Prime Minister Nguyen Xuan Phuc hosted a reception in Hanoi on December 27 for Choi Young Joo, President of the Republic of Korea-Vietnam Friendship Association and Chairman and CEO of the Panko Corporation. Prime Minister Nguyen Xuan Phuc (R) welcomes Choi Young Joo, Chairman and CEO of the Panko CorporationLauding Panko for its garment and textile projects in central Vietnam, PM Phuc affirmed that Vietnam will create all favourable conditions for foreign investors, including those from the RoK.He asked the guest to continue supporting and promoting cooperation between RoK and Vietnamese businesses.Several direct air routes connecting the two countries’ localities to be opened in the time ahead will facilitate collaboration between businesses, thus contributing to boosting bilateral trade and people-to-people exchanges, he added.The Vietnamese Government leader expressed his hope that the Panko Corporation will expand its investment in Vietnam.As Vietnam is seeing a … [Read more...] about Government leader host Chairman of RoK’s Panko Corporation
Corporate
Song Da Corporation reports pathetic IPO
Notably, no foreign and domestic enterprises or organisations joined the auction. 229 individuals completed the purchase at the average price of VND11,959 apiece, showing that 99.64 per cent of the stake was unmarketable. After the deal, the state only acquired VND8.8 billion ($378,666) in proceeds.Song Da offered 219.68 million shares at the initial price of VND11,000 ($0.48). After the sale, the corporation expected to acquire VND2.4 trillion ($105.68 million) in proceeds and increase its charter capital to VND4.5 trillion ($198.2 million).Besides, Song Da planned to offer another 135 million shares, equalling 30 per cent of its charter capital, to strategic investors and sell 822,000 shares (0.18 per cent) to its employees.After the equitisation, the state was to hold 51 per cent of the charter capital, equalling 229.5 million shares, and then decrease it to under 50 per cent by 2020.Song Da Corporation conducted its equitisation as the company’s business efficiency has … [Read more...] about Song Da Corporation reports pathetic IPO
Corporations, banks face severe capital shortage
Corporations, banks face severe capital shortageBy Van Nam and Thuy Trieu - The Saigon Times DailyHCMC – Capital flows get stuck at banks as they cannot mobilize funds from the public to make loans available for cash-strapped enterprises.At a monthly meeting on industrial production and trade in HCMC early this week, Deputy Minister of Industry and Trade Nguyen Thanh Bien said one of the biggest issues this time around was the desperate needs for capital aMany agricultural products, he said, have entered harvest season but farmers are struggling with falling agricultural product prices because wholesalers have had difficult access to bank loans.Bien said coffee harvest had begun but due to lack of money, enterprises had cut purchases, so farmers could see prices plunging in bumper crops.Asked why banks limited lending to enterprises, lenders said they were also in a difficult position because they had not been able to borrow from the public at low interest rates. Almost all banks … [Read more...] about Corporations, banks face severe capital shortage
Mitsubishi Corporation presents 10 computers to the Vietnam Museum of Literature
The Mitsubishi Corporation has presented 10 computers with touch screens, worth 31,000 USD to the Vietnam Museum of Literature. Yuichi Karasawa, head of the Mitsubishi Corporation Representative Office in Hanoi, and poet Huu Thinh, chairman of the Vietnamese Writers’ Association, attended the ceremony. Addressing the ceremony, Mr. Karasawa said Vietnam is quickly developing into a stable and prosperous country in the region. Lives of people have been improved over the past years, however, culture and art activities need also be strengthened, especially among museums. He also added that he was glad to make a contribution to this work through the donation of 10 computers to the Vietnam Museum of Literature. The museum is a place where displayed objects are divided into folklore literature, ancient and modern literature. There is also a showroom for folklore literature of ethnic minority groups, and the literature of Overseas Vietnamese. The Vietnam Museum of … [Read more...] about Mitsubishi Corporation presents 10 computers to the Vietnam Museum of Literature
Vinalines corporate value estimated at US$800 million
In August, the State Audit Office of Vietnam reassessed the corporate value of Vinalines as well as other assets before the corporation’s equitization.In late November, the State Audit released the value of Vinalines. Accordingly, Vinalines’ corporate value, which was determined at December 31 last year, was reassessed at VND18.09 trillion ($790.5 million) with the state-owned capital of VND11.95 trillion ($526.1 million).According to Le Anh Son, chairman of the Vinalines Board of Directors, after being reassessed, almost all statistics saw increases compared to this June.Son added that this was the third time that Vinaline had to reassess its corporate value. In December 2014, the former Minister of Transport approved the corporate value of Vinalines, which is a compulsory process for the equitisation progress. Accordingly, Vinalines was valued at VND21.29 trillion ($937.4 million) determined on December 31, 2013, with the state-owned capital of VND8.96 trillion … [Read more...] about Vinalines corporate value estimated at US$800 million
