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BUSINESS IN BRIEF 6/9
Samsung
keen on
Samsung
group plans to conduct a feasible study of a number of power projects in
The
Ministry of Industry and Trade (MoIT)’s General Department of Energy said
that the Republic of Korean group will inspect five thermal electric power
plants in central and southern regions before making its decision.
The
five plants include Quynh Lap 2 in the central
More
than a month ago, Deputy Prime Minister Hoang Trung Hai authorized the MoIT
to consider and select one of the five power projects to cooperate with
Samsung.
RoK
supports chilli farming in Ninh Thuan
Ninh
Thuan province on September 4 signed a cooperation agreement with CJ CHEIL
JEDANG (CJ group) of the
Under
the deal, a growing area of 500-600 ha will be developed with an expected
output of 12,000 tonnes of fresh chilli per annum. About 3,000 tonnes of
dried chilli will be exported to foreign countries where the CJ group’s food
processing plants are currently located.
The CJ
group will help local chilli growers improve their farming techniques. It
will also buy the entire chilli crop produced by local farmers at negotiated
prices.
CJ
group CEO Chang Bok Sang said his firm is cooperating with Ninh Thuan to
implement a pilot project to import ten chilli varieties from
Once
these chilli varieties have been examined for productivity and quality, they
will then be grown widely in Ninh Thuan from 2014 to 2024. CJ group will
build a plant to process and package the chillies before shipping them
abroad.
At
present, Ninh Thuan province has 562 ha under chilli, cultivation mostly in
Phan Rang-Thap Cham city, and Ninh Hai and Ninh Phuoc districts, with an
average output of 20 tonnes/ha.
London
seminar promotes UK investment in HCM City
Quan
emphasized that
He
said with a population of around 10 million, the city is a major economic,
cultural, educational, and scientific and technological centre in the southern
key economic region.
The
city has so far established trade ties with 228 countries and territories in
the world. It is now home to 95 UK-invested projects capitalized at US$628
million and 120 representative offices of
The
presence of 70
He
assured the participants that
Quan
said
Dr.
Marcel Steward, WunderEnergy’s Director of Environment and Sustainability,
affirmed
The
Executive director of Asia House, Michael Lawrence, also emphasized that the
seminar offered
Vietnamese
businesses expect to learn about
In his
opening speech, Deputy Minister of Industry and Trade Tran Tuan Anh noted
that the manufacturing industry plays a crucial role in economic development,
and
He
laid strong emphasis on the development of the support and mechanical
engineering industries in national industrialization and modernization,
helping attract foreign direct investment (FDI), facilitate business
operations, and create highly competitive and added value products.
Anh
expressed his hope that a series of manufacturing exhibitions held simultaneously
in Hanoi this time will offer domestic and foreign businesses operating in
the support and mechanical engineering industries the chance to meet and seek
cooperative opportunities.
Shouei
Utsuda, President of the Committee for Vietnam-Japan Friendship Year, said
the exhibition, an activity to mark 40 years of Vietnam-Japan diplomatic
ties, helps visitors gain a broad view of the technologies of 32 Japanese
companies operating in
During
the exhibition, which runs until September 9, Japanese businesses will
introduce high technologies, and robots Honda Asimo and Murata Boy.
Duangdej
Yuaikwamdee, Deputy Managing Director of Reed Tradex – ASEAN’s leading
exhibition organizer, said through the event Vietnamese manufacturers can
find partners, expand their export markets and access latest technologies to
raise their competitiveness within the global value chain.
Yuaikwamdee
revealed that in the coming years, Nokia plans to set up its biggest
production base in
According
to the report,
Despite
these encouraging developments, the foundation of
The
country ranked no higher than 57th in any of the pillars except the market
size pillar (36th). It was down in several areas of the Index, including
labour market efficiency (56th, down five) and financial market development
(93rd, down five).
