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Showing posts with label market. Show all posts
Showing posts with label market. Show all posts

Wednesday, January 17, 2007

Johnson Controls opens automotive interiors plant in Binh Duong


The Viet Nam-Singapore industrial zone in southern Binh Duong province.

The US-based Johnson Controls group has recently inaugurated a plant producing automotive interiors in the Viet Nam-Singapore industrial zone in southern Binh Duong province.

The US$8 million Jonhson Controls Viet Nam has a capacity of churning out 833,000 products per year and generates jobs for 530 workers. Its products are not only geared to foreign customers in Japan and Malaysia but also potential ones in Viet Nam.

The corporation's board of managers highlighted Viet Nam's propitious investment environment, intensive labour force and promising market of over 80 million people as the main factors prodding them to increase investment in Viet Nam.

A global leader in automotive devices and power solutions, Johnson Controls also plans to expand their business to other fields in Viet Nam, including production of power equipment like batteries and power solutions for the automobile sector in the future, said the managers.

Jonhson Controls has an annual turnover amounting to more than US$32 billion.

Source: Vietnam Agency

Stock market will develop but not make rapid leaps: expert



Mr Nghia started the interview with the press by saying that the stock market will see further increases. The P/E (price on equity) index is now 38, quite high if compared to the normal level (12-17 times higher). However, the stock market will still see further increases since Vietnam is an emerging market, while the international capital flow is moving towards Asia. A watchdog specializing in supervising the financial market will be set up in the near future, which will not directly interfere in the market, but will only support the market development. Vietnam’s stock market has not been so hot that it needs to be restrained.

Do you mean that Vietnam will have a watchdog to supervise financial activities?

The Government plans to set up a committee in charge of supervising the financial market operation (securities, banking and insurance). The committee will take remote supervision over the management agencies like the Ministry of Finance and the State Bank of Vietnam (SBV). SBV is also considering setting up a supervision and inspection agency, which will be the result of the reunification of the departments with the same functions.

Is it true that the establishment of the financial supervision committee aims to receive the new capital flows and assist the development of the stock market?

The international capital is now flowing into Asia. In Asia, China and Vietnam prove to be the two most attractive destinations. Vietnam’s stock market will develop quickly for two reasons. First, Vietnam plans to equitze 70 groups and big generations. If one third of the 70 units list on the bourse, it would be enough to make the total supplies in the market increase sharply. I think this will happen from July towards the years end. The profuse supplies will make the market less hot. Second, there will be several hundreds of foreign investors coming to Vietnam. Many famous financial consultancy groups and banks will be present on the market. Their clients are big investors, who will ask them to do research about Vietnam. There will be a big capital flow into Vietnam’s securities. The stock market will develop strongly, and it will need to be supervised in order to avoid sudden changes, that can cause shocks.

You seem to be very optimistic. But why does SBV plan to control the commercial banks that make investment in securities if you believe that the stock market will develop?

The Government has been aware of the need to keep the stock market in stable operation. Any troubles in the stock market will directly influence the monetary market. It is the SBV’s task to guarantee the capital raised from the public. Commercial banks have been advised to think carefully before making decisions on funding securities trading deals. For example, when the P/E is three times higher than the normal level, banks should give the loans valued at 1/3 of the securities’ market values. If banks keeps cautious with the loans mortgaged by securities, it would be safer for investors, the stock market and banks as well.

Do you mean that SBV will not ask banks to tighten the funding of securities trading deals?

No, not to tighten the loaning to securities traders, but to protect them, give advice in order to avoid risks. Foreign investors always are methodical when making investments, even if they just make short term investment. Meanwhile, domestic investors buy or sell securities just by feelings or follow the moves of someone else. It is very risky.

Will the Government consider raising the maximum foreign ownership ratio in local banks from the current 30% limit?

From April 2007, foreign bankers will have the right to set up 100% foreign owned bank entities in Vietnam. However, I think that many foreign banks will be set up in the first years after Vietnam joins the WTO as they still expect that the 30% foreign ownership ratio will be raised. You may see that the current laws allow local banks to get M&A (merge and acquisition), but aim to prevent foreign banks from swallowing domestic banks.

Source: Thời báo Kinh tế Sài Gòn

Tuesday, January 2, 2007

Six More Businesses List Shares on Ho Chi Minh City Bourse


(SGGP-Daily) Six businesses yesterday made their first public offering on the Ho Chi Minh City Securities Trading Centre (HSTC), increasing the exchange's overall value up to VND 14.5 trillion (over US$900 million).



The businesses included the Binh Dinh Minerals Joint-Stock Company (with the share code BMC), the DIC Investment & Trading Joint-Stock Company (DIC), the Petrolimex Joint Stock Tanker Company (PJT), the Safoco Food and Foodstuff Joint Stock Company (SAF) and the SaiGon Fishing Net Joint Stock Company (SFN).

As many as 100 companies and two funds are now listed on the Ho Chi Minh City Securities Trading Centre.

The VN Index yesterday lost 0.82 point to close at 753.81 points with the total trading value reaching VND511.7 billion, a slightly decrease of 20% over the previous session.

Internet Marketing Glossary

SEM

(Search Engine Marketing) - SEM is an umbrella term for a group of techniques used to increase a website’s accessibility to search engines. Often times, these techniques are implemented in an attempt to direct search engine crawlers to specific information or to help increase a website’s location within a search engine’s results page. Search engine optimization (SEO), pay per click (PPC) and paid or sponsored listings are the main techniques used.

