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Vietnam money: dong rates rise on strong loan demand
Overnight lending rates in the Vietnamese dong firmed in the past week due to stronger demand for loans, especially from the corporate sector, bankers said Monday.
Three of Vietnam's four main banks offered overnight loans in dong at 7 percent on Monday, compared with a range of 3.7-5.0 percent last week. Dong overnight loans were being fixed at 6.51 percent, market data showed.
As of mid-September, outstanding loans in Hanoi totaled VND150 trillion, up 26 percent compared with the beginning of the year, the central bank's Hanoi branch said last week.
Lending in dollars, which accounted for 33 percent of the total loans, grew 23.3 percent, while deposits in both dong and dollars grew only 17.5 percent in in the period, indicating higher demand for imports, the bank said.
"Demand for dong loans usually soars in the fourth quarter as companies need funds to meet contract payments," a banker at a private bank in Hanoi said.
Deputy Prime Minister Nguyen Sinh Hung said last week Vietnam needed 554 trillion dong next year, or nearly 20 percent more than this year, to invest in major infrastructure projects, such as sea ports, roads and industrial parks.
The government aims to raise VND201 trillion ($12.4 billion) in 2008 from the private sectors and borrow VND40 trillion from state-run banks for its projects.
On the dollar front, several banks including Sacombank, VIB Bank, Eximbank and ABBank have raised interest rates on dollar deposits to raise more funds to meet higher expected demand from importers.
Most banks now offer 5.5 percent to 5.7 percent annual yield to 12-month dollar deposits, from 5.2 to 5.5 percent previously.
The Asian Development Bank said it had revised down Vietnam's current account balance in 2007, saying it would face a deficit equivalent to 5 percent of gross domestic product, from a small surplus of 0.2 percent previously forecast for this year.
Slowing exports – due to less sales of crude oil and seafood – coupled with rising imports have widened the trade gap, leading to the current account deficit, ADB said on Monday.
But it said overseas remittances – a key input of Vietnam's foreign exchange reserves – and tourist arrivals remained strong.
Using the State Bank of Vietnam and sources to calculate remittances, ADB said actual remittances for the first half of 2007 surged 53.4 percent from a year earlier to $2.9 billion. Remittances stood at $1.89 billion in the first half of 2006.
ADB said its own forecast of remittances for the whole of 2007 is $5 billion.
Source: Reuters
http://www.thanhniennews.com/business/?catid=2&newsid=32057
US-based EurOrient to invest US$1 billion per year in Vietnam
The Associated PressPublished: September 11, 2007
HANOI, Vietnam: U.S.-based private investment banking firm EurOrient plans to invest US$1 billion a year in Vietnam in the coming years, state media reported Tuesday, citing a company official.
Ron Nechemia, chairman and general director of EurOrient, said in an interview with the Vietnam Economic Times that his firm is interested to invest in the financial services, energy, port, transportation and telecommunications sectors in Vietnam.
"We plan to invest US$1 billion in three or four projects each year," Nechemia said.
EurOrient, which is based in California, will soon invest in financial services projects in Vietnam and set up a joint venture with a local partner to invest US$120 million to build a wind-generated electricity plant with a capacity of 120 megawatts, Nechemia added.
Terms of Use
Vietnam continues to attract large investments in tourism
11:12' 11/09/2007 (GMT+7)
VietNamNet Bridge – Vietnam has recently attracted many domestic and foreign investors in the tourism and the service sector with a number of big projects in tourism centers in provinces and cities nationwide.
According to the Ministry of Culture, Sport, and Tourism of Vietnam, the country has attracted large investments to build resorts or luxury hotels such as a top-end hotel in Danang initially capitalized with 200 million USD by KOK (from the US) in Danang, and a series of tourism projects capitalized with 300 million USD by Tin Nghia Co., Ltd in Dong Nai, Binh Thuan, and Da Lat (Lam Dong). The largest recreation area in Phu Quoc Island is capitalized with 68 million USD.
Along with encouraging investment in new tourist areas, cities and provinces are also focusing on upgrading existing tourist products, especially in the Mekong Delta River provinces, where National Tourism Year 2008 will take place.
