"Vietnam News" Posted by Henig at KTFA 12-23-2022

KTFA:

Vietnam News:

Henig:  Vietnamese banks' ratings on a positive trajectory: Fitch Ratings

December, 23/2022

Stronger government support and operating environment have helped Vietnamese banks gain positive momentum, according to Fitch Ratings.

HÀ NỘI — Stronger government support and operating environment have helped Vietnamese banks gain positive momentum, according to Fitch Ratings.

In a report released this week, the rating agency said the propensity of Việt Nam's authorities to support the banking system is evident from recent regulatory actions. This led to Fitch's upgrade of most domestic banks' Long-Term Issuer Default Ratings (IDRs) in November 2022.

IDRs of three of the four rated Vietnamese banks (Vietinbank, Vietcombank, MB and ACB) are driven by Fitch Ratings' expectations of sovereign support, following the upgrade of their Government Support Ratings (GSR) in November 2022. Only ACB's rating is underpinned by its standalone credit profile, as denoted by the Viability Rating (VR).

“The State Bank of Vietnam's record of prudential supervision over the past decade and its policy response to a run on deposits at a mid-sized commercial bank in October 2022 have reinforced our view that the State has a strong propensity to support the banking system during times of stress to avert bank defaults. The IDRs of State-owned banks with high systemic importance are now equalised with the sovereign rating as a result,” Fitch said in the report.

According to Fitch, the operating environment for the banking system remains broadly supportive with revenue prospects riding on Việt Nam's strong economic performance, while asset quality, profitability and capitalisation continue to make steady progress.

“We believe that the risks of a liquidity crunch in the property sector spilling over to the banking sector are manageable, as refinancing challenges are mainly policy-driven and supply-and-demand fundamentals remain conducive over the medium term,” it said.

According to Fitch, Việt Nam's economy grew by a robust 8.8 per cent in the first nine months of 2022 and it expects the country’s GDP growth to be sustained above 6 per cent in 2023 and 2024. The favourable economic backdrop has enabled banks to take advantage of ample asset origination opportunities to expand, while rising household incomes and improved business cash flow keep credit risks in check.

“The outlook on the operating environment score is positive and may be upgraded in the next 12-18 months should Việt Nam's economic momentum be sustained,” it noted.

Key performance indicators in the banking system have continued to improve. Loan growth in the first nine months of 2022 accelerated to 17 per cent, and the SBV announced in December that the 14 per cent system credit growth limit for 2022 may be increased by 1.5-2.0 percentage points. The system's reported non-performing loan (NPL) ratio was steady at 1.5 per cent as of the first half of 2022, pushing credit costs lower year-on-year and raising return on equity in the system to nearly 20 per cent on an annualised basis. Capitalisation improved, although only modestly, as much of the generated capital was expended to sustain rapid balance-sheet growth. Fitch expects these trends to hold up in the near term, which would strengthen the case for a more favourable operating environment assessment.

Fitch said problem loan ratios remained steady in the first three quarters of 2022 despite the expiry of COVID-19 loan classification forbearance in June 2022.

“We see limited spill-over risks from the remaining restructured loans in the banks' books, as all of the rated banks have fully provisioned for these loans, ahead of the regulatory deadline of end-2023. The higher-interest-rate environment is likely to weigh on borrowers' debt servicing capacity, but we expect any weakening in loan quality to be manageable amid the resilient economic momentum. Moreover, about 60 per cent-70 per cent of the rated entities' loans have a tenor of less than five years, with the majority being under one year. The relatively short loan lives suggest that the 200 basis points increase in interest rates would not have increased gross repayment amounts materially,” Fitch said.

Reserves against NPLs at the banks remained adequate at around 137-402 per cent as of September 2022, with Vietcombank maintaining the highest coverage ratio. Fitch believes this reflects the bank's more conservative provisioning policy. The rating agency expects its loan-loss coverage to decline as uncertainty surrounding the pandemic recedes, although all of the banks have said that they intend to maintain coverage above 100 per cent over the next 12-18 months to safeguard against future asset-quality weakness.

“The rated banks' direct exposures to real-estate developers are moderate and are usually secured. However, the banks remain vulnerable to swings in property prices, since real-estate assets form a significant portion of loan collateral. We do not expect property prices to plummet in the near term in light of the resilient demand,” Fitch said. — VNS      LINK

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Henig:  Bách Hóa Xanh partners with MoMo to promote cashless payment in retail sector

December, 23/2022

Bách Hóa Xanh (a member of Mobile World Group) and MoMo have announced a strategic cooperation that turns the later into the first e-wallet to be accepted as a payment method at Bách Hóa Xanh stores.

HCM CITY — Bách Hóa Xanh (a member of Mobile World Group) and MoMo have announced a strategic cooperation that turns the later into the first e-wallet to be accepted as a payment method at Bách Hóa Xanh stores.

This means, besides payment by cash and card, customers can now make payments using MoMo when shopping at more than 500 Bách Hóa Xanh stores in HCM City. This payment method will soon expand to all Bách Hóa Xanh stores nationwide.

Previously, MoMo was one of the payment methods available on Bách Hóa Xanh's online shopping channel. The new move marks a comprehensive cooperation between the two sides from online to offline to increase customer experience and convenience in modern retail, and promote cashless payment.

“MoMo is delighted to be the first e-wallet accepted as a payment method at Bách Hóa Xanh stores, bringing consumers a convenient and easy shopping experience, especially during the approaching Lunar New Year,” said Nguyễn Linh Trang, director of the Payment and Daily Service Centre of MoMo.

MoMo will continue to be a reliable strategic partner of retailers and businesses to contribute to promoting Việt Nam's digital economy, she said.

“The cashless payment trend is contributing to improving customer experience and optimising business operations, especially in the retail sector. Comprehensive cooperation with MoMo super app from online to offline helps Bách Hóa Xanh to catch up with the cashless payment trend in the fastest way, while reaching more customers through MoMo’s diverse ecosystem of more than 31 million users," said Trương Hồng Hoàng, multicat business unit director at Bách Hóa Xanh.

To make the partnership, from now until December 31, 2022, all users who choose to pay with MoMo at Bách Hóa Xanh stores in HCM City will receive a 50 per cent discount (maximum of VNĐ30,000) for any bill.

In particular, users can choose to pay with postpaid wallet, a ‘buy now, pay later” feature on MoMo. — VNS   LINK

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Henig:  Trade promotion helps export growth

06:00 | 23/12/2022

(VEN) - Trade promotion has significantly contributed to Vietnam’s export achievements. Vietnam Economic News’ Viet Nga spoke with Vu Ba Phu, Head of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE) about the agency’s work.

Could you tell us about VIETRADE’s trade promotion work in 2022?

VIETRADE has helped enterprises identify market trends, learn about new regulations and policies in foreign markets, and promote Vietnamese brands and products through trade fairs and exhibitions, including Anuga in Germany, Sial in Paris (France), and BioFach (Germany), among others.

The agency worked with Vietnamese trade offices in different countries to open Vietnamese goods showrooms, and frequently held supply-demand connection meetings between Vietnamese exporters and foreign importers.

Trade promotion has helped many Vietnamese businesses develop professional branding and improve their image. They have also helped Vietnamese enterprises recover and develop production, promote exports and improve the competitiveness of their products, increase sales, and connect local suppliers with distributors, processors and exporters.

Could you tell us about VIETRADE’s monthly meetings with overseas trade offices?

Since July 2022, VIETRADE has held monthly online meetings with Vietnamese trade offices in foreign countries to update them on the export and import needs of localities and sectors, and provide information about the latest policies and market opportunities.

The meetings connect trade promotion agencies and other organizations and enterprises in Vietnam with Vietnamese trade offices and business associations overseas to implement the 13th-tenure Central Party Committee’s target of boosting trade promotion, expanding and diversifying export markets, products and supply chains, and reaching a sustainable trade surplus.

Could you point to the strengths and weaknesses of Vietnamese enterprises in product and export promotion?

Vietnamese enterprises have become increasingly large-scale and competitive. They are capable of international economic integration and participating in global supply chains, relatively agile in digitalization, and take the initiative in information technology application.

However, many businesses remain passive in market, policy and partner information search and coordination with trade promotion organizations to prepare and implement trade promotion plans, especially for FTA markets. Many enterprises lack human resources with foreign language competence and skills of trade promotion negotiations and knowledge of modern consumption trends and applying information technology for trade (including export) promotion.

Many businesses have not paid due attention to product development and quality and competitiveness improvement to meet import markets’ regulations on quality, food hygiene and safety, traceability and non-tariff technical barriers.

What should businesses do to increase exports and expand markets?

In order to strengthen exports, expand markets and keep pace with continuous changes in world consumption trends, businesses need to pay attention to intellectual property right registration and protection for their products in foreign markets, implement regular product research and development, connect with foreign distributors, attract foreign investment in the production of goods for export to overseas distribution systems, improve production technology and equipment, and diversify products and product designs to meet not only the tastes of foreign customers but also technical standards and regulations of import markets. One of the most important things is medium and long-term investment in branding development abroad to add value to both enterprises and their products.

Viet Nga   LINK

Henig:  Oil stocks with strong financial health good choices for investors

December, 22/2022

Oil businesses with strong financial health benefitting from the current high oil prices will be the appropriate choices for investors’ portfolio in the current volatile market context.

HÀ NỘI Oil businesses with strong financial health benefitting from the current high oil prices will be the appropriate choices for investors’ portfolios in the current volatile market context.

The stock market ended last week with three increasing sessions and two decreasing sessions. The main movement of the VN-Index in the past week was a struggle, industry groups took turns leading and controlling the index with three prominent names of securities, banking and steel.

In the past month, many oil and gas stocks recorded an increase of more than double digits such as Nam Sông Hậu Oil and Gas Investment Company (NSH) gaining 45.5 per cent, Petrovietnam Transportation Corporation (PVT) rising 46.2 per cent, PetroVietnam Power Land (PVP) climbing 46 per cent and Bình Sơn Refinery (BSR) rising 34.2 per cent.

