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BUSINESS IN BRIEF 13/2
Margin interest rates to stay steady
Interest rates on margin trading offered by securities
companies are expected to remain stable this year following Circular 36,
which took effect early this month.
Margin interest rates at many stock brokerages currently hover
around 13-14 per cent per year, a slight decrease from the 14-16 per cent of
previous years.
In the context of declining lending rates at commercial banks,
it is normal for securities companies to lower their lending charges.
However, according to many analysts, margin rates are unlikely to go down
given the probable reduction in lending to stock investments from banks after
the effect of Circular 36.
This ruling limited how much banks could lend to stock
investments to 5 per cent of charter capital and set conditions under which
banks could give loans.
In their January report, analysts at Bao Viet Securities Co
said this would provide a good chance for brokerage firms with strong
financial capacity to raise their market share, as investors would likely
leave small brokers who could not meet their demand for margin trading.
Backed by KIS, a leading Korean securities company, KIS
Vietnam Securities Corp offers the lowest margin interest rate of 9.9 per
cent.
Early this year, the company hiked its charter capital from
VND263.6 billion (US$12.3 million) to more than VND1.1 trillion ($52
million).
Only 10 brokerage companies in
Companies applying lower interest rates on margin lending are
often foreign-invested firms or arms of commercial banks like VP Securities
with the annual margin interest rate of 11.5 per cent; Vietcombank Securities
with 12.6 per cent; and MB Securities and BIDV Securities with 13 per cent.
Trading became more sluggish early this month following the
validation of Circular 36. In the first week of February, four brokerage
firms announced temporary reductions in margin lending associated with banks:
SHB Securities (SHS), MB Securities (MBS), VNDirect Securities (VND) and
Maritime Bank Securities (MSBS).
However, other companies in the top 10 like Saigon Securities
(SSI), HCM Securities (HCM) and Bao Viet Securities Co (BVS) said their
lending remained stable.
KPMG Limited became Mai Linh Group strategic advisor
Mai Linh Group has just appointed KPMG Limited, a global professional
services firm, as their strategic advisor on their IT transformation
programme as well as system implementer for their Oracle EBS implementation.
The overall project objectives are to improve productivity,
competitiveness and efficiency in terms of business operations for the group.
The ultimate goals of this IT transformation project for Mai
Linh are to standardise business operation processes, enhance the efficiency
and effectiveness of employees, assist management to make timely and
appropriate decisions via intelligent management reports, and to develop a
comprehensive resource management system in order to improve the group’s
competiveness.
Mai Linh has selected KPMG as a strategic partner for this key
project, and believes this will be a revolution and turning point in business
operation for the organisation.
“Mai Linh has a very strong brand recognition in
Established in 1993 and after nearly 22 years of development,
Mai Linh Group is one of the leading companies in passenger transport, both
long haul and short haul.
The group has operations in 53 provinces across the country,
with nearly 12,000 taxi fleets and over 26,000 employees.
In the future, the group will continue to focus on developing
their core business of taxi operations, both in building capacity of their
taxi fleets and improving service quality.
IT solutions will play a central role in achieving the
strategic objectives of the group and to better meet customer expectations.
Highway construction to delta region restarted
The building, operation and transfer project of a 51 kilometre
modern highway in the Mekong Delta, the first of its kind in the region, was
re-started last week after more than five years facing an impasse.
The project developer is no longer state giant Bank for
Investment and Development (BIDV) owned the Expressway Development JSC
(BEDC), but a consortium of new investors appointed by the Ministry of
Transport (MoT).
This consortium includes Tuan Loc Investment Construction JSC,
Yen Khanh Manufacturing Trading Service Limited, BMT Construction Investment
JSC, Thang Loi Group Limited, and Hoang An JSC.
Within the group, Tuan Loc, Yen Khanh and BMT possess a long
history of business success and are considered big players in the
construction sector.
According to Deputy Minister of Transport Nguyen Van The,
restarting works on the Trung Luong-My Thuan expressway bears significant
importance as it will contribute to gradually perfecting the road network from
the southern economic engine Ho Chi Minh City to the Delta region, satisfying
growing travel demands and alleviating traffic congestions on national
highway 1.
Earlier, the project was assigned to BIDV for implementation.