Vietnam’s tourism image has been increasingly promoted domestically and overseas. Recently, the Government has issued guidelines for advertising Vietnam’s people and country on CNN TV over 13 weeks, with 182 times.
Furthermore, Vietnam has for the first time been included among the 20 destinations most favoured by tourists, according to a 2007 survey by Conde Nast Traveller. This is considered a positive sign for Vietnam’s tourism sector.
Viking ship 'buried beneath pub'
The vessel could be similar to the longship, the Sea Stallion
A 1,000-year-old Viking longship is thought to have been discovered under a pub car park on Merseyside.
The vessel is believed to lie beneath 6ft to 10ft (2m to 3m) of clay by the Railway Inn in Meols, Wirral, where Vikings are known to have settled.
Experts believe the ship could be one of Britain's most significant archaeological finds.
Professor Stephen Harding, of the University of Nottingham, is now seeking funds to pay for an excavation.
The Viking expert used ground penetrating radar (GPR) equipment to pinpoint the ship's whereabouts.
He believes the vessel could be carefully removed and exhibited in a museum.
Professor Harding said: "The next stage is the big one. Using the GPR technique only cost £450, but we have to think carefully about what to do next.
"Although we still don't know what sort of vessel it is, it's very old for sure and its Nordic clinker design, position and location suggests it may be a transport vessel from the Viking settlement period if not long afterwards.
"Scandinavian influence persisted here through the centuries.
"It is speculation at the moment, but at least we now know exactly where to look to find out. How it got there is also hard to say.
"It is some distance from the present coastline and probably the old one too.
"It might have got to its present position after flooding and sinking into an old marsh."
The ship was first uncovered in 1938 when the Railway Inn was being knocked down and rebuilt further from the road, the site of the old pub being made into a car park.
Workers were advised by the foreman to cover the ship over again so as not to delay construction.
http://news.bbc.co.uk/2/hi/uk_news/england/merseyside/6986986.stm
Watch em go and send out another PR, to try and explain all this even more for the TA, or re org guys. lol. There not done pulling there hair out yet.
My shares (5) are gone from Atrade, and I havent bugged anybody yet. It was only a few bucks, well see what happens in a couple weeks or so.
Trav.
Nah, were still thousandiares' if we sell now, lol.
Trav.
Oh yeah, we've had about 3 days of sun and just 3 or 4 more before the monsoon's start up. Seattle area so we get hit pretty hard sometimes. A couple of the down spouts are in need some repair work as well, thats going to be fun.
Bucs / Seattle is on in a couple hours. Gotta catch some of game one.
Trav.
Then after deciding who opens the door, they would tell us that they're taken another vacation and will get back to the world in a couple months, upon returning they would give us there answer as to who is going to open the door, ... then do a recount on the votes. LMAO.
Okay, back to cleaning the gutters before the rains get here. Yahoooieeeee
Trav.
No more little Supermans
September 07, 2007 02:57pm
OFFICIALS in Venezuela are attempting to crack down on some of the silly names that parents are giving their children.
The National Electoral Council has proposed a bill banning names that expose children to "ridicule, are extravagant or difficult to pronounce".
If approved, it could mean the end of names like Edigaith, Mileidy, Maikel and Superman – at least two Venezuelans are called Superman.
Although similar measures are already in place, it is up to the discretion of the registry authorities as to whether a particularly silly name is allowed.
A list of 100 'appropriate' names has been suggested.
Yeah, I think we need a Dinar Pep Rally. lol.
Ill go start a bon fire in the fire pit here. You guys start yelling out.........
Give me a "D"
Give me a "I"
Give me a "N"
Give me a "A"
Give me a "R"
lol.
Trav.
Announcement No.(1000)
D.G. of Foreign Exchange Control
The 1000 daily currency auction was held in the Central Bank of Iraq day Monday 2007/9/3 so the results were as follows :
Details Notes
Number of banks 14 -----
Auction price selling dinar / US $ 1238 -----
Auction price buying dinar / US $ 1236 -----
Amount sold at auction price (US $) 52.380.000 -----
Amount purchased at Auction price (US $) 15.000.000
Total offers for buying (US $) 52.380.000 -----
Total offers for selling (US $) 15.000.000 -----
Thanks for the updates c a.
