PM values Samsung’s investment in VN

In a bid to raise bilateral trade ties, Indonesia is seeking for ways to boost exports into Vietnam. Representatives of Vietnamese enterprises were seeking to co-operate with Indonesian firms at the conference At the conference on promoting palm oil and paper industrial cooperation and investment ties between Vietnam and Indonesia in Hanoi on July 26, Indonesian Ambassador to Vietnam Ibnu Hadi told VIR that he expected the two countries’ bilateral trade turnover to raise to about $7.5 billion this year and $10 billion next year, from the $5.6 billion last year. In order to reach these targets, the embassy is now promoting two-way co-operation in the palm oil and paper industries, among many others. According to the embassy, the 12 largest palm oil exporters and 14 largest paper exporters of Indonesia are planning to expand their export markets to Vietnam and are looking to establish joint ventures with local partners for direct production in Vietnam. Some 14 Vietnamese firms are also interested in co-operating with Indonesian peers. “Vietnam considers Indonesia as a great paper exporter, with annual exports of about one million tonnes, ten-fold of Vietnamese paper exports,” To Toan, deputy manager of the Import and Export Department of Vietnam Paper Company, told VIR at the conference, where he, on behalf of his company, sought to meet Indonesian partners to discuss co-operation opportunities. “We hope that Indonesian firms can provide us with experience…... [read more]

Technological advances mean fossil fuel in cars could be phased out within decades but switching to electric carries its own environmental and economic concerns as more and more countries announce radical plans. Clean to run, but to make the battery? Not so much. (AFP/Prakash SINGH) LONDON: Technological advances mean fossil fuel in cars could be phased out within decades but switching to electric carries its own environmental and economic concerns as more and more countries announce radical plans. Britain on Wednesday (Jul 26) said it would "end the sale of all conventional petrol and diesel cars" by 2040, following similar proposals by France earlier this month to reduce nitrogen dioxide (NO2) pollution. China issued plans last year requiring that 12 per cent of cars sold be battery-powered or plug-in hybrids by 2020, while India has said it wants to replace all vehicles with electric vehicles by 2030. Norway hopes to end sales of new petrol and diesel cars by 2025, and other countries such as Sweden and Denmark and Finland have expressed similar ambitions to phase out fossil fuel engines. "Given the rate of improvement in battery and electric vehicle technology over the last ten years, by 2040 small combustion engines in private cars could well have disappeared without any government intervention," said Alastair Lewis, professor of atmospheric chemistry at the University of York. "Nonetheless this is highly symbolic since it…... [read more]

Vietnam National Coal and Mineral Industries Group (Vinacomin) plans to decrease its holding in Vinacomin-Power Holding Corporation to 65 per cent from the current 99.68 per cent. Vinacomin-Power Holding Corporation subsidiary Cao Ngan thermal power plant According to Dang Thanh Hai, general director of Vinacomin, investment funds and both foreign and domestic enterprises operating in the power sector may join the purchase. At present, numerous foreign investors from Japan, Thailand, China, and Singapore have expressed interest in Vinacomin-Power Holding Corporation’s shares. Vinacomin and Vinacomin-Power Holding Corporation will organise meetings with investors in the third quarter of 2017 and expect to conduct the transaction in the fourth quarter. Vinacomin-Power Holding Corporation currently has the chartered capital of VND6.8 trillion ($298.98 million), equaling 680 million shares with a price of VND10 apiece. Thus, the divestment would involve 235.81 million shares worth VND2.36 trillion ($103.75 million). Operating under the joint stock company form since January 15, 2016, Vinacomin-Power Holding Corporation owns seven power plants with a total capacity of 1,730MW. Besides, Vinacomin-Power Holding Corporation contributes capital to three other power plants, with holdings from 5-10 per cent. Specifically, the compnay has developed Na Duong 2 thermal power plant in the northern province of Lang Son. Once completed in 2018, the plant, which has a total investment capital sum of $192 million, will have a capacity of 110MW, generating 650 million kWh of electricity each year and…... [read more]

