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Thursday, April 19, 2018

KTFA & BGG COMMENT, 19 APRIL

KTFA:

Samson: IMF projects Việt Nam’s GDP growth by 6.6%

 19th April, 2018

In a recent report, the International Monetary Fund (IMF) projected Việt Nam’s economy to grow by 6.6 per cent this year and by 6.5 per cent in 2019.

Titled “World Economic Outlook, April 2018”, the report predicts that the GDP (gross domestic product) growth of emerging Southeast Asian economies, such as Indonesia, Malaysia, the Philippines, Thailand and Việt Nam, will remain above 5 per cent in 2018 and 2019.

Last year, despite many difficulties, Việt Nam’s GDP expanded by 6.81 per cent, higher than the target set by the National Assembly and the highest in the last decade.

The quality of the country’s economic growth has also improved, with the overall labour productivity gaining some 6 per cent in 2017.

Việt Nam also saw progress in pursuing a new growth model based on productivity and innovation. The country has gradually reduced its reliance on natural resources, particularly crude oil, and shifted its focus to industry, manufacturing, processing and services.

The Vietnamese Government aims for an economic growth of 6.7 per cent and an average inflation rate of 4 per cent this year.

IMF also predicted that the Asian economy will grow at a rate of some 6.5 per cent in 2018-19 and remain the engine of the global economy.

According to the fund, Chinese and Indian economies will increase by 6.6 per cent and 7.4 per cent, respectively, in 2018 while the figures for 2019 will be 6.4 per cent and 7.8 per cent, respectively.

Most economic forecasts since early April said Việt Nam’s GDP growth will be 6.5 per cent or higher this year.

In an annual credit analysis released on April 3, Moody’s Investors Service said Việt Nam’s real GDP growth would remain robust, averaging 6.7 per cent in 2018.

According to the analysis, Việt Nam’s 2018 growth will be supported by domestic consumption and strong investment growth on the back of the public infrastructure development spending.

Moody’s also expects strong foreign direct investment (FDI) inflows to continue to diversify Việt Nam’s economy and strengthen its growth compared to similarly rated peers, thereby supporting stabilisation in the Government’s debt burden.

Meanwhile, World Bank on April 12 predicted Việt Nam’s economic growth to stabilise at some 6.5 per cent in 2018 while inflation is predicted to remain moderate, thanks to a benign global price environment and strong wage growth that may ultimately lift core inflation.  External balances are projected to benefit from robust exports and FDI inflows.   LINK
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Samson:  Vietnam : Local banks’ shareholders get high dividend payouts

 19th April, 2018

VPBank approved to pay dividends and bonus shares at the impressive rate of 67 per cent for 2017

After years of receiving low dividend payout rate by banks, shareholders of many banks are now happy with the high rates announced at this year’s annual general meetings (AGMs) of shareholders.

Few years ago, the highest rate of dividend payout was only 9 per cent. The threshold was also the cap that the central bank allowed commercial banks to pay as dividends for shareholders.

However, the situation is quite different this year with banks escaping from the regulation and paying dividends depending on their business performance. During the AGMs this year, many banks approved to pay high dividends, mainly by shares. This is good news for shareholders as the banking share price has risen sharply over the past year and still has a positive outlook.

The highest dividend payout so far has been reported at VPBank. At its recent AGM, the bank approved to pay dividends and bonus shares at the impressive rate of 67 per cent for 2017, a record high in the banking industry. The bank also said the dividend payout ratio this year would be more than 60 per cent if the bank achieved a profit of more than VNĐ10 trillion (US$440.5 million).

VIB also approved the 2017 dividend payment plan for shareholders at its recent AGM, with 5 per cent in cash and 31 per cent in shares.

In the previous years, MB’s dividend payout ratio was some 10 per cent. But at this AGM, the bank announced the 2017 ratio at 25 per cent.

High dividend payout rates were also reported at LienVietPostBank with 15 per cent against 10 per cent last year, and OCB with 14.2 per cent.

According to TP Bank chairman Đỗ Minh Phú, besides the plan of IPO (initial public offering) on April 19 and offering of 15 per cent of shares to investors, the bank may pay dividends this year at the rate of 28 per cent.

HDBank will conduct its AGM on April 21, when its board of directors is expected to submit to shareholders plans to pay dividends at 25-30 per cent. If being approved, this will be the highest dividend the bank has ever paid.

According to experts, besides making shareholders happy, the dividend payout in shares also helps banks to increase charter capital, improve their financial capacity and meet Basel II standards.  LINK      
BGG   Article:  "Instructions and criteria for circulation and replacement of banknotes"
 

There is an extraordinary amount of information in this article – just stunning. They are obviously preparing for something. What? No clue...but this key phrase seems to forecast some need for small denominations of notes. 

Key Phrase: ..."Banks should open windows to replace damaged and damaged banknotes to the public and hand them over to this bank and its branches, And promoting the circulation of small denomination banknotes”…

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