At that time, it was designed as a four-lane modern highway with a total
investment capital reaching VND28 trillion ($1.3 billion).
The developer BIDV had returned the project to the MoT two
years later due to a failure in mobilising capital, which explains why this
arterial route was stuck in a state of stasis for the past five years.
To ensure viability, the project scope was downsized to
building just two lanes with a designed maximum velocity of 80kmh and two
subordinate lanes with a velocity of 40kmh, as well as several associated roads.
The total investment capital in the first phase is set at
VND14.6 trillion ($685 million).
Regarding the project’s financial scheme, the investor will be
provided the (exclusive) rights to collect toll on the entirety of the road
as well as in the Ho Chi Minh City-Trung Luong section from 2019, upon the
finalisation of constructions works and the opening for traffic.
The MoT has signed with the Cuu Long Corporation for
Investment Development and Project Management of Infrastructure (Cuu Long
CIPM) to oversee the project implementation while Tien Giang Province
People’s Committee will be held accountable for site clearance and people’s
relocation.
SHTP welcomes new investors
Saigon Hi-Tech Park (SHTP) granted investment certificates to
two investors last week with the combined investment capital of nearly $26
million.
The first $24 million project is funded by
The other investor is
TISCO to resume expansion project
Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) has
officially restarted the second phase of its expansion.
Last week, negotiations between TISCO and the contractor,
China Metallurgical Group Corporation (MCC), were brought to a close. The
official results have not been announced as of the moment, but the project,
which has been suspended since the first quarter of 2013, will continue,
according to TISCO.
Tran Van Kham, TISCO’s general director, said the nearly
VND1.4 trillion ($62.3 million) loan it received from the Vietnam Development
Bank (VDB)'s Bac Kan–Thai Nguyen branch at the end of January was what
enabled TISCO to restart negotiations with MCC.
“MCC was financially unable to see to the end of the
construction phase of the EPC contract. But they said when they have the
capital they will finish the remaining work,” he said.
TISCO is still negotiating a VND1.1 trillion ($52 million)
loan with Vietnam Joint Stock Commercial Bank for Industry and Trade
(VietinBank). However, the financial shortage, “the main difficulty of the
project,” according to Kham, “has been basically solved.” Kham also mentioned
TISCO’s VND1 trillion ($47 million) share sale to the State Capital
Investment Corporation (SCIC) in December last year, to further stress the
company’s enhanced financial capacities.
VDB and VietinBank have both lent money to the project
earlier, but because the project was dragged out longer than expected,
stopped disbursing the money. Of the VND1.6 trillion ($75 million) that VDB
pledged to lend to TISCO back in May 2006, about a year before the project
started, the bank has only disbursed VND1.4 trillion ($66 million).
For the new loan that TISCO has just received from VDB Bac
Kan–Thai Nguyen branch, “the disbursement also depends on how fast TISCO
carries out the project,” Tran Duc Thang, director of the branch said.
Chairman of the municipal People’s Committee Le Hoang Quan
made that statement at a Tet meeting with representatives of foreign
representative agencies on February 10.
He highlighted the foreign organizations' crucial contributions
to the development of the city and their roles as the bridge between the city
and the international community.
By investing in key infrastructure facilities and developing
completed infrastructure systems and industrial parks, the city helped
foreign investors to launch their projects effectively, said John Mc Anulty
Australian Consul General to
In 2014, the city’s GRDP reached 9.6% and the export and
import turnover hit US$32 billion and US$30.7 billion, respectively.
As many as 5,331 foreign direct investment projects, worth
US$36.6 billion have been carried out in the city, creating more than 550,000
jobs. In 2014 only, the city attracted US$3.2 billion in 595 foreign
projects.
PM approves
Prime Minister Nguyen Tan Dung on Tuesday approved the
development strategy for
Ensuring traffic flow, order, safety, accuracy, convenience
and efficiency of railway transport activities is also one of the key targets
of the newly-passed strategy.
Under the strategy, the railway sector expects to meet about
1-2% of the passenger transport market share and 1-3% of the goods transport
market share by 2020. It also aims to claim 4-5% of the urban passenger
transportation market share in big cities such as
Existing railway routes will be upgraded, with priority given
to modernising the north-south route to increase the average speed to
80-90kph for passenger trains and 50-60kph for those transporting goods, and
improving transport capacity and quality.
