|
BUSINESS IN
BRIEF 10/4
Vietnam Institute of Directors makes debut
The
Council of the Vietnam Corporate Governance Initiative (VCGI) launched the
Vietnam Institute of Directors (VIOD) in
The
institute is seen as an important market foundation for
Established
as a social enterprise, VIOD aims to advance board professionalism, promote
business ethics and transparency, build a network to connect corporate
leaders and stakeholders, and help companies inspire investor
confidence.
Vu
Quang Thinh, Chairman of VIOD, said the institute’s objective is to equip
company directors with the right knowledge and tools to serve more
effectively on boards and improve the competitiveness of Vietnamese
firms.
The
institute’s board of directors comprises a diverse group of business leaders
and advocates of good corporate governance, including senior executives from
investment funds, international legal and accounting firms, and independence
board members in prominent companies.
It
is governed by a board of directors comprising of private sector
representatives supported by the State Securities Commission (SSC) and the
VIOD
will hold workshops and board events on governance related topics. Its first
training event will take place at the end of May.
The
VCGI was made public in December 2016 by the Ho Chi Minh Stock Exchange
(HOSE), the Hanoi Stock Exchange (HNX) and the International Finance
Corporation (IFC), with the support of the SSC and the Swiss State
Secretariat for Economic Affairs (SECO).
It
helps enhance cooperation of stakeholders in the market to promote the
implementation of good corporate governance practices of Vietnamese
businesses.
The
VCGI Council was established in April 2017 with 18 members who are experts in
corporate governance and representatives of management agencies,
organisations and businesses from the private economic sector.
Swiss
Ambassador to Vietnam Beatrice Maser Mallor, who is also the SECO
representative, said
SECO
commits to encouraging the application of good corporate governance practices
within the Vietnamese business circle, while helping local firms improve
competitiveness and develop sustainably, she said.
Binh Phuoc enjoys impressive growth in FDI attraction
The
southern
The
figures represented year-on-year rises of 175 percent in the number of
projects and 912 percent in capital.
Secretary
of the provincial Party Committee Nguyen Van Loi on April 5 attributed the
positive results to effective investment promotion measures.
The
province plans to organise a large-scale investment promotion programme in
May to attract more domestic and foreign investors.
Since
the beginning of this year, there were 221 newly-established enterprises with
a registered capital of 3.5 trillion VND (153.3 million USD).
Although
it saw a breakthrough in investment attraction, the province was ranked 62nd
out of the 63 localities in terms of provincial competition index.
Loi
asked for drastic measures to improve the position in the time ahead.
Credit institutions hope for good business in Q2, 2018
Up
to 75 percent of credit institutions expected better results in the second
quarter of this year, while 84 percent hoped their business performance
throughout 2018 to improve further compared to 2017, of this, 28 percent
anticipated “significant improvement”.
They
expressed their hope after making improvements in the first quarter,
according to a March survey released by the State Bank of
The
survey covered domestic and foreign commercial banks in the country.
Up
to 72.4 percent of the respondents predicted their pre-tax profit in 2018 to
rise compared to 2017, helping the average growth rate of the entire banking
system to reach 18.2 percent, lower than the 19.3 percent forecast in the
previous survey conducted in the first quarter of this year.
The
survey also showed that 64 percent and 69 percent of the respondents expected
customer demands for banking services, especially lending, in the second
quarter and the entire year, respectively, to increase compared to 2017.
Banks
expected the banking system’s credit growth to reach 4.85 percent in the
second quarter and 16.3 percent in the entire year.
The
respondents also anticipated capital mobilisation of the entire banking
system this year to reach 16.65 percent, of which the increase in second
quarter was anticipated at 4.71 percent.
Banks
also said the liquidity of the banking system in both Vietnamese Dong and
foreign currencies was currently “good” and that the positive status would
continue for the rest of the year.
VPBank to lift chartered capital to 1.22 billion USD
The
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) plans to increase its
current chartered capital from 15.7 trillion VND (around 691.6 million USD)
to 27.8 trillion VND (1.22 billion USD) in 2018, the bank announced at its
shareholders’ recent meeting.
The
plan for raising charter capital includes the following mechanisms: issuance
of shares for dividend payments instead of cash, issuance of shares using
reserves to supplement charter capital, issuance of shares to VPBank staff
under the Employee Stock Ownership Plan (ESOP) programme, private shares
placement for local and foreign investors and the distribution of surplus
capital.