SEO

(Search Engine Optimization) - SEO involves fine-tuning a website so that search engines and crawlers know exactly what kind of content a website is offering. For example, a website may use very specific wording in hopes the crawler will detect and categorize the website accordingly. Some sites also include embedded meta tags that are only visible to the search engine or its crawler. These meta tags help ensure the website has certain keywords associated with it within the search engine.

SERP

(Search Engine Results Page) - Simply put, the search engine results page is the full listing of search results displayed for the user when they search for something. Made up of sponsored links, advertisements, and natural results, the SERP is the part of the search engine that most people are familiar with.

Sponsored Ad

Sometimes advertisers pay search engines to display their ads or website more prominently than the other search engine results. When a user searches for keywords that the advertiser has “sponsored”, their website or products are displayed first, usually above or alongside the natural results.

Sponsored Link

Sometimes advertisers pay search engines to display their ads or website more prominently than the other search engine results. When a user searches for keywords that the advertiser has “sponsored”, their website or products are displayed first, usually above or alongside the natural results.

View-Through

Similar to a click-through, a view-through differs from a click-through in that the advertiser’s ad is not clicked on. Typically, a user reads the information contained in an ad and proceeds to the advertiser’s website directly (usually by simply entering the site URL in the address bar of their web browser).

Internet Marketing Glossary

Deep Link

When you link to a page of another website that is not the front page, you’re deep linking. For example, a link to http://www.internetmarketingmonitor.com automatically pulls up the front page. A link to http://www.internetmarketingmonitor.com/somedirectory/somepage is considered a deep link.
Directory

A directory is a set listing of websites, usually grouped into categories or topics. As opposed to a search engine (which often finds new sites using a computer-based crawler), directories are usually fixed with a certain set of websites. New sites are most commonly added by directory editors or web-based URL submission forms in which website owners designate the category that most reflects the product or service they offer. Examples: The Open Directory (Dmoz.org), Yahoo! Directory.
Impression

Each time an online advertisement is displayed it is referred to as an impression. Some kinds of marketing campaigns are established using a cost-per-impression style model.
Keyword Density

Keyword density is a measure of how many times a certain keyword appears in the indexed text of a webpage. For example, if you use the word “car” 20 times on a website with 200 words, the keyword density for the word “car” would be 10%.
Landing Page

When an internet user clicks on an ad, they’re usually directed to a landing page. A landing page differs from a typical webpage in that it is usually 1) specifically tailored to the ad which was clicked and 2) acts as a jumping point to make purchases, sign up for services, or find more content at the advertisers website. Some landing pages direct customers to another page while others feature the actual product or service being offered. Sometimes called a jump page or splash page.
Meta Tag

Meta tags are hidden bits of information about your website that tell web browsers, search engines, and crawlers how to display or categorize your site. Meta tags can tell your web browser what language the site is in, what the title of the site is, or, in some cases, what type of content a website includes. Meta tags can also be used to tell search engine crawlers what keywords should be associated with your site and generally what the website is about. Many website owners use meta tags as part of their SEO techniques to increase the position of their website within the search engine’s results.
Natural Search Results

Any search engine results that are not sponsored or paid for are called natural search results. The majority of the results that search engines display are natural results. The results are usually displayed based on keyword relevance or the overall rank that the search engine has assigned to a specified website. Sometimes called Organic Search Results.
Organic Search Results

Any search engine results that are not sponsored or paid for are called natural search results. The majority of the results that search engines display are natural results. The results are usually displayed based on keyword relevance or the overall rank that the search engine has assigned to a specified website. Sometimes called Natural Search Results.
PPC

(Pay Per Click) - A marketing technique in which advertisers bid on keywords or phrases that they believe visitors to their website will search for. The more an advertisers bids on a particular keyword, the higher their ad appears in the search results. Bids can be as low as .01 or as high as $100 per click. When someone searches for a specific keyword, the advertisement for the website with the highest bid on that keyword is displayed within or alongside the search engine results. The advertiser pays the amount they bid on the keyword only when an ad is clicked.
ROI

(Return on Investment) - ROI is a comparison of the money spent on an investment, such as a marketing campaign or advertisement, and the money earned because of the investment. The higher the ROI, the better the investment.

Internet Marketing Glossary

What's the point of reading all the great information published at the Internet Marketing Monitor if you don't know what it means? We couldn't agree more. That's why we've provided an ever-expanding glossary of terminology related to internet marketing, online advertising, and search engine optimization. Are you unsure of what something means and don't see it defined here? Pass the term along and we'll get it added to the glossary.


Above the Fold

The part of a website that can be viewed without having to scroll is said to be “above the fold”. Normally, the featured or most important part of a website should be above the fold.
AdSense

AdSense is a tool from Google that allows website owners the opportunity to display targeted Google ads on their sites and earn money. The ads displayed are related to the things that users are looking for on the website or are narrowed by interests that the website owner chooses.
AdWords

Part of the Google portfolio of advertising services, AdWords is a CPC model of keyword-based advertising. The advertiser chooses the keywords and creates the ad. Google then displays the ad alongside their natural search results when visitors are looking for the keywords the advertiser has chosen.
Click-Through

When a visitor to a website clicks an advertisement and is directed to the advertiser’s website, it is considered a click-through.
Conversion

Conversion refers to the act of converting a visitor to a buyer. When advertisers and marketers refer to “conversion rates”, they’re referring to the percentage of website visitors who make a purchase or use a service.
CPA

(Cost Per Action) - CPA involves assigning a fee to different “actions” that users might perform on a website. For example, advertisers might agree to pay .50 for every newsletter signup sent their way by another site. Another advertiser might agree to pay a percentage of their sales to another website that agrees to display their products. Actions can include subscriptions, online purchases, advertising clicks, or any other terms that the advertiser might agree to.
CPC

