Tata Power and ACWA Power set on renewable energy projects in Vietnam

IREX Energy JSC, the country’s leading solar panel producer, has achieved its full-year revenue target in six short months, according to company director Dong Van Sen at their recent first-half review meeting. IREX exceeded the annual revenue target within half a year and is looking for more Particularly, in the first six months of this year, IREX signed a raft of major contracts to produce and export solar photovoltaic (PV) panels with a total capacity surpassing 20 megawatts. Additionally, the company signed other contracts with local partners with a combined capacity of 1.3MW. Moreover, in July alone the company has received a proposal on the production of 25MV solar PV panels, the largest ever contract it has ever signed so far. Many other contracts are under negotiation with the estimated production capacity touching 80MW. If things go as planned, 2017 is expected to witness a breakthrough in the development of five-year-old IREX. With its existing factory’s recent capacity expansion from 300MW to 800MV (500MW for PV modules and 300MW for solar cells) in parallel with employing cutting-edge automatic technology systems, the company ensures a successful completion of all afore-mentioned contracts. To secure such mega contracts for export and domestic supply, the company’s products have reached European and US standards issued by TUV Rheinland—a leading independent inspection and testing services provider, including IEC 61215:2005, IEC 61730:2004, and UL 1703. Despite having achieved…... [read more]

Czech-backed consumer financial firm Home Credit Vietnam has reaped good business results in the year’s first half. Home Credit reported positive performance in motorbike loans this first half RELATED CONTENTS: Home Credit advances with digital technology Big Data transforms Home Credit Vietnam operations Home Credit Vietnam hit big jackpot Home Credit hit FinanceAsia’s high-profile prize Home Credit Vietnam opens a promotion programme The firm reported that it enjoyed a year-on-year 38 per cent rise in motorbike purchase loans last year, and a year-on-year increase of 60 per cent in this year’s first half. The firm’s head of Sales Jiri Badr ascribed this dramatic rise to changes in Home Credit’s development strategy in the two-wheel segment in 2016. Specifically, the firm launched a product with the lowest interest rate on the market (1.39 per cent per month). Loan application procedures have also been simplified, meaning customers only need to show their identity cards (ID) and driving licences, instead of ID and family registration books. Besides, Home Credit has entered into a co-operation with partners in deploying interest-free loans for motorcycle purchases. Currently, 20 per cent of Home Credit’s customers have been enjoying 0 per cent interest rate loans to acquire motorbikes. “This year, Home Credit sets a goal of increasing…... [read more]

While vowing to continue removing all business roadblocks and facilitate private enterprises to further engage in existing state-controlled economic sectors, the government has reaffirmed its set target of 6.7 per cent GDP growth this year. Reacting to positive developments in the private sector, PM Nguyen Xuan Phuc reaffirmed the growth target for the year RELATED CONTENTS: CEO Confidence Index below expectations Second Vietnam Private Sector Forum to take place tomorrow Calls for 6 more countries to access visa exemptions Tourism forum to raise issues of concern On August 3, Prime Minister Nguyen Xuan Phuc reaffirmed the government cabinet meeting that the government will remove all impediments and prejudice against private firms and that “All efforts must be made to hit the target of 6.7 per cent this year.” The government estimated that the agricultural, industrial-construction, and commercial-services sectors are expected to grow by 3.05, 7.91, and 7.19 per cent, respectively, in 2017. “The Vietnamese investment climate has been significantly improved and investors and enterprises are more confident,” Phuc added. At the the second Vietnam Private Sector Forum 2017 in Hanoi earlier this week, chaired by the prime minister and attended by representatives of about 1,000 private firms in Vietnam, an on-site survey was conducted about firms’ confidence in Vietnam’s economic prospects. Results showed…... [read more]

