Mekong Capital, a Vietnam-focused private equity firm specialising in consumer-driven businesses, announced that its Vietnam Azalea Fund (VAF) had sold 75 per cent of its stakes in Loc Troi Group Joint Stock Company (Loc Troi), a plant protection, seedling supply, and food processing firm. Illustration RELATED CONTENTS: Mekong Capital to divest Loc Troi Mekong Capital invests in F88 Consumer-driven sectors shall thrive The deal took place on July 26, 2017 and 75 per cent of Mekong Capital’s stake in Loc Troi was sold at the price of VND68,000 ($3) per share, and Mekong Capital earned a total of $9.2 million. After nearly eight years … [Read more...]

Only having equipment for lease, a construction firm has submitted false information in its winning bid for the site clearance project at the billion-dollar Nghi Son oil refinery complex for swindle purpose. Despite not being the contractor, Gia Loc JSC has deliberately signed cooperation contracts with partners to cheat them out of their money The Nghi Son Refinery and Petrochemical complex (NSRP) based in the north-central province of Thanh Hoa is one of largest foreign direct investment projects in the country, with the investment capital surpassing $9 billion. The Nghi Son plant kicked off construction in October 2013 and was initially slated to start operations in July 2017. In a talk with local press this March, Nguyen Van Thi, director of Nghi Son Economic Zone and Thanh Hoa Industrial Zones Management … [Read more...]

BORMES-LES-MIMOSAS: Local residents joined firefighters in southern France on Wednesday (Jul 26) to battle blazes that have forced over 10,000 people to flee and left chunks of coastal forest a blackened mess. People evacuated due to wild fires watch smoke rising from raging fires in Bormes-les-Mimosas as over 10,000 people, including thousands of holidaymakers, were evacuated from campsites and homes in southern France. (Andrea PALASCIANO/AFP) In some places, locals used spades, rakes and even tree branches in a desperate bid to beat back the flames until the firefighters arrived. Forest fires were also raging in parts of central Portugal, where several villages were evacuated and roads closed down. In France, emergency workers, who have been fighting the blazes for three days, were also battling infernos … [Read more...]

PARIS: High-kicking dancers are enthralling full houses again at the Moulin Rouge and art lovers are swarming the Louvre as Paris enjoys a tourism revival after plummeting numbers brought on by terror attacks. The Eiffel Tower is one of the world's most visited sites AFP/PHILIPPE LOPEZ Tourists are increasingly refusing to give in to fear of being caught up in a jihadist attack such as the November 2015 bloodbath in the French capital and flocking in droves once more. In a rebound that began at the end of 2016, Paris saw a record 2.6 million foreign arrivals in the first four months of this year - a 19 per cent increase over the same period in 2016. Top Moulin Rouge official Jean-Victor Clerico shakes his head as he looks back at the "black year" of 2016, when the cavernous hall was only three-quarters full … [Read more...]

Prime Minister Nguyễn Xuân Phúc has asked authorities to take more drastic measures to rectify the late disbursement of investment capital for public projects, given that less than one-fourth of the funds has been disbursed. Prime Minister Nguyễn Xuân Phúc has asked authorities to take more drastic measures to rectify the late disbursement of investment capital for public projects, given that less than one-fourth of the funds has been disbursed. - VNA/VNS Photo The PM said the heads of agencies and localities will have to take responsibility for such delays. Minister and Chairman of the Government Office Mai Tiến Dũng conveyed the PM’s directive at a meeting on Tuesday between the PM Working Group and leaders of 13 ministries and provinces reporting slow disbursement of public … [Read more...]

