Two Qantas planes turn back to Australia over safety concerns

Trinh Xuan Thanh makes public appearance on TVThe Saigon Times Daily An image of Trinh Xuan Thanh captured from VTV's news broadcast last night - PHOTO: HCMC – Trinh Xuan Thanh, former general director of PetroVietnam Construction Corporation (PVC), made his first public appearance in the prime-time evening news program broadcast last night by Vietnam Television (VTV), admitting he had voluntarily turned himself in to police. National television station VTV’s footage showed Thanh’s handwritten letter admitting his wrongdoing. He said he turned himself in to the Vietnamese Ministry of Public Security due to his unstable life overseas as well as his anxiety and regret over his wrongdoing at PVC when hiding abroad. “I decided to leave the country and hide in Germany without careful thought. My family, relatives and friends encouraged me to come back to Vietnam to plead for leniency,” Thanh’s letter wrote. He also took his responsibility for the huge losses at PVC and its subsidiaries. On Wednesday, the German foreign ministry accused Vietnam of kidnapping Trinh Xuan Thanh, who it said was seeking asylum in Berlin, and of taking him home to face accusations of corruption. Germany also ordered an officer at the Vietnamese Embassy to leave Germany within 48 hours, according to local media reports. On the same day, the German foreign ministry asked the Vietnamese Government to send Thanh back to Germany immediately and would examine the Vietnamese side’s request for his extradition and Thanh’s asylum application. At a regular press conference on August 3,…... [read more]

At the signing ceremony (Source: thethaovietnam) Hanoi (VNA) - CMG.ASIA Group on August 4 signed a total sponsorship contract worth 1 billion VND to support the Vietnam sports in general and the Vietnam sport delegation participating in the 29th Southeast Asian (SEA) Games in Malaysia. Attending the signing ceremony were Tran Duc Phan, Deputy General Director of the Vietnam Sport Administration, Chef-de-mission of the Vietnam sport delegation; Van Manh, General Serectary of the Vietnam Olympic Committee; Randy Dobson, President of CMG.Asia (California Fitness & Yoga Centres); and leaders, officials and athletes competing in the SEA Games. Following the agreement with the Vietnam Olympic Committee, CMG.Asia will provide 1 billion VND for national athletes who will compete at the 29th SEA Games in Kuala Lumpur, Malaysia from August 19 to 30. Apart from 500 million VND in cash, the donor will provide facilities as well as health care and nutrition services for athletes at all studios of CMG.ASIAnationwide. Speaking at the ceremony, Randy Dobson said: "As part of our corporate social responsibility and our mission to help inspire the people of Vietnam to make life better through fitness, CMG.ASIA is honoured to continue working with the Vietnam Olympic Committee to sponsor the Vietnam sports delegation at SEA Games 2017". In the coming time, together with being trained physically in CMG.ASIA centres, Vietnamese athletes will attend other courses on nutrition, solf skills and psychology in order to behave professionally with the public and media.-VNA... [read more]

Rich with investment opportunities and positive demographics, ASEAN continues to attract international acquirers according to the latest edition of Spotlight Asia, Kroll’s quarterly M&A newsletter, produced in association with Mergermarket. With 30 deals worth $4.5 billion, Vietnam was the third hottest target jurisdiction by value from 2014 to the first quarter of 2017. The country continues to seek emerging market status, which would put it on the map of major international asset managers.  While companies listed on its stock exchange continue to face restrictions in gaining additional foreign ownership, the government is reportedly planning for foreign involvement in the country’s infrastructure projects, which are expected to require $400 billion in funding over the next ten years. The country is also leading the pack as frontier CLMV (Cambodia, Laos, Myanmar and Vietnam) sees fresh, albeit uncertain, interest as they strive to open their doors to cross-border trade. In 2016, the ASEAN region recorded 534 M&A transactions valued at $57.9 billion, while the first quarter of 2017 sustained momentum with 118 deals worth $14.7 billion.  This was a year-on-year increase of 8 per cent in value and 7 per cent in volume over the same period in 2016. In 2017, volumes have remained relatively steady while values have shot up, with the first quarter registering as much as 45 per cent of 2016’s annual total. However, a greater harbinger of M&A trends may come from cross-border activity among ASEAN’s core members. In 2016, intra-regional M&A witnessed a surge in value along with…... [read more]

