HAGL chairman Doan Nguyen Duc revealed that in early 2018 he had pleaded with Tran Ba Duong, chairman of Truong Hai Motor (Thaco), for investment at a critical time when HAGL lacked the funds to grow fruit trees and debts fell due. After trips to HAGL’s farms in Laos, Cambodia and Vietnam and ongoing property projects in Myanmar, Thaco decided to invest in both. In March Duong helped fix debts of VND1.58 trillion owed by Agrico, HAGL’s agriculture company, and invested in its orchards. Recently, on August 3, Thaco signed a strategic agreement with HAGL to invest in Agrico and HAGL Land Myanmar. Thaco paid VND3.8 trillion ($168.8 million) for one-year convertible bonds issued by Agrico (HNG), equivalent to over 221 million shares, which will give the carmaker a 35 percent stake. A subsidiary of Thaco, Dai Quang Minh Real Estate Investment, paid VND4 trillion ($177 million) for a 51 percent stake in HAGL’s realty firm in Myanmar. Dai Quang Minh plans to increase its … [Read more...] about Auto maker Thaco to pump in $1 billion for HAGL firefighting
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Toyota Motor to invest $1 billion in ride-hailing firm Grab
By Reuters  June 13, 2018 | 10:26 am GMT+7 A man walks past a Grab office in Singapore March 26, 2018. Photo by REUTERS/Edgar Su This is the largest invesment ever by an automaker in the global ride-hailing sector. Toyota Motor Corp has agreed to invest $1 billion in Southeast Asian ride-hailing firm Grab as a lead investor in the company’s ongoing financing round, which was launched after it bought Uber Technologies’ regional business. The investment by Toyota is the largest-ever by an automaker in the global ride-hailing sector, the six-year old start-up said in a statement on Wednesday. It will allow Grab to further expand its range of online to offline services, such as food delivery and digital payments, deeper into the region. A Toyota executive will be appointed to Grab’s board of directors and a dedicated Toyota team member will be seconded to Grab as an executive officer, the ride-hailing firm said. Toyota’s trading arm … [Read more...] about Toyota Motor to invest $1 billion in ride-hailing firm Grab
Vingroup picks banks for $1 billion residential property arm IPO: sources
Vingroup JSC VIC.HM, Vietnam’s biggest property developer, has picked four foreign banks for a planned $1 billion listing of its residential property business, sources familiar with the matter said, which will mark a strong run of IPOs in the country. Share listings are booming in Vietnam as the country speeds up its privatization drive. Vietnam’s benchmark stock index VNI rose nearly 50 percent last year, making it Asia’s strongest performer. Vingroup has tapped Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley for the planned initial public offering of Vinhomes, which, if completed, could be one of the biggest ever equity offerings in Vietnam, the sources said. The IPO would follow last year’s listing of Warburg Pincus-backed Vincom Retail JSC VRE.HM, Vietnam’s biggest shopping mall operator and also a unit of Vingroup, which raised roughly $700 million. The participation of Singapore sovereign wealth fund GIC and Franklin Templeton in … [Read more...] about Vingroup picks banks for $1 billion residential property arm IPO: sources
Hanoi earns 1.1 billion USD in exports in January
Illustrative image (Source: VNA) Hanoi (VNA) – Hanoi’s export turnover hit 1.1 billion USD in January, a year-on-year increase of 24 percent, heard a press conference in the city on January 30. According to Chief of the municipal People’s Committee Office Pham Qui Tien, the city’s socio-economic development was stable, with most development indexes higher than in January of 2017. The city’s industrial production index increased by 14.7 percent in the period. Hanoi welcomed 373,000 foreign tourists, 34.8 percent more than in January last year. The municipal authority approved two off-budget investment projects worth 2.4 billion VND (105.3 million USD). At the same time, 62.77 million USD in foreign direct investment was poured into the city in the month. As many as 1,911 enterprises were established with total investment of more than 16 trillion VND in January.-VNA … [Read more...] about Hanoi earns 1.1 billion USD in exports in January
Twenty nine groups of commodities top $1 billion export turnover
Four new groups comprise petrol; chemicals; glass and glass products; toys and sport equipment. Total export value hit $214 billion in 2017, up over 21 percent. Contributing most to the country’s export growth was phone and parts with the turnover of $45.27 billion, up nearly $11 billion and accounting for 29 percent in the country’s added export value. Foreign invested companies posted the growth rate higher than domestic firms and largely contributed to the country’s turnover increase. By CHE HAN – Translated by Hai Mien Tags: $1 billion export turnover groups of commodities Vietnam Customs … [Read more...] about Twenty nine groups of commodities top $1 billion export turnover
Nghe An’s import-export value passes US$1.1 billion for first time
