Imexpharm terminates distribution contract with IMGSA Group

HA NOI — Foreign investment in Viet Nam has shown some positive signs, although net buys on the nation's stock exchanges totalled only VND600 billion (US$28.5 million) in the first six months of this year. In the first two weeks this month, authorities announced Maybank Kim Eng Securities Pte raised its holdings in many listed firms. Specifically, the Singaporean company lifted its ownership in Petrolimex Tanker Co (PJT) to over 5 per cent, in Van Lang Technology Development and Investment (VLA) to 9.53 per cent, in Higher Educational And Vocational Book (HEV) to 12 per cent and in Education Cartography And Illustration Co (ECI) to 9 per cent. In addition, it is a major shareholder of construction materials supplier Beton 6 (BT6) and West Coach Station (WCS), while it also purchases shares of companies on the unlisted public company market. Most transactions of Maybank Kim Eng took place in penny stocks, which was unusual when viewed in the context of trends among foreign investors. Kim Eng Vietnam Securities Co's general director Le Minh Tam said Maybank Kim Eng was an investment trust service provider and not a self-trader. "The massive buys recently were due to growing interest from the company's customers in Viet Nam's stock market," he told the publication Dau tu Chung khoan (Securities Investment). Meanwhile, Kim Eng's analyst Nguyen Thi Ngan Tuyen noted foreign investors wanted to invest in sectors with stable cash flows, such as water services, transportation, health services and commerce. "The new money pouring into…... [read more]

Singapore-based Orchid Fund and Truong Dinh Anh, a board member of FPT, have successfully divested from the listed technology firm. The divestment, taking place about 2 years after Orchid Fund channeled money into FPT, is said to help the fund restructure its overseas investment portfolios. Though the value of initial Orchid Fund's investment in FPT has never been revealed, many insiders said it can be a very successful investment in terms of profit. Orchid Fund became the largest shareholder of FPT from October 2011 and increased ownership in the corporation to 29.168 million shares, representing 10.65 percent stake of the FPT in the first half of 2012. Specifically, in January 2012, Orchid Fund bought 4.3 million shares of FPT at around VND34,000 per share. It continued to buy 1.8 million FPT shares at a price of VND 36,000 per share one month later. By May 2012 , Orchid Fund held more than 21 million FPT shares , equivalent to 9.81 percent of the company's stake, and continued to buy nearly 11 million FPT shares during the month, but the purchase failed as the price of FPT share shot up. Instead of direct purchase on the stock exchange, Orchid Fund was transferred 2.7 million FPT shares from 3 other foreign investors as of July 5, 2013. Since Orchid Fund began to pour money in FPT, FPT increased its charter capital by 25 percent, with total cash dividend of 45 percent of the face value of the share. Moreover, the difference in…... [read more]

A private high school in central Vietnam has had over half its classrooms shuttered by a local bank after failing to pay loans worth US$2.64 million. Twenty-four out of 46 classrooms at Hue Star Middle and High School in Phu Vang District, Thua Thien-Hue Province have been sealed since mid-July, its headmaster Ve Van Lam confirmed on Thursday. The school, privately owned by Hue Star Education Systems (HSES), was established in 2008 to provide elementary and secondary education for students in the central province. Pham Ba Nam, director of a local Vietnam Bank for Industry and Trade (VietinBank) branch, said the lender was forced to seal off the classrooms due to unpaid debts accrued by HSES’s board of directors. According to Nam, the education group owes the bank nearly VND60 billion ($2.64 million) to cover the original loan and the associated accumulated interest. The bank should have shuttered the entire school, Nam noted, though it chose to allow 22 classrooms to remain operational after considering requests from the local school board. The VietinBank seal on one of the classrooms at Hue Star Middle and High School in Thua Thien-Hue Province. Photo: Tuoi Tre Headmaster Ve Van Lam said the bank’s actions will not affect regular operations at the school and that there are no plans to revise the curricula for the upcoming academic year. Lam added that the school will do its best to assist students in completing transfer…... [read more]

