May 28: StoxPlus Morning Brief

28/05/2012

Macro Economy

· Vietnam FDI Disbursement Reaches $4.51Bln in Jan-May 20: MoPI
Vietnam is estimated to have disbursed a total of $4.51 billion foreign direct investment (FDI) capital in the Jan-May 20th, 2012, accounting for 84.77% of the country’s FDI attraction in the period ($5.32 billion), down 0.2% from a year earlier.

· Vietnam Suffers VND46.77Tln State Budget Deficit in Jan-May:MoPI
Vietnam is estimated to incur a total of VND46.768 trillion ($2.24 billion) state budget deficit in Jan-May 2012, the local news provider Gafin.vn reported, citing figures from the Ministry of Planning and Investment (MoPI).

· Vietnam’s GDP Growth Forecast at 5.1% in 2012: VERP
Vietnam Centre of Economic and Policy Research (VERP) forecast Vietnam’s Gross Domestic Product (GDP) growth to reach 5.1% and the country’s inflation to touch 6.2% at most in 2012.

· Vietnam’s IIP Rises 4.2% YoY: MoPI

Vietnam’s industrial production index (IIP) is estimated to rise 4.2% year on year in Jan-May period, the local news provider Gafin.vn reported, citing figure from the Ministry of Planning and Investment (MoPI).

· Vietnam Reports Trade Gap As Import Gain Signals Improved Demand
Vietnam’s trade balance swung to a deficit in May as imports rose in a sign that domestic demand may be improving as officials try to revive the economy.

· Vietnam Needs to Strengthen Public Investment Control: WB’s Country Director for Vietnam
Vietnam needs to further strengthen control activities on public investments to ensure effectiveness of public investment, avoid scattering and inefficient investments, Victoria Kwakwa, World Bank (WB) Country Director for Vietnam said.

· Vietnam Central Bank Cuts Key Rates by 1% from May 28
The State Bank of Vietnam (SBV) announced to adjust down benchmark interest rates and deposit rate caps for the third month in successionby another 1% from May 28, the central bank said in a statement released late Friday.

· Vietnam to Cut Rates By 2-3% Further, Says JPMorgan
Slower inflation and greater macroeconomic stability will lead the State Bank of Vietnam (SBV) to lower policy interest rates by another 2-3% this year, said JPMorgan in its latest release.

· Bad Debts at Vietnam Banks Lie between 8.25%-14.01%, Says VEPR
Vietnam Centre for Economics and Policy Research (VEPR) said in its latest release that bad debts at commercial banks remain unidentified and has been increasing; yet the lowest bad debt figure lies in the range from 8.25% to 14.01%.

Market News

· Vietnamese Stocks Up Midday On Rate Cut Talk
Vietnamese stocks were higher in the morning session on Friday on expectations of an interest rate cut to boost liquidity in the economy, analysts said.

· May 25: Foreigners Continues Net Selling on HOSE, Net Buying on HNX
Foreigners extended their position of net sellers on primary bourse HOSE and net buyers on HNX on Friday. Level of participation fell.

Corporate Events

· BVH – Cash Dividend 28/05/2012

· SPC – Annual General Meeting 28/05/2012

· PTD – Cash Dividend 28/05/2012

· PGS – Cash Dividend 28/05/2012

· NDN – Annual General Meeting 28/05/2012

· HHL – Annual General Meeting 28/05/2012

· PPP – Cash Dividend 28/05/2012

· PPI – Annual General Meeting 28/05/2012

· HTL – Annual General Meeting 28/05/2012

· HVX – Cash Dividend 28/05/2012

· VSG – Annual General Meeting 28/05/2012