Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No problem. My local chase told me they would convert anytime. That is the way I plan on doing it. Ali at Dinartrade also says he will convert. I don't believe flying out of the country to cash in is a great idea. I am not sure how homeland security and or customs would react.
you can also buy dinar at some chase bank locations. It is usually cheaper than a dealer if you can find one near you.
Vietnam money: banks cut short-term rates on ample dong
Vietnamese banks have reduced short-term interest rates in the past week due to a surplus of dong in the banking system, bankers said on Monday.
Bankers at four state-run banks, the country's key lenders, said rates on overnight Vietnamese dong loans stood at 4.3-4.5 percent on Monday, down from a range of 4.5-5 percent a week ago.
Rates on six-month dong loans ranged between 7.7-8 percent from 7.8-8.0 percent last week.
Bankers said commercial banks were lending less than their deposits this year, leading to a surplus in the banking system.
Bank deposits at the end of March rose 7.3 percent from end-December 2006, while loans as of March 31 were 2.3 percent higher than end-December, the Planning and Investment Ministry said in its quarterly report to the government last week.
It said January to March corporate deposits were 11.4 percent higher than at the end of 2006, compared with a rise of just 1.05 percent during the same period last year. Deposits by individuals rose 6.6 percent, half the growth of a year earlier.
Bankers said more companies especially large state-owned corporations such as shipbuilder Vinashin and dominant utility EVN, traditionally state-run banks' key borrowers, have gradually switched to bonds to raise funds instead of bank loans which are usually a lot more expensive.
Corporate loans carry annual coupons of around 9 percent while interest rates on bank loans could be as much as 12-15 percent.
Vietnam's five state-run commercial banks control more than 70 percent of market lending.
On the dollar front, the central bank has been keeping the exchange rate little changed.
On Monday, the rate stood at VND16,119 per dollar for interbank market transactions, a decline of just 0.09 percent from the end of 2006.
http://www.thanhniennews.com/business/?catid=2&newsid=27391
Vietnam leader promises incentives for US businesses
Vietnam will facilitate investments by US companies, President Nguyen Minh Triet promised entrepreneurs from that country Monday.
During separate meetings with Jamie Dimon, Chairman and CEO of JP Morgan Chase Bank, and Stuard Dean, Asia President of GE International, Inc, he praised the two companies’ contribution to Vietnam’s economic development and hoped they would deepen their involvement in the country.
“Vietnam’s accession to the World Trade Organization will bring new opportunities and create a level playing field for foreign investors,” he said.
He believed Vietnam’s strong economic development and safe investment environment, together with the improvement in bilateral relations, would make the country a favourite destination for US investors.
JP Morgan Chase entered in Vietnam in 1995 while GE opened a representative office in 1993 and now plans to build a factory.
http://www.thanhniennews.com/politics/?catid=1&newsid=27409
World leading computer maker eyes Vietnam for expansion
Compal, the world's No.2 contract laptop PC maker, said Monday it was evaluating possible expansion into Vietnam in 2008 and 2009, to increase capacity outside of its current main manufacturing hub in China
"We see Vietnam as a good place to move our low-end products" Compal Electronics' President Ray Chen told an investor conference.
Compal could join the growing number of Taiwanese electronic companies investing in Vietnam – such as component maker Hon Hai Precision Industry Co – in pursuit more cost-effective manufacturing sites outside China.
The Chinese-language Economic Daily News earlier this month quoted a company spokesman as saying that Compal would finalize the timetable and location for its new plant in Vietnam in the second quarter at the earliest.
Compal and its component suppliers were scheduled visit Vietnam to scout for factory sites and business opportunities, the report said.
Compal, which supplies computers to Dell Inc and other big brands, could lack the capacity to match customers' demand next year if its shipments increase any faster, especially after adding Japanese computer vendor Toshiba Corp to its client portfolio this year, according to the report.
Lower wages and better preferential tax breaks promised by the Vietnamese government could be prime factors for choosing Vietnam, Compal chairman Rock Hsu said earlier this year.
Cost efficiency is usually a major factor for Taiwanese electronics companies, which mostly make products for global brands.
In addition, Vietnam is a springboard for Taiwanese electronics companies hoping to tap ASEAN markets, Hsu said.
