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BUSINESS
IN BRIEF 4/10
Viettel,
Microsoft sign IT deal
Military Telecom
Group (Viettel) and Microsoft recently signed a memorandum of understanding
(MoU) to provide infrastructure and information technology services to
Vietnam governmental agencies.
Viettel announced
on October 2 that the two sides will cooperate in the platform of computing
including Infrastructure as a Service (IaaS), Platform as a Service (PaaS),
and Software as a Service (SaaS) which meet Vietnamese agencies’ demand.
Viettel's Deputy
General Director Tong Viet Trung said the contract will be implemented over
the next two years.
Viettel and
Microsoft will also provide other infrastructure services on the platform of
cloud computing for Vietnamese costumers, he added.
Microsoft vice president
Brad Smith said that her group will invite leading experts from
Spanish
businesses look towards Vietnamese market
Leaders of nine
businesses in the Spanish Region of Basque Country are visiting
With a population
of 91 million,
After recording a
trade deficit for two years in a row, the Basque Country enjoyed a trade
surplus with
However, during the
first seven months of this year, the region generated 8.3 million EUR in revenue
from selling Spanish products to
ODA
disbursements climb 10% in nine months
The cumulative
total ODA disbursements during the first nine months of the year jumped 10%
over last year’s corresponding period to US$4.105 billion.
According to the
Ministry of Planning and Investment (MPI), total ODA capital sources and
preferential loans reached US$3.519 billion in the nine month period, of
which US$3.459 billion were ODA loans and US$60 million was non-refundable
aid.
MPI Minister Nguyen
Van Hieu said the disbursement of ODA and preferential loans have shown
positive changes, especially for projects funded by the Japan International
Cooperation Agency (JICA) and World Bank.
The MPI said the
positive results are attributable to drastic measures to facilitate giving
effect to ODA funded projects. In addition, the MPI has also co-ordinated
with the World Bank (WB) and Asian Development Bank (ADB) to organise
meetings to monitor the slow disbursement of projects and worked with
However, ODA
disbursement has not made breakthroughs due to uneven disbursement rate and
focused on projects on transport, power energy and adaption to climate
change.
In the nine month
period,
Relevant agencies
are making efforts to remove difficulties in site clearance, counterpart
capital, and project quality to speed up the progress of the disbursement and
use of ODA effectively.
Can Tho
elevates image in France
The Can Tho City
People’s Committee met with the Business Association of High Quality
Vietnamese Products on October 2 to promote all around cooperation with
At the meeting, Vu
Kim Hanh, President of the Business Association of High Quality Vietnamese
Products said small and medium sized businesses suffer from competitive
disadvantages largely due to shortage of working capital.
The lack of working
capital leads directly to shortage of funds to maintain adequate inventories,
lack of funds to invest in more modernised equipment and lack of funds to
properly market businesses products to both domestic and foreign markets.
She emphasised the
need for local businesses to expand to foreign markets, especially the French
market in which the association has worked tirelessly to boost trade
exchange.
Through the
association, two Vietnamese brands banh tet (cylindric glutinous rice cake)
and banh xeo (Vietnamese crepe) have gained in popularity among French
consumers, she said.
Dr Antoine Tran Anh
Tuan, Head of the Sustainable & Innovative International Tourism
(SINTOUR) programme in turn said Vietnamese tourism, especially in the Mekong
River Delta region has great potential for cultivation in
The SINTOUR
programme is designing training courses to improve sales skills for
Vietnamese businesses and has selected several provinces in
The association is
also striving to develop community tourism and promote Vietnamese culinary
arts to French friends in order to stimulate French tourism to the region.
Truong Quang Hoai
Nam, Vice Chairman of Can Tho’s People’s Committee expressed his confidence
that trade promotion activities will bear out and elevate the image of
Vietnamese brands in French markets.