(Cost Per Click) - A measurement of the cost associated with each click of an advertiser’s ad. If an advertiser is using a PPC style of advertising, the CPC would be whatever amount they bid for that keyword. If an advertiser is using a CPM model of advertising, the CPC would be the amount they pay for each one thousand impressions divided by the number of clicks their ad receives. CPC is sometimes used interchangeably with PPC, although the two terms are not necessarily the same thing.
CPM

(Cost Per Thousand Impressions) - CPM is a different approach to paid online advertising. Advertisers create ads that are displayed when internet users visit related websites. The advertiser agrees to pay a certain amount of money for every one thousand times their ad is displayed. Each time an ad is displayed it is referred to as an “impression”.
Crawler

A computer-based program that scans, or “crawls”, through websites and compiles keywords from the content found at the site. Crawlers also follow outbound links to other sites, scan meta tags, and “read” html. The major search engines utilize crawlers to fan out across the internet in search of new sites to add to their databases with little or no human intervention required. Sometimes called a ’spider’ or ‘bot’.
CTR

(Click-Through Rate) - Click-through rate refers to the percentage of people who view a website and click on a given ad. For example, if ten people visit your webpage and five of them click on an ad and go to the advertiser’s website, the CTR for that ad would be 50%.

Friday, December 29, 2006

Stock Market Crash




1929 - The stock market crash ushered in the Great Depression.

What made the stock market crash? Here's a brief summary.

Capital is the tools needed to produce things of value out of raw materials. Buildings and machines are common examples of capital. A factory is a building with machines for making valued goods. Throughout the twentieth century, most of the capital in the United States was represented by stocks. A corporation owned capital. Ownership of the corporation in turn took the form of shares of stock. Each share of stock represented a proportionate share of the corporation. The stocks were bought and sold on stock exchanges, of which the most important was the New York Stock Exchange located on Wall Street in Manhattan.

Throughout the 1920s a long boom took stock prices to peaks never before seen. From 1920 to 1929 stocks more than quadrupled in value. Many investors became convinced that stocks were a sure thing and borrowed heavily to invest more money in the market.

But in 1929, the bubble burst and stocks started down an even more precipitous cliff. In 1932 and 1933, they hit bottom, down about 80% from their highs in the late 1920s. This had sharp effects on the economy. Demand for goods declined because people felt poor because of their losses in the stock market. New investment could not be financed through the sale of stock, because no one would buy the new stock.

But perhaps the most important effect was chaos in the banking system as banks tried to collect on loans made to stockmarket investors whose holdings were now worth little or nothing at all. Worse, many banks had themselves invested depositors' money in the stockmarket. When word spread that banks' assets contained huge uncollectable loans and almost worthless stock certificates, depositors rushed to withdraw their savings. Unable to raise fresh funds from the Federal Reserve System, banks began failing by the hundreds in 1932 and 1933.

By the inauguration of Franklin D. Roosevelt as president in March 1933, the banking system of the United States had largely ceased to function. Depositors had seen $140 billion disappear when their banks failed. Businesses could not get credit for inventory. Checks could not be used for payments because no one knew which checks were worthless and which were sound.

Roosevelt closed all the banks in the United States for three days - a "bank holiday." Some banks were then cautiously re-opened with strict limits on withdrawals. Eventually, confidence returned to the system and banks were able to perform their economic function again. To prevent similar disasters, the federal government set up the Federal Deposit Insurance Corporation, which eliminated the rationale for bank "runs" - to get one's money before the bank "runs out." Backed by the FDIC, the bank could fail and go out of business, but then the government would reimburse depositors. Another crucial mechanism insulated commercial banks from stock market panics by banning banks from investing depositors' money in stocks.

HCM City stock exchange ups ante



HCM CITY — Onlycompanies with at least VND80 billion (US$5 million) in authorised capital will
be allowed to list in HCM City.

State Securities Commission Chairman Vu Bang told reporters on the sidelines of a Listed Company Club and investors’ meeting last Saturday in HCM City that a draft decree to guide the Securities Law had been submitted to the Government.

Under the decree, expected to be approved early next year, companies already listed but with less than
VND80 billion equity would have two years to increase their capital failing which they would be moved to the Ha Noi exchange.

Bang said the HCM City bourse would target major institutions in industries like banking, insurance,
and telecom.

FPT lists this week

The Vietnamese markets moved erratically during the past week but with more ups than downs, propelled
by the impending listing of several blue chips.

The VN Index closed almost 65 points higher at 696.12 even though two out of the three trading sessions
last Friday were cancelled due to technical problems at the HCM City Securities Trading Centre.

The Corporation for Financing and Promoting Technology (FPT) will list in HCM City on Wednesday.

FPT is a market leader in systems integration, mobile phone distribution, software production, and telecom
and internet services. It recently opened a software engineering university.

Big names like Intel Capital and Texas Pacific Group have invested US$36.5 million in FPT, whose
equity capital now stands at over VND608 billion ($38 million). Its shares were traded unofficially at 20 times their face value.

It will be followed the next day by Thu Duc Housing Development Corporation (TDH). With capital of
VND170 billion ($10.6 million) it will be the first property company to list. It is owned by various institutional and individual investors including major companies like the HCM City Securities Company, Saigon Securities Inc, Amersham Industries Ltd, and Vietnam Dragon Fund Ltd.

The Hong Kong and Shanghai Banking Corp rates TDH as one of Viet Nam’s top 15 blue chip companies.

The 16-year-old joint-stock company has invested in more than 30 housing projects including An Phu and Binh An, and has eight others under construction, including Cantavil and Hiep Phu.

