BUSINESS IN BRIEF 13/2
MSCI adds ROS, SAB to iFrontier Markets Index
US-based MSCI Inc. has added two Vietnamese stickers -- ROS (FLC Faros Construction JSC) and SAB (Saigon Beer Alcohol Beverage Corp) -- to its basket for calculation of the MSCI Frontier Markets Index
This was reported by Reuters on Friday.
No stocks were deleted.
MSCI Frontier Markets Index is the underlying index for the MSCI Frontier Markets Index ETF, which invests in securities in emerging markets.
Therefore, following the first quarterly review in 2017, the number of constituents of the MSCI Frontier Markets Index will increase to 126. Among them are 11 Vietnamese securities -- VIC, MSN, VCB and HPG, as well as STB, GAS, BVH and BID, along with VNM and two newcomers ROS and SAB.
Meanwhile, no changes were made to the MSCI Frontier Markets Smallcap Index in the latest review. In the previous review, three Vietnamese stocks -- NTP, VSC and VHC -- were added to the index.
All the changes will take effect as of the close of February 28, 2017, MSCI said in a statement.
ROS' stock increased 0.80 per cent to close at VND135,400 (US$5.96) per share on February 9. The stock went up 0.51 per cent during the break in February to VND136,100 đồng per share.
Uber faces new legal hurdles in Vietnam
Uber may have to cease its operation in Vietnam as it now fails to meet legal requirements set out by the local government and transport ministry.
The Vietnamese Ministry of Transport has ordered American ride-hailing app Uber to stop providing its service in the Southeast Asian country or cooperate with local vehicle owners and transport companies.
According to Nguyen Xuan Thuy, an official from the transport ministry, the agency is piloting a form of digital contract in passenger transport across the country, as part of its Decision No.24 on the application of information technology to the management of transport activities.
Such companies as Grab, V.car, Thanhcong.car, S.Car, and Vic.Car have met the requirements defined by competent agencies so far, Thuy continued.
Meanwhile, that the Netherlands-based Uber B.V. authorizing Uber Vietnam to participate in the pilot scheme is inappropriate, as Uber B.V might refuse to be responsible for potential complaints and disputes between Uber Vietnam and their customers.
The business fields registered by Uber Vietnam only include management consulting and market research, Thuy added.
In order to be eligible for the plan, the firm needs to sign up for the correct field of business it operates in and fill in the details about its transport contracts via the mobile application.
Accordingly, the content of the digital contracts must meet the requirements laid down in the government decree on the business conditions for automobile transportation, and the transport ministry’s circular on the management of passenger transport.
Uber Vietnam will also need to register its app at the Ministry of Industry and Trade, the official added.
In a relevant development, Nguyen Tuan Sinh, president of the trade union at Mai Linh Group, one of Vietnam’s major transport companies, has urged competent agencies to review the operations of Uber, Grab, and similar services.
Such businesses have significantly increased their fares at rush hour and in peak seasons without any reactions from authorities, Sinh stated in his report.
Uber Vietnam has also publicly called for investment and recruited drivers without a legitimate permit from the authorities.
Dong A bank recoups $185m of bad debts
Dong A Bank has delivered a steady performance under the State Bank of ViEt Nam’s special supervision, since August, recovering nearly VND4.2 trillion (US$185 million) of its non-performing loans.
A report on the bank’s business performance released this week stated it had ensured liquidity, with capital mobilisation rising by VND940 billion by the end of 2016 against January 2016. Its lending reached VND1.78 trillion between August 2016 and December 2016.
The number of new customers last year also increased by more than 430,000 individual customers and over 2,000 institutional customers.
In addition, service activities earned the bank VND492 billion and revenue from remittances was nearly $1.43 billion.
Masan resources net rises 52 per cent in 2016
Masan Resources Corporation (HNX-UpCOM: MSR), one of Viet Nam’s largest integrated resources producers and chemical processors, reported net revenues of VND4.049 trillion (US$179.15 million) last year, a year-on-year increase of 52 per cent.
Its output was fully sold and order book continued to be full following long-term sales arrangements with strategic customers.
