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BUSINESS IN BRIEF 28/12
Lexus
makes its Vietnamese debut
The
company will focus on consolidating the reputation of its trademarks and
ensuring the best quality of customer care.
Lexus
also inaugurated Lexus Sai Gon Centre, its first agent in
It
released the Vietnamese price listings for its LS460, GS350, ES350, LX570,
and RX350 models, which range from an entry level of VND2.5 billion to VND5.7
billion at their most expensive.
All
Lexus cars are imported from
Vietnamese
goods enjoy many advantages over Thai and Chinese competitors on Cambodian
markets.
The
Ministry of Industry and Trade’s Asia-Pacific Market Department highlighted
the strong trade ties uniting
Modern
transport infrastructure has facilitated particularly high export-import
turnovers.
Two-way
trade turnover reached US$3.3 billion in 2012, an annual increase of 17%.
The
Asia-Pacific Market Department said Cambodian consumers prefer Vietnamese
goods over their Thai equivalents because of quality and reasonable prices.
Thai
goods still vastly outnumber their Vietnamese competitors on the shelves of
Cambodian supermarkets.
Almost
all major Vietnamese companies operating in
They
are also reluctant to invest in Cambodian marketing and advertising
initiatives. Businesses should work on developing their trademarks’
reputations and expanding distribution channels.
The
Asia-Pacific Market Department approves of Vietnamese enterprise attempts to
compete with Thai rivals in design, pricing, packaging and distribution,
despite the considerable initial outlays such a strategy requires.
Experts
even recommend attempting to establish new distribution networks in
conjunction with out foreign investors.
The
numbers of Vietnamese businesses with Cambodian stores—serving consumers
directly—remains modest.
Vietnamese
enterprises would also benefit from gaining more of a purchase in Cambodian
supermarket franchises.
A
December 27 conference in
Representatives
from the Ministry of Foreign Affairs’ Multilateral Economic Cooperation
Department recounted the Party and State’s achievements in foreign policies
in recent times and orientations for comprehensive international integration
in the time ahead, Vietnam’s international economic integration in the
context of global economy, the establishment of the ASEAN economic community
by 2015, economic growth models along with issues related to a green economy
and economic diplomacy.
Over
the years, the city has established the ties of friendship and cooperation
with 32 foreign localities and over 150 international organizations. It also
has maintained investment and trade cooperation with more than 100 nations
and territories in the world.
Contract
inked for Thai Binh power plant construction
The
Electricity Vietnam (EVN) and the Marubeni Corporation from
The
Engineering, Procurement and Construction contract is worth US$819.6 million
and US$190.9 million.
At the
signing ceremony in Hanoi, EVN General Director Pham Le Thanh said the
project has an investment of VND26.5 trillion (US$1.3 billion), 85 percent of
which comes from the Japan International Cooperation Agency and the remainder
from EVN.
The
construction of the plant is scheduled to kick start in the first quarter of
2014.
The
first turbine is expected to operate in the last quarter of 2017 and the
second, in the second quarter of 2018. They will generate nearly 3.3 billion
kWh each year.
The
two-turbine plant is part of the two-plant Thai Binh Power Centre in Thai
Thuy district, Thai Binh province.
On
December 23, a contract to build the Vinh Tan Thermal Power Plant No. 4 in
the central
The
Vinh Tan No. 4 and Thai Binh plants are among power projects to become
operational in 2017-2018.
2013
- a booming year for Vietnamese exports to US
A
senior trade official has hailed 2013 as a successful year for Vietnamese
exporters in general, especially those ship goods to the
Dao
Tran Nhan, Minister Counsellor for Trade and head of the Vietnam Trade Office
in the
The
figure is significant as export to the
About
opportunities and challenges ahead, the counsellor emphasised that trade with
the
Dealing
with anti-dumping lawsuits and anti-subsidy issues, offering legal assistance
and clearing bottlenecks for Vietnamese exports are a major part of his
office’s workload.
He
forecast that
To
assist exporters to earn higher turnover and local negotiators in
Trans-Pacific Partnership deal, Nhan said his office has informed the
Ministry of Industry and Trade and concerned ministries and agencies about
trade barriers imposed by the
It
also made in-depth studies on new laws and disseminate them to the circle of
business players on a regular basis, making them aware of technical barriers
and others involved, he said.
Vietnam
enjoys trade surplus with Malaysia
According
to the Office of Commercial Affairs at the Vietnamese Embassy in
Computers
and electronic products topped the list of Vietnamese exports as they brought
home US$1.1 billion, followed by crude oil (US$879 million), mobile phones
and spare parts (US$596.5 million), and rubber (US$464 million).