The
bank plans to make dividend payments in the form of common shares by
utilising retained profits after allocating profit in 2017 and issuing common
shares to raise capital from owner’s equity.
In
the second quarter of 2018, VPBank also plans to issue shares worth nearly
337 billion VND - equivalent to about 1.7 percent of the bank’s charter
capital at the time of issuance - to its staff under the ESOP programme.
In
third quarter of 2018, the bank will buy over 73 million dividend preferred
shares, with capital sourced from the firm’s capital surplus (1.3 trillion
VND) and development investment fund (1.2 trillion VND).
VPBank
will conduct private placement for local and foreign investors to raise
charter capital. The maximum offer is about 15 percent of total common shares
at the time of issuance.
The
last mechanism to raise charter capital will be implemented in the fourth
quarter by distributing bonus shares from capital surplus gains after the
2017 private placement. The total surplus distributed to common shareholders
is expected to be more than 4.6 trillion VND. After surplus distribution, the
charter capital will be raised to 27.8 trillion VND.
With
the tentative 12 trillion VND capital surplus as results of the
abovementioned actions, VPBank plans to use 8.500 billion VND to raise mid-
to long-term capital to serve credit growth.
At
this meeting, VPBank’s shareholders also approved the bank’s business plan
for 2018. Main targets include reaching total assets of 359.4 trillion VND,
customer deposits and valuable papers of 241.7 trillion VND, a non-performing
loan ratio below 3 per cent and profits before tax reaching 10.8 trillion
VND.
By
the end of fiscal year 2017, VPBank was named one of
Measures sought for fisheries sector’s sustainable development
Representatives
from 28 coastal localities nationwide gathered at a conference in the south
central coastal
Participants
heard reports on forecast of fishing grounds and resources, as well as made
recommendations on fishing, processing and domestic consumption of seafood
catches, and food safety.
Nguyen
Hoai
Participants
also discussed food safety observance on fishing vessels and at ports,
logistic services, upgrades to ports and administrative procedures for
certification of seafood meeting quality requirements of the EU.
Concluding
the event, Minister of Agriculture and Rural Development Nguyen Xuan Cuong
urged the fisheries sector to restructure towards sustainable, responsible
development, effective exploration, and climate change adaption.
The
ministry needs to review drastically and provide information timely for
people and enterprises while developing a close chain of seafood processing
to improve product quality, he said.
He
also urged the aquaculture sector to make planning with application of
advanced technology and find consumption markets.
Reports
show that in 2017, the nation’s aquatic output reached over 3.42 million
tonnes, exceeding the yearly target by 3.7 percent, and up 5.7 percent from
2016. In which, the seafood catches made up of over 3.22 billion tonnes. The
rest was inland aquatic output.
Lotte considers opening more stores in Vietnam
Korean
retail giant Lotte is considering whether to open more stores in major
Vietnamese cities, including the capital city of
Hotel
Lotte Co., a hotel and duty-free operator of Lotte, said the operating profit
of its duty-free unit plummeted to a record low in 2017 amid a diplomatic row
between the
Lotte
Duty Free's operating income was 2.5 billion won (2.4 million USD) in 2017,
with sales reaching 5.45 trillion won.
The
weak bottom line was widely forecast as the retailer has been suffering from
The
company said its profitability is expected to improve as it moves to
stabilise its businesses at home and abroad, adding that it will focus on
strengthening the competitiveness of its duty-free stores in
The
retailer aims to expand its global reaches and diversify its customer
portfolio, which had been heavily reliant on Chinese tourists.
Sales
from its overseas outlets came to 140 billion won in 2017, up 45 percent
annually.
Northern power firm produces 13.8 billion kWh of electricity
in Q1
The
Electricity of Vietnam (EVN) Group’s Northern Power Corporation (EVNNPC) has
reported that its commercial power output in the first quarter of 2018 picked
up 14.06 percent year-on-year to more than 13.8 billion kWh.
Of
the total amount, 65.06 percent was supplied for the construction industry,
up 15.81 percent against the same time last year while 29.08 percent was
provided for daily use, rising 9.7 percent.
During
the January-March period, the corporation’s member companies began
construction of ten projects and put into operation 17 power supply works and
transmission lines, adding 657 MVA to the national grid.
