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U.S. imposes antidumping duty on certain Vietnamese tire makers

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A man works at a tire manufacturing factory. The United States has announced a decision to impose an antidumping duty of 22.3% on certain Vietnamese tire makers – PHOTO: LE HOANG

HCMC – The United States will impose an antidumping duty of 22.3% on certain Vietnamese tire makers, who make up some 4.5% of Vietnam’s total exports of automobile tires to the U.S., the U.S. Department of Commerce (DOC) announced early this week.

Meanwhile, DOC maintained its decision made in the preliminary conclusion that most tire makers in Vietnam, who account for 95.5% of Vietnam’s total automobile tire exports to the U.S., are not engaged in dumping practices so they are not subject to antidumping duties.

This was the final determination of DOC’s antidumping investigation into passenger vehicle and light truck tires from South Korea, Taiwan, Thailand and Vietnam.

Regarding countervailing duties, the rates for Vietnamese tires range from 6.23-7.89%, down from the 6.23-10.08% determined in the preliminary conclusion and the lowest among the countries and territories subject to the DOC’s investigation.

The Trade Remedies Authority under the Vietnamese Ministry of Industry and Trade said this is a positive result for Vietnamese tire manufacturers and exporters into the U.S., the biggest buyer of Vietnam’s tires. It also benefits the rubber industry as some 80% of natural rubber harvested in Vietnam is used for tire production.

According to Reuters, the U.S. imported car and light truck tires in 2020 at approximately US$470 million from Vietnam, US$1.2 billion from South Korea, US$373 million from Taiwan and US$2 billion from Thailand.

 

Source: https://english.thesaigontimes.vn/82174/us-imposes-antidumping-duty-on-certain-vietnamese-tire-makers.html

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Excited but anxious: Hanoi business owners reopen

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Though they eagerly reopen after being closed for 27 days due to the Covid-19 outbreak, many Hanoi businesses are also worried about changing consumer behaviors.

Closed restaurants inside a shopping mall in Ha Dong District, Hanoi, June 20. Photo by VnExpress/Duc Minh.

Closed restaurants inside a shopping mall in Ha Dong District, Hanoi, June 20. Photo by VnExpress/Duc Minh.

After Hanoi authorities announced that indoor dining and hairdressing can resume on Tuesday, Bui Quang Hung, co-founder of barber shop chain 30Shine, showed his excitement with a post on social media saying, “see you Hanoians on Tuesday morning.”

He said the shops would open from 7.30 a.m. until late night to clear a backlog of almost a month.

“Men have to visit the barber once every three weeks on average because they feel irritated if their hair is one to two centimeters too long.”

There would be two or three times the usual number of customers for two weeks, he said based on his experience from previous waves.

But some other businesses are less hopeful.

Trieu Nguyen Quan, owner of the Goofoo Gelato chain of ice cream shops, does not expect many customers for 10 days after reopening since people are afraid of the pandemic.

Hoang Tung, CEO of fast-food restaurant chain Pizza Home, said the outbreak could cause him to lose a number of customers since people have adopted a new habit of eating at home.

To survive the stop-start nature of their business amid the pandemic, many have sought to improve their business model. Tung said Pizza Home has closed some stores that were not doing well but has expanded into home delivery and apps.

“The restaurants have to operate both online and offline, and must be prepared for the worst, which is closure, amid the pandemic.”

Goofoo Gelato too has managed to pull on thanks to online sales.

Quan said he plans to increase the number of outlets but only after vaccination. He said vaccination is the only way to make him feel secure and the ultimate solution for businesses to open and the economy to revive.

Around 2 percent of the population has received the first shot, and 0.1 percent has received both.

Vietnam has received delivery of around three million vaccine doses so far, and is expected to get over 120 million this year.

It seeks around 150 million in all to cover 70 percent of its population.

Source: https://e.vnexpress.net/news/business/industries/excited-but-anxious-hanoi-business-owners-reopen-4298384.html

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Market falls on strong selling forces

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A worker collecting latex in a rubber plantation of Vietnam Rubber Group (GVR)’s member in Chư Păh District, Gia Lai Province. The company shares posted the biggest losses yesterday. — /VNA Photo

HÀ NỘI — Shares inched down on Wednesday, weighed by strong selling pressure across most sectors despite gains in some large-cap stocks. 