Indochina Airlines still owes VND30 billion (USD1.36 million) to its fuel provider after going bankrupt. Meanwhile, Air Mekong is also in debt. Indochina Airlines goes bankcrupt leaving big debts behind Indochina Airlines owned by musician Ha Dung was licensed in May 2008 with a total investment capital of VND200 billion. In November 2008, it became operational, becoming the first Vietnamese private carrier. However, just a year later, it was halted operations due to financial difficulties with a debt of more than VND70 billion. According to wholly state-owned Vietnam Air Petrol Company Limited (Skypec), Indochina Airlines still owes it VND30 billion.  A Skypec representative said Skypec had sued Indochina Airlines in late 2010 for failing to repay its debt. But in the first trial at the Hanoi People's Court, the carrier managing director, Ha Dung, was absent. After that, the case was sent to a court in the southern region where he was living, but it has not yet been settled until now.  Besides Indochina Airlines, Air Mekong – owned by BIM Group’s Chairman Doan Huu Viet, has also been in debt following bankruptcy. Air Mekong had its first flight in October 2010 but then halted operations, claiming it was restructuring its fleet in March 2013. But in early 2014, the Ministry of Transport stopped the operations of Air Mekong Airlines due to its financial difficulties. According to Airports Corporation of Vietnam (ACV), Air Mekong still owed the company VND26 billion (USD1.18 million) for providing services related landing areas. dtinews... [read more]

NDO/VNA - CMG.ASIA Group, on August 4, signed a total sponsorship contract worth VND1 billion to support Vietnamese sports in general and the Vietnam sporting delegation participating in the 29th Southeast Asian (SEA) Games in Malaysia. Attending the signing ceremony were Tran Duc Phan, Deputy General Director of the Vietnam Sport Administration, Chef-de-mission of the Vietnam sport delegation; Van Manh, General Serectary of the Vietnam Olympic Committee; Randy Dobson, President of CMG.Asia (California Fitness & Yoga Centres); and leaders, officials and athletes competing in the SEA Games. Following their agreement with the Vietnam Olympic Committee, CMG.Asia will provide VND1 billion for the national athletes who will compete at the 29th SEA Games in Kuala Lumpur, Malaysia, from August 19 to 30. Apart from VND500 million in cash, the donor will provide facilities as well as health care and nutrition services for athletes at all studios of CMG.ASIA nationwide. Speaking at the ceremony, Randy Dobson said: "As part of our corporate social responsibility and our mission to help inspire the people of Vietnam to make life better through fitness, CMG.ASIA is honoured to continue working with the Vietnam Olympic Committee to sponsor the Vietnam sports delegation at SEA Games 2017". In the near future, combined with being trained physically in CMG.ASIA centres, Vietnamese athletes will attend other courses on nutrition, soft skills and psychology in order to behave professionally when dealing with the public and media. ... [read more]

CAAV proposes solutions to ease overload at Tan Son Nhat airportLe Anh HCMC – The Civil Aviation Authority of Vietnam (CAAV) has proposed solutions to ease the serious overload at Tan Son Nhat International Airport in a correspondence just forwarded to the Ministry of Transport. For short-term solutions in 2017-2018, the CAAV proposed speeding up the construction of the northern apron for completion in the second or third quarter next year instead of the first quarter of 2019. According to the correspondence, effective measures are urgently needed to improve the capacity of the nation’s busiest airport with average annual growth of 10-15% in passengers. Besides, the area for parking planes overnight on nearly 20 hectares of military-controlled land should be developed right this month. The project should be divided into phases, completed within six to eight months and put into use in the first quarter next year. In addition, the authority suggested that carriers should be allowed to use apron areas and check-in desks at terminals in a flexible manner, and this should start right in this quarter. The authority proposed maximizing landing and takeoff slots to facilitate carriers in peak hours. Regarding long-term solutions, the CAAV proposed building terminal T4 with a capacity of 15-20 million passengers a year, and a road traffic system connecting Cong Hoa, Hoang Hoa Tham streets and an internal road to the terminal. The domestic passenger terminal T1 is planned to be upgraded with one more floor to serve passengers better. These solutions should…... [read more]

Mergers and acquisitions (M&A) for financial institutions are luring in numerous domestic and international investors due to the attractiveness of the rapidly developing, $26.55-billion consumer finance market. Concerted action needed for M&A breakthrough Vietnamese real estate market continues showing irresistible appeal to foreign investors M&A in real estate hikes early in year   HDFinance was renamed HD Saison Finance after Japanese Credit Saison acquired 49 per cent ​Foreign investors show interest According to a source of VIR, after the takeover of ANZ Vietnam’s retail business, South Korean Shinhan Bank is planning to acquire a financial institution in Vietnam. This plan is aimed at expanding its business in the Vietnamese retail banking sector. In addition, the source revealed that not only Shinhan Bank, but two other Japanese investors are also negotiating to purchase 49 per cent of the stakes in two different Vietnamese financial institutions. At the end of last year, Shinsei Bank from Japan purchased a 49 per cent stake in Mcredit, the consumer finance arm of Military Bank. Afterwards, MCredit was renamed MB Shinsei Consumer Finance Limited Liability Company. Earlier, the State Bank of Vietnam (SBV) allowed Ho Chi Minh City Development Bank (HDBank) to transfer 49 per cent of its capital in consumer finance company HDFinance to Japanese Credit Saison Co., Ltd. After the completion…... [read more]