The company’s EBITDA (earnings before interest, taxation, depreciation and amortization excludes other income and other expenses) increased 66 per cent last year thanks to its cost restructure.
Its Nui Phao project is in the lowest quartile for cash costs in the global tungsten industry, solidifying its position as a reliable supplier in any pricing environment.
Besides, the ability to reduce cash costs while increasing overall productivity has allowed MSR to report profits of VND110 billion last year despite falling by 28 per cent from 2015 due to lower prices.
Tungsten prices stabilised in the first half of 2016 but have since been range bound between $180/mtu and $215/mtu. With demand growth needing a catalyst to push prices higher, market participants are turning to the oil and gas sector, previously one of the hardest hit tungsten end-use markets.
Advocates of a pricing increase are pointing to a potential recovery in drilling activities on account of OPEC’s agreement to cut oil production.
The company said productivity initiatives, which have increased efficiency, have enabled it to further leverage its low cost base to capture additional market share in an environment where others are struggling.
Productivity initiatives commissioned last year resulted in output increasing by 37 per cent in the second half, with fluorspar and tungsten production increasing by 31 per cent and 62 per cent.
Kien Giang promotes industrial parks
The Mekong Delta province of Tien Giang has devised numerous measures to fully explore local industrial parks (IPs) and industrial clusters (ICs).
Tien Giang is focusing on attracting investment in infrastructure facilities in IPs and ICs and developing multi-sector IPs with a wider range of products to meet domestic and export demand.
Efforts will be made in simplifying administrative procedures and facilitating operations of investors in the IPs, such as Tan Phuoc 1, Soai Rap Petroleum Service Zone, Gia Thuan 1 and 2 clusters.
According to Cao Minh Tam, head of the province’s Industrial Zones Management Board, the Government has approved planning for seven IPs on a combined area of over 2,083ha.
Currently, Tien Giang has established and put into operation four IPs on over 1,101ha, with total investment of nearly US$230 million.
Besides this, the province has put into operation four ICs -- An Thanh, Trung An, Tan My Chanh and Song Thuan.
So far, the IPs and ICs in the province have created jobs for 92,561 labourers, and 84 per cent of them work in the IPs.
In 2017, enterprises in the IPs target reaching VND58.5 trillion in industrial production value.
Quang Ngai expects US$530 million in 2017 budget revenue
The central province of Quang Ngai expects to collect a total of VND12.1 trillion (US$530 million) in State budget revenue this year, the provincial People’s Committee said.
Of the estimate, nearly VND11.5 trillion is forecast to come from domestic tax collections, of which VND6.5 trillion will be contributed by the Dung Quat Oil Refinery Plant located in the province’s Binh Son District.
Budget collection from import-export activities is predicted to reach VND620 billion.
According to leaders of the provincial departments of Finance and Taxation, the provincial State budget collection in 2017 could surpass the annual target due to advantageous conditions, as there are currently plenty of large projects operating in the province, including a pulp and paper factory project run by the VNT 19 Pulp Paper JSC and a steel mill invested by the Hoa Phat Group.
Newly-formulated government policies also facilitate the budget collection, such as Circular No 326/2016/TT-BTC, issued by the Ministry of Finance, regulating the implementation of the State budget estimate in 2017, which came into effect on January 1, 2017.
Chairman of the provincial People’s Committee Pham Truong Tho asked the provincial authorities at all levels to take prompt measures to collect revenues for the State budget right from the beginning of the year, examine and implement tax registration and declaration of enterprises and households, as well as strengthen the application of information technology in tax declaration and payment.
As much as 100 per cent of provincial custom declaration services must be carried out online and 95 per cent of tax declarations have to be conducted online in 2017, Tho said.
Japanese firms to seek business opportunities in VN
More than 20 Japanese firms will participate in fact-finding trips to HCM City and Dong Nai Province on February 20-23.
Led by Sakai City’s deputy mayor Hazama Emiko, the firms will seek opportunities for trade, finance, investment and hi-tech co-operation with Vietnamese partners.
