Retail sales, services revenue up by 10%

First section of Danang-Quang Ngai Expressway opened to trafficLe Anh HCMC – The Vietnam Expressway Corporation (VEC) on August 2 opened to traffic the first 65 kilometers of Danang-Quang Ngai Expressway, the first expressway in central Vietnam. The expressway has four lanes with a width of 24.25 meters in the first phase and allows for a maximum speed of 120 kilometers per hour. The section connected to Highway 1A is 12 meters wide and allows for a maximum speed of 80 kilometers per hour. The first phase requires a total investment of US$1.64 billion, equivalent to VND34.5 trillion, including US$798.6 million lent by the Japan International Cooperation Agency (JICA) and US$590.4 million by the World Bank. Land clearance, demining, value added tax (VAT) payment and project management costs are sourced from the nation’s reciprocal capital. VEC said the project to construct the 65-kilometer section from Tuy Loan in Danang City to Tam Ky City of Quang Nam Province was divided into eight main packages and five supporting packages. Despite a shortage of capital, the investor has completed all components on time, including a tunnel under Eo Mountain, 59 bridges with a total length of seven kilometers including 52 bridges on the main route, four interchanges in Tuy Loan, My Son, Ha Lam and Tam Ky, four toll stations and a main operation center in Tuy Loan. To build the first 65 kilometers of expressway, 560 hectares of land was taken back and 9,300 households were relocated. About 80 public facilities…... [read more]

HCMC wants An Phu intersection construction on fast trackLe Anh HCMC – The HCMC government has urged the Ministry of Transport to approve an interchange development project for An Phu intersection in District 2 including an overpass and a tunnel. The first phase of the project will need VND800 billion for construction of a two-way tunnel with four lanes connecting HCMC-Long Thanh-Dau Giay Expressway and Mai Chi Tho Avenue towards the Saigon River Tunnel. In an urgent correspondence sent on July 31 to the ministry, the city said the interchange, when completed, will be a three-level structure. The first level will accommodate a two-way tunnel with two lanes each way connecting HCMC-Long Thanh-Dau Giay Expressway and Mai Chi Tho Street. Besides, the city also proposed another two-lane tunnel linking the expressway and Luong Dinh Cua Street. The second floor will be a two-lane overpass connecting Luong Dinh Cua Street and the expressway, and another two-lane overpass linking Cat Lai crossroads and Mai Chi Tho Avenue towards the expressway. In the future, Long Thanh- Thu Thiem and HCMC-Nha Trang monorail lines will be built above the intersection, passing Mai Chi Tho Avenue towards Thu Thiem station. To rapidly ease traffic congestion at the intersection, the municipal government proposed the Ministry of Transport approve the project’s scale and the investment solution for the first phase using surplus funds from the HCMC-Long Thanh-Dau Giay Expressway project funded by the Japan International Cooperation Agency (JICA). At a meeting between the city and the ministry…... [read more]

Workers process shrimps for export (Source: VNA) Hanoi (VNA) –The US Department of Commerce (DOC) has announced its decision to adjust antidumping duty on Vietnamese shrimp exported to the US between February 1, 2013 and January 31, 2014 from 1.16 percent to 1.42 percent. The decision was made following changes in dumping calculations, although on September 7, 2015, the DOC publicised results of its ninth administrative review (POR9) on frozen shrimp imported from Vietnam. The DOC has used a country with a similarly sized economy to set the level of anti-dumping duty on Vietnamese shrimp. In previous years, the department used rates from Bangladesh. However, this year, a group of US vessel owners and processors complained, prompting the department to replace Bangladesh with India. Companies that import products from Vietnam into the US have to pay cash deposits and the dumping margins will be taken from these deposits. The higher anti-dumping duty will increase the price of Vietnamese shrimp in the US, hurting the product’s competitiveness. Tran Van Linh, General Director of Thuan Phuoc Seafood and Trading Corporation, said Thuan Phuoc was one of three companies facing high anti-dumping tax rate during the POR9. With the re-evaluation, the duty imposed on concerned units may increase and differ, he added, explaining that export countries set anti-dumping tax aiming to protect domestic production. Linh noted that it is even harder for foreign seafood to…... [read more]

