Annual Report Awards honour 2017 winners

Delegates attend the groundbreaking ceremony of Viet Nam's first ultra-clear float glass factory — Photo The construction of an ultra-clear float glass factory, the first of its kind in Viet Nam, kicked off in the southern Ba Ria-Vung Tau Province’s Tan Thanh district on Monday. Work on the first phase of the VND2.6 trillion (US$114.4 million) plant, owned by Phu My Ultra Clear Float Glass Co. Ltd. and located at the Phu My 2 Industrial Park, will continue till 2018. Once operational, it will have the capacity to produce 600 tonnes of ultra-clear float glass per day. Phase II will be built from 2019 to 2022, raising the factory’s capacity to 900 tonnes per day. China’s Kaisheng Science & Technology Group Co., one of the three founders of Phu My company, has pledged to purchase all the ultra-clear float glass produced by the factory. The company was established by Viglacera Corporation, Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO), and Kaisheng group with a charter capital of VND886 billion. The factory in Ba Ria-Vung Tau is one of the two ultra-clear float glass plants expected to be built in Viet Nam. The other plant will be in the northern province of Bac Ninh. The Prime Minister approved in principle the construction of these plants in 2016. — VNS ... [read more]

The Ministry of Industry and Trade has proposed to lower import duties for spare parts to support the car manufacturing industry after ASEAN trade pacts.     The Ministry of Industry and Trade suggested letting the Ministry of Finance revise the import taxes and preferential taxes on auto parts. The Ministry of Industry and Trade will also adjust excise tax policy and Law on Value Added Tax. Due to the country’s weak support industries, local manufacturers still have to import most car parts at an import tax rate of 15-18%. That is why production costs in Vietnam are much higher than in Thailand or Indonesia. When various trade agreements take effect from 2018, the whole-car import tax from many ASEAN countries will be exempted and local car industry will face even tougher competition. Many manufacturers have asked the government to help reduce production costs. Bui Quang Vien, chairman of Vietnam Engine and Agriculture Machinery Corporation, one of the key manufacturers and spare part suppliers in Vietnam, said it would be a huge help if the government lower import duties on the parts and can be locally made to boost local competitiveness. Lower production cost also means can have more financial means to localise more vehicle parts, he said. dtinews... [read more]

After Kinh Do Group sold its sweets manufacturing division to Mondelez and industry growth slowed, some analysts commented that the sweets market was no longer attractive. However, they may have to rethink the market prospects as Vinataba recently made a fat profit after divesting its 51% stake in Hai Ha and Huu Nghi Confectionary Companies. The deal has brought hundreds of billions of dong to Vinataba, while Huu Nghi’s and Hai Ha’s shares have been hunted by investors. Bibica and Quang Ngai Sugar Company, the owner of Biscafund sweets brand, have also seen the prices of their shares increasing. By the end of April, Bibica share price had climbed to VND100,000 per share, 3-4 times higher than Hai Ha and Huu Nghi share prices. Securities analysts believe that the shares of sweets companies can go for good prices because there are few sweets shares listed on the bourse.  A representative of Vinataba confirmed that the divestment from Huu Nghi and Hai Ha is a part of the corporation’s plan to withdraw capital from non-core business fields. He denied that Vinataba divested Huu Nghi and Hai Ha shares because of the two companies’ bad business performance. Phap Luat cited its sources as reporting that Huu Nghi has annual turnover of over VND1 trillion and output of 20,000 tons. Meanwhile, Hai Ha reported a 5-7% growth rate in the first six months of the year. According to Lam Ngoc Tham, CEO…... [read more]

Financial group Blue HK from Hong Kong signed an investment agreement with Start-up Beta Media JSC to construct low-cost multiplexes in smaller cities and provinces in Vietnam, according to newswire NDH. Blue HK and Beta Media goes around competition to target uncontested, lower-scale markets According to the agreement, Beta Media is valued at VND600 billion ($27.5 million). However, the specific value of the agreement and the stakes to be held by the Hong Kong partner have yet to be disclosed. Previously, Beta Media received investment from Vietnam Investments Group (VIG)—the investor of Galaxy Cinemas and Galaxy Studios, as well as numerous food brands. Since 2015, with the launch of the Beta Cineplex chain in northern province of Thai Nguyen, Beta Media has built and opened three other cinemas in Bien Hoa city in the southern province of Dong Nai and two in My Dinh and Thanh Xuan districts in Hanoi. Ticket prices are 60 to 65 per cent lower than high-end cinemas in major cities. Beta Media general director Bui Quang Minh said that by developing cinema theatres in smaller provinces, the company can avoid the fierce competition with large firms. In 2017, Beta Media plans to open six more multiplexes in the central province of Thanh Hoa, the northern province of Bac Giang, as well as Hanoi, Nha Trang and Ho Chi Minh City, increasing the number of its total multiplexes to…... [read more]

