Hứa thật nhiều, thất hứa cũng thật nhiều

Hứa thật nhiều, thất hứa cũng thật nhiều

From: Dickon Verey [mailtoickon.verey@mekongsecurities.com]
Sent: Wednesday, March 05, 2008 8:34 AM
To: ''Dickon Verey''
Subject: Deputy PM Talk



After the close yesterday the Deputy PM made comments about the Government''s plans for the economy and more pointedly our ailing equity market.

We think the comments are broadly positive (particularly the fact their might be more reasonably priced IPO''s in the future and the SCIC buyback program) but we will wait for real clear action before seeing this as anything to get really excited about. In the past policies have been somewhat contradicted so we need to see true committment before seeing this as any kind of long-term or even short-term turning point for the market.
Here are the key points:

The Deputy PM stated yesterday afternoon that the Government will look into building policy along the following lines:



SBV will consider raising compulsory reserves and issuing additional compulsory Treasury bills.
Continue to buy foreign currency, issue more government bonds and adjust the USD/VND rate within the 2% trading band
Control real estate speculation through lending limits and taxation
Request more reasonable pricing for coming IPOs.
Allow State Capital Investment Company (SCIC) to buy highly liquid stocks to stabilize the market if necessary.
Allow the establishment of 100% foreign-owned fund management companies.
Stipulate room for foreign investors in the OTC market.




Dickon Henry Verey | Head of Trading
MEKONG -SECURITIES-