Several current and former leaders of Vietnam National Chemical Group (Vinachem) will face deciplinary action after the Central Inspection Committee discovered numerous severe violations and mismanagement at Vinachem's loss-making projects. RELATED CONTENTS: Vinachem turns to government for aid Ninh Binh province appeals to PM to save fertiliser plant Vinachem loses big-time in fertiliser plant Another Vinachem plant announces huge losses Ninh Binh fertiliser plant permanently suspends operation Massive losses in recent years Vinachem has been plagued with massive losses in recent years, with some of its projects making losses for two years in a row, especially Ninh Binh Fertilizer plant, which has been running in the red for four years in a row during 2012-2015. The Ninh Binh Fertilizer plant has been constantly losing from 2012 to 2015. According to the feasibility report, the plant reported to lose $47.9 million in the first three years of operation and started making profit since the fourth year (2015). However, as of currently, the project has yet to make profit and must cease operation. So far, the project has incurred accumulated loss of approximately VND3.058 trillion ($134.5 million). The plant is also struggling with huge loans from Eximbank China and other credit institutions. According to the Ministry of Finance, as of June 28, 2016, the plant was VND10.25 trillion ($451.3 million) in debt, with VND227.3 billion ($10…... [read more]

Korean convenience store chain GS25 plans to open its first store in Ho Chi Minh City this year, marking a foray in the Vietnamese retail market, where competition between convenience store chains is already fierce.  GS25 chose Vietnam as its first foreign market due to its development potential According to newswire Korea Joongang Daily, GS Retail, GS25’s parent company, has entered a co-operation with SonKim Group, SonKim Land’s parent company, to establish a 30-70 joint venture in charge of operating local GS25 franchises in Vietnam. GS Retail will later sign a master franchise agreement with the joint venture to receive royalties on trademark rights and operation. GS will earn dividends as a 30 per cent shareholder.  The move marks its first step into a foreign market. GS25 expects that the store volume will increase to 2,500 within the next 10 years. “GS25 received numerous requests from other countries, including China and some Southeast Asian countries, to expand our brand, however, after months of research, GS25 decided to select Vietnam for its largest potential for development,” said a representative of GS25. According to data from Vietnam’s statistics agency, the country’s local retail market was worth $118 billion last year, up 10.2 per cent from 2015. US consulting firm A.T. Kearney pushed Vietnam up five ranks in its global retail development index earlier this year, placing it at sixth. The report, published in June, said…... [read more]

Mobile World Investment Corporation (MWG) plans to spend VND2.5 trillion ($110.3 million), five times as much as the initial figure planned for mergers and acquisitions activities this year, to acquire a number of electronics store and pharmaceutical store chains this year, according to newswire Vnexpress. MWG's planned shopping spree goes over initial expectations It was announced by MWG chairman cum CEO Nguyen Duc Tai at the press conference held to announce the company’s results in the first six months. Tai said that MWG will immediately conduct the two acquisitions right after receiving shareholders’ approval. Tai added that after the acquisition, MWG will keep the brand identity of the electronics store chain for 12-18 months. Regarding the pharmaceutical store chain, Tai stated that instead of spending two or three years on researching this market to build a new pharmaceutical store chain, MWG will acquire an existing brand and then expand its operations. MWG expects to purchase 20-40 per cent stakes in other pharmaceutical retailers, and then will gradually increase its holdings to 60 per cent. It prioritises enterprises owning between 10-15 pharmaceutical stores which it will then increase to 500. Currently, there are 1,527 MWG stores all over Vietnam, including the brands Dien may XANH, The gioi Di dong, and Bach hoa XANH. In the first half only, MWG has opened 272 outlets, with Dien may XANH stores accounting for over a…... [read more]

The deal was signed just hours after the 25-year-old paid off his €222 million (US$264 million) buyout clause to Barcelona. File photo of Neymar of Barcelona during the International Champions Cup 2017 at Hard Rock Stadium on Jul 29, 2017 in Miami Gardens, Florida. (Mike Ehrmann/Getty Images/AFP) PARIS: Neymar's world record move to Paris Saint-Germain was completed on Thursday (Aug 3) when the French club confirmed the Brazilian superstar had signed a five year-deal, earning him an estimated €30 million (US$35.5 million) a year. The deal was signed just hours after the 25-year-old paid off his €222 million (US$264 million) buyout clause to Barcelona. "I am extremely happy to join Paris Saint-Germain," said Neymar. "Since I arrived in Europe, the club has always been one of the most competitive and most ambitious. And the biggest challenge, what most motivated me to join my new teammates is to help the club to conquer the titles that their fans want. "Paris Saint-Germain's ambition attracted me to the club, along with the passion and the energy this brings. I played four seasons in Europe and I feel ready to take the challenge. "From today, I will do everything I can to help my new teammates, to open up new horizons for my club and to bring happiness to its millions of supporters around the world." PSG said that Neymar will be unveiled at…... [read more]