Positive stock price movements often reflect the sector's outlook and investor confidence in the businesses.

Mixed performances among oil and gas groups

With the ongoing tensions between Russia and Ukraine, the price of Brent crude oil was pushed to a record high since 2008 of $139.13 a barrel in March. Brent oil price cooled down gradually towards the end of 2022 but remained at the highest level in the past eight years, at over $90 per barrel.

Oil and gas enterprises are divided into three types: Upstream (including all activities of prospecting, exploration and exploitation); midstream (transportation, storage and distribution of oil and gas); downstream (converting oil and gas into finished products, delivering to customers). Therefore, the impact of an increase in oil prices on each of these groups is different.

Despite the sharp increase in oil prices in 2022, the upstream group including Vietnam Petroleum Technical Services Corporation (PVS) and PetroVietnam Drilling and Drilling Services Corporation (PVD) recorded poor business results.

PVD recorded a loss of VNĐ51 billion in the third quarter of 2022; thereby increasing the loss in nine months of 2022 to VNĐ201.66 billion. PVS in the third quarter of 2022 recorded a profit of VNĐ193 billion, down nearly 20 per cent compared to the same period last year; PVS' 9-month profit in 2022 also decreased by 21.2 per cent to VNĐ453.6 billion.

This year is considered a challenging year for the "downstream" group due to the instability of the domestic market. Nghi Sơn oil refinery, the largest oil project in the country, operated below capacity in the first half of this year and the delay in adjusting the costs of the base price of oil has caused many difficulties for distributors, causing a shortage of domestic supply. Therefore, some large distributors have to increase the source of imported goods to ensure petrol for the domestic market in the context of unfavourable developments in the world oil market and high transportation costs.

In Q3, PV Oil (OIL) lost VNĐ373.4 billion; Materials - Petroleum Joint Stock Company (COM) lost VNĐ7.7 billion; Thanh Lễ General Import-Export Trading Corporation (TLP) lost VNĐ168 billion; Nam Sông Hậu Oil and Gas Investment Company (NSH)'s profit was VNĐ762 million, down by nearly 82 per cent, Bình Sơn Refinery (BSR)'s profit was VNĐ455 billion, equivalent to a slight decrease of 3.32 per cent.

In the first nine months of 2022, no “downstream” enterprises recorded a growth in profit over the same period last year, except for BSR, which made a profit of nearly VNĐ13 trillion, nearly three times higher.

The midstream group is much more promising. Besides PetroVietnam Drilling and Well Services Corporation (PVD) with profit down 49 per cent, the rest of the companies all announced good business results, such as PetroVietnam Gas JSC (GAS) earning profit of VNĐ3.09 trillion, up 25.42 per cent; Petrovietnam Transportation Corporation (PVT) collecting VNĐ386 billion, up 152.3 per cent and PetroVietnam Power Land JSC (PVP) earning VNĐ176.3 billion, up 371.4 per cent.

VnDirect Securities Co expects the average brent oil price to reach about $90 per barrel in 2023.

For the upstream group, VnDirect expects the revised Petroleum Law passed in November will be a general legal framework for the oil industry, reducing the overlap between laws in oil and gas activities, helping to create a transparent legal framework for investors and increasing the attractiveness of the investment environment in the oil and gas sector.

As for the midstream, VnDirect sees the demand for oil and gas transportation in the domestic market will gradually increase in the next few years thanks to the operation of Bình Sơn Refinery and Nghi Sơn Refinery at full capacity. Besides, charter rates have recovered to pre-COVID-19 levels since 2022, which is a good sign for oil and gas carriers.

As for the downstream group especially large enterprises, VnDirect expects world oil prices to see more stable movements compared to 2022; Việt Nam's petrol consumption demand is forecast to reach a compound growth rate of 5.5 per cent in the 2022-2030 period, which is the basis for distribution businesses to grow in the coming years. VNS    LINK

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Henig:  MPI releases 2021's sustainable development index, Đà Nẵng tops the chart

December, 23/2022 

The Academy of Policy and Development (APD), under the Ministry of Planning and Investment (MPI)  released the 2021 Provincial Sustainable Development Index (PSDI) for cities and provinces across the country on Wednesday, as well as a number of recommendations to help them stay on-course in the coming years.

HÀ NỘI — The Academy of Policy and Development (APD), under the Ministry of Planning and Investment (MPI) released the 2021 Provincial Sustainable Development Index (PSDI) for cities and provinces across the country on Wednesday, as well as a number of recommendations to help them stay on-course in the coming years.

The country's average PSDI for the year 2021 was 51.38 points, a reflection of a difficult year when localities struggled to deal with a global pandemic and post-pandemic social and economic recovery.

The academy urged local governments to step up efforts in the implementation of the country's 2030 vision for sustainable development.

The central city of Đà Nẵng continued to top the index this time with 65.28 points, followed by northern port city Hải Phòng with 64.09 and Quảng Ninh, another northern coastal town, with 63.10 points.

The capital city Hà Nội with 62.46 and emerging northern industrial hub Hưng Yên Province with 62.43 points showed some remarkable improvement compared to the 2020's index.

The vast majority of bottom-ranking localities were located in remote and isolated regions of the country, which trailed far behind in development in comparison to the country's large urban centres in the Red River Delta and the Mekong Delta.

Hà Nam Province and Bình Dương Province were other up-and-comers this year thanks to multiple large industrial investments.

At an event announcing the 2021 index, policymakers, economists and scientists discussed measures to help the country stay on course with its sustainable development goals (SDGs), as well as to review the implementation of SDGs on both central and local government levels.

A total of 17 SDGs have been included in a National Action Plan until 2030 which translated into 115 objectives that are suitable to Việt Nam's historic, geographic and demographic conditions.

Development experts said the implementation of the SDGs has played a key part in setting up the foundation for the country's next phase of development.

Dr Trần Trọng Nguyên, APD's director, however, said there is a need to build a more detailed plan for SDGs implementation at the local government level, which integrates SDGs into local socio-economic long-term development strategy.

An important milestone has been reached in the country's effort to eliminate multidimensional poverty, from 9.2 per cent in 2016 to 3.36 per cent in 2022.

''Some of our key objectives are to eliminate hunger, ensure food security, bolster exports, especially of agroforestry products and develop a sustainable agriculture sector," said economist Lê Việt Anh.

Other important objectives include improvements to gender quality, public services and the fight against violence against children. VNS    LINK

KTFA Members "Thursday Iraqi News" 12-22-2022

KTFA:

Clare:  Al-Sudani: Inflating currency selling prices aims to remove the dollar from the country

December 19, 2022

Baghdad / Obelisk: Prime Minister Muhammad Sayaa al-Sudani said, on Monday 19/12/2022, that the price inflation operations in the currency sale window aim to remove the dollar from the country, indicating that transfers to fake companies were rejected and there are exaggerated prices in the currency sale window.

The Obelisk publishes clips of Al-Sudani's words during a press conference:

- There is a clear increase in the exchange rates of the dollar

Transfers to fictitious companies were rejected, and there are exaggerated prices in the currency sale window

– Inflating prices in the currency sale window, aimed at removing the dollar from the country

The government was and still is monitoring the policy of the central bank to ensure market stability

We assure everyone that the government has control over food prices and securing the ration card items

We asked the central bank to take quick steps to compensate for the dollar shortage in the markets

The Central Bank took measures related to diversifying foreign transfers to cover imports

The financial situation is at its best, and the reserves of the Central Bank have risen to $96 billion

We dismantled a large number of oil smuggling networks in Baghdad, Basra, Diyala and Kirkuk

We confiscated more than 1.7 million liters of smuggled oil derivatives and 66,000 tankers

There is a network of members of the security services that protected and facilitated the passage of tanks intended for smuggling

We arrested 18 members of this network

Previously, two million liters of derivatives were smuggled daily in Diyala and five million in Basra

The government continues to investigate the file of tax secretariat theft

We opened 42 schools in Baghdad, most of which were caravanserais

192 projects have been launched in 3 governorates within the emergency support allocations

These projects are out of 2932 projects in various service sectors

The security breach in Kirkuk comes after major victories for the security services in the past period

The Air Force launched strikes that resulted in the killing of several leaders of the terrorist ISIS

There is a plan to improve the ration card and direct it to the beneficiaries, especially the social protection category

Authorizing the service and engineering effort to carry out infrastructure works for residential areas in Baghdad and the provinces

Completion of the fifth phase of the Basra refinery project for catalyst cracking

– We decided to exclude the Iraqi Drilling Company from the instructions for executing contracts

There will be no settlement of the corrupt at the expense of public money

The government is keen to support the judiciary in anti-corruption measures

Installing free lecturers in all governorates will be completed next week  LINK

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Clare:  Fitch affirms Iraq at "b-" with a stable outlook

2022-12-22

Shafaq News/ Fitch Ratings confirmed Iraq's default rating at "B-" with a future outlook.

In a report seen by Shafaq News agency, the agency said that Iraq's classification "B-" reflects its high dependence on commodities, weak management, political risks, and an undeveloped banking sector, balanced with high foreign currency reserves and low interest costs on government debt.

He added that high oil prices improved many credit measures in Iraq in 2022, but the absence of structural, economic or financial reforms and the persistence of political risks restrict the rating.

 He pointed out that the main weaknesses of political risks: local and regional political risks and weak governance will continue to restrict the rating, pointing out that the consistently low scores for Iraq reflect through governance indicators political instability, corruption, government ineffectiveness, weak institutions and insecurity (although the bulk of the facilities Oil production and export is located far from the areas that posed the highest security risks).

He pointed out that the budget surplus will swell to about 10% of GDP in 2022, driven by higher oil revenues, while political instability and the absence of a budget restricted spending growth to some extent, indicating that oil production grew by 12%, in line with The OPEC+ production agreements have pushed real GDP nearly 10%, while nominal GDP likely grew by 36%, pushing the economy above levels reached in 2013-14 (although not per capita, in terms of strong population growth).