The
country shipped 453,240 tonnes of rice to
Meanwhile,
As of
November 20,
Amended
provisions on construction contracts
With a
lump sum contract, the bidding package price and contract price must factor
in risks related to cost escalations while the contract is being
implemented.— File Photo
On 11
December 2013, the Government issued Decree No. 207/2013/ND-CP amending a
number of articles in Government Decree No. 48/2010/ND-CP (7 May 2010) that
deal with construction contracts.
Supplementing
a principle for signing construction contracts
The
Decree supplements the principle that a construction contract can only be
signed once the party awarding the contract has a valid plan to make payments
to the party that will execute it under the schedule specified in the
construction contract, except when the work must be constructed on an
emergency basis.
Conditions
for construction contract pricing
1.
Lump-sum: With a lump sum contract, the bidding package price and contract
price must factor in risks related to cost escalations while the contract is
being implemented.
The
lump sum contract price can only be applied for bidding packages at the time
of contractor selection and negotiations to sign a contract that can define
the contract volume, quality, performance progress and unit-price for
performing jobs; or in some cases, where it is not possible to determine the
volume and unit price (such as EC, EP, EPC and turnkey contracts), the
contract receiving party is qualified in terms of capacity and experience to
determine a lump sum contract price.
2.
Fixed unit-price: The unit price for contractual work must include risk
factors related to the escalation of costs during contract implementation.
The
fixed unit-price can only be applied for bidding packages at the time of
selecting contractors and negotiating to sign a contract where contract
quality, performance progress and unit-price to perform jobs can be defined,
but where the work volume is yet to be determined.
3.
Adjustable unit-price: This can be applied only for bidding packages at the
time of selecting contractors and negotiating contracts where the volume and
price escalation factors for unit-prices to perform contractual work cannot
be determined.
4.
Time-based and percentage pricing: These are applied for contracts for
construction investment consultation (excepting construction surveys) and
insurance for construction activities.
New
rule on guarantee for contract advance payment
Before
the awarding party makes an advance payment to the receiving party, the
latter must issue a guarantee to the former for funds equal to the advanced
amount. If the receiving party is a consortium of contractors, each member of
the consortium must give the awarding party a guarantee for contract advance
payment received, except in cases where consortium members agree to let the
consortium leader issue the guarantee for contract advance payment received.
The
effective term for guarantees issued for contract advance payments is
extended until the awarding party recovers the amount advanced. The value of
guarantee issued will fall corresponding to the amount of advance payment
recovered under the schedule agreed to by both parties.
This
Decree takes effect on 1 February 2014. Construction contracts that have been
signed and begun implementation before this date will not be affected by its
provisions.
SBV
looks to increase dong deposits
The
State Bank of Viet Nam (SBV) is determined to maintain the strength of the
Vietnamese dong, while speeding reforms to the nation's economic system and
resolving troubled loans.
Central
bank Governor Nguyen Van Binh has described 2013 as a successful year in
reforming the nation's monetary policy system.
"The
consistency of the monetary policy will continue in the coming years. Then,
we can confirm to those who have deposited Vietnamese dong in banks, and to
those who haven't, that they should be more confident about depositing their
money in banks. This investment channel is, indeed, secure and
attractive," Binh said.
Other
economic experts also repeated the central bank's recommendation to deposit
money in the banks.
Central
Institute for Economic Management (CIEM) Deputy Director Vo Tri Thanh added
that the central bank monetary policy, along with foreign exchange rates,
appeared to be more supportive of the Vietnamese dong than for the US dollar.
Le
Xuan Nghia, former deputy chairman of the National Financial Supervisory
Committee, also advised the public that savings was a good alternative for
investing their money.
And in
the current context of sluggish stock and real estate markets, if an investor
considers the interest against risks, savings appeared to be a popular
choice, said Quach Manh Hao, head of the finance and banking department at Ha
Noi National University's
However,
experts remain concerned that risks to the economy continue because of
attempts to revive the economy through public investment, which might cause
instability due to ineffective management and collaboration. Such potential
instability reduces the attractiveness of the dong, they add.
These
concerns might also become widespread throughout the public.
"I'm
not sure how safe and beneficial dong deposits would be. The only one thing I
know for sure is that I have to pay more and more for the same consumer items
than I previously did. I prefer deposits in foreign currencies, at least
until I can see some certainty," said Do Thi Hai, a retailer who just
converted her money to Euros.