Another
area of concern was technological readiness (102nd down four). Although new
technologies are spreading amongst the population, Vietnamese businesses are
particularly slow to adopt the latest technologies for their business use
(128th), thus forfeiting significant productivity gains through technological
transfer.
The
top ten economies in the report are
Viet
Nam has moved up five positions to rank 70th on the 2013-14 global
competitiveness list issued by the World Economic Forum, regaining half of
the ground it lost last year.
The
report said this progression was mainly the result of a slightly better macroeconomic
environment, which was ranked 87th among world nations, up 19 positions.
After
jumping to almost 20 per cent, inflation was back to single-digit levels in
2012, also strengthening the country's position and improvements to the
quality of transport and energy infrastructures saw this ranking jump 13
places to 82nd.
Despite
these encouraging developments, the foundation of the country's economy and
prosperity remained fragile. The country sits below 55th place in every
criteria except for market size where it occupies 36th.
It
lost ground in several areas of the Index, including labour market efficiency
— down five to 56th — and financial market development at 93rd, also down
five.
Another
area of concern is technological readiness, where the country slipped four
places to 102nd.
Although
new technologies were spreading among the population, Vietnamese businesses
were particularly slow to adopt the latest technologies in their sectors,
thus forfeiting significant productivity gains through technological
transfer.
As in
previous years, this year's top 10 was dominated by a number of European
countries, with
Farming
sector fights back
The
farming sector needs urgent solutions to overcome the current export slump
and ensure a brighter future, experts have said.
The
farming, forestry and fisheries sectors' export values saw a slight
year-on-year decline of 1.1 per cent in the first eight months of the year to
US$17.98 billion.
The
reduction was due to economic difficulties, limited goods consumption and the
impact of inclement weather on farming products, said Tran Thanh Hai, deputy
head of the Import and Export Department under the Ministry of Industry and
Trade.
Ho Van
Nien, vice chairman of the People's Committee of southern Ba Ria-Vung Tau Province,
said farming exports for this whole year were expected to fall short of their
target because exports had slipped both in terms of volume and value since
the start of this year.
This
was the first time the province had faced farming export difficulties, with
cashew and fisheries hit particularly hard, registering year-on-year export
volume falls of 29.51 and 12.24 per cent, respectively.
Nien
said the fisheries sector must faced the most issues due to lack of raw
materials, low selling prices and high input costs.
Viet
Nam Association of Seafood Exporters and Producers (VASEP) general secretary
Truong Dinh Hoe agreed, adding that the sector's export markets had shrunk
due to the global economic downturn.
Meanwhile,
coffee exports in the first eight months saw a year-on-year drop of 23.2 per
cent in volume (to 974,000 tonnes) and 22.5 per cent in value to $2.09
billion, according to the Ministry of Agriculture and Rural Development.
Luong
Van Tu, chairman of the Viet Nam Coffee and Cacao Association, said the
reduction was due to fall 20 per cent in coffee output against last year.
Local
coffee enterprises must also compete with foreign rivals in purchasing coffee
on the domestic market, he added.
Hai
said the instability of national farming exports had led to fluctuations in
the volume and price of those products.
Therefore,
the farming and fisheries sectors should focus on improving quality and
developing product trademarks to build stronger reputations and increase
competitiveness on the world market, he said.
Hai
believed foreign partners had imposed unnecessary conditions on local export
products and said the Ministry of Industry and Trade would promote
negotiations with foreign countries to abolish unnecessary barriers for
Vietnamese farming and seafood products.
The
ministry has so far built mechanisms and policies to support consumption of
high output commodities such as rice, seafood, coffee, cashew and pepper.
It
will also improve the efficiency of market information and forecasts of
commodities for producers and exporters, while disseminating information
about commercial barriers for local exporters to increase exports and avoid
risks around entering export contracts.
Truong
Thanh Phong, chairman of the Viet Nam Food Association, said
For
instance, the country should limit rice export volume to six million tonnes
per year and have solutions in place to increase the value of rice export
products.
