[Update] Vietnam on Bloomberg, Reuters, WSJ

[b][Update] Vietnam on Bloomberg, Reuters, WSJ, Economist[/b] [B]Vietnam banks to boost lending to spur growth-PM[/B] HANOI | [COLOR=#b22222]Mon May 28, 2012[/COLOR] 2:45am BST May 28 (Reuters) - Vietnamese banks sitting on a funds surplus should step up [B]lending to the agricultural and export sectors[/B] as well as part of the real estate market, Prime Minister Nguyen Tan Dung said, after inflation this month eased to single digit. Despite a funds surplus, the banking system recorded negative lending growth in the first five months of this year so banks must boost lending to certain areas, Dung was quoted saying by state-run Voice of Vietnam radio in a Monday broadcast. Vietnam's inflation rate has fallen below 10 percent for the first time since October 2010, with[B] prices in May rising 8.34 percent from a year[/B] earlier after an [B]annual growth of 10.54 percent in April[/B]. (Reporting by [URL="http://blogs.reuters.com/search/journalist.php?edition=uk&n=ho.minh&"]Ho Binh Minh[/URL]; Editing by [URL="http://blogs.reuters.com/search/journalist.php?edition=uk&n=micheal.urquhart&"]Michael Urquhart[/URL])[COLOR="Silver"] [SIZE=1]---------- Post added 28-05-2012 at 10:14 AM ----------[/SIZE] [/COLOR][B]UPDATE 1-Vietnam banks should boost lending to spur growth-PM[/B] * Agriculture, exports, low-cost housing need support-PM * Government shifting priorities to focus on growth-analysts * Q1 GDP growth at 4 percent is lowest in three years (Adds details) HANOI, May 28 (Reuters) - Vietnamese banks with surplus funds should step up lending to the agricultural and export sectors and part of the real estate market, Prime Minister Nguyen Tan Dung said, after inflation this month eased to single-digit levels. Despite a funds surplus, the banking system recorded negative lending growth in the first five months of this year so banks must boost lending to certain areas, Dung was quoted as saying by state-run Voice of Vietnam radio in a Monday broadcast. The government has shifted its priorities to stimulating expansion after the country's [B]gross domestic product grew 4 percent in the first quarter[/B], the lowest in three years, analysts said. Earlier this year, Hanoi tightened bank loans in a bid to control its rate of inflation, which was one of the highest in Asia last year, and that has curbed growth, analysts said. Vietnam's inflation rate has fallen below 10 percent for the first time since October 2010, with prices in May rising 8.34 percent from a year earlier after an annual growth rate of 10.54 percent in April. Fresh loans should go to help farmers and to the export sector, which has recorded strong growth so far this year, Dung was quoted by the radio broadcast as telling a cabinet meeting on Sunday. [B]Exports in the first five months of 2012 jumped 24 percent from a year ago to $42.86 billion[/B], helping narrow the trade deficit so far this year by 90 percent to $622 million Loans should also go to construct low-cost houses, he said. Vietnam still aims to keep annual inflation this year at 7-8 percent and strive for growth of around 6 percent, the government said in a statement issued after the cabinet meeting, compared with its earlier growth target of 6.0 to 6.5 percent. Money supply (M2) at the end of May rose an estimated 4.47 percent from the end of 2011 and deposits grew 5.42 percent in the period, the government said, [B]without giving any values nor the credit growth rate[/B]. In May 2011 money supply edged up just 1.57 percent, deposits increased 1.4 percent while loans expanded 6.92 percent from the end of 2010, based on government data. As of Monday the central bank has [B]cut three key policy rates by 1 percentage point[/B] for the third time since March in a bid to ease business difficulties after economic growth fell to a three-year low in the first quarter. (Reporting by Ho Binh Minh; Editing by Matt Driskill)

Edited May 28, 201212 yr by MrFortMike

[b]May 28[/b] [B]PRESS DIGEST - Vietnam newspapers - May 28[/B] HANOI | Mon May 28, 2012 3:42am BST May 28 (Reuters) - These are some of the leading stories in the official Vietnamese press on Monday. Reuters has not verified these stories and does not vouch for their accuracy. FINANCIAL NEWS: LAO DONG - The Ho Chi Minh Stock Exchange has approved Tan Tao Investment and Industry Corp's request to list 102.6 million new shares on May 29, an exchange representative said. DAU TU - It is feasible to cut the interest rates on dong deposits to 10 percent and lending rates to 13 percent, said Chairman Pham Huy Hung of Hanoi-based VietinBank, as the central bank cut key interest rates as of Monday. ECONOMIC AND GENERAL NEWS: VIETNAM NEWS - The government has asked ministers and heads of provincial authorities to collect opinions from enterprises on support policies for businesses. LAO DONG - Vietnam's government has agreed not to revise the targets set for this year and would proactively curb annual inflation at 7 to 8 percent, said Vu Duc Dam, head of the government office. The government would also maintain economic growth at around 6 percent. THOI BAO KINH TE VIETNAM - Vietnam's agricultural, forestry and fishery product exports between January and May rose 10.1 percent from a year earlier to an estimated $10.9 billion, the Agriculture Ministry said. - Disbursement of official development assistance in Vietnam reached $530 million in the first five months of this year, or 25 percent of the annual disbursement target, the Planning and Investment Ministry said. (Reporting by Hanoi Newsroom; Editing by Anand Basu)

[b]Vietnam c.bank cuts repo rate to 11 percent[/b] HANOI | Mon May 28, 2012 5:01am BST May 28 (Reuters) - Vietnam's central bank reduced the reserve repurchase rate used in open market operations (OMO) [B]to 11 percent from 12 percent on Monday[/B], following cuts announced last week in other key policy rates to stimulate the economy. The new rate, part of the [B]OMO[/B] transaction data provided by the State Bank of Vietnam, is still far above the interbank dong lending rates, which [B]range between 1.5 percent and 4.5 percent[/B], Reuters data show.. (Reporting by Ngo Thi Ngoc Chau; Editing by Ho Binh Minh; Editing by Sanjeev Miglani)

[b]Vietnam’s Stocks: Thanh Cong Textile, Hai Van Cement[/b] By Bloomberg News - May 28, 2012 12:09 PM GMT+0700 Shares of the following companies had unusual moves in Vietnam trading. Stock symbols are in parentheses and prices are as of the 11:30 a.m. break in Ho Chi Minh City. The VN Index (VNINDEX), the benchmark measure of the Ho Chi Minh City Stock Exchange, dropped 0.2 percent to 436.64. Thanh Cong Textile Garment Joint-Stock Co. (TCM) , which manufactures and markets textiles and garments, rose 4 percent to 10,300 dong, heading for the highest close since May 22. The company will pay a dividend of 800 dong a share on June 14, it said in a statement on the bourse’s website. Hai Van Cement Joint-Stock Co. (HVX) , a producer and trader of building materials, fell 3.5 percent to 5,900 dong. Vietnam may have cement surplus of 6 million metric tons this year, Thoi Bao Kinh Te Vietnam newspaper reported without saying where it obtained the information. Vietnam may produce 60 million to 62 million tons of the building material this year while domestic demand is forecast at 47 million to 48 million tons, according to the report. Cement exports is forecast at 7 million to 8 million tons in 2012, according to the report. To contact Bloomberg News staff for this story: Nguyen Kieu Giang in Hanoi at [email]giang1@bloomberg.net[/email] To contact the editor responsible for this story: Darren Boey at [email]dboey@bloomberg.net[/email]

Blacks vs Black, cùng trong 1 topic8-} 2 in 1?:-"