Giant Korean
companies like Samsung, LG, Hyundai, Doosan, Posco have turned
It has contributed
to promote
Since beginning
production in April 2009 Samsung Corporation has increased its investment
from the original US$670 million to US$2.5 billion now. Samsung Electronics
Vietnam (SEV) has also contributed greatly to the development of the
country's electronics sector and exports.
Last year, for
instance, it exported phones and parts worth US$23.9 billion, or 18 per cent
of all of
Samsung wants to
make
It now has five
phone and electronic components production factories, and plans to build a
US$1.4 billion plant in
Samsung CE Complex
Electronic Co., to come up at the Sai Gon Hi-tech Park in
The factory will
produce 3D smart TVs, refrigerators, air- conditioners, and washing machines
starting in the second quarter of 2016. It will also have an R&D centre.
After successfully
producing in
A few weeks ago it
signed an MoU with the Kinh Bac Group to lease more land at the
In November Posco
Special Steel's US$600 million factory will go on stream and annually produce
one million tonnes of ingots.
Kumho Asiana plans
to expand its Kumho Tires plant in Binh Duong at a cost of US$300 million.
Doosan Vina also
plans to expand its existing operations at the Dung Quat Economic Zone, Quang
Ngai.
According to data
from the Foreign Investment Agency, in the year-to-date
Park Chang Eun,
deputy director of Korea Trade and Investment Promotion Agency, said the
investments would continue to increase because many large Korean corporations
are considering expansion plans in
Shinsegae, one of
New policies that
would attract investment in the hi-tech agriculture sector would create a
breakthrough in production and consumption of farm produce, the Ho Chi Minh
City Department of Agriculture and Rural Development has recommended.
Although the city
has paid attention to enhancing advanced technology in agricultural
production in the past, the value of agricultural production has grown at a
modest rate of about 5 percent per year.
The average revenue
per hectare under agricultural production in the city is about 280 million
VND (13,213 USD) per year.
If maintaining such
a growth rate, the sector would reach the production value of 800 million VND
(37,753 USD) per hectare by 2020 as set in the master plan for agricultural
restructuring, the department said.
Le Minh Dung,
Deputy Director of the department, said the city was calling for enterprises
to invest in the hi-tech agricultural sector and develop models for
incubating businesses to reach the target.
Besides better
policies, the city needed to focus more on solving financial difficulties
faced by enterprises, he said.
Many firms were not
interested in investing in the hi-tech agricultural sector, saying that it
requires a large amount of capital, but has low economic efficiency.
Credit institutions
were not interested in providing loans to enterprises because of the low
profits.
Le Thanh Nguyen,
Director of Sai Gon Hi-tech Park Incubation Centre, said the centre had
worked with many investment funds, but they were only interested in real
estate and information and technology sectors.
The agricultural
sector had low capital turnover and high risks, he added.
The Government had
no investment fund designed to support a business incubation programme, while
in other countries in the region such as
The hi-tech
agricultural sector would expand more rapidly if the existing barriers were
removed, he said.
The Small and
Medium Industrial Development Bank (SMIDB) of
Under a technical
assistance programme of BIDV, the two banks exchanged delegations in June and
September this year, focusing on the application of Corebanking system for
the SMIDB’s banking products and services.
The exchange aimed
to modernise the information technology (IT) systems and SMIDB banking activities.
BIDV offered an
interest-free loan to finance the US$3-4 million cost of the Corebanking
software system and to upgrade SMIDB banking operations.
Additionally, both
banks have agreed to exchange IT staff in order to develop human resources
and transfer technology.
US
considers Vietnam a promising partner in Asia Pacific
The
According to the
CSIS report, since the normalisation of diplomatic ties in 1995, US-Vietnam
relations have taken giant steps forward in nearly every area from politics
and the economy to military and cultural ties.
Former President
Bill Clinton’s historic visit in 2000 and State President Truong Tan Sang’s
visit to the
The report themed
“A new era in US-Vietnam relations: Deepening ties two decades after
normalization” focuses on three key pillars of the relationship: political
and security cooperation, trade and investment relations and people-to-people
ties including education, health and environmental cooperation.
