By Reuters  September 16, 2019 | 04:09 pm GMT+7 LNG Ltd. will supply 2 million tonnes of liquefied natural gas to Vietnam per year. Photo by Shutterstock/Vytautas Kielaitis. Australia-listed Liquefied Natural Gas Ltd signed a deal with a province in Vietnam to supply liquefied natural gas (LNG) from its Louisiana-based Magnolia project. The Vietnam project includes an LNG import terminal, and a 32,000-megawatt combined-cycle power plant in the coastal province of Bac Lieu, where the Houston-based company will supply gas and Vietnam-based Delta Offshore Energy will generate electricity and sell it. Two million tonnes of LNG per year will be supplied from its Magnolia project, which locks in a buyer for 25 percent of the supply from the project. The deal comes at a time when LNG Ltd has been struggling to lock in sales agreements for its Magnolia project due to the U.S. trade dispute with China, which has been seen as a key potential customer for U.S. LNG … [Read more...] about LNG Ltd to supply gas to Vietnam from Louisiana project
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Vietnam Finance Co. Ltd in Hong Kong marks 40th anniversary
Hong Kong accommodates many leading financial organisations of the world (Photo: telegraph.co.uk) Hong Kong (VNA) – The Vietnam Finance Company Limited (VFC) in China’s Hong Kong, the first overseas financial institution of Vietnam, marked its 40th founding anniversary on October 26. VFC Director Nguyen Ngoc Ban said the firm was established in 1978, when Vietnam had just begun post-war reconstruction and economic development efforts. At that time, the payment in US dollar between Vietnam and other countries was particularly difficult as Vietnam hadn’t had many relations with international banks and the US imposed embargos on the country. Therefore, the VFC acted as a financial intermediary between Vietnam and the world when it supported the country’s export, import and other external economic activities. It was also a channel for mobilising capital in foreign currencies, transferring remittances, and providing credit and funding activities serving reforms … [Read more...] about Vietnam Finance Co. Ltd in Hong Kong marks 40th anniversary
BSR Co., Ltd: Sustainable growth based on technology and creativity
(VEN) - In mid-April 2018, Binh Son Refining and Petrochemical Company Limited (BSR Co., Ltd) was again honored at the 14th National Technical Innovation Contest as it owned one of four innovative solutions of the petroleum and gas industy awarded this time. Competing with 536 other solutions nationwide, the solution themed "Improving reliability and optimizing operation of depressurization stations in Dung Quat Oil Refinery" by author Nguyen Ngoc Thanh and his colleagues from BSR won the third prize. In previous competitions, BSR also often had solutions to win prizes. During 10 years of operation of Dung Quat oil refinery, BSR showed its capability to master science and technology and promoted initiatives and creativity in production. So far, BSR has had more than 163 initiatives, benefiting the State US$138 million. The company has implemented 33 scientific research projects, most of those have been applied in production and business activities, bringing high … [Read more...] about BSR Co., Ltd: Sustainable growth based on technology and creativity
TTC energy segment inks EPCC contract with JGC Vietnam Co. Ltd.
JGC Corporation has announced that its overseas affiliated company JGC Vietnam Co. Ltd. had been awarded a contract for the construction of a mega-solar power generation project planned in Krong Pa District, Gia Lai Province, Vietnam, by Gia Lai Electricity Joint Stock Company, a subsidiary of TTC Group. The lump sum turnkey contract covers the engineering, procurement, construction and commissioning (EPCC) work for the mega-solar power generation plant with delivery in autumn 2018. The plant is planned to have a capacity of 49MW (AC), making it among the largest such facilities in Vietnam. Gia Lai Electricity Joint Stock Company is a member of TTC Group. TTC is a multi-industry corporation with nearly 40 years of operation, consisting of four corporations, one segment, and over 150 subsidiaries and joint companies. It has investments in several industries including real estate, energy, agriculture, education and hospitality. The TTC Energy segment, with its main unit being Gia Lai … [Read more...] about TTC energy segment inks EPCC contract with JGC Vietnam Co. Ltd.
SeaBank acquires Post and Telecommunication Finance Co., Ltd.
