revenue and expenditure. The pandemic also affects the establishment of businesses and attracting FDI.

In particular, domestic consumption of agricultural products faces difficulties due to low purchasing power. The increasing input prices have affected the psychology of production expansion and re-herding. In addition, the price of animal feed continued to increase due to the difficulty of importing raw materials and high transportation costs, which greatly affected livestock development.

The minister said localities need to take advantage of the recovery momentum of major economies that have a great influence on Việt Nam’s economy. The country should rapidly restructure the economy and add elements of innovation and promote the values ​​of Vietnamese culture and people.

He asked localities to give priority to preventing the pandemic so as it doesn’t re-emerge, leading to social distancing, disrupting production and supply chains. In addition, they should have regular dialogues with businesses to create a favourable investment environment while closely following new trends to build socio-economic development plans, including public investment.

He added that during the current difficult time, the local authorities’ attitude to businesses is even more important than the above support.

The localities were also asked to ensure social security and support for affected people as well as actively develop local economic recovery plans, take advantage of the world’s new opportunities to achieve growth targets, and contribute to the overall growth of the country.

“Researching and proposing solutions to build an economic recovery programme after COVID-19 is important and urgent. The solutions should be implemented immediately after the pandemic is under control, focusing on recovering key sectors and areas,” he added.

Accordingly, the Ministry of Planning and Investment will submit to the Government an economic recovery project in October. It is expected that the next two years would be the economic recovery time of the whole country.

“The world changes very quickly. If we don’t build an economy that is autonomous and adaptive, we will be unexpectedly passive. For example, the pandemic could last for a long time, not to mention natural disasters. Currently, the ministry is developing a project to build an autonomous economy.”

Many international experts said that the economy has many optimistic signals to be able to return to a good growth trajectory if the pandemic is controlled. The Government has been on the right track in defining and implementing a vaccine strategy and key economic policies.

Tim Leelahaphan, an economist in charge of Việt Nam and Thailand at Standard Chartered Bank, said that Việt Nam is on the way to its goal of becoming a regional supply chain centre, a modern industry and a future high-income country. Việt Nam has also benefited from the recent supply chain shift. However, it should be noted that the ability to control COVID-19 would play an important role in Việt Nam’s economic prospects in the short term.

Economists also said that the driving force of economic growth depends heavily on the implementation speed of support solutions for people and businesses; expanding commercial activities, taking advantage of opportunities from free trade agreements (FTAs), digital transformation, and accelerating disbursement of public investment capital. This is the short-term and long-term driving force for Việt Nam’s economic growth and also the measures that Việt Nam has taken since the outbreak of COVID-19 in early 2020.

Economist Võ Trí Thành said the Government’s solutions to continue implementing security and business support packages are timely. However, the important issue is the implementation speed of support policies, with more accessible criteria to maximise support for businesses, ready to prepare for the post-COVID-19 period. —

Source: https://vietnamnews.vn/economy/1032214/gdp-to-reach-35-4-per-cent-this-year.html

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Vietnamese man’s billion-dollar game conquers int’l market

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Nguyen Thanh Trung, founder and CEO of Sky Mavis, an Ethereum-based project, started his business from the world market first with only 5 percent of the gamers being Vietnamese.

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Vietnamese man’s billion-dollar game conquers int’l market

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Episode 13 of talk show “Nguy Co”.

Source: https://e.vnexpress.net/news/business/vietnamese-man-s-billion-dollar-game-conquers-int-l-market-4357279.html

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