In a quickly
changing and dynamic region, the two countries share increasingly common
geopolitical, security and economic interests, the report asserts.
Scot Marciel,
Principal Deputy Assistant Secretary for East Asian and Pacific Affairs
recently affirmed the
According to CSIS,
both
US policy makers
say that if the
Murray Hiebert, a
co-author of the report said several high-level
General Dempsey’s
upcoming visit to
CSIS noted the
strength of bilateral economic relations has been both the foundation and the
engine of the US-Vietnam partnership.
Twenty years after
the two countries signed the first bilateral trade agreement, two-way trade
reached US$25 billion in 2013. The
The CSIS report
emphasised political, security and defence cooperation have emerged as
another successful area of cooperation with the frequent exchange of
high-level visits.
The US and
CSIS experts said
education has emerged as the most crucial link between the two peoples.
Both nations have
been working together to address the legacy of the Vietnam War, especially the
impact of Agent Orange (AO) and the removal of unexploded ordnance remaining
on Vietnamese soil.
Ernest Bower, the
CSIS Sumitro Chair for Southeast Asia Studies was sanguine about the
prospects to narrow differences between the two nations. He said good
partners often have different views, stressing the
CSIS experts said
the
The US Government
is expected to relax and eventually remove the ban on lethal weapons sales to
Both sides are
speeding up efforts to conclude TPP negotiations soon, strengthen government
to government dialogues on trade and investment issues and ease trade
restrictions and protectionist measures. In addition, the
Bangkok
Bank sees opportunities in Vietnam
Vietnam’s rising
numbers of middle-income people and the Trans-Pacific Partnership (TPP)
agreement, a hoped-for magnet for foreign direct investment (FDI) and export
driver, will provide opportunities for Bangkok Bank’s operations in the
country, a local newspaper reported.
The bank expects
its lending to see double-digit growth from rising FDI, stabilisation of the
local currency and higher incomes, the English-language newspaper The Nation
quoted Tharabodee Serng-Adichaiwit, senior Vice President and General Manager
of Bangkok Bank's Vietnamese operations, as saying.
Tharabodee said
In addition,
participating in the TPP negotiations would help strengthen the Vietnamese
economy in the long run, especially exports of garments and textile products,
as
With the
middle-income people number in Vietnam is expected to reach 20-30 million by
2020, many Thai conglomerates have acquired businesses in the country to tap
the high purchasing power in the near future.
He noted that
In the first eight
months of this year, new loans by Bangkok Bank in
Additionally, it
will increase the focus on local small and medium-sized enterprises,
accounting for 20% of Bangkok Bank's loan portfolio in
Investment
opportunities introduced to Panama
The Vietnam Embassy
in
The event attracted
the participation of around 30
Ambassador Nguyen
An Duy highlighted
Representatives
from the
They said they plan
to visit
The attendees had a
chance to taste Trung Nguyen coffee – a famous brand name, and watch short
movies on
Hanoi hosts
Asian-Pacific Tax Forum
The 11 th
Asian-Pacific Tax Forum is being held in
Speaking at the
forum, Deputy Minister of Finance Truong Chi Trung said
He affirmed that
the reform will continue to improve the investment climate and attract
foreign businesses.
The Deputy Minister
introduced
Management efforts
will focus on transparent and systematic administrative tax procedures;
competent staff; and the application of information technology in line with
global trends.
The forum is being
organised by the Ministry of Finance and the International Tax and Investment
Centre (ITIC).
Swiss-funded
project offers help to SMEs
The development of
regional export and production plans can help
The workshop was
organised by the Department of Trade Promotion under the Ministry of Industry
and Trade to discuss implementation of a Swiss-funded trade promotion
project.
The three-year
(2013-2016) project, using non-refundable official development assistance
(ODA) provided by the Swiss Government, is being carried out in the northern
city of Hai Phong, the central city of Da Nang and the Cuu Long (Mekong)
Delta city of Can Tho.