Furthermore,
the corporation completed all 14 customer service criteria, with average
electricity access of 5.02 days per week. As of March 31, it informed power
charges via SMS to 7.26 million out of 9.77 million customers, an increase of
1.08 million customers as compared to 2017.
The
EVNNPC worked to ensure sufficient power supplies for production, daily life
and socio-political activities during New Year and Tet (lunar New Year)
holidays. In addition, it also paid due attention to communication campaigns
to raise public awareness of power saving and response to the Earth Hour
2018.
In
the second quarter, the firm will further its efforts to ensure stable power
supply during hot weather as well as deploy drastic measures to reduce power
consumption.
Mining Vietnam 2018 exhibition to be held in Hanoi
The
fourth International Mining and Minerals Recovery Exhibition for
The
event will have nine group pavilions specifically designed for international
exhibitors from various countries including the
Covering
up to 4,000 square metres, the exhibition will highlight the latest mining
equipment, technologies and services.
The
exhibition attracts world leading manufacturers and suppliers, including Fong
Chuan Machinery, Germanbelt, Hamakyu, Nippon Eirich, Sealtech
BT
Tee, General Manager of the UBM VES Exhibition Services, the organizer of
Mining Vietnam 2018 said that although the past few years have proved to be
another difficult period for the global mining market, Mining Vietnam has
continued to maintain its scope and reputation, attracting a large number of
local and international firms.
This
shows the industry’s high potential thanks to the Government’s policy to
encourage exports and rising local consumption of mineral resources, he
held.
Mining
Mining
Newly-formed firms set a record high in 7 years
Vietnam Expo offers business opportunities for Vietnam, RoK
firms
The
28th Vietnam International Trade Fair (VIETNAM EXPO) in Hanoi from April
11-14 will mark the two decades that the Republic of Korea has ran a national
pavilion at the event, one of the biggest trade fairs in Vietnam.
The
pavilion named “
The
pavilion will feature products from seven selected Vietnamese and RoK
companies.
Korean
trade promotion organisations such as Korea Trade-Investment Promotion Agency
(KOTRA), Gyeonggido Business & Science Accelerator (GBSA), SeongNam
Industry Promotion Agency (SNIP), Gyeongbuk Economic Promotion Agency (GEPA)
and Korea Design Centre have long been reliable partners of VIETNAM EXPO.
According
to the Vietnam National Trade Fair & Advertising Company (VINEXAD), there
has been a wave of Korean investment in
Popular
Korean brands such as GS25, K-mart, K-market, Lotte, Circle K, Emart, and
FamilyMart have also become popular in
Vietnamese
consumers are attracted by made-in-Korea products due to their quality,
safety, environmental friendliness, eye-catching designs and reasonable
prices.
The
VIETNAM EXPO will create a chance for businesses to seek partners and
introduce their products to customers.
Trade
experts said the Vietnam-Korea Free Trade Agreement (VKFTA) will allow
Vietnamese businesses to make use of tariff cuts while exporting agro-fishery
products.
Businesses
from 21 cities and provinces across Vietnam as well as 12 trade and
investment promotion centres from Hanoi, Hai Phong, Quang Nam, Bac Giang, Nam
Dinh, Ninh Binh, Yen Bai, Lao Cai, Binh Thuan, Thanh Hoa, Dong Thap and Dak
Nong are expected to partake in the event.
A
series of trade, investment promotion and exchange activities will be held as
part of the expo, which will contribute to win-win economic cooperation
between
Two-way
trade between
The
two countries are working to raise the turnover to 100 billion USD by 2020.
Vinamilk to build four hi-tech dairy farms in Thanh Hoa
The
four farms, including an organic one, will be built in Vinamilk Thanh Hoa’s
high-tech dairy farm complex. As many as 20,000 dairy cows will be raised on
the farms, producing 110 million litres of milk per year.
With
its current development plans, Vinamilk owns more than 120,000 dairy cows,
supplying about 750 tonnes of milk a day.
The
company is expected to have 200,000 dairy cows and raw milk output will
double by 2020, meeting 50 percent of material demand for production and
ensuring supply for Vietnamese consumers.
Vinamilk
has recently inaugurated a high-tech dairy farm in Thanh Hoa. Covering a
total area of 40 hectares in Thong Nhat town, Yen Dinh district, the facility
was built with an investment of 700 billion VND (30.5 million USD).
