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Chem communal house, a special national relic

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Located on the bank of the Red river, the Chem communal house in Bac Tu Liem district, Hanoi, is one of the oldest buildings in Vietnam. Akin to a museum of Vietnamese traditional culture and architecture, the communal house has recently been named a special national relic site.

The Chem communal house is dedicated to the Saint Chem whose real name is Ly Ong Trong. He was a talented general under King Hung Due Vuong of Van Lang Kingdom and King An Duong Vuong of Au Lac Kingdom, now Vietnam. He defeated several aggressors, and on account of his leadership and warfare savvy, he was honored as Saint Chem – Vietnamnet

A temple dedicated to him was built in Chem, his home village. In the Vietnamese history, Saint Chem ranks third after Saint Tan Vien and Saint Giong. Since it was built in 791 AD, the Chem communal house has undergone several restorations.

The house has delicately carved pillars and roofs. Unlike other ancient communal houses, the decorative motifs on the two sides of the roofs are different and asymmetric.

Le Van Hieu, the guardian of the Chem Communal House said, “The house stretches along the north-south axis facing the Red river. Only a few Vietnamese communal houses are oriented in the same direction.

Its design embraces a royal architectural style with curved, piled roofs. In the forbidden palace, there are 10 statues made of aloe wood, the two biggest statues being dedicated to Saint Ong Trong and his wife. There are also several ancient items of worship and urns in the communal house.”

chem communal house, a special national relic hinh 1 Located on the bank of the Red River, the communal house is always at risk of succumbing to the effects erosion. In the early 19th century, the building, which weighs hundreds of tons, was elevated an additional 2.4 meters, to be the same height as the Red river dyke.

A Chem communal house festival is held annually on the 15th day of the 5th lunar month to pay tribute to Ly Ong Trong.

Le Van Phach, a local elder, said, “It is an age-old festival. This year’s festival is more exciting because the Chem communal house is named a special national relic.”

The Ministry of Culture, Sports and Tourism listed the festival a national intangible cultural heritage in 2016.

Nguyen Manh Thin, Head of the Sub-Committee for Chem Communal House Management said, “Saint Chem was Vietnam’s first diplomat and the first general of two countries. At the festival, the water procession is held with solemnity. We collect water from the Red river to bathe the Saint on the 15th day of the 5th lunar month. We organize a ceremony to pay gratitude and hold requiem for the dead.

During the Buddha worshiping ceremony, we release a flock of birds. After ritual ceremonies, we organize competitions of making sweet green bean cake, swimming, duck shooting, card playing, and singing exchanges.”

The People’s Committee of Bac Tu Liem district has proposed to Hanoi authorities a plan to upgrade the communal house and open a web page on the relic.

Vietnam’s Hanoi Tackles Air Pollution Woes as Bikes Out, Trees In

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Famed for ancient pagodas, colonial architecture and delicious pho noodle soup, Vietnam’s capital of Hanoi has another, albeit dubious, distinction: air pollution.

The city of 7.7 million, where pollution last year was four times higher than the World Health Organization (WHO) considers acceptable, is one of several Asian cities battling emissions from vehicles and industrial activity. Mai Nguyen reported on Reuters.

About 7 million people die globally each year from exposure to pollution that brings diseases such as stroke and heart diseases, the WHO said in May.

Pollution is a political risk for Communist-ruled Vietnam, which has witnessed environmental protests to save trees or demonstrate against a steel firm accused of polluting the sea.

Concern about air quality can even be a lucrative business opportunity.

“I usually joke with my friends, the more polluted the air is, the more prosperous I get,” said Cao Xuan Trung, a Hanoi dealer in air purifiers, who expects monthly revenue to double by 2020, from 3 billion dong ($131,199) now, a value that is already 75 times higher than when he started in 2013.

Hanoi’s air quality was the second worst among Southeast Asia’s major cities in 2016, after Thailand’s industrial heartland city of Saraburi.

Vietnam’s commercial capital Ho Chi Minh City ranked fourth, environmental group Green Innovation and Development Center (GreenID) said in a report.

“Recent developments benefit economic growth, but issues related to sustainable development, and consequences on the environment, increased,” said Nguy Thi Khanh, the head of the Hanoi-based group, which analyzed WHO data.