Vietnam’s first ultra-clear float glass production facility, mainly used in solar panels, started construction in the southern province of Ba Ria-Vung Tau yesterday, to meet the booming demand of the solar industry. Vietnam's first ultra-clear float glass production facility will primarily produce for export The project is developed by Phu My Ultra Clear Float Glass Co., Ltd, a consortium of leading domestic building materials firm Viglacera, Vietnam Urban and Industrial Zone Development Investment Corporation, and China’s Kaisheng Group. It is estimated that the $110-million phase I will be carried out by 2018. It is expected to churn out 6,000 tonnes of products per day and rising to 9,000 tonnes of products after phase II is finished. According to Viglacera, which owns 35 per cent of the consortium, 90 per cent of the facility’s ultra-white output will be exported to overseas, and 10 per cent will be sold to a glass processor in the northern province of Bac Giang, the home of the largest solar energy assembly project in Vietnam. The factory in Ba Ria-Vung Tau is one of the two ultra-clear float glass plants scheduled for construction in Vietnam. The other plant will be in northern province of Bac Ninh. The prime minister  gave in-principle approval to the construction of these plants in late-2016. Viglacera general director Nguyen Anh Tuan said at the company’s annual shareholders’ meeting that ultra-clear float glass, produced to be used in solar panels, is a new field that requires high-technology, prompting Viglacera…... [read more]

VietNamNet Bridge – Participants at a conference about developing transport infrastructure in the northwest region on Thursday in Ha Noi agreed that transport infrastructure construction has not met demand and thus has not yet created strong foundations for economic and social development. The highways connecting Ha Noi with Yen Bai and Lao Cai, Thai Nguyen and Bac Giang have been completed and put into operation. — Photo: VNA/VNS Nguyen Van Binh, head of the Party Central Committee’s Economic Commission, underscored the significance of the effort to complete important transport projects in the past, saying that such work will fuel socio-economic development and ensure national defence-security in the region and the country.  However, he said there were still a number of shortcomings regarding the region’s transport infrastructure, with many becoming degraded and not yet proven to be socially and economically efficient. Many projects are lagging in terms of progress, causing difficulties for localities. Deputy head of the Steering Committee for the Northwestern Region Nguyen Canh Viet said due to its geographical characteristics, the northwest region often experienced heavy rains and landslides. Thus it is often difficult to conduct construction work and maintain transport infrastructure. He said road transportation plays the most important role in the region with 3,718 out of 6,730km of national highway completed.  The highways connecting Ha Noi with Yen Bai and Lao Cai, Thai Nguyen and Bac Giang have been completed and put into operation while projects on the construction of Hoa Lac – Hoa Binh and Thai…... [read more]

An MOIT (Ministry of Industry & Trade) report shows there are 29 petrol distribution chains in Vietnam and the number has been increasing rapidly in the last year with at least five distributors set up this year.  Petrolimex (PLX) has recently announced a plan to pay 2016 dividends to its shareholders, under which VND3.736 trillion would be paid for the 1.16 billion shares in circulation.  In 2016, the corporation obtained turnover of VND123.097 trillion and pretax profit of VND6.3 trillion, an increase of 68% over 2015. The State, the biggest shareholder at Petrolimex, which holds a 75.9% stake, would receive VND3.16 trillion in dividends. JX Nippon Oil & Energy, with 103,528,476 shares, would receive VND333.7 billion, or US$14.8 million. The Japanese oil & gas group in 2016 spent 20 billion yen, or US$183 million, to acquire an 8% stake in Petrolimex. Within the framework of WTO and 11 FTAs, Vietnam has not committed to open the petrol market. Foreign investors are not allowed to set up petrol distribution networks in Vietnam, except up oil refineries, and need to have their own networks to sell their products. In April 2016, Idemitsu Kosan from Kosan decided to invest in Nghi Son Oil Refinery in Thanh Hoa province. It will have the right to join the distribution market once Nghi Son becomes operational, slated for 2017. To distribute petrol products, Idemitsu Kosan and Kuwait Petroleum International have set up a legal entity…... [read more]