[b]Vietnam’s One-Year Bond Yields Drop to Lowest in a Week on Rates[/b] By Bloomberg News - May 28, 2012 2:45 PM GMT+0700 Vietnam’s one-year government bonds rose, driving yields to a one-week low, after the central bank cut interest rates for the third straight month to bolster economic growth.[B] The dong gained[/B]. The State Bank of Vietnam lowered its refinancing rate to 12 percent from 13 percent with effect from today, according to a May 25 statement on its website. It reduced the so-called repurchase and discount rates by one percentage point to 11 percent and 10 percent, respectively. [B]The inflation rate dropped to a 21-month low of 8.34 percent in May.[/B] “Most of the macroeconomic indicators are indicating that Vietnam’s economy is on its way to stabilization, which supports bond-price appreciation,” Le Nguyet Anh, research manager at Ho Chi Minh City-based ACB Securities Co., wrote in a note today. A further easing of inflation next month may allow policy makers to cut rates again, she wrote. [B]The yield on one-year government notes fell one basis point, or 0.01 percentage point, to 8.84 percent[/B], the lowest level in a week, according to a daily fixing from banks compiled by Bloomberg. The yield on [B]five-year bonds was little changed at 9.68 percent[/B]. The dong rose 0.2 percent to [B]20,827 per dollar[/B] as of 1:45 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank fixed the reference rate at 20,828 today, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate. To contact Bloomberg News staff for this story: Diep Ngoc Pham in Hanoi at [email]dpham5@bloomberg.net[/email] To contact the editor responsible for this story: Sandy Hendry at [email]shendry@bloomberg.net[/email]

[b]Vietnam’s IIP Rises 4.4% MoM in May 2012: MoPI[/b] [B]Vietnam’s May industrial production index (IIP) is estimated to rise 4.4% month on month and up 6.8% year on year, the local news provider Gafin.vn reported, citing figures from the Ministry of Planning and Investment (MoPI)[/B]. In Jan-May period, Vietnam’s IIP rose 4.2% on year. In which, mining sector posted a rise of 2.1%; processing industry increased 3.8%; electricity, gas and water production and distribution sector posted 14.3% growth, MoPI added. This is [B]the lowest growth[/B] despite industrial production has been moving in trend of month-on-month higher growth, MoPI said, adding that industrial products still posted [B]high inventory in the period with 29.4% year on year rise[/B]. In which, inventory of motor vehicles climbed 56.5%, stock of cement and mortar stock soared by 52%, inventory of motorcycles and motorbikes rose 42.3%, bear inventory increased 29%. Vietnam’s economy has shown [B]positive signs but it is not really stable and long-term sustainability[/B], Cao Viet Sinh, deputy Minister of MoPI commented, pointing out the country’s macroeconomic figures in Jan-May period such as: official development assistance (ODA) reached $2.1 billion (ODA disbursement was $530 million or 25% year plan); [B]foreign direct investment (FDI) reached$5.32 billion, down 68.2% on year[/B] (FDI disbursement was $4.51 billion); state budget collection rose to VND291 trillion, meeting 39.3% year plan and up 3% on year; 30,100 newly set up enterprises with total registration capital of VND190 trillion, year on year fall of 12.2% in quantity and 3.6% in capital. Source TEI/StoxPlus