The railway sector will also focus on upgrading key railway
stations and those with a vast volume of passengers, step by step removing
the at-grade intersections between railways and roadways, and prioritising
the construction of traffic intersections at crossings with huge traffic
volumes.
The strategy also sets the goals of building a 1.435mm gauge
high-speed dual track line on the north-south route and making necessary
preparations for priotising the construction of sections with high transport
demand, especially those in the regions connecting
From 2020 to 2030, the strategy targets to meet 3-4% of the
passenger transport market share and 4-5% of the goods transport market
share, while satisfying about 15-20% of the market share for urban passenger
transportation in
Debt collectors in HCM City busy ahead of Tet
Debt collectors and collection companies are doing brisk
businesses ahead of the Tet holiday, as creditors try to square their books
before the New Year without having to waste time in courts.
Debt collection companies are charging 20-30 percent of
outstanding debts to secure their repayment, with bad debts earning up to a
50 percent commission.
A businessman who is chairman of the board of directors of a
company in District 1 was shocked when he was visited by debt collectors
demanding repayment of VND150m he owed his company's deputy director, who was
a close friend.
A woman from Tan Phu District was visited by debt collectors
for repayment after she missed a deadline.
Many debt collectors are reportedly turning away new clients
because they are already too busy.
“We won't be taking any new contracts until after the Tet
holiday as we don’t have enough staff to do the jobs,” said a man named Hung,
who works for a debt collection company in District 4.
Lawyer Nguyen Duc Chanh, director of the Duc Chanh Law Firm
and a member of the HCM City Association of Lawyers, said most people opted
to use the debt collection services because going through the courts was time
consuming and slow, and the outcome was not certain.
Major Hoang Tuan
But while such activity was illegal, relevant authorities have
yet to work out how to effectively address it.
HCM City Police fined two of the city's 18 major debt
collection agencies a total of VND22m for illegal activities in 2014.
Delta aims for rice and seafood exports of US$10.2 billion
Mekong Delta provinces are looking to obtain a combined
US$10.2 billion in rice and seafood exports this year based on positive
growth last month and 2014, Vietnam News Agency reports.
Figures of the Can Tho Statistics Office indicated the region
obtained total rice and seafood exports of US$850 million in the first month
of this year.
Last year, the region earned US$8.9 billion from exporting
rice and seafood to
To realize the target this year, localities in the rice
producing hub of Vietnam have nearly 800,000 hectares of water surface for
fish farming and expect to reap combined output of 3.7 million tons. This volume
is enough for 198 processing facilities in the region.
Ca Mau Province, which has led in seafood exports in the
region over the years, plans 290,000 hectares for shrimp breeding and targets
seafood shipments of US$1.4 billion this year, or 19.4% of the region’s total
revenue.
The region has 4.2 million hectares for rice production with
80% of the acreage reserved for quality rice for export.
The governments of Mekong Delta provinces and cities have
helped enterprises conduct surveys and promote their products in various
markets in Asia, Africa,
The local governments have requested banks to support
enterprises to export rice and develop supply chains for their products. As a
result, enterprises have taken out bank loans worth VND56 trillion to expand
production and improve technology to turn out more value-added and
competitive products.
The region is expected to increase the proportions of quality
rice and seafood for export by 20% and 5% this year respectively.
HNX expects busy February for share auctions
The Hanoi Stock Exchange (HNX) predicted that February would
be a busy month for State-owned enterprises (SOEs) to sell shares via initial
public offerings (IPO) and pull funds out of non-core businesses.
A source from HNX said the northern bourse plans to arrange
eight auctions for enterprises to launch their IPOs and sell shares at
businesses in non-core sectors in the first half of this month.
The source credited the bustling share auctions to the
Government’s order for quick equitization of SOEs and State divestments from
non-core business operations.
Last month, five enterprises launched IPOs on the exchange and
four of them sold out their shares, or 80% of the total shares put on sale,
Vietnam News Agency reports.
HNX organized seven auctions for the enterprises to launch
their IPOs and two firms to divest their capital from non-core businesses.
Hanoi Trading Service Fashion Company (Hafasco), Hanoi Food
One Member State Co. Ltd., Haiphong Leather Products and Footwear Co., and
Minh Khai Textile Factory under Hanoi 19/5 Textile State-Owned One Member Co.