Miroslav Delaporte,
Chief Representative of the Swiss State Secretariat for Economic Affairs
(SECO) in
It would help
develop production plans for selected products and sectors chosen for their
export potential based on in-depth assessments, he said.
The workshop also
discussed measures to enhance the export capacity of local enterprises.
Regional export
plans and detailed action plans would be developed for localities in the
North, Central and Southwest from 2015 onwards to promote the production of
goods with high export potential, the workshop heard.
Deputy Minister of
Industry and Trade Nguyen Cam Tu informed the workshop that
Since 2011, the
country's export turnover had increased by $20 billion each year, he said.
The Government had
contributed to expanding the range of export goods by negotiating free trade
agreements with the nation's trade partners, he added.
Decree
regulates credit rating firm operations
The Decree
88/2014/ND-CP, issued last week to regulate the operations of credit rating
firms, does not allow the use of State capital to establish credit rating
firms.
The decree says
that organisations and individuals are not allowed to use State capital for
setting up credit rating companies.
According to the
decree, credit rating firms must have a legal capital of VND15 billion
(US$707,500), excluding the legal capital of other businesses that credit
rating firms are allowed to operate.
The contribution of
capital for the establishment of credit rating firms must be in line with the
Law on Enterprises, the decree says, adding that organisations and
individuals who own five per cent of a credit rating firm's charter capital
are not allowed to contribute capital or hold shares of other credit rating
firms.
In addition, credit
rating firms are not allowed to give capital to other credit rating firms.
Regarding the
operational fields of these firms, the decree says that credit rating firms
are not allowed to operate in accounting, auditing, securities and banking
sectors.
The decree aims to
ensure the independence, objectiveness, honesty, transparency and compliance
with established regulations of the credit rating firms.
The decree will
come into effect on November 15.
Dong Hoi
airport seeks more domestic, international flights
The central
The provincial
People's Committee proposed more flights connecting Ha Noi,
According to the
committee, Dong Hoi airport's infrastructure was now capable of servicing
planes around the clock.
Quang Binh also
called on low-cost airlines to make use of the airport.
With more than
116km of coastline and numerous natural attractions, including a complex of
over 300 caves, Quang Binh has seen strong development in tourism, the
locality's driving force for economic development.
During the first
seven months of this year, the province welcomed over 2.4 million tourists,
almost double the number of visitors during the same period last year.
HDBank sets
up desk to support Japanese firms in Viet Nam
The Housing
Development Commercial Joint Stock Bank (HDBank) and the Japan-based Hyakugo
Bank Ltd established a
Set up at HDTower
on Nguyen Thi Minh Khai Street, District 1, HCM City, it will offer products
and services including consultancy to Japanese firms that are operating or
will operate in the country.
HDBank, established
in 1989, has total assets of more than VND90 trillion (US$4.28 billion) and
chartered capital of VND 8.1 trillion ($385.71 million). It has established
relationship with more than 300 banks and branches in over 150 countries and
territories around the world.
Rise was seen in
almost all major hard currency earners, including electronics with 53.9
percent, footwear and leather products, 45.5 percent, fossil coal, 41.5
percent, crystals and crystal items, 22.1 percent, handicraft products, 18.8
percent, and farm produce, 11.5 percent.
In September alone,
local enterprises earned 939 million USD from abroad shipment, an increase of
0.4 percent. Of the figure, FDI firms contributed 453 million USD, or 48.2
percent, said the department.
Meanwhile,
localities across the city enjoyed an 8.8 percent growth year on year in
nine-month exports, with September’s results rising 0.5 percent month on
month, it added.
The capital has set
to earn nearly 15 billion USD from exports this year.