It is part of plans to further boost co-operation between Sakai City and the Vietnamese Consulate General in Osaka.
At a seminar held in Osaka on Tuesday, the Vietnamese Consulate General updated 40 Japanese business representatives from small- and medium sized enterprises on economic affairs, incentives for foreign investors and potential for co-operation in the parts supply industry between Viet Nam and Japan.
Hazama Emiko said the city gives priority to businesses that are strong in manufacturing, mechanical engineering and industrial production, which want to expand investment in Viet Nam.
With more than 840,000 people, Sakai is the second largest city in Osaka prefecture and has collaborated with Vietnamese partners in many economic, trade and investment co-operation programmes over the past years.
Master plan on warehouses at border gates approved
The Ministry of Industry and Trade has approved a master plan on developing warehouses at Vietnam – Laos, Vietnam – Cambodia border gates until 2025 with a vision to 2035.
The warehouses will be able to accommodate all export-import goods by 2025 and 80 percent will provide logistics, preservation, inspection and customs clearance services.
At least one depot will be upgraded to or built at an international border gate level.
All merchandise at depots will undergo quality or food safety inspections.
By 2035, Vietnam-Laos, Vietnam-Cambodia border gates are set to have a synchronous warehouse system for export-import storage.
Vietnam expects strong investment from Japan
Japan is expected to make strong investment in Vietnam in 2017, according to Cong Thuong (Industry & Trade) newspaper.
Vietnam has so far attracted more than 22,000 foreign direct investment (FDI) projects worth about 300 billion USD from 116 countries and territories.
Japanese investors account for 3,300 of the total projects with a total registered capital of nearly 42 billion USD, more than 14 percent of total FDI in Vietnam.
According to the Ministry of Planning and Investment, 1,600 Japanese firms are operating in 52 out of the 63 cities and provinces in Vietnam.
Japan is currently the biggest official development assistance supplier of Vietnam.
Two-way trade has recorded annual average growth of 13.9 percent in recent years, which is expected to hit 60 billion USD by 2020.
At the end of January 2017, a delegation of 70 Japanese businesses explored the investment environment in Vietnam.
Chairman of the Japan Chamber of Commerce and Industry Akio Mimura, head of the delegation, said Vietnam was an attractive destination.
Japan will boost investment in the Southeast Asian country in infrastructure, agriculture, industry and manufacturing spare parts, he added.
A survey conducted by Japan’s Asian Nikkei Review in 2016 named Vietnam as the first choice for Japanese investors in ASEAN, with up to 53 percent of surveyed Japanese businesses planning to invest in Vietnam.
During his official visit to Vietnam in January 2017, Japanese Prime Minister Shinzo Abe agreed with Vietnamese counterpart Nguyen Xuan Phuc to expand trade and investment ties.
Vietnam drew over 175 FDI projects capitalised at 1.24 billion USD in January 2017, year-on-year respective increases of 37.8 percent and 23 percent.
Total newly-registered and increased capital reached 1.4 billion USD in the first month of 2017, up 6.6 percent against the same period last year. FDI disbursement was estimated at 850 million USD, a yearly rise of 6.3 percent.-
German firms eye Vietnamese market
Numerous firms in Germany’s Bayern state expressed their interest in the Vietnamese market during a business gala on February 8 in Coburg city.
The event was attended by representatives from the host ministries, embassies in Berlin, 26 heads of foreign Economic Offices including the Vietnamese one, and hundreds of businesses.
During the event, Vietnamese Ambassador Doan Xuan Hung met with Parliamentary State Secretary to the German Federal Minister for Economic Cooperation and Development Thomas Silberhorn and the State Secretary in the Bayern Ministry of Economic Affairs and Media, Energy and Technology Franz Josef Pschierer to discuss economic cooperation between Vietnam and Germany, including Bayern.
He also talked with local firms to encourage them to invest in Vietnam. Many of the enterprises showed their interest in the Vietnamese market.