She blamed factors such as a surge in construction projects, expanding fleets of cars and motorcycles and heavy industry ringing the city, from steel works and cement factories to coal-fired power plants.

Coal provides the bulk of electricity for Vietnam’s fast-growing economy, expected to grow more than 6 percent this year for the fourth time.

In its pollution fight, the Hanoi city council this month approved a ban on motorcycles by 2030, hoping to boost public transport, including a new train system.

Hanoi has also planted more than 80 percent of a target of a million trees and wants to add 70 air monitoring stations over the next few years to the 10 that exist now.

It is pushing people to switch to cleaner-burning heaters from polluting honeycomb charcoal stoves and replacing petrol with cleaner biofuel, said environment official Luu Thi Thanh Chi.

Hanoi recorded 10 clean air days in the second quarter of this year, higher than the corresponding period 2016 and 2017 periods, GreenID said, but warned the improvement may not mean Vietnam is turning the corner.

“As we see new coal-fired plants, new industry clusters, more traffic and other sources of air pollution emerging around Hanoi and Ho Chi Minh City, it seems too early to say Vietnam has reached its air pollution peak,” said its technical adviser Lars Blume.

Clean air advocates are also promoting alternatives.

“I wanted to create a garden where any house owner can enjoy clean air after a long working day,” said 27-year-old architect Nguyen Manh Hung, who made space on the roof of his home for 15 types of plants that help clean the air, from snake plant to windmill palm.

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NY Daily News cuts half of its newsroom staff, including editor-in-chief

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The New York Daily News tabloid has cut half of its newsroom staff, including Jim Rich, the paper’s editor-in-chief.

The paper was sold to tronc Inc, the owner of the Chicago Tribune, last year for $1 along with all liabilities and debt.

According to a report by The Guardian, in an email sent to staff on Monday, tronc said the remaining staff – estimated by reports at around 40 journalists – would focus on breaking news involving “crime, civil justice and public responsibility”.

The newspaper has been a key fixture in New York for the last century. It has won 11 Pulitzer prizes, including last year for its work with ProPublica on the abuse of eviction rules in New York City.

There had been reports that the cuts were coming, and an early-morning tweet from Rich hinted at what was to come.

“If you hate democracy and think local governments should operate unchecked and in the dark, then today is a good day for you,” Rich wrote.

The governor of New York, Andrew Cuomo, urged tronc to reconsider the layoffs, saying they were made without notifying the state or asking for assistance.

“I urge Tronc to reconsider this drastic move and stand ready to work with them to avert this disaster,” Cuomo said in a printed statement. “I understand that large corporations often only see profit and dividends as a bottom line. But in New York, we also calculate loss of an important institution, loss of jobs, and the impact on the families affected. I hope Tronc does the same and recalculates its decision. New York State stands ready to help.”

The cuts also targeted the tabloid’s social media staff, evidenced by its Twitter feed, which began posting gifs and memes that were later deleted.

Revenue and print circulation have been sliding at the newspaper for years, even as it provided critical coverage of health issues in public housing and for first responders after the 9/11 attacks in 2001.

Revenue slid 22% between 2014 and 2016, and the paper had already been letting people go. Tronc declined to say how many journalists lost their jobs Monday.

“We’ve worked hard to transform the New York Daily News into a truly digitally-focused enterprise,” tronc said in an email that was sent to the newsroom. “But we have not gone far enough.”

Robert York, editor of tronc-owned The Morning Call in Allentown, Pennsylvania, will take over as editor of the Daily News.

Tronc owns the Chicago Tribune, The Baltimore Sun, the Orlando Sentinel, and other media operations. It sold the Los Angeles Times last month. It is also planning to change its much-ridiculed name back to Tribune Publishing

AirBridgeCargo Airlines launches Vietnam service with guaranteed 48-hour delivery times

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AirBridgeCargo Airlines (ABC) has launched a new freighter service between Moscow and Ho Chi Minh City, one of the busiest cities of Vietnam, increasing dedicated main-deck capacity to and from one of the major manufacturing hotspots in Asia, and adding it to its international network of more than 30 destinations.