Project launched
to support footwear businesses
A project to help
footwear enterprises meet product safety requirements was launched in
The project is
jointly run by the Leather and Shoe Research Institute, the
It aims to increase
the capacity of small- and medium-sized enterprises to satisfy the technical
requirements imposed on export products, and to provide advice on technical
barriers to trade and the free trade agreement between
According to LEFASO
General Secretary Phan Thi Thanh Xuan, the four-phase project focuses on the
establishment of a data system on the EU’s technical requirements for
footwear products.
It also collects
consumer feedback and updates businesses on export market developments, she
added.-
Businesses
faces capital problems
The Vietnamese
economy is facing three major challenges, namely low credit growth, slow pace
of non-performing loan settlement, and sluggish business and production, the
Government news portal quoted former Deputy Minister of Planning and
Investment Cao Viet Sinh as saying.
Although credit
growth rose steadily from 3.15 percent in July to 4.08 percent in August and
6.62 percent in September this year, capital has not been effectively pumped
into the economy. As a result, it is hard to expect strong growth.
Meanwhile, banks’
non-performing loans tend to increase mainly due to low credit growth and
slow settlement of bad debts. For instance, the ratio rose from 3.61 percent
at the end of 2013 to 4.07 percent last May and even 4.17 percent in June.
So far this year,
the Vietnam Asset Management Company purchased around 19,600 billion VND of
bad debts compared to the preset target of 70-100 trillion VND for 2014
alone.
For business
community, the former Deputy Minister said he really feels worried as the
number of dissolved and suspended enterprises went up 13.8 percent,
equivalent to 48,330 enterprises, against the previous year.
The number of
newly-established businesses and registered capital volume have not much
improved, he added.
To overcome the
above challenges, the Government has tasked inferior levels to realize a
series of solutions to facilitate production and business while stepping up
the implementation of the Master plan to restructure the economy.
The General
Statistics Office has reported that the economy expanded 5.62 percent in the
first nine months of 2014.The figure, Sinh commented, goes beyond
expectations.
Specifically, the
GDP climbed from 5.09 percent in the first quarter to 5.42 percent and 6.19
percent in the second and third quarters, respectively, according to the statistics
agency.
The index of
industrial production also rose on the quarterly basis, from 5.3 percent in
the first quarter to 6.9 percent in the second quarter and 7.7 percent in the
July-September period.
Other positive
signals include increases in both foreign direct investment inflow (reaching
8.9 billion USD, up 3.2 percent) and official development assistance (4.1
billion USD, up 10 percent compared to the same period last year).
HCMC
businesses strive for on-schedule equitization
Two out of 15
enterprises in the equitization listed this year have successfully launched
their Initial Public Offerings (IPO) and the remaining 13 are striving to
equitize on schedule, said the Ho Chi Minh City Board of Business Management
Innovation.
The two equitized
companies include Saigon Cultural Products Company and Tan Hoa Water Supply
Company.
The rest 13
companies are striving to complete equitization in 2014 as per instruction by
the city People’s Committee, said the board deputy head Huynh Trung Lam.
Besides, another
two enterprises have filed documents asking for equitization this year as
they have completed all related procedures. They are Phu Tho and Thu Duc
Tourist Companies.
Many FDI
firms mistreat workers, says survey
One recent survey
suggests that foreign direct investment (FDI) businesses in
The survey was
conducted by a group of researchers from Hue University of Sciences and Rosa
Luxemburg Stiftung Foundation (
Among the
complaints of the majority of these workers were, very low wages, high quotas
and huge workloads, being verbally mistreated and demeaned, unsafe work
environments. Some even claim that they are not allowed breaks to go to the
rest-room.
Between 2005 and
2012, there were 4,380 strikes, 80% of which were at FDI businesses. One
striking worker said: "The company continuously increases the workload,
making it impossible to finish. There are some projects that require three
people, but they only assign two. Still salaries remain the same.
Another worker
said, "We barely have enough time to drink water. The items on the
conveyor belt pass by so quickly, and they run them at speeds much faster
than they are supposed to. Every day at work is terrifying."