The firms also plan to hold a workshop on cooperation with Vietnam.-
4.1 million USD for trade promotion in 2017
Vietnam will spend 93 billion VND (4.1 million US) on 199 trade promotion projects under the national trade promotion programme in 2017, according to the Ministry of Industry and Trade (MoIT).
The programme aims to expand export markets, targeting countries that signed free trade agreements with Vietnam, like Japan and the Republic of Korea, and member nations of the European Union, the Eurasian Economic Union, the ASEAN Economic Community, and the US.
Trade promotion will be also carried out in domestic markets, especially in rural and mountainous areas, to implement the “Vietnamese use made-in-Vietnam goods” campaign.
Vietnam’s import-export turnover in 2017 is expected to continue to increase thanks to the signing of a number of free trade agreements and foreign investment shifting from other countries to Vietnam. Participation in the ASEAN Economic Community will also bring opportunities by expanding export markets and increasing competitiveness.
The MoIT has set an export turnover target of 188 billion USD for 2017, or 6.9 percent higher than last year.
The country recorded a trade surplus of 2.68 billion USD in the year, accounting for 1.52 percent of total import-export turnover.
Vietnam’s export turnover to traditional markets including Asia, Europe and the US saw growth last year. Export turnover to the US saw the highest growth rate of 13.2 percent, followed by Europe with 11.3 percent and Asia with 6.9 percent.
CBU auto imports soar in January’s first half
Vietnam imported over 4,900 completely-built-up (CBU) autos worth a combined US$116 million in the first half of January, up a staggering 50% from a year earlier, according to data of the General Department of Customs.
A representative of a Toyota auto dealership said in Nguoi Lao Dong newspaper that auto sales have risen since end-2016 but the growth rate is not high. He said sales surged in January thanks to higher demand before the Lunar New Year holiday.
He noted that consumption of Toyota Fortuner cars worth VND980 million to VND1.15 billion each imported from Thailand was strong. Many clients have to place orders now but delivery will not happen until April or May.
Nguyen The Hung, director of KYLIN-GX668 Trade Company in Haiphong City, said production has shrank as a result of import tariff cuts.
Toyota used to produce five car models such as Vios, Fortuner and Innova in Vietnam. The automaker now manufactures one or two models and imports others for sale on the local market.
“Domestic car assembly is falling and CBU auto imports are edging up,” Hung said. CBU cars enjoy import tax cuts so they have an edge over domestically assembled automobiles.
Hung said five- and seven-seat cars manufactured in Thailand and Indonesia, which are subject to lower import tariffs, lured customers the most. Imported cars with engine capacity under two liters have also registered sales increases since special consumption tax cuts last July.
Businesses forecast retail prices of autos would drop by 7%, or US$500-1,000 per unit, given import tariff reductions of 40% to 30% in line with the ASEAN Trade in Goods Agreement (ATIGA) in 2016-2018.
Prices will dip by 20-25% in 2018 compared to the current levels when import tax on automobiles manufactured in ASEAN countries plunges to zero.
Enterprises said auto sales would not increase strongly this year as clients wait for sharp price falls next year.
The Vietnam Automobile Manufacturers Association (VAMA) has predicted Vietnam’s auto market would expand 10% in 2017, well below 24% in the previous year.
Auto sales rose to a 20-year high of 304,427 units in 2016 but demand will unlikely increase sharply this year given price drops in 2018.
Vietnam braces for Filipino pizza
Filipino pizza chain Yellow Cab plans to open at least 12 stores in Vietnam over the next five years.
On February 9, the Phillipines' largest casual dining company, Max's Group Inc, announced the deal with the Ho Chi Minh City-based Blue Star Food Corp.
The timing and locations of the restaurant openings weren't revealed, but the plan would raise Yellow Cab's international network to 165 outlets.
Nguyen Thanh Nam, CEO of Blue Star Food, said Vietnam's young and affluent population has seen significant developments in the food and beverage industry.
"A lot of western and casual dining restaurants are flourishing in Vietnam," Nam told Inquirer.net, adding that his company oversees 45 Baskin Robbins ice cream parlors.
Vietnam has opened doors to various western food and beverage chains in recent years, including McDonald's and Starbucks.
