I can Only speak for myself.
Quote:
Originally Posted by
abbey56
Hi,
I have read all the articles and updates on this currency, as with the Iraqi dinar we all have an idea as to its future revaluation and when but i cannot see anywhere as to when (roughly) and as to a figure this currency will revalue at. Any thoughts.
It is so cheap as the US has signed trade agreements with Vietnam as well as the WTO looking into excepting them that I was going to Invest in this no matter what. This is nothing like the Iraq Investment. But I wanted to be way ahead in my purchases at the very very low exchange rate for the future. The last time I looked it was like over 16,000 Dongs to 1USD. And since the US is getting involved, I wanted to be too. Choochie has posted a bunch of Articles, and I have not even read them all yet. But enough for me to start buying. :wink:
Foreign groups eager to increase share of local bank
Foreign groups eager to increase share of local bank
Two banking groups are awaiting the Vietnam central bank’s raising of the cap on foreign ownership of Vietnamese banks to buy an additional 10 percent stake of two local banks, some sources said.
Under Vietnam’s current banking regulations, a single foreign investor is eligible to own a maximum 10 percent stake in a commercial bank, and total foreign holdings are capped at 30 percent.
The central bank’s anticipated move to raise the cap would mean the HSBC group could own 20 percent of the Technological and Commercial Joint Stock Bank, or Techcombank, the country’s third-largest joint stock bank by assets.
Likewise, an official of the Vietnamese Orient Commercial Joint Stock Bank, or OCB, said the bank was ready to sell an additional 10 percent of its shares to the French banking group BNP Paribas, which last year acquired a 10 percent stake of OCB.
A source said HSBC may agree to pay a lofty US$85 million for the new deal, of which $71.5 million would be in cash and the remaining transferred under the form of technological and managerial assistance to turn Techcombank into the leading commercial bank in Vietnam.
Industry insiders said the price was five-times higher than the sum of $17.3 million the banking group had paid to acquire the first 10 percent stake in Techcombank in 2005.
HSBC now holds one seat on Techcombank’s board of management and has sent experts to provide advice about management, control and services. One high-level HSBC expert works with Techcombank’s executive board.
Techcombank, scaled up its chartered capital to VND1.5 trillion ($93.8 million) late last year.
Its pre-tax profit last year was VND355.8 billion ($22 million), a year-on-year increasr of 19.6 percent. Expected dividend is 26 percent, which will be paid by shares.
Techcombank shares on the unofficial stock market are rather high at VND60 million ($3,738) per share on the face value of VND5 million ($311).
Compiled by Dong Ha
HSBC insurance arm comes to Vietnam
HSBC insurance arm comes to Vietnam
HSBC Life International Ltd., HongKong and Shanghai Banking Corporation’s life insurance arm, entered the Vietnam market Wednesday, opening a representative office in Hanoi.
The office will research the market, survey customers’ needs, and draw up strategies for a full-fledged entry into the insurance market.
David Fried, director of HSBC Insurance Asia-Pacific said Vietnam’s fast-growing economy, low insurance penetration, and sound legal framework were factors for the insurance business.
HSBC said opening the representative office was an important step in the banking group’s development
HSBC Life International Ltd. is one of the four insurers under the umbrella of HSBC Insurance Asia-Pacific Holdings Limited, one of Hong Kong’s leading insurers and the biggest provider of pension products.
Source: VietnamNet – Translated by Dong Ha
Vietnam attracts $305 mln FDI in new year
Vietnam attracts $305 mln FDI in new year
Vietnam has already attracted US$305 million in worth foreign direct investment (FDI) this year with the Ministry of Planning and Investment attributing it to the country’s WTO membership.
Another $45 million has been pumped into existing projects.
The ministry said Japanese investors topped the list with a $100 million project to develop a new urban area in the northern Thai Nguyen province.
Vietnam has set itself an FDI target of $11 billion for the year.
Phan Huu Thang, head of the ministry’s Foreign Investment Department, said the target was achievable because of the country’s improved business climate.
Several mammoth projects that were under consideration were feasible, he said.
The central task in 2007, according to the ministry, is to enforce reform laws to make the business environment friendlier.
The government is putting more effort into administrative reform, fighting corruption, and other measures needed to enhance the country’s competitiveness in attracting FDI.