The
planning sector should co-operate with farming and seafood associations to
closely follow sales and demand of those commodities on the local and world
markets so that the planning sector would have advice for farmers in planting
crops and raising animals to ensure a high selling price, Phong added.
Trade
expert Pham Tat Thang said if agricultural production continued to increase
the number of export commodities, consumption of those products would be
likely to wane at home and abroad due to excess.
The
farming and fisheries sectors should restructure production and business
operations to ensure sustainable development of export staples, he said.
Ha
Noi backs support industries
Opening
four exhibitions on support industries in Ha Noi yesterday, Tuan Anh said the
State had issued several policies in recent years to help parts' makers and
encourage technological transfer between local firms and foreign partners.
The
four expos are the Reed Tradex Manufacturing Expo Viet
The
events would help accelerate the transfer of new technologies, know-how and
the expansion of business networks, said managing director of Thailand Reed
Tradex, Chainarong Limpkittisin.
Difficulties
in purchasing parts was one of the major challenges facing Japanese
enterprises in
A
recent JETRO survey found Japanese enterprises in
A low
localisation ratio means that investors have to import more overseas
materials and components. This leads to high production costs in
Nguyen
Van Suu, vice chairman of the Ha Noi People's Committee, said the expos would
enable parts producers to find new markets. The four events will end
tomorrow.
Phuong
Nam Food Co pays outstanding debt
Foreign
clients resumed orders with Phuong Nam Food Processing Company in the
southern
Tran
Van Tri, the company's vice chairman, told a local newspaper that the clients
were the company's traditional partners who had returned because of the good
news.
"New
orders would help the company reach their goal of US$30 million in exports by
the end of the year," he said.
The
company, once in the nation's top ten, recorded an export turnover of more
than $88 million in 2007 and supplied more than 3,200 jobs.
The
company was left to wrangle with VND1.6 trillion ($76million) in debts after
the former chairman, Lam Ngoc Khuan, failed to return from the
The
company has partially recovered with the help of creditors; agreeing to
suspend the company's debts for three to five years with zero interest. As
one of the banks, Lien Viet Post Bank provided new lending to the company to
purchase raw materials.
Phuong
Nam Company resumed business under new leadership from deputy chairman Tran
Van Tri, the former deputy director of Lien Viet Post Bank, who became
responsible for tackling the remaining VND238 billion ($11.3 million) debt.
In the
first six months of the year, the company recorded a weak export turnover of
$2 million; but turnover has quickly soared to more than $8.5 million with
the export of 800 tonnes of shrimp in the last two months.
Tri
said farmers have started selling shrimp to the company, bolstered by its
improving finances, adding the company employs 2,000 workers who recently
received a 20 per cent increase in their monthly salary thanks to higher
production capacity.
Along
with plans to return to the top 10 seafood exporters in
The
company continues to export to traditional markets including the
Last
month alone, the country exported 14,000 tonnes of tea, bringing a turnover
of $23 million.
The
average price of exported tea reached $1,584 per tonne last month,
representing a 4.9 per cent increase on the same period last year.
However,
tea volume exported to
The
ministry said tea exports saw a surge in the US (36.5 per cent), United Arab
Emirates (43.2 per cent), Germany (7.9 per cent) and Poland (18.3 per cent)
against the corresponding period last year, helping to cushion the blow.
Doan
Anh Tuan, chairman of the Viet Nam Tea Association said tea production,
processing and consumption had seen high growth in the past few years.
However,
the sector had faced shortcomings due to its small production scale. Farming
households, which accounted for 65 per cent of total tea growing areas, were
only 70-75 per cent as capable as larger businesses.
Enterprises
and farmers also lacked distribution networks, he added.
He
said the sector should review its planning and arrange tea processing plants.
Each plant should have plantations and policies to encourage farmers to
become shareholders.
In
addition, the country should build a centre to verify tea quality according
to international standards.