Together with high profits of trillions dong in the first half of this year, domestic commercial banks reportedly recruited thousands of employees in the period to boost development. Customers and cashiers at a TPBank's office.  Statistics on labour from financial statements of VPBank showed that the bank recruited 1,482 employees in H1, raising its total to 10,191 personnel by the end of the second quarter. Though having a large number of employees after the merge with SouthernBank, Sacombank still recruited 650 new positions in the second quarter and 865 employees in H1. Regardless of subsidiaries, the personnel number at Sacombank by the end of the second quarter reached 16,893 people. TPBank’s financial report also showed that at the end of Q2, this bank had more than 4,100 employees, an increase of nearly 1,000 people compared to a year ago. In the first six months of the year, Vietcombank also hired 190 personnel to total 15,354. VIB, ACB and MBBank also increased the number by 376, 186 and 111, respectively. Most of the positions that bankers recruited for in the first half of this year were personal customer specialists, corporate customer specialists, consultants, transactors and debtors. Some other banks, in spite of not publicising financial statements, have also announced that they intend to recruit a large number of staff in H1. Nam A Bank, for example, announced they would recruit 500 people for various positions from senior level to management level working in the head office and business units across the…... [read more]

Former and current officials at a Vietnamese chemical corporation are under review for a series of violations at various loss-making projects. The Vietnam National Chemical Group (Vinachem) has been operating four unsuccessful projects in provinces throughout the country, causing combined losses worth trillions of dong (VND1 trillion = US$44.1 million). Following an inspection by the Central Inspection Committee, several Vinachem leaders, including company president Nguyen Anh Dung, former company president Do Quang Chieu, erstwhile chairman of the management board Nguyen Quoc Tuan, and former general director Do Duy Phi, were found responsible for myriad offenses. According to a probe by Tuoi Tre (Youth) newspaper, the four Vinachem projects in question cost VND28 trillion ($1.23 billion) in capital investment. Among them, the Ninh Binh Fertilizer Plant, located in the namesake northern Vietnamese province, took the heaviest hit, racking up some VND3.2 trillion ($141.2 million) in losses as of 2016. Immense pressure from bank debt and a lackluster performance has resulted in ineffective operations at the factory, the Ministry of Industry and Trade assessed. Only VND4 trillion ($176.5 million) of the more than VND11 trillion ($485.4 million) owed by the factory has been paid. At the Ha Bac Fertilizer Factory in the northern province of Bac Giang, Ministry of Construction inspectors identified several violations in the implementation of the project, including an inaccurate calculation of the building cost, a lack of building permits, and the recruitment of incompetent officials. Administrative fines of up to VND100 billion…... [read more]

Transimex Corporation launches the first cold storage in Da Nang city (Photo: VNA) Da Nang (VNS/VNA) - The Transimex Joint Stock Corporation, listed in the HCM City Securities Exchange as TMS, officially put into operation its first international-standard cold/chilled storage unit at its logistics centre in Hoa Cam Industrial Zone (IZ) on August 3Thursday. General Director of Transimex Le Duy Hiep said the frozen storage, which covers a 1,500sq.m area with a capacity cargo load of 2,000 tonnes, aims to provide local and foreign direct investment (FDI) operatives in the central and Central Highlands region a high quality warehouse service for worldwide exports. Hiep said the number of international standard cold/chilled storage remains deficient compared with the volume of farm produce and seafood shipments in the central and Central Highlands region. The tailor-made SOP (Standard Operating Procedure) storage, which was built with an investment of 20 billion VND (885,000 USD), will also provide various logistics services, including air and sea freight, bulk cargo and trucks in connection with trading route in the East-West Economic Corridor and a system of deep sea ports at Tien Sa and Lien Chieu, as well as airports. In 2015, Transimex introduced its first logistics centre in the park on total 16,200sq.m including a 9,300sq.m general warehouse with an automatic cargo forklift and loading system for importers Hoa Cam IZ, which covers on 137ha in southwest of Da Nang, has attracted 55 businesses with an 81 percent filling up …... [read more]




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