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World Bank, IFC and Australia partner to strengthen VN capital market

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The IFC and the World Bank, in partnership with the Australian government, are implementing a multi-year advisory programme to facilitate Vietnam’s stock market development, the IFC announced on Tuesday.

World Bank, IFC and Australia partner to strengthen VN capital market
Mature, well-regulated capital markets that meet international standards are critical for diversifying financing options and will be pivotal for Vietnam’s next development phase. Photo tinnhanhchungkhoan.vn

The programme is expected to improve Vietnam’s regulatory framework, market infrastructure, capacity of regulators and new product development.

“The aim of the strategy is to build the capital market into an important medium and long-term capital conduit for the economy, unlocking the market’s potential to effectively serve economic growth and opening up reasonable and well-balanced sources of capital to the economy and enterprises,” said Vu Chi Dung, director general of the International Cooperation Department, State Securities Commission.

“The plan is developed to be in line with international best practices and standards, ensuring investor protection and market confidence,” he said.

“Deep, efficient, and well-regulated local capital markets create access to long-term, local-currency finance necessary for the development of a thriving private sector, the key driver of jobs and sustainable growth,” said Lam Bao Quang, IFC Acting Country Manager for Vietnam, Cambodia, and Lao PDR.

“Accelerated reforms are urgent and more critical than ever to enable a broad and diversified investor base for Vietnam’s capital market as public resources become scarce and the country will need large volumes of long-term, local currency financing to recover and continue investing in sustainable growth given the impact of COVID-19.”

A conference has jointly been held by the World Bank Group (WBG) and the State Securities Commission (SSC), discussing the Draft Securities Market Development Strategy 2021-2030 prepared by the SSC and a multi-phased roadmap proposed by the WBG for equity capital market development with a focus on improving investor accessibility.

The proposed roadmap addressed key constraints to foreign investor accessibility by including new mechanisms to ease the pre-funding requirement for securities trades, solutions to address limitation of foreign ownership of stocks, and improvements in disclosures in English.

Regulators from the Ministry of Finance, the State Bank of Vietnam, the Ministry of Planning and Investment, the National Finance Supervisory Commission, development partners including Australia and Switzerland, and market stakeholders also discussed the regulatory implementation progress and proposed cross-work among multiple ministries and government agencies to facilitate market development.

This programme is part of the Joint Capital Market Development Program (J-CAP) – a WBG initiative working on local debt and equity capital market development in selected countries worldwide, including Vietnam.

The J-CAP initiative was established in 2017 to help developing countries realise the benefits of strong local capital markets.

“Mature, well-regulated capital markets that meet international standards are critical for diversifying financing options and will be pivotal for Vietnam’s next development phase. More sophisticated capital markets will be a crucial source of domestic financing and also support higher levels of higher quality foreign investment,” said Mark Tattersall, deputy head of Mission of the Australia Embassy in Vietnam.

“Following Australian Prime Minister Morrison’s announcement in January 2021 of A$2.2 million to support Vietnam’s capital market development, Australia is pleased to announce our partnership with the World Bank Group and SCC through the J-CAP programme to support equity market development and reform.”

Support from the Australian government that enables J-CAP’s work on equity market development in Vietnam comes alongside support from the government of Switzerland which enables closely related work on bond market development.

JCAP’s wider work elsewhere is also supported by the governments of Australia, Germany, Japan, Luxembourg, Norway, the Netherlands as well as Switzerland.

IFC – a member of the World Bank Group – is a global development institution focused on the private sector in emerging markets. In fiscal year 2021, IFC committed a record US$31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.

The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: the World Bank, including the International Bank for Reconstruction and Development and the International Development Association; the International Finance Corporation; the Multilateral Investment Guarantee Agency; and the International Centre for Settlement of Investment Disputes.

Working together in more than 100 countries, these institutions provide financing, advice and other solutions that enable countries to address the most urgent challenges of development.