The winning lotus design for Long Thanh International Airport Terminal has raised concerns that it may prove too costly to implement.     Proposed Long Thanh Airport design Tran Quang Chau, chairman of Vietnam Association on Aviation Science and Technology said the lotus-shaped terminal was chosen because the colour and layout used for each part are harmonious. In addition, people can clearly see that it is designed for large-scale airport and has traditional factors. Lai Xuan Thanh, Chairman of the Board of Directors of the Airports Corporation of Vietnam, said the decision was made after receiving public feedback in Hanoi, Da Nang, Dong Nai and Ho Chi Minh City and from associations such as the Vietnam Association of Architects and the Vietnam Urban Planning and Development Association. 26 experts from ministries, agencies and professional associations led by Director General of the Civil Aviation Administration of Vietnam Dinh Viet Thang also formed an advisory team to vote on the designs. 59.09% of the attendants voted for the lotus design. Despite the consensus, there are still concerns the design will mean costs will rise. Curved buildings often have more problems with installing equipment. Moreover, the proposed lotus design is not completed and still need further revise so the cost is undecided. Minister of Transport Truong Quang Nghia estimated that Long Thanh Airport project would cost USD16bn. Nguyen Thanh Trung, former director of Vietnam Airlines, said, "The airports in developed countries in both Europe and Asia have simple designs. Paying too much attention…... [read more]

One of Vietnam's leading medical equipment manufacturers MEDIPLAST has inaugurated the MEDIPLAST medical plastic factory (phase 1) at the northern province of Bac Ninh's Dai Dong Industrial Zone. This is a leap of MEDIPLAST, which clearly demonstrates the orientation of the company after Vietnam Medical Equipment Corporation's (VINAMED) acquisition of MEDIPLAST was approved by the general shareholders' meeting on October 5 last year. MEDIPLAST operates mainly in the field of manufacturing, trading, import and export of medical equipment, materials and medical instruments, and related products applied with the most modern production lines of UK and Japan. Recognising the role of each product to the community health, MEDIPLAST operates under the motto of "One injection - One syringe - More life to save" with the focus on product quality. Construction formally starting in November 2016, the factory was completed and came into operation in June 2017. At present, it focuses on production of sterile plastic syringes and feeding syringes, K1 auto disable syringes, INSULIN syringes, scalp vein set needles and infusion sets. With an area of 13,000 square metres and the staff number of more than 200, the new factory in Bac Ninh will help MEDIPLAST improve production capacity and develop new products to meet the needs of high quality plastic medical equipment in the country and become the supplier of global organisations such as United Nations Children's Fund (UNICEF), World Health Organization (WHO), Program for Appropriate Technology in Health (PATH), and the Global Vaccine Alliance Translation (GAVI),…... [read more]

Alphabet Inc reported a 21 percent jump in quarterly revenue on Monday, maintaining a growth rate that is rarely seen among companies its size and suggesting the big sales gains enjoyed recently by the other Internet firms are not done yet. FILE PHOTO: A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. Alphabet, the owner of Google and YouTube, said it made $3.5 billion in net income on sales of $26 billion. The profit would have been much larger but for a record $2.7 billion European Union antitrust fine. Still, the company noted that costs were rising faster than sales and warned that expenses would remain high as more searches shift to mobile devices. The squeeze on expected future profit appeared to weigh on Alphabet's share price, which fell about 3 percent to $967 after the bell. Shares had closed up in regular trading and have gained 26 percent for the year. Alphabet's cost of revenue, a measure of how much money the company must spend to keep its platforms running before added costs such as research, rose 28 percent, well above the growth in revenue itself. The rising costs, including what Google pays to drive traffic to its search engine, hurt operating margins more than most people had expected, said Doug Kass, president of Seabreeze Partners Management. "This could be problematic going forward," Kass said. Alphabet Chief Financial Officer Ruth Porat, asked about margins during…... [read more]

Minh believed that bad debt settlement will be effective due to upbeat signs in the property market, the National Assembly’s legal provisions for bad debts and the bank’s restructuring project. The bank’s profit before taxes was estimated at VND428 billion (US$18.8 million) in the first half of the year, up 70.4% year-on-year, according to the bank’s report. Its total assets stood at nearly VND353 trillion (US$15.5 billion).  During the first six months, customer lending and capital mobilised from individuals and economic organisations exceeded VND212 trillion (US$9.3 billion) and VND317 trillion (US$13.9 billion), up 10.1% and 9.7% from the outset of the year, respectively. The bank tackled VND845 billion (US$37.2 million) of non-performing loans in the period and bought back VND247 billion (US$10.9 million) in non-performing loans from the Vietnam Asset Management Company.  Chairman Minh shared the bank’s restructuring scheme, including shaking up bank organisation and human resources and re-arranging transaction networks and branches was based on the strategy “developing rural areas to support urban zones”. Last month, Sacombank held its annual general meeting of shareholders for the fiscal year 2015-2016. Minh was elected as Chairman of the Board of Directors for the term 2017-2021 and Nguyen Duc Thach Diem as Standing Director General.... [read more]