[b]Vietnam's economic indicators - May 28[/b] Mon May 28, 2012 4:13pm IST May 28 (Reuters) - Vietnam's economic indicators . [CODE] * Updated CURRENCY/INTEREST RATES *May 28 May 27, 2011 Dec 29, 2011 Dollar/dong 20,828 20,653 20,828 The VN Index 435.48 410.82 350.51 __________2012_____________ ________2011_______ DONG *May 28 May 8 #Apr 11 Mar 13 Oct 10 Oct 1 May 1 Deposit ceiling 3&11 4&12 5&13.0 6&14.0 14.0 Base rate 9.0 9.0 9.0 Discount rate 10.0 11.0 12.0 13.0 13.0 Refinance rate 12.0 13.0 14.0 15.0 14.0 *Lending rate 15.0 NOTE: # 3 pct is for non-term and those shorter than one month. DOLLAR June 1 Apr 13 Deposit ceiling 2.0 3.0 GDP, pct, y/y 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 5.89 6.78 5.38 6.18 8.48 8.17 8.44 7.79 7.34 7.08 6.89 6.79 ______2012 _______2011________ _______2010________ Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 4.0 6.10 6.07 5.68 5.57 7.34 7.18 6.44 5.84 CONSUMER PRICE INDEX, pct 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 18.58 9.19 6.88 22.97 8.3 6.6 8.4 9.5 3.0 4.0 0.8 -0.6 _______________2012____________ _____________2011_____________ *May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul y/y 8.34 10.54 14.15 16.44 17.3 18.1 19.83 21.6 22.4 23.0 22.2 m/m 0.18 0.05 0.16 1.37 1.0 0.53 0.39 0.4 0.8 0.9 1.2 NOTE: Annual inflation rates between 2007 and 2011 are average. Those in 2000-2006 were annual rates in December. RETAILS SALES, pct, y/y 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 20.0 24.2 24.5 18.6 31.0 23.3 20.9 20.5 19.4 18.8 14.5 11.3 *Jan-May 12 Jan-May 11 Jan-May 10 20.8 22.5 26.9 TRADE ACCOUNT, in billions of dollar *2012 *2011 2010 2009 2008 2007 2006 2005 2004 2003 -13.0 -9.84 -12.61 -12.87 -18.0 -14.1 -5.06 -4.31 -5.48 -5.12 _____________2012_____________ ______________2011______________ *May *Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May EXP 9.1 8.962 9.48 8.30 7.1 8.9 8.8 8.4 7.9 9.2 9.3 8.5 7.2 IMP 9.8 8.959 9.05 8.58 6.9 9.6 9.4 9.1 9.4 9.6 8.2 8.6 8.7 BAL-0.7+0.003 +0.43 -0.28 +0.2 -0.7-0.6-0.7-1.5-0.4+1.1-0.1-1.5 (Figures for the latest month are rounded-up estimates) INDUSTRIAL GROWTH, pct, y/y 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Target 14.7 14.0 7.6 14.6 17.1 17.0 17.1 16.6 16.8 14.8 14.6 __________2012__________ _____________2011____________ IIP *May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul June 6.8 7.5 6.5 22.1 -2.4 7.5 8.1 5.3 12.0 5.8 9.6 12.7 Note: IIP: Index of industrial production, used from June 2011. SOURCES: the government, General Statistics Office, c.bank FORECASTS/TARGETS GDP, pct 2012 2011 2010 2009 - Government/GSO 6.0-6.5 5.89 6.78 5.38 - ADB 5.7 5.9 6.8 5.3 - IMF 5.6 5.9 6.8 5.3 - World Bank *5.7 5.8 6.8 5.3 (GDP rose 7 percent anually in 2006-2010, vs. the average 7.51 percent in 2001-2005. The government's annual growth target is 6.5-7 percent for 2011-2015) CPI, pct 2012 2011 2010 2009 - Government/GSO 9.0 18.58 9.19 6.88 - ADB 9.5 18.6 9.2 6.9 - IMF 12.6 18.7 9.2 6.7 - World Bank *9.5 *18.1 11.8 6.5 (Data from GSO, ADB and IMF are the average rates) MONEY AND CREDIT 2012 2011 2010 2009 MONEY SUPPLY (M2) pct 14-16 12.37 23.0 28.67 - IMF 19.8 20.3 33.3 29.0 - Change vs Dec '11 *May Apr Mar Feb Jan 4.47 1.55 1.06 3.05 0.74 CREDIT, pct - C.bank/Govt 15-17.0 14.41 27.65 37.73 - IMF 15.1 19.2 32.4 39.6 - Change vs Dec '11 *Apr Mar Feb Jan -0.66 -1.96 -2.51 -0.79 Oct 2011 Aug 2011 Dec 2010 - Value (trln dong) 2,516.2 2,388.9 2,229.0 DEPOSIT, pct - Central bank 27.2 26.98 - Change vs Dec '11 *May Mar Feb Jan 5.42 1.39 -0.62 -3.29 BAD DEBT, pct of loans 2012 2011 2010 2009 - Govt/c.bank n/a 3.6-3.8 2.16 2.03 EXPORT GROWTH, pct 2012 2011 2010 2009 - Government/GSO 13.0 34.2 25.5 -8.9 - IMF 16.9 14.5 -8.9 - World Bank *14.0 *34.2 26.4 -8.9 IMPORT GROWTH, pct - Government/GSO 25.9 20.1 -14.7 - IMF 14.3 16.2 -13.3 - World Bank *16.0 23.1 21.2 -13.3 - MOIT 14.6 TRADE DEFICIT, in billions of dollar - Government 13.0 *9.84 12.6 12.87 - World Bank *2.2 *0.5 *5.1 8.31 (MOIT: the Ministry of Industry and Trade) INDUSTRIAL GROWTH, pct 2012 2011 2010 2009 - Government 13.0 6.8 14.0 7.6 - World Bank *7.0 *6.8 *9.3 *7.1 CURRENT ACCOUNT BALANCE/GDP, pct - ADB -1.5 -4.4 -5.6 -7.7 - IMF -1.6 -0.5 -4.1 -6.6 - World Bank *-1.6 *-0.5 *-4.1 -6.6 OVERSEAS REMITTANCES, in billions of dollars - Central bank/govt 12.5 10.0 8.4 6.24 FOREIGN CURRENCY RESERVES, in weeks of import - Central bank/govt 9.0 7.5 12.0 20.0 - World Bank 1.5 1.9 NOTE: Government estimates: for 2012 at the end of March, for 2011 at of the third quarter. FOREIGN CURRENCY RESERVES, in billions of dollar - Government/C.bank #16.0 - ADB (-gold) 17.0 13.8 12.4 14.1 - IMF (-gold) 22.0 14.0 12.4 14.1 - World Bank (+gold) 12.4 14.1 - Fitch (-gold) *16-17 NOTE: IMF: as of May 2011 and March 2010; C.bank: as of Dec. 3, 2009; Estimates by ADB and Fitch for 2012: as at March 31. FOREIGN DEBT, in billions of dollar - Govt/Fin. Min 50.0 32.5 36.5 - World Bank *55.6 *50.3 *45.4 *38.7 FOREIGN DEBT/GDP, pct - Govt/Fin. Min *41.1 42.2 39.0 - IMF 38.3 39.5 - World Bank *41.1 *41.0 *43.8 41.6 FOREIGN DIRECT INVESTMENT INFLOW, in billions of dollar 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 11.0 11.0 11.0 10.0 11.5 8.03 3.96 3.31 2.85 2.65 2.59 2.45 ~ Government target MPI ($ bln) *Jan-May 2012 Jan-May 2011 New projects 4.12 5.51 Increased capital 1.20 2.28 Disbursement 4.51 4.52 2012 2011 2010 2009 2008 2007 2006 2005 MPI (pledges) 15-16 11.6 17.8 21.5 66.5 20.3 10.2 5.89 World Bank (inflow) 7.3 *7.3 *7.1 6.9 9.3 6.6 2.4 2.00 FOREIGN PORTFOLIO INVESTMENT, in billions of dollar Dec 11 Sept 11 Dec 10 June 10 Dec 09 June 09 Dec 08 7.0 7.0 6.2 7.0 6.6 5.7 4.6 POPULATION (mlns) 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 87.84 86.9 86.0 86.2 85.2 84.2 83.1 82.0 80.9 79.7 78.7 URBAN UNEMPLOYMENT, pct 3.6 4.29 4.66 4.65 4.64 4.82 5.31 5.60 5.78 6.01 6.28 LONG-TERM CURRENCY RATINGS 2012 RATING OUTLOOK *Fitch (May 11) B+ (FC), B+ (LC) Stable 2011 RATING OUTLOOK S&P (Aug 19) BB- (FC), BB-(LC) Negative 2010 RATING OUTLOOK Moody's (Dec 15) B1 (FC, dong bonds) Negative Moody's (Dec 15) B2 (FC deposit ceiling) Negative Moody's (Dec 15) Ba2 (LC bond, deposit ceiling) Negative NOTE: FC: foreign currency; LC: local currency. To access the following, click on the codes in brackets: COUNTRY OVERVIEW EQUITY FIXED INCOME MONEY FX NEWS Vietnam (Compiled by Ho Binh Minh)[/CODE]

[b]Fresh FDI approvals continue falling[/b] [B]HCMC – New foreign direct investment (FDI) approvals in the country has totaled US$5.33 billion in the year to date, down 31.8% year-on-year, according to the Ministry of Planning and Investment.[/B] The country has attracted [B]283 new FDI projects with total registered capital of US$4.12 billion[/B], equivalent to 74.7% of the figure recorded in the same period last year. Some 82 existing FDI projects have added US$1.2 billion to their capital. [IMG]http://talkvietnam.com/uploads/2012/05/view-downtown-hcmc-frozen-property-market-fdi-infl-ow-realty-sect-375504.jpg[/IMG] A view of downtown HCMC. Despite the frozen property market, FDI infl ow into the realty sector remains high, only after the manufacturing sector - Photo: Quoc Hung The [B]manufacturing sector[/B] has taken the lead in FDI attraction with total investment capital of more than US$3.3 billion, followed by the realty sector with US$1.57 billion pledged. Despite the shrinking new approvals, FDI disbursements have remained stable. In particular, January-May saw US$4.5 billion FDI disbursed, almost the same as in the same period last year. [B]Japan has so far become the country’s biggest investor with 104 projects worth US$3.7 billion[/B], followed by British Virgin Islands, Hong Kong and South Korea. Binh Duong Province is now the country’s most attractive destination for foreign investors. In the year to date, it has lured 33 new projects with combined capital of US$1.6 billion. Binh Duong is followed by Hai Phong, Dong Nai, HCMC and Quang Ninh.