It is also a major financial investor with VND250 billion ($15.6 million) in Phuoc Long Textile Joint Stock Co., HCM City Housing Development Bank, and Prudential Balanced Investment Fund 1. Its chairman, Le Chi Hieu, said the company would begin to offer new services like property management and brokerage.

It made a profit of VND38 billion ($2.7 million) last year and VND40 billion in the first three quarters
this year.

Securities firm to debut

Saigon Securities (SSI), among Viet Nam’s first securities companies, will this Friday become the first
company from the industry to list on the Ha Noi Securities Trading Centre.

SSI has an equity of VND500 billion ($31.25 million) and total assets of over VND2.5 trillion ($156.25 million).

It services over two-thirds of all foreign stock market investors and consulted for 17 major companies listed in HCM City.

It expects net profits this year of VND148 billion ($9.25 million) and VND302 billion next year, and to
pay annual dividends of 30 per cent until 2009. — VNS

see details: VietNam News

Vietnam Health Overview

An outbreak of bird flu in 2004 claimed numerous human lives; recent outbreaks have also resulted in human fatalities. Avian flu in poultry has now spread to numerous provinces and cities across Vietnam. All care should be taken to avoid contact with live poultry and visitors are advised to exercise caution when eating poultry dishes, particularly raw or undercooked poultry products. Other health risks in the country include Hepatitis A and E, typhoid, Japanese encephalitis, dengue fever, bilharzia, diarrhoea, meningitis, rubella and HIV/AIDS. Malaria prophylaxis is recommended for travel outside the main cities and towns, the Red River delta and north of Nha Trang. There has been an increase in the amount of deaths relating to dengue fever in recent months, and visitors should take care to protect themselves from mosquito bites during the day, especially just after dawn and just before dusk, particularly in the southern Mekong Delta region. Travellers should seek medical advice about vaccinations at least three weeks before leaving for Vietnam and ensure they have adequate insect protection. Typhoid can be a problem in the Mekong Delta. Those arriving from an infected area require a yellow fever vaccination certificate. Water is potable, but visitors usually prefer to drink bottled water. Decent health care is available in Hanoi and Ho Chi Minh City (Saigon) with English-speaking doctors, and there is a surgical clinic in Da Nang, but more complicated treatment may require medical evacuation. Pharmacies throughout the country are adequate, but check expiry dates of medicines carefully. Health insurance is essential.

View information on diseases: Schistosomiasis (bilharzia), Malaria, Japanese encephalitis, HIV/AIDS and Sexually Transmitted Diseases, Hepatitis E, Hepatitis A, Dengue Fever, Typhoid fever

Schistosomiasis (bilharzia)

Cause: Several species of parasitic blood flukes (trematodes), of which the most important are Schistosoma mansoni, S. japonicum and S. haematobium. Transmission: Infection with bilharzia occurs in fresh water containing larval forms (cercariae) of schistosomes, which develop in snails. The free-swimming larvae penetrate the skin of individuals swimming or wading in water. Snails become infected as a result of excretion of eggs in human urine or faeces. Nature of the disease: Chronic conditions in which adult flukes live for many years in the veins (mesenteric or vesical) of the host where they produce eggs, which cause damage to the organs in which they are deposited. The symptoms of bilharzias depend on the main target organs affected by the different species, with S. mansoni and S. japonicum causing hepatic and intestinal signs and S. haematobium causing urinary dysfunction. The larvae of some schistosomes of birds and other animals may penetrate human skin and cause a self-limiting dermatitis, "swimmers itch". These larvae are unable to develop in humans. Geographical distribution: S. mansoni occurs in many countries of sub-Saharan Africa, in the Arabian peninsula, and in Brazil, Suriname and Venezuela. S. japonicum is found in China, in parts of Indonesia, and in the Philippines (but no longer in Japan). S. haematobium is present in sub-Saharan Africa and in eastern Mediterranean areas. Risk for travellers: In endemic areas, travellers are at risk to bilharzias while swimming or wading in fresh water. Prophylaxis (protective treatment): None. Precautions: Avoid direct contact (swimming or wading) with potentially contaminated fresh water in endemic areas. In case of accidental exposure, dry the skin vigorously to reduce penetration by cercariae. Avoid drinking, washing, or washing clothing in water that may contain cercariae. Water can be treated to remove or inactivate cercariae by paper filtering or use of iodine or chlorine. Source: WHO.