Western food represents 7% of dining-out visits in Vietnam, according a survey compiled by the Decision Lab.
Boosting sustainable development of support industry
Several of Vietnam’s important industrial sectors have yet to be paid due attention or have been invested in in an over-diversified or unplanned manner, resulting in low added value to the economy.
There is no other way for Vietnam to develop a sustainable industry than to promote the support industry, which is the basis for the sustainable development and growth of Vietnam’s industries.
During the past 20 years, Vietnam has approached foreign direct investment (FDI) capital under favourable conditions. However, Vietnamese enterprises have missed great opportunities from large FDI inflows in terms of the absorption and acquirement of technology from FDI enterprises.
The reason for this is that Vietnam has a weak and underdeveloped support industry, in addition to the modest number of Vietnamese enterprises participating in the support industry who are mainly involved in outsourcing work.
According to the Ministry of Industry and Trade, the capacity and technology of a majority of Vietnamese enterprises in the support industry is limited.
Domestic enterprises are capable of meeting only 10% of domestic demand for support industry products which are components and simple materials with low value.
Most of them have yet to approach and meet the demands of support industry products with high technology content.
There is a big gap between the demand of multinational corporations and the production capacity of domestic enterprises.
Some Vietnamese enterprises have participated in supplying support industry products, but they have only paid attention to expanding its scale but not its technology.
In addition, domestic suppliers and FDI enterprises have limited information about each other’s demands.
The relationship between Vietnamese enterprises is also loose, which is very necessary for enhancing the competitiveness and competitive advantages.
In many countries, relationships between enterprises can be established through the development of industrial clusters. However, the establishment of industrial clusters in Vietnam is lacking in planning, with the main purpose being to clear land for production rather than creating relationships between enterprises.
Vietnamese enterprises, who want to participate in the production chains of multinational corporations, must meet the three requirements of stable quality, timely delivery and reasonable prices. However, few domestic enterprises can satisfy all of these requirements.
The Vietnamese Government has issued Decision No.68/QD-TTg on the development programme of the support industry from 2016, creating a premise and plans for the development of the country’s support industry.
Under the programme, products from the support industry are expected to meet 45% of domestic production by 2020 and 65% of domestic production by 2025, contributing to creating more jobs, increasing income and reducing the prices of several industrial products including automobiles, garments and textiles, footwear and electronic equipment and the prices of related services such as logistics and transportation.
The development of the support industry will also provide Vietnamese enterprises with opportunities to apply international standards and modern quality management systems in production and the chance to join the global supply chain.
Investment keeps flowing into budget housing projects
More investment in budget housing projects is seen continuing into 2017 as property developers are gearing up to cash in on the huge demand for affordable housing of low-income people and workers.
Viglacera has started work on a housing project for workers on 20 hectares at Yen Phong Industrial Park in the northern province of Bac Ninh. Half of the area is reserved for buildings of nine to 12 levels with a total of 4,000 units for workers at the industrial park.
Having launched more than 300 units at Him Lam Phu An project in HCMC’s District 9, Him Lam Land is looking to sell the remaining 1,000 units of the project this year.
The apartments are priced at VND1.5-1.8 billion each and buyers can pay by installment over six years.
Him Lam Land plans to provide the market with some 2,000 low-cost apartments this year.
Vingroup, the country’s leading real estate developer known for major high-end housing, resort and commercial center projects, said late last year that it would build 200,000 to 300,000 apartments costing VND700 million each in seven cities and provinces.
In HCM City, the group is rolling its sleeves to launch sales at two megaprojects in districts 9 and Binh Chanh.
Muong Thanh Group has also joined the affordable housing segment with plans to launch 800 condos priced VND9.5 million per square meter in Ha Dong District, Hanoi this year. Meanwhile, Viet Hung Urban Development and Investment Joint Stock Company is expected to put up for sale 5,000 apartments at a cost of VND1 billion each in the capital city this year.
Property developers Nam Long, Hung Thinh, Nha Mo and Thu Duc House are preparing to launch hundreds of apartments this year.