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) declined by 0.22 per cent to 1,376.87 points. The market’s breath stayed negative with 298 stocks falling, while 94 stocks rose and 51 ended flat. 

The liquidity was high as more than 710.77 million shares were traded on the market, worth over VNĐ21.1 trillion (US$528.6 million).

The market was weighed by selling forces despite rallies in large-cap stocks, especially bank stocks. 

The VN30-Index, which tracks 30 biggest stocks in market capitalisation on HoSE, climbed slightly 0.02 per cent to 1,489.53 points. Twenty stocks of the VN30 basket plummeted, while only nine jumped and one stayed unchanged. 

Stocks in many sectors posted negative performance yesterday with material stocks leading the market’s trend. Vietnam Rubber Group (GVR) witnessed the biggest losses, down 2.47 per cent, followed by No Va Land Investment Group Corporation (Novaland, NVL), Vingroup JSC (VIC) and Mansan Group (MSN), down 0.5 – 1.57 per cent.

However, the losses were limited by gains in bank stocks. Of which, Vietcombank (VCB) was the biggest gainer in the market, up 1.95 per cent. Other stocks witnessing big increases were Vietinbank (CTG), VPBank (VPB) and Saigon Beer – Alcohol – Beverage Corporation (SAB), up more than 1.5 per cent. 

The market has fluctuated since the beginning of the week with alternative up and down sessions. 

Analysts from Saigon – Hanoi Securities JSC (SHS) said that based on Elliot Theory, there is still room for an upward trend with a resistance level of around 1,400 points. 

Investors who took profits last week should refrain from opening long positions at the current price and wait until the market corrects deeper to come back, SHS added. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index plunged 0.41 per cent to 315.8 points. 

During the trading session, more than 126.2 million shares were traded on the northern bourse, worth nearly VNĐ3 trillion. 

Meanwhile, foreign investors returned to the market as they net bought a value of VNĐ159.5 billion on both exchanges. Of which, they net bought a value of VNĐ144.44 billion on HoSE, and a value of VNĐ15.06 billion on HNX. —

Source: https://vietnamnews.vn/economy/979411/market-falls-on-strong-selling-forces.html

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Local stocks experience gloomy trading day

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An investor browses his mobile phone while sitting in front of stock information screens. The local stock market ended lower today, June 23 – PHOTO: VNA

HCMC – Thanks to the support of securities stocks and largecaps in the banking sector, the benchmark VN-Index of the HCMC stock market only fell slightly amid lackluster trading today, June 23.

At the close, the main index shed 3.1 points, or 0.22% against the previous session at 1,376.87, with 94 stocks rising and up to 298 others dropping.

Turnover on the southern bourse continued its downward trend, contracting 4.8% in volume and 5.7% in value at over 710 million shares and more than VND21 trillion. Shares traded in block deals contributed VND2.050 trillion to the overall value.

In the group of bank stocks, largecaps extended rally which helped the VN-Index to avoid a deep decline.

Private lender VPB was the biggest winner as it soared 4.5% with 30.7 million shares changing hands. Also, State-owned lender VCB added 2%, and its fellows CTG and BID rose 1.5% and 0.9%, respectively. TPB, ACB, and TCB increased slightly by 0.4-0.8%.

Meanwhile, lender LPB was the biggest loser, dropping 2% to its intraday low. Similarly, lenders SSB and EIB lost around 1%.

Many securities stocks maintained their good performance, with HCM surging 3.6%, VDS improving 2.6%, CTS edging up 1.4%.

A lot of fuel and property stocks ended deep in the red.

Among speculative stocks, while a host of them suffered from huge losses, investment firm FIT hit its upper limit, real estate firms SCR and IJC rose slightly.

Property developing group FLC recorded the third straight losing session with a 5.8% drop, but it led the HCMC market by liquidity with 47 million shares changing hands.

On the northern bourse, the HNX-Index lost 1.29 points, or 0.41% over the session earlier to close at 315.8, with 73 advancers and 133 decliners. Over 126 million shares worth more than VND2.8 trillion were transacted on the bourse, falling 22.9% in volume and 21.7% in value versus the previous day.

Source: https://english.thesaigontimes.vn/82729/local-stocks-experience-gloomy-trading-day.html

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