Nguyen Hai Tam, the first vice chairwoman of TTC Group, receives the “Best Environment Friendly Project” award at the 2017 Asia Best CSR Practices Awards in Singapore on Wednesday. — VNS Photo Courtesy of TTC Group TTC Group has won the 2017 Asia Best CSR Practices Award in the “Best Environment Friendly Project” and “Woman Leadership” categories. It received the awards at a ceremony hosted by CMO Asia in Singapore on August 2. The Best Environment Friendly Project award honours the most environmentally friendly businesses. TTC produces organic sugar – the first company to do so in Viet Nam -- and other agricultural produce that have been certified by the International Control Union and Peterson Consultancy. Nguyen Hai Tam, first vice chairwoman of the TTC Group, said: “This is not only an objective evaluation by the global community but also a reflection of TTC’s attempts at corporate social responsibility over the last 40 years. This is a strong motivation for us to keep consolidating and improving our quality.” Dang Quynh Uc My, vice chairlady of TTC Group, won the Women Leadership award, which honours female leaders with outstanding achievements. She is also one of Forbes Vietnam’s list of 10 "Next-generation businesswomen." This was the seventh year the Asia Best CSR Practices Awards were given away to honour corporate organisations/individuals in Asia who have had a significant and positive impact on people, communities and the environment in addition to exhibiting efficiency in…... [read more]

The group said in its management board’s resolution issued recently that the divestment will be carried in 2017 and divided into two stages. In the first stage, FPT will sell 30% to institutional investors to reduce its ownership to 55% from the current level of 85%. Secondly, FPT will sell a maximum of 10% of its remaining stake in the retail and distribution arm to other investors via an initial public offering (IPO). According to the Nikkei Asian Review, the sales of the distribution and retail arm could bring about VND2.3-2.7 trillion (US$103-121 million) to the firm. The sale income could be used to improve its technological infrastructure and provide new telecommunication services. At the group’s annual shareholder meeting held in April, the group chairman Truong Gia Binh said selling the distribution and retail arm was a must so FPT could become a pure ICT group with rapid growth. HCM City Securities Corporation (HSC) said in a report that the deal could be finalised in the third quarter of this year. According to HSC, the IPO price has not been determined as FPT did not want its shares to be owned by a single investor, however, it could be lower than the share price of Mobile World Corporation. HSC also said that FPT Retail could trade on the HCM Stock Exchange (HOSE) in 2018. Shares of FPT, listed on the HOSE under code FPT, closed on August 2 up…... [read more]

Hanoi, August 3 (VNA) - Information technology group FPT Corporation (FPT) has announced it will reduce its ownership in its retail arm FPT Technology Production Distribution and Retail to below 50 percent.  The group said in its management board’s resolution issued recently that the divestment will be carried in 2017 and divided into two stages.  In the first stage, FPT will sell 30 percent to institutional investors to reduce its ownership to 55 percent from the current level of 85 percent.  Secondly, FPT will sell a maximum of 10 percent of its remaining stake in the retail and distribution arm to other investors via an initial public offering (IPO).  According to the Nikkei Asian Review, the sales of the distribution and retail arm could bring about 2.3-2.7 trillion VND (103-121 million USD) to the firm. The sale income could be used to improve its technological infrastructure and provide new telecommunication services.  At the group’s annual shareholder meeting held in April, the group chairman Truong Gia Binh said selling the distribution and retail arm was a must so FPT could become a pure ICT group with rapid growth.  HCM City Securities Corporation (HSC) said in a report that the deal could be finalised in the third quarter of this year.  According to HSC, the IPO price has not been determined as FPT did not want its shares to be owned by a single investor, however, it could be lower than the share price of…... [read more]

VietNamNet Bridge – Chairman of Ha Noi’s People’s Committee Nguyen Duc Chung has asked relevant departments and investors to plan out a response to the Government Inspectorate (GI)’s conclusion on wrongdoings of Build-Transfer (BT) projects. The flyover at Long Bien intersection in Ha Noi, one of seven violating projects. - Photo tienphong.vn The content must be submitted no later than August 15. The city’s leaders will submit the report to the GI and the Government Office. Earlier in July, the GI released findings of egregious wrongdoings in the implementation of seven BT projects in Ha Noi. The GI recommended holding Ha Noi authorities accountable for the faults and said that all BT projects were behind schedule and had entailed significant cost overruns. The report added that contractors were “not sufficiently capable of mobilising capital” and also blamed a “failure to disburse budget in accordance with set schedule.” Seven BT projects that caused massive loss are the construction of Yen So wastewater treatment plant, Le Van Luong Road extension, southern main road of Ha Tay, a street connecting Le Duc Tho and Xuan Phuong new urban area, a road surrounding Chu Van An memorial site and the Ha Noi–Hung Yen interprovincial road. The municipal Department of Planning and Investment has asked relevant departments and districts to review and reevaluate the projects’ norms and prices. Investor of Ha Noi-Hung Yen inter-provincial road running through Ha Noi was said to apply wrong unit price and norm and increase the total investment. The municipal…... [read more]