In an
attempt to revive public confidence in the dong, as well as to help the
economy recover, the central bank has taken bold steps to restructure the
nine weakest banks, which were on the verge of a crisis after many years of
excessive credit growth and unsecured lending.
Under
the banking restructuring plan, and with an eye towards 2015, which was a
program initiated last April to improve the resilience of the money system,
the SBV has received proposals from 24 out of 25 joint stock commercial banks
and has given its approval to 11 of these proposals.
Handling
bad debt is the focus of the reforms. The Viet Nam Asset Management Company
(VAMC), which is monitored by the SBV, was launched in an attempt to clear
balance sheets and boost the liquidity of domestic banks.
Bad
debt currently is listed at VND142.3 trillion (US$6.78 billion) based upon
bank reports, according to deputy governor Le Minh Hung's statement early
this month. By the end of September,
Binh
added that the VAMC helped consolidate all bad debts, which would gradually
create a complete debt market for local and foreign investors to participate
in.
"Our
VAMC model is different from other models adapted in the world, however, it
suits the situation for our state budget. It hasn't resolved bad debt
completely, but it serves as a good instrument for all parties, including
banks, the economy and investors," Binh said.
In
another development, the State Bank of
If
farmers or agricultural enterprises prove that their projects would be
productive, they would then be given access to loans, Binh confirmed.
Viet
Nam's largest aquarium opens in Ha Noi
The
country's largest and most modern aquarium, Vincom Mega Mall (VMM)
The
aquarium has a capacity of 3 million litres of seawater and is home to
thousands of marine creatures and reptiles. Penguins, spider crabs, otters
and sea cows will be on display for the first time in the country.
According
to the investor Vingroup, VMM has over 300 stores and an Ocean Mart
hyper-market, spanning over 11,500sq m, a 15,000sq m food centre, and other
leisure attractions. The company said that 90 per cent of the mall has been
occupied by famous brands after they offered to pay seven months' rent.
Delta
needs aquaculture funds
The
Cuu Long (
According
to reports released at an aquaculture development seminar held in
Along
with rice and fruits, seafood is one of the major products of the Mekong
Delta region.
However,
aquaculture and exploitation has not developed as well as expected, according
to representatives of MARD at the seminar.
The
region's aquaculture sector must be re-adjusted so that it can be better
developed with diversified products and higher added value. Organised by
MARD, the Steering Board of the Southwest Region and the People's Committee
of Kien Giang Province, the seminar was held to promote investment in the
Mekong Delta's aquaculture industry.
According
to MARD, the master plan for the development of the country's aquaculture
industry towards 2020 with a vision to 2030 was approved by Prime Minister
Nguyen Tan Dung in August 2013.
It
required the establishment of a fishery centre in
The
plan also calls for the establishment of an aquaculture centre in Can Tho to
support the aquaculture areas in the Mekong Delta.
Vietnamese
shipbuilder launches logistics vessel
The
Song Thu shipyard, in co-operation with Damen Group from the
The
ship, which is 22.35m long and 4.96m wide, was built to transport commodities
offshore and travel as fast as 20 nautical miles per hour.
The Da
Nang-based corporation, which is a major ship builder in Viet Nam, has built
various vessels for export, including fast crew supply ships, rescue ships,
salvage tugs, drive tugs and patrol boats, for the Middle East, South
America, Europe and domestic market, with annual exports volume of US$55
million. The ship builder earned revenues of 1.5 trillion ($71 million) in
2013.
Domestic
rubber exports surpass $1b, causing trade surplus
This
information was released by Chairman of the HCM City Rubber and Plastic
Manufacturers Association Nguyen Quoc Anh at a recent press conference to
introduce a rubber and tyre exhibition to be held in the city.
Domestic
rubber exporters can now join the billion-dollar-club, he said, noting that
they must also work to improve the quality of their products.
Banks
loan $150m for offshore oil and gas exploration
PetroVietnam
Exploration and Production Corporation (PVEP) on Monday signed a credit
contract worth US$150 million with Vietcombank and Seabank for oil and gas
exploration and production in the technically difficult Blocks 10 and 11-1.
Vietcombank
will provide majority of the funding with a $125.25 million loan and Seabank
will provide a loan for the remaining $24.75 million.
Under
the agreement, the two sides have committed to maintaining a long-term and
effective relationship in several related sectors.
PVEP
general director Do Van Hanh said technical difficulties have necessitated a
large infusion of capital to complete the project.