FDI businesses have
brought with them great benefits to the economy for the past 25 years, but it
seems that the rights of workers is falling to the wayside. Moreover, many
workers remain uneducated of their rights. These companies are not
enthusiastic about enlightening their employees on the subject.
The researchers
behind the survey had a difficult time collecting data about FDI firms, many
of which were uncooperative.
It was proposed
during the seminar that the state codify workers rights, make a clear and
feasible plan for enforcement, promote training of officials with negotiating
skills and regularly inspect FDI firm.
In early August
2014,
The move aims to
help city-based businesses to remove difficulties in production and training
amid the slow economic recovery, said director of the Hanoi Municipal
Authority for Planning and Investment Ngo Van Quy.
“We are scaling up
efforts to attract investment from domestic and external sources,” said Quy,
adding that thanks to these efforts during 2008-2013 Hanoi had lured around
VND1,141 trillion ($54.3 billion) in the total investment development capital
to satisfy the city’s development needs.
In fact, by end of
June Hanoi was home to 2,806 on-going foreign direct investment (FDI) projects
worth $21.1 billion in the total committed investment capital.
Growing visibility
of global players like
As of June, foreign
invested enterprises (FIEs) posted revenues of about $4.86 billion, up 12.3
per cent on-year. FIEs also contributed more than $2.6 billion, representing
48.6 per cent of the city’s total export value.
However, city
officials admit that FDI inflows could be higher.
“There are multiple
reasons why we’re still lagging behind expectations. That is partly because
the world and local economy is still mired in hardship. In addition
He also said low
quality investment promotion activities, a lack of long-term vision and
uniformity in policies governing investment and business had attributed to
“We may expect big
turnabout in the coming period in the wake of the city’s reformed investment
promotion mechanism. Detailed steps are embedded in the city’s investment
promotion programme for 2014-2015 with an orientation to 2020,” Quy noted.
The programme,
approved by the city’s management authorities in June, seeks to promote
investment on a selective basis, targeting strategic partners, key foreign
markets as well as hi-tech fields with high added value.
In the past years,
priority has been granted to attracting big investors and projects which have
knock-on effects to help lure other investors and partners to the city.
“We also know that
bettering the investment climate is crucial to attracting investors and
there is a need to focus on facilitating project execution,” Quy added,
saying that the capital demand for the city’s socio-economic development in
the coming period is tremendous, so that further investment attraction was
vital.
“Good quality and
environmentally-friendly investment sources are our priority,” Quy
underscored.
The Hanoi Municipal
Authority for Planning and Investment’s statistics show that from 2011 to
2020, Hanoi needs to attract VND3,900-4,100 trillion ($180-190 billion) for
an ambitious list of socio-economic development tasks.
Some $50-55 billion
has been earmarked for the period from 2012-2015 alone. The city wishes to
woo up to 20 per cent of this sum from FDI.
“Multinationals and
sizable, hi-tech projects involving technology transfers will be the
number-one priority,” said Quy, adding that selecting foreign partners was
also part of the city’s overall socio-economic development strategy and
strategy to attract FDI particularly.
“These projects
have detailed requirements to attract investors, so we expect
About how to
realise the programme, Quy said: “Detailed tasks are assigned to particular
departments, state bodies and localities. The measures cover drafting and
improving policies and mechanisms to attract investment, further reforms to
administrative procedures, bettering the investment climate and the city’s
competitiveness ranking, improving investment promotion personnel and
fostering co-operation in promoting investment between
In parallel to
hosting investment promotion programmes at home and abroad, Hanoi will also
pay due heed to spurring on-site investment through increasing support to
projects which were granted investment certificates and hosting frequent
dialogues with investors to settle their problems in a timely manner.
“A new investment
wave will arise if every stakeholder is committed and we effectively handle
this ambitious investment promotion programme,” Quy underscored.
Lotte group
develop hotel chain in Vietnam
Lotte Group has
expanded its interests in the hotel sector with the development of the Lotte
Hanoi Hotel and acquisition of the Lotte Saigon.
