Photo shows the entrance of Times City, the urban area built by real estate, retail and tech conglomerate Vingroup (Photo: cafeland.vn) Hanoi (VNS/VNA) - Leading real estate and retail conglomerate Vingroup plans to earn 140 trillion VND (6 billion USD) in net revenue and 6.5 trillion VND (278.5 million USD) in post-tax profit in 2019. The information was released during the group’s 2019 annual general meeting of shareholders on in Hanoi this week. In 2018, the company's net revenue reached nearly 122 trillion VND (5.23 billion USD), up by 36 percent compared to 2017 due to the increase in revenue of all sectors, especially in the transfer of real estate. Real estate transfer revenue increased by 33 percent in 2018 from 62.5 trillion VND to 83.3 trillion VND. The rise came from the handover of key projects in Hanoi and HCM City, including the Landmark 81 building in Vinhomes Central Park, Vinhomes Golden River, Vinhomes The Harmony, Vinhomes … [Read more...] about Vingroup targets post-tax profit of 6.5 trillion VND in 2019
Dividends or share sales
Vingroup targets profit of VNĐ6.5 trillion
Photo shows the entrance of Times City, the urban area built by real estate, retail and tech conglomerate Vingroup. — Photo cafeland.vn HÀ NỘI — Leading real estate and retail conglomerate Vingroup plans to earn VNĐ140 trillion (US$6 billion) in net revenue and VNĐ6.5 trillion in post-tax profit in 2019. The information was released during the group’s 2019 annual general meeting of shareholders on Thursday in Hà Nội. In 2018, the company's net revenue reached nearly VNĐ122 trillion, up by 36 per cent compared to 2017 due to the increase in revenue of all sectors, especially in the transfer of real estate. Real estate transfer revenue increased by 33 per cent in 2018 from VNĐ62.5 trillion to VNĐ83.3 trillion. The rise came from the handover of key projects in Hà Nội and HCM City, including the Landmark 81 building in Vinhomes Central Park, Vinhomes Golden River, Vinhomes The … [Read more...] about Vingroup targets profit of VNĐ6.5 trillion
Four foreign investors keen on Minh Phu
Four foreign investors are looking at a private offering of 75.72 million shares in Minh Phu Seafood Corporation this year. The companies are reported to be from Japan, South Korea, the United States and Japan. Minh Phu’s chairman Le Van Quang disclosed this information at a shareholder meeting on Tuesday. Last year, Minh Phu approved a plan to sell 75.72 million shares to new investors to raise capital to expand shrimp production and supplement working capital. Its charter capital is expected to increase from VND1.4 trillion to nearly VND2.16 trillion (US$92.7 million) after the share sale. Quang said these shares could be sold to one or all four investors. The selling price will not be lower than the book value recorded in the company’s latest financial statement. Quang said investors had offered that price but the company was hoping for a better deal. “The price will be much higher than the trading price on the stock market. The first criteria for selecting a … [Read more...] about Four foreign investors keen on Minh Phu
Government directs capital hike for State-owned banks
The Government is directing ministries and agencies to raise capital for State-owned commercial banks through the use of dividends or share sales this year, Deputy Prime Minister Vuong Dinh Hue said at a recent meeting. Hue revealed the news after four State-owned banks – Vietcombank, Agribank, BIDV and VietinBank – proposed the capital hike at the meeting on bad debt resolution last week as they are facing difficulties to fulfill the plan. Currently, the banks are under great pressure to hike capital to satisfy the State Bank of Viet Nam (SBV)’s regulations to meet Basel II standards in 2020. Under SBV’s Circular, banks must maintain a capital adequacy ratio (CAR) of at least 8 per cent as per Basel II norms, starting in 2020. With the new regulation, the CAR of the banks will fail to reach the minimum level set by the SBV if they fail to increase capital. Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations … [Read more...] about Government directs capital hike for State-owned banks
KIDO Foods expects to move to HOSE this year
KIDO Foods expects to move to HOSE this yearBy Hung Le Members of the board of directors of KIDO Foods at a 2018 annual general meeting on June 18 - PHOTO: HUNG LE HCMC – KIDO Foods (KDF), under KIDO Group, intends to move from the Market for Unlisted Public Companies (UPCoM) to the Ho Chi Minh Stock Exchange (HOSE) between October 2018 and April 2019. Speaking at a 2018 annual general meeting on June 18, a board member noted that the company will complete the switch by end-2018. The board of KIDO Foods revealed that the company, in October, will have adhered to all basic conditions to have its shares listed on HOSE. A leader of KIDO Foods stressed that the transfer will be completed in 2018 or early 2019. Some investors stated that the company’s shares on UPCoM are priced below VND40,000 each, lower than it was first traded on the exchange, while the leader noted that the number of freely circulated shares accounted for 30% of the capital, equivalent to 16 … [Read more...] about KIDO Foods expects to move to HOSE this year