The B747 freighter flight will link customers from Singapore and Ho Chi Minh City with other destinations in ABC’s international network through its cargo hub in Moscow to guarantee 48-hour delivery times, including ground handling. Impactpub.com.au reported

“On the back of economic growth of more than seven per cent and increasing export volumes, Vietnam seems like the right place to offer direct freight services to other regions, especially Europe and North America – something we can offer to the market with a diversified number of destinations and high level of service quality, including for special cargo,” said Sergey Lazarev, general director of AirBridgeCargo Airlines.

“We have been expanding our network following our customers’ needs and expectations, and segment-wise we foresee support from companies specializing in electronics and garments shipments.”

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27 killed, 7 still missing in Vietnam’s flood

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Downpour, lash floods and landslides sparkled by Typhoon Son Tinh have left 27 people dead, seven missing and 26 injured in Vietnam’s central and northern regions, the Central Steering Committee for Natural Disaster Prevention and Control said on Tuesday morning.

Among the 27 deaths, 13 were from northern Yen Bai province, six from northern Son La province, three from northern Phu Tho province and central Thanh Hoa province each, and one from northern Lao Cai and Hoa Binh provinces each.

Among the seven people listed as missing, four were from Yen Bai, two from Thanh Hoa, and one from Phu Tho. Most of the injured people are from Yen Bai.

The natural disasters also destroyed 243 houses and inundated over 6,900 houses, killed 6,500 cattle and roughly 115,000 poultry, damaged 6,200 hectares of aquaculture ponds, and inundated 81,000 hectares of rice in the two regions, said the committee.

According to Vietnam’s National Center for Hydro-meteorological Forecasting, due to a tropical depression, the northern localities of Lang Son, Quang Ninh, Hai Phong, Cao Bang, Ha Giang, Lao Cai, Yen Bai and Lai Chau will experience heavy rain and strong winds on Tuesday and Wednesday. Flash floods and landslides may occur in several northern mountainous provinces.

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Vietnam’s currency suffers from US-China trade war

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The Vietnamese government will have to decide either to devalue the Vietnamese đong further against the US dollar to support exports and avoid cheaper Chinese goods to flood in the local market, or keep the dollar/đong exchange rate stable to avoid increased public debt and control inflation as the US-China trade war accelerates.

According to a report by VNS, as the trade war escalates, China has weakened its currency to boost exports, making its goods even cheaper in Vietnam.

Banking expert Nguyen Tri Hieu said while the Chinese yuan had lost 4 percent against the dollar since the beginning of this year, the đong had devalued by only 1.5 percent against the dollar. The đong had also appreciated by some 1.8 percent against the yuan to date this year.

The moves made Chinese imports much cheaper, Hiếu said, adding that Vietnam had to balance between controlling the trade deficit and being able to compete with cheaper Chinese goods in the market.

Hiếu said the government should remain cautious as the yuan could fall even further.

According to Hiếu, China has set the yuan’s foreign exchange rate at 6.95 per dollar, but around two years ago, that number was even lower at 6.69 per dollar, so there was potential for the yuan to slip further.

At this moment, Hiếu said, a further devaluation of the đong was not necessary. However, if the trade war continued, the đong should be devalued by another 1.5 percent this year to offset the devaluation of the yuan against the dollar.

A further devaluation of the đong would support Vietnam’s exports and prevent Chinese products from flooding Vietnam like in 2015 when the yuan devalued sharply against the dollar, Hiếu said.

However, Hieu also said a sharp devaluation of the đong could also cause a rise in Vietnam’s public debts and inflation. He explained that more than half of the nation’s debts were in dollars.

Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR), also said that Vietnam should develop a policy to devalue the đong against the dollar at a moderate level to import cheap raw materials to improve the production status in the context of the US-China trade war and the devaluation of the yuan.

According to Thanh, Vietnam imports raw materials from China to process and export, and the adjustment of the exchange rate will benefit importers from and exporters to the US. Taking advantage of the two big markets can improve production and the trade balance.

The US and China are Vietnam’s two most important trade partners. China is the largest import market with turnover of US$31.1 billion, with key commodities including fabric, phones and accessories and accounting for one fourth of total import turnover. China has replaced South Korea as Vietnam’s biggest trade partner.