Malaria

General considerations: Malaria is a common and life-threatening disease in many tropical and subtropical areas. It is currently endemic in over 100 countries, which are visited by more than 125 million international travellers every year. Each year many international travellers fall ill with malaria while visiting countries where the disease is endemic, and well over 10,000 fall ill after returning home. Fever occurring in a traveller within three months of leaving a malaria-endemic area is a medical emergency and should be investigated urgently. Cause: Human malaria is caused by four different species of the protozoan parasite Plasmodium: Plasmodium falciparum, P. vivax, P. ovale and P. malariae. Transmission: The malaria parasite is transmitted by various species of Anopheles mosquitoes, which bite mainly between sunset and sunrise. Nature of the disease: Malaria is an acute febrile illness with an incubation period of 7 days or longer. Thus, a febrile illness developing less than one week after the first possible exposure is not malaria. The most severe form is caused by P. falciparum, in which variable clinical features include fever, chills, headache, muscular aching and weakness, vomiting, cough, diarrhoea and abdominal pain; other symptoms related to organ failure may supervene, such as: acute renal failure, generalized convulsions, circulatory collapse, followed by coma and death. It is estimated that about 1% of patients with P. falciparum infection die of the disease. The initial symptoms, which may be mild, may not be easy to recognize as being due to malaria. It is important that the possibility of falciparum malaria is considered in all cases of unexplained fever starting at any time between the seventh day of first possible exposure to malaria and three months (or, rarely, later) after the last possible exposure, and any individual who experiences a fever in this interval should immediately seek diagnosis and effective treatment. Early diagnosis and appropriate treatment can be life-saving. Falciparum malaria may be fatal if treatment is delayed beyond 24 hours. A blood sample should be examined for malaria parasites. If no parasites are found in the first blood film but symptoms persist, a series of blood samples should be taken and examined at 6-12-hour intervals. Pregnant women, young children and elderly travellers are particularly at risk. Malaria in pregnant travellers increases the risk of maternal death, miscarriage, stillbirth and neonatal death. The forms of malaria caused by other Plasmodium species are less severe and rarely life-threatening. Prevention and treatment of falciparum malaria are becoming more difficult because P. falciparum is increasingly resistant to various antimalarial drugs. Of the other malaria species, drug resistance has to date been reported for P. vivax, mainly from Indonesia (Irian Jaya) and Papua New Guinea, with more sporadic cases reported from Guyana. P. vivax with declining sensitivity has been reported for Brazil, Colombia, Guatemala, India, Myanmar, the Republic of Korea, and Thailand. P. malariae resistant to chloroquine has been reported from Indonesia. Geographical distribution: The risk for travellers of contracting malaria is highly variable from country to country and even between areas in a country. In many endemic countries of Latin America and the Caribbean, Asia and the Mediterranean region, the main urban areas, but not necessarily the outskirts of towns, are free of malaria transmission. However, malaria can occur in main urban areas in Africa and India. There is usually less risk of the disease at altitudes above 1,500 metres, but in favourable climatic conditions it can occur at altitudes up to almost 3,000 metres. The risk of infection may also vary according to the season, being highest at the end of the rainy season. There is no risk of malaria in many tourist destinations in South-East Asia, Latin America and the Caribbean. Source: WHO.

Japanese encephalitis

Cause: Japanese encephalitis (JE) virus, which is a flavivirus. Transmission: The Japanese encephalitis virus is transmitted by various mosquitoes of the genus Culex. It infects pigs and various wild birds as well as humans. Mosquitoes become infective after feeding on viraemic pigs or birds. Nature of the disease: Most infections are asymptomatic (e.g. cause no symptoms). In symptomatic cases, severity varies; mild infections are characterized by febrile headache or aseptic meningitis. Severe cases have a rapid onset and progression, with headache, high fever and meningeal signs. Permanent neurological sequelae are common among survivors. Approximately 50% of severe clinical cases have a fatal outcome. Geographical distribution: Japanese encephalitis occurs in a number of countries in Asia and occasionally in northern Queensland, Australia. Risk for travellers: Low for most travellers. Visitors to rural and agricultural areas in endemic countries may be at risk, particularly during epidemics of JE. Prophylaxis (protective treatment): Vaccination, if justified by likelihood of exposure. Precautions: Avoid mosquito bites.

Source: WHO.