And the agency expected that the budget surplus will shrink, as it will be a much smaller surplus in 2023 at 2.2% of GDP. In the event that we assume an increase in spending by at least 10%, to reach 135 trillion Iraqi dinars, and that oil revenues will be moderate, as it amounts to Brent crude price will average $85 per barrel versus $100 per barrel in 2022.

He pointed out that the Ministry of Finance is currently preparing a draft 2023 budget to send to parliament, but it is unlikely that the 2023 budget will include financial reforms as outlined in a white paper in October 2020.

The agency projected a budget deficit in 2024 of about 3% of GDP, assuming an average Brent crude price of $65 per barrel, which despite some uptick in production would lead to a nominal decline in government spending (to $128). One trillion Iraqi dinars, according to our assumptions).  LINK

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Henig:  Economic consultant: The drop in the oil price not worrisome in light of the cumulative fiscal surplus

Baghdad / NINA / - The consultant in economic development and investment, Amer Al-Jawahiri, confirmed: "The drop in the oil price is not worrisome, in light of the cumulative financial surplus."

Al-Jawahiri said in a statement to the National Iraqi News Agency (NINA): "The price of oil affects the price of a barrel decided in the budget. If the price of a barrel of oil falls, this will certainly affect the budget. "

Al-Jawahiry explained: "This is over the course of expectations and not over the course of the current days. The geopolitical expectations give indications to those responsible for the economic file by setting a normal price less than the predicted one in the budget. This matter does not worry, and it is extremely small in as it does not affect what we want to do in terms of financial, economic building and reconstruction.

He added: "There is a cyclical financial surplus, accumulated in the current year, which addresses the expected deficit."   LINK

Henig:  Oil prices rise by more than 2% and approaching $82 a barrel

Baghdad / NINA / - Today, oil prices increased by more than 2%, and approached 82 dollars per barrel.

Brent crude futures reached $81.82 a barrel, up by more than 2.3%, while US crude hit $77.77 a barrel, up by 2.11%.   LINK

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Henig:  Al-Sudani: The Baghdad Summit in Jordan affirmed Iraq's pivotal role in the region and the world

Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani said: "The Baghdad Conference 2 Summit, hosted by sisterly Jordan, affirmed Iraq's pivotal role in the region and the world, and it will be a starting point for economic development and serious partnership, the basis of which is Baghdad of peace."

Al-Sudani added in a tweet on Twitter: "Thank you to all the countries participating in the summit, and we will continue to work with brothers and friends to achieve our economic and development goals in service of our honorable people."   LINK

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Henig:   26 Oil smuggling suspects arrested, 80% inspecting teams are replaced

INA – BAGHDAD

Energy Police Directorate of the Ministry of the Interior announced on Wednesday, the arrest of 26 suspects involved in smuggling operations of oil derivatives, as it revealed the replacement of 80% of the employees assigned to inspect tankers.

"The Directorate carried out in the last 21 days a series of qualitative operations against the smuggling of oil derivatives, during which 6 of them containing 17 tanks were seized and 26 accused were arrested," said the Director General of the Energy Police, Major General Dhafir Nadhmi, to Al-Iraqiya News TV, followed up by the Iraqi News Agency – INA.

He added, "The Directorate is currently carrying out operations in Basra against violators of oil taboos. All operations are carried out in coordination between the Energy Police, the Federal Intelligence Directorate and the National Security Agency."

"In the recent operations, 18 suspects belonging to the security services were also arrested, between an officer and a member. There are still 14 others on the run, and arrest warrants have been issued against them, as the work is ongoing to reach, arrest and investigate them in addition to the matter jointly between the Ministry of Interior and the National Security Agency,” he explained.

Nadhmi pointed out that "there is a coordination center with the KRG to follow up on the file of derivatives smuggling, based in the Ministry of Interior in Baghdad, in which information is exchanged and operations are carried out in coordination between the two parties," adding, "the tanks used in smuggling take unpaved streets, and this does not prevent them from being tracked and pursued. There are also tanks whose owners coordinate with corrupt members of the security services on the main roads.”

"In light of this, 80% of the ones on the main roads who were carrying out the task of inspecting the tanks were replaced. It is the fact that corruption is the main reason behind the smuggling operations,” he added.
 
In regard to the reason that made Basra and Diyala at the forefront of the provinces from which the derivatives tanks are launched with the aim of smuggling, Nadhmi commented, “Basra is the first oil province in Iraq with Diyala, the procedures were weak in them, and also most of the fields and facilities in Diyala were exposed to the control of terrorist gangs, previously.”   LINK

Wednesday Night KTFA CC with Frank26 "I Like Things in 3's" 12-21-2022

KTFA

Wednesday Night Conference Call.

Frank26:  12-21-22…..I LIKE THINGS IN 3’s

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=o53PvgXuA7A

Some "Vietnam News" Posted by KTFA Members 12-21-2022

KTFA:  Vietnam News

Toyvp:  Curb inflation

December, 21/2022 - 08:23

Inflation has risen rapidly in many parts of the world. Though Việt Nam has a lower rate of inflation compared to most of its neighbours, businesses here are struggling with the rising costs of goods and products.

The government has issued a number of fiscal and monetary policies to curb inflation as it set the target to maintain the consumer price index at under 4 per cent this year.

https://vietnamnews.vn/economy/1438594/curb-inflation.html

Henig:  Screening proposed for improved foreign investment

06:00 | 21/12/2022

(VEN) - Foreign direct investment (FDI) has contributed significantly to the Vietnamese economy since the Law on Foreign Investment in Vietnam was promulgated in 1987. However, Vietnam is mulling effective screening tools to enhance FDI quality.

Pending problems

According to the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam has attracted FDI for 35 years and become an attractive destination to foreign investors. In 1991, US$1.28 billion of foreign investment was registered in Vietnam, of which US$428.5 million was disbursed. In 2021, the registered and disbursed amounts increased respectively by 30 times and 38 times compared with 1991, despite the heavy impacts of the COVID-19 pandemic.

Foreign invested companies have contributed significantly to employment generation, international trade promotion, sector and value chain linkages, helping increase labor productivity. The FDI sector contributes about 72 percent to Vietnam’s total export value.

Despite these positive contributions, according to Dau Anh Tuan, Head of VCCI’s Legislation Department, certain problems have arisen with FDI projects. Tax authorities, for example, have reported the involvement of some FDI companies in transfer pricing and tax evasion.

Some companies have failed to adhere to environmental laws and regulations. The results of inspections conducted by the Vietnam Environment Administration in 28 northern provinces from 2017 to 2019 show an increased percentage of FDI companies violating environmental regulations, from 44.5 percent in 2017 to 56 percent in 2018 and 68 percent in 2019.

Moreover, according to a VCCI study, only five percent of FDI projects use high technology, 80 percent use medium technology, and 14 percent use low technology. The local content of products ranges from 20-25 percent, lower compared with other countries in the region.

Institutional and policy improvements

Given the FDI sector’s problems, economists are considering how to attract quality investors with responsible business orientations.

Politburo Resolution 50-NQ/TW dated August 20, 2019 on institutional and policy improvements for better quality and higher effectiveness of foreign investment pointed out these limitations of the FDI sector. The resolution highlighted the need to carefully select projects based on quality, technology level and environmental impact. The resolution called for prioritizing projects using advanced and clean technology, creating high added value and connecting Vietnamese businesses to global production and supply chains.

According to Ramla Khalidi, the United Nations Development Program (UNDP) representative in Vietnam, other countries apply various criteria in licensing foreign investment. The EU, for example, applies a code related to the environment and humans; Japan is assessing the enforcement of human rights in businesses; the US forbids imports from enterprises involved in labor exploitation.

VCCI and UNDP recently introduced a set of tools for screening FDI projects in Vietnam. The tools include assessment of investment based on factors such as employment generation, technology transfer, infrastructure development, linkages with local businesses, labor, and environmental impact. The screening tools are expected to help improve the quality and effectiveness of FDI in Vietnam.

VCCI and UNDP are cooperating to create a set of screening tools to help Vietnamese localities select quality FDI projects.

Nguyen Hoa   LINK

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Henig:  Bà Rịa-Vũng Tàu investing in infrastructure to attract investors

December, 21/2022

The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.

BÀ RỊA - VŨNG TÀU— The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.

Calling for investment in ports is one of the five sectors that Bà Rịa-Vũng Tàu is focusing on to achieve its target to become one of the three provinces attracting the highest foreign direct investment in this period.

Developing infrastructure is an indispensable trend the southern province is following to achieve the goal of comprehensive development, its people’s committee has said.

In recent years it has invested a lot of money in upgrading and expanding roads, logistics centres and ports.

This reduces the time it takes and makes it easier for investors and local people to reach neighbouring cities and provinces like HCM City, Bình Dương and Đồng Nai by sea and road, the people’s committee said.

Investment has also been made to upgrade intra-province transportation between industrial zones, ports and logistic centres, it said, adding that upgrades to infrastructure and transportation would continue until 2030.

As the southern gateway of the country, the province's network of deep-sea ports plays an important role in its commercial service and industry development, as well as import and export activities, which is why upgrading ports and logistics centres remains a top priority for the province.

It has worked hard to improve infrastructure, many of which directly affect the province’s infrastructure and economy from now to 2025. These improvements will in turn enhance the province’s ability to draw domestic and foreign investments.

These include investment in the Biên Hòa – Vũng Tàu railway for transporting goods that will connect the Cái Mép – Thị Vải seaport, expansion of Côn Đảo Airport and developing large industrial complexes for industry and services in Phú Mỹ New City.

The province will also draw up strategies to attract efficient investors to Cái Mép Hạ Free Trade Zone, with a focus on key industries such as technology, ports and logistics, tourism, digital economy, and finance.