In terms of exports, the US is Vietnam’s largest market with export turnover of $21.5 billion in the first half of 2018, increasing 9.2 percent compared to the same period in 2017 and accounting for one fifth of Vietnam’s total export turnover.

According to Thành, when the yuan fell sharply and the dollar showed signs of price appreciation, Vietnam’s trade balance was greatly impacted due to cheap Chinese goods flowing into the domestic market.

“The exchange rate will still suffer from pressure in the context of international financial markets showing concerns about the escalation of the US-China trade war. Vietnam should develop a policy to devalue the đồng against the dollar at a sensible rate, and lower than the devaluation of the yuan against the dollar to benefit and improve production,” Thanh recommended.

Economist Ngô Trí Long, former director of the Market Price Research Institute under the Ministry of Finance, said that the central bank should adjust the exchange rate based on the market and not the yuan.

Long said adjusting the đồng’s value at the moment was a risky move.

It would be hard to achieve the nation’s target of keeping inflation below 4 per cent this year, not to mention other factors such as higher oil prices and natural disasters, Long said.

If Vietnam decided to move forward with devaluing the đồng, the adjustments should be based on market demand and not on the yuan’s value, Long said, adding that a 2 percent drop would better match current market conditions.

High alert against malicious code attacks in Vietnam

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An emergency warning has been issued about malicious files aimed at banks and critical IT infrastructure in Vietnam.

The National Computer Emergency Response Team (VNCERT) on Tuesday said Vietnam needs to urgently carry out the task of tracking, blocking and deleting malicious files aimed at stealing important information from banks and IT infrastructure in the country. Viet Phong reported on VNExpress.

Late last month, hackers had attacked some banks and significant IT infrastructure entities in Vietnam, VNCERT said in an emergency announcement.

It said the hackers made sneaky probes into the attacked entities. They had used hi-tech measures to bypass cyber security systems, sought to seize control of users’ computers and get into other computer systems containing important information.

VNCERT urged local banks and IT infrastructure entities to take immediate measures to detect and prevent targeted attacks, which could disseminate malicious codes to steal data and destroy information systems.

It said banks and IT infrastructure entities need to track and block connections to Command-and-Control servers (C&C servers) with the following Internet Protocol (IP) addresses (38.132.124.250 and 89.249.65.220).

They should also scrutinize their IT systems and remove directories and files containing malicious codes, the agency said.

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Top 5 Beautiful Cities in Central Vietnam

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From rocky inlets to sandy lagoons, Vietnam’s central coast is perhaps the most striking the nation has to offer. This is an area of great cultural and historical significance, home to fascinating cities both well-traveled and hardly yet explored. For those visiting central Vietnam, these are our favorite cities – reviewed by Sam Roth on The Culture Trip

Danang

Danang is the nation’s third largest city and a nice alternative to the cultural capital of Hanoi in the north or the economic hub of Saigon in the south. Growing between eastern peaks of the Annamite mountain range and the tranquil waters of the East Sea, this is one Vietnamese city that blends with it’s natural surroundings. For those interested in riding, the Hai Van Pass – perhaps Vietnam’s most famous road – lies just a few kilometers to the north. The spectacularly fun zig-zag of tarmac traverses through lush jungle and massive stone boulders as it skirts the sea.

Danang’s downtown area has transformed in recent years and is now one of the most tourist-friendly in the entire nation. The majority of the action is set on the banks of the Han River. A boardwalk runs for kilometers and is home to a number of great shops, bars and restaurants. On the weekends, the fire breathing Dragon Bridge is a must see.

For those looking to enjoy the sand and sea, Danang and the surrounding area offer some of the country’s best beaches. From the expansive My Khe beach to the secret lagoons and hidden ribbons of gold around Monkey Mountain, there’s a beach for all tastes in Danang.

Danang’s fire breathing dragon, Vietnam | © TBone Lee/Shutterstock

Hue

Hue, the nation’s ancient capital, may be the most historically fascinating city in all of Vietnam. Well-preserved temples, pagodas and tombs lie around every corner. There’s so much history here that it’s been named a UNESCO World Heritage Site.