HIV/AIDS and Sexually Transmitted Diseases

The most important sexually transmitted diseases and infectious agents are HIV/AIDS, hepatitis B, syphilis, gonorrhoea, chlamydia infections, trichomoniasis, chancroid, genital herpes and genital warts. Transmission: Infection occurs during unprotected sexual intercourse. Hepatitis B, HIV and syphilis may also be transmitted in contaminated blood and blood products, by contaminated syringes and needles used for injection, and potentially by unsterilized instruments used for acupuncture, piercing and tattooing. Nature of the diseases: Most of the clinical manifestations are included in the following syndromes: genital ulcer, pelvic inflammatory disease, urethral discharge and vaginal discharge. However, many infections are asymptomatic. Sexually transmitted infections are a major cause of acute illness, infertility, long-term disability and death, with severe medical and psychological consequences for millions of men, women and children. Apart from being serious diseases in their own right, sexually transmitted infections increase the risk of HIV infection. The presence of an untreated disease (ulcerative or non-ulcerative) can increase by a factor of up to 10 the risk of becoming infected with HIV and transmitting the infection. On the other hand, early diagnosis and improved management of other sexually transmitted infections can reduce the incidence of HIV infection by up to 40%. Prevention and treatment of all sexually transmitted infections are therefore important for the prevention of HIV infection. Geographical distribution: Worldwide. Sexually transmitted infections have been known since ancient times; they remain a major public health problem, which was compounded by the appearance of HIV/AIDS around 1980. An estimated 340 million episodes of curable sexually transmitted infections (chlamydial infections, gonorrhoea, syphilis, trichomoniasis) occur throughout the world every year. Viral infections, which are more difficult to treat, are also very common in many populations. Genital herpes is becoming a major cause of genital ulcer, and subtypes of the human papillomavirus are associated with cervical cancer. Risk for travellers: For some travellers there may be an increased risk of infection. Lack of information about risk and preventive measures and the fact that travel and tourism enhance the probability of having sex with casual partners increase the risk of exposure to sexually transmitted infections. In some developed countries, a large proportion of sexually transmitted infections now occur as a result of unprotected sexual intercourse during international travel. In addition to transmission through sexual intercourse (both heterosexual and homosexual-anal, vaginal or oral), most of these infections can be passed on from an infected mother to her unborn or newborn baby. Hepatitis B, HIV and syphilis are also transmitted through transfusion of contaminated blood or blood products and the use of contaminated needles. There is no risk of acquiring any sexually transmitted infection from casual day-to-day contact at home, at work or socially. People run no risk of infection when sharing any means of communal transport (e.g. aircraft, boat, bus, car, train) with infected individuals. There is no evidence that HIV or other sexually transmitted infections can be acquired from insect bites. Prophylaxis: There is a vaccination against hepatitis B. No prophylaxis is available for any of the other sexually transmitted diseases. Precautions: Male or female condoms, when properly used, have proved to be effective in preventing the transmission of HIV and other sexually transmitted infections, and for reducing the risk of unwanted pregnancy. Latex rubber condoms are relatively inexpensive, are highly reliable and have virtually no side-effects. The transmission of HIV and other infections during sexual intercourse can be effectively prevented when high-quality condoms are used correctly and consistently. Studies on serodiscordant couples (only one of whom is HIV-positive) have shown that, with regular sexual intercourse over a period of two years, partners who consistently use condoms have a near-zero risk of HIV infection. A man should always use a condom during sexual intercourse, each time, from start to finish, and a woman should make sure that her partner uses one. A woman can also protect herself from sexually transmitted infections by using a female condom - essentially, a vaginal pouch, which is now commercially available in some countries. It is essential to avoid injecting drugs for non-medical purposes, and particularly to avoid any type of needle-sharing to reduce the risk of acquiring hepatitis, HIV, syphilis and other infections from contaminated needles and blood. Medical injections using unsterilized equipment are also a possible source of infection. If an injection is essential, the traveller should try to ensure that the needles and syringes come from a sterile package or have been sterilized properly by steam or boiling water for 20 minutes. Patients under medical care who require frequent injections, e.g. diabetics, should carry sufficient sterile needles and syringes for the duration of their trip and a doctor's authorization for their use. Unsterile dental and surgical instruments, needles used in acupuncture and tattooing, ear-piercing devices, and other skin-piercing instruments can likewise transmit infection and should be avoided. Treatment: Travellers with signs or symptoms of a sexually transmitted disease should cease all sexual activity and seek medical care immediately. The absence of symptoms does not guarantee absence of infection, and travellers exposed to unprotected sex should be tested for infection on returning home. HIV testing should always be voluntary and with counselling. The sexually transmitted infections caused by bacteria, e.g. chancroid, chlamydia, gonorrhoea and syphilis, can be treated successfully, but there is no single antimicrobial that is effective against more than one or two of them. Moreover, throughout the world, many of these bacteria are showing increased resistance to penicillin and other antimicrobials. Treatment for sexually transmitted viral infections, e.g. hepatitis B, genital herpes and genital warts, is unsatisfactory due to lack of specific medication, and cure is difficult to achieve. The same is true of HIV infection, which in its late stage causes AIDS and is thought to be invariably fatal. Antiretroviral drugs cannot completely eradicate the HIV virus; treatment is expensive and complex and most countries have only a few centres that are able to provide it. Source: WHO.

Hepatitis E

Cause: Hepatitis E virus, which has not yet been definitively classified (formerly classified as Caliciviridae). Transmission: Hepatitis E is a waterborne disease usually acquired from contaminated drinking water. Direct faecal-oral transmission from person to person is also possible. There is no insect vector. It is suspected, but not proved, that hepatitis E may have a domestic animal reservoir host, such as pigs. Nature of the disease: The clinical features and course of the disease are generally similar to those of hepatitis A. As with hepatitis A, there is no chronic phase. Young adults are most commonly affected. In pregnant women there is an important difference between hepatitis E and hepatitis A: during the third trimester of pregnancy, hepatitis E takes a much more severe form with a case-fatality rate reaching 20%. Geographical distribution: Worldwide. Most cases, both sporadic and epidemic, occur in countries with poor standards of hygiene and sanitation. Risk for travellers: Travellers to developing countries may be at risk of hepatitis E when exposed to poor conditions of sanitation and drinking water control. Prophylaxis (protective treatment): None. Precautions: Travellers should follow the general conditions for avoiding potentially contaminated food and drinking-water. Source: WHO.

Hepatitis A

Cause: Hepatitis A virus, a member of the picornavirus family. Transmission: The virus is acquired directly from infected persons by the faecal-oral route or by close contact, or by consumption of contaminated food or drinking water. There is no insect vector or animal reservoir (although some non-human primates are sometimes infected). Nature of the disease: An acute viral hepatitis with abrupt onset of fever, malaise, nausea and abdominal discomfort, followed by the development of jaundice a few days later. Infection in very young children is usually mild or asymptomatic (e.g. causes no symptoms); older children are at risk of symptomatic disease. The disease is more severe in adults, with illness lasting several weeks and recovery taking several months; case-fatality is greater than 2% for those over 40 years of age and 4% for those over 60. Geographical distribution: Worldwide, but most common where sanitary conditions are poor and the safety of drinking water is not well controlled. Risk for travellers: Non-immune travellers to developing countries are at significant risk of infection. The risk is particularly high for travellers exposed to poor conditions of hygiene, sanitation and drinking water control. Prophylaxis (protective treatment): Vaccination. Precautions: Travellers who are non-immune to hepatitis A (i.e. have never had the disease and have not been vaccinated) should take particular care to avoid potentially contaminated food and water. Source: WHO.