The government’s action plan targets strengthening linkages between industrial parks and export processing zones in the southeastern region, developing the region into a financial, commercial, services, and international trade hub in Southeast Asia.

It also aims to develop Bà Rịa –Vũng Tàu into a maritime hub.

Besides port infrastructure, the province also plans to build a VNĐ850 billion (US$34 million) road through the centre of Vũng Tàu City.

Once completed, the 1.83km road will boost local tourism.

With financial assistance from the government, Bà Rịa-Vũng Tàu is also building a 53.7km stretch of the Biên Hòa-Vũng Tàu Expressway at a cost of VNĐ17.8 trillion ($712 million).

It will contribute VNĐ670 billion, or half the expected land costs.

It has cancelled 21 projects and postponed 27 others to allocate nearly VNĐ10 trillion for transport infrastructure.

Bà Rịa-Vũng Tàu has for long been an ideal destination for investment thanks to its location: it is only around 100km from HCM City.

It has a network of modern highways and inner roads that conveniently connect it with other provinces in the region as well as with ports and industrial zones.

It is now focusing on developing services, ports, trade, tourism, and high-tech agriculture.

It has become an energy, heavy industry, port, and tourism hub of the country with the Phú Mỹ Thermal Power Plant and Bà Rịa Power Plant, which account for 40 per cent of the country’s total power capacity.

It has around 50 ports with a total capacity to handle 150 million tonnes a year.

Cái Mép International Terminal is able to berth vessels of up to 250,000 tonnes. From this port, they can sail to Europe and America. Cái Mép Port Cluster is among the 19 large ports around the globe that can receive the world's currently largest container ships.

The province currently has 447 foreign-invested projects worth a total of $30 billion. — VNS  LINK

KTFA Members "Iraq and Vietnam News" Tuesday 12-20-2022

KTFA:

Henig:  After falling by more than two dollars a barrel, oil prices are rising again

Baghdad / NINA / - Oil prices regained their strength today, Monday, after falling by more than two dollars a barrel in the previous session, with optimism about the reopening of China and the recovery of oil demand, which overshadowed fears of a global recession.

Brent crude futures rose 77 cents, or 0.97 %, to 79.81 dollars a barrel.

US West Texas Intermediate crude oil recorded $75.01 a barrel, up 72 %.   LINK

Clare:  The Democrat reveals the scenes of the Kurdish delegation's visits to Baghdad... wholesale agreement

12/20/2022 

Today, Tuesday, the leader of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed the scenes of the Kurdish delegation's visits to the capital, Baghdad.

 Karim told Al-Furat News that: "The region's repeated visits to Baghdad proved a number of positive things between the two parties, such as Article 140 and determining the region's share in the federal budget."

"It was also agreed to activate the joint forces between the Iraqi army and the Peshmerga on the borders," he added.

Karim continued, "All these understandings took place during the repeated meetings of the delegation of the Kurdistan region to Baghdad, in addition to stopping all legal procedures against oil companies in the Kurdistan region by order of the Sudanese Prime Minister, Muhammad Shia'a, and it is also one of the positive points."   LINK

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Clare:  Parliament intends to hold an extraordinary session to read the 2023 budget

The Finance Committee in the House of Representatives revealed the parliament's intention to hold an extraordinary session of the parliament for the purpose of starting the first and second reading of the budget, in the event that it was sent by the government to the legislative authority, while It indicated that the budget is still present in the corridors of the Ministry of Finance and was not sent to the Council of Ministers for the purpose of passing it.

Committee member Jamal Cougar told (Baghdad Today) that "there are obstacles that delay sending the budget, including the birth of a full government with full powers on October 27, while the law stipulates that the budget be sent on October 15, and accordingly the government was then to conduct business and this is the first reason. As for the reason the second is the arrival of oil prices to approximately 79 or 80 dollars, and this confused the parties that prepare the budget, as they do not know how much the The price they are currently setting in the budget, how much is the total value of it, and how much is the deficit in it.All of them are confusing accounts now.

Cougar added, “A country like Iraq lives on oil, which greatly affects it if prices drop from $100 to a number lower than that, and therefore we in the committee and parliament are waiting for the budget to arrive for the purpose of discussing and passing it, even if we are in the legislative season recess. LINK

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Henig:  Mahmoud Al-Shennawy to / NINA /: The presence of Iran and Turkey in the Amman Conference for Cooperation and Partnership .. may contribute to drawing a new map of relations in the region

Baghdad / NINA / - Editor-in-Chief of the Middle East News Agency and expert in regional affairs, Mahmoud Al-Shennawi, confirmed: The presence of Iran and Turkey as major actors on the Iraqi scene at the Amman Summit for Iraq's neighboring countries sends many important messages.

He told the National Iraqi News Agency / NINA /: The presence of the two countries indicates the possibility of settlements and consensus that could contribute to drawing a new map of relations in the region, in light of the rapid developments on various fronts.

Al-Shennawi added: Any positive results in this field will be positively reflected on regional files directly linked to what is happening in Iraq and some Arab countries, especially with regard to the Iranian nuclear file.

He pointed out: From this standpoint, the major powers will seek to contain positions towards finding a formula of cooperation, turning a blind eye to direct talk or merely waving condemnation of Iranian and Turkish encroachments on Iraqi sovereignty.   LINK

Vietnam News

Henig:  Trade deals: The good, bad and unpredictable

06:00 | 20/12/2022

(VEN) -  Free Trade Agreements (FTAs) provide ample opportunities for trade. However, since many countries are constantly changing their policies with the aim of sustainable growth, businesses need to be more innovative to effectively penetrate these markets.

Positive results

At a recent Ho Chi Minh City-based seminar on exporting to FTA markets, managers, experts, and business people agreed that FTAs have generated many positive results for Vietnamese exports.

Nguyen Thao Hien, Deputy Director of the European-American Market Department (Ministry of Industry and Trade), said that since the EU-Vietnam Free Trade Agreement (EVFTA) went into effect in August 2020, exports to the European markets have recorded positive results.

Bilateral trade between Vietnam and EU member states has significantly recovered and increased compared to pre-pandemic levels. In the first 10 months of 2022, the import and export turnover of goods between Vietnam and the EU exceeded US$52.5 billion, up 14 percent compared to the same period last year. Exports accounted for US$39.7 billion, up 23.5 percent.

To Thi Tuong Lan, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said Vietnam has become the third largest seafood exporter in the world after Norway and China. Its largest export markets are the US, China, and the Republic of Korea (RoK). Meanwhile, Vietnam's seafood exports to the markets of member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) account for nearly 27 percent of its total. By the end of October 2022, the export value to this market has reached nearly US$2.3 billion, an increase of 14 percent compared to 2018 (before the signing of the CPTPP Agreement) and a rise of about 40 percent over the same period in 2021.

Regarding the wood industry, according to Tran Quoc Manh, Chair of the Saigon Trade and Production Development Corporation (SADACO), while the economy faces many challenges, FTAs provide many business opportunities. The CPTPP has greatly aided corporate integration into global supply chains over the past three years, while Vietnam's wood products have made their way into a number of markets, both established and new. Vietnam's wood exports to the US market account for about 60 percent of this commodity’s total export volume.

Catching up with “green sustainable” trend

Despite the great potential for Vietnamese enterprises, many limitations hamper exports and production, especially given increasingly complicated and unpredictable economic forecasts, with risks of recession and high inflation, as well as food and energy crises. Many of Vietnam’s export markets have also been imposed non-tariff trade barriers as they recover from the pandemic and its effects.

Vice President of European Chamber of Commerce (EuroCham) in Vietnam Jean Jacques Bouflet advised businesses to concentrate on creating sustainable production in order to expand their markets. Additionally, in order to effectively utilize the EVFTA, Vietnamese exporters must strengthen their processing capabilities, limit the export of raw materials, and develop their own brands.

Regarding the wood industry, Nguyen Chanh Phuong, Vice Chair of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA), said the wood industry must adopt and abide by environmental regulations to ensure sustainable exports. If good plans are made and followed, Vietnam can meet 60 percent of its raw material demand, and import the remaining 40 percent from the US and Chile, Phuong said. Businesses must ensure environmental standards both locally and globally, he added.

Similarly, Ly Trung Kien, Group Logistics Manager, Nestle Vietnam, said the company has built a sustainable coffee value chain by developing sustainable raw coffee. The NESCAFÉ Plan, a prime example of this initiative, aims to improve the productivity and quality of Vietnamese coffee through sustainable farming methods, raised farmer incomes and reduced greenhouse gas emissions.

To effectively take advantage of FTA opportunities, Vietnamese exporters need to develop their own brands, limit raw exports, and improve processing capacity.

Ngoc Thao & Ha Duyen   LINK

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Henig:  Mitsubishi Power to upgrade two gas turbines at Tuas Power

09:45 | 20/12/2022 

(VEN) - Introduction of the latest technologies for two M701F gas turbines will help enhance plant’s output and generating efficiency; Upgrade of two 360MW GTCC power plants can cut CO2 emissions by 16.9 kilo-tonnes annually, with work scheduled for completion in 2023.

Tokyo, November 30, 2022 – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has received a contract from Tuas Power Generation Pte. Ltd., a major power company in Singapore, for upgrades to two of the four M701F gas turbines (CCP3 and CCP4) in its gas turbine combined cycle (GTCC) power generation facility.

 This upgrade is part of Tuas Power’s efforts to achieve energy efficiency improvements and fulfil decarbonization measures in accordance with the Singaporean government’s energy policies. It was adopted following a positive assessment of a proposal from Mitsubishi Power, which drew on the company’s extensive experience in gas turbine technologies. The project is scheduled for completion in 2023.

The Tuas Power facility is located in the southwest region of Singapore. Since 2001, Mitsubishi Power had supplied four gas turbines to Tuas Power, each with a rated output of 360 megawatts (MW).

