Hanoi , May 31 (VNA) – Foreign investors are buying the highest level of Vietnamese shares in five years. A net value of 253 million USD was purchased in the first five months of 2013, announced Bloomberg News on May 30.
Data compiled by Bloomberg indicate that corporate profits will grow for the first time since 2010 due to falling inflation and borrowing costs.
More foreigners opened Vietnamese equity trading accounts in the first four months of this year than the whole of 2012. By April 30, 16,238 foreign investors had been granted Vietnamese trading accounts, compared with 16,001 in 2012, according to data from the Vietnam Securities Depository.
Bloomberg said that Vietnam ’s VN Index has gained 26 percent this year, making it Southeast Asia ’s best performing benchmark gauge. The State Bank of Vietnam cut interest rates this month for an eighth time since the start of 2012 and the Government approved the formation of a debt asset management company to address bad debts in the banking system and boost sluggish credit growth.
Also on May 30, the European Chamber of Commerce and Industry (Eurocham) in Vietnam announced the result of its 11 th quarterly Eurocham Business Climate Index, which shows that 52 percent of European businesses are confident about Vietnam ’s economy.
Vietnam News Agency
