Dec 20: StoxPlus Morning Brief

Macro Economy

• Vietnam State Budget Deficit to Reach VND111.5 Tln In 2011: MoF
  Vietnam is estimated to run VND111.5 Tln State budget deficit in 2011, the Ministry of Finance said.

• Vietnam Credit Growth Estimated at 12-13% in 2011
  Credit growth of the whole banking sector is estimated to stay at 12-13%, much lower than the revised target of 15-16% and also the lowest level in the history of the banking system.

• Vietnam Central Bank to Control Credit Growth at 15-17% in 2012
  The State Bank of Vietnam (SBV) on Dec 17 publicized a Press Release on the orientation, objective and seven measures to govern the monetary policies in 2012, in which it targeted to limit credit growth at 15-17%.

• SBV Governor Unveils Bank Reform Plan
  The banking system restructuring is expected to be completed by 2020, State Bank of Vietnam Governor Nguyen Van Binh told a seminar on Friday, while detailing the plan for the first five-year stage of the reform.

• Overseas Trade Offices Seek To Boost Exports
  Advantages and challenges of trade promotion for agricultural, aquatic and forestry products were discussed at a workshop in Hanoi on December 16.

• Vietnam Central Bank to Extend Credit Growth Limit for Selective Banks in December
  In the last fifteen days of December, the State Bank of Vietnam will extend credit growth limits for selective commercial banks to provide funds for prioritized sectors.

• Foreign Credit Institutions Represent 7.5% Market Share of Deposits in Vietnam
  Foreign credit institutions accounted for 7.5% market share of deposits and more than 11% total assets of the whole system, said Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV) on Dec 16.

• Vietnam Central Bank Highlights Six Limitations of Monetary Policy in 2011
  The State Bank of Vietnam (SBV) on Dec 17 publicized a Press Release, in which it specified six major shortcomings of the monetary policies in 2011.

• Vietnam Prime Minister Asks for Cutting Lending Interest Rates at Early 2012
  Commercial banks must reduce lending interest rates further at the beginning of 2012, the local online newspaper Tuoi Tre (“Youth”) quoted Vietnam Prime Minister, Nguyen Tan Dung, as saying at a conference on Dec 17.

Market News

• Equities Advance On Rate Cut Outlook
  Vietnam’s benchmark VN-Index rose on second day, led by banking shares on December 19, after Prime Minister Nguyen Tan Dung told banks last weekend to lower lending rates next year to support economic growth.

• Bad News from Securities Companies Frighten Investors
  Many investors cannot withdraw money from stock brokers.

• HSSC To Be the Third Firm to Cut Brokerage Service
  Hanoi Securities Corporation (HSSC) has sent application to stop brokerage service after Gia Anh Securities J.S.C and Orient and Orient Securities Corporation (ORS).

• ACB Growth Fund (ACBGF) To Be 6th Fund Certificate Listed on HOSE
  ACB Capital Management Company Limited (ACBC) has received approval in principle from the Hochiminh Stock Exchange to list its ACB Growth Fund (ACBGF)on the bourse, the local online newspaper Dau Tu Chung Khoan (securities investment) reported Dec 16.

• Dec 19: Foreigners Net Buy On Both HOSE and HNX
  Dec 19: Foreigners Net Buy On Both HOSE and HNX