[b]Obama calls treatment of Vietnam War veterans "a disgrace"[/b] WASHINGTON | Mon May 28, 2012 6:18pm EDT (Reuters) - [B]President Barack Obama called the treatment decades ago of returning Vietnam War veterans a "national shame" on Monday and promised as commander-in-chief not to send U.S. troops back into harm's way without a clear mission and strategy.[/B] Obama [B]did not mention[/B] rising tensions with Iran and Syria or other potential threats in his remarks to veterans and military families on a hot, sunny Memorial Day, focusing instead on the legacy of Vietnam and his own efforts to wind down the Iraq and Afghanistan wars started by his predecessor, George W. Bush. Many of those who survived brutal fights in the Southeast Asian jungle faced derision when they got home in the 1960s and 1970s as a result of public opposition to that Cold War battle. Some [B]58,000 Americans died in the Vietnam War[/B], compared to [B]4,000 who were killed in Iraq[/B] and nearly 2,000 who have been killed so far in Afghanistan. "You were often blamed for a war you didn't start, when you should have been commended for serving your country with valor," Obama told a crowd gathered at the Vietnam Veterans Memorial Wall, which lists names of those who died in the conflict. "You came home and sometimes were denigrated, when you should have been celebrated. It was a national shame, a disgrace that should have never happened. And that's why here today we resolve that it will not happen again," he said to applause. The president noted that many Vietnam War veterans have gone to airports to personally greet soldiers returning from Iraq and Afghanistan, many of whom joined the military in response to the September 11, 2001, attacks that triggered the now-unpopular wars. "Across America, communities have welcomed home our forces from Iraq, and when our troops return from Afghanistan, America will give this entire 9/11 generation the welcome home they deserve. That happened in part because of you," he said. Obama asked all of the veterans in the crowd to rise to be recognized. "Welcome home. Welcome home. Welcome home," he said. Veterans and family members wiped tears and sweat from their faces during the ceremony, which ended with a fly-over by Vietnam-era aircraft including a B-52 "bom ber". John Hoffmann, 67, of Springfield, Virginia, served a year in Vietnam from 1970-1971. In a conversation with a reporter, he stopped abruptly to salute when the U.S. national anthem was played. "We virtually came back to a thankless country," he said, his voice breaking. "So I'm ... grateful for this day that we get the recognition that we duly deserved so many years ago." [B]HARD LESSONS[/B] Obama's 2008 election campaign centered on his promise to end the wars in Iraq and Afghanistan and as president he has focused heavily on improving the care and welfare of veterans, including those suffering from post-traumatic stress and other disorders that were undiagnosed at the time of the Vietnam War. Without speaking explicitly about the Bush era, when critics said U.S. troops were sent into conflict ill-equipped and with unclear goals, Obama attributed many of the initiatives he has put into place to "the true legacy of Vietnam." [B]"Because of the hard lessons of Vietnam, because of you, America is stronger than before," he said[/B]. "When America sends [B]our sons and daughters[/B] into harm's way, we will always give them a clear mission, we will always give them a sound strategy, we will give them the equipment they need to get the job done," he said. "We will resolve that leaders will be candid about the risks and about progress, and have a plan to bring our troops home with honor," Obama said. Earlier on Monday, at the Arlington National Cemetery, Obama described "the light of a new day on the horizon" with overseas conflicts abating. He drew applause when he noted it was the first Memorial Day in nine years without Americans fighting and dying in Iraq. "As commander in chief, I can tell you that sending our troops into harm's way is the most wrenching decision that I have to make," Obama said shortly after laying a wreath at the Tomb of the Unknown Soldier. "I can promise you I will never do so unless it's absolutely necessary, and that [B]when we do, we must give[/B] our troops a clear mission and the full support of a grateful nation." (Editing by Todd Eastham)