That is some more good news from ya. Looking forward to hearing more about your stocks in the future.
Good luck buddy.
Trav.
Posted by: c a
In reply to: None Date:8/8/2007 11:46:32 PM
Post #of 8775
I sent Fed Ex $2,100,000 iqd to Warka to fund my sav account that I had set up and to buy some stock... Tracking shows received on 7/23 by warka however no confirmation as of yet... I know they are slow but has anyone else expirienced this or do I just need to take a chill pill... Anyone???
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21926448
Natural Resources
It is probably no surprise that the natural resources of Iraq are primarily mineral. The country has large reserves of petroleum and natural gas. Iraq has the second largest oil reserves in the Middle East after Saudi Arabia. Iraq reports its proven oil reserves at 112 billion barrels, however it is estimated that there could be an additional 200 billion barrels in unexplored areas. There are many oil fields scattered across central and eastern Iraq, but a majority of the oil comes from two major regions; Kirkuk in the north and Rumaylah in the south. Other than petroleum and natural gas, there are also small deposits of salt, coal, gypsum, and sulfur.
(Platts Guide to Iraqi Oil)
(MSN Learning & Research)
http://academic.evergreen.edu/g/grossmaz/stevenjd.html
Trav.
Yeah, I'll unbookmark the board. Didnt want to see a board go to long without a post.
Still got the Dinars, and Dongs going strong.
Trav.
Little bit tougher to answer this, Im sure someone can make more since of it than I can.
The DONG is growing stronger against the Dollar some of the time, and the Dollar is growing stronger at times as well.
Now putting the DONG up against the EURO makes it out to be just about as stable as it is with the DOLLAR. Then putting the Dollar up against the EURO still makes them both out to be somewhat unstable.
All post below are of the same time frame as the last DONG prices that I posted. Vietnam has already said that they want there DONG to stay at or close to its current rate till years end. It was posted here some time ago.
Hope it helps,
Trav.
Thursday, August 9, 2007
1 Vietnamese Dong = 0.00004573 Euro
1 Euro (EUR) = 21'868.0 Vietnamese Dong (VND)
Median price = 0.00004411 / 0.00004573 (bid/ask)
Estimated price based on daily US dollar rates.
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Tuesday, July 17, 2007
1 Vietnamese Dong = 0.00004540 Euro
1 Euro (EUR) = 22'026.5 Vietnamese Dong (VND)
Median price = 0.00004454 / 0.00004540 (bid/ask)
Estimated price based on daily US dollar rates.
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Saturday, June 30, 2007
1 Vietnamese Dong = 0.00004680 Euro
1 Euro (EUR) = 21'367.5 Vietnamese Dong (VND)
Median price = 0.00004510 / 0.00004680 (bid/ask)
Estimated price based on daily US dollar rates.
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Thursday, August 9, 2007
1 US Dollar = 0.72636 Euro
1 Euro (EUR) = 1.37673 US Dollar (USD)
Median price = 0.72630 / 0.72636 (bid/ask)
Minimum price = 0.72323 / 0.72330
Maximum price = 0.72874 / 0.72880
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Tuesday, July 17, 2007
1 US Dollar = 0.72557 Euro
1 Euro (EUR) = 1.37822 US Dollar (USD)
Median price = 0.72543 / 0.72557 (bid/ask)
Minimum price = 0.72442 / 0.72448
Maximum price = 0.72673 / 0.72680
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Saturday, June 30, 2007
1 US Dollar = 0.74216 Euro
1 Euro (EUR) = 1.34741 US Dollar (USD)
Median price = 0.74209 / 0.74216 (bid/ask)
Minimum price = 0.73850 / 0.73857
Maximum price = 0.74451 / 0.74458
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
Thats very true. Thats one reason why we post what banks will take the Dinar from us when its time to sell. Not all banks buy/sell the Dinar.
Trav.