Dung
Quat 2 IZ reveals detailed plans
Dung
Quat Economic Zone's Management Board yesterday announced the 1/2000-scale
planning of Dung Quat 2 Industrial Zone (IZ) in central
The IZ
lays in the Dung Quat Economic Zone, the industrial zone for heavy
industries, such as oil refinery, chemical industry, shipbuilding, steel
refining, thermo-electricity as well as supporting industries in line with
the Dung Quat 2 deep water seaport.
According
to the plans, land for construction of factories, storehouses and service
buildings accounted for 63 per cent, while 14 per cent is for traffic
infrastructure and the remaining 23 per cent is to be left for green spaces.
Covering
an area of nearly 2,820 ha, Dung Quat 2 IZ borders with Dung Quat 2 Port in
the north-east, Van Truong New Urban Area in the north-west and Sa Ky Urban
Zone in the south-east.
In
addition, the planning of Sa Ky Urban Zone was announced yesterday. As a
satellite urban zone of Dung Quat Economic Zone, it would provide
accommodation and living facilities for workers and local residents. It will
stretch over 400 ha into Son Tinh District's Tinh Hoa Commune and Binh Son
District's Binh Chau Commune.
Dung
Quat Economic Zone was among five coastal economic zones prioritised in
receiving State investment in order to develop into an economic zone of
multi-sectors with a focus on heavy industries and an open industrial city in
the future.
The
provincial authorities are speeding up construction of infrastructure to
attract more investment into the zone.
Large-scale
farms lead the way
New
production models including large-scale farming that have been introduced and
proven effective in recent years will drive the agriculture sector's growth
in coming years, heard a seminar in Mekong Delta Can Tho City yesterday.
The
seminar was held to review five years of implementing the Party Central
Committee's Resolution No 7 on developing the agriculture and rural areas;
and to assess impacts of the Government's investment policies on the
agricultural sector, farmers' livelihoods and development of rural areas.
In
attendance were Deputy Prime Minister Vu Van Ninh, Chairman of the NA
Economic Committee Nguyen Van Giau, Minister of Agriculture and Rural
Development Cao Duc Phat, many other senior officials, scientists,
businessmen and farmers.
Giau
said the seminar was a forum for multifaceted dialogue between enterprises,
co-operatives, farmers, scientists and state management agencies that would help
select the most effective agricultural production models and management
methods in agricultural production for nation-wide expansion in the coming
years.
Participants
can also highlight difficulties arising out of current policies related to
agriculture, farmers and rural areas so that the Party and Government are
able to address them as soon as possible, he added.
In a
report presented at the seminar, the Ministry of Agriculture and Rural
Development (MARD) said large-scale rice farming is one of the new production
models that have proven effective in recent times, since it has helped
farmers earn higher profits.
The
ministry claimed the new model has helped farmers reduce production costs
while increasing productivity and quality, enabling them to raise profits by
as much as VND2.2-7.5 million per hectare last year.
In the
Cuu Long (
The
figure is expected to increase significantly and reach 100,000-200,000ha by
the end of this year, the ministry said.
The
report said that other models, including a "closed chain" that
covers production, processing, distribution and trading; co-operatives; and a
co-operation arrangement between farmers and enterprises have also achieved
high efficiency in agricultural production.
The
seminar heard 20 presentations that focused on different aspects of new
production models and new management methods in rural areas, including the
role of farmers' associations in propagating them as well as measures that
can help farmers escape poverty.
However,
despite initial successes, there are difficulties that will hinder expansion
of the new models, the ministry cautioned.
For
instance, all localities, ministries and industries do not have the same view
of large-scale rice cultivation, it said.
Efforts
to establish linkages between farmers and businesses have so far concentrated
on production phase and are yet to ensure stable outlets for farm produce,
making it difficult for farmers to enjoy stable prices and incomes, it added.
The
seminar was organised by MARD in collaboration with the National Assembly
Economic Committee and the Viet Nam Farmers' Association.