Property service provider CBRE Vietnam has projected around 40% of the apartments available for purchase in HCMC this year are in the affordable housing segment.
The HCM City Real Estate Association said 2017 would see a significant rise of investment in affordable housing projects, supported by the huge demand of medium-income earners.
The supply of high-end apartments is now higher than in other segments but the local property market is expected to see a balance between supply and demand by 2020.
Property experts forecast a large number of people are still in dire need of budget homes until 2030 since demand for such housing makes up 70% of total demand.
According to CBRE, the absorption rate of budget condos would be 40-50% in 2017-2019, with this year’s rate predicted to rise to 60%.
Le Hoang Chau, chairman of the HCM City Real Estate Association, said HCM City’s housing demand is huge as the city is home to three million migrants, more than 500,000 households in need of homes and 50,000 newly-married couples a year.
Stephen Wyatt, country head for Jones Lang LaSalle Vietnam, said property developers could gain high profits from budget housing projects because of high demand.
However, Wyatt said to secure high profits, investors should acquire land connected to sufficient infrastructure and manage costs efficiently so as to sell apartments at reasonable prices to attract customers.
Plan for hi-tech agricultural zone in Phú Yên approved
The Prime Minister approved the general plan for the development of a hi-tech agricultural zone in the southern province of Phú Yên by 2030.
The zone will be located in the Phú Hòa District’s Hòa Quang Bắc Commune, over a total area of 460ha in its first phase.
Of these, the management and hi-tech services zone will cover a site of 10.78ha.
The research zone will cover a site of 56.5ha and will be divided into four sub-regions.
The training, technology transfer and agricultural products introduction zone will be located near the management zone cover an area of 1.85ha.
The zone also consists of the production zone of hi-tech applied products; technical infrastructure zone and welfare services and rural residential area.
The zone, which aims to serve production and development of the province and the south central region, will focus on sectors of farming, livestock, forestry, fisheries, farm produce preservation and processing, biological products and animal feed.
Outstanding consumer loans capped at VNĐ100m per person
A consumer can have a maximum outstanding loan of VNĐ100 million (US$4,400) at financial firms, as per the State Bank of Việt Nam’s Decree No 43/2016.
This cap, however, will not apply to car loans, wherein the car is a mortgaged asset.
Experts said the cap will encourage financial firms to focus on lending small loans to promote consumption.
The decree, which comes into effect on March 15, has created the legal framework for growth in consumer lending, which is expected to see a boom in the next several years, driven by economic growth and a young population with high consumer needs.
Regarding interest rates, which remain a matter of concern in consumer lending, the decree said that financial firms will have to draw up regulations on interest rates, such as the highest and lowest rates for each product.
Consumer lending interest rates have always been higher than banking rates as the risks are higher.
Experts said the decree would improve market transparency, and sub-standard customers could get access to credit.
Consumer lending currently accounts for around 10 per cent of the total outstanding loans in Việt Nam, as compared to 25 to 30 per cent in the region.
TAC shareholders approve 70% bonus issue
Tuong An Vegetable Oil Joint Stock Company (TAC)’s shareholders on Friday approved the company’s plan to issue bonus shares from its reserves.
An extraordinary shareholders meeting in HCM City, which saw the participation of holders of nearly 18.3 million shares -- or nearly 100 per cent of all shareholders -- voted for a bonus issue in the ratio of seven shares for every 10 held.
Accordingly, 13 million new shares will be issued.
The meeting also approved issue of over 1.6 million shares to employees.
After the issues, the total number of shares will rise to nearly 33.88 million.
The shares to be issued to employees will be priced at VND27,000. They will have a 12-month lock-in period during which they cannot be sold.
Earlier food producer Kido Group (KDC) had bought over 12 million shares of TAC, representing a 65 per cent stake.
KDC director Tran Le Nguyen is now the chairman of TAC.
In the last five years TAC has consistently reported profits of over VND63 billion ($2.7 million).
TAC shares closed yesterday at VNĐ67,900 in HCM City.