Australia and Vietnam’s strategic partnership extends across political, security, economic and people-to-people activities. Australia is committed to a development agenda in Vietnam, including to support health security, stability and economic recovery from the COVID-19 pandemic. In 2021-22 Australia commits an estimated A$78.9 million in total overseas development assistance in Vietnam.

Source: Vietnam News  

Source: https://vietnamnet.vn/en/business/world-bank-ifc-and-australia-partner-to-strengthen-vn-capital-market-771052.html

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EVN reduces electricity purchases as consumption drops

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Because of low electricity consumption, thermopower, hydropower, wind and solar power plants have had to cut their capacity.

EVN reduces electricity purchases as consumption drops

According to the Vietnam Electricity Regulatory Authority (A0), electricity consumption in the country continued to decrease in the first two weeks of September 2021.

The peak daily capacity of the whole country was 29,700MW, while the total output of the entire electricity system was 624.3 million kwh per day.

As such, the country’s electricity consumption in the first half of the month was 24 percent lower than before, when large-scale social distancing began in mid-July and 15 percent lower than the same period last year.

The peak daily capacity in the south in the first two weeks of September was 12,200MW, while the total output was 243 million kwh per day.

The electricity consumption of the southern region during that time was 29 percent lower than before, when social distancing began and 23 percent lower than the same period last year.

To ensure the safe operation of the national electricity system when consumption goes down as a result of social distancing, A0 and local regulatory units have adjusted the mobilization of electricity to the demand of the whole country and every region, while ensuring technical requirements to regulate the national system safely.

“The regulation of the national system must fit the structure of power sources and transmission capacity among regions. The mobilization of electricity sources in the system is always implemented with the principle of transparency and equality, with no discriminatory treatment to the types of electricity sources,” the Electricity of Vietnam (EVN) stated.

EVN has asked owners of power plants to closely cooperate with A0 and local regulatory units and strictly implement commands on electricity mobilization to ensure the safe operation of the national electricity system, especially when consumption decreases as a result of Covid-19.

This means that power plants will have to cut capacity and their electricity would be unsold.

According to EVN, the power generating units that connect and provide electricity to the national grid have the responsibility of strictly complying with the operation method and commands of the regulatory units which have the right to control and examine as prescribed in Circular 40/2014/TT-BCT stipulating the process of regulating the national power system, and Circular 31/2019/TT-BCT that amends and supplements a number of articles of the process. They have to take responsibility for violations of the law.

In related news, EVN Hanoi reported that as of the end of August, it had reduced electricity prices and electricity bills for clients hit by Covid-19, totaling VND329.58 billion. 

Luong Bang

Source: https://vietnamnet.vn/en/business/evn-reduces-electricity-purchases-as-consumption-drops-776785.html

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Ministry investigates evasion of trade remedies for cane sugar

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Bags of sugar displayed for sale at a supermarket in Bangkok. — VNA/ Photo Ngọc Quang

HÀ NỘI — The Ministry of Industry and Trade (MoIT) on Tuesday issued a decision to investigate the evasion of trade remedies for cane sugar products originating from Thailand after considering requests from domestic sugar producers.

The ministry said it has received the petition of the Vietnam Sugarcane and Sugar Association (VSSA) and domestic cane sugar refineries, which submitted evidence that Thai cane sugar products subject to anti-dumping and anti-subsidy taxes have entered the Vietnamese market through five ASEAN countries of Laos, Cambodia, Indonesia, Malaysia and Myanmar.

The MoIT officially imposed anti-dumping and anti-subsidy duties on a number of sugar cane products originating from Thailand on June 15, 2021.

Data of local customs agencies shows that the volume of sugar imported from the five above-mentioned ASEAN countries had increased sharply to 527,200 tonnes from 107,600 tonnes after Viet Nam initiated an anti-dumping and anti-subsidy investigation into sugar from Thailand from October 2020 to June 2021.

Meanwhile, the import volume from Thailand has decreased by nearly 38 per cent, from 955,500 tonnes to 595,000 tonnes in the period.

