dalat golf course developer rumoured

Dalat golf course developer rumoured

Lam Dong province authorities last week denied rumours that a South Korean company had been approved to develop an international golf course in Dalat.

Irish fund to inject capital into bourse

Irish-listed Phanxipang Vietnam Fund (PXP) has drawn up plans to invest in Vietnam’s emerging stock market via PXP Asset Management, its fund management arm in Vietnam.“We received the licence to open a representative office in Ho Chi Minh City last month and are now looking for investment opportunities,” said Kevin Snowball, director of PXP Asset anagement.

Foreign currency sales on the table for bourse investors

Foreign investors may soon be able use foreign currencies they transfer into Vietnam to buy stocks in local securities companies, if the State Bank approves a State Securities Commission proposal.

Becalmed project sees Germans jump ship out of stalled project

Germany’s Windhorst Land Development has agreed to sell its 70 per cent stake in a stalled property project in Ho Chi Minh City to its local partner, Ben Thanh Tourist Service Company.

Resolution on the cards for long-running tax brawl

A dispute between the developer of the Saigon South urban area and Ho Chi Minh City officials over an alleged unpaid tax bill of $30 million could end soon after a directive from Prime Minister Phan Van Khai.
door closed on foreign property buys

Door closed on foreign property buys

A SENIOR official from Vietnam’s State Bank has said that Vietnamese law does not allow private citizens to send money abroad to buy real estate.

Hanoi office lease market awakens

HANOI’S office leasing market is consolidating with low vacancies and a gradual growth in rents after years of stagnation as the result of the Asian economic malaise that began in 1997.
foreigners snap up cheap stocks

Foreigners snap up cheap stocks

Foreign investors are snapping up bargain-priced shares abandoned by local investors, triggering new optimism in the somnolent Vietnamese bourse.
nation urged to harness fii potential enterprise

Nation urged to harness FII potential enterprise

VIETNAM should increase foreign indirect investment to help local enterprises improve their regional and global competitiveness, according to experts.Unofficial statistics point out foreign indirect investment (FII) is equivalent to less than 1 per cent of foreign direct investment (FDI). Most FII is implemented via investment funds and financial institutions.
bao minh and vinare insurers set to go public

Bao Minh and Vinare insurers set to go public

Two of Vietnam’s state-owned insurance companies are to go public following a decision endorsed by Prime Minister Phan Van Khai to develop the domestic insurance market to 2010.The Ho Chi Minh City Insurance Company (Bao Minh) and the Vietnam Reinsurance Company (Vinare) are to be equitised by 2010 with the State retaining a major stake in both companies.

Sweets maker to tempt investors with stock offer

Confectionery company Vinabico-Kotobuki is set to auction more than 29,000 shares in a move that will complete its equitisation process, director Duong Hong Lam said last week.
rush on bonds before issuance

Rush on bonds before issuance

Local commercial banks are rushing to buy large volumes of municipal bonds even though the Ho Chi Minh City government has yet to officially launch the issuance. Vietcombank has registered to buy $25.5 million worth of bonds of the $77.6 million issue. The Vietnam Bank for Investment and Development (BIDV) has registered to buy $32.4 million.
banks cheer third fund injection

Banks cheer third fund injection

The Ministry of Finance is to channel more than $103 million from the sale of government bonds to the five biggest state-run commercial banks by the end of this month. The banks to receive the capital are the Vietnam Foreign Trade Bank (Vietcombank), Vietnam Industrial and Commercial Bank (Vietincombank), Vietnam Bank for Investment and Development (BIDV), the Vietnam Bank for Agriculture and Rural Development (VBARD) and Mekong Delta Housing Bank (MHB).
pm sees bourse as integral part of the economy

PM sees bourse as integral part of the economy

The stock market should be an integral part of the financial market, Prime Minister Phan Van Khai told a meeting of the State Securities Commission (SSC).
southern hub gets on bond bandwagon

Southern hub gets on bond bandwagon

HO CHI Minh City has passed a new rule allowing foreign investors to purchase municipal bonds.