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VN-Index hits 10-month peak

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VN-Index hits 10-month peak

An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index climbed 1 percent to 983.26 points Thursday, its highest level since January 22, on its third straight gaining session.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 254 stocks gaining and 176 losing, with 18 hitting their ceiling prices and none hitting the floor.

Total trading volume rose marginally over the previous session, reaching VND10.7 trillion ($460.19 million). Liquidity on the HoSE in the past two weeks have been at their highest levels historically, as daily trading volume even before Covid-19 rocked Vietnam’s equity markets in early January seldom surpassed VND5 trillion.

The VN-Index climbed steadily throughout the day, and saw little change at-the-close session, when trading is expected to surge as investors finalize their positions on the futures contracts.

The VN30-Index for the stock market’s 30 largest caps rose 0.77 percent, with 21 rising and six falling. The VN30 stocks accounted for nearly 60 percent of total trading volume.

Topping gains were SBT of agricultural exporter TTC-Sugar, up 6.5 percent, followed by SAB of major brewer Sabeco, with 5.5 percent.

Oil and gas were some of the best performers, with PLX of petroleum distributor Petrolimex surging 4.8 percent, GAS of energy giant PetroVietnam Gas, 2.6 percent, and POW of electricity generator PetroVietnam Power, 1.2 percent.

Of Vietnam’s three largest state-owned lenders by assets, VCB of Vietcombank led gains with 3 percent, followed by CTG of VietinBank, up 1.7 percent, and BID of BIDV, up 0.9 percent.

Results were mixed in the private banking sector, with VPB of VPBank rising 2.4 percent and TCB of Techcombank up 0.2 percent. STB of Sacombank kept its opening price, while HDB of HDBank and EIB of Eximbank shed 0.8 percent and 0.3 percent respectively.

Other major gainers included FPT of IT services giant FPT, up 2 percent, HPG of steelmaker Hoa Phat Group, 1.7 percent, and VRE of mall operator Vincom Retail, up 1.5 percent.

In the opposite direction, MSN of food conglomerate Masan Group led losses with 1.1 percent, followed by VIC of private conglomerate Vingroup, down 0.9 percent, and MBB of state-owned mid-sized Military Bank, down 0.8 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, was up 0.03 percent, and the UPCoM-Index for the Unlisted Companies Market added 0.26 percent.

Foreign investors continued to be net buyers to the tune of over VND285 billion on all three bourses, with buying pressure mostly on VJC shares of budget carrier Vietjet Air, which was up 0.2 percent, and VNM of Vinamilk.

Source: https://e.vnexpress.net/news/business/economy/vn-index-hits-10-month-peak-4191470.html

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MoMo e-wallet adds travel feature to app

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The e-wallet of MoMo launched the travel feature on its application to help its users to buy tickets of air, train and cars quickly. — Photo courtesy of the firm

HÀ NỘI — E-wallet firm MoMo e-wallet has launched the travel feature on its application to help users buy tickets for air, train and car transport.

According to the firm, the new feature helps users choose the itinerary, cost and time, adding the smart search engine will help them choose the best route and time with a different estimated price for each means of transport.

Nguyễn Bá Diệp, co-founder and vice president of the firm, said: “The new feature is to help stimulate domestic tourism, especially local travel in such a difficult time of COVID-19.”

After nearly four months of testing the feature, the system has recorded significant development with more than 100,000 monthly regular users and a double increase in the number of transactions in the third quarter of 2020 compared to the second quarter. —

Source: https://vietnamnews.vn/economy/817825/momo-e-wallet-adds-travel-feature-to-app.html

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South Korean firms in Việt Nam can reap FTAs benefits

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A teleconference, themed “Việt Nam-Korea Investment Connection”, was co-organised Wednesday in Hà Nội by the Việt Nam Trade Promotion Agency, the Department of Asia-Africa Markets from the Ministry of Industry and Trade and the South Korea Trade-Investment Promotion Agency (KOTRA). — VNA/ Photo Linh Anh

HÀ NỘI — South Koreans investing in Việt Nam can capitalise on preferential treatment under free trade agreements (FTAs) that Việt Nam has signed to boost exports, one top official said.

Vũ Việt Nga, Deputy Head of East Asia Division under the Department of Asia-Africa Markets from the Ministry of Industry and Trade, was speaking during a teleconference held in Hà Nội on Wednesday.

Themed “Việt Nam-Korea Investment Connection”, the event was co-organised by the Việt Nam Trade Promotion Agency, the Department of Asia-Africa Markets from the Ministry of Industry and Trade and the South Korea Trade-Investment Promotion Agency (KOTRA), with the aim to introduce and update information about investment opportunities and trends of South Korean enterprises in Việt Nam, as well as introducing investment environment in localities.

Việt Nam has signed 14 free trade agreements, which are ATIGA, RCEP, CPTPP, ASEAN-India, ASEAN-Australia-New Zealand, ASEAN-South Korea, ASEAN-China, ASEAN-Japan, ASEAN-Hong Kong, Việt Nam-Chile, Việt Nam-Japan, Việt Nam-South Korea, Việt Nam- Eurasian Economic Union and Việt Nam-EU, said Nga.

“In the 2016-20 period, most tariff lines under the FTAs have entered the period of being deeply cut or completely removed,” she told Việt Nam News.

“Foreign enterprises, including South Korean firms, can make full use of much-touted benefits of those FTAs to increase export revenue as well as expand export markets, she said.

“But to be able to enjoy preferential tariffs under FTAs, the products must meet requirements under the rules of origin.”

