Ninh Thuan has been in the news recently as an ideal location for generating renewable energy. It was also in the news a few years ago as the site for nuclear power plants, plans for which have since been shelved. But this south-central province is notable for many other features that sets it apart from other locations in the country. One of the driest provinces in Vietnam marks the curve on the S-shaped nation’s coastline. Given its proximity to famous tourist destinations like Nha Trang and Da Lat, Ninh Thuan is surprisingly unspoilt. This arid land does not just boast a highly picturesque coastal route, it has a topographic diversity that situates it between the desert and the sea. It also carries vestiges of the Champa Kingdom, underlining the province’s historical importance. Two provincial routes are part of Ninh Thuan’s 107km long coastal road: DT701, from Ca Na to Phan Rang; and DT702, from Phan Rang to Binh Tien. One day on each route, visiting several … [Read more...] about You cannot go wrong, going to Ninh Thuan
Sun city taxi
While GIC Private Limited cut its losses in Vinasun last week, Ho Chi Minh City Securities Corporation (HSC) spends around VND100 billion ($4.4 million) becoming the third largest shareholder of Vinasun. 2018 is the fourth consecutive year that Vinasun approves lower business targets HSC has just announced buying 7.2 million shares of Vietnam Sun Corporation (Vinasun, code: VNS), equalling 10.61 per cent. It held only 8 VNS shares before. The transaction took place on May 25, when GIC Private Limited sold a total of 5.4 million VNS shares on the Ho Chi Minh City Stock Exchange (HSX). This Singaporean investment fund fully divested Vinasun at only 40 per cent of the original purchasing price, losing approximately VND120 billion ($5.3 million) in four years. At the average price of VND14,000 apiece, HSC is estimated to spend over VND100 billion ($4.4 million) becoming a large shareholder of Vinasun. After this “low-cost” transaction, HSC became the third largest … [Read more...] about What does HSC expect from loss making Vinasun?
GIC Private Limited made a full exit from Vinasun at a price less than half of what it paid to buy in four years ago. Singaporean investment fund divesting from Vinasun GIC Private Limited (formerly known as Government of Singapore Investment Corporation), a sovereign wealth fund established by the Singaporean government, has just announced to have fully divested Vietnam Sun Corporation (Vinasun, code: VNS), according to the Ho Chi Minh City Stock Exchange (HSX). Accordingly, 5.4 million VNS shares (equivalent to an 8 per cent stake) have been transacted on HSX with the total value of VND80 billion ($3.5 million) on May 25. GIC poured around VND200 billion ($8.8 million) into Vinasun in August 2014, equalling VND45,000 per share. Thus, GIC divested at roughly 40 per cent of the purchasing price, losing approximately VND120 billion ($5.3 million). This move has made as the business results of the taxi firm have turned into the red and its stock fell sharply. Although … [Read more...] about Singaporean investment fund cuts losses in Vinasun
The development of Uber and Grab has put pressure on traditional taxi forms in Viet Nam. — Photo enternews.vn After losing more than VND125 billion (US$5.5 million) in Vinasun, Singaporean investment fund Government of Singapore (GIC) announced a full divestment from Vietnam Sun Corporation (VNS). Accordingly, the fund no longer holds any shares of Vinasun, reported Tien Phong (Vanguard) newspaper. Specifically, GIC sold 5.4 million VNS shares, representing 7.96 per cent of Vinasun’s capital on May 25 and currently owns no shares. The investment fund of the Government of Singapore invested in Vinasun in August, 2014, when car-hailing applications had not been popular in Viet Nam. The value for the acquisition at that time was estimated at VND200 billion. The development of Uber and Grab has since put pressure on traditional Vietnamese taxi companies, including Vinasun. Although one of the brands with the highest number of cars in HCM City, the company’s business … [Read more...] about Singaporean investment fund divests from Vinasun
Viet Nam News Hồng Vân The central province of Nghệ An boasts some of best beaches of Việt Nam and these are definitely the must-go places when armed with a camera to capture the perfect sunrises and sunsets. From Hà Nội, one can either take a plane, train or bus to the province. Flights take one hour, train or bus almost six. Not quite relishing the boring check-ins and long airport queues, I decided to take the train. My decision made easier by the fact I was travelling with family and small children. So instead of the quick but probably stressful flight option, I decided to let the train take the strain. And my decision was proved correct. Each bed carriage had suitable lighting, USB chargers and excellent service, but the real plus point of this journey was the view from my window. Picture postcard scenery along the route meant our vacation got off to the perfect start. Beach time: Sunrise in Cửa Lò beach. The central … [Read more...] about Catch the sunrise in Nghệ An beaches