Private
money sought for infrastructure
The
announcement was made at a PPP seminar held by the HCM City Department of
Planning and Investment on Tuesday.
According
to Nguyen Thi Hong, deputy chairwoman of the HCM City People's Committee, the
city has a plan to call for BOT (Build - Operate - Transfer) and BT (Build -
Transfer) investments for 42 infrastructure projects that require capital of
more than VND158 trillion (nearly US$7.5 billion) in total.
Between
2004 and 2012, the city mobilised capital for 25 BOT, BT and BOO (Build -
Operate - Own) projects, amounting to a total of VND74 trillion ($3.5
billion).
These
include the Phu My Bridge, which was built under the BOT form, and the Thu
Duc Water Supply Plant, a BOO project, according to Hong.
Investments
from the city budget accounts for 12 per cent of total investment for infrastructure
projects, much lower than the 20 per cent of previous years.
"It
indicates that the city authority has taken greater effort to mobilise
capital [for these infrastructure projects] from the private sectors,"
Hong was quoted as saying in Tuoi Tre (Youth) newspaper.
The
Agence Francaise Devellopement (AFD) and the World Bank have both provided
loans to the private sector for these infrastructure development projects.
AFD's
loans were provided to social welfare projects, such as hospitals, while the World
Bank has focused on loans for infrastructure projects, she said.
These
projects, mainly in infrastructure development and reduction of clean water
losses, were capitalised at VND13.8 trillion ($654 million).
To
better manage the PPP investment mode,
HSBC
Bank has released the headline seasonally adjusted Purchasing Managers’ Index
(PMI) in
That
was an improvement on July’s 48.5 and the best reading since April. However,
it remained below the 50 no-change mark, signaling a marginal deterioration
of manufacturing operating conditions.
An
index reading above 50 indicates an overall increase in that variable and
below 50 is an overall decrease.
New
orders received by
Latest
data showed that new export orders also continued to decline. The marginal
fall was the third in successive months. Export market conditions were
reported to have remained tough, but were showing signs of stabilization.
According
to a survey, there was a record increase in employment as manufacturers
signaled positive expectations for activity. Profitability remained under
pressure, however, as output charges were little changed, but input prices
rose at the sharpest pace since March.
Trinh
Nguyen, Asia Economist at HSBC, said that
“Global
demand is expected to pick up towards the year-end thanks to a recovery from
the
Foreign
net selling extends for third straight month
Foreign
participation in the local stock market in August marked the lowest level
over the past six months while the investors stayed on the selling side for
the third straight month.
Last
month, foreigners bought around VND2.3 trillion worth of shares while they
sold some VND3 trillion, resulting in a net selling value of VND700 billion
compared to VND300 billion in the previous month.
Exchange
traded funds (ETFs) Market Vector
Foreign
selling slowed down in July but shot up again late last month due to
political uncertainties in
As a
result, the VN-Index lost 19.15 points, or 3.9%, in August while market
capitalization declined VND30 trillion to some VND787 trillion.
According
to the director of a foreign investment fund, ETF sell-off in the coming time
depends on developments of the world market.
If
international investors kept withdrawing capital, stock markets in
Long-term
investment funds in
Few
firms qualified for jewelry production
Only
58 enterprises in HCMC have obtained licenses for jewelry and fine arts
production after Government Decree No. 24/2012/ND-CP took effect over a year
ago.
The
decree stipulates that local enterprises must obtain approval from the
central bank to join the industry.
Nguyen
Hoang Minh, deputy director of the central bank’s HCMC branch, said that 62
firms had applied for jewelry and fine arts production licenses as of the end
of August, of which 58 have got approval from the agency. The figure was very
modest compared to over 3,600 jewelry production and trading firms in the
city, given statistics of the HCMC Department of Planning and Investment.
However,
the statistics did not separate between jewelry trading firms and those with
both production and trading activities.
