Steel maker to invest in US$97 million factory

Nam Kim Steel posted an output of 380,000 tons, a year-on-year increase of 7 per cent in the first half of 2017. Photo: cafef.vn  As per the plan, the plant will require an investment capital of VND 2.2 trillion (USD 97 million) and have the capacity of 800,000 tons per year. The factory will produce galvanized steel sheets, galvanized aluminum sheets, zinc-coated aluminum-coated sheets, zinc-coated sheets, steel pipes, steel boxes, sections and products from steel coil, cold-rolled steel, galvanized steel, black steel tape and galvanized steel tape. Nam Kim Steel JSC’s board of directors (BOD) has authorized Ho Minh Quang, Chairman of the Board of Directors, to determine a location in the Southern province for the project, based on the scale of production and business activities, and to sign land lease contracts and contracts related to infrastructure investment. In the first six months of 2017, Nam Kim Steel posted an output of 380,000 tons, a year-on-year increase of 7 percent. Specifically, its output of iron and steel products went up by 21 percent compared to the same period last year. The firm’s turnover touched VND 5.5 trillion, up 38 percent, while its after-tax profit was VND 350 billion, up 14 percent year on year and accounting for 58.3 percent of its target for the entire year. Source: VNA... [read more]

Prime Minister Nguyen Xuan Phuc addresses the “Viet Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. — VNA Photo Thong Nhat Prime Minister Nguyen Xuan Phuc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Viet Nam, especially in the context of Viet Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). He made the remarks while addressing the “Viet Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phuc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Viet Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Viet Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Viet Nam. Phuc said Viet Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Viet Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Viet Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion in 2016. Thailand now has…... [read more]

Prime Minister Nguyễn Xuân Phúc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Việt Nam, especially in the context of Việt Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). Prime Minister Nguyễn Xuân Phúc addresses the “Việt Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. - VNA Photo He made the remarks while addressing the “Việt Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phúc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Việt Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Việt Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Việt Nam. Phúc said Việt Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Việt Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Việt Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion…... [read more]

VietNamNet Bridge – The first-instance hearing for Ha Van Tham, former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank), and his accomplices will be reopened on August 28, according to the Hanoi People’s Court. Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank (Source: laodong.com.vn) The trial for the case was first held on February 27. However, on March 8, the Hanoi People’s Court sent it back to the nation’s main prosecuting agency, the People’s Supreme Procuracy, for further investigation and reframing of charges. The jury said the decision to hand back the case after an eight-day hearing was taken to clarify some of the defendant’s statements and to carry out further investigation into some aspects of the case. During the 20-day hearing this time, the jury will summon 727 people to take part in litigations, making it the record number subpoenaed by the court so far. They include civil plaintiffs, those who were involved in interests and duties, witnesses, and assessors.  To date, 50 lawyers have registered to protect legitimate rights and interests of defendants.  The case involved 51 defendants who are prosecuted for misappropriating assets, breaching loan regulations of credit institutions, abusing positions and power while on duty and intentionally acting against State laws on economic management, causing serious consequences. According to the court’s verdict, when working as Ocean Bank’s Chairman of the Board of Directors, Tham and his accomplices, who are other former leaders and employees…... [read more]

Nam Kim Steel posted an output of 380,000 tonnes, a year-on-year increase of 7 per cent in the first half of 2017. — Photo cafef.vn Nam Kim Steel Joint Stock Company has approved a report on the pre-feasibility study, conducted for setting up a steel sheet factory in the southern province of Ba Ria-Vung Tau. As per the plan, the plant will require an investment capital of VND2.2 trillion (US$97 million) and have the capacity to produce 800,000 tonnes per year. The factory will produce galvanised steel sheets, galvanised aluminium sheets, zinc-coated aluminium-coated sheets, zinc-coated sheets, steel pipes, steel boxes, sections and products from steel coil, cold-rolled steel, galvanised steel, black steel tape and galvanised steel tape. Nam Kim Steel JSC’s board of directors (BOD) has authorised Ho Minh Quang, chairman of the BOD, to determine a location in the southern province for the project, based on the scale of production and business activities, and to sign land lease contracts and contracts related to infrastructure investment. In the first six months of 2017, Nam Kim Steel posted an output of 380,000 tonnes, a year-on-year increase of 7 per cent. Specifically, its output of iron and steel products went up by 21 per cent compared to the same period last year. The firm’s turnover touched VND5.5 trillion, up 38 per cent, while its after-tax profit was VND350 billion, up 14 per cent year on year and accounting for 58.3 per cent of…... [read more]

At the event (Source: VNA) Bangkok (VNA) – Prime Minister Nguyen Xuan Phuc has urged Thai firms to grasp opportunities arising from merger & acquisition activities and the equitisation of State-owned enterprises (SMEs) and their divestment in transport, infrastructure, food, agriculture, telecommunications, trade, services and construction in Vietnam.  At a meeting with Thai enterprises in Bangkok on August 18 during his official visit to Thailand, Phuc said the Vietnamese economy is now worth more than 220 billion USD and the country is striving to meet basic criteria in the business environment, equivalent to ASEAN 4 level by 2020. Vietnam is also in the period of golden population with 60 percent of people in working age. Thai business representatives thanked the Vietnamese government for creating favourable conditions for investors from Thailand and the ASEAN member states to join SMEs equitisation in the country. They pledged to keep expanding their business operations in Vietnam in the fields of retail, food, farm produce manufacturing and processing, energy, tourism and transport. Several companies said they are learning about Vietnam’s tourist attractions and want to link up with Vietnamese airlines to increase tourist arrivals in the two countries. Receiving Chairman of the Electricity Generating Authority of Thailand Kornrasit Pakchotanon, PM Phuc asked for accelerating the construction of a thermal power plant in the central province of Quang Tri. Pakchotanon pledged to ensure environment protection and use advanced technology during the process of…... [read more]

Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank (Source: laodong.com.vn) Hanoi (VNA) – The first-instance hearing for Ha Van Tham, former Chairman of the Board of Directors of the Ocean Commercial Joint Stock Bank (Ocean Bank), and his accomplices will be reopened on August 28, according to the Hanoi People’s Court. The trial for the case was first held on February 27. However, on March 8, the Hanoi People’s Court sent it back to the nation’s main prosecuting agency, the People’s Supreme Procuracy, for further investigation and reframing of charges. The jury said the decision to hand back the case after an eight-day hearing was taken to clarify some of the defendant’s statements and to carry out further investigation into some aspects of the case. During the 20-day hearing this time, the jury will summon 727 people to take part in litigations, making it the record number subpoenaed by the court so far. They include civil plaintiffs, those who were involved in interests and duties, witnesses, and assessors. To date, 50 lawyers have registered to protect legitimate rights and interests of defendants. The case involved 51 defendants who are prosecuted for misappropriating assets, breaching loan regulations of credit institutions, abusing positions and power while on duty and intentionally acting against State laws on economic management, causing serious consequences. According to the court’s verdict, when working as Ocean Bank’s Chairman of the Board of Directors, Tham and…... [read more]

NDO/VNA – Prime Minister Nguyen Xuan Phuc has urged Thai firms to grasp the opportunities arising from merger & acquisition activities, the equitisation of State-owned enterprises (SMEs) and their divestment in transport, infrastructure, food, agriculture, telecommunications, trade, services and construction in Vietnam. At a meeting with Thai enterprises in Bangkok, on August 18, during his official visit to Thailand, Phuc stated that the Vietnamese economy is now worth over US$220 billion and the country is striving to meet the basic criteria in the business environment, equivalent to the ASEAN 4 level by 2020. Vietnam is also in a period of golden population with 60% of the population within the working age. Thai business representatives thanked the Vietnamese government for creating favourable conditions for investors from Thailand, and the ASEAN member states, to join the SMEs equitisation in the country. They pledged to continue expanding their business operations in Vietnam in the fields of retail, food, farm produce manufacturing and processing, energy, tourism and transport. Several companies stated that they are learning about Vietnam’s tourist attractions and wish to link up with Vietnamese airlines to increase tourist arrivals in the two countries. Receiving the Chairman of the Electricity Generating Authority of Thailand Kornrasit Pakchotanon, PM Phuc asked for the acceleration of the construction of a thermal power plant in the central province of Quang Tri. Pakchotanon pledged to ensure environment protection and the use of advanced technology during the construction process. Meeting the Chief Executive Officer (CEO) of the Central Group…... [read more]

NDO – Over 200 experts, policy makers and representatives from business community gathered at a policy dialogue on the environment and sustainable development, hosted by the Ministry of Natural Resources and Environment (MONRE) and the Vietnam Chamber of Commerce and Industry in Da Nang on August 18. Speaking at the event, Deputy Head of MONRE’s Vietnam Environment Administration, Hoang Van Thuc, emphasised that Vietnam’s strong development in recent years has been the result of efforts from a range of economic sectors, in which the business community plays a crucial role. However, alongside the socio-economic achievements, environmental issues are causing complex implications, in which pollution and environmental degradation have tended to increase, creating an increasingly direct threat to the development. According to Thuc, in the context of globalisation, the effective implementation of corporate social responsibility, especially environmental protection, would help enterprises improve their competitiveness and penetrate into the international market, while ensuring their sustainable development. However, the execution of environmental protection activities in enterprises remains an issue, with a range of difficulties and obstacles that require the support and coordination from the relevant environmental management agencies, Thuc stated. Various issues on environmental protection procedures, to be implemented before the commencement of any project, were discussed at the event, including environmental impact assessment, environmental protection planning, licencing for exploitation of water sources, treatment of hazardous waste, environmental monitoring, and a list of establishments likely to cause environmental pollution that require special monitoring. The conference offered an opportunity for environmental agencies to receive…... [read more]

VietNamNet Bridge - The State Bank of Vietnam is determined to get rid of cross-ownership status at banks, but  the achievements remain modest. Duong Cong Minh, former chair of LienVietPost Bank, before running for the post of chair of Sacombank, sold all the shares he was holding in LienVietPost Bank. And so did Him Lam Group. Him Lam, the founding shareholder and the largest shareholder in LienVietPost Bank which held 14.98 percent of the bank’s charter capital (96.77 million shares), is no longer a shareholder of LienVietPost Bank since June 24. The State Bank of Vietnam is determined to get rid of cross-ownership status at banks, but  the achievements remain modest. Minh and his Him Lam Group had to divest from one bank before Minh became the chair of another bank as stipulated in the central bank’s Circular 36 on the permitted ownership ratios. The number of banks with cross-ownership fell from seven to three. SBV recently took strong actions to reduce the cross-ownership at banks However, the cross-ownership still exists. Circular 36 stipulates that one bank can hold shares of no more than two other banks and the amount of shares it can hold is less than 5 percent of total shares. Before the circular was issued, Vietcombank held 9.8 percent of MBB shares, 8.2 percent of Eximbank shares, 5.26 percent of Saigon Bank and 4.6 percent of OCB shares. And by July 18, the bank still held 7.16 percent of MBB, 8.19 percent of Eximbank, 4.3 percent of…... [read more]




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