With the opening of
Lotte Hanoi Hotel, the group aims to become a leading Asian hotel owner.
According to Lee
Jung Youl, general director of Lotte Hotels & Resorts Vietnam cum deputy
chairman of Lotte Group, although the global economy is facing many
difficulties, the newly-opened Lotte Hanoi Hotel still has much potential.
The $92 million
Lotte Hanoi Hotel is located at the Lotte Centre Hanoi, right next to the
Korean-owned Daewoo hotel.
“I believe that it
is high time for high-end hotel development in Vietnam, especially the
five-star hotel segment, since Hanoi and Vietnam are integrated into the
global market and are also attracting a strong flow of FDI, foreign tourists
and businessmen, while Vietnam lacks high-end hotels,” Youl claimed.
Lotte Group expects
to see profits from the Hanoi Lotte Hotel within three years of operation.
Lotte have not
stood still, as the group recently unveiled its second property development
in
The $2 billion
complex is planned for the Thu Thiem New Urban Area in
According to Kim
Min Geun, vice president, head of Overseas Mixed Used Development Division of
Lotte Asset Development, Lotte Centre Hanoi and the group’s Thu Thiem
development are key in the company’s Vietnam development plans and Lotte aims
to lead international development in the future with its expertise in
mixed-used development.
The
Lotte is also
keeping its eyes open for potential buy-outs.
The group paid $62.5
million to acquire the five-star Legend Hotel Saigon from fund management
company VinaCapital over a year ago.
In order to upgrade
the hotel, Youl said the hotel’s entire infrastructure was renovated and the
staff were sent to
Disclosing its
ambitious plans to expand its hotel business in
VOF sells
An Giang Plant Protection stake to Standard Chartered
VinaCapital-managed
Vietnam Opportunity Fund (VOF) has reached a deal to sell its stake in An
Giang Plant Protection Joint-Stock Co. (AGPP) to Standard Chartered Private
Equity.
VinaCapital said in
a statement that VOF would sell its 23.6 per cent stake in AGPP for $63.1
million in cash, or $4.10 per share, representing a 23.7 per cent internal
rate of return over a period of five years.
As AGPP shares have
not been listed on stock market, their book value should be a reference and
thereby the value of this transaction represents a premium of 22 per cent
over the net asset value (NAV) at the end of May, the last recorded value
prior to receiving an offer for the shares.
Andy Ho,
VinaCapital’s CEO said, “VOF’s share price to NAV discount is too wide.
Proceeds from this divestment are currently being considered for a few major
private equity investment opportunities and the ongoing share buyback
programme.”
VOF yesterday
traded on
AGPP is a leading
firm in the manufacture and distribution of pesticides in
Its sixth rice mill
was launched last year in the Mekong Delta
AGPP reported
revenue of $354 million last year, an annual increase of over 17 per cent. In
the first half of this year, the firm generated revenue of $200 million,
roughly half of the firm’s whole year target of $399 million, and net income
of $12 million.
New urban
area to go up in District 2
Saigon Construction
Corporation (SCC) has announced the new urban project
The new urban area
project is worth up to VND1 trillion. Over 90% of site clearance and
compensation, as well as basic infrastructure including internal roads as
well as auxiliary works for future residents have been completed.
Dang Thi Hoang
Phuong, chairwoman of SCC, said construction density of 24.09% would allow
the firm to develop both technical and social infrastructure facilities, as
well as grow more trees.
Besides townhouses,
terraced garden houses, detached and semi-attached villas, the new urban area
will also feature entertainment zones, parks, commercial complex, schools,
resident clubs, elderly care and pedestrian-only streets, among others.
Phuong said her
company will focus on developing villas and townhouses, whose models have
been introduced to customers in the first phase of the project. As scheduled,
240 villas and townhouses will be constructed soon for completion by the end
of 2016.
The chairwoman said
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 3 tháng 10, 2014
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