Source: Reuters
http://www.thanhniennews.com/business/?catid=2&newsid=27396
IMF Deputy Managing Director to visit Vietnam
Deputy Managing Director Takatoshi Kato of the International Monetary Fund (IMF) will pay a working visit to Vietnam on May 23 and 24, according to the fund’s Vietnam office.
The visit, part of his tour to a number of Asian nations, aims to explore Vietnam’s development situation and promote the co-operation between the country and the IMF.
During the two-day stay in Vietnam, Kato is scheduled to meet the Prime Minister and the Chairman of the National Assembly. He will hold working sessions with the Governor of the State Bank of Vietnam and officials from the Finance Ministry, the Ministry of Planning and Investment and the Trade Ministry. (VNA)
http://www.nhandan.com.vn/english/business/170407/business_i.htm
Dollar devaluates in world’s market, revaluates in Vietnam
17:24' 20/04/2007 (GMT+7)
VietNamNet Bridge – While decreasing in value against other hard foreign currencies in the world, the greenback price is escalating everyday in Vietnam’s market.
dollar.jpg
The Vietnam Bank for Foreign Trade (Vietcombank), the biggest foreign currency trader in Vietnam, yesterday announced the selling price at VND16,043/US$1, an increase of VND5 over last week’s level. In the black market, the dollar price has reached VND16,055/US$1. Meanwhile, the exchange rate announced by the State Bank of Vietnam was even higher, at VND16,118/US$1.
The greenback seems to keep increasing in value these days, while it declined sharply just one month ago, in late February and early March. At that time, foreign portfolio investment flow increased sharply, while the supply of dollars was profuse as a result of overseas remittances and export company deposits.
However, the situation has rapidly been changed, and the dollar price has been gradually escalating since mid March from the deepest low at VND15,991/US$1 on March 1 to VND16,050/US$1 on April 6 (the exchange rate announced by Vietcombank). The dollar value stayed firm in the next five days, then fell down to VND16,034/US$1 on April 10, but has bounced back since then, despite the dollar devaluation in the international market.
On April 18, the dollar value dropped to the deepest low in the last quarter of the century against the pound, and decreased considerably against Japanese yen and Canadian dollar. Analysts have attributed the dollar devaluation against other foreign currencies to the slow economic growth rate of the US economy and the fact that the US FED has decided to stop raising the key interest rate, while European and Asian economies are trying to tighten their monetary policies. The dollar value slide is believed will continue.
However, in Vietnam, experts have said that it is not likely the dollar will lose its value against the local currency. Boosting exports proves to be the priority task nowadays. This can help ensure a high economic growth rate and reduce the trade gap, especially as Vietnam has joined the WTO.
Meanwhile, on the WTO playing field, a lot of measures aiming to support exports like subsidisation schemes are prohibited. Therefore, developing countries always heavily rely on monetary policies to encourage exports, especially the exchange rate policy.
In theory, when the local currency of a country devaluates compared to foreign currencies, the exports of that country are cheaper and more competitive compared to the products of the same kinds on the market.
In 2006, Vietnam witnessed the export growth rate of 22%, while the dollar revaluated by 1% against the VND. The Ministry of Trade has set the target for the export growth rate of 20% for this year, and this proves to be a very ambitious target.
http://english.vietnamnet.vn/biz/2007/04/687214/
Vietnam's banking industry risk assessment raised, says S&P
04.23.07, 8:04 AM
MUMBAI (Thomson Financial) - Standard & Poors Ratings Services has raised its Banking Industry Country Risk Assessment (BICRA) on Vietnam citing improving infrastructure and better economic risk environment.
The ratings agency raised Vietnam's BICRA to Group 9 from Group 10, where it joins countries like Russia, Costa Rica and Guatemala.
S&P noted that political constraints stemming from a highly opaque and centralized decision-making process are slowing Vietnam's transition to a market economy and its main challenge is to rectify the prevailing structural, institutional and legal deficiencies.
'Vietnams transition to a market economy remains cautious and gradual, but favourable endowments, high saving and investment ratios and strong export potential provide a solid basis for medium-term growth prospects,' said S&P credit analyst Ritesh Maheshwari.
The ratings agency said state-owned commercial banks dominate the banking industry, accounting for about 70 pct of bank credit in Vietnam.