[b]Vietnam’s Stocks Seen Gaining 65% as Rates Fall: Southeast Asia[/b] By Bloomberg News - May 28, 2012 11:09 PM GMT+0700 [B]Vietnamese stocks, Asia’s biggest losers during the past five years, are rising the most in 2012 as the nation’s largest money managers say falling interest rates will reverse the deepest earnings slump in three years. [/B] The benchmark VN Index (VNINDEX) [B]may extend its rally by another 65 percent through 2013 after climbing 24 percent since December, said Samsung Asset Management[/B]. Financial and real-estate companies in Asia’s 13th-largest equity market may lead gains, Eastspring Investments said. Dragon Capital, Vietnam’s biggest private stock investor, favors consumer and agricultural shares such as Vietnam Dairy Products Joint Stock Co. and Petrovietnam Fertilizer & Chemical Joint Stock Co., the nation’s largest listed fertilizer maker. Vietnam is cutting [B]borrowing costs[/B] from a three-year high after [B]inflation fell to 8.3 percent this month from 23 percent in August[/B], economic growth slowed to the weakest pace since 2009 and VN Index profits sank 12 percent in the first quarter. The stimulus has spurred Samsung Asset Management to invest in the country’s $40 billion equity market for the first time, while Vietnam mutual funds tracked by EPFR Global lured inflows for 20 straight weeks, the longest stretch for any developing nation. “The stock market is discounting improving economic and corporate fundamentals ahead,” said Alan Richardson, who helps oversee about $87 billion as a money manager at Samsung Asset in Singapore. His [B]Samsung ASEAN Securities Master Investment Trust[/B] has gained about 26 percent annually during the past three years, topping 92 percent of rivals, data compiled by Bloomberg show. [B]Leading Gains[/B] While the VN Index [B]has retreated 11 percent from its 2012 [/B]high on May 8 amid a global equity rout sparked by Europe’s debt crisis, the gauge has still outperformed indexes in all 73 markets tracked by Bloomberg this year except Egypt’s EGX30 Index (EGX30) and Venezuela’s IBC Index. (IBVC) Vietnam’s stock market is classified by MSCI Inc. as a frontier market, which has an average stock-market value of about [B]$29 billion[/B]. That’s 94 percent less than in emerging countries designated in MSCI indexes, data compiled by Bloomberg show. Vietnam’s market value of $40 billion is about half that of Walt Disney Co., based in Burbank, California. The [B]MSCI Frontier Markets Index (MXFM)[/B], which includes shares in 25 countries with a combined market value of $369 billion, has slipped 2.5 percent this year. Institutional money managers tracked by EPFR Global and Citigroup Inc. have about $11 billion in [B]frontier-market funds[/B], compared with $654 billion in emerging markets, according to a November report by New York-based Citigroup. Bond Rally Vietnam’s stock exchange in Ho Chi Minh City started trading in 2000 with shares of four companies that began as [B]state-controlled businesses[/B]. The first private company was listed four years later and a second bourse in Hanoi opened in [B]2005.[/B] The two exchanges now have about 700 stocks. The ruling Communist Party has plans for [B]254 government-run businesses[/B] to sell stakes this year, according to the State Capital Investment Corporation’s website. [B]Vietnam’s bond market is also signaling higher confidence that policy makers have tamed Asia’s fastest inflation rate.[/B] Five-year government securities in Vietnam have surged this year, sending yields down 287 basis points, or 2.87 percentage points, to 9.68 percent,[B] the biggest drop[/B] among 43 countries tracked by Bloomberg. The nation’s currency, the dong, has been little changed at about 20,900 per dollar for the past 15 months, after losing about 18 percent the previous three years. [B]2011 Retreat[/B] Vietnam’s stocks and bonds retreated in 2011 as the central bank raised interest rates by 6 percentage points to restore confidence in the dong, reduce inflation and curb a 28 percent surge in credit growth. The policy helped slow the economy’s expansion [B]to 4 percent in the first quarter of this year from 6.8 percent at the end of 2010[/B], government data show. More than 17,700 companies halted production in the first four months of 2012, according to the Ministry of Planning and Investment. Per-share earnings in the VN Index declined to 41 dong at the end of March from 46 dong a year earlier, [B]the biggest drop[/B] since the year ended June 2009, according to data compiled by Bloomberg. Weaker exports may prolong the country’s economic [B]slowdown[/B]. Overseas sales fell to $8.96 billion in April from $9.48 billion in March, [B]government data show[/B]. Growth in garment shipments, Vietnam’s biggest export, slowed to 15 percent through April after expanding 33 percent a year earlier, according to preliminary figures from the statistics office. Trading volumes have discouraged some investors from buying Vietnam stocks. The 30-day average value of shares changing hands on the Ho Chi Minh Exchange as of May 24 was [B]1.6 trillion dong ($77 million[/B]), data compiled by Bloomberg show. That compares with about [B]$52 million in Dubai and $14 billion on China’s Shanghai Stock Exchange.[/B] [B]Growth Spur[/B] “Liquidity is one of the big issues,” said Andrew Beal, a London-based money manager at Henderson Global Investors who helps oversee about $104 billion and invests in Vietnam through closed-end funds listed overseas. While the slowdown has been “painful,” Vietnam’s [B]$106 billion economy[/B] will probably recover toward the end of this year as the government switches its focus from curbing inflation to spurring growth, said Dominic Scriven, who co-founded Dragon Capital, a Ho Chi Minh City-based money management and securities firm, in 1994. The government cut corporate income tax for small- and medium-sized companies by 30 percent this month, and Deputy Prime Minister Nguyen Xuan Phuc said on May 21 the government [B]will help[/B] some companies repay loans. [B]Interest Rates [/B] The central bank, led by Governor Nguyen Van Binh, has reduced its benchmark refinancing rate by 300 basis points to 12 percent since March and capped some lending rates for smaller businesses at 14 percent this month. Binh said in March that policy makers would [B]cut borrowing costs by 100 basis points in each of the second, third and fourth quarters.[/B] The government has stepped up efforts to bolster lenders and has encouraged takeovers of weaker financial institutions, Fitch Ratings said in a May 11 statement, affirming its B+ foreign-currency credit rating for Vietnam, [B]four levels below investment grade[/B]. Policy makers will probably reduce borrowing costs further this year as inflation falls toward 7 percent, the slowest pace since 2009, said Scriven, who expects corporate earnings to rally about 14 percent this year. “There’s a steely determination in the government to regain the mandate and confidence of Vietnamese savers, investors and businesses,” said Scriven, whose [B]$415 million Vietnam Enterprise Investments Ltd. fund[/B] is the biggest actively-managed stock fund focused on Vietnam, according to data compiled by Bloomberg. It returned 14 percent in dollar terms during the past 18 months, beating the VN Index by 14 percentage points, the data show. [B]Stock Valuations[/B] Earnings at Ho Chi Minh City-based Vietnam Dairy Products, known as Vinamilk, will probably climb [B]15 percent this year and 35 percent in 2013[/B], according to the average of analyst estimates compiled by Bloomberg. The dairy producer is valued at [B]10.8 times reported profit, compared with 29 times for global packaged food and meat companies[/B], according to data compiled by Bloomberg. The stock has returned 2.8 percent this year. Petrovietnam Fertilizer, based in Ho Chi Minh City, posted a 69 percent surge in unconsolidated net income in the first quarter. The shares, up 45 percent this year, trade for 3.8 times trailing 12-month earnings, versus the 27.1 times average for global peers, according to data compiled by Bloomberg. [B]Consumer Demand[/B] While the VN Index’s rally has boosted its price-to- reported earnings ratio to 9.8 from 7.2 at the start of this year, the measure is still about [B]34 percent cheaper than its five-year average[/B], according to data compiled by Bloomberg. The VN Index has lost 60 percent during the past five years, the most among stock gauges in 17 Asian nations tracked by Bloomberg. “The level of valuations is quite low compared to international standards,” Ngo The Trieu, who oversees about $1 billion as head of public investment at[B] Eastspring Investments[/B], the Vietnam unit of [B]Prudential Plc’s asset management business[/B]. Long-term investors will benefit from Vietnam’s surging consumer demand and its allure to global manufacturers as a lower-cost alternative to China, according to Dragon Capital’s Scriven. Retail sales increased 22 percent in April, near the 24 percent average growth rate since 2005, according to data compiled by Bloomberg. About 95 percent of Vietnam’s 91 million people are below the age of 65 and the minimum wage is equivalent to about [B]$67 a month, compared with about $230 in Shanghai[/B], according to the U.S. Census Bureau and government statements. [B]Stock Outperformance[/B] Nokia Oyj (NOK1V), the Espoo, Finland-based mobile-phone maker with about 6 percent of its long-term assets in China, said last month it started building a manufacturing plant in Vietnam’s Bac Ninh province and plans to start production of low-cost phones next year. The VN Index has outperformed the Shanghai Composite Index (SHCOMP) by 17 percentage points this year as Vietnam funds tracked by EPFR Global recorded $122 million of inflows, equivalent to 13 percent of their total assets. China funds lured $1 billion during the same period, or 3 percent of assets, the data show. “In the long-run, we are still very positive on the market” in Vietnam, said Tran Thi Kim Cuong, head of equities at [B]Manulife Asset Management (Vietnam)[/B] Co. “We are still buying stocks.” To contact the Bloomberg News staff for this story: Michael Patterson in London at [email]mpatterson10@bloomberg.net[/email]; K. Oanh Ha in Hanoi at [email]oha3@bloomberg.net[/email]; Weiyi Lim in Singapore at [email]wlim26@bloomberg.net[/email] To contact the editor responsible for this story: Darren Boey at [email]dboey@bloomberg.net[/email]

[b]Vietnam Economic Report 2012 announced[/b] 29-May-2012 Intellasia | VOV | 7:01 AM [B]Vietnam’s economic growth rate in 2012 is likely stay at 5.1 percent, the lowest ever since 2000 while the inflation rate will reach 6.2 percent.[/B] According to the Vietnam Annual Economic Report 2012, released in Hanoi in May 24, the current growth model is highly dependent on ineffective State-run enterprises, which weakens economic effectiveness, according to the Vietnam Annual Economic Report 2012, released in Hanoi on May 24. Director of Vietnam Centre for Economic and Policy Research (VCEPR), Dr Nguyen Duc Thanh said the basic question of the macro-economy is to deal with bad debts in the commercial bank system and create conditions for the market to restructure the enterprises, with the support of bankruptcy and merger and acquisition procedures. The report, compiled by the (VEPR), said that Vietnam should have a clear view of the new development model and suitable support mechanisms to successfully reform the economy and overcome challenges posed by restructuring. It provides analysis and comment on three economic restructuring programmes. It also focuses on public investment, state-owned enterprises and commercial banks, as well as difficulties and shortcomings during the implementation.[COLOR="Silver"] [SIZE=1]---------- Post added 29-05-2012 at 10:11 AM ----------[/SIZE] [/COLOR]HANOI | Mon May 28, 2012 10:44pm EDT [B]May 29 (Reuters) - These are some of the leading stories in the official Vietnamese press on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.[/B] FINANCIAL NEWS: THANH NIEN - Hanoi-based lender BIDV said it has cut interest rates to 12-13 percent on short-term dong loans[B] for top clients[/B], following the central bank's key rate cuts on Monday. THOI BAO KINH TE VIETNAM - Vietnam will accelerate the privatisation of state-owned enterprises by allowing investment banks to underwrite shares instead of share auctions as present, based on a Finance Ministry project submitted to the government. The ministry aims by 2015 to sell [B]45 percent of the 659.3 trillion dong ($31.6 billion[/B]) worth of state funds currently in SOEs. - Vietnam's posts and telecoms sectors posted a net revenue of 60.3 trillion dong ($2.9 billion) in the first five months of 2012, a rise of 12.6 percent from the same period last year, government statistics show. GENERAL NEWS: TUOI TRE - Vietnam's police have detained a Philippine citizen suspected of trafficking drugs from Mali, the Police Ministry said. ($1=20,830 dong) (Reporting by Hanoi Newsroom)