The upgrade will introduce the latest gas turbine technologies, achieving a heat rate improvement by reducing the volume of cooling air, which allows for reduced carbon emissions of approximately 16.9 kilo-tonnes annually combined for the two CCPs.

Commenting on the conclusion of this contract, Cheng Tin Swan, Vice President (Generation)/Plant Manager) of Tuas Power said, “As one of Singapore’s leading power generation companies, we are dedicated to the country’s decarbonization efforts, and this gas turbine upgrade marks another step in our journey of innovation and sustainability. This upgrade will enable us to generate power while reducing emissions, yet without compromising the energy supply at our power plant. Tuas Power is happy to have a company like Mitsubishi Power that has superior technical expertise to help us achieve high levels of energy efficiency improvements.”

Osamu Ono, Managing Director and Chief Executive Officer of Mitsubishi Power Asia Pacific commented, “Mitsubishi Power has not only supplied Tuas Power with power generation equipment, but also provides support under a long-term service agreement (LTSA) to ensure a high operating rate of its facilities, for stable and efficient power generation. We have developed a long-standing relationship with Tuas Power, and it is an honor to receive this contract, which plays an important role in Singapore’s clean power generation while enhancing the asset value of Tuas Power’s facilities.”

Mitsubishi Power will continue to focus on similar projects covering renovation and performance improvements of existing facilities, along with its services business. Building on this contract from Tuas Power, Mitsubishi Power will remain committed to helping customers achieve stable and efficient power generation, and will continue to contribute to furthering decarbonization and the production of sustainable energy.    PV  LINK

KTFA Monday Night CC with Frank26 "29" 12-19-2022

KTFA

Monday Night Conference Call

Frank26:  12-19-22….. “29”

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=1zSjtnBI-LI

More "News and Views" From KTFA Members Monday PM 12-19-2022

KTFA:

Frank26:  "INTERNATIONAL PLATFORM FROM THE CBI TO REMOVE THE BLUES OF THE CITIZENS".......F26

Final article 2287: 

New App allows Iraqis to trade US-Listed Stocks

18th December 2022   By John Lee.

Ishtar Gate Company for E-Payment Systems and Services, an Iraq-based fintech company, has reportedly released an app that allows users to trade US-listed stocks via a mobile app called Bluepay.

According to Newsfile, the company was recently approved by the Central Bank in Iraq (CBI) as the "first and only company to offer international money transfer service."

It says the service also facilitates financial transactions to and from China.

Blue CEO Ali Al-Saeed, said:

"This is an unprecedented technology solution built and provided locally in Iraq. It has triggered other fintech-provided services such as a multi-currency solution that opens up a new horizon of opportunities in the Iraqi market."

(Source: Newsfile)  LINK    ISHTAR GATE FOR E- PAYMENT SYSTEMS AND SERVICES

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Margarita:  Final Article 2287 is about Bluepay.  Well I went on the old google machine and found an email to the Bluepay site.  I wrote one and asked how long they have been doing business in Iraq.  I got a response that they have been working in Iraq since October of 2021. So...they have been doing this thing for over a year now.  

Toyvp: THEY HAVE BEEN SETTING UP AND GETTING READY AND WORKING INTENALLY FOR QUITE A WHILE AS THEY JUST TOLD YOU, AND NOW HAVE BEEN GIVEN THE GREEN LIGHT TO TAKE IT INTERNATIONAL.........IT TAKES TIME TO DO THAT MUCH WORK AND YOU SURE AREN'T GOING TO TELEGRAPH SOMETHING LIKE THAT FOR A YEAR OR 2............................I AM GLAD THEY ARE "INTERNATIONAL" NOW

P.S.
THEY WILL BE ABLE TO WORK IN 10 DIFFERENT CURRENCIES INCLUDING USD AND......................MY FAVAORITE.............................IQD...........YOU DO UNDERSTAND THAT BLUEPAY CAN TAKE IT OUTSIDE IRAQ BORDERS?................................HINT.....HINT.....IT MEANS TAKE IT INTERNATIONAL

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Clare:  Launching the first electronic platform for financial trading via the Internet

 12/19/2022

Today, Monday, the Iraq Stock Exchange announced the launch of the Internet trading system for the shares of Iraqi joint-stock companies - for investors.

The market said in a statement, that "based on the regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraq Stock Exchange and on the occasion of the completion of the implementation plan for the project of the trading system for the shares of Iraqi joint-stock companies listed via the Internet – For investors by the Carmel Brokerage Company with the Iraq Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations."

Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository.   LINK

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Launching the first online financial trading system in Iraq

12/19/2022

The Iraqi Stock Exchange announced, today, Monday, the launch of the trading system for the shares of Iraqi joint-stock companies via the Internet - for investors.

And the market stated in a statement that Mawazine News received a copy of it, that "based on the regulatory regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraqi Stock Exchange and on the occasion of the completion of the implementation plan of the trading system project With the shares of Iraqi joint-stock companies listed on the Internet - for investors by the Carmel Brokerage Company with the Iraqi Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.

He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations." Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository   LINK

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Clare:  The Iraqi Stock Exchange will stop for one day

2022-12-19 

The market said in a statement, received by Shafaq News agency, that, "Based on the cabinet's decision to declare an official holiday for one day, starting from Sunday, December 25, on the occasion of the birth of Christ (PBUH), the market will not organize the stock trading session."

He added, "The activity will be practiced after the official holiday, starting from Monday, December 26, according to its official timings."

It is noteworthy that it organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.   LINK

Clare:  The Central Bank launches a package of measures to improve the performance of dollar-related transactions

12/19/2022

Today, Monday, the Central Bank of Iraq launched a package of measures to improve the performance of transactions related to the dollar.

 The media office of the Central Bank said, in a statement received by the Iraqi News Agency (INA), that "this package of decisions would restore the foreign currency market to its normal state."
He added, "The package included:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides

2- Trade financing facilitation The private sector through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, euro, UAE dirham, Jordanian dinar and others).

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar, as the dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.   LINK

KTFA Members "News and Views" Monday 12-19-2022

KTFA:

ToyVP:  IT IS A VERY LONG STORY WHICH ACTUALLY STARTED IN 1990 (I WILL DO A QUICK DIGEST VERSION,) WHERE THE CURRENCY WAS VALUED AT $3.2169 TO 1 IQD, WHEN SADDAM HUSIEN INVADED KUWAIT AND THE UN TOOK ACTION OF SANCTIONING IRAQ AND DEVALUING THE IQD

THEN THE US STEPPED IN AND BEAT SADDAM HUSSIEN OUT OF KUWAIT, THEN THROUGH THE YEARS SADDAM DID NOT DO WHAT HE WAS TOLD TO DO AND STARTED DEVELOPING WMD (I KNOW I KNOW LEAVE IT AT THAT)

IN 2003 WE WENT IN TO REMOVE HIS REGIME AND REMOVED ALL THE SADDAM CURRENCY, CONTRACTED DE LA RUE TO REPLACE IT AND SET THE EXCHANGE RATE AT A MARSHAL PLAN PROGRAM RATE OF APPROXIMATELY 3000 IQD TO $1 AND USING 3 000 NOTES TO KEEP THE INFLATION DOWN WHILE THE MARSHAL PLAN WAS IMPLIMENTED..........

What was the Marshall Plan simple definition?

 It became known as the Marshall Plan, named for Secretary of State George Marshall, who in 1947 proposed that the United States provide economic assistance to restore the economic infrastructure of postwar Europe.

AND SINCE THEN HAS BEEN ALTERED TO DO THE SAME FOR OTHER WAR TORN ECONOMIES.
 
NEED LESS TO SAY A PROGRAM RATE IS CONTROLLED BY THE IMF/UN/UST/WB AND IS NOT ALLOWED TO FLOAT WITH THE ECOMIC GROWTH OF GDP, AND THE COUNTRY IS NOT ALLOWED TO HANDLE THEIR FINANCES UN SUPERVISED UNTIL ALL SANCTIONS HAVE BEEN MET
 
I HOPE THIS HELPS. 

WHERE AS VIET NAM IS A FULLY FUNCTIONING ECONOMY IN CONTROL OF THEIR OWN CENTRAL BANK AND FINANCES WITH NO SANCTIONS AND, THEY CHOOSE TO KEEP THEIR CURRENCY LOW TO MAKE MORE MONEY OFF THE CHEAP LABOR 

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Billuke:  Thank you TOY - I believe that will help some understand.

Allow me to add...imo...when all sanctions are lifted and the "program" part of the program rate is lifted, there have been different speculations & beliefs where the rate of the IQD will start. Some believe at 1 to 1, some at various rates higher or lower, and some believe it will start at whatever the rate is at the time (1460 or 1190) and go from there.

And there are various beliefs that the IQD starting 1190 or 1460 - won't help Iraq.  How will their economy grow at those low currency rates?

My whole thing is when I hear people say "toilet paper rate" how is that toilet paper rate going to help Iraq, who is going to invest in Iraq with a currency at a toilet paper rate?

Well, as pointed out several times over several years - companies and countries have been doing business and investing in Vietnam and South Korea with their low rates for how long now?

that's all .....  just IMO

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Clare:  An upcoming parliamentary meeting to discuss the emergency rise in the exchange rate

12/19/2022

Parliamentary circles said that the coming days will witness a meeting in Parliament to discuss the crisis of the emergency rise in the exchange rate of the dollar against the Iraqi dinar, expressing the hope that it will return to its official rates soon. 

Representative Muhammad Qutayba said, in a statement followed by (Al-Mada), that "an upcoming parliamentary session will be held to discuss the rise in the exchange rates of the dollar."

Qutayba continued, "Parliament is following the rise in the exchange rate of the dollar in the Iraqi markets with great concern because of the pressure it causes on the prices of basic materials, especially foodstuffs, which constitutes an additional burden on the shoulders of millions of poor, simple and displaced people."

