SCIC to sell more Vinamilk shares

Visitors at the International Medical, Hospital & Pharmaceutical Exhibition held last year in HCM City. — VNA/VNS Photo Phương Vy The 17th International Medical, Hospital & Pharmaceutical Exhibition will take place at the Saigon Exhibition and Conference Center in HCM City from August 17 to 19. More than 250 international and local companies in the field of pharmaceutical and medical equipment from 22 countries and territories will participate in the expo, including corporations and world-leading companies from the US, France, Germany, Italy, Japan, Pakistan, Ukraine, Belarus, India, Singapore, Korea, Taiwan, Thailand, and China, among others. Products on display will include medical and laboratory equipment and health care products; pharmaceuticals, functional foods, cosmetics, cosmetic equipment; machinery for processing and packaging pharmaceutical products; dental equipment; and ophthalmic equipment. The biannual expo which takes place in HCM City in August and Ha Noi in December is a platform for the world’s most advanced medical technologies and equipment companies to access local private and pubic hospitals and local pharmacy companies. Conferences on the local medical pharmacy market and policies will be held during the event, while a fact-finding tour to a major hospital in the city will provide foreign businesses with a realistic look at local medical treatments. According to the European Chamber of Commerce in Viet Nam, the country’s medical equipment market is valued at US$465.4 million and is expected to reach US$1.4 billion by 2018 due to the growing economy and increasing income as…... [read more]

Shares of brokerage firms lifted the two local markets on Monday morning. — Photo tinnhanhchungkhoan.vn Vietnamese shares rose on both local markets on Monday morning, boosted by the insurance-finance-banking sector. The benchmark VN Index on the HCM Stock Exchange added 0.45 per cent to close at 792.20 points. It gained total 1.5 per cent in the past week. The HNX Index on the Ha Noi Stock Exchange advanced 0.83 per cent to end at 102.79 points. The northern market index increased by a total of 1.4 per cent last week. Nearly 192 million shares were traded across the two local exchanges, worth VND2.92 trillion (US$130 million). Shares of brokerage firms lifted the stock market on Monday morning. In the first seven months of 2017, average trading volume and value on Viet Nam’s stock market increased by 54 per cent from the previous years. This has been a supportive factor to boost share prices of listed securities companies on both local bourses as their earnings in the past quarter have shown improvements. Among the largest gainers in the securities sector were BIDV Securities (BSI), Agribank Securities (AGR), MB Securities (MBS) and Sai Gon-Ha Noi Securities (SHS). Some individual stocks also posted good gains thanks to their business information. Mobile World Corporation (MWG) was up two per cent after the company announced late last week it would spend VND2.5 trillion on M&A deals. The afternoon session starts at 1pm. — VNS ... [read more]

The iron exploitation project was approved in 2007 at a cost of VND1.59 trillion (US$69.9 million) and the relocation of 3,000 households, but suspended in 2011 after local authorities proposed closing the mine over environmental concerns. Despite the Ministry of Industry and Trade (MoIT)’s rejection last week of a proposal to shut down the mine, Ha Tinh authorities want the suspension of activities to continue. Duong Tat Thang, Vice Chairman of the province’s People’s Committee, said this would not be a good time to resume iron mining since local residents are still recovering from the mass fish deaths caused last year by the Taiwanese Hung Nghiep Formosa Steel Corporation. Shortcomings of the iron mining project were revealed during the committee’s recent meetings with scientists, Thang said. Some legal documents on which the environmental impact report was based have expired, since it was written a long time ago, he added. Insufficient infrastructure has been developed to serve the iron exploitation and no long-term solutions have been offered to support the livelihoods of the affected households. The project’s investor should conduct extensive studies of waste discharge points by the Thach Dong River and Thach Hai Beach, Thang added. Environmental monitoring stations should be established on both sides of each waste discharge point to provide overall monitoring of heavy metals, he said. This is an important issue that should be taken into careful consideration after last year’s environmental catastrophe, he said. Provincial authorities…... [read more]

