The "$US1billion club" became a one-member club late last week after the other remaining members withdrew due to the continued fall of the market. In early April 2008, when the VN Index was over 500 points, four companies still had the market capitalisation value at over $1bil (VND17tril), namely Vinamilk (VNM), Phu My Fertiliser (DPM), Sacombank (STB) and Asia Commercial Bank (ACB).

Governor of the State Bank of Vietnam Nguyen Van Giau talks about the main points of the monetary policies the bank will pursue in the time to come.

Jonathan Pincus, senior economist under UNDP in Vietnam, now works for the Fulbright Economics Teaching Programme (FETP), believes that Vietnam send capital to places which can create profit from that capital.

Vietnam is seen as the most attractive new emerging market, topping a list of 10 tomorrow’s high growth markets, said a United Kingdom Trade & Investment (UKTI)’s report.

Panel speakers at the conference on international investment in Vietnam, held by the National Committee on International Economic Cooperation in HCM City November 11, believe that Vietnam’s inflation rate may go down to one digit by the end of 2009 instead of the previously forecasted 12-14%.

The two-day international forum, which focuses this year on ways to sustain Viet Nam’s growth, is organised by the Ministry of Planning and Investment in co-ordination with Vietnam News Agency (VNA) and the Asia News Network, an organisation grouping 19 Asian newspapers.

Governor of the State Bank of Vietnam Nguyen Van Giau affirmed at a recent meeting with businesses in HCM City that non-performing real estate loans are not considerable. According to Giau, by the end of October 2008, outstanding real estate loans had reached VND61tril. These outstanding loans can be divided into nine categories.

The State Bank of Viet Nam started purchasing foreign currency and yesterday depreciated the dong by 0.03 per cent against last Friday, bringing the US dollar exchange rate to VND16,514.

Commercial banks are now striving to push up loaning, while paying attention to all walks of clients, except securities investors. However, there seems to be problems in capital absorption.

When asked what Vietnam should do in the event of a global economic recession triggered by the US financial crisis, Dr Vo Tri Thanh, Director of the Department for International Integration Studies under the Central Institute of Economic Management (CIEM), said that Vietnam needs to stabilise the macroeconomy and keep confident.