He pointed out, "The rise in the exchange rate of the dollar in a few days is still ambiguous, and we did not receive any government indication that would reveal the reasons." And Qutiba stated, “The session that is being prepared will witness the hosting of those concerned with the financial file to find out the reasons behind the recent rise in exchange rates and what are the solutions on offer.”

And he stressed, "The need for there to be control over the high fever to prevent the worsening of the economic conditions in the country, especially since any rise will push the segments below the poverty line."

For his part, the other representative, Thaer Makhaif, stated that “the rise in the exchange rates of the dollar, we expect it to be temporary, and due to external influences far from everyone’s will.”

He added, "Speculations and countries that interfere in the country's economic policy have a stake in the issue of Iraq's economies, as is the case in their interference in political affairs."

And he feared that "prices will return to decline and stability during the coming period, especially after the recent government measures to increase the shares of banks."

On a related note, Representative Baqir Kazem said, "The rise in the exchange rate these days will not last more than a month, after the new measures that are being implemented by the Central Bank."

Kazem added, "The latter will work to sell the dollar to merchants in the circle of new credits, at subsidized prices, directly."

He pointed out, "The reason for the increase is that many merchants transfer millions of dollars to money exchangers and fake companies working to smuggle it out of Iraq," stressing that "the exchange rate after the new procedures will settle at 146 thousand Iraqi dinars compared to 100 dollars."

Observers had confirmed that the reason for the rise in the dollar was the measures taken by the US Federal Bank against a number of Iraqi banks participating in the auction of selling the currency, which led to its exclusion, and a deficit in demand. %.   LINK

Henig:  The Preparatory forum for the "Iraq International Oil and Gas" exhibition and conference will start tomorrow in Baghdad

Baghdad / NINA / - The activities of the preparatory forum for the "Eighth International Iraq Oil, Gas and Energy" exhibition and conference will start tomorrow morning, Monday, in the capital, Baghdad,, in the official presence of the Council of Ministers, the House of Representatives, representatives of diplomatic missions and cadres of the sector, to highlight the promising opportunities in the field of oil in Iraq and the role of the private sector in developing Iraqi oil resources.

The preparatory forum, which will continue for Monday and Tuesday, comes as part of the preparations for the largest event in the field of oil, gas and energy, which will be held in Basra Governorate for the period 16-19 March 2023, in cooperation with the Parliamentary Oil, Gas and Natural Resources Committee, and with the support of the Ministry of Oil, the National Investment Commission, and the Ministries of Transportation, Electricity, and Environment, in addition to the Media and Communications Authority, the Iraqi Economic Council, and the organizing company, Pyramids International.   LINK

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Henig:  Iraq and India discuss the development of bilateral relations and joint cooperation

Baghdad / NINA/- Head of the Asia and Australia Department at the Ministry of Foreign Affairs, Ambassador Dr. Hisham Al-Alawi, received Prashant Bisai, the Indian ambassador to Iraq, at the headquarters of the Ministry of Foreign Affairs.

Al-Alawi indicated during the meeting, according to a statement by the Ministry, that the Ministry is interested in following up bilateral files between Iraq and India, and supporting the work of the Indian Embassy in Iraq and cooperating with it to develop bilateral relations between the two countries, stressing the Iraqi government's endeavor to expand its partnerships with the countries of the Asian continent.

During the meeting, they also discussed future steps to strengthen bilateral relations between Iraq and India, and ways to increase coordination between the two sides to overcome difficulties and expand bilateral cooperation in all fields.

For his part, the Indian Ambassador affirmed his country's keenness to push relations with Iraq forward, stressing the Embassy's readiness to follow up the implementation of what was agreed upon during the Ambassador's meeting with the Undersecretary of the Indian Ministry of Foreign Affairs in New Delhi on the sidelines of his visit to India to attend the International Conference on Combating the Financing of Terrorism last month.    LINK

Some "Vietnam News" Posted by Henig at KTFA 12-16-2022

KTFA:

Henig:  From chips to ships, South Korea and Vietnam cozy up

Newly announced strategic partnership points to shared interests in diversifying away from China and Russia

By ANDREW SALMON     DECEMBER 15, 2022

SEOUL – Vietnamese President Nguyen Xuan Phuc has become the first foreign leader to make a state visit to South Korea at the express invitation of President Yoon Suk-yeol, who took office in May.

During Phuc’s three-day visit last week – accompanied by a hefty delegation that included his foreign minister, trade and industry minister and planning and investment minister – the two nations announced a new “comprehensive strategic partnership.”

South Korea is already the largest foreign investor in Vietnam, building fro the two sides’ free trade deal signed in 2015. Now, as differing political forces compel South Korea and Vietnam to diversify away from, respectively, China and Russia, wider and more fruitful avenues of cooperation may lie ahead.

Yoon said that Seoul will support the strengthening of Vietnam’s capability to enforce maritime laws – code for supply of naval equipment – and expand cooperation in defense, as well as in the high-tech sector and in rare earths.

In the wake of a huge deal with Poland, Seoul is currently on an international arms-sales roll at what looks like a fortuitous moment. Vietnam, which has just hosted its first-ever international defense expo, is being required to diversify away from its customary weaponry supplier, Russia.

And at a time when semiconductor companies in nations allied to Washington are being forced to rethink their supply chain, investment and export strategies as decoupling with China looms, Samsung – which already makes smartphones and home appliances in Vietnam – is set to begin chip-related production in Vietnam next year.

Vietnam, like China, is a key source of rare earths, raw minerals widely used in high-tech components. The two nations also signed an agreement in that field.

In 2009, Hanoi and Seoul had announced a strategic relationship covering military cooperation and strategic dialog mechanisms, but the deal largely remained dormant. In 2017, Phuc asked Seoul’s then-foreign minister Yun Byeong-se to back Hanoi’s position on the South China Sea and assist with “law enforcement” in the area.

South Korea, then led by the progressive Moon Jae-in administration, was not keen to irk China, its largest trade partner. Now, the Vietnamese may be pushing on an open door given how the conservative Yoon administration is so focused on overseas defense sales.

Vietnamese President Nguyen Xuan Phuc and South Korean President Yoon Suk-yeol during the former’s state visit to Seoul.

The two Sinic-influenced nations, situated at opposite ends of the Chinese land mass, have mirror-image recent histories.

Both were divided nations; both fought bloody Cold War hot conflicts with direct US engagement. Complicating matters, South Korean troops fought effectively – but brutally – on the US side. North Vietnam successfully unified after its 1975 invasion of South Vietnam, while Korea remains divided.

Both nations have complicated relations with China. Vietnam, while a fraternal communist state, fought a border war with China in 1979 and territorial tensions between Beijing and Hanoi continue to simmer over Chinese naval expansionism in the South China Sea.

Korea fought against China during the 1950-53 Korean War, but after the two capitals opened diplomatic relations in 1992, China has become Korea’s largest trade partner.

However, with Washington and Beijing increasingly at odds, Seoul suffered collateral damage in the wake of the deployment of a US missile defense system in 2017. Now, under US pressure, its technology giants face are facing the prospect of decoupling their supply chains from China.

Given these complex dynamics, fruitful avenues for Hanoi-Seoul cooperation beckon.

Heavy international sanctions on Russia, Vietnam’s traditional arms supplier of everything from jet fighters to submarines, are complicating acquisitions of new tranches of weaponry from Moscow.

While Russian missiles have proven deadly in the ongoing war on Ukraine, the questionable performance of its ground, air and naval forces has not delivered a marketing windfall for its wares. And as battle rages, huge stocks of Russian military products are being burned through by domestic users.

South Korea looks well positioned to fill that vacuum, having this year signed its biggest arms deal ever, selling tanks, self-propelled guns, multiple launch rocket systems and jet fighters to Poland in a huge, country-to-country deal that has been valued at anywhere between US$9 billion and $15 billion.

The country offers NATO-standard weaponry and its manufacturing base is noted for both price competitiveness and efficient and timely execution.

“The Korean government is committed to contributing to maritime security in the region, we will actively support the strengthening of Vietnam’s maritime law enforcement capabilities and expand defense industry cooperation with Vietnam,” Yoon said during Phuc’s visit.

While South Korean vessels have not taken part in the “Freedom of Navigation Operations” (FONOPs) off Chinese-occupied and militarized islets and reefs in the South China Sea that the US and some Western navies have prosecuted, it has donated two decommissioned Pohang-class corvettes to Vietnam. They are currently being repurposed as specialist anti-submarine craft.

According to US Congress-funded media Radio Free Asia, Vietnam is also interested in South Korea’s KF-21 fighter yet and could make a buy if technology transfer is built into a deal. The KF-21, which held its first test flight this year, is a multirole fighter that retails at a lower price point than top-tier stealth jets such as the US-made F-35.

The two countries’ defense ministers held a bilateral defense dialog in Seoul in September, covering the arms industry, maritime security, military logistics and cybersecurity.

And Yoon’s personal interest in upgrading the local defense sector is clear. He has talked it up in the past, and on December 14 his cabinet approved the establishment of a new “Defense Innovation Committee,” to be chaired by the president himself.

From December 8-10, Vietnam opened its first international defense show, the VIDEX, or Vietnam International Defense Expo 2022, in Hanoi, hosted by the country’s Ministry of Defense. Though Russian defense companies were pitching their wares at “Vietnam Defense 2022,” visitors were told that Hanoi is seeking to diversify its arms supply sources.

“They stated that diversification was the goal by 2030,” a source in the sector who visited the expo and who spoke on condition of anonymity as he did not have permission to speak to media told Asia Times. “They did not say diversification away from Russia, but that was implicit.”

While Russian companies were represented at the show, the source – who admitted his surprise at how professional the show was given that it was the first Vietnamese experience in running one – noted the particularly high-profile presence of Indians and Israeli vendors.

“Vietnam prizes its independence and its degrees of freedom,” the source said. “They want to be seen as equidistant from everyone as they want to act in autonomous ways.”

During his state visit, Phuc met Samsung Electronics vice president Han Jong-hee, who announced that Samsung will increase its investments in Vietnam to some $20 billion.