41 new firms list on HNX in January
The Ha Noi Stock Exchange welcomed the listing of three new companies on the official exchange and 38 new enterprises on the unlisted public company market (UPCoM) in January.
The three new firms to be listed are PC3 - Investment Joint Stock Company (PIC), Hiep Khanh Tea JSC (HKT) and Vinacomin - Northern Coal Trading JSC (TMB).
As of the end of January, the total number of stock codes listed on the HNX reached 379 codes, with total volume of 11.1 billion shares, corresponding to a total listed value of some VND111.5 trillion (US$4.9 billion).
On the Ha Noi Stock Exchange, market trading liquidity remained lower than the previous month and average trading volume reached 25.44 million shares per session, equivalent to a transaction value of VND264.9 billion per session, down 38.6 per cent in volume and 36.9 per cent in value month-on-month.
Transaction volume of the 10 largest stocks by market capitalisation reached 105.79 million shares, accounting for 24.45 per cent of total market transactions.
The HNX Index gained 5.42 per cent to end at 84.46 points in the final minutes of the trading session on January 25.
In January, trading transactions by foreign investors decreased from the previous month, with a total of 23.94 million shares traded, equivalent to a transaction value of VND369.6 trillion. Of the total transactrions, 17.33 million shares were purchased and 6.6 million shares were sold.
On the UPCoM, there were 38 newly-listed stock codes -- VGT, L12, MCT, HVN, HEM, IST, BDF, MCH, DBW, FOX, SID, CCV, TNS, VIB, VEE, PKR, VWS, DPG, VIF, GVT, DFC, BTB, HGW, PNT, CHS, DCF, AMP, CKH, DBD, DHP, X18, PAI, SBL, BRS, MVY, VIM, HAS and NAS.
As of January 25, there were 454 firms registered for trading on the UPCoM. The UPCoM index rose 1.6 per cent to end at 54.68 points in the closing minutes of the last trading session in January.
The market saw some 119.7 million shares traded with transaction value of VND2.2 trillion last month. The average trading volume reached 7.04 million shares per session, equivalent to a transaction value of VND132.6 billion per session, down 36.42 per cent in volume and 32.8 per cent in value month-on-month.
The HNX30 went up 5.5 per cent to conclude at 151.4 points at the end of the January 25 trading session. Trading volume averaged 11.6 million shares with an average trading value of VND134.9 billion, accounting for 45.7 per cent of the whole market’s average transaction volume and 52.9 per cent of its average transaction value.
At the closing of the trading session on January 25, capitalisation value of HNX30 accounted for 50.9 per cent of the total market capitalisation.
Regarding autions, in January, HNX held an auction for the divestment plan of the Viet Nam Debt and Asset Trading Corporation and two IPO auctions offering shares of 185 Co. Ltd and Haprosimex Co. Ltd.
The total volume of shares offered during these three auctions reached over 8.9 million shares. Investors bought a total of more than four million shares, equal to 45 per cent of the shares offered. Over VND40 billion was contributed to the State budget.
Toong announces opening of co-working space in HCM City
Co-working space operator Toong has announced an initiative designed to connect with the Ho Chi Minh City tech community through opening a co-working space inside the Oxygen Mall.
The space provides flexible workspace options for start-ups and entrepreneurs seeking access to a networked community of diverse talent and expertise. Toong is working with Capitaland, an experienced and one of Asia’s largest real estate developers, to curate the experience.
The space at the Oxygen Mall will connect the co-working community to Toong’s advanced internet services and provide a platform for a modernized working environment commensurate with advanced western countries.
With a rapidly growing tech sector in HCM City, and a desire by those firms for high-speed connectivity, reliability and stability, our building will be getting new life as a centre of innovation and collaboration, said Toong representatives.
The objective of the new space is to provide an environment that inspires knowledge sharing and collaboration among members of the co-working community and to enable them to problem solve and co-create with some of the best and brightest in their industries.
Toonghas an established history of entrepreneur empowerment having already secured its status as the largest co-working space chain in Vietnam with outlets in other major cities including Hanoi and Danang.