Fuzzy math here, but... lets say its gone up 100 in value over the last 8 months. So lets go with about 125 for a years time. Its at 1238 now, and you want to see .10, that would be about 8 1/2 years away. Give or take a few months. Or so, just a quess, I havent sat down and done the real math. But its all up in the air anyways as we dont know when it may start to run like it did back in November - January. Or if it ever will again.
I'll be as old as Rick C. when/if this thing hits. lol.
Trav.
Thank you, and for the heads up as well. Ill be checking it all out.
Free account will not allow me to PM. Ill spend the extra money here soon.
Trav.
Syria Hosts Confab
On Iraq Security
DAMASCUS, Syria, Aug. 8--A two-day international security conference on Iraq, which brings together representatives of Iraq’s neighbors and the international community, including the US and Iran, opened in the Syrian capital on Wednesday.
The meeting grew out of a May conference on Iraq held at the Egyptian resort city of Sharm El-Sheikh, at which working groups on refugees, energy and border security were formed, Alalam.ir reported.
Syrian Interior Minister Bassam Abdel-Majid said the aim of the conference is to help the Iraqi people overcome the crisis and preserve their territory.
The meeting includes delegates from Iran, Iraq, Kuwait, Bahrain, Egypt, Russia, China, Britain, France, the United States as well as the Arab League and the United Nations.
It is being held just as Iraqi Prime Minister Nuri Al-Maliki arrived in Iran on a visit aimed at boosting friendly ties with the Islamic Republic.
Abdul-Majeed stressed, prior to the conference, that his country had tightened its security measures along its borders with Iraq to prevent the infiltration of Arab fighters.
Syria opposed the US-led invasion of Iraq in March 2003.
Since then, it is hosting an estimated 1.4 million Iraqi refugees who have fled Iraq.
Call for Implementing Tehran-Baghdad Agreements
Iraqi Prime Minister Nuri Al-Maliki (r) was
officially welcomed by Iran's Vice-President Parviz Davoudi in Tehran, Aug. 8.
TEHRAN, Aug. 8--Tehran and Baghdad on Wednesday called for speedy implementation of the agreements signed by the two sides during the visit of Iran’s First Vice President Parviz Davoudi to Iraq.
Senior Iranian and Iraqi officials in a meeting headed by Davoudi and Iraqi Prime Minister Nuri Al-Maliki stressed the need for using all facilities to promote mutual cooperation and remove existing impediments, IRNA reported.
Davoudi and aliki stressed the development of cooperation between Tehran and Baghdad in the fields of industry, energy, commerce, trade and economy, given the two countries’ abundant capabilities.
Davoudi said, “Iran has always tried to restore security to Iraq because the country’s security will benefit both Iran and the region.“
He said Iran is ready to contribute to Iraq’s reconstruction and promotion of security.
Elsewhere in his remarks, Davoudi called for the pullout of foreign troops from Iraq.
“The Iraqi people and youth, through hard work, high spirit and strong motivation, can prepare the ground for the withdrawal of occupiers from their homeland and guarantee security in the country,“ Davoudi said.
The vice president said Iranian technicians and entrepreneurs are ready to contribute to projects related to refinery construction, petrochemical, hospital building, water and sewerage, power, telecommunications and scientific projects in Iraq.
Maliki said Iraq wants to use Iran’s experience in many fields, including power transmission, swap of oil derivatives and completion of power plants.
He hoped Iranian companies would invest in and contribute to implementation of development and infrastructural projects in Iraq.
Russia Urged to Complete Bushehr Plant
TEHRAN, Aug. 8--Majlis Speaker Gholamali Haddad Adel said he hopes Russia will honor its commitment to complete Bushehr Nuclear Power Plant in the coming months.
Talking to reporters on Wednesday, Haddad stressed that the Bushehr project is a symbol of cooperation between Iran and Russia, IRNA reported.
Emphasizing that the completion of Bushehr Nuclear Power Plant will positively influence public opinion in Iran, the speaker pointed out that any delay in the project will have a negative impact on the Iranian government and nation.
