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Viewing cable 08HANOI938, VIETNAM ECONOMIC HIGHLIGHTS: FUEL PRICE HIKES TEMPER GOOD

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Reference ID Created Released Classification Origin
08HANOI938 2008-08-13 04:16 2011-08-25 00:00 UNCLASSIFIED Embassy Hanoi
VZCZCXRO9167
RR RUEHCHI RUEHDT RUEHFK RUEHHM RUEHKSO RUEHNAG RUEHNH RUEHPB
DE RUEHHI #0938 2260416
ZNR UUUUU ZZH
R 130416Z AUG 08
FM AMEMBASSY HANOI
TO RUEHC/SECSTATE WASHDC 8296
INFO RUEHHM/AMCONSUL HO CHI MINH 5008
RUCNASE/ASEAN MEMBER COLLECTIVE
RUEHZU/ASIAN PACIFIC ECONOMIC COOPERATION
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
UNCLAS HANOI 000938 
 
SIPDIS 
 
SINGAPORE FOR TREASURY 
TREASURY FOR SCHUN 
USTR FOR DBISBEE 
STATE FOR EEB/IFD 
 
E.O. 12958: N/A 
TAGS: EFIN EAID ECPS ECON EAGR ETRD VM
SUBJECT:  VIETNAM ECONOMIC HIGHLIGHTS: FUEL PRICE HIKES TEMPER GOOD 
NEWS, SOE BANK GROWTH FROZEN 
 
REF: A) HANOI 846 (Gas Price Increase Fuels Inflation, Unhappiness); 
B) HANOI 830 (Car Sales Take Ride on GVN Tax Rollercoaster); C) 
HANOI 739 (Vietnam to Resume Rice Exports in July) 
 
1. (U) This cable is part of an ongoing series on developing 
economic stories in Vietnam. 
 
VN INDEX AND INFLATION IMPROVE BEFORE FUEL PRICE INCREASES 
--------------------------------------------- ---- 
 
2. (U) Although Vietnam's inflation declined and the stock market 
went up during July, the fuel price hike announced on July 21 (REF 
A) is expected to hamper progress on those fronts.  Consumer prices 
rose 1.1 percent in July, the slowest rate since October 2007.  The 
fuel price hike, however, will likely drive inflation up by as much 
as 3 percent during August, according to international investment 
firms, bringing Vietnam's inflation, already at 27 percent year on 
year, up to as high as 30 percent or more.  The VN Index, meanwhile, 
after gaining on 18 of the 20 trading days preceding the fuel hike 
announcement, slumped 9 percent the day after.  In a move to dampen 
the effects of the fuel price increase, the GVN banned price 
increases for electricity, coal, water, and bus transportation for 
the rest of 2008. 
 
BUOYED BOND MARKET 
------------------ 
 
3. (U) July's more positive trade and inflation numbers, higher 
foreign investment, and stock market gains helped buoy Vietnam's 
bond market, as yields fell by 185 basis points the last week of 
July.  The Vietnamese bond market also saw notable activity on 
August 8, when the Government of Vietnam (GVN) auctioned $33.5 
million of a planned $59.7 million of bonds.  Proceeds from the 
bonds will fund major infrastructure projects such as roads, 
bridges, and ports. 
 
 
GVN ENCOURAGES RICE EXPORTS 
--------------------------- 
 
4. (U) The GVN has expanded its rice export target for the year from 
4.5 to 4.6 million tons as farmers were unable to sell their bumper 
harvest domestically.  On June 18, the GVN capped rice exports for 
the 3rd Quarter of 2008 at 1 million tons (REF C) and on July 21 
announced a first ever export tax on rice, but Vietnamese farmers 
have accumulated stockpiles amidst disappointing sales.  Though 
export enterprises have signed contracts to export 3.6 million tons 
of rice by the end of September, Vietnam had only exported 2.8 
million tons by the end of July.  In response, Prime Minister Dung 
has asked government ministries and food corporations to buy more 
rice from farmers, urging them to make sure that farmers receive a 
profit of 40 percent or more.  He also asked rice export companies 
to accelerate their shipments and asked the State Bank of Vietnam 
not to apply export taxes to rice exports selling for less than $800 
per ton. 
 
STATE BANK AIMS TO SLOW SOE BANKING ACTIVITIES 
------------------------------------------ 
 
5. (U) On August 8, the State Bank of Vietnam (SBV) temporarily 
halted the establishment of new joint stock commercial banks while 
the SBV works to revise their establishment criteria.  The SBV will 
also stop processing all "in-principle" approvals that are currently 
pending.  The action appears to be directed at large state-owned 
enterprises intent on setting up their own banks.  The SBV confirms 
that this licensing freeze applies only to domestic banks but will 
not reveal when the suspension will be lifted or when the revised 
criteria will be released.  From January to July 2008, the SBV 
granted "in-principle" approvals for the establishment of 10 new 
joint stock commercial banks and granted operational licenses to two 
of those banks.  In addition, the GVN announced on July 29 new 
requirements for foreign banks and financial groups, stipulating 
that they must now have at least $10 billion in assets before they 
can set up in Vietnam.  The prior regulations, released in 2002, 
only required the submission of financial statements during the 
permit application process. 
 
MICHALAK