A transaction at Sacombank. The bank aims to tackle 20 trillion VND (880 million USD) of bad debts in 2017 (Photo: VNA) Hanoi (VNA) – The Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) aims to tackle 20 trillion VND (880 million USD) of bad debts in 2017, with the bank taking drastic measures to implement a restructuring scheme, said its chairman Duong Cong Minh. Minh believed that bad debt settlement will be effective due to upbeat signs in the property market, the National Assembly’s legal provisions for bad debts and the bank’s restructuring project. The bank’s profit before taxes was estimated at 428 billion VND (18.8 million USD) in the first half of the year, up 70.4 percent year-on-year, according to the bank’s report. Its total assets stood at nearly 353 trillion VND (15.5 billion USD). During the first six months, customer lending and capital mobilised from individuals and economic organisations exceeded 212 trillion VND (9.3 billion USD) and 317 trillion VND (13.9 billion USD), up 10.1 percent and 9.7 percent from the outset of the year, respectively. The bank tackled 845 billion VND (37.2 million USD) of non-performing loans in the period and bought back 247 billion VND (10.9 million USD) in non-performing loans from the Vietnam Asset Management Company. Chairman Minh shared the bank’s restructuring scheme, including shaking up bank organisation and human resources and re-arranging transaction networks and branches was based on the strategy “developing rural areas…... [read more]

VietNamNet Bridge - The brothers Vu Ngoc Minh and Vu Hong Anh from Hai Phong City have had great success at international competitions, as have brothers from other Vietnamese families.  Vu Ngoc Minh and Vu Hong Anh The elder brother, Minh, twice won a gold medal at International Mathematics Olympiad (IMO) when he was a student at the High School for the Gifted under the Hanoi University of Education. At the 2001 IMO organized in the US, Minh, who was then in the 11th grade, was the only Vietnamese competitor who won a gold medal. The brothers Vu Ngoc Minh and Vu Hong Anh from Hai Phong City have had great success at international competitions, as have brothers from other Vietnamese families.  One year later, at the IMO in the UK, Minh, together with two team members, won a gold medal, becoming one of the few people who have won two gold medals at IMOs. Minh’s younger brother, Vu Hong Anh, from the Tran Phu High School for the Gifted, won the silver medal at the International Physics Olympiad in 2009 in Mexico. Minh is now married and lives in the UK, while Anh is in France for his studies. Most recently, another duo of brothers achieved similar recognition. Pham Duc Anh, an 11th grader at the High School for the Gifted in Natural Sciences under the Hanoi National University, was one of three Vietnamese students winning the gold medal at the 2017 International Chemistry Olympiad (IChO). Nine years ago,…... [read more]

Check out the news you should not miss today, January 25, the 28th day of the last month of the lunar calendar, or three days away from the Tet, or Lunar New Year holiday. Check out the news you should not miss today, January 25, the 28th day of the last month of the lunar calendar, or three days away from the Tet, or Lunar New Year holiday. Politics -- Vietnam consistently wants to develop its strategic partnership with Singapore, State President Tran Dai Quang asserted when receiving Singaporean Ambassador to Vietnam Catherine Wong in Hanoi on Tuesday. -- Vietnam and Belarus celebrated the 25th founding anniversary of the two countries’ diplomatic relationship on Tuesday, with Vietnamese State President Tran Dai Quang extending a congratulatory message to his Belarusian counterpart Alexander Lukashenko on the occasion. Society -- The request was made by Vietnam’s Prime Minister Nguyen Xuan Phuc held at a working session with the Mobile Police High Command in Hanoi on Tuesday, emphasizing the need for the force to boost cooperation in personnel training with police of other countries. -- A court in Ho Chi Minh City on Tuesday upheld a 30-year imprisonment sentence given to Pham Cong Danh, ex-chairman of the Vietnam Construction Bank (VNCB) Board of Directors, for his key role in causing serious total economic losses of more than VND9 trillion (US$396 million) for the lender. -- Nguyen Thi Thanh, an employee on the north-to-south Vietnam Railway service, has been praised for returning a bag containing…... [read more]




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