No anti-dumping duties on VN wind towers: Australia

Hennes & Mauritz AB (H&M) announced opening its first store on September 9, 2017 at Vincom Centre Shopping Mall in Ho Chi Minh City. H&M's flagship store will open in Ho Chi Minh City “This is the most favourable time for us to join the Vietnamese market, H&M’s 68th market with great potential in the retail sector. With various diversified fashion products, we hope to meet our customers’ expectations and inspire them to explore and create their own style,” Fredrik Famm, H&M Southeast Asia country manager, said. Vietnam is one of H&M’s five newest markets in 2017. Also, this year marks H&M’s 70th year of continuously providing trendy and fashionable clothing at a reasonable price for customers across the globe. H&M’s flagship store in Ho Chi Minh City will present abundant fashionable clothes and accessories for fashionaholics. The store in Vietnam will follow all common standards of H&M’s flagship stores. Its inside furniture will create a bright space with clothes and accessories placed orderly at the middle. This aims to bring about convenience for customers while shopping. Modernity and luxury are combined in a harmonious and interesting setup through the mixed-material furniture. All of these features promise to bring customers an inspiring journey in the fashion world of H&M. This outlet will sell the newest designs of fashionable H&M women, men, and children clothes, which are traditionally the best selling items in any H&M outlet, at…... [read more]

SAN FRANCISCO: Venture capital firm Benchmark Capital is suing former Uber Chief Executive Officer Travis Kalanick to force him off the board of the ride services company and rescind his ability to fill three board seats, according to the lawsuit. Uber Co-founder and CEO Travis Kalanick stepped down from his job, as the company tries to clean up a corporate culture that has sparked charges of harassment and discrimination AFP/MONEY SHARMA The lawsuit filed Thursday accuses Kalanick of concealing a range of misdeeds from the board and scheming to retain power at the company even after he was forced to resign as chief executive of Uber in June following a series of scandals. Benchmark's lawsuit marks a rare instance of a Silicon Valley investor suing a central figure at one of its own start-ups. The well-regarded venture firm was an early investor in Uber and said in the lawsuit that owns 13 percent of Uber and controls 20 percent of the voting power. A spokesman for Kalanick issued a statement calling the lawsuit "completely without merit and riddled with lies and false allegations." The statement accused Benchmark of "acting in its own best interests contrary to the interests of Uber" and denounced the legal action as a "transparent attempt to deprive Travis Kalanick of his rights as a founder and shareholder." Uber declined to comment. Benchmark Capital did not immediately respond to requests for…... [read more]

The Vietnam Innovative Startup Accelerator (VIISA) has selected 12 outstanding startup projects from 160 local candidates for a combined investment of $360,000.   The chosen startups cover a wide range of fields, including artificial intelligence, hightech agriculture, communications and education, and will be given exclusive training by VIISA. VIISA is an open ended fund working in partnership with major corporations BIDV, Dragon Capital, FPT and Hanwha Investment. 12 startups will be given exclusive training by VIISA. Following their training, each startup will receive $15,000 in cash and $15,000 worth of training courses, technical resources and office fees, as well as access to more than 100 investors all over the world to pursue their dreams. The most promising startup will also receive an additional $200,000 investment, according to VIISA. “Vietnam is such a rapidly emerging country. Startups here have great opportunity to innovate their products and services,” said Sangyeop Kang, investment manager at Hanwha Investment Group. "I look forward to boosting the startup climate in Vietnam." Tran Huu Duc, general director of VIISA and director of FPT Ventures Fund said: "We want to help the startup community to get access to local and foreign investors and advisors and look forward to upgrading the startup ecosystem in Vietnam by creating big global companies."  12 startups to receive the investment: 1. Saigoneer 2. Cricket One 3. MarketOi 4. Cyfeer 5. Dental Tap  6. Authentic Guards  7. Mojitok 8. Ella Study 9. CID Auto 10. 11. WeSport 12. [read more]