On July 24 in Hanoi, HARNN Heritage Spa of InterContinental Danang Sun Peninsula Resort, developed by Sun Group and managed by InterContinental Hotels Group (IHG), was named “2017 Global Spa of the Year” at the World Luxury Spa Awards 2017. HARNN Heritage Spa named 2017 Global Spa of the Year RELATED CONTENTS: New gem in Halong Bay Discover the quintessence of relaxation at Sun Premier Village Kem Beach Resort Landslide of orders at launch of Sun Premier Village Kem Beach Resort Danang resort uncontested world leader for three years in a row Overtaking excellent contenders from over 30 countries, HARNN Heritage Spa won the most prestigious title at the awards. Additionally, HARNN Heritage Spa was also named “2017 Global Luxury Spa Retreat.” These are prestigious prizes aiming at improving spa standards around the world by honoring the best spas in the industry, with customer satisfaction as the deciding factor. Couples treatment room in HARNN Heritage Spa Juan Losada, general manager of InterContinental Danang Sun Peninsula Resort, said: “We are delighted and proud to be named the winner by World Luxury Spa Awards, a prestigious award in the spa industry, with the highest quality evaluation system. These awards are the result of the dedication and excellent…... [read more]

SCG reports the operating results for the first half of the year, showing similar profit year-on-year due to good performance from the first quarter. RELATED CONTENTS: SCG gunning for increased market share after takeover PM asks Thailand’s SCG group to expand investment in Vietnam Long Son petrochemical complex settles last issues before implementation Siam Cement Group acquires construction material company in central Vietnam SCG now sole foreign investor in Long Son refinery Vina Kraft Paper fires up second production line in Vietnam SCG inspires kids to become “little green citizens” SCG not giving up Vietnam cement plan despite oversupply SCG reveals that investment strategies for a sustainable ASEAN are going according to plan, with approval for the first petrochemical complex in Vietnam with world-class technology. Moreover, the company made significant headway with innovation with the recent success in connecting collaborations from research institutions, science and technology entrepreneurs, and startups worldwide. This emphasises SCG’s dedication to innovative products and services and faster achieving market and consumer needs. Roongrote Rangsiyopash, president and CEO of SCG, disclosed the company’s unreviewed operating results for the second quarter, with registered revenue from sales of VND72.55 trillion ($3.173 billion), remaining flat year-on-year. In consequence, profit for the period reached VND8.835 trillion ($386 million), a decrease of 17…... [read more]

SAN FRANCISCO: Five-time Grand Slam champion Maria Sharapova withdrew from the WTA Bank of the West Classic just before her scheduled second-round match on Wednesday (Aug 2) with a left arm injury, tournament officials announced. Maria Sharapova of Russia competes against Jennifer Brady of USA during the Bank of the West Classic on Jul 31, 2017 in Stanford, California. (AFP/Lachlan Cunningham) "We're sad to announce that @mariasharapova has withdrawn after doctor's advice regarding her left arm," a post on the tournament's Twitter feed said. Sharapova played her first US match in more than two years on Monday, defeating American Jennifer Brady 6-1, 4-6, 6-0 in an opening-round match at the hardcourt event in Stanford, California. "Toward the end of the Monday night's match, I felt pain in my left forearm," Sharapova said in a statement on Wednesday. "After yesterday's scan, the doctor has recommended I don't risk further injury." The former world number one from Russia hadn't played in the US since March of 2015, before serving a 15-month doping suspension for the use of meldonium. Seventh-seeded Ukrainian Lesia Tsurenko advanced by walkover as a result of wildcard entrant Sharapova's early exit. "Unfortunately, I have to withdraw from today's match," Sharapova said. "Monday night's crowd was so special and I wish I could continue playing but I have to make a preventative decision." Sharapova told supporters after her Monday match that…... [read more]

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