[b]Lethal drug shortage offers Vietnam death-row prisoners reprieve[/b] HANOI | Mon May 28, 2012 11:37pm EDT [B](Reuters) - Hundreds of death-row prisoners in Vietnam have been given a reprieve of sorts due to a shortage of the drug used for lethal injections, a newspaper said on Tuesday.[/B] Death by firing squad was replaced by lethal injections to reduce suffering last July - but police have failed to execute anyone since. "In the past year, the execution of more than 400 inmates has not been able to go ahead. More than 100 of them have completed all the paperwork," Deputy Police Minister Dang Van Hieu was quoted by Tuesday's Tuoi Tre (Youth) newspaper as saying. [B]"Their execution awaits the drug, which is not available yet.[/B]" He said imports of the unspecified drug "had proved difficult". The newspaper did not give any suggestion of how the problem could be solved. The American state of Oklahoma, which executes more prisoners per capita than any other state, said this month it had only one remaining dose of European-made pentobarbital, a key drug used to kill condemned prisoners. One reason the state had run so low in stocks was because of [B]a ban on the sale of drugs for such purposes[/B] by the European Union, which opposes the death penalty. (Reporting by Ho Binh Minh; Editing by Nick Macfie)

[b]Vietnam Business Forum opens[/b] On May 29, 2012 at 12:29 pm (GMT+7) [B]Vietnam Business Forum is scheduled to take place in the capital on May 29 focusing on infrastructure, capital markets, trade and investment, finance, banking and education, according to co-chairman Alain Cany.[/B] He told the press on May 28 that Vietnam Business Forum (VBF) will consist of representatives from the private economic sector consulting with the Government on[B] improving the local business and investment environment[/B]. “We have had working groups in different areas between the private sector and the Government over the last three months. Each will have specific evaluations and outline some recommendations to the Government,” Cany said. Vu Tien Loc, Chairman of [B]Vietnam Chamber of Commerce and Industry [/B](VCCI), also co-chairman of the VBF, said the event this year will offer an opportunity to both domestic and foreign business people to talk with the Government. “The forum is very important because of the shift in the management role in the VBF, “he said. Previously, it is always hosted by the International Finance Corporation, the World Bank and Ministry of Planning and Investment. However, from now, the management role will be transferred to the private sector and include representatives from 14 organisations and associations both domestically and internationally. [B]At another press briefing, World Bank Country Director Victoria Kwakwa introduced a mid-term consultative group meeting to be held on June 4-5.[/B] She said the event will rovince [/B]central Vietnam faced with many difficulties in the fight against poverty due to the effects of natural disasters. The meeting will focus on discussing topics such as [B]natural disaster prevention and social security[/B], she added.-VNA

[b]Vietnam's Bonds Advance on Surplus Funds at Banks[/b] By Bloomberg News - May 29, 2012 2:54 PM GMT+0700 [B]Vietnam’s bonds gained, driving down yields by the most in more than two weeks, on speculation banks have surplus cash to invest in debt. The dong was stable.[/B] Vietnam’s money supply has risen 4.5 percent this year, according to a government statement distributed at a briefing in Hanoi on May 27. Bank lending fell in the first five months, Prime Minister Nguyen Tan Dung said on a radio broadcast yesterday, without giving a figure. “[B]Banks have a lot of abundant cash but they can’t lend out to companies for fear of high credit risks,[/B]” said Nguyen Tuan Phong, the Hanoi-based fixed-income manager at Bao Viet Fund Management Co., a unit of Vietnam’s biggest insurer. [B]“So they use the funds to buy government bonds[/B].” Yields on five-year notes declined nine basis points, or 0.09 percentage point, to 9.58 percent, the biggest drop since May 10, according to a daily fixing from banks compiled by Bloomberg. The overnight interbank deposit rate dropped five basis points to 1.56 percent, [B]the lowest level since June 2009 when Bloomberg started compiling the data[/B]. The dong traded at 20,870 per dollar as of 2:28 p.m. in Hanoi, compared with 20,862 yesterday, according to data compiled by Bloomberg. The central bank fixed the reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate. To contact Bloomberg News staff for this story: Diep Ngoc Pham in Hanoi at [email]dpham5@bloomberg.net[/email] To contact the editor responsible for this story: Sandy Hendry at [email]shendry@bloomberg.net[/email]

[b]Positive Changes in Vietnam’s Economy: Financial Times[/b] 30-May-2012 Intellasia | VOV | 7:01 AM [B]The UK’s Financial Times (FT) has published an article on positive signals in the Vietnamese economy, such as a better consumer price index, falling inflation, and a more consistent monetary policy.[/B] The newspaper said that May 24 data on inflation showed the first single digit increase in almost two years and year-on-year price rises dropped from 10.5 percent in April to 8.5 percent in May. “Prices have now been flat month-on-month for two months in a row,” said the article. The FT reported that HSBC thinks cuts in interest rates could come in the next two weeks, which helped prompt a 1.6 percent rally in Vietnamese shares on May 25. It also mentioned an apparently shrinking trade deficit as exports surged by 22 percent in April, but imports grew just 4.4 percent. Dragon Capital, a Vietnam-focused investment company, said in a note that Vietnam’s recent economic success is not merely a ‘flash in the pan’, but heralds an economy successfully [B]transforming from a ‘frontier market’ into an ‘emerging’ one.[/B] Vietnam has shone this year on the equity front, up nearly 25 percent. Meanwhile, the dong has risen by nearly one percent. The paper cited Min-Hwa Hu Kupfer, chair of Vietnam Holding, as saying that the prospects for investors look better as the State Bank of Vietnam is developing [B]a more consistent monetary policy [/B]under its new governor, Nguyen Van Binh.