Vietnam Posts and Telecommunications Group (VNPT) is preparing to submit a statement to the State Bank of Vietnam and the Ministry of Information and Communications (MIC) that it has officially signed the contract to sell PTF to Southeast Asia Commercial Joint Stock Bank (SeaBank). This was revealed by Tran Manh Hung, chairman of VNPT, at the meeting of MIC on February 5. “VNPT has just held a successful auction of PTF with the participation of two banks,” he said. The successful selling price was higher than the initial price set by VNPT.Earlier, according to the announcement of VNPT, the auction of PTF was to take place on February 1, 2018 at the initial price of VND500 billion ($220 million), which is the charter capital of the company stated in the business certificate granted in 1998.In additional to losing almost all of its owners' capital, by the middle of 2017 PTF has accumulated debts of VND347 billion ($15.3 million), including VNPT's debts.The regulations of the … [Read more...] about SeaBank acquires Post and Telecommunication Finance Co., Ltd.
Phú Quốc to get six-star resort by 2020
BIM Group’s Regent Residences Phu Quoc will be the first six-star resort in Phú Quốc Island and will be completed by 2020. Officially making its debut in HCM City on December 23, the resort promises a luxurious holiday experience to tourists. The Regent Residences Phu Quoc project, a brand of the Asia-based global luxury hospitality chain Regent Hotels and Resorts, will be implemented by Hòa Bình Construction Joint Stock Company, the only contractor that was honoured with the title of “national brand” for five consecutive years. Regent Residences Phu Quoc is another addition to a line-up of projects for which Vietnamese developer BIM Group has joint hands with other global brands to develop. BIM Group is among the few developers with a rich experience in cooperating with global brands for managing property developments meeting international standards. In the past, the group has cooperated with popular brands such as InterContinental Hotel Group, … [Read more...] about Phú Quốc to get six-star resort by 2020
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1
M&A value in Vietnam on track to reach 20 billion USD
The Hanoitimes - With the booming of the mergers & acquisitions (M&A) market in recent months, expectation for the Vietnam’s M&A value to reach value of 20 billion USD is within sight. As such, one of the most sought-after deal in 2017 is the divestment of state fund at Saigon Beer Alcohol Beverage Corp (Sabeco), Vietnam’s largest brewer. Vietnam Beverage, a domestic unit of Thai Beverage has successfully bought 53.59% Sabeco shares with value of 4.8 billion USD. The deal has taken M&A Vietnam to a new height, exceeding the record set 5 years ago at approx. 5 billion USD. The Sabeco's deal raised nearly 5 billion USD alone for state fund. This successful deal has eased off concern from investors and some administrative agencies, showing the positive responses from the market toward determination and effort of the government in respecting market principles and meeting expectation for a transparent business environment. On the … [Read more...] about M&A value in Vietnam on track to reach 20 billion USD
Vietnam’s HDBank opens 22 pct above IPO price on market debut
Vietnam’s HDBank made its stock exchange debut on Friday, opening 21.9 percent higher than its initial public offering (IPO) in which the lender raised $300 million. The stock opened at VND39,000 ($1.72) a share on the Ho Chi Minh Stock Exchange, Thomson Reuters Eikon data showed. That compared with its December 22 IPO price of VND32,000. The exchange allows a stock to trade within 20 percent of its listing price on its debut, and within 7 percent thereafter. HDBank, formally Ho Chi Minh City Development Joint Stock Commercial Bank, emerged from the IPO with a value of around VND32.4 trillion ($1.43 billion). Those buying shares in the IPO included over 76 foreign investors such as Japan’s Credit Saison Co Ltd, Germany’s Deutsche Bank AG and JPMorgan Vietnam Opportunities Fund. On Tuesday, HDBank said it expects 2017 pre-tax profit of VND2.4 trillion. The bank’s vice chairwoman is Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietnam’s … [Read more...] about Vietnam’s HDBank opens 22 pct above IPO price on market debut
Breakfast @ Tuoi Tre News – January 5
Check out the news you should not miss today: Politics -- During her reception for Chief Justice of the Lao Supreme People’s Court Khamphanh Sithidampha in Hanoi on Thursday, chairwoman of the National Assembly Nguyen Thi Kim Ngan urged deeper cooperation between the judicial systems of Vietnam and Laos. Society -- The Ho Chi Minh City Department of Education and Training has proposed the municipal People’s Committee encourage private kindergartens to install surveillance cameras with the consent of parents in order to prevent child abuse.-- Market watchdogs in the southern province of Binh Duong on Thursday detected 300kg of expired frozen buffalo meat and chicken as well as more than two tons of frozen meats of unknown origin at a company supplying meals to workers at many other firms.-- The People's Procuracy of the south-central province of Khanh Hoa on Thursday said it had approved a decision to prosecute Dinh Tien Su, general manager of … [Read more...] about Breakfast @ Tuoi Tre News – January 5