Viet Nam expects to export head-on shell-on shrimp to Australia. — Photo Australian food, rice processing and information technology companies want to accelerate co-operation and expand operations in Viet Nam, according to Australian officials and business representatives who met yesterday in Sydney with Deputy Prime Minister Vuong Dinh Hue. SunRice CEO Rob Gordon said a number of Vietnamese firms had exported rice to Australia for his company, which carries 30 product labels and has about 2,100 workers in 60 countries across the world. To reinforce production capacity in Viet Nam, Gordon proposed the Vietnamese Government allow Sunrice to expand investment in the country, transferring skills and sharing scientific technology in rice production, processing and marketing. Deputy PM Hue praised Sunrice’s co-operation with Vietnamese rice trade, which was important for both sides, contributing to food security. He said Viet Nam could supply all types of rice in great volume. The co-operation of rice trade between the two countries grew in 2016 when Viet Nam exported 220,000 tonnes of rice to Australia, over 50 per cent more compared with 2015. To ensure the trade of rice, Hue asked businesses on both sides to meet and discuss doing business. The Vietnamese ministries of Agriculture and Rural Development and Trade and Industry would co-operate with Sunrice to help it develop investment in Viet Nam, he pledged. Speaking with Jan Craps, CEO of Carlton&United Breweries (CBU) which has a 47-per cent share of the…... [read more]

NDO – The Power Generation Corporation No. 3 (EVNGENCO 3) on July 24 announced its decision to establish the Thai Binh Thermal Power Company, which will be in charge of managing and operating the Thai Binh Thermal Power Plant. The company is based on the labour force of the management board of the Thai Binh Thermal Power Plant project, aiming to serve the safe, continuous and effective operation of the plant, while seeking optimal production costs and the improvement of business production efficiency. The Thai Binh Thermal Power Plant, located in Thai Binh province’s Thai Thuy district, is one of the Government’s key projects, with Electricity of Vietnam (EVN) as its investor and EVNGENCO 3 as its management advisory unit, represented by the management board. Its projected cost is estimated at over VND26 trillion (US$1.14 billion) with an installed capacity of 600 megawatts (2x300MW) and an annual power output of approximately 3.6 billion kWh. This is the first large-scale thermal power plant to be designed by a Vietnamese advisory unit. After over three years of construction, the project has now been basically completed. Addressing the event, leaders of EVN and Thai Binh province asked officials and staff of the Thai Binh Thermal Power Company to uphold their responsibilities while effectively carrying out management and operation duties of the plant. The company was requested to strictly comply with regulations on environmental protection ; to optimise production costs; and to manage and use capital and assets in…... [read more]

Grab, the leading on-demand transportation and mobile payments platform in Southeast Asia, steps up its game with new investments. DiDi and Softbank open their wallets wide for Grab's current financing round The ride-hailing firm yesterday announced that DiDi Chuxing (DiDi), the world’s leading one-stop mobile transportation platform, and SoftBank Group Corp. (SoftBank), a global technology leader driving the Information Revolution, will invest up to $2.0 billion to lead Grab’s current financing round. Grab anticipates that it will raise an additional $500 million, bringing the total to $2.5 billion in this round from existing and new investors. This is the largest single financing round in the history of Southeast Asia. DiDi and SoftBank will continue to support Grab’s vision of helping customers in Southeast Asia access safe transportation and financial products, whilst creating employment opportunities. Grab is by far the most dominant on-demand transportation platform in the region, with a market share of 95 per cent in third-party taxi-hailing and 71 per cent in private vehicle hailing. The company will continue to strengthen its already-leading market position and invest in GrabPay, its proprietary mobile payments solution. Anthony Tan, the group’s CEO and co-founder, said that, “We are delighted to deepen our strategic partnership with DiDi and SoftBank. We are encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets, and recognise that…... [read more]

Links Topics :