The transaction was completed last Wednesday, bringing the stake owned by IFC in the state-owned lender VietinBank down from roughly 8.02 percent to 6.49 percent, according to a disclosure filing with the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse. The disclosure said that the IFC, a member of the World Bank Group, had sold over 18 million VietinBank shares (CTG), while the IFC Capitalization (Equity) Fund, a fund owned by the IFC, has sold over 39 million. The total value of these transactions came to around VND1.23 trillion ($52.98 million), equivalent to around VND21,500 ($0.93) per share, as recorded on HoSE. Although the IFC has not provided an explanation. The IFC had first invested in the bank in 2011. Currently, the State Bank of Vietnam is the biggest shareholder in VietinBank with a 64.46 percent stake. Japan’s MUFG Bank is next with 19.73 percent stake, followed by IFC, now with 6.49 percent. The rest are held by other shareholders. In the first 9 … [Read more...] about IFC offloads 1.5 pct stake in VietinBank
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Since issuing corporate bonds has become easy thanks to open regulations, it is necessary to tighten control over bond issuance. According to Saigon Securities Incorporated (SSI), VND129.016 trillion worth of corporate bonds were offered to sell in the first eight months of the year and 90.08 percent was sold. VND22.664 trillion, or 61 percent of bonds, were sold to domestic investors. However, it’s unclear who the ‘domestic investors’ are. Meanwhile, bonds cannot sell to individual investors who don’t have deep knowledge about the market. The analysts blamed the hot corporate bond market on the easy requirements stipulated in Decree 163. Hai Linh Anonymous foreign investor buys entire batch of Phu My Hung bonds Phu My Hung Development Corporation has mobilised VND800 billion ($34.78 million) for real estate projects from a "secret" foreign investor through bond sales. Vietnam’s bond market continues growth Vietnam’s … [Read more...] about Is the corporate bond market too hot?
Lo Cuong rice noodles. (Photo: VOV) Rice noodle makers in Lo Cuong begin a new, busy day at 4 a.m. The village is echoed with the sound of flour mills, rice sheet dryers and cutting machines as villagers talk and laugh loudly, and walk with rapid steps. Rice is soaked 2 hours before it’s milled into soft flour which will then be steamed by a machine. The final step is to dry the rice sheets on bamboo wattles. After being dried, the rice sheets are taken down and cut into small strings. Pham Thi Trien’s family is one of the households in Lo Cuong hamlet A to produce rice noodles by a closed assembly line. With a closed system ranging from flour mills to rice sheet dryers and a 17-shelf drying machine, Trien’s facility regularly produces up to 3 tons of rice noodles. “In the past, all production steps were done manually. Two years ago, we began to use the closed production line. Traders come directly to my house to receive the products which will then be … [Read more...] about Lo Cuong rice noodle village thrives despite urbanization