[b]Vietnam-China smuggling surges[/b] May 29, 2012 6:35 pm By Ben Bland in Mong Cai [B]Although it looks to be the easiest way to move goods across the narrow river that separates the Vietnamese city of Mong Cai from China, there is surprisingly little traffic on the official border bridge.[/B] [video]http://video.ft.com/v/1555946620001/Smuggling-between-China-and-Vietnam[/video] Apart from a few Vietnamese tourists returning from China with cheap electronic goods and the odd truck passing through, there is little to suggest that the city is one of the busiest transit points for the extensive [B]trade between these two Communist neighbours, which reached $36bn last year[/B]. The reason is clear to the naked eye. Just a few hundred metres away, in both directions, dozens of barges are landing every few minutes to ship contraband through the [B]numerous illegal crossing points[/B] dotted along the river for miles in either direction. In the past few years, Mong Cai has emerged as an international smuggling nexus, funnelling illegal goods from around the world to feed China’s soaring demand for everything from women to banned electronic waste products to [B]tiger penis[/B] for use in traditional medicine. This illegal trade is extensive and well-organised and, remarkably, much of it takes place in plain sight. The surge in smuggling mirrors the fast-developing trade relationship between the two countries. Vietnam [B]exported $11bn[/B] of mostly raw materials to its northern neighbour last year and[B] imported $25bn of finished goods[/B], making China its biggest trading partner. These figures do not take into account the large quantities of smuggled goods, for which no reliable estimates exist. There are many trade hubs along the Vietnam-China border but Mong Cai is one of the busiest. The physical ease of transporting goods across the river border, the city’s proximity to the Vietnamese port of Haiphong and the lack of local policing have made it attractive to organised criminals. Although apparently tolerated by officials in Mong Cai, the situation in the city of 100,000 is causing growing international concern. As far away as Washington, London and The Hague, officials fear that the city’s lax border controls are being exploited by international criminal organisations and sabotaging efforts to fight environmental crime and people trafficking. “The smuggling problem at Mong Cai seems to be getting worse,” says a western diplomat in Hanoi, who has travelled to the city to look into the problem. “We have no idea how much money they’re making but it must be huge and this can’t possibly be going on without the knowledge of the authorities.” The UN Organisation on Drugs and Crime says it is “very concerned about lax border controls at Mong Cai” where the open trade of illicit goods is benefiting organised criminal groups. The local government claims that this trade is merely “transhipment” as most of these products do not originate in Vietnam. But western diplomats and international law enforcement officials say that transit countries such as Vietnam have a key role to play in breaking up international smuggling syndicates. And they believe the Vietnamese government is failing to tackle the problem. Mong Cai has the feel of a 21st-century wild west. Residents say rival gangs armed with automatic weapons and grenades regularly clash with each other and the authorities. “Mong Cai has developed very rapidly over the last 10 years because of trade,” says Vy Thi Lai, who sells Chinese-made shoes at the central market. “But there are many young people [B]stealing, fighting and killing, using guns over small conflicts. It’s normal here.”[/B] Much of the illegal trade is being driven by growing Chinese demand. Vietnamese women are wanted to work in [B]the sex trade[/B] or as wives in a country suffering from a shortage of women of marriageable age. Exotic animals are highly prized, either as meat, as pets or for traditional medicine. Electronic waste such as old computer screens can be scavenged profitably for spare parts in China, albeit with adverse health and environmental consequences. International law enforcement officials and diplomats say that security has been beefed up at China’s main ports in recent years, prompting smugglers to move contraband through the notoriously permeable Vietnamese port of Haiphong and then on to Mong Cai, 230km to the north. From here, it can easily be taken across the Ka Long river, which separates the city from China’s Guangxi province, without any official checks. Observers of the smuggling trade say that as many as 1,500 vehicles traffic goods every day through the busiest unofficial crossings in Mong Cai, each paying border officials $10-$20 in bribes for right of passage. [B]Unofficial and illegal trade in Mong Cai[/B] accounts for as much as [B]98 per cent[/B] of all cross-border traffic, says Scott Roberton, who heads the Vietnam office of the Wildlife Conservation Society, an international NGO that has been researching the problem since 2009 and recently presented its findings to the Vietnamese government. The suspicion that corruption and collusion are fuelling illegal trade at Mong Cai is deeply embarrassing for the authoritarian, Communist governments of China and Vietnam. Neither country’s foreign ministry responded to requests for comment. Nguyen Tien Dung, vice-chairman of the Mong Cai government, denies that smuggling is a big problem. “On the Vietnamese side, everything is checked by customs at many points along the river,” he says.[B] “What checks the Chinese do is their business, not ours.”[/B]

Edited May 30, 201212 yr by MrFortMike

[b]Vietnam’s PV Oil Seeks Gasoil, Gasoline for June, July Delivery[/b] [B]PV Oil Corp. is seeking to buy gasoil and gasoline for June and July loading, the company said in a document e-mailed to potential suppliers.[/B] The company is unit of state-owned Vietnam Oil & Gas Group, or PetroVietnam. Details of the tender are as follow: [CODE]--------------------------------------------------------------- Product: Gasoil, or diesel, with sulfur content of 0.25 percent or 0.05 percent Quantity: 2 cargoes, each of 7,000 to 9,000 cubic meters (about 44,000 to 56,600 barrels) Dates: FOB June 12 to June 16; June 20 to June 24 Port: Haiphong --------------------------------------------------------------- Product: Gasoline, 92-RON Quantity: 2 cargoes, each of 7,000 to 9,000 cubic meters Dates: C&F June 29 to July 3; C&F July 1 to July 5 Port: Vungtau; and Nha Be, Ho Chi Minh City --------------------------------------------------------------- Offers due: May 31, 2 p.m. local time Validity: June 1, 7 p.m. local time ---------------------------------------------------------------[/CODE] To contact the reporter on this story: Yee Kai Pin in Singapore at [email]kyee13@bloomberg.net[/email] To contact the editor responsible for this story: Alexander Kwiatkowski at [email]akwiatkowsk2@bloomberg.net[/email]

[b]PRESS DIGEST - Vietnam newspapers - May 30[/b] HANOI | Tue May 29, 2012 10:12pm EDT [B]May 30 (Reuters) - These are some of the leading stories in the official Vietnamese press on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.[/B] FINANCIAL NEWS: THOI BAO KINH TE VIETNAM - Ocean Group Co said its consolidated net profit in the first quarter [B]dropped 33 percen[/B]t from a year ago to 38.6 billion dong ($1.85 million). NHAN DAN - Vietnam's top mining group Vinacomin said it planned to raise 3 trillion dong ($144 million) this year through a corporate bond on domestic markets, with terms of up to seven years and a floating coupon. The group will use proceeds for investment and production projects. DAU TU - Ho Chi Minh City-based ABBank said it would raise its registered capital to 5 trillion dong ($240 million) by the year end, using its convertible bonds and also via a bonus share issue. ECONOMIC AND GENERAL NEWS: NHAN DAN - A former deputy chief executive of Hanoi-based lender BIDV has been sentenced to 15 years in jail for abusing power, based on the verdict of the Hanoi People's Court. HANOI MOI - The Agriculture Ministry said it would spend 4 trillion dong ($192 million) from state budget from this July to support farmers in[B] rice plantation[/B], part of a national campaign to save at least 3.8 million hectares (9.4 million acres) of rice production. THOI BAO KINH TE VIETNAM - Rice exporters have signed deals to ship 300,000 tonnes in May, bringing the accumulated sale volume since the start of 2012 to 4.7 million tonnes, industry reports showed. - Vietnam could fall short of more than 100,000 tonnes of sugar between now and the start of the 2012/13 sugar crushing season as demand is estimated at nearly 600,000 tonnes and supply could only reach 483,000 tonnes, the agriculture ministry said. ($1 = 20850 Vietnam dong) (Reporting by Hanoi Newsroom; Editing by Anand Basu)

[b]Interbank average interest rates keep falling[/b] 30-May-2012 Intellasia | | 11:13 AM In its report on banking operations for the week between May 21 and 25, 2012, the State Bank of Vietnam (SBV) said that in week, the total trading value in the interbank market in local currency reached approximately 117.36 trillion dong, averaging at about 23.472 trillion dong per day while that in US dollar reached 56.361 trillion dong, an average of 11.272 trillion dong per day. Transactions in the interbank market occurred mainly in short terms such as overnight and one week. The total transaction volume for short terms in dong reached about 86.071 trillion dong, equalling to 73 percent of the total trading value in dong and short term transactions in US dollar reached approximately 40.889 trillion dong, or 73 percent of the total trading value in US dollar. In the week, the average interest rates for transactions in dong decreased in almost terms, of which, overnight, two-week and 12-month terms saw a decrease of between 0.15 percent (1-week term) and 0.88 percent (12-month term). For 3-week and 1-month terms, the average interest rates fell 2.39 percent and 1.05 percent respectively, 3-months and 6-months saw a strong fall of 3.02 percent and 3.45 percent per annum (p.a.). Meanwhile, for 2-month term, the average interest rate rose by 1.39 percent p.a. In week, there were no transactions for 9-month and above 12-month terms. Regarding transactions in US dollar, the average interest rate for terms of one week, two weeks, one month and 12 months slipped slightly from the previous week, with a fall of between 0.07 percent (1-week term) and 0.9 percent (12-month term) The average interest rates increased in remaining terms by 0.03 percent (6-month term) and 0.53 percent (3-week term). In week, there were no transactions for terms of 9-months and 12-months.