Vinalines corporate value estimated at $800 million
In August, the State Audit Office of Vietnam reassessed the corporate value of Vinalines as well as other assets before the corporation’s equitisation.In late November, the State Audit released the value of Vinalines. Accordingly, Vinalines’ corporate value, which was determined at December 31 last year, was reassessed at VND18.09 trillion ($790.5 million) with the state-owned capital of VND11.95 trillion ($526.1 million).According to Le Anh Son, chairman of the Vinalines Board of Directors, after being reassessed, almost all statistics saw increases compared to this June.Son added that this was the third time that Vinaline had to reassess its corporate value. In December 2014, the former Minister of Transport approved the corporate value of Vinalines, which is a compulsory process for the equitisation progress. Accordingly, Vinalines was valued at VND21.29 trillion ($937.4 million) determined on December 31, 2013, with the state-owned capital of VND8.96 trillion ($394.5 … [Read more...] about Vinalines corporate value estimated at $800 million
Merger proposed for airport management corporations
The Civil Aviation Administration of Vietnam (CAAV) said that it would submit a plan to merge three airports corporations to the Prime Minister for consideration this month. The Civil Aviation Administration of Vietnam said that it would submit a plan to merge three airports corporations to the Prime Minister for consideration this month According to Pham Quy Tieu, Deputy Minister of Transport and Head of the CAAV, the Northern Airports, Middle Airports and Southern Airports Corporations will be merged into one corporation, Vietnam Airports, which will be responsible for operating all domestic and international airports in the country. Currently, many airports in Vietnam suffer from losses. According to the Northern Airports Corporation, five airports it manages incur losses every year of their operation, including Dong Hoi in Quang Binh, Vinh in Nghe An, Cat Bi in Haiphong and Na San in Son La and Dien … [Read more...] about Merger proposed for airport management corporations
Traffic corporations to launch IPO next month
Traffic corporations to launch IPO next monthLe Anh By Le Anh - The Saigon Times Daily HCMC – Many large corporations in the traffic sector will together launch initial public offering (IPO) next month with most setting the starting price at VND10,000 each share. Civil Engineering Construction Corporation No. 6, or Cienco 6, will offer over 28.7 million shares, or a 47.87% stake, on March 21 on the Hochiminh Stock Exchange. The starting price is set at VND10,000 each share. On the same day, Civil Engineering Construction Corporation No. 1, or Cienco 1, will also launch over 16 million shares on the Hanoi market at VND10,000 each. Cienco 5 will also launch IPO for over 14.2 million shares, or a 32.38% stake, on March 24 at the same starting price. On the following day, Cienco 4 will launch its IPO, offering over 16.1 million shares at VND10,000 each. On March 26, Transport Engineering Design Inc. (TEDI) will also offer 2.6 million shares, or a 20.8% stake, at VND10,000 each. The … [Read more...] about Traffic corporations to launch IPO next month
Corporate taxpayers still fret over red tape
Corporate taxpayers still fret over red tapeBy Van Nam - The Saigon Times DailyAt the meeting organized by the Ministry of Finance, the participating business executives proposed the procedures would need to be improved further to make life easier for the corporate sector.Do Ha Nam, chairman of the Vietnam Coffee and Coca Association (Vicofa), said the tax departments of many provinces and cities were slow in processing value added tax reimbursements, affecting the operations of corporate taxpayers.Some taxmen intentionally cause troubles for companies that come to get tax reimbursements, he said.He also asked the finance ministry to consider revising the tax policy in a way that helps exporters and importers to ride out the doldrums they are struggling with. An example is that the increase in import tax on frozen chicken has caused difficulties for importers, he said, adding this was unreasonable.Participating companies also bemoaned slow customs clearance for garment material … [Read more...] about Corporate taxpayers still fret over red tape
PM calls on CJ Corporation to contribute to new Korean investment wave
The Government chief made the point while receiving Chairman of the RoK-based CJ Corporation Sohn Kyung-shik on December 6 in Ha Noi.The host leader hailed CJ Corporation for investing in many fields in Viet Nam, including food production research, logistics and film production for export, while asking the company to assist Vietnam in developing organic agriculture. He expressed his hope that more than 150,000 Koreans living and working in Viet Nam along with leading Korean firms investing in the country such as Samsung, LG, Lotte and CJ will help promote Viet Nam to the RoK and creating a new Korean investment wave into Viet Nam in the near future. He stressed that Viet Nam always welcomes and creates favourable ways for foreign investors including Korean ones. “We consider your success as our success,” he added. In return, the CJ Chairman expressed his impression and congratulated Viet Nam on socio-economic development attained over the past time. CJ Corporation hopes … [Read more...] about PM calls on CJ Corporation to contribute to new Korean investment wave