BUSINESS IN BRIEF 19/6
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6
BUSINESS IN BRIEF 24/4
Leaders of Ho Chi Minh City recently held a meeting with foreign-invested (FDI) businesses, calling on them to work side by side with the southern metropolis of Vietnam toward the goal of fast and sustainable development. The event on April 21 drew representatives of foreign businesses’ associations and nearly 200 FDI companies in HCM City. Secretary of the municipal Party Committee Nguyen Thien Nhan said over the past years, HCM City has made efforts to improve investment climate, step up administrative reforms, streamline procedures, increase transparency and boost IT application in the settlement of administrative procedures to enhance the attractiveness to foreign investment. As a result, the city attracted 6.6 billion USD in FDI in 2017, surging over 90 percent from the previous year. In the first quarter of 2018 alone, the figure stood at 1.37 billion USD, compared to 5.8 billion USD of the entire country. However, he said, HCM City is also facing an array of challenges … [Read more...] about BUSINESS IN BRIEF 24/4
BUSINESS IN BRIEF 26/3
HCM City to host food ingredients expo The 2018 Food Ingredients Vietnam to be held in HCM City in May will showcase a large variety of food and beverage ingredients and natural ingredients. The exhibition has attracted more than 140 exhibitors from many countries and territories, Rungphech (Rose) Chitanuwat, business director of UBM Asia, the organiser, said. The expo would also feature international conferences and professional seminars, and link up businesses, she said. With more than 93 million people, of whom more than half are under 30 years of age, Việt Nam is one of the most promising food and beverage consumption markets in the region, and has a diverse range of raw materials for food and beverages, she said. Speaking at a press conference in HCM City on March 22 to introduce the expo, Ly Kim Chi, chairwoman of the Food and Foodstuff Association of HCM City, said the country’s food and beverages sector has enjoyed strong growth in recent years. The market is … [Read more...] about BUSINESS IN BRIEF 26/3
BIDV raises chartered capital to VND33.5 trillion
BIDV raises chartered capital to VND33.5 trillionVan Ly By Van Ly - The Saigon Times Daily HCMC – BIDV shareholders have approved a proposal for raising the bank’s chartered capital to VND33.5 trillion from VND28.1 trillion. In the capital increase plan, the Bank for Investment and Development of Vietnam will sell shares to its current investors and strategic shareholders, and pay a dividend by shares. The forthcoming share sale will lead the State ownership of the bank to fall to 86.66% from the current 95.76%. The bank said its listing on the HCMC stock exchange early this year had set a foundation for an upcoming sale of shares to a strategic foreign investor. At the bank’s general meeting last Friday, shareholders asked whether or not the bank was planning to merge with another credit institution, Tran Bac Ha, chairman of the bank, said since the State remains a majority stakeholder, the bank will not do that unless otherwise approved by the State. The 2014 … [Read more...] about BIDV raises chartered capital to VND33.5 trillion
BUSINESS IN BRIEF 16/1
Survey helps HCM City plan policyThe 2017 Economic Survey in HCM City has provided basic data about the number of enterprises, workers, the economic efficiency of companies and administrative units and proportion of information technology application, delegates heard at last Friday’s meeting to review the survey.“Such data will be a foundation for city authorities to build action plans and set up policies for socio-economic development in an effort to encourage modern science and technology application in all economic industries and administrative units,” Lê Thanh Liêm, vice chairman of the municipal People’s Committee and head of the Steering Committee for 2017 Economic Survey said.According to the results of the survey, HCM City now has 633,637 economic, administrative and religious units, an increase of 27 per cent in comparison with 2011.Of this amount, there are 173,000 enterprises, an increase of 62 per cent in comparison with 2011 and non-State … [Read more...] about BUSINESS IN BRIEF 16/1