Ltd. sold all shares put up for sale at the IPOs.
The four firms mobilized a combined VND272 billion, VND159
billion higher than the starting prices.
According to HNX, through seven share auctions, 75% of 17.9
million shares of the enterprises were sold to investors, an increase of
23.8% compared to the average number of shares sold monthly last year.
The seven firms mobilized VND372.6 billion (US$17.5 million)
from the auctions, VND213.6 billion higher than the starting prices.
Ride-sharing service surges at Tet
The ride-sharing demand of workers and students in HCMC and
other cities for returning to their hometowns for family reunion during the
Lunar New Year holiday (Tet) is soaring as many passengers have difficulty
buying coach and train tickets.
Instead of rushing to buy Tet coach tickets, university
students and office workers in big cities can go online to rent cars of 7-16
seats and look for companions for their journeys. The car rentals may
be higher than the coach fares but are reasonable when they are shared by
passengers traveling in the same car.
As observed by the Daily, ride-sharing journeys offered on
online forums like Dichung.vn, Kpooling.com.vn, Dichungxe.vn, webtretho,
lamchame and Facebook mainly depart from
Airport Taxi in
Di Chung Joint Stock Company, the owner of Dichung.vn, charges
VND400,000-700,000 on trips for two adults and two children at a time, and
the fares vary depending on distance.
According to carpoolers, ride-sharing can help one save
30-40%. Besides, ride-sharing is more comfortable and safer.
VRG employees’ wages fall
Vietnam Rubber Group (VRG) lowered the average monthly wage
for its employees by 10% against 2013 to VND4.9 million last year due to
revenue and profit reductions.
According to VRG’s board of directors, the reduction was still
within the permitted cut of 15% compared to the average salary in 2013 as
regulated by the Ministry of Labor, Invalids and Social Affairs. The
corporation was allowed to adjust wages based on labor productivity and
profit.
A report of VRG released at a review meeting in HCMC yesterday
showed the corporation posted revenue of nearly VND18.7 trillion (US$876.7
million) and pretax profit of VND2.4 trillion. The respective figures were
some VND25.8 trillion and VND4.1 trillion in 2013.
The corporation attributed the revenue and profit decreases to
falling latex prices. The average price was around VND37.3 million per ton,
down 28% against 2013.
VRG forecast latex prices would drop by VND6 million per ton
in 2015, thus eating into its revenue and profit this year.
The corporation targets revenue of VND13.1 trillion and profit
of VND1.5 trillion this year. This means the salary for its employees is
likely to decrease this year when VRG had more than 118,000 staff in
end-2014, down 7% year-on-year. Last year, the firm extracted nearly 61,840
tons of latex from more than 405,000 hectares of rubber trees, rising by
13,000 hectares over 2013.
PV Power profit surges
After-tax profit of PetroVietnam Power Corporation (PV Power)
in 2014 soared to 353% of the full-year target as it got an operation and
maintenance (O&M) payment from Vietnam Electricity Group (EVN) for Nhon
Trach 1 Power Plant in
PV Power said last year was the fifth consecutive year it had
met all the targets set by the parent company Vietnam National Oil and Gas
Group (PVN). In 2014, the corporation also posted record revenue, profit and
tax payment for the State budget.
PV Power generated more than 16 billion kWh last year, or 7%
higher than the year’s target but down 1% compared to 2013. Its revenue was
around VND26 trillion (US$1.2 billion), up 10% year-on-year.
However, PV Power’s pre-tax profit exceeded VND1.9 trillion
and after-tax profit was around VND1.8 trillion, meeting 313% and 353%
respectively of the year’s targets.
Ho Cong Ky, chairman of PV Power, said the corporation reaped
good profit last year as it received the O&M payment for Nhon Trach 1
Power Plant in line with a power purchase agreement (PPA) contract signed
with EVN. But he declined to elaborate.
If the O&M revenue was excluded, the corporation’s ratios
of pre-tax profit per chartered capital and after-tax profit per capital were
15% and 14% respectively.
Ky told the Daily that PV Power looks to revenue of over VND28
trillion this year, around VND2 trillion higher than last year, and pre-tax
profit of VND864 billion, down 55.7% compared to last year as it will not get
O&M payment this year.