Asked about the recent allegations of a US lawmaker and Republican presidential hopeful, Tom Tancredo, who said the holy sites of Mecca and Medina should be bombed as a retaliatory measure for possible attacks on the US, Haddad said such statements are so baseless that he will not comment on them.
Commenting on Article 44 of the constitution, Haddad pointed out that if the article is implemented, it will lead to a huge economic revolution.
Asked about the planned transfer of Iran’s gas to India and Pakistan, he noted that the peace pipeline is very important from different perspectives and Iran considers its national interests in any contract with foreign countries.
Russia has put new conditions on supplying nuclear fuel for the Bushehr plant it is building in Iran, claiming that Tehran must clear up questions over possible military atomic development.
Russian officials said on July 25 that Bushehr might not be completed until late 2008, which would put off the completion date by a year.
Delivering fuel is the last stage in activating the power plant. Construction at Bushehr had stalled earlier this year over inaccurate Russian charges that Iran was not paying its bills for the project.
US Officials: Britain Has Lost in Basra
32 Killed
In Sadr City
BASRA, Iraq, Aug. 8--American officials believe British forces have been defeated in Basra.
A senior US intelligence official told The Washington Post on Tuesday that British commanders had allowed militias loyal to three Shiite Muslim groups take control of the city’s streets.
“The British have basically been defeated in the south,“ he said, www.telegraph.co.un reported.
British officials in Basra reject the notion that UK troop levels in the southern Iraqi province had been cut too fast.
The report said a contingent of 500 British troops based at Basra Palace was “surrounded like cowboys and Indians“.
The rebuke highlights the increasing violence in Basra, one of four provinces handed over to British control after the US-led invasion of Iraq in 2003.
Three of the four provinces have been pacified and handed back to local leaders; Basra, the most populous, is due to be returned by the end of the year.
In a stark reminder of the deteriorating security situation, two British soldiers were killed in the province on Tuesday.
Britain’s former governor of Basra, Sir Hilary Synnott, said the US criticism was payback for British claims two years ago that Basra was a success while Washington had failed in Baghdad.
“It’s not so long ago that some members of the British government were boasting that Basra was doing very well, better than Baghdad. That was very unwise.“
Meanwhile, US-led forces swooped into the Shiite militia stronghold of Sadr City on Wednesday, killing 32 suspected militants and detaining 12 others in fighting and an airstrike targeting alleged smuggling networks from Iran.
Iraqi police and witnesses said nine civilians were killed in the attack.
Norton, where did you purchase those? I would'nt mind adding some of the smaller Demons to my inventory.
Thanks,
Trav.
Thursday, August 9, 2007
1 Vietnamese Dong = 0.00006296 US Dollar
1 US Dollar (USD) = 15'884.0 Vietnamese Dong (VND)
Median price = 0.00006074 / 0.00006296 (bid/ask)
Minimum price = 0.00006074 / 0.00006296
Maximum price = 0.00006074 / 0.00006296
FXTrade: Online Currency Trading with OANDA FXTrade.
FXConverter - Currency Converter for 164 Currencies164 Currency Converter © 1997-2007 by OANDA.com.
SMFG buys stake in Vietnam's Eximbank for $225 mln
Sumitomo Mitsui Financial Group Inc., Japan's third-largest bank, is buying a 15 percent stake in Vietnam Export Import Commercial Bank for US$225 million, the Vietnam News Agency said Saturday.
Sumitomo Mitsui, which joins seven other foreign banks who have invested in Vietnam's booming economy, will provide risk management and technical help to Eximbank following the deal, the report quoted Eximbank's Chief Executive Pham Van Thiet as saying.
Ho Chi Minh City-based Eximbank, Vietnam's eighth-largest by assets, approved the sale on Friday. The deal will raise the unlisted bank's registered capital to VND3.73 trillion ($231 million) from VND2.8 trillion, the report said.
Eximbank will also sell another 10 percent stake to undisclosed foreign investment funds under the capital raising plan, it added.
Sumitomo joins seven foreign banks, including ANZ , Deutsche Bank , Standard Chartered Plc. and HSBC Holdings Plc., which have bought shares in Vietnamese banks, seeking to benefit from economic growth targeted at 8.5 percent this year.