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has officially announced its listing on the Ho Chi Minh City Stock Exchange (HoSE) under the ticker VPB. IFC offers $57-million convertible loan to VPBank Analysis: Basel II bank performances FE Credit raises $100 million in financing arranged by Credit Suisse VPB stocks were listed on HoSE on August 8, but will be officially available for trading from August 17 In particular, HoSE published Notice No.856/TB-SGDHCM on the receipt of the first listing registration of VPBank. Accordingly, more than 1.3 million VPB stocks will be listed at the price of VND39,000 ($1.7) per share. In total, VPBank is valued at nearly VND52 trillion ($2.3 billion), overtaking Millitary Bank (MB) as the private commercial bank with the highest capitalisation value on the stock exchange. VPB stocks were listed on HoSE on August 8, but they will be officially traded from August 17.  The consultation unit for VPBank’s listing plan is Viet Capital Securities (VCSC), one of the fastest growing securities companies in Vietnam. As of June 30, 2017, VPBank’s total assets were VND249 trillion ($11 billion), a growth of 9 per cent compared to the end of 2016. Its deposit sharply increased form VND172 trillion ($7.6 billion) at the end of 2016 to VND195 trillion ($8.6 billion) as of June 30, 2017, an equivalent to…... [read more]

The operator of Vietnam's only oil refinery is planning to sell a 4 percent stake this November, and expects to raise nearly VND1.93 trillion ($84.8 million) from the offering, Bloomberg reported. Nguyen Hoai Giang, chairman of the Binh Son Refining and Petrochemical Company, said in a Thursday report that it is waiting for government approval to sell 132 million shares for VND14,600 each on November 7. Another 49 percent stake in the Dung Quat Refinery will go on sale next year, he said. Dozens of companies have shown interest in the share sale, including Spain's Repsol SA, World Petroleum Corporation in the U.S. and Vietnam’s state-owned fuel giant Petrolimex. “The sale is open to both local and international investors, but we will give priority to partners that operate in the same industry and can help us to become bigger and more efficient,” he said, as cited by Bloomberg. Binh Son was valued at VND72.88 trillion ($3.2 billion) at the end of 2015, with the state holding a 60 percent stake, according to a trade ministry report released more than two months ago. The company has projected revenue this year to reach VND62.4 trillion, down 17 percent from 2016 due to an expected drop in crude oil prices and maintenance work. Its refinery in the central province of Quang Ngai meets around a third of Vietnam’s demand for fuel and oil products, and has the capacity to process 6.5 million tons of crude oil a year. The company is planning to…... [read more]

Illustrative image (Source: VNA) HCM City (VNA) – Nearly 120 domestic and foreign fisheries firms will join the Vietnam Aquaculture Expo & Forum at the Can Tho International Exhibition Fair Centre in the Mekong Delta city of Can Tho from October 25-27. The event will be co-hosted by the Directorate of Fisheries, the Vietnam Fisheries Society, the municipal branch of the Vietnam Chamber of Commerce and Industry and the UMB Corporation, with nearly 4,000 guests taking part. At a press conference in Ho Chi Minh City on August 10, Vice Director of the Directorate of Fisheries’ Department of Science, Technology and International Cooperation Vu Duyen Hai said the event affords participants a chance to choose advanced technologies to improve fisheries output, quality and processing. On display will be farming equipment, fisheries feed and manufacturing equipment, processing and packaging lines, among others. Issues regarding varieties quality, epidemic diseases, aquaculture technology, processing and export, markets, services and sustainable development will also be discussed. As part of the event, the Mekong Chef 2017, themed “Festival of Vietnamese tra fish and trade promotion”, will be held with a view to introducing processed tra fish from professional chefs at home and abroad to visitors. The organising board will partner with the municipal Department of Agriculture and Rural Development and the centres for agricultural encouragement of 13 Mekong Delta cities and provinces to bring farmers to the event.-VNA... [read more]

Illustrative image (Source: VNA) Hanoi (VNA) – The Hanoi Taxation Department shared information about tax policies of Vietnam and Hanoi in particular with the Japanese firms operating in the capital city during a seminar on August 10.  Speaking at the event, Deputy General Director of Taxation and Director of the Hanoi Taxation Department Nguyen The Manh said the event aims to promptly deal with arising obstacles in the process of adopting tax policies targeting the Japanese enterprises. Several Japanese investors spoke of tax policy flaws involving transfer pricing, franchising, added value tax software, corporate and individual income tax, and special consumption tax. A representative from the Japan Business Association in Vietnam said the association will continue acquiring Japanese firms’ feedback on tax policies and working behaviours of tax officials and cadres to report to the Hanoi Taxation Department. In recent years, the Japanese businesses’ revenue to the Hanoi’s State budget has accounted for nearly 30 percent of the total paid by foreign-invested ones. In 2016, Japanese firms contributed 4,819 billion VND (209.5 million USD) to the city’s budget. The figure rose to 2,854 billion VND (124 million USD) in the first half this year, up 23 percent annually. Under a scheme on developing Hanoi’s economy in the context of carrying out Vietnam-Japan free trade agreements until 2020, the city asked departments, agencies, and the taxation sector to reform administrative procedures by improving the quality of tax filing and payment, …... [read more]