Mekong Capital, a Vietnam-focused private equity firm specialising in consumer-driven businesses, announced that its Vietnam Azalea Fund (VAF) had sold 75 per cent of its stakes in Loc Troi Group Joint Stock Company (Loc Troi), a plant protection, seedling supply, and food processing firm. Illustration RELATED CONTENTS: Mekong Capital to divest Loc Troi Mekong Capital invests in F88 Consumer-driven sectors shall thrive The deal took place on July 26, 2017 and 75 per cent of Mekong Capital’s stake in Loc Troi was sold at the price of VND68,000 ($3) per share, and Mekong Capital earned a total of $9.2 million. After nearly eight years since purchasing Loc Troi’s stakes, Mekong Capital’s divestment resulted in an internal interest rate (the profitability of potential investments) of about 18.6 per cent. On July 24, Loc Troi was listed under the ticker LTG on the Unlisted Public Company Market (UPCoM) and its closing price was VND58,500 ($2.6) per share, which raised its capitalisation to $174.8 million. In the trading session on July 25, Loc Troi implemented a put-through transaction of more than 3.4 million shares with the total value of over VND231 billion ($10.2 million), an equivalent of VND67,700 ($3) per share. Foreign investors purchased more than two million LTG stocks and sold over three million. Most LTG stocks held…... [read more]

Only having equipment for lease, a construction firm has submitted false information in its winning bid for the site clearance project at the billion-dollar Nghi Son oil refinery complex for swindle purpose. Despite not being the contractor, Gia Loc JSC has deliberately signed cooperation contracts with partners to cheat them out of their money The Nghi Son Refinery and Petrochemical complex (NSRP) based in the north-central province of Thanh Hoa is one of largest foreign direct investment projects in the country, with the investment capital surpassing $9 billion. The Nghi Son plant kicked off construction in October 2013 and was initially slated to start operations in July 2017. In a talk with local press this March, Nguyen Van Thi, director of Nghi Son Economic Zone and Thanh Hoa Industrial Zones Management Authority, said that the plant would begin commercial operation from October this year. The facility will refine crude oil to make liquefied petroleum gas, petrol, diesel, kerosene, and jet fuel among other products, mainly used for domestic consumption. Japan's Idemitsu Kosan and Kuwait Petroleum International each own 35.1 per cent of the facility, while PetroVietnam has 25.1 per cent, and Mitsui Chemicals 4.7 per cent. The Project Management Unit has signed contracts on phases I and II of the site clearance with PetroVietnam Construction Corporation (PVC). In 2009, PVC’s Hanoi branch signed a sub-contract with Gia Loc Technical Infrastructure Construction…... [read more]

NDO – The Vietnamese Embassy in Algeria and the Chamber of Commerce and Industry, of Algeria’s northeastern province of Annaba, recently held a workshop to discuss the trade cooperation links between the two countries. The event was attended by Vietnam’s Ambassador to Algeria Pham Quoc Tru, Chairman of Chamber of Commerce and Industry in Annaba province Djouadi Azzedine, alongside other leaders and almost 50 local enterprises. Addressing the event, Ambassador Pham Quoc Tru highlighted the friendship between the two countries, affirming Vietnam’s interest in boosting their bilateral trade and investment cooperation. Aiming to reach the target of US$ 1 billion in two-way trade in 2020, the two sides should work together to remove any obstacles hindering bilateral trade and investment ties, while creating favourable legal conditions for the businesses of both sides, the ambassador said. Vietnamese and Algerian enterprises should also seek business partnerships in each country, he added, pledging that the embassy will help to connect the two business communities. Meanwhile, Trade Counselor Hoang Duc Nhuan detailed the economic developments in Vietnam, as well as the bilateral cooperation between the two countries and a handbook on Vietnam’s market. The local government is also upgrading old industrial parks in order to accelerate the growth of small and medium-sized enterprises. He also called for investment from Vietnamese enterprises in infrastructure building, housing, consumer goods production, footwear, fisheries and agriculture. The representative also suggested establishing a business council to support bilateral trade and forming a direct partnership between the Algerian and…... [read more]

Prime Minister Nguyễn Xuân Phúc has asked authorities to take more drastic measures to rectify the late disbursement of investment capital for public projects, given that less than one-fourth of the funds has been disbursed. Prime Minister Nguyễn Xuân Phúc has asked authorities to take more drastic measures to rectify the late disbursement of investment capital for public projects, given that less than one-fourth of the funds has been disbursed. - VNA/VNS Photo The PM said the heads of agencies and localities will have to take responsibility for such delays. Minister and Chairman of the Government Office Mai Tiến Dũng conveyed the PM’s directive at a meeting on Tuesday between the PM Working Group and leaders of 13 ministries and provinces reporting slow disbursement of public investment in 2017. If the disbursement is not improved by October, the PM will consider transferring the funds to other ministries and localities, Dũng warned. He noted that slow disbursement of public investment leads to a bottleneck in national economic growth, adding that absent an urgent solution to accelerate the disbursement, economic growth will suffer and public debt will grow. Dũng added that slow disbursement of public investment was due in large part to lack of proper direction by heads of ministries and localities, in addition to inadequacies of related procedures, slow land clearance and limited capacity of project contractors. The PM will directly inspect a…... [read more]