Dinh
Nho Bang, vice chairman of the Vietnam Gold Business Association, said that
most jewelry producers have invested in workshops. The number of jewelry
producers is equivalent to that of jewelry trading firms.
Currently,
family-run businesses providing outsourcing services for other enterprises do
not register to the central bank again.
Bang
said registration is necessary to tighten management over jewelry production.
Aside from the production license, enterprises have to register jewelry
standards to facilitate quality control.
According
to Decree 24, enterprises have to print codes, gold content, application
standards and quantity on products and bear all responsibilities for
information announced. However, just a few enterprises have registered
production because many firms have left the business given the sluggish
jewelry market.
Besides,
many enterprises have focused on trading instead of production. They have
used outsourcing service and stopped production at their workshops to save
costs.
Jewelry
and fine arts producers have met challenges in capital as banks have been
banned from granting loans for gold trading. Enterprises are also not allowed
to import material for jewelry production.
*
Local enterprises who have demand to purchase material gold for jewelry
production will be allowed to take out bank loans in the coming time whereas
lending for gold bar trading is still prohibited by the central bank’s
Circular 33/2011/TT-NHNN.
The
circular prohibits banks from lending to gold purchases, except for cases
approved by the central bank’s governor, including loans for gold purchase to
process jewelries. However, jewelry enterprises have yet to gain approval to
get bank loans for material purchase.
According
to an official of the central bank, the barrier will be removed to help local
jewelry makers borrow from banks.
However,
enterprises must have sufficient documents to prove that the material would
be used for jewelry production. The condition aims to prevent enterprises
from taking out loans for gold bar trading, which is not encouraged by the
Government.
In the
coming time, the central bank will grant licenses for some enterprises to
import material gold for jewelry production.
Dinh
Nho Bang, vice chairman of the Vietnam Gold Business Association, said the
prohibition should be lifted to encourage enterprises to invest in jewelry
production. Currently, competitiveness of local jewelry products is still low
compared to regional countries.
Saigon
Co.op on Wednesday kicked off this year’s biggest promotion program at
Co.opmart and Co.op Food chains with the total expenditure of VND150 billion,
far higher than last year’s figure.
The “Pride
in Vietnamese goods” campaign will last 28 days at Co.opmart, Co.opXtraplus
Thu Duc and Co.op Food store chains in response to the movement of promoting
Vietnamese goods and the 2013 promotion month of HCMC.
Nguyen
Ngoc Hoa, chairman of Saigon Co.op, said that the retailer has cooperated
with over 600 suppliers to give discounts on many necessities. There will be
2,000 product lines with discounts up to 50% available while customers will
receive vouchers and bonus points in their accounts while shopping.
Many
producers such as Vinamilk, Tuong An, Nam Duong, Safoco, Tay Ninh sugar, Bien
Hoa sugar, Trung Nguyen coffee, Xuan Hong, My Hao, Viet Thy, Nha Be, Thang
Loi and Kim Hang have participated in the program to provide products with
high quality and reasonable prices to customers.
Saigon
Co.op will also launch mobile sale programs from Ca Mau Province to
Last
year, the program took place in September at Co.op mart supermarket chain,
generating revenue of nearly VND1.7 trillion, up 40% against the normal
month.
Coffee
exporters look to Chinese market
To
explore the over 1.3 billion people market, the biggest ever number of
Vietnamese coffee makers have joined the ongoing 2013 ASEAN-China Expo
(CAEXPO 2013) in Nanning city to advertise their products.
After
one year of presence here, we are quite optimistic about the market prospect,
he added.
Nguyen
Tan Ky, CEO of Vinacafé Bien Hoa joint-stock coffee company said that even
though Chinese people started drinking coffee, they are not easy customers.
He advised coffee exporters to pay attention to local taste, product
packaging, quality and instruction.
Do
Thang Hai, Director of the Trade Promotion Department under the Ministry of
Industry and Trade revealed that coffee is the key product for trade
promotion at CAEXPO 2013.