Sugar prices up ahead of Tet
Sugar prices have edged up around VND100 per kilogram on the
domestic market and are forecast to go up further after the Ministry of
Public Security busted a big sugar smuggling ring masterminded by Vi Nguon
Thanh in the Mekong Delta
The sugar prices hovered in the range of VND11,300-11,850 per
kilo on the domestic market in the first week of this month but have risen of
late.
Nguyen Hai, general secretary of the Vietnam Sugar and
Sugarcane Association (VSSA), said the local sugar prices have inched up
after wholesalers in HCMC suspended selling smuggled sugar from
Wholesalers dare not sell smuggled sugar after Thanh was
detained, Hai said. He added that consumers cannot distinguish locally-made
and smuggled sugar but only distributors and market monitors can.
The director of a sugar plant shared Hai’s comment, saying
other ringleaders would have to halt sugar smuggling in the southwest region
for a while after Thanh’s arrest. Wholesalers and ringleaders in the south
have close ties but they do not dare to make transactions at the moment.
However, the director said it is hard for local sugar
factories to expand market shares as they do not have close relations with
those wholesalers. Moreover, supermarkets have prepared enough sugar for sale
during the upcoming Lunar New Year (Tet) holiday.
Therefore, the news about the police’s detention of Thanh will
not be of great help for sugar firms to increase sales during the biggest
festival in
“To prepare sugar supply for Tet, distributors inked deals
with sugar plants at least one or two months prior to the holiday so they
will not buy any more,” the director said.
According to VSSA, 400,000-500,000 tons of sugar is illegally
brought to
VSSA said as of January 30, sugar inventories at factories and
member companies of the association had neared 282,000 tons.
Power plant expanded under Japanese support
Construction to expand part of the Da Nhim hydropower plant
began on February 10 in central Ninh Thuan province.
The project is funded through an investment from the Da
Nhim-Ham Thuan-Da Mi Hydropower Joint Stock Company of over 1.95 trillion VND
(91.5 million USD), 1.65 trillion VND (77.44 million USD) of which was
sourced from Japanese government loans.
Chairman and General Director of the Joint Stock Company
Nguyen Trong Oanh said the expansion will include the installation of a new
group of turbines with a designed capacity of 80 megawatts, raising the plant’s
total capacity from 160 megawatts to 240 megawatts.
Once completed, the turbines will connect to the 220 kilovolt
network in Nha Trang city of central coastal Khanh Hoa province, Di Linh and
Duc Trong districts of Central Highlands Lam Dong province, and Thap Cham
district of central Ninh Thuan province.
Scheduled to be fully operational by the first quarter of
2018, the expansion aims to boost the grid’s capacity during peak usage times
by adding nearly 100 million kilowatts annually and improve the water supply
to Ninh Thuan province during its dry season.
Ministry calls for innovative initiatives for low-income
The Enterprise Development Agency under the Ministry of
Planning and Investment invited organisations and individuals to participate
in the Inclusive Innovation Project for Low-Income Individuals at a ceremony
on February 10.
Nguyen Hoa Cuong, Deputy Head of the Agency and Director of
the project’s management unit, said the project is being implemented from
2013 to 2018 in line with credit agreement No 5249/VN worth 55 million USD
and signed on September 6, 2013 between the Vietnamese Government and the
World Bank.
The development objective of the project is to help with the
development and application of innovative technologies for the benefit of the
population at the Base of the Pyramid (BoP).
Research organisations, universities, Vietnamese private
enterprises, individuals and groups of innovators are encouraged to register
for the project.
Addressing the event, Deputy Minister of Planning and Investment
Dang Huy Dong, who is also Deputy Head of the project’s Steering Committee,
said he hopes the project will attract numerous initiatives.
Victoria Kwakwa, the World Bank's Country Director for
The project will also stimulate the growth of small- and
medium-sized enterprises, she said.
Kien Giang invites investors in 58 projects
The Mekong Delta
The list includes infrastructure projects for the industrial
zones of Thuan Yen, Xeo Ro, Kien Luong, Kien Luong 2 and Tac Cau.
The province said it will give priority to high-tech
agriculture, processing industry, support industry and clean industry.
Other priorities include the retail, logistics service at sea
ports and maritime transport sectors.
