Day: March 7, 2024

Hanoi: Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam (SBV) with leading and coordinating governmental ministries and agencies to keep interest rates low and financial access easier for businesses, according to Directive 18/CD-TTg signed on March 7. He asked the central bank to conduct reviews on the results of credit issuance by financial institutes across the country, including commercial banks and credit institutions, to stabilise interest rates and stimulate credit growth in 2024, with an emphasis on the timely and sufficient provision of credit to serve the economy and the safety of the financial system. The PM stressed the importance of taking a proactive, flexible and timely approach to monetary policies in 2024, in line with the main objectives outlined in Resolution 01/NQ-CP dated January 5, which prioritises promoting economic growth, resolving difficulties for production and business, meeting foreign currency needs for production and business, and ensuring macroeconomic stabi lity and inflation control. The directive said top priorities in 2024 will continue to be reducing interest rates for loans, coupled with enhancing access to credit to support the development of production and business, as well as ensuring sufficient and healthy credit and foreign exchange. In addition, it emphasises stronger inspection, control and supervision of credit issuance by credit institutions. This is to ensure a flow of credit, including foreign currency credit, concentrated in priority and important areas and growth drivers of the economy and serving the needs of business. The issuance of credit outside legal regulations, to inappropriate subjects, and the granting of credit to executives, management boards, and their related individuals as well as shadow businesses at preferential interest rates, will be strictly dealt with. The central bank has been told to keep interest rates low and increase the application of IT technology, as well as promote social responsibility and business ethics amon g credit institutions./. Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam (SBV) with leading and coordinating governmental ministries and agencies to keep interest rates low and financial access easier for businesses, according to Directive 18/CD-TTg signed on March 7. He asked the central bank to conduct reviews on the results of credit issuance by financial institutes across the country, including commercial banks and credit institutions, to stabilise interest rates and stimulate credit growth in 2024, with an emphasis on the timely and sufficient provision of credit to serve the economy and the safety of the financial system. The PM stressed the importance of taking a proactive, flexible and timely approach to monetary policies in 2024, in line with the main objectives outlined in Resolution 01/NQ-CP dated January 5, which prioritises promoting economic growth, resolving difficulties for production and business, meeting foreign currency needs for production and business, and ensuring macroeconomic stabi lity and inflation control. The directive said top priorities in 2024 will continue to be reducing interest rates for loans, coupled with enhancing access to credit to support the development of production and business, as well as ensuring sufficient and healthy credit and foreign exchange. In addition, it emphasises stronger inspection, control and supervision of credit issuance by credit institutions. This is to ensure a flow of credit, including foreign currency credit, concentrated in priority and important areas and growth drivers of the economy and serving the needs of business. The issuance of credit outside legal regulations, to inappropriate subjects, and the granting of credit to executives, management boards, and their related individuals as well as shadow businesses at preferential interest rates, will be strictly dealt with. The central bank has been told to keep interest rates low and increase the application of IT technology, as well as promote social responsibility and business ethics amon g credit institutions./. Source: Vietnam News Agency

HCM City: Vietnam's aquatic product exports could reach 9.5 billion USD in 2024, said Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP). Data from VASEP showed that aquatic product exports raked in over 1.3 billion USD in the first two months of 2024, up 23% year-on-year. Of which, both shrimp and tuna exports increased by 37% compared to the same period last year while tra fish (pangasius) exports rose by 15% and other types of fish by 8%. Kim Thu, a shrimp market expert, said by the end of February, shrimp export turnover reached approximately 460 million USD. Such markets as China, the US, Japan, Canada and Australia, have all seen substantial increases, she added. In January, China surpassed the US to become Vietnam's largest shrimp importer. It is forecast that China's shrimp imports in 2024 will increase, creating more opportunities for Vietnamese shrimp. Pangasius export turnover in the first two months of this year was also positive after recordin g consecutive declines in 2023, raking 275 million USD. Exports to some markets like the US and China will bounce back due to reduced inventories and increasing demand. The pangasius market of China is expected to be more vibrant thanks to the country's support policies to stimulate consumption in the first half of 2024. However, insiders said there are still challenges to overcome such as oversupply, high inventories, lower purchasing prices and increased competition. Tensions in the Red Sea leading to increased transport costs, the European Commission's "yellow card" warning against Vietnamese seafood and anti-subsidy lawsuits will likely pose additional difficulties for businesses this year. VASEP's Director for Communications Le Hang said that the US and EU's bans on Russian aquatic products as well as China's ban on Japanese aquatic products, and the US and EU's warnings against forced labour at China's processing factories are motivating US, European and Japanese businesses to seek processing partners in Vietnam. Hang advised Vietnamese businesses to review their market strategies and suggest them focus on the domestic market with a population of 100 million as their living standards have improved. VASEP Chairwoman Nguyen Thi Thu Sac urged businesses to take measures to turn these challenges into opportunities, exploiting and developing suitable products for international markets./. Source: Vietnam News Agency