In the
coming time, the Department would help connect hundreds of Vietnamese coffee
producers with potential local distributors in order to successfully
penetrate into the potential market and earn bigger export turnover, Mr. Hai
said.
Viettel
Post seals
Viettel
Post Joint Stock Corporation has announced the start of a money transfer
service between
The
company announced that starting in August, the company began offering this
service in conjunction with Chinese partner Guangxi EMS, which would also
deliver postal parcels throughout
The
inauguration of this service followed the April signing of the Vietnam-China
bilateral co-operation agreement on the transfer of good and products between
the two countries.
Under
the agreement, Viettel Post will reciprocate in delivering Guangxi’s goods
throughout
Viettel
Post’s Vietnam-China postal rates are competitive, at around $12 per parcel,
50 per cent below that of international shipping companies. The prices are
kept low by both countries using their local price structures rather than an
international shipping premium. Time from send to delivery is around three
days.
Viettel
Post’s business in this area is mostly coming from express deliveries,
parcels over 100 kilogrammes, logistics, and supporting services such as
customs and clearance for goods imported from
FrieslandCampina
Vietnam keen on Creating Shared Value
FrieslandCampina
Recently,
FrieslandCampina
As
announced at the ceremony, the online contest is opened to over 10,000
kindergartens nationwide.
On the
occasion, FrieslandCampina
In
fact, the contest is just a part of a far-reaching CSR campaign for the
education sector promoted by FrieslandCampina
The
company has highlighted CSR through projects to help the community and poor
students. On April 25 2013 the enterprise inaugurated Nguyen Trai primary
school, Phu Thien District,
Initiated
in 2002, the Den Dom Dom Program has granted over 20,000 scholarships to
students and built nine schools in remote areas in
After
over 10 years of implementation, the study encouragement program has become a
social movement, promoting the “sharing happiness” spirit among the
community. Among 22 schools introduced in the school year 2011-2012, besides
two schools repaired by the company in Quang Binh and Lai Chau provinces,
local authorities, organizations and individuals in the country joined hands
to repair or build 15 others. Citizens nationwide have also supported the program
by giving donations directly or through the program’s official website.
Back
to the latest campaign on the nutrition contest, FrieslandCampina
With
an aim to improve daily diets of children and quality of human resources of
the nation in the future, the project has drawn much attention from the
Government and the society. It is also in line with the Government’s overall
project on the development of the physical strength and stature of Vietnamese
people in the 2011-2030 period.
With
these activities, FrieslandCampina
Mark
Boot, general director of FrieslandCampina
The
Asia Responsible Business Award proves FrieslandCampina
FrieslandCampina
is the leading dairy group in the
Since
1996, the group has invested over US$135 million in expanding production in
the country. Its factories in Binh Duong and Ha
HDBank
acquires financial firm SGVF
HDBank
has obtained approval in principle from the central bank to acquire 100%
equity of Société Générale Viet Finance (SGVF), one of the largest
foreign-owned consumer finance companies in
SGVF
will become a subsidiary of HDBank. The transaction, the first one of its
kind, will pave the way for other institutions in
However,
HDBank did not disclose the value of the transaction.
SGVF,
100% owned by Société Générale, is a consumer finance company that was
licensed by the central bank in 2007. Currently, SGVF has around 1,100
employees with a network stretching to 42 provinces across
SGVF
has provided consumer finance services to more than 125,000 individual
customers through 300 partners and over 800 service introduction points
located at motorcycle and electronic vendors throughout the country.
HDBank
plans to retain the whole system, business partners, customers and employees
of the finance company.
Le
Thanh Trung, deputy CEO of HDBank, said in a statement that this merger and
acquisition (M&A) transaction is in line with international trends and
within the restructuring plans advocated by the Government and the central
bank.
HDBank
will continue the pursuit of the ambitious development of SGVF in the
consumer finance market and will maintain a similar human resources structure
post acquisition, Trung added.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Năm, 5 tháng 9, 2013
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