HSBC holds the single biggest stake, with 15 percent in Hanoi-based unlisted Techcombank.
Vietnam caps foreign ownership in a domestic bank at 30 percent, with a 15-percent limit for a strategic investor. In exceptional cases, subject to government approval, a strategic foreign investor may take up to 20 percent.
Source: Reuters
Billions coming in, but who knows for sure?
VNECONOMY updated: 02/08/2007
While the Ministry of Planning and Investment (MPI) joyfully announced the monthly inflow of foreign direct investment (FDI) into Vietnam, the State Bank of Vietnam (SBV) has nearly ‘blockaded’ all information about the Foreign Institutional Investment (FII) flow.
According to statistics of the foreign bank which is managing the largest number of accounts for financial investment institutions, there are around 74 foreign investment funds pouring money into Vietnam, including 22 funds that have been established so far this year. Among new funds are Sumitomo Misui Vietnam, Fullerton Vietnam Fund, TongYang Vietnam, Maxford Growth Vietnam Focus, Vietnam Resource, Credit Agricole Fund.
Numbers in disorder
The Republic of Korea is emerging as a big investor with eight funds having been set up so far this year with total capital of more than US$1 billion. One of the representatives for the Korean wave is the Golden Bridge Finance Group. Within six months, Golden Bridge has established two funds in Vietnam, totalling $70 million, focusing on shares, enterprise bonds, real estate and minerals.
Besides the Republic of Korea, other funds belong to Singapore, Japan and Malaysia. While Vietnamese investors are small and dispersed, those funds continue to bear the ‘mission’ as the major catalysts creating the liquidity for the market. They are also expected to ‘warm up’ upcoming IPOs (initial public offering) of big state-owned companies since existing funds in Vietnam are exhausted in capital now while they are not ready for new phases of capital raising.
Investment funds are playing a decisive role in the stock market of Vietnam but so far there is no official statistic of the total capital being pumped into the Vietnamese market by those funds.
An official of the State Securities Council (SSC) said that FII inflow was US$5 billion. But another official of SSC said that this figure was an estimate only.
The World Bank (WB) in a report said that FII inflow into Vietnam was about $4 billion, explaining that the figure was estimated based on the market value of stocks held by foreigners, which is much higher than the principal capital.
Meanwhile, according to LCF Rothschild of the United Kingdom, the figure is $5.4 billion based on the scale of 20 investment funds in Vietnam which are listed on foreign stock exchanges.
What is the correct number? According to some agencies, only the State Bank of Vietnam can release an accurate number because all commercial banks submit to that entity their monthly reports on the situation of foreign individuals and institutions’ accounts to buy stocks in Vietnam.
Knowing everything but no need to reveal anything
According to banks, not all investment funds have periodical reports on net asset value but initial statistics show that their total assets are at around $6 billion. Foreign investment poured into the Hanoi and HCM City Securities Trading Centres is estimated at $4.8 billion.
15 years have passed since Vietnam opened its market for FII but the SBV in May 2004 officially requested that investors submit investment situation reports by issuing a circular on controlling foreign currencies in capital contributions and stock purchasing of foreign investors in local firms.
However, if the central bank only relies on those reports it can’t know the flow of this source of capital because it has been cut into many parts. One part is in foreign currency accounts, one in Vietnam dong accounts, one at securities trading firms where foreign investors open their accounts. Thus, the figure that the SBV knows is the principal capital or the amount of money transmitted into Vietnam. The bank doesn’t know how this amount of money has developed.
An official of the SBV said that it was a waste to seek an accurate number because the foreign capital flow into Vietnam came in different ways, not through the banking system only. For the official channel, he said that it was approximately 10% of Vietnam’s gross domestic product (GDP), or more than $6 billion.
This official also said that the border line between the FDI and FII was being eliminated. VinaCapital has invested $29.9 million to own 70% of the Hilton Hanoi Hotel, $18.6 million to buy 70% of stocks of the Omni Saigon Hotel and it has also invested in many real estate projects in Vietnam, including the 260ha Da Nang Resort worth $24.8 million, Century 21 worth $41.2 million.