[b]Vietnam’s Vinacomin to Issue VND3Trl Bonds[/b] [B]The country's largest mining firm, Vietnam National Coal and Mineral Industries Group (Vinacomin), plans to issue 3,000 domestic bonds this year at 1 billion dong (US$48,000) each. The bond term will be for 5-7 years.[/B] [ATTACH]992.vB[/ATTACH] Chairman of the group's member council Tran Xuan Hoa said the capital mobilised from the bond issuance would be used to boost investment, business and production operations. The group pledged it would manage and use the capital in accordance with its set purposes. The 2012 bonds would be a safe and effective investment, it said. As part of a joint venture, acting as an issuance agent, Deputy General Director of the Viet Nam Bank for Industry and Trade (Vietin Bank) Le Duc Tho confirmed that Vinacomin's 2012 domestic bond issuance would follow the country's regulations as well as correspond with international standards. The bonds would enjoy [B]floating interes[/B]t to be paid annually, he said. Deputy General Director of Vinacomin Nguyen Van Bien said his group would use the capital for projects in the 2011-[B]15 period[/B], which had been already approved by the Prime Minister. These projects were very important in contributing to ensuring the economy's need for coal and natural minerals and national energy security as well as economic development. A report made after auditing showed the group's revenue reached 87.6 trillion dong ($4.3 trillion) in 2011, making a profit of 8.6 trillion dong ($413 million). Nearly 137,000 workers had an average monthly salary of 8 million dong ($380.95) each. The group expects to [B]earn 96 trillion dong ($4.6 trillion[/B]) this year. At present, Vinacomin has been exploiting 23 open-cast coal mines and 46 coal pits. An alumina production factory, the first of its kind in Viet Nam, will come into operation by the fourth quarter of this year. Another will be operational at the same time next year. The group has [B]five electricity plants[/B] with a combined capacity of 1,110MW and is building four others with a combined capacity of 720MW. Source VNA

[b]Vietnam to Publish State Company Results After Scandals[/b] By Bloomberg News - May 31, 2012 9:28 AM GMT+0700 [B]Vietnam’s state-owned companies are set to begin publishing audited earnings for the first time as the government improves oversight and tries to reassure investors following losses and corruption scandals.[/B] All state-owned companies will have to publicly post results online at least once a year under rules expected to be signed by Prime Minister Nguyen Tan Dung within the next few weeks, Dang Quyet Tien, deputy head of the finance ministry’s corporate-finance department, said in a May 29 interview in Hanoi. In some cases, financial statements will be required quarterly, he said. [ATTACH]995.vB[/ATTACH] Pedestrians and traffic pass down a street decorated with national flags in Hanoi, Vietnam. “It’s a fundamental change,” said Dang Quyet Tien, deputy head of the finance ministry’s corporate-finance department. In some cases, financial statements will be required quarterly, he said. . State-owned companies will be required to publish information including sales, profit, losses, debt, return on assets, return on equity, cash flow and salary ranges, he said. Photographer: Justin Mott/Bloomberg [B]“It’s a fundamental change,[/B]” Tien said. State-owned companies will be required to publish information including sales, profit, losses, debt, return on assets, return on equity, cash flow and salary ranges, he said. Unlisted state companies only compile earnings once a year and there is no requirement to release the data publicly. The regulations, which will probably come into effect in the second half, will also detail ministries’ responsibility over companies as well as potential penalties, Tien said. Vietnam is stepping up scrutiny as police seek an ex-head of the nation’s biggest shipping line accused of mismanagement and after eight shipyard executives were jailed for losses in March. “It would be great if the government could begin to impose discipline on these firms, through transparency and forcing them to announce to the world exactly how they make their money,” said Jonathan Pincus, a Ho Chi Minh City-based economist at the Harvard Kennedy School’s Vietnam program. “The public tolerance for very risky speculation in the state sector is zero at this point.” Downgrades Concerns about a lack of financial transparency contributed to Standard & Poor’s downgrading Vietnam to BB-, three levels below investment grade, in December 2010. Moody’s Investors Service cut its rating on the country to B1, four below investment grade, the same month. The police said this month they are looking for Duong Chi Dung after the ex-chairman of Vietnam National Shipping Lines fled his home in Hanoi on May 17. Dung, who has been suspended from his current post as head of the Vietnam Mari-time Administration, is accused of “intentionally violating state regulations on economic management, causing serious consequences,” according to a posting on the government website last week, citing Col. Tran Duy Thanh, head of the economic- crime investigation bureau. Dung and two other former executives at the ship and port operator, known as Vinalines, were involved in falsifying contracts that raised the cost of a floating dock to $24.3 million from $14 million in 2007, according to a May 22 posting on the government website. “The Vinalines case has created pressure on the government to move faster with rules to scrutinize companies,” said Nguyen Duc Kien, deputy head of the National Assembly’s economic committee. “It had discussed this before, but hadn’t done much.” Former executives at Vietnam Shipbuilding Industry Group were imprisoned for as long as 20 years in March after a probe into the company’s near collapse in 2010 under $4 billion of debt. Vietnam Electricity Chairman Dao Van Hung was also fired in February after the power company lost 11.5 trillion dong over two years, according to postings on the government website. “We are concerned when we hear stories, reports about problems in the state enterprise sector,” Victoria Kwakwa, the World Bank’s Vietnam country director, said May 28. “You need to ensure accountability. You need to have clear targets for performance that SOEs are held accountable for. You need modern, clear management and governance.” To contact Bloomberg News staff for this story: Nguyen Dieu Tu Uyen in Hanoi at [email]uyen1@bloomberg.net[/email] To contact the editor responsible for this story: Neil Denslow at [email]ndenslow@bloomberg.net[/email]

[b]PRESS DIGEST - Vietnam newspapers - May 31[/b] HANOI | Wed May 30, 2012 10:16pm EDT May 31 (Reuters) - These are some of the leading stories in the official Vietnamese press on Thursday. Reuters has not verified these stories and does not vouch for their accuracy. ECONOMIC AND GENERAL NEWS: VIETNAM NEWS - Vietnam and China concluded the first round of negotiations on cooperation in less sensitive fields at sea, reaching high consensus on the principle of mutual respect, equality and mutual benefit. HANOI MOI - Vinasat 2, Vietnam's second telecoms satellite, is now in its [B]correct orbit[/B] after its launch earlier this month and manufacturer Lockheed Martin Corp will hand over operations to Vietnam Telecoms International Co in July, state telecoms group VNPT said. THOI BAO KINH TE VIETNAM - Vietnam's May output of oil products dropped 44 percent from April to 309,000 tonnes as Dung Quat oil refinery [B]shut operations for a general check[/B], the Industry and Trade Ministry said. - Vietnam will [B]not impose import taxes[/B] on a number of Cambodian agricultural products, including [B]rice, coffee and cashew[/B] through 2013.

Đã GC và FF rùi ak b?:D

[b]Eximbank lends $100 mln to Vietnam Air for Airbus planes[/b] HANOI | Thu May 31, 2012 4:05am EDT May 31 (Reuters) - Vietnam's Eximbank has signed a credit agreement to lend $100 million to national carrier Vietnam Airlines to help it purchase four Airbus Industries passenger jets this year, the central bank said on Thursday. The 10-year loan will help Vietnam Airlines take delivery of four Airbus A321s in 2012, part of its order for 26 Airbus planes for the 2011-2014 period, the State Bank of Vietnam said in a statement. (Reporting by Ho Binh Minh; Editing by Ed Lane)