Samsung has already invested $18 billion in Vietnam, largely for manufacturing smartphones and home appliances. To date, it has not invested in semiconductor production in Vietnam.

Currently, major uncertainties hang over the future of Samsung’s NAND memory chip fabs in China due to US policy pressures.

“As the US looks to put a limit on the number of shipments of chip-making tools to China, Vietnam rises as an optimum alternative destination,” according to a September report by Vietnam Briefing, “The addition of the South Korean giant is likely to foster the development of semiconductors’ related industries, as well as push forward the development of appropriate skillsets and expertise within the country.”

Samsung is Vietnam’s biggest single foreign investor, and in 2023, will expand its presence from phones and home appliances into semiconductor components, Vietnam Briefing noted. In August, it was announced that Samsung would begin trial production of its “flip-chip ball grid array” — a packaging technology used for chips – in Vietnam.

Samsung is not alone. In August, US chipmaker Synopsis announced an investment in the country, and other competitors including Qualcomm and SK hynix already have presences. Most chip firms operating in Vietnam are operating in the downstream end of the sector, such as packaging and testing, rather than the high-end practices of design and manufacturing.

This fits with Vietnam’s industrial base and its human resources’ skillsets.

“A couple of things the Vietnamese can do if they have the right investors are back-end assembly and packaging, which is heavily concentrated in Southeast Asia and China as wages are low,” added Scott Foster, a Japan-based semiconductor analyst and Asia Times columnist. “There are a lot of components that go into chip production that are not highly sophisticated nanometer-scale things, and Vietnam could make those kinds of things.”

However, avenues of cooperation are not exclusively one-way.

China is currently the world’s largest supplier of rare earths, but if supply chains are cut, Vietnam – which is believed to have a wide, but so far unexploited supply of the materials – could help to fill the gap. Rare earths are used in the manufacture of multiple high-tech components, from superconductors to lithium batteries to electronic displays to electric motors.

“We share the view that there is great potential for cooperation between the two countries on the development of rare earths abundant in Vietnam and decided to seek concrete ways to cooperate on the sector,” Yoon said.

“China’s market share in rare earths is so high that cutting them off is not a practical option at this point, so what everyone is trying to do is diversify away from over-dependence on China,” added Foster. “There are two ways: One is to find another potential source of rare earths, the other is to develop technologies that reduce dependencies on rare earths.”

He suggested that for the Vietnamese, the first option would make sense, while ultra-high-value-added economies like Japan focus on the second.

Follow this writer on Twitter @ASalmonSeoul    LINK

Toyvp:  I HAVE TOLD YOU IN THE PAST THAT BOTH SAMSUNG AND LG ARE 1 OF THE LARGEST INDUSTRIAL COMPANIES IN VIET NAM BOTH EMPLOY OVER 250,000 PEOPLE IF THIS IS CORRECT THEY WILL BE OPENING UP EVEN MORE OPENINGS,

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Henig:  VN-Index gains nearly 5 points

By Dat Nguyen   December 15, 2022 | 02:37 am PT

An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam’s benchmark VN-Index rose 0.47% to 1055.32 points Thursday.

The index closed 4.89 points higher after gaining 2.98 points on Wednesday.

Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 10.16% to VND12.34 trillion ($524.99 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 19 tickers gain.

VPB of private lender VPBank led with a 6.7% rise to ceiling price.

It was followed by MBB of lender MB, up 4.4%, and TCB of the largest private lender Techcombank, up 2.4%.

MSN of conglomerate Masan Group gained 2.3%, and VIB of Vietnam International Commercial Bank rose 1.9%.

Eight blue chips fell, with PDR of Phat Dat Real Estate Development losing and VHM of property giant Vinhomes both falling 4.3%.

Foreign investors were net buyers to the tune of VND319.06 billion, mainly buying VND of brokerage VNDirect and DXG of real estate developer Dat Xanh Group.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 0.12% while the UPCoM-Index at the Unlisted Public Companies Market was up by 0.67%.    LINK

Henig:  Why G7 aims to crack Vietnam's coal fix with $15.5 bln deal: Maguire

 12/14/2022 | 07:37pm EST

LITTLETON, Colo., Dec 14 (Reuters) - The Group of Seven (G7) industrialized nations have pledged $15.5 billion to help Vietnam transition away from coal, as part of a Just Transition Energy Partnership (JTEP) effort aimed at luring influential economies onto greener energy road maps.

There are several reasons why the G7 targeted Vietnam for special treatment, including that it was the ninth largest coal consumer and relied on coal to produce roughly half of its electricity in 2021, according to the BP Statistical Review of World Energy.
Such a high reliance on coal for energy production in turn makes Vietnam a major polluter, ranking 22nd globally, according to BP, in terms of total carbon dioxide (CO2) emissions in 2021.

GROWING HEFT

The G7 targeted Vietnam for intervention not because of the country's current scale of coal use and pollution, but because of its growth potential in the years ahead if the country's energy system retains its current coal-heavy composition.

The glide path of emissions from its power sector over the past five years reveals the extent of Vietnam's potential polluting clout in the decades ahead.

Between 2017 and 2021, Vietnam's power sector emissions from burning fossil fuels jumped by 65.3% to more than 121 million tonnes of CO2 or equivalent gases, data from Ember shows.

That's the fastest growth in all of Southeast Asia, and places Vietnam as the second largest power sector polluter in the region behind Indonesia (another target of JTEP efforts).

What's more, Vietnam's power emissions have grown nearly three times faster than Indonesia's since 2017, putting Vietnam on track to overtake Indonesia before the end of the decade if the average power sector emissions pace of the past five years remains unchanged in both countries.

GROWING REACH

Vietnam's rapidly expanding status as an export powerhouse is another reason why it is a good candidate for G7 economies to engage with over energy system overhauls.

In 2020, the country was the 41st largest economy in the world but the 16th largest exporter, according to the Observatory of Economic Complexity (OEC).

Thanks to relatively cheap labor costs and good supply chain connections, Vietnam has emerged as a major manufacturer and exporter of electronics, textiles, machine parts and furniture.

The country is also a beneficiary of the fallout from the U.S.-China trade war, which sparked several manufacturers to rebase some of their manufacturing facilities to countries outside of China.

Export earnings topped a record $330 billion in 2021, up from $70 billion in 2010, International Monetary Fund data shows.

GROWING OPTIONS

Vietnam's export earnings growth will likely accelerate in the years ahead as the capital investments made in factory expansions following the U.S.-China trade war come to fruition.

However, it is unclear what form of energy will supply that additional manufacturing capacity.

According to data from Ember, 64.3% of Vietnam's electricity was generated from fossil fuels in 2021 (52% coal, 12% gas), while 35.7% came from clean energy sources (30% hydropower, 5% solar).

The funding plan proposed by the G7 nations provides Vietnam's authorities with the means to make significant new investments in energy production that could push the balance of power heavily in favor of clean energy.

What's more, the proposed funding comes at a time when the efficiency and cost profiles of renewable supplies have been proven to be superior to many fossil fuel alternatives, provided sufficient planning is made to ensure stable baseload supplies during periods of reduced output from wind and solar sources.

Nearly a third of Vietnam's total electricity generation already comes from hydropower, which can be dispatched on command to make up for the intermittency of other renewable sources.

That means the country is well placed to take full advantage of a timely energy system upgrade that has the potential to sustain Vietnam's economic momentum while simultaneously lowering its reliance on high-polluting coal.

In addition, due to its proximity to other fast-growing economies with similar ambitions to develop manufacturing hubs - including the Philippines, Thailand and Cambodia - any successful retooling of Vietnam's energy system can be used as a template elsewhere.

(Reporting by Gavin Maguire)

© Reuters 2022 LINK

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Henig:  Efforts made to ease stock, corporate bond crunch

06:00 | 16/12/2022 

(VEN) - Vietnam is seeking to expand the nation’s corporate bond market in response to diverse business credit needs and efforts to ensure liquidity. 

Limited cash flows

Tran Thi Thu Trang, Deputy Chief Executive Officer of the Techcom Securities Joint Stocks Company (TCBS) said that businesses are facing difficulties in raising capital, while looming bonds maturities also put pressure on businesses that cannot find the capital to repay or restructure their debts. Trang proposed additional policies to enhance enterprises’ access to capital, focusing on public issuance, which has a strict legal appraisal process and help increase investor confidence.

According to General Director of VNDIRECT Securities JSC Nguyen Vu Long, the biggest problem for the bond market today is liquidity of enterprises. Banks have run out of credit room from the middle of the 2nd quarter to the beginning of the 3rd quarter, and other capital mobilization channels have also posed obstacles. Meanwhile, very few businesses were able to raise capital through new bonds in the fourth quarter of 2022.

According to Le Quoc Binh, General Director of Ho Chi Minh City Technical Infrastructure Investment JSC, repaying bond debts to investors is the responsibility of the issuers, not the state, and they must manage all mobilization channels in order to maintain market credibility.

Declining VN-Index

At a Nov. 23 meeting to discuss easing difficulties for the stock and corporate bond markets, organized by the Ministry of Finance (MoF), Minister of Finance Ho Duc Phoc warned that investor confidence in bonds and stocks has declined recently. He described the stock market as an “economic thermometer” that responds to troubles such as the 2022 case of Tan Hoang Minh, FLC, or An Dong company and SCB bank. The VN-Index has decreased by 38 percent compared to the beginning of 2022, he added.

Corporate bonds are an important medium and long-term capital market tool for businesses and the economy. However, as of September 30, 2022, the whole market has VND1.26 quadrillion, equal to nearly 10 percent of the outstanding loans of commercial banks. Recent violations in this field led to money withdrawals among investors, and caused difficulties for enterprises in capital borrowing.

Deputy Minister of Finance Nguyen Duc Chi said that the MoF will work with relevant ministries and agencies to report to the government and the Prime Minister and discuss immediate and long-term solutions, helping the market continue its sustainable development.