NDO/VNA – Secretary General of the Association of North East Asia Regional Governments (NEAR) Hong Jong-kyoung has invited Ho Chi Minh City to become an associate member of the NEAR, while being received by Vice Chairman of the municipal People’s Committee Le Thanh Liem, on July 26. Associate members enjoy all the rights that full members do, bar the right to vote and the responsibility to pay annual membership fees, he said. He expressed his hope that by participating in the NEAR, Ho Chi Minh City will have greater opportunities to promote its potential to Northeast Asian localities and intensify its international cooperation through NEAR forums and activities, especially in trade and tourism promotion programmes. Liem stressed that Ho Chi Minh City values international organisations and associations, considering them as an effective channel for international cooperation. He pledged to assign the relevant offices to study this invitation and reply to the … [Read more...]

NDO – On July 27, a delegation formed of the Party, State, Vietnam Fatherland Front (VFF) leaders laid a floral wreath and offered incense to commemorate fallen soldiers at the Monument to Heroic Martyrs in Bac Son street, Hanoi. The delegation included Party General Secretary Nguyen Phu Trong; former Party General Secretaries Le Kha Phieu and Nong Duc Manh; former President Tran Duc Luong; Prime Minister Nguyen Xuan Phuc; Chairwoman of the National Assembly (NA) Nguyen Thi Kim Ngan; former NA Chairman Nguyen Sinh Hung; President of the VFF Central Committee; among others. They expressed their gratitude to the wounded and fallen soldiers who sacrificed their lives in the struggle for national liberation, independence, freedom and the happiness of the people. Afterwards, the leaders paid tribute to President Ho Chi Minh at his Mausoleum to commemorate his merits to the revolutionary cause of the Party and the nation. On the same day, a delegation of the Ministry … [Read more...]

Domestic ATM card holders of 41 National Payment Corporation of Việt Nam (NAPAS) member banks can pay by card at Việt Nam National Petroleum Group (Petrolimex)’s petrol stations nationwide from August 1. Non-cash payment service at Petrolimex petrol station is expected to create advantages for not only businesses and banks but also customers who enjoy conveniences. - Photo Hoàng Hùng The card payment service is connected via PG Bank’s Point-of-sale (POS) system at Petrolimex petrol stations. The move was announced after Petrolimex inked a co-operation agreement with NAPAS and PGBank in Hà Nội yesterday. Chairman of Petrolimex Bùi Ngọc Bảo said that the co-operation with NAPAS would raise its service quality at petrol stations nationwide and strengthen … [Read more...]

Binh, who is also head of the Government Steering Committee for the National Program on Crime Prevention and Control (Steering Committee 138/CP), made the request while addressing a conference reviewing the fight against crimes and human trafficking in the first half of this year in Hanoi on July 26. Deputy Prime Minister Truong Hoa Binh speaking at the conference  He said the crime situation is forecast to develop complicatedly in the remaining months of year, asking the Steering Committee to effectively materialise relevant resolutions issued by the Party, National Assembly and Government. The official urged competent agencies to conduct more crime sweeps in order to ensure social order and safety, as well as security for the country’s political, diplomatic and cultural events, especially the APEC Economic Leaders’ Meeting and related meetings, he said. At the same time, efforts should be channeled … [Read more...]

The national steering committee against smuggling, trade fraud and counterfeit (Steering Committee 389) has reported that 12,000 smuggling and trade fraud cases were penalised over the first six months of 2017, an increase of 1,000 cases compared to the same period of 2016. A Hà Nội market management official checks goods that were seized as part of a smuggling case in June.-Photo vov.vn The figures indicate that smuggling and trade fraud in Hà Nội has become more complicated and the fight against the crime remains very difficult, the committee’s officials said. Illegal goods were transported by organised smuggling rings with networks extending from border areas to downtown of Hà Nội. Smuggled commodities regularly included tobacco, wine, fruit, agricultural products, … [Read more...]