HCM City: Vietnam's aquatic product exports could reach 9.5 billion USD in 2024, said Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP). Data from VASEP showed that aquatic product exports raked in over 1.3 billion USD in the first two months of 2024, up 23% year-on-year. Of which, both shrimp and tuna exports increased by 37% compared to the same period last year while tra fish (pangasius) exports rose by 15% and other types of fish by 8%. Kim Thu, a shrimp market expert, said by the end of February, shrimp export turnover reached approximately 460 million USD. Such markets as China, the US, Japan, Canada and Australia, have all seen substantial increases, she added. In January, China surpassed the US to become Vietnam's largest shrimp importer. It is forecast that China's shrimp imports in 2024 will increase, creating more opportunities for Vietnamese shrimp. Pangasius export turnover in the first two months of this year was also positive after recordin g consecutive declines in 2023, raking 275 million USD. Exports to some markets like the US and China will bounce back due to reduced inventories and increasing demand. The pangasius market of China is expected to be more vibrant thanks to the country's support policies to stimulate consumption in the first half of 2024. However, insiders said there are still challenges to overcome such as oversupply, high inventories, lower purchasing prices and increased competition. Tensions in the Red Sea leading to increased transport costs, the European Commission's "yellow card" warning against Vietnamese seafood and anti-subsidy lawsuits will likely pose additional difficulties for businesses this year. VASEP's Director for Communications Le Hang said that the US and EU's bans on Russian aquatic products as well as China's ban on Japanese aquatic products, and the US and EU's warnings against forced labour at China's processing factories are motivating US, European and Japanese businesses to seek processing partners in Vietnam. Hang advised Vietnamese businesses to review their market strategies and suggest them focus on the domestic market with a population of 100 million as their living standards have improved. VASEP Chairwoman Nguyen Thi Thu Sac urged businesses to take measures to turn these challenges into opportunities, exploiting and developing suitable products for international markets./. Source: Vietnam News Agency

Hanoi: Petrol prices were adjusted down from 3 pm on March 7 by the Ministry of Industry and Trade (MoIT), and the Ministry of Finance due to falling global prices. The retail price of E5RON92 bio-fuel dropped 240 VND to 22,512 VND (0.91 USD) per litre, while that of RON95-III was cut by 372 VND to 23,557 VND per litre The prices of diesel and kerosene decreased 302 VND and 176 VND to 20,471 VND and 20,609 VND per litre, respectively. Meanwhile, the price of 180CST 3.5S mazut increased 174 VND to 16,133 VND per kg. The two ministries decided not to use the petrol price stabilisation fund./. Source: Vietnam News Agency

Seoul: Vietnam's Ministry of Finance and State Securities Commission (SSC) organised a financial investment promotion conference in the Republic of Korea (RoK) themed "Vietnam - Investment Destination" in Seoul on March 7. The conference, chaired by Finance Minister Ho Duc Phoc, attracted the participation of representatives from more than 300 companies of the two countries. Phoc said that the participation of a large number of businesses and investors is clear evidence of the Vietnamese Government's efforts to create a favourable and attractive business and investment environment for foreign businesses and investors, especially those from the RoK. Vietnam is the RoK's third largest trade partner, with two-way trade hitting nearly 80 billion USD last year. The RoK ranks first among foreign investors in Vietnam, with 9,863 investment projects totalling around 90 billion USD and over 8,000 companies operating in the Southeast Asian nation. Last year, Vietnam also welcomed more than 3.5 million Korean holida y-makers, and there are currently 180,000 Koreans living in the country. The minister said he believes the goal of raising two-way trade to 150 billion USD in a balanced and sustainable direction by 2030 is reachable. He highlighted the rapid development of Vietnam's stock market, which had a capitalisation value of nearly 270 billion USD, equivalent to nearly 63% of the GDP. He cited Prime Minister Pham Minh Chinh's pledge at a conference on the stock market development in late February to develop a transparent, safe, effective and sustainable stock market and ensure legitimate rights and interests of stakeholders. Phoc expressed his belief that this conference will open up greater opportunities for cooperation and prosperous development between the two countries in general and their businesses and investors in particular, especially in the field of financial market. The Ministry of Finance is committed to accompanying and creating favourable conditions for partners, businesses and investors of the two c ountries to seek investment and cooperation opportunities that bring the highest efficiency, and welcomes Korean businesses and investors to invest more and expand their investment scale in Vietnam, he added. Kim Yong-Jae, Standing Commissioner of the Korean Financial Services Commission (FSC), said that in the financial sector, Vietnam ranks second in the world in terms of the presence of RoK financial institutions, with 46 institutions in the fields of banking, insurance, and securities. He shared that many large Korean corporations and businesses such as Samsung, LG, and Hyundai see Vietnam's growth potential and have reaped rewards after investing early in the Vietnamese market. Korean financial institutions are also investing in Vietnam in many different forms such as establishing legal entities, and mergers and acquisitions. According to Kim, the Korean economy has entered a mature stage, with population aging occurring strongly, which makes investing in promising Vietnamese businesses a great altern ative to overcome the decline in investment yields of Korean companies and financial institutions. At the same time, this investment process will become a solid stepping stone to further strengthen the driving force for Vietnam's economic growth, he stressed. Within the framework of the conference, the Vietnamese Ministry of Finance also organised a dialogue with businesses to inform them about Vietnam's important macro-economic policies and mechanisms to attract investment into the Vietnamese capital market, green finance and the process of upgrading Vietnam's stock market from a frontier status to an emerging one. On this occasion, SSC Chairperson Vu Thi Chan Phuong and Kim Yong-Jae, who represents the Korea Financial Investment Association, signed a memorandum of understanding on cooperation consultations and technical assistance./. Source: Vietnam News Agency

Hanoi: The Hanoi Stock Exchange (HNX) held 12 auctions of government bonds with a total volume of nearly 28.2 trillion VND (1.1 billion USD) in February. Interest rates saw an upward trend, reaching 1.42% for 5-year bonds, 2.31% for 10-year bonds, 2.51% for 15-year bonds and 2.65% for 20-year bonds. According to HNX, the trading value of G-bonds on the secondary market reached 9,363 billion VND a session, up 2.91% compared to the previous month due to the week-long Lunar New Year holiday. Of the figures, outright transactions accounted for 58.58%, while the rest was those via repurchase agreement. The proportion of trading value by foreign investors accounted for 1.86% of the total. Bonds with 10-, 10-15-, and 7-year maturity were traded the most, accounting for 16.92%, 15.15% and 12.66%, respectively./. Source: Vietnam News Agency