TFN.newsdesk@thomson.com
http://www.forbes.com/afxnewslimited/feeds/afx/2007/04/23/afx3639850.html
EMERGING MARKETS REPORT
Vietnam allows more foreign ownership in banks
Print
E-mail
Disable live quotes
RSS
Digg it
Del.icio.us
By Polya Lesova, MarketWatch
Last Update: 4:23 PM ET Apr 23, 2007
NEW YORK (MarketWatch) -- In a move to further liberalize its banking sector, Vietnam will allow foreign strategic investors to hold a stake of up to 15% in a Vietnamese bank, an increase from the current 10%.
The change, decreed by the Vietnamese government on Friday, should take effect in May, the Vietnam News Agency reported. In special cases, the Vietnamese prime minister might raise the cap to 20%.
Foreign investors who want to own stakes in Vietnamese banks must have at least $20 billion in assets, and a strategic foreign investor can sell its bank stake only five years after buying it, according to the new rules.
The cap for foreign banks remains unchanged and is still 10%, while non-strategic foreign investors can own up to 5%. The total foreign ownership limit in a domestic bank is 30%.
"The relaxation marks a small step in Vietnam's cautious banking sector liberalization policy," said Renee Chen, analyst at Citigroup, in a Monday research note.
Chart of HBC
The liberalization was much smaller in scope that the market expected and the State Bank of Vietnam had proposed to double the 10% cap to 20%, Chen said. Also, the change didn't apply to foreign banks. Those of them with stakes in Vietnamese banks have already hit the 10% cap on ownership, Chen said.
Among the foreign banks that own stakes in Vietnamese banks are Singapore's Overseas-Chinese Banking Corp., HSBC Holdings (HBC :
HSBC Hldgs Plc
News , chart , profile , more
Last: 92.51-0.90-0.96%
4:20pm 04/23/2007
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
HBC92.51, -0.90, -1.0% ) , Deutsche Bank (DB :
deutsche bank ag namen ord
News , chart , profile , more
Last: 152.99+0.79+0.52%
4:18pm 04/23/2007
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
DB152.99, +0.79, +0.5% ) and BNP Paribas, according to the Vietnam News Agency.
"With Vietnam committing to a gradual liberalization of its financial sector, the outright lifting of total foreign ownership limit and/or limit for foreign bank ownership could be on the roadmap," Chen said.
"That could buoy cross-border merger and acquisition activities that would increase domestic banks' economies of scale and propel domestic capital market development."
Booming economy
Vietnam, a communist country of over 83 million people, is one of the fastest-growing economies in Asia, with an average GDP growth of 7.1% over the last decade. In 2006, foreign direct investment surged to $10.2 billion from $6.8 billion in 2005.
The S&P/Vietnam Frontier Index rose 128% in 2006 and has already gained 60% in the first two months of this year.
"Vietnam can sustain 8%-plus GDP growth over the next five years, supported by positive demographics, availability of natural resources, the accelerated pace of reforms and benefits from globalization, as it continues to open up its trade and capital accounts," said Chetan Ahya, analyst at Morgan Stanley, in a recent research note.
However, given the underdevelopment of the domestic capital market, opportunities for portfolio investors are limited, Ahya said. The country's first stock market was opened in 2000.
"We believe that the stock market is overheated and has probably run ahead of itself," Ahya said. "The real stock market, with the listing of large blue-chip businesses, has yet to emerge."
Still, "with the government committed to implementing the privatization program more aggressively going forward, we believe that the depth and breadth of Vietnam's stock market will improve significantly by 2008," Ahya said. End of Story
Polya Lesova is a MarketWatch reporter based in New York.
http://www.marketwatch.com/news/story/vietnam-allows-more-foreign-ownership/story.aspx?guid=%7B80EA5...
(MENAFN) The Iraqi Minister of Electricity said that his country intends to put an end to electricity shortages by mid-2010, hoping to finalize annual investments at a value of $2 billion, the Iraq Directory reported.
The minister stated that the ministry expects to get around two billion dollars annually in funds from the government over the next four years and that the rest must be compensated through investors or donors.
At the moment Iraqi investors are building three power stations with capacities of 500 megawatts in the Northern Kurdish area.