NDO – Generations of Vietnamese will never forget the service of wounded soldiers and martyrs who have made huge contributions to the fatherland and the flame of patriotism has been handed down from ancestors to younger generations to burn steadily and brightly. These messages were delivered on a live television programme which was held synchronously, on July 27 in Hanoi, Ho Chi Minh City, Thai Nguyen province and Quang Tri province to mark the 70th anniversary of Wounded and Fallen Soldiers Day (July 27, 1947-2017). The event in Hanoi was attended by Party General Secretary Nguyen Phu Trong; Politburo member and Head of Party Central Committee’s (PCC) Commission for Communication and Education, Vo Van Thuong and Politburo member and Hanoi municipal Party Committee, Hoang Trung Hai, plus other Party, State and Government high-ranking officials. After observing a minute’s silence, the delegates offered incense to commemorate heroes and war martyrs at the … [Read more...]

NDO – The Vietnamese Government welcomes Czech enterprises and will strive to create favourable conditions for them to conduct business in Vietnam, particularly in the fields of the Czech Republic’s strengths and Vietnam’s needs, such as energy, the environment, infrastructure and crystal glassware. Deputy Prime Minister and Foreign Minister Pham Binh Minh made the statement while hosting a reception for the newly appointed Czech Ambassador to Vietnam, Vitezslav Grepl, in Hanoi on July 26. He expressed his delight at the positively growing traditional friendly relations and multifaceted cooperation between Vietnam and the Czech Republic over the past few years, notably the State visit made to Vietnam by Czech President Milos Zeman last June. Minh recommended that the two countries strengthen the exchange of delegations across all-levels, effectively implement the political consultation mechanism between the two Foreign Ministries, and support each other … [Read more...]

SAN FRANCISCO: Facebook on Wednesday (Jul 26) reported a surge in profits in the past quarter, fuelled by strong growth in money-making ads to its more than two billion users. The Facebook logo is displayed on the company's website.Photo AFP Net profit in the second quarter leapt 71 per cent from a year ago to US$3.9 billion while revenue climbed 45 per cent to US$9.3 billion. In after-hours trade, Facebook shares rose some 3.4 per cent to US$171.30 on the stronger-than-expected results. "We had a good second quarter and first half of the year," said Facebook co-founder and chief executive Mark Zuckerberg. "Our community is now two billion people and we're focusing on bringing the world closer together." The number of people using Facebook at least once a month was 2.01 billion at the end of June, an … [Read more...]

NEW YORK: Wall Street stocks surged to fresh records at the close on Wednesday (Jul 26) following another round of strong earnings reports, led by Boeing which vaulted nearly 10 per cent after it raised its profit forecast. JBG Smith CEO W. Matthew Kelly (right) is applauded as he rings the New York Stock Exchange opening bell to celebrate the closing of the spin-off/merger transaction between JBG and Vornado/Charles E. Smith. (AP Photo/Richard Drew) The Dow Jones Industrial Average jumped 97.58 points (0.45 per cent) to 21,711.01. The broad-based S&P 500 added 0.70 points (0.03 per cent) to 2,477.83, edging to its second straight record, after two records last week. The tech-rich Nasdaq Composite Index climbed 10.57 points (0.16 per cent) to 6,422.75, the third consecutive all-time high, after the index set … [Read more...]

WASHINGTON: President Donald Trump on Wednesday (Jul 26) unveiled a US$10 billion US investment by Apple supplier Foxconn to build a plant in Wisconsin. US President Donald Trump (left) and Terry Gou (centre), Chairman of Foxconn, an electronics supplier, during an announcement that the company will open a manufacturing facility in Wisconsin. (SAUL LOEB/AFP) The businessman-turned-president made the announcement side by side with the Taiwanese tech giant's CEO Terry Gou, as he tried to show his "America First" economic rhetoric is making a difference. Trump said the plant - which will make LCD panels - will create at least 3,000 jobs in the midwestern state, and was quick to stress he played a role in making the deal happen. "If I didn't get elected, he would not be spending US$10 billion," Trump said, … [Read more...]