The city’s small size makes it a great stop on any trip along the eastern coast. The backpacker district lies feet from the Perfume River and within walking distance of the ancient citadel. Anyone exploring the region should take at least a day to see the Citadel, Minh Mang Tomb, Khai Dinh Tomb, and Thien Mu Pagoda.

For the food lover, Hue has some of the most complex and artful cuisine in the nation. Dishes are often well spiced with chili. For something different and unique to the region, try a bowl of com hen or rice with baby clams.

Khai Dinh tombs in Hue, Vietnam | © RPBaiao/Shutterstock

Hoi An

The second UNESCO World Heritage site on our list, Hoi An is one of the nation’s most important tourist destinations. An area once home to Cham people, the small town grew in size and importance between the 15th and 19th centuries, attracting a large number of Chinese and Japanese traders and becoming known internationally as a top tier Asian trading port. As a result, the well-preserved stucco buildings are awash in both Chinese and Japanese influences.

Today, the city has little in the way of an economy beyond tourism. Travelers often spend a few days to a week exploring the romantic alleyways of the old town, hidden beneath the glow of hanging lanterns. Tailors and designers operate storefronts on almost every block, and it’s a traveler’s rite of passage to have something hand-made while passing through.

Hoi An’s romantic Old Town, Vietnam | © Judyta Jastrzebska/Shutterstock

Dong Hoi

Three hundred miles south of the nation’s capital, Dong Hoi is one of the lesser known cities on our list. The coastal enclave of 160,000 is home to a number of spectacular beaches including The Da Nhay and Bao Ninh, each making a great day trip for anyone visiting the region. Bang Spa, a natural hot spring, is another popular nearby destination amongst travelers.

Dong Hoi is of particular importance due to its proximity to Phong Nha Ke Bang national park. The park, which lies just 30 miles to the west, is Vietnam’s greatest natural treasure and should be seen by any and all tourists. The region’s caves are some of the largest and most fascinating in the entire world.

Dong Hoi, Vietnam | © Loner Nguyen/Shutterstock

Qui Nhon

Nestled along the coast halfway between Nha Trang and Hoi An, Qui Nhon is in the midst of a government-planned, tourist-targeted revival. The main beach is one of the cleanest city beaches in Vietnam, hardly developed and very well maintained. A boardwalk shrouded in greenery runs parallel to the ocean. Most tourists visiting the region also head 10km south of the city to Bai Xep beach, which has become famous throughout Vietnam for its natural beauty.

Visit 12trip.vn now to book a hotel at any of these 5 Beautiful Cities

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Northern region of Vietnam forecasted to face more floods

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The northern region of Vietnam has been forecasted to see heavy rains which can cause more floods after July 24.

Speaking with DTiNews this morning, July 23, Dr. Hoang Phuc Lam from the National Centre for Hydro-meteorology Forecasting said a tropical pressure is moving towards to the China and then 24 hours later it would weaken.

However, being affected by the tropical pressure, many localities in the northern region of Vietnam would have torrential rains, particularly in mountainous areas.

Northern mountainous localities such as Cao Bang, Ha Giang, Lao Cai, Yen Bai and Lai Chau have been warned to face flash floods and landslides.

Bored of catching Pokemon? Catch ghosts with Ghostbusters World

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You ain’t afraid of no ghosts?

Then the Ghostbusters World game might just be the alternative to Pokémon Go for you, as it is also location-based and uses augmented reality.

According to the Verge, a demo version of Ghostbusters World was made available at the San Diego Comic-Con last weekend, which let players blast ghosts with a proton pack to capture them, instead of using Pokéballs to catch little monsters.

Unlike Pokémon Go, which was built on top of data from Niantic’s earlier game Ingress, this game was built using Google’s Maps platform which was recently opened to developers, allowing buildings to be shown in 3D for a more immersive experience.

Verge, which got to try the demo, says players have four different proton packs that range in blast power, like how Pokémon Go has Great Balls and Master Balls that make it easier to catch monsters.

Players can get more items to fight ghost at dimension portals or can buy ammunition through in-app purchases.

The game also tracks players’ movement using the phone pedometer, rewarding long walks by hatching Ectoplasms.

The Verge writer called the game “Pokémon Go, but with ghosts”, but revealed that Ghostbusters World will also have player-versus-player fighting and a Story Mode scripted by writers of the Ghostbusters comics from IDW Publishing.