Clever growers switch to bonsai kumquat trees
With Tet just around the corner, Tu Lien village in Tay Ho
district,
This year, buyers are particularly interested in bonsai
kumquats as alternatives to traditional kumquats. While bonsai kumquats yield
50 percent more profits, they require a lot of hard work and meticulous
attention to grow.
The Manh, owner of a 3,600sq.m kumquat garden, used to grow
traditional kumquat trees. However, he switched to the other variety in 2004
after noticing that customers usually preferred the bonsai types, which are
smaller and grown in miniature clay pots.
He didn't succeed with his first try and the majority of his
bonsai couldn't survive. After a lot of trial and error, he learned that
careful preparation and planning were fundamental in growing bonsai kumquats.
Manh uses a mix of riverside earth, fertiliser and a few other
materials that must be rich yet soft enough for the trees to grow. It must be
further enriched in a garden for another year before it can be used.
The trees must be fed fertiliser and soybeans every 15-20 days
in addition to being watered every day. Weaker trees require even more care,
according to Manh.
This year, he successfully grew almost 400.
"Keeping them alive is just the first step. Growing them
in the desired shape is the true test of a gardener's skill and
patience," said Nguyen Xuan Loc, who has over 700 bonsai kumquats in his
field.
Small metal strings are used to shape the trees, but applying
too much force can break the trees, while keeping the metal strings on for
too long can ruin their shape. This process takes up to a year. Then the
trees can be sold.
"It's a delicate balance to maintain but it will come
with experience. The worst part is that even if you did everything right, it
only counts for 10 percent. The rest is up to the weather," he said,
explaining that too much sun or rain could also kill the trees.
When it does pay off, it's good money. The price varies from
700,000 VND (33 USD) to 30 million VND (1,400 USD) but most are sold for
about 2 million VND (100 USD). Some rare trees are not available for sale but
can be rented for a short while.
Both gardeners said business has been good this year, as they
had sold 70-80 percent of their trees.
President of Tu Lien's Farmers Association Ngo Thi Nga said
that roughly 400 households in the village are growing kumquat trees but only
about 20 knew how to grow the bonsai types.
The association is planning to create a coop group to help
disseminate useful information and provide support for gardeners looking to
switch to growing bonsai kumquats.
A delegation of
At a business workshop in
Vice Director of the HCM City Office of the Vietnam Chamber of
Commerce and Industry (VCCI) Nguyen The Hung said bilateral trade was kept at
an average 20 million USD each year since 2008 and hit 32 million USD in
2014, a year-on-year rise of 65 percent.
He suggested Sudan create favourable conditions for Vietnamese
businesses such as the National Oil and Gas Group (Petro Vietnam) and the
military telecom group Viettel to join investment projects in the host
country.
The two countries are also working hard to create a direct
payment channel between their banks to facilitate bilateral trade activities,
and at the same time pushing ahead with negotiations on agreements on double
taxation prevention, investment encouragement and protection and visa
exemption for diplomatic passport holders.
Binh Duong companies report strong performances
Businesses in the Thuan An and Di An townships of the southern
Golf club head maker Vision International Co. Ltd, located in
the VSIP 1 Industrial Park in Thuan An, earned 40 million USD in revenue last
year, its General Director Sir Jimmy told Vice Chairman of the provincial
People’s committee Tran Thanh Liem.
He said thanks to assistance from local authorities, the firm
was able to resume and expand its operations after disruptions from worker
disturbances protesting
The Taiwanese company has raised workers’ wages in line with
the State’s policy and granted higher Lunar New Year bonus than last year,
the executive said.
Meanwhile, the Dong Hung Industrial Joint Stock Company in the
The firm manufactured 10.73 million pairs of footwear in 2014,
a 22.1 percent annual increase, and earned over 1.71 trillion VND (80 million
USD) in revenue. The company employed 10,000 workers with an average monthly
salary of 7.25 million VND (345 USD), a yearly increase of 12 percent, he
noted.
Vice Chairman Liem commended the enterprises’ efforts in
developing production and improving employees’ livelihood, which has helped
boost Binh Duong’s economic growth.
He assured them that local authorities will work to create
favourable conditions for their operations.