AHMEDABAD, India: The bodies of 25 people, including 17 members of a single family, were pulled from the mud on Wednesday (Jul 26) as the death toll from major flooding in India climbed towards 120, an official said. Residents wade through floodwaters near the Sabarmati River in Ahmedabad in Gujarat, India. (AFP/SAM PANTHAKY) Authorities found the bodies in two villages in hard-hit Banaskantha district, Gujarat, as floodwaters receded, said assistant superintendent of police Aksharaj Makwana. "In all 25 bodies were fished out from two villages on the bank of Banas river," he told AFP. Local police said earlier 17 of the dead found in Kharia village were from one family. A senior Gujarati government official, Pankaj Kumar, said 2655 stranded villagers had been rescued from Banaskantha district, with at least … [Read more...]

The 38th ASEAN Senior Officials’ Meeting on Drug Matters (ASOD 38) is taking place in Hanoi from July 25-27 (Source: VNA)   Hanoi (VNA) - The 38th ASEAN Senior Officials’ Meeting on Drug Matters (ASOD 38), taking place in Hanoi from July 25-27, has approved a ASEAN cooperation plan on preventing illegal drug production and trafficking in the Golden Triangle during the 2017-2019 period. Colonel Hoang Anh Tuyen from the General Police Department under the Ministry of Public Security told reporters on July 26 that the meeting updated the implementation of activities and cooperation initiatives reached at ASOD 37 held in Thailand in 2016, reviewed recommendations made in the ASEAN ministerial meeting on drug matters in Singapore in 2016 and examined the progress of the ASEAN Work Plan on Securing Communities Against Illicit Drugs for the 2016-2025 period. The … [Read more...]

Secretary General and Vice President of the VUFO Don Tuan Phong (Source: VNA) Hanoi (VNA) - The people-to-people diplomacy work performed by the Vietnam Union of Friendship Organisations (VUFO) obtained considerable results across fields in recent times, contributing to promoting ties between Vietnam and other nations worldwide, heard a conference in Hanoi on July 26. At the 7th meeting of the union’s Presidium (2013-2018 tenure) to review the union’s activities in the past six months and tasks for the remaining months of this year, Secretary General and Vice President of the VUFO Don Tuan Phong stressed that people-to-people diplomacy activities focused on boosting ties between Vietnam and neighbouring and Southeast Asian countries, especially Laos, Cambodia, China, and nations having traditional relations with Vietnam. Apart from enhancing political links, the people-to-people … [Read more...]

Vistors to the exhibition (Source: baonghean.vn)   Nghe An (VNA) - An exhibition displaying maps and documents on Vietnam’s Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagos opened in Anh Son district, the central province of Nghe An, on July 26. On display are 154 documents issued by Vietnamese feudal dynasties from the 17th to the early 20th century, ancient maps published by Vietnam, western countries and China relating to Vietnam’s sovereignty over the two archipelagos as well as the country’s exercise of the sovereignty before 1975. Of note, the exhibition introduced official documents of the Nguyen Dynasty (1802-1945)  regarding Vietnam’s exploitation, management, establishment and exercise of its sovereignty over Hoang Sa and Truong Sa. Apart from documents and publications compiled by western countries in the … [Read more...]

A hi-tech vegetable growing model (Source: http://baochinhphu.vn/)   Hau Giang (VNA) – Information related to investment attraction policies of the Mekong Delta province of Hau Giang and opportunities for investors to pour capital into agriculture was introduced to a food firm from the Republic of Korea (RoK). At a meeting on July 26 with representatives from the RoK’s Dusung Food Co., Ltd, Vice Chairman of the provincial People’s Committee Truong Canh Tuyen detailed the locality’s policies on land rental and tax, incentives for enterprises when investing in agriculture. Lai Huynh Thu Thao from Dusung said the firm specialises in importing and exporting seafood and farm produce to the RoK and Japan, and it needs a large area of land for cultivation by machinery. The company plans to invest in the hi-tech agriculture zone, she said, … [Read more...]