Road
project sees long delay
The
construction of the Ca Na–Hiep Kiet route is behind schedule because of a
shortage in human and financial resources, according to local officials.
The
105-kilometre route along the coast of the central Ninh Thuan province, which
is being constructed at a total investment of VND4.55 trillion (US$216
million), is expected to become the main trading gateway between famous
coastal tourism destinations in the central provinces of Binh Thuan and Khanh
Hoa.
The
project is divided into eight phases, seven of which will be funded by
government bond sales of over VND4.35 trillion ($207 million), while the last
phase will receive support from a State budget-funded programme to develop
infrastructure.
The
construction, which officially began in October 2009, had been expected to
finish last year.
However,
only two of the eight phases have been completed, while the other phases are
still ongoing.
Some
project contractors were found to be incompetent, while others were found to
be executing other traffic projects at the same time, which led to delays in
the completion of the project, according to a report by the Ministry of
Transport.
"Although
the province's Transport Department has asked the contractors several times
to speed up progress on the project, the delays have continued," Pham
Van Dinh, the head of the Steering Committee of the province's Transport
Projects told the Nguoi Lao Dong (The Labourer) newspaper.
"The
department has reduced the work of three contractors who were executing
phases slowly and assigned those tasks to other contractors with better
capabilities," he added.
Dinh
noted that until now, only 35 per cent of the total investment, about VND1.6
trillion ($76 million), had been allocated to the project, which has led to
construction delays.
Orfarm
launches first organic showroom
To
celebrate the Christmas season and welcome the New Year, ORFARM officially
launched its first Organic Showroom in
With
this central location, ORFARM’s showroom is offering the first
made-in-Vietnam organic food brand, offered on a farm-to-customer basis and
bred following Japanese standards on Bau Chau Organic Farm in Hanoi’s Soc Son
district.
All
ORFARM products strictly follow
Orfarm
products ensure three main criteria: non-waste, non-insecticide, and
non-stimulus or harmful chemicals.
EM
advanced technology gives farms the potential to suppress putrefactive
microorganisms, dominate the sphere, and create re-animated surroundings,
which is to say, organics are transformed through the process of fermentation
as opposed to putrefaction and living organisms as well as inorganic
materials won’t deteriorate.
The
prices of Orfarm organic products are higher than non-organics but their
value to human health and the environment more than make up for this
difference. The products also aim to raise awareness of co-existence and
co-prosperity.
At
current, the Orfarm showroom provides organic pork, chicken, eggs, vegetables
and cold dishes including Jambon, Klobasa, Salami, sausages, bacon, and more,
all processed by a high-tech production line and following European style. To
the end of December, Orfarm is offering a special discount of 10 per cent off
all products and will be holding a month long promotion in January 2014. Home
delivery is available.
Dairy industry
milks new tech
The
application of modern technology is considered to be a decisive factor in
developing
Industry
insiders have affirmed applying more sophisticated technology in breeding
dairy cows and the production of fresh milk is the only way to boost the
sustainable development of
“Hi-tech
applications are key to the success of
The
firm’s experience of breeding dairy cows and producing fresh milk in the
central
According
to Huong, TH true MILK has made a total investment of $1.2 billion in the
large-scale project with a closed production process, equipped with the most
modern technology in
“Now
operational, TH true MILK’s project has already changed the structure of
“Modern
technology is a prerequisite factor in the development of
Yuval
Rachmilevitz, chairman of Afimilk, Israeli’s top manufacturer of milk
technology, said the expeditious way to sustainably develop
Rachmilevitz
said many Israeli firms wished to invest in
“The
Vietnamese government would need to give financial support to dairy farmers
to construct large-scale farms, make long-term plans for price stabilisation
and ensure hygiene and safety regulations. This will help lure foreign
investors,” Rachmilevitz said. “Investors need to be able to trust that they
can accrue profits from these policies.”
According
to the Ministry of Agriculture and Rural Development (MARD), the country
imports some 1.2 million tonnes of milk every year, making it one of the
world’s 20 biggest milk importers. Currently, the volume of locally-made
fresh milk meets only 30 per cent of the milk processing industry’s demand.
According
to Nguyen Xuan Duong, acting director of the MARD’s Department of Livestock
Production, per capita milk consumption in
According
to the MARD,
Japanese
weigh anchor at
The Khanh
Hoa Provincial People’s Committee will call on investors to develop a
shipyard in Cam Ranh Bay as soon as the project’s current Japanese investor
officially has their investment certificate withdrawn.