NDO – The Vietnamese Government welcomes Czech enterprises and will strive to create favourable conditions for them to conduct business in Vietnam, particularly in the fields of the Czech Republic’s strengths and Vietnam’s needs, such as energy, the environment, infrastructure and crystal glassware. Deputy Prime Minister and Foreign Minister Pham Binh Minh made the statement while hosting a reception for the newly appointed Czech Ambassador to Vietnam, Vitezslav Grepl, in Hanoi on July 26. He expressed his delight at the positively growing traditional friendly relations and multifaceted cooperation between Vietnam and the Czech Republic over the past few years, notably the State visit made to Vietnam by Czech President Milos Zeman last June. Minh recommended that the two countries strengthen the exchange of delegations across all-levels, effectively implement the political consultation mechanism between the two Foreign Ministries, and support each other at regional and international forums, particularly at the United Nations and within the Asia-Europe Meeting and ASEAN-EU frameworks. The Vietnamese side will create favourable conditions for the Czech Ambassador to successfully complete his working term in Vietnam, thereby contributing to facilitating the traditional friendly relations and multifaceted cooperation that exists between the two countries, he affirmed. On the occasion, the deputy PM thanked the Czech Government and people for enabling the Vietnamese community in the Czech Republic to stabilise their lives, conduct long-term business and integrate well into the native society. For his part, Ambassador Vitezslav Grepl stressed that the Czech Republic always treasures and wishes to develop their…... [read more]

SAN FRANCISCO: Facebook on Wednesday (Jul 26) reported a surge in profits in the past quarter, fuelled by strong growth in money-making ads to its more than two billion users. The Facebook logo is displayed on the company's website.Photo AFP Net profit in the second quarter leapt 71 per cent from a year ago to US$3.9 billion while revenue climbed 45 per cent to US$9.3 billion. In after-hours trade, Facebook shares rose some 3.4 per cent to US$171.30 on the stronger-than-expected results. "We had a good second quarter and first half of the year," said Facebook co-founder and chief executive Mark Zuckerberg. "Our community is now two billion people and we're focusing on bringing the world closer together." The number of people using Facebook at least once a month was 2.01 billion at the end of June, an increase of 17 per cent from the same time last year, according to the leading social network. The vast majority of Facebook's revenue came from advertising, and 87 per cent of that was derived from ads served to people connecting with mobile devices. "Given that Facebook growth remains healthy and robust, we believe any lingering concerns over user engagement and social competitors should dissipate," Baird Equity Research analyst Colin Sebastian said in a note to investors. "Few companies share Facebook's combination of scale, strong technology orientation, and platform breath/diversity." Jan Dawson, analyst…... [read more]

NEW YORK: Wall Street stocks surged to fresh records at the close on Wednesday (Jul 26) following another round of strong earnings reports, led by Boeing which vaulted nearly 10 per cent after it raised its profit forecast. JBG Smith CEO W. Matthew Kelly (right) is applauded as he rings the New York Stock Exchange opening bell to celebrate the closing of the spin-off/merger transaction between JBG and Vornado/Charles E. Smith. (AP Photo/Richard Drew) The Dow Jones Industrial Average jumped 97.58 points (0.45 per cent) to 21,711.01. The broad-based S&P 500 added 0.70 points (0.03 per cent) to 2,477.83, edging to its second straight record, after two records last week. The tech-rich Nasdaq Composite Index climbed 10.57 points (0.16 per cent) to 6,422.75, the third consecutive all-time high, after the index set three records last week. Meanwhile, the Federal Reserve kept benchmark interest rates unchanged and confirmed that it plans to begin to reduce its massive bond holdings "relatively soon," moves that were expected by the market. With no surprises from the Fed, earnings remained the market's prime focus. Companies in the S&P 500 are on track to report an 8.1 per cent increase in second-quarter earnings-per-share, even better than the 6.2 per cent rise expected initially, said Sam Stovall, chief investment strategist at CFRA Research. Nate Thooft, senior managing director of Manulife Asset Management said the market has been especially…... [read more]

Links Topics :