The
farm, designed to raise 4,000 milk cows, is granted the global GAP (Good
Agricultural Practice) certification in recognition of its farm management,
raw milk quality, and application of state-of-the-art technology.
Vinamilk
is aiming for revenue of 55.5 trillion VND (2.46 billion USD) and post-tax
profit of 10.75 trillion VND (477 million USD) this year, up 8.5 percent and
4.6 percent, respectively.
Local filter equipment sent to Chile
Doosan
Heavy Industries Viet Nam Co. (Doosan Vina) has shipped reverse osmosis (RO)
expansion racks and high pressure piping systems – equipment essential to
desalination filter systems – to the Escondida Water Supply plant in
Doosan
Vina said the 379-tonne shipment, which was loaded onto a ship at Dung Quat
Port in Quang Ngai Province, will be installed at the Chilean water plant
which supplies 220 million litres of water to over half a million people
every day.
The
equipment, produced at Doosan’s Quang Ngai based water plant is being
exported following the Escondida Water Supply project agreement signed in
2017.
Doosan
Vina is the first producer of RO desalination filter systems in
The
company employs 2,500 local workers and finished 2017 with an export turnover
of US$200 million.
Vissan to increase beef, pork supply in 2018
The
Vissan Joint Stock Company plans to increase revenue by 18 per cent, reaching
VND4.6 trillion (US$204.5 million) this year compared with that of last year.
The
company also expect to increase the profit before tax by 8 per cent
year-on-year to reach VND179 billion.
Vissan
expects to increase the food supply to the market this year from 15 per cent
to 20 per cent to boost sales and profits.
The
company plans to supply 28,000 tonnes of pork, up 20 per cent, 1,700 tonnes
of beef and 21,000 tonnes of processed food, up 15 per cent from 2017.
Last
year, Vissan did not complete the business plan. The pork output reached
23,492 tonnes, completing 84 per cent of the year’s plan; beef production has
just completed 70 per cent, earning VND1.51 trillion; and the amount of
processed food sold has reached 19,009 tonnes, fulfilling 96 per cent of the
target.
The
total revenue for the whole year was nearly VND3.9 trillion, fulfilling 86
per cent of the year’s target. However, profit before tax reached VND165.75
billion, exceeding 6 per cent of the profit target.
Cashew exports rise strongly in first quarter
This
represented increases of 33.8 per cent in volume and 46.6 per cent in value
year-on-year, with the
Exports
to all markets except
The
average export price was 10.2 per cent higher from a year earlier thanks to
an increase in shipments of processed items.
Speaking
at a meeting to review first quarter exports, Dang Hoang Giang, Vinacas’s
vice chairman, said the result reflected the association’s direction that the
sector would reduce export volumes and focus on processed products.
Highly
processed items fetched 20-30 per cent more than semi-processed ones, while
organic cashew was $2 per pound higher than semi-processed nuts, he said.
Exports
of highly processed products accounted for 5 per cent of the total, while
organic cashew shipments were modest, he said.
“The
prospects for cashew exports in the remaining months of the year are very
positive.
“As
usual, global cashew trade will become busy from the second quarter.”
This
year, the sector targets exports of 300,000 tonnes, a 17.28 per cent decline
from last year, but hopes to achieve last year’s turnover of $3.6 billion by
increasing the ratio of processed and high value-added products and
by-products, he said.
Delegates
at the meeting said domestic cashew output has fallen sharply this year due
to unfavourable weather and diseases since last year.
Pham
Van Nguyen, a cashew expert, said: “A few weeks ago, we had forecast that
cashew output will reach 400,000 tonnes this year, but after conducting fact
finding trips to cashew cultivation areas, we think the output will be around
300,000 tonnes.”
Some
cashew farms in
Le
Quang Luyen, the association’s director of finance and president of Phuc An
Processing and Trading Company, said the yield per kernel too is lower this
year.
Last
year, the industry had imported 1.5 million tonnes of cashew for processing
for export, and this year it expects to import one million tonnes, he said.
Import
prices are rather high, so cashew processors must be careful to avoid losses,
he warned.
There
is greater demand for organic cashew for hygiene and food safety reasons,
Luyen said.
“I
have worked with some co-operatives to produce organic cashew, hoping that
from the next crop, my company can start exports of organic nuts.”
The
organic method offers very low yields of 600-700kg against a normal output of
two tonnes, he said.