The cyber attack that crippled Ukraine businesses and spread worldwide to shut down shipping ports, factories and businesses has taken a costly toll on the results of major U.S. and European companies in the latest quarter, with more to come. A man types into a keyboard during the Def Con hacker convention in Las Vegas, Nevada, U.S. on July 29, 2017. Cadbury chocolate maker Mondelez and freight logistics company FedEx Corp (FDX.N) are among five multinational firms, three from the United States and two in Europe, to report material financial damage in the closing days of the second quarter from the cyber "worm" known as NotPetya. Mondelez International Inc (MDLZ.O), the world's second-largest confectionary company, reported a 5 percent drop in quarterly sales on Wednesday, blaming shipping and invoicing delays caused by the attack on computer networks that started on June 27. Seven more major international companies, five based in Europe and two in Russia, which acknowledged they suffered disruption, are only due to report quarterly profits later in August. Investors should get used to hearing about cyber attacks during earnings calls, said Ian Winer, equity co-head at Wedbush Securities. "The trend is accelerating," Winer said. "As hackers get more sophisticated they are taking shots at major companies." More hackers are becoming adept at developing or finding malware to wipe data on computers, making them inoperable. Danish shipping company AP Moller-Maersk S/A (MAERSKb.CO), which handles one out of seven containers shipped globally, said a cyber attack had caused outages at…... [read more]

Vietnamese businessman Mai Huu Tin has been voted the president of the World Vovinam Federation from 2017 to 2022. Mai Huu Tin is new president of the World Vovinam Federation.  Tín, who is also the Viet Nam Vovinam Federation (VVF) president, received support from about 60 delegates from 30 countries and territories who are taking part in the Vovinam World Federation’s Congress which kicked off in New Delhi, India, yesterday. He will be assisted by eight vice presidents, including Nguyen Van Chieu, VVF vice president, Macovei Florin, European Vovinam Federation president, and Djouadi Mohammed, African Vovinam Federation president, during his five-year term. Tín, 48, is the general director and chairman of the board of directors of U&I Investment Corporation. He practices vovinam and won a national title in 1986. On the first day yesterday, the Vovinam Congress also reviewed the development of the martial art with more than two million people around the world practicing it. Delegates discussed plans to make vovinam an official sport at the Asian Games and the Olympics in the future.  Tây Ninh start with draw in U-15 opener Defending champions Hoàng Anh Gia Lai were tied in a 1-1 opener by host Tây Ninh at the National U15 Championship yesterday at the provincial stadium. As the most famous national football training centre in recent years Hoàng Anh Gia Lai were considered strong rivals, and they showed off their power from the beginning. They needed just three minutes to break even with a goal by Thế…... [read more]

Inside a FPT Shop store in Dan Phuong district, Hanoi (Photo: fptshop.com.vn) Hanoi (VNA) - Information technology group FPT Corporation (FPT) has announced it will reduce its ownership in its retail arm FPT Technology Production Distribution and Retail to below 50 percent. The group said in its management board’s resolution issued recently that the divestment will be carried in 2017 and divided into two stages. In the first stage, FPT will sell 30 percent to institutional investors to reduce its ownership to 55 percent from the current level of 85 percent. Secondly, FPT will sell a maximum of 10 percent of its remaining stake in the retail and distribution arm to other investors via an initial public offering (IPO). According to the Nikkei Asian Review, the sales of the distribution and retail arm could bring about 2.3-2.7 trillion VND (103-121 million USD) to the firm. The sale income could be used to improve its technological infrastructure and provide new telecommunication services. At the group’s annual shareholder meeting held in April, the group chairman Truong Gia Binh said selling the distribution and retail arm was a must so FPT could become a pure ICT group with rapid growth. HCM City Securities Corporation (HSC) said in a report that the deal could be finalised in the third quarter of this year. According to HSC, the IPO price has not been determined as FPT did not want its shares to be owned by a single…... [read more]




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