He also said that foreign investment is quite difficult this year due to the lack of security, though next year has possibilities. Iraq has recently approved a law regulating foreign investment. The law will be followed by another one on oil investment which is expected to be passed late this May.
The Iraqi Minister of Planning stated earlier that approximately 35 percent of the funds which have been pledged for during a donor conference in Madrid in 2003 were delivered.
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093147799
Worked for me.. I never said it was a quick quote. Look for it in the forex part of the watchlist. Although it isn't showing a live forex quote. It does show a bid/ask and a last trade of 1276.30 at 7:33
I just noticed if you go to the new watchlist tab above. Enter USDIRD it will give u the spot price on the exchange rate. For you dong holders USDVND. Its pretty nice.
page 52
thanks
Has anyone gotten a solid grasp on when exactly parliment comes back in March?
Here's the WTO's steps to becoming a member. Not a quick process.
http://www.wto.org/english/thewto_e/acc_e/acces_e.htm
List of all the current WTO applicants that are in the accenssion stage and their status as of Jan. http://www.wto.org/english/thewto_e/acc_e/status_e.htm
2x.002 1x.0024 ubss on both
RJ thanks for your reply. I think I'm going to go ahead and buy a couple million. It is obviously a risky play but the reward could be huge.
If the Dong starts running on acceptance into the forex what options do the Vietnamese gov have to push it back down? Dilution? Sorry I'm new to currency prospecting.
I bought a few dinar a couple of weeks ago and have been doing research on the dong today. This article makes it seem like the gov is going to push the dong lower.
http://www.vir.com.vn/Client/VIR/index.asp?url=content.asp&doc=12184#
Rising dong may hit exports
The Vietnamese dong remained steady during 2006, but a recent sharp rise in the dollar supply could lead to an appreciation of the dong and negatively affect national export competitiveness.
A narrowing trade deficit, and record-high FDI and remitttances have made the dong slightly stronger
The dong fell against the US dollar by 1 per cent in the first 11 months of 2006, confirming a 10-year pattern of the dong declining annually against the dollar, according to a General Statistics Office report.
However, after reaching VND16,100 per dollar for the first time ever on December 15, the dong has been gradually appreciating by the narrowing trade deficit, record-high foreign direct investment, and increasing remittances from overseas Vietnamese, all of which have boosted the dollar supply.
Exports in 2006 were estimated at $39.6 billion, 22.1 per cent higher than in 2005, reinforcing expectations for a trade deficit of $3 billion, 30 per cent less than in 2005, according to a Ministry of Trade report. Foreign direct investment in both new projects and increased funds for existing projects was estimated to rise to a record $10.2 billion.
According to Bui Thu Hang, head of VP Bank’s Foreign Exchange Department, US dollar inflows to the bank this year increased 30 per cent following increased remittances from overseas Vietnamese. Estimates of the Committee for Overseas Vietnamese placed dollar inflows from remittances at $5 billion in 2006, 16.5 per cent higher than 2005.
The head of VIBank’s Corporate Credit Department, Tran Kim Chi, said her bank has seen its dollar sales fall lower than purchases in recent days.
“We think that importing businesses will borrow Vietnam dong and then exchange them for US dollars as the supply is profuse,” she said.
Pham Chi Quang, an economist from Vietnam’s Central Institute of Economic Management, said that the revaluation of the dong will urge people who have dollars to sell, which will put more pressure on the Vietnam dong to gain against the US dollar.
According to some domestic banks, foreign currency reserves have fluctuated over the last few weeks at around the limit of 30 per cent of registered capital set by the State Bank of Vietnam. Accordingly, upon closing, banks have had to sell foreign currency surpluses that have arisen during the day, with the State Bank being the ultimate buyer.
“Commercial banks should set a suitable rate to sell out surpluses. The central bank will assist technically if needed to maintain the Vietnam dong’s gradual depreciation again the US dollar,” said the State Bank of Vietnam’s foreign exchange management director, Truong Van Phuoc.
Phuoc said that the dong’s revaluation against the dollar remained under control.
“The central bank will soon work out measures to prevent the Vietnam dong’s further appreciation against the US dollar,” he said.
Earlier this year, the Thai Frozen Foods Association complained that they were losing orders to competitors in Vietnam as the baht gained over 12 per cent against the US dollar while the dong continue to decline, making Vietnamese goods cheaper to overseas buyers.