“So
businesses must have ways to ensure profits for farmers to encourage them to
switch to organic farming.”
Viet Capital targets profit up 26 per cent
Viet
Capital Securities JSC (VCSC) plans to earn more than VND1 trillion (US44
million) in 2018 in pre-tax profit, an increase of almost 26 cent compared to
last year, the company has announced.
It
also plans to obtain revenue of VND1.7 trillion, up 11.6 per cent year on
year. Operating expenses is expected to reach VND704 billion, down four per
cent year-on-year. Shares offered for dividend payment is expected to worth
VND1,500 per share.
Investment
banking continues to be VCI’s core business and the company aims to secure
the leading position in this segment.
Currently,
VCI is executing many large business contracts with transactions worth more
than VND40 trillion in banking, consumer goods, seafood, construction
materials and real estate.
At
the same time, VCI is currently also one of the top 10 brokerage firms with
the highest market share.
According
to VCI, in 2018 Vietnamese stock market will see the VN Index,
VCI
expects the Government will continue to keep sticking with the divestment
plan, which plays an important role in attracting capital and increasing the
liquidity of
In
2017, VCI achieved VND1.4 trillion in revenue, up 77 per cent from 2016 and
the highest revenue VCI had ever gained since its inception. In particular,
the investment banking segment made a big contribution, up 280 per cent
year-on-year thanks to large value transactions of its contracts, some of
which were signed with large corporations like budget carrier Vietjet, Viet
Nam Prosperity Bank and jewelry retailer Phu Nhuan Jewelry Joint Stock
Company.
VCI
earned after-tax profit of VND655 billion, the after-tax profit margin on
equity reached 42.64 per cent.
The
country’s leading retailer, Saigon Co.op, hopes to increase sales by 10 per
cent this year.
Despite
intense competition, the co-operative achieved all its targets last year,
with revenues reaching nearly VND30 trillion (US$1.31 billion) and exports
via its Co.opXtra hypermarket, a joint venture with
It
opened 130 new Co.opmart supermarkets, Co.op Food stores and
In
2018, to cope with the fierce competition in the market and retain its
position as the leading consumer retailer in
This
year, it plans to open 19 Co.opmart, two Co.opXtra, 170 Co.op Food, 150
Co.opSmile and 50 Cheers outlets.
It
will also open an outlet of Co.opmart Finelife, its new business targeting wealthy
customers, and develop omni-channel retailing.
Saigon
Co.op is also focusing on creating a friendly supermarket environment, green
brands, organic products, greater use of information technology in
management, strengthening its supply chain, human resources, and logistics.
Speaking
at a Saigon Co.op review meeting on April 5, Nguyen Quynh Trang, deputy
director of the HCM City Department of Industry and Trade, hailed the
co-operative’s achievements, saying it had contributed greatly to the city’s
economic development.
She
called on the company to focus on both expanding at home and strengthening
co-operation with foreign partners to sell Vietnamese goods abroad.
VNPT provides IT solutions for Hoa Lam Group
The
Vietnam Posts and Telecommunications Group on Thursday agreed to co-operate
with the Hoa Lam Group in information technology and communications, aiming
to make use of each other’s strength.
Under
the agreement signed between the two sides, VNPT will help its partner in
developing IT infrastructure in facilities invested by the Hoa Lam Group,
provide corporate management software such as Enterprise Resource Planning
(ERP), Customer Relationship Management (CRM), data analysis; as well as
security solutions.
The
two groups will also join hands in supplying healthcare services, share human
resources and IT infrastructure at two hospitals, namely the
In
addition, Hoa Lam Group’s Vietbank will co-operate with VNPT’s Vinaphone
company in five years from 2018 to 2023 to promote digitalised banking
services based on VNPT’s internet and mobile services.
Hoa
Lam Group was established in 1990 with business focusing on finance and
healthcare.
New air routes promise cheap flights in summer 2018
New
international air routes from
Low-cost
airline AirAsia plans to open a direct flight from
On
the occasion, AirAsia offers discounts for one-way tickets from
In
June, travel and transportation services company WorldTrans also plans to
kick off direct charter flights between Can Tho and
Earlier
on March 25, the national flag carrier Vietnam Airlines opened a new air route
from Nha Trang to
The
first direct air route from
Last
month, Vietjet Air also announced the opening of a direct air route from
Vietnamese seafood shipments found with metal residues on the
rise
The
number of Vietnamese seafood batches exported to foreign countries found with
metal residues has tended to sharply rise, according to an official from the
Ministry of Agriculture and Rural Development (MARD).