Dengue Fever

Cause: The dengue virus - a flavivirus of which there are four serotypes. Transmission: Dengue fever is transmitted by the Aedes aegypti mosquito, which bites during daylight hours. There is no direct person-to-person transmission. Monkeys act as a reservoir host in south-east Asia and west Africa. Nature of the disease: Dengue occurs in three main clinical forms: Dengue fever is an acute febrile illness with sudden onset of fever, followed by development of generalized symptoms and sometimes a macular skin rash. It is known as "breakbone fever" because of severe muscular pains. The fever may be biphasic (i.e. two separate episodes or waves of fever). Most patients recover after a few days; Dengue haemorrhagic fever has an acute onset of fever followed by other symptoms resulting from thrombocytopenia, increased vascular permeability and haemorrhagic manifestations; Dengue shock syndrome supervenes in a small proportion of cases. Severe hypotension develops, requiring urgent medical treatment to correct hypovolaemia. Without appropriate treatment, 40-50% of cases are fatal; with timely therapy, the mortality rate is 1% or less. Geographical distribution: Dengue fever is widespread in tropical and subtropical regions of central and south America and south and south-east Asia and also occurs in Africa; in these regions, dengue is limited to altitudes below 600 metres (2,000 feet). Risk for travellers: There is a significant risk for travellers in areas where dengue fever is endemic and in areas affected by epidemics of dengue. Prophylaxis (protective treatment): None. Precautions: Travellers should take precautions to avoid mosquito bites both during the day and at night in areas where dengue occurs. Source: WHO.

Typhoid fever

Cause: Salmonella typhi, the typhoid bacillus, which infects only humans. Similar paratyphoid and enteric fevers are caused by other species of Salmonella, which infect domestic animals as well as humans. Transmission: Infection with typhoid fever is transmitted by consumption of contaminated food or water. Occasionally direct faecal-oral transmission may occur. Shellfish taken from sewage-polluted beds are an important source of infection. Infection occurs through eating fruit and vegetables fertilized by night soil and eaten raw, and milk and milk products that have been contaminated by those in contact with them. Flies may transfer infection to foods, resulting in contamination that may be sufficient to cause human infection. Pollution of water sources may produce epidemics of typhoid fever, when large numbers of people use the same source of drinking water. Nature of the disease: Typhoid fever is a systemic disease of varying severity. Severe cases are characterized by gradual onset of fever, headache, malaise, anorexia and insomnia. Constipation is more common than diarrhoea in adults and older children. Without treatment, the disease progresses with sustained fever, bradycardia, hepatosplenomegaly, abdominal symptoms and, in some cases, pneumonia. In white-skinned patients, pink spots (papules), which fade on pressure, appear on the skin of the trunk in up to 50% of cases. In the third week, untreated cases develop additional gastrointestinal and other complications, which may prove fatal. Around 2-5% of those who contract typhoid fever become chronic carriers, as bacteria persist in the biliary tract after symptoms have resolved. Geographical distribution: Worldwide. The disease occurs most commonly in association with poor standards of hygiene in food preparation and handling and where sanitary disposal of sewage is lacking. Risk for travellers: Generally low risk for travellers, except in parts of north and west Africa, in south Asia and in Peru. Elsewhere, travellers are usually at risk only when exposed to low standards of hygiene with respect to food handling, control of drinking water quality, and sewage disposal. Prophylaxis (protective treatment): Vaccination. Precautions: Observe all precautions against exposure to foodborne and waterborne infections.

Source: WHO.

Vietnam Basics

Time: GMT +7.
Electricity: 220 volts, 50Hz. Plugs are either the two flat-pin or the two round-pin type. Three rectangular blade plugs can be found in some of the newer hotels.
Language: The official language is Vietnamese. Some Chinese, English and French are spoken. Tour guides can also speak Russian and Japanese. Numerous ethnic languages are also spoken in parts.
Health: An outbreak of bird flu in 2004 claimed numerous human lives; recent outbreaks have also resulted in human fatalities. Avian flu in poultry has now spread to numerous provinces and cities across Vietnam. All care should be taken to avoid contact with live poultry and visitors are advised to exercise caution when eating poultry dishes, particularly raw or undercooked poultry products. Other health risks in the country include Hepatitis A and E, typhoid, Japanese encephalitis, dengue fever, bilharzia, diarrhoea, meningitis, rubella and HIV/AIDS. Malaria prophylaxis is recommended for travel outside the main cities and towns, the Red River delta and north of Nha Trang. There has been an increase in the amount of deaths relating to dengue fever in recent months, and visitors should take care to protect themselves from mosquito bites during the day, especially just after dawn and just before dusk, particularly in the southern Mekong Delta region. Travellers should seek medical advice about vaccinations at least three weeks before leaving for Vietnam and ensure they have adequate insect protection. Typhoid can be a problem in the Mekong Delta. Those arriving from an infected area require a yellow fever vaccination certificate. Water is potable, but visitors usually prefer to drink bottled water. Decent health care is available in Hanoi and Ho Chi Minh City (Saigon) with English-speaking doctors, and there is a surgical clinic in Da Nang, but more complicated treatment may require medical evacuation. Pharmacies throughout the country are adequate, but check expiry dates of medicines carefully. Health insurance is essential.
Tipping: Most restaurants and hotels now add a 5 to 10% service charge to their bills, but a further 5% for good service is greatly appreciated in more upmarket places. In top hotels porters expect a small tip. Hired drivers and guides are usually tipped, and it is customary to round up the bill for taxi drivers in the cities. Tipping is not generally expected, but some small change for most services is appreciated.
Safety: Travel in Vietnam is generally safe and violent crime is uncommon. Pick-pocketing is rife, and in Ho Chi Minh City (Saigon) drive-by purse snatching is a common trick. When transferring from airports only use pre-arranged hotel pickups or licensed taxis to avoid theft from opportunists. It is best to leave valuables in a secure hotel safe and avoid obvious displays of wealth. During the monsoon season (usually between June and October) the country is prone to serious flooding and typhoons (until December), particularly the Mekong Delta and Central Region, and has resulted in isolation of areas and damage to infrastructure.
Customs: Shorts should be avoided away from the beaches if possible. Shoes must be removed on entering religious sites and a donation is expected when visiting a temple or pagoda. Photography is restricted at ports, harbours and airports, and it is polite to ask permission before taking photographs of people, especially of ethnic minorities. Never leave chopsticks sticking upright in a bowl of rice as it has strong death connotations.
Business: Business practices in Vietnam are conducted in a similar fashion to those of China, Japan and Korea rather than their Southeast Asian counterparts. Pride and tact are important to bear in mind, as practices tend to be formalised more so than in Western countries. Often it is best to be introduced rather than approach the person with whom business is intended for fear of suspicion. Negotiations and settlements may take longer as the Vietnamese like to examine contracts thoroughly. Formal dress is common but in summer months the dress tends to be more casual. It is important to be on time for business appointments as the Vietnamese consider lateness rude. The person is always addressed as Mr., Mrs., and Ms., followed by their personal name (not family name), unless otherwise referred. It is worth finding out in advance. Shaking hands with both hands is the most respectful greeting although bowing is still popular among the older population, and meetings always begin with the exchange of business cards, which should be given and received with both hands; each person expects to receive one, so be sure to bring a vast supply. Business hours are typically 8am to 5pm Monday to Friday with an hour taken at lunch, and 8am to 11.30am on Saturdays.
Communications: The international country code is +84. The outgoing code is 00, followed by the relevant country code (e.g. 001 for the United States or Canada). City/area codes are in use, e.g. Hanoi is (0)4 and Ho Chi Minh City is (0)8. GSM 900 mobile networks cover the major urban areas. Internet cafes are available in Hanoi, Ho Chi Minh City and Internet access is often available at post offices in rural areas.
Duty Free: Travellers to Vietnam over 18 years do not have to pay duty on the following items: 400 cigarettes, 100 cigars or 500g tobacco; 1.5 litres alcohol with alcohol content higher than 22% and 2 litres below 22%; up to 5kg tea and 3kg coffee; perfume and items for personal consumption within reasonable amounts; other goods to the value of 5 million Vietnamese dong.