The MoIT has actively coordinated with the VSSA to monitor the import of cane sugar products and actively consulted and assisted the VSSA, as well as the domestic cane sugar industry, in collecting information and data and making a petition to request an investigation into this behaviour. —

Source: https://vietnamnews.vn/economy/1036330/ministry-investigates-evasion-of-trade-remedies-for-cane-sugar.html

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Santorini masterpiece on the most beautiful avenue of Vung Tau downtown

Léman Cap Residence has taken inspiration from paradise island Santorini in Greece to bring the Mediterranean breath to Ha Long street, the most beautiful avenue in the coastal city of Vung Tau.

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Project inspired by Santorini Paradise, a destination of Hollywood stars

Santorini is a mainstay on the list of Top 10 paradise islands by the famous American Travel + Leisure Magazine. The island has also been voted as one of the Top 20 most expensive vacation destinations in the world with five-star luxury resorts. It is apparent why many famous Hollywood stars choose Santorini for vacationing.

Rumor has it that “Mrs. Smith” Angelina Jolie once bought a villa right on Santorini island for annual vacations. If you ever get lost here, you will most likely come across Tom Hanks and his wife, Shakira and Pique, or basketball player Michael Jordan. Music star Justin Bieber has also been to Santorini to enjoy the delicious food and wine. The island’s famous specialty is made from grapes grown on the volcanic mountains.

Santorini has always been an irresistible magnet with its characteristic Cycladic architecture, an integral part of the Mediterranean culture. Cycladic architecture is famous for its uniqueness and charm, providing the islands with minimal aesthetics but with a daring style. The most prominent characteristic of this architectural style, are the white washed cube houses built next to and on top of one another.

Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau
Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau

Visit Léman Cap Residence – a diamond at the most expensive luxury boulevard in the coastal city of Vung Tau

Visitors looking for a taste of Greece need not go that far anymore. Léman Cap Residence now captures the essence of the paradise island Santorini in its design and architecture. Travel lovers can now visit the made in Vietnam Santorini to admire the beauty of the island on Ha Long Street in Vung Tau.

Ha Long is the most bustling street in Vung Tau with well-developed transport infrastructure surrounded by thousands of five-star entertainment services. Along the avenue lie many famous tourist attractions such as Front Beach, Pineapple Beach, Nghinh Phong Cape, Bai Dau and Bai Sau tourist areas, which welcome millions of tourists every year.

Just a few minutes walk from Léman Cap Residence apartment to Ha Long Street, you can easily access a variety of branded shophouses, specialty restaurants, entertainment services, temples and churches, which are the cultural symbols of Vung Tau. Being located on the central route of the city, visitors can reach other areas quickly and easily via Long Thanh International Airport, Ring Road 4 connecting Vung Tau with the western region, as well as many other highways.

The masterpiece Léman Cap Residence fascinates with its unique Santorini architecture with characteristic white and blue colours. The project offers remarkable and unique ocean views while leaning against the green hills. A forest in the middle of the busy street, Léman Cap Residence is a separate resort complex with green nature, blooming flowers and chirping birds all year round.

Léman Cap Residence is located in Ha Long street - the most beautiful central avenue in the coastal city of Vung Tau
Léman Cap Residence is located in Ha Long street – the most beautiful central avenue in the coastal city of Vung Tau

Léman Cap Residence will leave impression on people with its beauty. Léman Cap Residence is a unique Santorini masterpiece with the immense blue sea in front and the fresh green mountains behind. Meanwhile, the surrounding areas are bustling and colourful entertainment complex. 

Léman Cap Residence: Masterpiece Santorini – A diamond on the most beautiful central avenue in the coastal city of Vung Tau

Hotline: 0918887920

Website: https://lemancapresidence.vn/

Fanpage: https://www.facebook.com/lemancapresidences

Source: https://e.nhipcaudautu.vn/real-estate/santorini-masterpiece-on-the-most-beautiful-avenue-of-vung-tau-downtown-3342113/

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