Vo Tan
Thai, director of the Khanh Hoa Provincial Department of Planning and
Investment told VIR last week that the Japanese firm’s Oshima Shipbuilding
Vietnam Co., Ltd had announced it would end investment in its $180 million
project as the firm lacked sufficient funds.
Thai
added that the province was preparing administrative procedures for revoking
the investment certificate of the giant shipyard, but the process could take
up to six months.
“Oshima
delayed construction too long and that affected both the province’s
investment climate and local residents,” said
An
anonymous Oshima Shipbuilding source confirmed to VIR that Oshima was set to
withdraw and Oshima’s parent company in
According
to Thai, the project held a key part in
The
site’s detailed plan was completed 15 months after Oshima Shipbuilding
received an investment certificate back as February 2012.
A 304
hectare site was identified for the project in Hoa Diem and Hiep Thanh
hamlets in Cam Ranh city’s Cam Thinh Dong commune.
The
$180-million shipyard was eventually supposed to employ 3,000 local workers.
In the
first phase, the yard would be capable of producing up to 12 ships a year,
including ships of up to 82,000 tonnes. In the second phase, the shipyard
could expand to produce 48 vessels a year by 2026.
Cam
Ranh Bay is one of
The
Boston Consulting Group (BCG) is expanding its presence in Southeast Asia
with a new office in
“It’s
right time for us to open our
Vincent
Chin, senior partner and managing director of the firm, added that Vietnamese
companies were no longer content to serve only the domestic market, with some
hoping to become regional and global businesses.
Douglas
Jackson, partner and managing director of BCG Vietnam, explained, “The choice
to open an office in
Vietnam
today is facing economic difficulties, but offers remarkable opportunities
for firms bold enough to navigate its short-term complexities, said Jackson,
co-author of the study and former senior executive at VIB Bank in the
country.
According
to the publication, there will be more than 30 million middle and affluent
consumers in
The
survey grew out of a desire to understand consumers in
BCG’s
Centre for Consumer and Customer Insight conducted primary research in both
countries and analysed population and income trends in nearly 1,400 districts
in Vietnam and 75 provinces in Myanmar, said Tuomas Rinne, a BCG partner and
another co-author.
Forex
stability remains key to ensuring sustainable growth
Prime
Minister Nguyen Tan Dung has required the State Bank to continue stabilise
the dong’s exchange rate in 2014.
At a
year-end banking sector conference last week, the prime minister asked the
State Bank to maintain the dong’s exchange rate within a 1-2 per cent band
during 2014.
This
contrasted with some earlier forecasts that suggested the dong might face
major devaluation. The state-owned BIDV’s research centre, for instance, had
predicted the dong would undergo a 2-4 per cent devaluation in 2014. The
National Financial Supervisory Commission (NFSC) also said that the exchange
rate should be more flexible to support the competitiveness of Vietnamese
exports.
“The
agencies which predicted fluctuations in the exchange rate should have a
serious look at themselves. Their predictions caused instability,” PM Dung
claimed.
Dung
also required the country’s foreign exchange reserves to be increased and
emphasised the need to tightly control the gold market in order to minimise
effects on the forex market, interest rates and macro stability.
The PM
reiterated that the State Bank should continue to hold a monopoly in the
international trade of gold. Banks were no longer entitled to accept gold
deposits or lend in gold, and the State Bank was being encouraged to attract
home savings in gold to be deposited into the country’s official banking
sector.
The
State Bank successfully maintained forex exchange rate stability within a band
of 2-3 per cent during the last two years and marginally devalued the dong by
1 per cent in June this year from VND20,828 to VND21,036 per dollar.
Both
HSBC and ANZ in their reports released in October 2013 predicted the exchange
rate in 2014 would be VND21,500 per dollar.
The
stable forex market helped reduce the proportion of foreign currency deposits
in the country’s total means of payment to 12 per cent in 2013 from 12.36 per
cent in 2012 and 15.8 per cent in 2011. Foreign currency reserves in 2013
also doubled compared to 2011, according to State Bank figures.
Economist
Vu Dinh Anh supported forex stability. “There were calls for further
devaluation of the dong to support exports. But such a move might fuel
inflation while helping exports only a little bit,” he said.