Binh Duong, which is located in the southern key economic
region, attracted the fourth largest FDI amount in 2014 with 19.98 billion
USD, following
Dien Bien, Thai provinces eye tourism link
The northern mountainous
The two provinces intend to conduct additional tourism surveys
as well as cultural and sports exchanges during a meeting in Dien Bien on
February 11 between local authorities and delegates from the Thai provinces
of Chieng Rai, Pha Dau, Phe and Nan.
At the meeting, they introduced their distinctive cultural
traits and goods, such as rice, brocade and handicrafts.
Pham Xuan Koi, Deputy Chairman of the provincial People’s Committee,
hailed
Last year, Dien Bien welcomed 75,000 visitors of 84 different
nationalities, 9.5 percent of which were Thai. The province included
The Thai guests praised Dien Bien for its strong tourism
potential and suggested building a historical-cultural tour route connecting
Dien Bien and four Thai provinces in the Greater Mekong Sub-region.
Earlier, an event to introduce
Additional 600 million USD poured into Dong Nai
Hyosung Corporation, a conglomerate of the
In preparation for the expansion, Hyosung
Hyosung Vietnam Ltd Co. has been operating in Dong Nai for
over 7 years with a total registered investment of 995 million USD.
Around 90 percent of its products, mostly fibres of all kinds,
are exported worldwide and its tire cord fibres represent 47 percent of the
global market share.
In 2014, the company generated over 1 billion USD in revenue.
New policies implemented by the Vietnamese Government to
manage challenges and ensure sustainable growth were introduced at a seminar
in
The event, co-organised by the Vietnamese Embassy in
It also advised participants of the new regulations of the Law
on Investment and the Law on Enterprises, as well as information on the
European Union-Vietnam Free Trade Agreement (EVFTA) and the Trans-Pacific
Partnership Agreement, both of which Vietnam is currently negotiating.
In his presentation at the seminar, Associate Professor Dr.
Nguyen Duc Khuong from the
He also pointed out the current difficulties and challenges
facing the country and stressed the need to optimize the effectiveness of
strategic partnership agreements signed between
Oliver Massmann, General Director of Duane Morris Vietnam LCC,
delivered a speech highlighting
The event offered a valuable opportunity for French businesses
to get an insight into
Property market recovery sees new investors enter the fray
Thanks to the recovery of the real estate market, investment
is pouring into new projects.
New foreign cash has been poured into Khang Dien, enticed by
the upswing in sales of its housing projects
Khang Dien House Trading and Investment Joint Stock Company, a
real estate developer in
Foreign fund management companies such as VinaCapital, Dragon
Capital,
In a recent private 48.48 million share-issue, the four funds
bought 24.48 million shares valued at VND416 billion ($19.8 million). After
this distribution, Khang Dien’s legal capital increased up to VND1,260
billion ($60 million), from an initial of VND750 billion ($35.7 million).
Foreign investors now own a 49 per cent stake in the company.
According to Ho Thi Minh Thao, deputy general director of
the company, after restructuring its portfolios by selling projects
such as ParcSpring and Goldora, the company has escaped heavy debt and taken
positive steps forward with the impressive sales of houses at its Mega
Residence and Mega Ruby projects.
“Khang Dien’s business results have been remarkable, thanks to
the changing from large-scale units ranging from VND4 billion ($190,000) to
VND40 billion ($1.9 million) per unit, to smaller scale ranging from VND2
billion ($95,000) to VND2.5 billion ($119,000) per unit,” said Thao.
In the next five years, Khang Dien plans to build a further
3,000 houses.
Another example is the CEO Group which recently saw a
successful share issue that doubled its charter capital to VND686 billion
($32.6 million).
This year, CEO plans to invest at least VND1trillion ($47.6
million) for its real estate projects in
Together with the recovery of the real estate market,
financial sources from buyers, bankers and investors are streaming into the
market. New emerging developers and investors are also joining the market.
A new emerging name is the HBI Joint Stock Company, which
recently started construction on its
Located in Thanh Xuan district,
Located on a 4.2 hectare site,
According to Nguyen Hong Ngoc, general director of HBI Joint
Stock Company, the real estate market, especially in
“This is a good time for real estate developers to commence
projects,” Ngoc said. He added that
Another new face, the GFS Group, has just opened mock
apartments for the 1,200 unit Five Star Kim Giang project. Another new
investor – TNR Holding, recently launched its Goldmark City Hanoi with 5,000
apartments. Situated at
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 12 tháng 2, 2015
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