Vietnam M&A Forum 2017 has announced 2016-2017’s top mergers and acquisitions deals at the Gala Dinner at Ho Chi Minh City's Gem Center. RELATED CONTENTS: M&A Forum 2017: second session on international investors' perspective Legal reforms to push M&A market forward Vietnam M&A Forum 2017 underway Minister of Planning and Investment to open Vietnam M&A Forum 2017 Asian investors control M&A activities in Vietnam The winners were chosen from a pool of prominent transactions nominated for their accomplishments in the Vietnamese market. Le Trong Minh, editor-in-chief of VIR and head of the Organising Board, said that the awards aim to provide the business community with a database and experiences from companies, investors, and consultants who have obtained good results during the year. 26 deals and companies were chosen from nearly 100 nominations by Vietnam M&A Forum 2017’s panel of independent judges, to be then divided into different categories: The Best M&A Deals, Firms with The Best M&A Strategy, and The Best M&A Advisory Firms. “Notably, 2017 will mark the first time that Vietnam Investment Review and the Organising Board of Vietnam M&A Forum 2017 honour businesses with The Best M&A Information Disclosure,” he said, adding that transparency has contributed remarkably to the success of M&A deals, as well as provided accurate information to the public and investors. According to…... [read more]

Vietnam’s stock market has 23 companies valued at over 1 billion USD and most of them have reported higher business results in the first half of this year. An investor watches stocks move at Vietcombank Securities Company. Vietnam’s stock market has 23 companies valued at over 1 billion USD. Vinamilk (VNM), the biggest listed firm, is also the most profitable company with the six-month profit of nearly 5.9 trillion VND (258 million USD), up 18 percent over the same period of last year. In the first half, Vinamilk’s turnover from overseas markets shrank from 19 percent last year to only 15 percent this year, but takings from the domestic market rose by 10 percent, owing to heavy spending on advertisement worth around 396 billion VND. In terms of revenue, petrol retailer Petrolimex (PLX) was on the top of the list with over 74 trillion VND (3.25 billion USD), up 26 percent year-on-year. Revenue growth was attributable to increases in global oil prices averaging at 25.6 percent in the first six months of this year. However, due to a higher cost price and rising financial expenses, including exchange losses, Petrolimex’s profits declined 12 percent year-on-year to just 1.8 trillion VND (79.3 million USD). Seven of the nine listed banks have market cap of over 1 billion USD but their profits accounted for nearly 40 percent of total earnings of 23 largest listed businesses. The profit growth of the banking sector averaged 30 percent in the first six months while that of…... [read more]

A water supply development programme, including 11 projects invested by Saigon Water Corporation (Sawaco), will be implemented in HCM City to supply clean water for all households. Sawaco's Tan Hiep Water Treatment Plant - Illustrative photo An agreement on the programe was signed by the Ho Chi Minh Financial Investment Company (HFIC), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Sawaco on August 9. Per the deal, HFIC and Vietcombank will provide a credit of 3.65 trillion VND (160.6 million USD) for Sawaco to implement the projects. Since 2015, HFIC and Sawaco have together carried out 33 investment projects to build water reservoirs and pipe networks in numerous districts, worth up to 3.3 trillion VND (145.2 million USD), with 2.24 trillion VND (107.36 million USD) sourced from HFIC. They include the water supply networks on Belt Road 2, Huynh Tan Phat and Nguyen Dinh Chieu streets, the reservoirs of Tan Hiep Water Treatment Plant and Thu Duc Water Treatment Plant. According to the agreement, Vietcombank will continue providing water fee collection services for Sawaco’s units. Tran Vinh Tuyen, Vice Chairman of the municipal People’s Committee lauded the cooperation among the stakeholders, saying it is crucial to have such connections to mobilise resources for infrastructure projects. He expressed his hope that the credit will contribute to improving locals’ living conditions. VNA... [read more]

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