Bánh Mì Brief

Markets, deals and policy from the last 24 hours.

◆  Top 3

1 ▸ VN-Index sheds 31 points as banks sell off

The VN-Index fell 30.9 points (-1.77%) to 1,710.72 on 2 November, with 564 decliners against 141 gainers. Banks led the slide: VPB lost 6.1%, VCB 4.8% and BID 4.19%, while rubber stocks GVR, TRC and PHR hit the daily floor. Matched turnover on HoSE topped VND15.8tn.

→ Vietstock · 2 Nov

→ Sources differ: Foreign flows: net sell VND523bn on HoSE (Vietstock) vs net buy of about VND100bn market-wide (VTV) · VTV · 2 Nov

2 ▸ ECCO shuts HCMC factory, 1,600 jobs hit

ECCO Vietnam stopped production at its Bau Bang factory in HCMC at 2pm on 2 November and began dissolution, affecting more than 1,600 workers. Danish owner ECCO Sko A/S cited declining demand. Contracts for workers not kept on end on 30 November, and the company will pay wages, unused leave and severance. HEPZA said at least eight nearby firms want to hire.

→ VnExpress International · 2 Nov

→ Confirmed: Tuoi Tre · 2 Nov

3 ▸ Assembly debates electricity law overhaul

The National Assembly debates amendments to the Electricity Law on the afternoon of 3 November. The draft makes the Electricity Law the sole basis for approving power-project investment, drops a special mechanism for urgent power works, allows PPP investment in transmission grids and uses bid prices as the basis for power purchase contracts.

→ CafeF/VTV · 3 Nov

→ Confirmed: Mekong ASEAN · 3 Nov

◆  Economy & Markets

▸ Dollar eases at banks and on free market

The State Bank set the central rate at VND25,630 per dollar on 3 November, down 1 dong. Vietcombank sold at 25,970 and ACB at 25,950, while the free-market dollar fell about VND100 from late last week to 26,000 buying and 26,100 selling. The dollar index slipped to 101.8.

→ Thanh Nien · 3 Nov

▸ SJC gold rebounds VND1.2m

SJC gold bars rose VND1.2m to VND138.2m buying and VND141.2m selling per tael on the morning of 3 November. DOJI rose VND500,000 to sell at VND139.5m, while SJC rings were unchanged at VND136.8m selling. World spot gold traded around $3,936-3,947 an ounce.

→ VietNamNet · 3 Nov

◆  Business & Deals

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◆  Politics & Policy

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◆  Worth Knowing

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Every item links to the original article. Vietnam time is UTC+7.
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