In
a meeting co-organised by the MARD and the People's Committee of Khanh Hoa
Province in
Most
of the batches were found to have contained metals such as mercury and
cadmium over the maximum permissible limits. Meanwhile, the rest failed due
to incorrect labelling.
On
October 23 last year, the European Commission issued a yellow card warning to
Nguyen
Hoang
Meanwhile,
The
programme aims to prevent illegal, unreported, and unregulated catches and
mislabelled seafood from entering the
NBB plans to double net profit after
At
the annual general shareholders’ meeting expected to take place on April 24,
577 Investment Coporation (NBB), some buildings of which have been partnered
by Japanese Creed Group, will submit the target of VND170 billion ($7.5
million) in net profit, doubling 2017 performance.
The
corporation plans to gain VND850 billion ($37.44 million) in revenue this
year, 24 per cent less than the VND1.117 trillion ($49.2 million) in 2017.
However,
NBB plans to sharply increase pre-tax profit from VND75.6 billion ($3.33
million) to VND215 billion ($9.5 million). After-tax profit is also planned
to increase to VND170 billion ($7.5 million), while it was approximately
VND73 billion ($3.2 million) last year.
On
the other hand, NBB intends to propose the general shareholders’ meeting to
raise CII’s ownership to 49 per cent without a public offering. Ho Chi Minh
City Infrastructure Investment JSC (CII) is currently holding 34.12 per cent
of NBB’s capital, equivalent to 33.2 million shares.
After
the
MPIC acquires 49 per cent stake in Tuan Loc Corp.
Metro
Pacific Investments Corporation (MPIC), the owner of 44.94 per cent of Ho Chi
Minh City Infrastructure Investment JSC's (CII) subsidiary, will buy a 49 per
cent stake in Tuan Loc Construction Investment Corporation to expand its
operations in
Accordingly,
MPIC, through its subsidiary MetroPac Water Investments Corporation (MPW),
signed the purchase agreement to buy 49 per cent stake in Tuan Loc, one of
the largest water supply systems builders in the country. The deal is valued
at $38 million.
The
deal is subject to the satisfaction of customary closing conditions. The
transaction is expected to be completed on June 30.
Established
in 2005, Tuan Loc specialises in infrastructure construction, including
bridges, roads, and seaports. It joined in numerous projects, including the
Trung Luong-My Thuan highway, Pleiku water plant,
It
has been installing water supply systems in numerous large-scale projects
across the nation. It currently has a charter capital of VND1.6 trillion
($70.24 million).
Recently,
Tuan Loc, in collaboration with two other domestic investors, was assigned to
develop Thu Thiem 3 Bridge, located in District 4, under the build-transfer
(BT) format.
The
biggest project of Tuan Loc is Song Lam Raw Water Treatment Plant, a 50-year
build-own-operate project (2015-2064) with an installed capacity of 200
million litres per day (MLD) expandable to 300 MLD. This plant supplies raw
water to Nghe An Water Supply JSC and surrounding industrial parks.
In
the
Pou Chen and Far Eastern projects at the starting line
Tan
Tao Investment and Industry Corporation's (ITA) representative said that the
footwear research and development centre will be deployed in Tan Tao
Industrial Zone (Binh Tan district,
“The
developer of this project has fulfilled all the procedures to be certified
and start in the next months,” he said.
Last
year, IDEA Limited Company signed a contract to rent about 20 hectares of
land in Tan Tao IZ with an estimated leasing fee of VND500 billion ($20
million) for this centre. The project may be divided into several phases, but
in the first phase, IDEA will lease 6.5ha only. The project was received the
investment certificate with total investment of $80 million at the end of
2017.
Tsai
Pei-Chun, chairwoman and CEO of Pou Chen Group, said the group is present in
six Vietnamese localities with over ten factories and 160,000 workers.
These
include PouYuen Vietnam Enterprise Ltd. located in Binh Tan district,
Tsai
Pei-Chun said that she wants to invest and do business for a long time in
Pou
Chen is one of the leading footwear manufacturers of the world for top brands
like Nike, Adidas, and Asics. The group has manufactured 325 million shoes in
2017, gained $6.3 billion in revenue, and seized 20 per cent of the global
footwear market.