VietNamNet Bridge – The central province of Ha Tinh has asked the Government not to resume activities of the Thach Khe iron mine, the largest of its kind in Southeast Asia. A digger removes the soil and sand layers of the Thach Khe iron mine in the central province of Ha Tinh. — Photo: VNA/VNS  The iron exploitation project was approved in 2007 at a cost of VND1.59 trillion (US$69.9 million) and the relocation of 3,000 households, but suspended in 2011 after local authorities proposed closing the mine over environmental concerns. Despite the Ministry of Industry and Trade (MoIT)’s rejection last week of a proposal to shut down the mine, Ha Tinh authorities want the suspension of activities to continue. Duong Tat Thang, vice chairman of the province’s People’s Committee, said this would not be a good time to resume iron mining since local residents are still recovering from the mass fish deaths caused last year by the Taiwanese Hung Nghiep Formosa Steel Corporation. Shortcomings of the iron mining project were revealed during the committee’s recent meetings with scientists, Thang said. Some legal documents on which the environmental impact report was based have expired, since it was written a long time ago, he added. Insufficient infrastructure has been developed to serve the iron exploitation and no long-term solutions have been offered to support the livelihoods of the affected households. The project’s investor should conduct extensive studies of waste discharge points by the Thach Dong River and Thach Hai Beach, Thang…... [read more]

The Saigon Securities Inc (SSI) is optimistic that the casino industry in Vietnam will thrive when the locals are allowed to gamble.     A casino in Singapore  According to the Institute of Regional Sustainable Development, the 2014 revenue from eight casinos in Vietnam reached nearly VND1.38trn and the government collected VND336bn (USD14.7m) from taxes. Donaco International Ltd from Australia made a profit of USD3.7m from over 40 gambling tables. The casinos wholly depend on foreign gamblers and the biggest profits are from the Chinese. Crowne Casino in Danang City is well known for its VIP Chinese clients. During peak season, 130 direct flights bring clients from China to Danang every week. However, this source of clients is not stable. According to Bloomberg, the casino ban for locals causes Vietnam to lose USD800m a year to other countries. The situation may get better after the government lifted the ban this March, despite strict regulations are applied for the locals such as a copy of personal income tax declaration to prove that their monthly income is VND10m (USD440). However, the plan to let locals play in casinos hasn't been implemented as the Ministry of Finance hasn't issued any directives. The on-going Vingroup casino project in Phu Quoc is expecting to attract 1.8 million visitors this year. But Vingroup hasn't announced any detail about the projects including the operators and machines. Meanwhile, Sun Group also has plans to invest in a resort complex in Van Don, Quang Ninh Province. Ha Ton Vinh,…... [read more]

A digger removes the soil and sand layers of the Thach Khe iron mine (Source: VNA) Ha Tinh (VNA) - The central province of Ha Tinh has asked the Government not to resume activities of the Thach Khe iron mine, the largest of its kind in Southeast Asia. The iron exploitation project was approved in 2007 at a cost of 1.59 trillion VND (69.9 million USD) and the relocation of 3,000 households, but suspended in 2011 after local authorities proposed closing the mine over environmental concerns. Despite the Ministry of Industry and Trade (MoIT)’s rejection last week of a proposal to shut down the mine, Ha Tinh authorities want the suspension of activities to continue. Duong Tat Thang, Vice Chairman of the province’s People’s Committee, said this would not be a good time to resume iron mining since local residents are still recovering from the mass fish deaths caused last year by the Taiwanese Hung Nghiep Formosa Steel Corporation. Shortcomings of the iron mining project were revealed during the committee’s recent meetings with scientists, Thang said. Some legal documents on which the environmental impact report was based have expired, since it was written a long time ago, he added. Insufficient infrastructure has been developed to serve the iron exploitation and no long-term solutions have been offered to support the livelihoods of the affected households. The project’s investor should conduct extensive studies of waste discharge points by the Thach Dong River and Thach…... [read more]