“If they invest a sufficient amount of capital to hold the control over projects so is it necessary to put them on the list of FII? I think we should identify and select a suitable way of measurement,” the official said.
Explaining why the SBV had never made public the volume of FII into Vietnam, he said, “The bank certainly knows each penny in the volume of foreign currencies transferred into Vietnam but is it necessary to announce all macro economic data?”
Source: Tuổi trẻ
http://www.vneconomy.com.vn/eng/?param=article&catid=03&id=966d41febb5a09
Maybe it'll be a happy New Year for us all. Time will tell.
Trav.
I'll email my brother in law and ask him, I'll post his reply back to me.. He's the expert at sideing as he has been doing it for decades now. For me it was just a gig between lay off's (Boeing)
My parents were in on the law suit as there house came down with the mold, but LP was only letting them have 12k to reside there house, the estimate of replaceing the sideing on there house was 28k, so they opt'ed not to do it. Instead we preasure washed the house, then bleached it, applied primer/sealer, new caulking, and painted. That was 6 or 7 years ago, and the house still looks great, there is no mold on there sideing to this day.
Trav.
Looks like the home owner tried to fix some of that himself. Lower edge where your nail goes in at the corner is broken at a couple places, and the caulk looks like it was put on after the final paint.
We were putting some of the LP junk on back in the early '90s in Mill Creek, Bothell, Kirkland, Juanita you name it, if it was on the East side, it got it. After some complaints started comeing in some of the biulders wanted nothing to do with it and switched over to primarily Cedar.
The kicker is that some of the houses that had the junk LP put on it back in the 90's, was haveing the same siders go in and remmoveing the junk, and installing the new sideing, and getting paid for it all over again. Some siders no longer do the new installs, they just do the retro's now because they pay so well.
Just my 0002.
Trav.
PS, Nope, I dont side houses any longer, and havent since the mid/late 90's.
LOL, Thanks I forgot about QBID, .... Sell ya my shares for real cheap. LMAO
Hey everyone, it's Sea Fair Weekend over here. So grab a cold one and enjoy the races.
http://seafair.com/
I was at Seattle Field (Boeing Field) today, but didnt see the Blue Angles anywhere. Maybe they'll fly over my house sometime Sunday, they usally do make it to the neighborhood.
Have a great weekend all.
Trav.
Vietnam money: Fund surplus keeps dong rates stable
Vietnamese dong rates held steady on Monday as banks reported a growing surplus of funds, in part the result of investors selling stocks and depositing the cash, bankers said.
The central bank has said it would step up draining dong from the system in coming months to curb inflation. The annual rate jumped to 8.4 percent in July from 7.8 percent in June.
Four state-run banks, the country's key lenders, kept their overnight lending rates on the dong unchanged from a week ago at 3.0-4.0 percent.
Their six-month rates eased to between 7.2 percent and 8.6 percent from 7.6 percent to 8.7 percent last Monday.
"Commercial banks now have a relatively high surplus of funds as deposit growth is higher than lending growth," Nguyen Ngoc Bao, director of the State Bank of Vietnam's Monetary Policy Department, told the Lao Dong (Labor) newspaper in an interview published on Thursday.
The bank aims to take this temporary surplus out without raising interest rates, he said.
In the week ending July 28, the central bank took VND18 trillion (US$1.12 billion) out of the banking system by issuing short-term debt in open market transactions. That was up from VND11 trillion the previous week, central bank data showed.
Banks in Ho Chi Minh City, Vietnam's commercial center, reported January to July deposits surged 65.7 percent from a year earlier to VND377.51 trillion ($23.4 billion), while loans surged 48.4 percent to VND291.02 trillion ($18 billion).
Higher deposits resulted from stock investors unloading shares and depositing cash in banks, the official Vietnam News Agency reported.
Vietnam's main stock market, the Ho Chi Minh Stock Exchange, has lost nearly 10 percent over the past month, its index falling to 925.44 on Monday from 1,024.68 on June 29, partly due to increased share offerings on the market.