The demo also had an in-game chat feature, though it could be cut if it proves too hard to moderate.

Ghostbusters World is expected to launch later this year on iOS and Android with around 150 ghosts to capture. Got to catch them all?

Currently, the game’s website only has a trailer and links to its social media pages.

It also shows that the game was made in collaboration between Columbia Pictures Industries, Korean mobile game designing company 4:33 Creative Lab and NextAge Co Ltd who made a Walking Dead AR game.

Source: Asiaone

Lending interest rate in inter-bank market hits six-month high

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The interest rate for Vietnamese dong loans in the inter-bank market has hit the highest level since the beginning of the year due to high demand.
Accordingly, the rate for overnight loans last week surged sharply by 1.96 percentage points against the previous week, closing the week at 3.22 per cent.
The rates for one-week, two-week and one-month loans were 3.5 per cent, 3.58 per cent and 3.78 per cent, up 2.11, 2.07 and 2.02 percentage points, respectively.

Last week, the State Bank of Việt Nam (SBV) also offered bills at five auctions at higher interest rates (at 1.75 per cent and 2.25 per cent for 28-day and 91-day bills) to withdraw money from commercial banks, however, no auction was successful.

In the inter-bank market, the interest rates for US dollar loans last week also inched up, ending the week at 2.13 per cent for overnight loans, 2.23 per cent for one-week loans, 2.33 per cent for two-week loans and 2.47 per cent for one-month loans.

Industry insiders attributed the decline in the dong liquidity at commercial banks last week to banks using the đồng to buy the dollar from SBV.

Though there has been no official report on the amount of dollar sold by the SBV, it was estimated the amount was significant. This meant that the SBV withdrew a significant amount of đồng from commercial bank through the sale.

Source: VNS

Mumuso faces fine of VND100 million from MoIT

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Mumuso is facing a fine of VND100 million ($4,440) by the Ministry of Industry and Trade (MoIT) due to the company’s unlawful practice of deliberately misleading consumers as to the origin of its goods or providing insufficient information.

Trinh Anh Tuan, deputy director of the MoIT’s Competition and Consumer Protection Authority, said that Mumuso Vietnam will be handled in accordance with Decree No.185/2013/ND-CP, stipulating the fines for administrative violations for producing and trading in fake goods, as well as in accordance with Decree No.71/2014/ND-CP, stipulating the sanctions on violations of the Law on Competition.

Thus, according to the Decree 185, Mumuso Vietnam is set to face the maximum administrative fine of VND100 million ($1,440). Many domestic consumers consider the fine to be too small compared to Mumuso’s violations and not high enough to threaten the firm.

Several days ago the MoIT announced the results of its inspection of Mumuso Vietnam which investigated the extent to which the company complied with the laws of Vietnam between early 2016 and May 31, 2018. The inspection found that, contrary to the company’s claims, 2,257 out of Mumuso’s 2,273 goods (99.3 per cent) are imported from China, with the rest being bought from domestic suppliers.

The inspection also found that the firm’s MUMUSOKR brand was registered by MUMUSOKR Limited at 601,47 Sejongdaeero 23-Gil, Jongro-Gu, Seoul (South Korea). However, MUMUSOKR Limited has authorised Mumuso Shanghai (China) to use the MUMUSOKR brand all over the world.

According to an MoIT representative, Mumuso has violated the law on consumer protection by providing insufficient information related to its products’ origins. In addition, the information on its products relates to South Korea, but there are no legal documents to prove they were produced in South Korea.

In March 2018, the Ho Chi Minh City People’s Committee also placed a fine of over VND322 million ($14,185) on Mumuso Vietnam due to the company conducting business in illegally imported goods, including illegal cosmetic goods. This was in accordance with Decree No.176/2013/ND-CP, stipulating the imposition on administrative offences in cosmetic, drug, and medical equipment segments, as well as with Decree 185/2013.

Source: VIR

Shares to remain upward trend

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Vietnamese stocks are regaining momentum and are expected to remain upbeat during upcoming trading thanks to improved liquidity and cash flow, analysts said.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) plunged 1.12 per cent to close Friday at 933.39 points, reversing from its increase of 5.7 per cent during the previous six sessions.