“A
major devaluation of the dong could spark a run on the currency, which is why
the State Bank has used stability and flexibility as the basis for
controlling the forex market in recent years. The stability of the forex
market has already raised confidence in the dong among domestic and foreign
invested firms, helping them set longer-term business plans,” said Anh
Banking
expert Nguyen Dac Hung said that the stable exchange rate had positively
affected
According
to Hung, a stable forex market had created conditions for the State Bank to
buy a huge amount of foreign currency. Total forex reserves in 2013 were
estimated at $30 billion, much higher than the $22 billion recorded in 2012
and higher than the internationally-recognised safety level of 12 weeks of
import value.
The
prime minister also insisted that the banking system continue to focus on
controlling inflation, and that the governor of the State Bank needed to take
responsibility for the issue. The bank also needed to retain stable interest
rates and calculate the total means of payment and credit growth in relation
to the government’s inflation target.
“Many
enterprises are facing difficulties. Most of their capital is in the form of
bank loans so interest rates need to maintain stable,” the PM reiterated.
Intrigue
surrounds Agribank’s sale of AJC
Agribank’s
attempt to divest from Agribank Gold Corporation has attracted interest and
controversy as the latter seeks to resist the deal and confusion remains over
Agribank’s motives.
Agribank
has required its ownership representative at Agribank Gold Corporation (AJC)
to outline a plan to divest itself entirely from AJC, according to reliable
sources.
However,
an AJC executive, speaking to VIR on terms of anonymity, revealed that AJC
has tried to resist the deal. “AJC proposed that Agribank divest just 25.25
per cent of its commanding 61.25 per cent stake in AJC, retaining a 36 per
cent decision-making stake until 2015 when they could divest entirely,” the
executive said.
With
AJC currently holding the domestic and foreign currency deposits of Agribank,
as well as overdue gold deposits totalling 12,921 taels of SJC and AAA gold
bars, many at AJC are perturbed by the deal.
“If
Agribank divests 100 per cent, then how will payment for those deposits be
made?” said the AJC executive, “I believe the state must retain at least 36
per cent of the charter capital at AJC to resolve the issue of previous gold
deposits. This way they can ensure the protection of customers rights.”
Agribank
leaders were unavailable for comment when contacted by VIR last week.
The
AJC executive added that while many other banks were asking for permission to
trade gold, Agribank’s move to sell the gold trader seemed counterintuitive.
As the
State Bank tightens the bullion market, fewer firms are being allowed to sell
gold. Through AJC, Agribank currently has the largest network of gold traders
in the country, primarily in rural locations. The sale of AJC would leave
plenty of room for others to enter the sector.
Agribank
is undergoing restructuring and divesting from some member companies. “But
divesting from gold business is not reasonable as gold is not a bank’s
non-core business,” noted the AJC executive.
The
lack of motive on Agribank’s part has led many observers to speculate that
Agribank leaders are being lobbied by some investors seeking to take over
Agribank’s stake at AJC. SeABank, HDBank, TPBank, Doji Group and Muong Thanh
Group have all been linked to a desire to buy shares in AJC.
Key
among them is the Muong Thanh Group which has the strongest capital reserves.
The group established the Muong Thanh Gold and Financial Investment Company,
but despite huge financial strength, they still lack a competent network and
widely-known brand name. Muong Thanh was not available for comment on the
sale of AJC when approached for comment last week by VIR.
Agribank
Gold Corporation (AJC)
-
Currently holds VND662 trillion ($31.5 billion), $3.76 million and €90,541 of
Agribank’s local and foreign currency reserves.
-
Total chartered capital of VND206 billion ($9.8 million).
-
Largest stakeholder is Agribank with a 61.25 per cent stake.
-
Second largest shareholder is SeABank, with a 10 per cent stake, which rises
to 30 per cent when subsidiaries of the bank are taken into consideration.
Keppel
Land at home in Hanoi
Singaporean
property developer
A
source from the Hanoi Municipal Department of Planning and Investment said
The
Singaporean property developer will hold a 60 per cent stake in the joint
venture. Sources close to the project said
FBS
first started work on the project in 2008. The project covers 52.52 hectares
along Thang Long Boulevard, about 20 kilometres from the centre of
The
anonymous source added that the project was likely to mirror
The
green-focused project is likely to suit Hanoi’s plan for developing more
environmentally friendly developments, such as Quoc Oai town, which was
announced by the Hanoi Municipal People’s Committee in July last year. This
so-called ‘ecological’ town will covers an area of 900ha, aiming to boost the
development of a green belt surrounding
Hanoi
Westgate is
In an
interview with VIR in August, Linson Lim, president of
“The
fundamentals of the country have not changed and foreign investors will
continue to look to
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Sáu, 27 tháng 12, 2013
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