Taxi firm Vietnam Sun Corporation (Vinasun) plans to cut its full-year revenue for the fourth time for 2018 due to rising competition from foreign ride-hailing firms.— Photo vnexpress.net Taxi firm Vietnam Sun Corporation (Vinasun) plans to cut its full-year revenue for the fourth time for 2018 due to rising competition from foreign ride-hailing firms. The figure for 2018 could be set at VND2.16 trillion (US$96 million), down VND1.07 trillion year-on-year, of which transportation and merchandise income would account for VND2 trillion and the remainder would come from asset sales. Vinasun also forecasts its post-tax profit for this year would be VND95 billion, half of the figure in 2017. This is the lowest figure for the firm in the past nine years. The earnings forecast would be submitted for approval at the firm’s annual shareholder meeting, which is scheduled for April 27. The company has not yet published its full-year financial report for 2017. In 2018, the taxi … [Read more...] about Vinasun cuts revenue forecast
This is the fourth consecutive year that traditional taxi firm Vinasun has planned lower targets due to the competition with ride-hailing services. Vinasun forecasts to decline revenue this year The Management Board of Vietnam Sun Corporation (Vinasun) has just approved the business plan to submit to the annual general shareholders’ meeting on April 27. The corporation continues proposing lower targets in its business plan due to the competition with ride-hailing services. Accordingly, Vinasun will set the revenue target of VND2.16 trillion ($95.2 million) for 2018, VND1.07 trillion ($47 million) lower than the performance of the two previous years. Net revenue coming from transport services and franchising is expected at VND2 trillion ($88 million), while the remaining revenue will come from the liquidation of assets. “Foreign firms have joined the taxi maket in Ho Chi Minh City with nearly 30,000 vehicles and strong financial ability, which are causing serious … [Read more...] about Vinasun to set target revenue $47 million lower this year
Fate of Ban Phuc Nickel remains murky The fate of Ban Phuc Nickel mine invested by Ban Phuc Nickel Mines Limited Liability Company (BPNM) remains uncertain. A representative of the Son La Department of Industry and Trade told VIR that the mine’s operation has been suspended since October last year. To date, the department has yet to receive any specific plans to resume the mine’s operation from the investor. Previously, in October 2017, BPNM officially decided to suspend the operation of Ban Phuc Nickel mine until September 30, 2018 due to the company’s massive losses. In 2007, Asian Mineral Resources Limited (AMR), a global mining group listed on the bourse in Toronto, Canada, was granted the licence to exploit and process ores in the Ban Phuc nickel ore mine, which has a reserve of more than 200,000 tonnes of nickel and 18,000 tonnes of copper. According to the initial plan, AMR will co-operate with domestic enterprise Son La Mechanical Engineering JSC to establish … [Read more...] about BUSINESS IN BRIEF 28/3
A number of tourists and expats in Vietnam have shared their thoughts on traffic safety in the country following a request made by Tuoi Tre News in the wake of hundreds of driving-related causalities recorded during the Lunar New Year holiday. Anything can happen when driving in Vietnam It appears that the Vietnamese attitude towards driving is completely different than my impression on the Vietnamese attitude towards beauty, friendliness and strong family ties. In traffic it seems as if the prevailing attitude is, “me, me, me” or “ I'll do whatever I want, and you should be responsible for not hitting me, no matter what stupid, dangerous and selfish thing I do.” I feel that it is much more dangerous to drive in Vietnam than the USA and other countries in the developed world. The reason for this is that Vietnamese drivers often ignore traffic regulations and do whatever they want. This includes driving against traffic, not stopping at red lights and not … [Read more...] about How safe is it to drive in Vietnam?
Read what is in the news today, January 31: Politics -- Vietnam’s Ministry of Public Security has declared that the organization known as the “Provisional National Government of Vietnam," which is run by a group of overseas Vietnamese Americans with its headquarters in California, is a terrorist group. Society -- The administration of Quang Nam Province in central Vietnam has removed Le Phuoc Hoai Bao from his position as director of the provincial Department of Planning and Investment due to his many violations of Party principles. -- The administration of Da Nang City in central Vietnam is looking to set up technical barriers to limit the mushrooming of new hotels and accommodation services in the city, which has seen around 6,000 rooms added every year on average. -- The administration of Phu Quoc Island in southern Vietnam has said it would demand a full report on a recent incident involving a local policeman who named and shamed sex … [Read more...] about Breakfast @ Tuoi Tre News – January 31