Last September, the Group of Seven industrialised nations called for emerging economies with current-account surpluses to have more flexible currencies.
1x.0013 1x.0014 both ubss
2x.0012 2x.0013
Good week! Hope it has some steam left. http://stockcharts.com/h-sc/ui?s=CAT&p=D&yr=0&mn=3&dy=0&id=p23962100875&a=77...
checkout post# 102
Not sure I'm still at work. Just got a call saying they came FedEX.
just got divy too!
1x.002 2x.0021
Not sure what you meant by "a known". All I know about starchoice is the are the 2nd satellite company to launch in Canada. Smaller than Bell. Not sure if anyone "tests" their system or not.
Free shares have a way of doing that. The testing on Bell to me is a precursor to what we have all been waiting for.
From a hardware point of view. Bell ExpressVu is Dishnetwork in Canada. With the first few generations of receivers. If one knew how and had the computer equipment needed. A person could unplug their dishnetwork receiver. Change the firmware on a chip in the receiver. Change a few things on the access card. Plug the receiver back in and be watching Bell ExpressVu. Testing on Bell is great news!
***Vegas Party***** Very Updated!
1.Pennypicks - NYC
2.AnalyzeThis - California
3.NRA Member - Pittsburgh
4.LP640 - Atlanta
5.Moosetuck - WVa.
6.Melvinthemopboy - Boston
7.ROW87 - Florida
8.chrtcrzy - indy (plus friends that hold shares)
9.Reddog65 - TEXAS Baby!
10.Osignal2001 - Michigan
11.dick765 - Calif
12.JCNelson - Wyoming
13. Rasica - Montana
14. Bax - Baltimore
15. TinaMarie - Chapel Hill, NC
16. Completetrader - Dayton, OH
17. The Tooth Fairy - OHIO
18. ItalianDDog - Phoenix, AZ
19. Liz - Chicago
20. Ravensterpsfan - Maryland
21. slap shot - atlanta
22. Mary777
23. Dakota Dad -- Redding, CA
24. COMBOS - UTAH
25. 12Reflect - Charlotte, NC
26. KilerB - CA (He'll drive with ANAL EYES!)
27.strongtower-Madison,TN
28. Lurky - Florida
29. TheFisherman - Tarheel Country - NC
30. Lookforward - San Francisco, CA
31. Crissy7 - Santa Barbara, CA
32. seabeewife - Asheville, nc
33. Jerrydreamer - utah
34. Lburr2 - Michigan
35. budfox - NYC
36. super_so 32..Vegas
37. blackpearlbenz
38. 5150- Vermont
39. Bampabruce - Seattle
40. Jester_1us - Chicago
41. ovation - Detroit MI
42. loudness - Atlanta (you all can help me pick out my Ferrari @ the Penske/Wynn Ferrari dealership :) )
43. Mr. Peeps - Detroit Metro Area
44. Astrocade - Southern California
45. pfrenz - the other (better) half of Calif
46. Tru Fla Native- South Florida
47. K3v1nMc - Orlando, Florida
48. jarhead003-Maine
49. nealgalt1 - Arizona
50. kermit42 - Jersey City, NJ
51. seabiscuit - Calgary
52. Wendel - Manitoba, CANADA (your first (well, almost) CRAZY CANUCK)
53. Cardvic, Missouri
54. enaduotria - Edgewater, NJ
55. buckets - Chicago area
Any chance that is nite buying on the bid? Nite seems to push the bid on most other stocks. That is when its time.
Shamrock will need a new job after UFC 61.
I was able to put in an sell order today w/etrade @.04
of course no fill but I thought etrade quit taking orders completely
A tighter spread by the MM's would help too.
from new 8k.
On May 31, 2006, we completed the acquisition of all of the outstanding capital stock of Touchdev Limited, a U.K. corporation, under a securities purchase agreement (the “Purchase Agreement”) with the owners of Touchdev Limited. Under the Purchase Agreement, we issued 8,000,000 shares of our common stock to the owners of Touchdev Limited, in consideration of their capital stock of Touchdev Limited.
Not exactly Chicago but I'm just south of Joliet
GLTA
4x.0055 1x.006
CLYP moved down to .0065