It increased a total of 2.6 per cent over the week.

The HNX-Index on the Ha Noi Stock Exchange gained 1.93 per cent to end at 107.62 points. The northern market’s index notched weekly growth of 4.97 per cent.

Trading liquidity improved last week with an average of more than 225.1 million shares being traded in each session, worth VND4.7 trillion (US$205 million).

The trading figures were up 42 per cent in volume and 49 per cent in value compared to the previous trading week. That indicated investor confidence in local stocks was growing, according to analysts.

According to market expert Ngo Quoc Hung at MB Securities Joint Stock Company (MBS), the Vietnamese stock market experienced a recovery last week as forecast, with the VN-Index regaining the 930-point level.

The local market was one of the top three global securities markets with the largest rebound in the past week, Hung said.

The return of cash flow was the highlight of the past week. Trading value on HOSE reached the highest level in three weeks, standing at VND3.3 billion per session, up 46.4 per cent compared to the previous week.

Leading stock groups such as banks and real estate were still the drivers of the market.

The market is likely to stay on an uptrend this week and may rise to the point range of 975-996, Hung said.

As the half-year reports continue, disbursements are on the rise to catch up with investment opportunities. Stocks achieving satisfactory business results such as banking, real estate and the growth of mid-cap and small-cap stocks are creating the necessary support for the market and will continue to perform this role well this week.

According to Hung, concerns over the trade war seemed to have been exaggerated. In the past three weeks, the VN-Index had fallen by 3 per cent while the MSCI’s broadest index of Asia-Pacific shares outside Japan dropped slightly by 0.3 per cent.

On the Chinese market alone, the Shanghai index recorded only a modest decrease of 0.6 per cent. The Dow Jones even climbed steadily over the past three weeks with a rise of 3.24 per cent.

“I think the market will continue to maintain its uptrend in the coming week and the cash flow will continue to come back, it may also see some shaking sessions or slight correction when the profit-taking pressure increases,” said Nguyen The Minh, head of analysis at Yuanta Securities Vietnam Co.

For a broader forecast, according to Bao Viet Securities Company (BVSC)’s Strategic Report, in the second half of this year, stable macroeconomic indicators would support the stock market.

However, Viet Nam’s stock market also faced risks in the last six months. Domestic risks may come from unpredictable inflation and movements of the US dollar and the yuan, which may affect cash flow into the stock market.

External risks may derive from the Fed’s rate hikes, trade war fears and the withdrawal of capital from emerging markets.

“After carrying out analyses of these factors, we forecast that the market will stay on a downtrend in the third quarter. In the best-case scenario, if a trade war does not occur amid the stabilisation of exchange rates and inflation, the market may reverse to an uptrend in the last quarter and fluctuate at around 900 points by the end of this year,” BVSC said.

Source: VNS

83 percent of bad debts sold to VAMC came from Sacombank

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83 percent of bad debts the Vietnam Asset Management Company (VAMC) bought last year at market prices came from private lender Sacombank.

VAMC said it bought over VND3.14 trillion ($137 million) worth of bad debts from five credit institutions at market prices last year, surpassing the government’s target. VNExpress reported.

Of the five, Sacombank was the largest seller, selling two loans worth VND2.61 trillion ($114 million) with collateral in the form of real estate and machinery in Da Nang and Ho Chi Minh City.

VAMC also bought debts of VND299 billion ($13.1 million) at market prices from the state-owned Agribank, VND40 billion ($1.75 million) from HDBank and VND10 billion ($437,000) from Viet Capital Bank, which is the smallest debt.

VietinBank sold debt worth VND191 billion ($8.34 million) at a lower price.

VAMC’s management said it has recovered VND130 billion ($5.68 million) from the debts it bought.

For the full year it targets buying VND3.5 trillion ($153 million) worth of debts and recovering VND4.9 trillion ($214 million) from the debts it bought.

A plan approved by the government last year envisages the company increasing its charter capital from VND2 trillion ($87.4 million) now to VND5 trillion ($218.5 million) by 2018 and VND10 trillion ($437 million) by 2020.

The wholly state-owned firm, established in 2013, is permitted to buy bad debts from banks, put collateral up for sale and recover and restructure debts.