Ngan Thuong     LINK

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Henig:  Vietnam eyes to develop 'made-by-Vietnam' sporting goods for export: Minister

15:45 | 15/12/2022 

Vietnam supports the Federation of the European Sporting Goods Industry (FESI) to develop its production system of footwear and sporting goods in the country, said Minister of Industry and Trade Nguyen Hong Dien on December 14.

Speaking at a meeting with Vice President of FESI Manuel Pauser on December 14 on the sidelines of the summit commemorating the 45th year of the EU-ASEAN Diplomatic Relations, Dien emphasised that Vietnam has the ambition to export “made-by-Vietnam” products rather than “made-in-Vietnam” ones.

He said that with a stable supply in terms of output and quality of textile and sportswear, Vietnam hopes European Union (EU) enterprises will continue to consider and give priority to choosing it as their supplier in the coming time.

The EU-Vietnam Free Trade Agreement (EVFTA) has come into effect and Vietnam's textile, garment, and footwear products enjoy many tariff preferences, with much lower preferential tax rates compared with those under the most-favored-nation (MFN) scheme.

Dien said that is a great advantage for EU businesses when choosing Vietnam as a partner to produce, supply, and import goods into the European market.

He said he hopes that FESI will strengthen exchanges and cooperation with Vietnam in human resources training for the textile, garment, and footwear industries so that Vietnamese workers will have better skills to be able to access and master new advanced technology and equipment.

FESI vice president Manuel Pauser hailed Vietnam’s efforts in controlling the COVID-19 pandemic and reopening productions, which make European investors trust in the safety of the country and its commitment to tackling difficulties.

The EU is the second largest importer of Vietnam's leather and footwear products with a turnover of US$4.5 billion in 2021, accounting for 25.1percent of the industry's export turnover.

In the first 10 months of 2022, Vietnam's export turnover to this market reached US$5.6 billion, a year-over-year increase of over 40 percent.

VNA   LINK

KTFA Members "Vietnam and Iraq News" Thursday 12-15-2022

KTFA:

Henig:  Vietnam poised for record trade

By Anh Tu   December 14, 2022 | 07:11 pm PT

Vietnam’s foreign trade is set to exceed US$700 billion this year, the highest ever, the customs department said.

It has risen steadily from $500 billion in 2020 and $600 billion last year.

In the first 11 months exports rose by 13.4% from a year earlier to $342.2 billion, and imports were up 10% to $331.6 billion, resulting in a surplus of $10.6 billion.

 Exports to the U.S. alone, the largest export market, were worth $101.5 billion. Imports from China, the country’s biggest source, topped $109.9 billion.

According to the General Department of Vietnam Customs, the country’s global import-export ranking will go up this year.

In 2021 the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports.

In the 10-member ASEAN, Vietnam ranked second behind only Singapore.   LINK

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Henig:  ADB ups Vietnam growth forecast to 7.5%

By Duc Minh   December 14, 2022 | 07:56 am PT

The Asian Development Bank (ADB) has lifted its growth forecast for Vietnam for this year from 6.5% to 7.5%.

Inflation is projected to be at 3.5%, down 0.3 percentage points from its earlier estimate in September.

Vietnam’s economy is operating well amid instabilities but is facing rising risks.

Global demand for Vietnamese exports is weakening, and for this reason the bank lowered its growth forecast for the country for next year to 6.3%.

The World Bank also warned Vietnam of slowing exports in a report released Wednesday.

Last month, exports fell for the first time since October last year. Exports declined by 8.4% year-on-year and imports fell by 7.2%, it added.

The World Bank said that the fall in exports was broad based. The decline was partly due to weakening external demand but also reflected high-base effects as both registered exceptional growth rates in November 2021 due to the reopening of the economy after months of lockdown.

All major import products experienced sharp declines compared to a year earlier, except for imports of fuel, which increased by 61.7% year-on-year in November 2022.   LINK

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Henig:  The Korea-Vietnam Economic Cooperation Forum 2022

NEWS PROVIDED BY    Korea Herald 

Dec 14, 2022, 21:15 ET

SEOUL, South Korea, Dec. 14, 2022 /PRNewswire/ -- The Korea-Vietnam Economic Cooperation Forum 2022 is hosting a series of special speeches and panel discussions on Dec. 16 from 1 p.m. to 6 p.m. at Grand Ballroom, InterContinental Hanoi Landmark72 in Hanoi, Vietnam. The event is co-hosted by Herald Corp., publisher of The Korea Herald and Herald Business, the Korea International Trade Association, the Vietnam Chamber of Commerce and Industry, and the Vietnam-Korea Friendship Association.

The event will be held under the tagline of "Great Together, Next Prosperity 100!" aimed at discussing shared prosperity of Korea and Vietnam of the coming century that could be building on top of the 30 years of economic ties.

The Korea-Vietnam Economic Cooperation Forum 2022 expects to host more than 500 participants from political and business circles in Korea and Vietnam, including Rep. Kim Tae-nyeon of the Democratic Party, who heads Korea-Vietnam Parliamentary Friendship Group; North Chungcheong Province Gov. Kim Young-hwan; North Gyeongsang Province Gov. Lee Cheol-woo; Korean Ambassador to Vietnam Oh Young-ju; Hanoi Mayor Tran Sy Thanh; Tran Duy Dong, deputy minister of Planning and Investment of Vietnam; and Ngo Dong Hai, secretary of the Thai Binh Provincial Party Committee.

The forum comes against the backdrop of a strong partnership that Korea and Vietnam has built over the course of three decades since they established the economic ties in December 1992. Korea's trade volume with Vietnam rose 162-fold from $493 million in 1992 to $80.7 billion until 2021. Economic and cultural exchanges in both public and private sectors are thriving, as Vietnam designated the Korean language as one of the major foreign-language electives in 2021.

The event will also invoke discussions over ways to nurture new business opportunities at multiple angles, as Korea and Vietnam are stepping up its bilateral efforts by elevating their ties to comprehensive strategic partnership.

A keynote speech under the theme, "Taking Korea-Vietnam economic ties to the next level" will be delivered by Jeong Man-ki, vice chairman of the Korea International Trade Association. This will be succeeded by a special speech of Thai Binh Provincial Party Committee Secretary Ngo Dong Hai, which will revolve around ways for direct economic cooperation between provincial governments of Korea and Vietnam. Also delivering special speeches are governors of Korean provinces over blueprints for enhanced cooperation with Vietnamese counterparts, involving a nature-based tourism development project by North Chungcheong Province and a metaverse push to attract hallyu fans by North Gyeongsang Province.

Other notable speakers at the panel discussions are thought-leaders such as Choi Joo-ho, president of Samsung Vietnam; Bui Quang Tuan, director general of the Vietnam Institute of Economics; Han Seung, head of overseas development group at Daewoo E&C; Kim Chun-jin, president of the Korea Agro-Fisheries and Food Trade Corp.; and Cho Bong-hyun, vice president of Industrial Bank of Korea.

"Korea and Vietnam is ready to open the new era together based on the strong friendship and trust built over the past 30 years. The forum will lay the basis for the joint prosperity and invite intriguing ideas to outrun competitors in the global power rivalry," The Korea Herald Chief Executive Officer Choi Jin-young said.

The forum will be followed by a networking event. Hosted by Vu Tien Loc, president of Vietnam-Korea Friendship Association, the night event will also feature a Vietnamese traditional folk performance and performance by Korean-Vietnamese singer Hari Won and Korean singer Lee Sun-hee.     LINK

Clare:  Valid appearance: the rise in the price of the dollar is my time and will soon fall

December 14, 2022    Information / special.

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, considered the rise in dollar exchange rates a "temporary phenomenon" and not a problem with the adequacy of foreign reserves, while stressing that the new measures had imposed a restriction or discipline on the supply of foreign currency.

Saleh said in an interview with Al-Maalouma Agency, "The rise in the exchange rate in favor of the dollar is not caused by a problem with the adequacy of foreign reserves, as it is a force to intervene in the exchange market and provide sufficient supply to meet the demand for foreign exchange."

He added, "The rises that occurred are a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency," noting that "work was done a while ago with an advanced (electronic) platform linking the transfer request by banks." with correspondents from international banks and relevant global compliance bodies simultaneously.

Al-Sudani's economic advisor explained: "During the start of the experiment a few weeks ago, it became clear that there were shortcomings and informational shortcomings that were not consistent with the governance of the flow of transfers through the global banking system, which led to some of them being returned again or rejected in order to complete the standard submission requirements and follow the standard principles in disclosing the final beneficiary and other things." Banking Disclosure and Compliance Requirements.

And Mazhar indicated, "It takes some time to reorganize the requests and their consistency with the global requirements for transfer through the digital platform, which has come to represent the new tool in dealing with the window of the Central Bank of Iraq for buying and selling foreign currency."

Earlier in the day, the exchange rates of the dollar recorded an unprecedented rise when the 100 US dollars reached more than 152,000 Iraqi dinars, which angered the Iraqi people who were hoping for the return of dollar prices to their previous state.    LINK

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Clare:  Press Statement

December 15, 2022

An authorized source in the Central Bank of Iraq explained that the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers.

The Central Bank began building that platform months ago in coordination with international bodies for the purpose Provisions and regulation of the operations of the foreign currency buying and selling window and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the central bank through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc.

Due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system. In this regard, the reserves of the Central Bank and the financial solvency of the state in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources but to administrative and audit procedures, which will be bypassed during the coming days.

 In addition, the Central Bank has taken a number of measures to expand Offer foreign exchange to meet the public’s demand for cash dollars, and the management of the window was directed to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, and for the purpose of covering the local demand.

Central Bank of Iraq  Media Office

https://cbi.iq/news/view/2175

KTFA Wednesday Night CC: "IQD Update" 12-14-2022

KTFA

Wednesday Night Conference Call

12-14-22……..IQD UPDATE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests.

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=vnnj6Namf_Y