In
addition to Pou Chen, Taiwanese apparel giant Far Eastern has also
strengthened investment and completed its manufacturing chain in
Binh
Duong province has just issued the investment certificate for the apparel
factory of Far Eastern Apparel Vietnam Co., Ltd. in VSIP II-A with the total
investment of $25 million. This expansion aims to complete the group’s
manufacturing chain. Far Eastern has become the biggest foreign-invested
apparel enterprise in Binh Duong.
In
June 2015, Far Eastern's textile project was granted an investment
certificate with the total investment of $274 million in Bau Bang Industrial
Park (IP). In the early of 2017, this project was risen investment capital by
$485.8 million to $760 million and expanded the area to 120ha.
Up
to date, the first phase of Bau Bang IP has filled 1,000ha with over 90
foreign and domestic investors and $1.2 billion of the total registered
capital.
The
director general of the Binh Duong Department of Planning and Investment said
that two more foreign-invested apparel projects received investment
certificates earlier this year. Apparel and footwear are one of the major
advantages of
Since
the beginning of the year, the largest newly-established foreign-invested
projects are in the apparel and footwear industry. They include the footwear
manufacturing project of British Virgin Islands' August Sport Co., Ltd. in
Tam Phuoc IP with the total registered capital of $15 million, and the
apparel plant of
Vung Tau
A
number of domestic and foreign investors, including Geleximco, Vingroup, and
Sebrina Holdings Pte., Ltd., among others, expressed interest in developing
the unfinished Vung Tau Paradise Resort after the Ba Ria-Vung Tau People’s
Committee lowered the criteria to select new investors to replace Vung Tau
Paradise Company, according to newswire Phapluat.
Notably,
after failing to call for investors to Vung Tau Paradise Resort with overly
strict criteria, the Ba Ria-Vung Tau People’s Committee has decided to lower
expectations to find new investors to complete the unfinished segments of the
project.
Accordingly,
instead of asking the investors to pour at least $2 billion into the project
(at least 25 per cent of which would need to be equity), investors are now
required to invest at least $1 billion into the project, excluding expenses for
site clearance and land rental, with at least 15 per cent of these funds
coming from the investors’ equity. Furthermore, investors have to commit to
paying land rental fees at once.
Besides,
investors are permitted to propose the duration for developing the projects
instead of the three years that was previously set.
According
to the local authorities’ requirements, the new investors will have to turn
Vung Tau Paradise into a high-end amusement, tourism, and resort complex,
including a 27-hole golf course meeting international standards, a shopping
centre, a conference centre, a five-star hotel, spa, and the highlight
amusement park.
In
1991 Vung Tau Paradise Company, a joint venture between Vietnamese Vung Tau
Intourco Resort JSC and Taiwanese Paradise Development and Investment, was
granted the investment certificate to develop the project with the total
estimated investment capital of $97.2 million.
However,
since coming into operation in 1995 with poor infrastructure featuring a
27-hole golf course and a housing area with only 54 units, the resort has not
only not made any profit but went straight into the red.
The
firm also failed to make good on its commitments to construct several of the
designed components, including a 500-room hotel, a theatre, and an
entertainment playground.
At
the end of April 2015, the investment certificate of the investor expired,
thus, the local authorities decided to call for new investors.
Hanwha Life
On
April 3, Hanwha Life Vietnam Co., Ltd. announced a strategic alliance with
Movin Co., Ltd. to market life insurance products through telemarketing
channels.
Back
Jong Kook ( second from right), CEO cum chairman of the member council of
Hanwha Life
Specifically,
Movin would deliver Hanwha Life
Addressing
the signing ceremony, Back Jong Kook, CEO and chairman of the member council
of Hanwha Life
Additionally,
the strategic partnership was expected to set up a comprehensive and
inclusive distribution channel for financial services as well as assist
Hanwha Life
“The
purpose of the strategic alliance is to deliver insurance products to
consumers in the most convenient and professional way,” Back added.
He
also addressed the group’s mission in
At
the end of 2017, Hanwha Life
Hanwha
Life
Movin,
a subsidiary of Korean DTA, made its debut in
VNN
|
Thứ Ba, 10 tháng 4, 2018
Đăng ký:
Đăng Nhận xét (Atom)
Không có nhận xét nào:
Đăng nhận xét