Goods eligible for preferential treatment under FTAs have to meet general or product-specific rules of origin, and have appropriate documentation, known as the certificate of origin (C/O).

Each FTA has its own certificate of origin form, she said.

“Việt Nam has a safe and stable investment environment, fast and sustainable economic growth as well as young and low-cost human resources. The country has done a good job in controlling COVID-19.

“To attract foreign investment, Việt Nam has continuously reformed and simplified administrative procedures and policies, offering a large number of incentives in corporate income tax and import tax,” she said.

According to statistics in 2019, the whole country has 326 industrial parks and 17 coastal economic zones concentrated in big cities such as Hà Nội, HCM City, Bắc Ninh, Đồng Nai, Bình Dương, Long An, Bà Rịa-Vũng Tàu, Cần Thơ, Đà Nẵng.

Nga added: “The road traffic system has been upgraded and expanded, highways are better developed to make trade between provinces and economic regions easier, as well as facilitating the transport of raw materials.

“In addition, with 49 seaports, 8 airports and 23 border gates, Việt Nam is currently an international cargo transhipment hub in the Asia-Pacific region.” 

Since establishing diplomatic relations in 1992, Việt Nam and South Korea have strongly developed in all fields of politics, defense, security, economy and culture, said Hoàng Minh Chiến, deputy director of the Ministry of Industry and Trade’s Việt Nam Trade Promotion Agency (Vietrade).

“The strategic co-operation partnership is tightened closer with the signing of the Việt Nam-South Korea Free Trade Agreement (VKFTA) on May 5, 2015,” Chiến said. 

“Under the trade deal, the two sides had given each other many incentives in goods, services and investment, creating the driving force for growth in trade and investment co-operation.”

As of October this year, the total registered capital of South Korean businesses in Việt Nam reached US$70.4 billion with 8,900 projects. This year, South Korea has been pouring into 530 projects in Việt Nam a total capital investment of $3.4 billion, said Lee Jong Seob, President of the Korea Trade-Investment Promotion Agency (KOTRA) in Southeast Asia-Oceania cum General Director of KOTRA in Hà Nội.

Even amid the COVID-19 pandemic, the number of South Korean expats working in Việt Nam has reached 10,000, which expressed the readiness of South Korean businesses when investing in Việt Nam, he said. —

Source: https://vietnamnews.vn/economy/817805/south-korean-firms-in-viet-nam-can-reap-ftas-benefits.html

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Stocks climbs on strong money flow, gold surpasses VNĐ55 million

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Gold trading at a shop in Hà Nội. Gold prices surpassed VNĐ55 million ($2,371) per tael on Wednesday. — VNA/ Photo Trần Việt

HÀ NỘI — Large caps accelerated in Wednesday’s afternoon trade, helping lift the VN-Index which slipped in the morning due to big divergence in key industries.

On the Hồ Chí Minh Stock Exchange, the VN-Index increased 0.54 per cent to close the session at 1,014.32 points.

Liquidity continued to rise with 684.5 million shares worth VNĐ14.3 trillion (US$616.4 million) traded, up 17.3 per cent in volume and 22.2 per cent in value compared to Tuesday’s figures.

Especially on Wednesday, 160 million shares of Development Investment Construction JSC (DIG) worth VNĐ3.44 trillion changed hands through a put-through deal.

The market breadth was positive with the number of gaining stocks outnumbering the losing ones by 229-202. Another 89 closed flat.

“Strong money is flowing in the stock market to seek the best profits. There is no change in market trend to falter this money flow,” said Bảo Nguyễn, a stock analyst at Viet Dragon Securities Co, in a daily report.

However, he said although the market was strong, it was not spreading to all sectors, with most of the money flow focused on key industries.

Sixteen of the top 30 largest shares by market value and liquidity advanced on Wednesday and 12 declined.

Many heavyweight stocks grew strongly in the afternoon session, including PV Power (POW) which hit the ceiling of a 10-per-cent growth; Vinhomes (VHM), sugar maker Thành Thành Công-Biên Hòa Co (SBT), Techcombank (TCB) and Military Bank (MBB), each climbing by more than 2 per cent.

Vietcombank (VCB), Vietjet (VJC), brewer Sabeco (SAB), Saigon Securities Inc (SSI) and Khang Điền House Trading and Investment (KDH) increased by more than 1 per cent.

According to BIDV Securities Co (BSC), the VN-Index is forecast to continually fluctuate around 1,000 points in several sessions but still experience a wide divergence among stock sectors.

“Capital starts to flow into the sectors that have yet to rise significantly to seek profit,” said BSC’s analyst Trần Xuân Bách in a daily report.

On the Hà Nội Stock Exchange, the HNX-Index increased 1.25 per cent to close the session at 150.8 points.

Nearly 70 million shares worth more than VNĐ1 trillion were traded here.

Gold climbs

Gold prices kept rising this morning with retail prices surpassing VNĐ55 million ($2,371) per tael. A tael is equivalent to 1.2 ounces.

Saigon Jewelry Co listed their buying/selling prices of SJC gold at VNĐ54.45 million and VNĐ55.1 million per tael, respectively, up VNĐ880,000 per tael against Tuesday’s closing prices.

Prices of SJC gold brand at Bao Tin Minh Chau Jewelry (BTMC) and Doji also increased strongly, trading around VNĐ54.45 million for buying and VNĐ54.95 million for selling at BTMC and VNĐ54.4 million and VNĐ54.05 million at Doji. —

Source: https://vietnamnews.vn/economy/817877/stocks-climbs-on-strong-money-flow-gold-surpasses-vnd55-million.html

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