B2X, a leading global provider of customer care services for smart mobile and Internet of Things (IoT) devices, just formed a strategic joint venture with Digiworld Corporation to offer care services to Samsung Electronics Vietnam. The newly-formed joint venture between B2X and Digiworld specialising in after-sales services significantly expands its operations in Vietnam as well as completes the professional services offering of Digiworld and provides mobile and electronics brands with a world-class customer care solution. B2X and Digiworld signed the partnership in Ho Chi Minh City “Our new joint venture with Digiworld has tremendous development potential and helps any mobile, IoT, and electronics brand entering the Vietnamese market, while providing a top-notch customer experience,” said Rainer Koppitz, CEO of B2X, at the signing ceremony held recently in Ho Chi Minh City. “Our evolving partnership with Samsung is another great achievement for us that fills us with pride. Vietnam is an exciting market and our new investments are another major milestone of the global growth story of B2X,” Koppitz added. According to Doan Hong Viet, CEO cum chairman of Digiworld, the company has finally found a strategic partner helping it and its customers to provide a complete go-to-market solution for international brands entering Vietnam. “Without a doubt, B2X is the global leader in after-sales services and this substantial experience and deep expertise forms the foundation for our new joint venture. I am really looking…... [read more]

This morning, relevant authorities reached a compromise on the minimum wage increase plan, setting 6.5 per cent to submit to the prime minister for approval. The number was announced by the representative of the National Salary Council at the third meeting organised this morning to discuss the increase of regional minimum wages in 2018.  Accordingly, if the prime minister approves, from early 2018 the minimum wages will be increased by an extra of VND180,000-230,000 ($7.91-10.11), depending on the region. (See the table below) Region Minimum wage in 2017 (million VND)   Minimum wage from early 2018 (million VND) Region I 3.75 3.98 Region II 3.32 3.53 Region III 2.9 3.09 Region IV 2.58 2.76 According to newswire Tuoitre, at the meeting, Deputy Minister of Labour, Invalids and Social Affairs cum chairman of the National Salary Council Doan Mau Diep said that after discussions, the Vietnam General Confederation of Labour (VGCL) and the Vietnam Chamber of Commerce and Industry (VCCI) put two figures (7 and 6.5 per cent) to vote. As the result, eight out of 14 members voted in favour of the 6.5 per cent plan, and the remaining members selected the 7…... [read more]

NDO – According to Prof. Dr. Nguyen Mai, Chairman of the Vietnam Association of Foreign-Invested Enterprises, new directions for attracting foreign direct investment (FDI), which focus on higher quality sources of capital and towards future technologies and services, will create an important opportunity for Vietnam to catch up with the countries that have higher levels of development. He granted an interview to Nhan Dan (People) reporter to share his opinions on the prospects of FDI attraction in the near future. Q: In 2016, Vietnam’s FDI disbursement reached a record high of US$15.8 billion. FDI capital has continued to increase in the first seven months of this year. How do you assess the capacity of FDI disbursement in the last months? A: The FDI capital reached over US$9 billion in the first seven months of the year, an annual increase of 5.8%. In July alone, the country attracted numerous major projects, including the Nghi Son 2 thermal power plant, in Thanh Hoa province, which was invested in by Japan with a total investment capital of US$2.793 billion, in addition to Samsung Display Vietnam in Bac Ninh province with an added investment capital of US$2.5 billion. There are also a number of major projects under negotiation or memorandum. Therefore, this year, the total newly registered and supplemented capital, as well as capital contribution and share purchases, will be likely to increase significantly, reaching approximately US$30 billion and the implemented capital could reach US$17-US$18 billion. In addition, it is estimated…... [read more]

Under the leadership of Chairman Guo Shuqing, the China Banking Regulatory Commission (CBRC) started the year promising a "windstorm" to clean up the banking sector, which had been seen as failing to control risks as credit swelled. The CBRC has launched eight sets of rules in the months since March, and Guo imposed a June 12 deadline for banks to submit written assessments on their lending and other practices, according to an internal notice seen by Reuters. That deadline has now been extended to mid-August, the sources said. While some lenders made the original deadline, adjusting their operations based on their assessments and feedback from the regulator, others have been unable to comply and have been given the extension. The decision not to pressure banks who failed to meet the deadline reflects official worries that a tougher stance on banks could weigh on lenders and leave them and the economy weaker, the sources said. The decision, which has not been officially announced, comes ahead of a party congress in coming months at which economic growth and financial stability are expected to be priorities. The deadline extension - together with a strain on resources reported by sources at the CBRC - underlines how tough it will be for China to cut leverage and control lenders as growth in the world's second-largest economy eases. One of the sources said the CBRC would not issue fines and has been avoiding any form of censure since the official deadline expired in June. "The…... [read more]




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