Many listed firms have announced plans to raise funds via share issues to expand investment. Major shareholders in large companies have also disclosed plans to sell part of their holdings.
The central bank set the dollar/dong exchange rate at 16,140 on Monday, having allowed the dong to ease 0.24 percent from the end of 2006.
Source: Reuters
http://www.thanhniennews.com/business/?catid=2&newsid=30513
I have no idea what is going through the minds of the leaders of that country. To see so many of them go on a vacation when there country needs them the most. Its absolutely shocking. I would be surprised if the if there was not a revolt by there citizens. They must be feeling about as important as a stray dog in the neighborhoods
Trav.
I know a couple stocks that if you have Certs in, you could laminate and use for shingles. lol.
Trav.
Announcement No.(980)
D.G. of Foreign Exchange Control
The 980 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/8/2 so the results were as follows :
Details Notes
Number of banks 18 -----
Auction price selling dinar / US $ 1242 -----
Auction price buying dinar / US $ 1240 -----
Amount sold at auction price (US $) 67.755.000 -----
Amount purchased at Auction price (US $) 15.000.000
Total offers for buying (US $) 67.755.000 -----
Total offers for selling (US $) 15.000.000 -----
I agree on the long wait (but hope we're wrong, lol). But if the ISX opens, it would be nice to see the Dinar move faster.
Trav.
Getting better and better. Lets see what happens after the ISX opens up.......hopefully in just a few (12 or so) hours.
Trav.
iBox photo's... is it just me, or are they not pulling up for anyone? Been a couple days now, and the currency photos of the DONG on this board and Strong's board are not pulling up. Its only the photos of the DONG that dont pull up.
Trav.
WB President to visit Viet Nam
VNECONOMY updated: 27/07/2007
The World Bank's newly elected President Robert B. Zoellick will visit Viet Nam from August 5-7, according to the bank's representative office in Ha Noi.
While in Viet Nam, the WB President will meet with governmental officials, business leaders and members of social and non-governmental organisations, and call at poor rural areas that benefit from WB-funded development projects.
"Viet Nam is a great development story from which many developing countries can learn," said Zoellick.
"I want to listen to our partners and learn how the government has used the money and development expertise provided through the International Development Association (IDA). It is one of the most powerful examples of how IDA works as a platform that supports the work of all donors and development partners," he said.
According to experts, the trips, which complement a visit made by Zoellick last month to Sub-Saharan Africa as a nominee to the WB post, is aimed at listening and learning how the WB can play a more effective role in promoting global development.
Source: Vietnam Agency
US support vendor to open Vietnam technology center
Jonathan Hopfner
EE Times
(07/17/2007 4:02 PM EDT)
SINGAPORE -- California-based semiconductor support-services provider Global Equipment Services (GES) received a license July 12 to build a technology center in Vietnam, underscoring the rapid development of that country's electronics industry.
GES Vietnam plans to spend about $36 million to construct a manufacturing and training center in the Saigon Hi-Tech Park (SHTP), in the outskirts of Ho Chi Minh City, which will also soon be home to the largest assembly and test plant in Intel's global network.
The GES facility will be operational by September 2008 and will employ some 500 local engineers.
The 6,000-square-meter center will perform a variety of functions, including upgrading and design modification for semiconductor and flat-panel manufacturing equipment and training engineers to service equipment in other locations.
GES executive vice president Marty Mason told EE Times the company would only occupy part of the facility; it plans to lease out space to other firms.
The company is expecting a solid customer base in the Vietnam and the Hi-Tech Park, as more investors set up shop there. Renesas and Jabil Circuit are among the other companies planning new facilities in the zone.
"Although infrastructure is just beginning to develop, it won't be long with a customer like Intel driving the schedule for required functionality," Mason said. "There are already several factories up and running in the SHTP, including device manufacturers and technology developers. . . . We would expect Vietnam to follow a similar model to China in opening up more electronics assembly and manufacturing first, and then the semiconductor production will follow to supply the content."
http://www.eetimes.com/news/latest/showArticle.jhtml?articleID=201001848