Monday, December 25, 2006

Vietnam Stock Exchange

The Stock Trading Center of Vietnam (‘STC’), located in Ho Chi Minh City, was officially inaugurated on July 20, 2000, and trading commenced on July 28, 2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). As of this date, an additional 20 issues are also listed with a current market capitalization of US$239m.

The Stock Trading Center of Vietnam is also the official mechanism through which new government bonds are issued, and it functions as the secondary market for a number of existing bond issues. As of this date there are 120 listed bonds with a total market capitalization of US$866m. All securities traded on the Stock Trading Center of Vietnam are denominated in Vietnamese Dong. Par valued is standardized at VND10,000 for equities and VND100,000 for bonds. Trading is conducted daily with two matchings in a morning session, from 9A.M. to 11A.M.

The State Securities Commission (‘SSC’), a body established formally in 1996, is responsible for capital markets development, licensing of participants, and the issue and enforcement of regulations. A wide range of regulations, with significant input from multilateral bodies such as the International Finance Corporation, have been promulgated, including those dealing with such issues as insider trading, take-over trigger points and margin lending. In order to be listed, a company must have been profitable for at least 2 years, have a minimum capitalization of VND5b (approximately US$318,000), and have at least 50 shareholders who are not employees of the company, holding at least 20% of stake. Foreign invested joint venture companies are technically qualified to list, but in order to do so, they must be reorganized into joint stock company status. Companies intending to list must also submit to audit by an approved, independent auditing company.

At the beginning, an overall foreign ownership limit of 20% for equities and 40% for bonds were implemented. In July 2003, in a bid to improve liquidity, the government raised the foreign ownership limit for equities to 30% and totally removed foreign ownership limit of a particular issuer’s bonds. Foreign participants on the Stock Trading Center of Vietnam must register through a custodian licensed to hold securities on behalf of foreigners. Once registered, a securities transaction code is issued to the foreign investor that will permit securities trading.

The mechanism of trading on the Stock Trading Center of Vietnam is via an automated order-matching system. The capacity of the system is 300,000 orders per day. Currently, trading limits of 5% (for bonds and equities) either side of the previous close apply. No price restrictions have been set for newly listed securities but price caps were applied in the case of the very first day of the market’s operations.

Settlement is centralized through the Stock Trading Center of Vietnam using the Bank of Investment and Development of Vietnam (BIDV), a state-owned commercial bank. Several other domestic banks and securities companies have been authorized to accept custody of securities, with HSBC’s and Deutsche bank’s Ho Chi Minh City branches currently the only banks providing custody services for foreign investors. Custody is based on a central depository, central registry book entry system.

Presently, there are thirteen licensed securities companies. Of these, nine have been licensed to conduct a full range of securities services including underwriting, brokerage, custody, research, portfolio management and trading. The minimum capital required to operate effectively as an investment bank is VND43b (c. US$2.7m).

The current market capitalization is now US$239m for equities and US$866m for government bonds.

With the World Bank estimating domestic savings of some US$5b outside the official economy, considerable liquidity could flow into the securities markets in time. The SSC in conjunction with the Asian Development bank have formulated a development plan for Vietnam’s Capital markets which if successfully implemented would result in 100 listed companies on the Ho Chi Minh Exchange and a similar number on the Hanoi exchange by the end of 2005 with an associated total market capitalization of between 2 and 3 percent of GDP.


see details: Vietnam Stock Exchange