The predominant import and export products included white limestone, wood chips, clinker, machines and equipment, aluminum, steel, polyethylene, electronic components, asphalt, vegetable oil, and petrol.In addition to the above traditional products, some newer products from businesses which began operation in 2017 have contributed to the increasing import and export value, such as Hoa Sen Group’s steel sheet products.Chu Quang Luan, head of the Nghe An provincial Department of Customs, says the import and export value grew markedly compared to previous years, rising from US$822 million in 2016 to more than US$1.1 billion in 2017.He attributed the upswing in trade to the province’s guidelines on attracting domestic and foreign investors and a strong economic restructuring favouring the development of industry and services.The import and export value of more than US$1.1 billion helped push tariff collection up to VND1,500 billion. Businesses paid substantial amounts in taxes, … [Read more...] about Nghe An’s import-export value passes US$1.1 billion for first time
Irrigation overhaul to cost $1 billion
Upgrading the country's irrigation system to improve its efficiency to 80 percent will require around VND20 trillion (nearly $1 billion) under a plan drawn up by the Ministry of Agriculture and Rural Development. The flood release system of the Suoi Bin reservoir is under construction The plan seeks to utilise irrigation works nation-wide to increase, by 2020, the total irrigated areas by 5 percent and reduce electricity and water use per hectare by 10 percent. Deputy minister of agriculture Hoang Van Thang told a recent meeting that though the country got a lot of rainfall, irrigation was widespread because of the uneven distribution of rainwater in terms of location and time. The country has 904 large to medium- sized irrigation works that can provide water for 200 hectares of fields or more. Of them 11 irrigate over 100,000ha, while more than 100 others are capable of irrigating 2,000ha or more. Together … [Read more...] about Irrigation overhaul to cost $1 billion
Timber exports to EU may hit $1 billion
Experts forecast about 1 billion USD worth of timber to be exported to the EU annually by 2020 thanks to the EU-Vietnam Free Trade Agreement (EVFTA), according to an official of the Vietnam Timber and Forest Association. Worker transport wooden planks at the Tavico Timber Jsc in southern Dong Nai provinceNguyen Ton Quyen, Vice Chairman and General Secretary of the association, said for many years, export value of timber and wooden products from Vietnam to EU reached at annual average about 650-700 million USD.The EVFTA, expected to come into effect next year, will create a positive impact on the Vietnamese timber industry. At present, Vietnam’s timber and wooden products are exported mainly to Germany, France, Spain and Italy, but with EVFTA, the export market would be expanded to other EU member countries.In fact, demand for timber products in the EU has been about 80-85 billion USD per year. That is much larger than Vietnam’s export value of timber and wooden … [Read more...] about Timber exports to EU may hit $1 billion
Timber exports to EU may hit 1 billion USD
Worker transport wooden planks at the Tavico Timber Jsc in southern Dong Nai province (Photo: VNA) Hanoi (VNA) - Experts forecast about 1 billion USD worthof timber to be exported to the EU annually by 2020 thanks to the EU-VietnamFree Trade Agreement (EVFTA), according to an official of the Vietnam Timberand Forest Association.Nguyen Ton Quyen, Vice Chairman and General Secretary of theassociation, said for many years, export value of timber and wooden productsfrom Vietnam to EU reached at annual average about 650-700 million USD.The EVFTA, expected to come into effect next year, willcreate a positive impact on the Vietnamese timber industry. At present, Vietnam’stimber and wooden products are exported mainly to Germany, France, Spain andItaly, but with EVFTA, the export market would be expanded to other EU membercountries.In fact, demand for timber products in the EU has been about 80-85billion USD per year. That is much larger than Vietnam’s … [Read more...] about Timber exports to EU may hit 1 billion USD
Timber exports to EU may hit US$1 billion
Experts forecast about US$1 billion worth of timber to be exported to the EU annually by 2020, according to an official of the Vietnam Timber and Forest Association.Nguyen Ton Quyen, vice-chairman and general secretary of the association, said for many years, export value of timber and wooden products from Vietnam to EU reached at annual average about US$650-700 million.The EVFTA, expected to come into effect next year, will create a positive impact on the Vietnamese timber industry. At present, Vietnam’s timber and wooden products are exported mainly to Germany, France, Spain and Italy, but with EVFTA, the export market would be expanded to other EU member countries.In fact, demand for timber products in the EU has been about US$80-85 billion per year. That is much larger than Vietnam’s export value of timber and wooden products to the EU.EU timber processing technology boosts productivity by up to about 15-20%, he said. Under the EVFTA, together with a zero tax rate, … [Read more...] about Timber exports to EU may hit US$1 billion