UK prepared to pay €40 billion Brexit bill: Report

State Capital Investment Corporation (SCIC) has published the plan to put a 3.33 per cent stake, equaling 48.3 million shares, in Vietnam Dairy Products Joint Stock Company (Vinamilk) on sale in October.  SCIC will continue with the Vinamilk divestment It was announced by SCIC chairman Nguyen Duc Chi at a press conference held in Hanoi on August 4 on the corporation’s divestment plans. According to Chi, this is part of the 3.6 per cent charter capital remaining from the offering in late 2016 when it planned to sell 9 per cent of the stakes. Chi added that both foreign and domestic enterprises who meet the management board’s criteria can join Vinamilk’s share acquisition. SCIC will publish the specific information on the divestment in the shortest time. SCIC expects to earn between VND6.5-7 trillion ($287.1-309.1 million) from this divestment. In early July, Singapore-based F&N Dairy Investments Pte., Ltd., a 100 per cent-owned subsidiary of Fraser & Neave Ltd. (F&N), expressed interest in increasing its holdings in Vinamilk via registering to buy an additional 14.5 million shares. The transaction is expected to take place between July 24 and August 22. If successful, F&N Dairy Investments Pte., Ltd. will increase its holdings in Vinamilk from 16.04 to 17.04 per cent, equalling 247 million shares.  In December 2016, F&N Dairy Investment Pte., Ltd. and F&N Beverages Manufacturing Sdn., Bhd., another 100 per cent-owned subsidiary of F&N,…... [read more]

The power supply for the Samsung complex in the northern province of Thai Nguyen will return to normal by August 10, 2017 at the earliest after the electrical substation that supplies electricity to the South Korean electronics giant complex caught fire three days ago. The incident may hurt Samsungs manufacturing operations. The fire at 110kV Yen Binh 2 electrical substation Northern Power Corporation, a subsidiary of state-run Electricity of Vietnam, confirmed the fire at 110kV Yen Binh 2 electrical substation in a press release. The cause of the unexpected fire that is disrupting the power supply for the complex is under investigation. The power supplier worked with Samsung and called them to use diesel to generate power while the substation is under repair. Using diesel to generate power is considered more expensive. Besides, the fire happened at a peak production time, as Samsung plans to reveal its Samsung Galaxy Note in August. Samsung Thai Nguyen employs about 62,000 workers. The factory, together with Samsung Bac Ninh complex, creates many mid- to high-end smartphone and tablet models for export to 78 countries and territories all over the world. Samsung has several huge manufacturing complexes in Vietnam, one in Bac Ninh (SEV), one in Thai Nguyen (SEVT), and one in Ho Chi Minh City (SEHC), with a total investment value of $9.5 billion. RELATED CONTENTS: Smartphone sales slip…... [read more]

AIA Vietnam has entered a partnership with DongA Bank in early August, marking the insurer’s third bancassurance deal in the past three months. AIA continues to strike bancassurance partnerships in Vietnam, this time with the retail-focused DongA Bank As part of the collaboration, AIA will deliver innovative products and a digitally-driven insurance experience through DongA Bank’s extensive network of 235 branches across Vietnam. Customers can use their DongA Bank account to pay their AIA insurance premiums quickly and conveniently. All of AIA’s specialists at DongA Bank will be equipped with AIA’s interactive point-of-sale tool. Consumers can obtain on-the-spot financial consultancy, sample quotation and financial illustration, as well as access to their electronic insurance policy and claims statuses. AIA also offers DongA Bank customers a new value added proposition called AIA Vitality, a wellness programme that motivates customers to make healthy choices every day. This is the third bancassurance partnership of AIA with a Vietnam-based bank in the past three months. The Hong Kong-based insurer previously announced deals with Shinhan Vietnam in July and HSBC Vietnam in May. “AIA will deliver our leading products and services powered by digital technology, user-friendly access, and new customer propositions to the banks’ fast growing customer base,” said Wayne Besant, CEO of AIA Vietnam. For DongA Bank, the deal also marks the first time that the Vietnamese bank shook hands with an insurer. CEO Nguyen…... [read more]

HCM City should build social housing priced at up to VND1 billion (US$44,000) rather than VND200-300 million to ensure a reasonable quality of life for their occupants, the city’s top construction official has said. A social housing project in District 7, HCM City. The southern city plans to build 20,000 units for poor people by 2020, and is considering their cost, with the construction department head preferring "nice" apartments to ensure high quality of life. - VNA/VNS Photo Van Khanh Tran Trong Tuan, director of the Department of Construction, told a conference on Friday that building affordable apartments has been part of the city’s agenda for decades. It has built tens of thousands of apartments for poor people and workers and plans to build 20,000 more from now through 2020, he said. But he was not keen on super-cheap apartments, saying the quality of life of their occupants should be a priority. Earlier he had talked to the media about three requirements for a cheap social housing project: land given for free to developers, infrastructure and a minimum size of each unit of at least 25sq.m. Nguyen Van Duc, deputy director of property developer Dat Lanh, who had designed cheap housing in the city many years ago, told the conference it is feasible to build apartments priced at VND200-300 million in outlying districts like 12, Hoc Mon, Cu Chi, Binh Chanh, and Nha Be. He said the department should encourage and guide property developers in building such…... [read more]

PARIS: Neymar started repaying his mammoth transfer fee on the day he was introduced as Paris Saint-Germain's marquee summer signing with the club selling more than 10,000 shirts bearing his name on Friday (Aug 4). A PSG fan holds a PSG yellow away jersey, marked with the number 10 and the name of Brazilian star Neymar, after he purchased it from the Paris-Saint-Germain (PSG) football club store on the Champs Elysees avenue in Paris. (AFP/PHILIPPE LOPEZ) The 25-year-old Brazilian was signed from Barcelona for a world record €222 million (US$264 million) but with shirts emblazoned with his name and No. 10 on the back selling at an average of €100, PSG generated €1 million on his first day. If PSG can keep that up, they would have recouped the transfer fee by mid-March, within the first season of Neymar's five-year deal - although in reality that revenue is shared with shirt manufacturer Nike, meaning it would actually take twice as long to pay for the player. Such is the demand for the shirt at one of two PSG stores, on the iconic Champs Elysees boulevard and the team's outlet at their Parc des Princes home, that shoppers on Saturday will be limited to a single jersey each. Neymar is due to be unveiled to the PSG fans on the Parc des Princes pitch on Saturday at 3.45pm (9.45pm Singapore time) ahead of their…... [read more]

The feasibility study report of a component project of the Long Thanh International Airport project in the southern province of Dong Nai, which is a magnet to many international investors, is likely to be submitted to the National Assembly in October 2017. The meeting to review the preparation of the Long Thanh Airport project The Ministry of Transport (MoT) chaired a meeting on August 4 to review the preparation process of the project, including land revocation, compensation, and support for resettlement of the affected local residents. According to a report by MoT's Department of Planning and Investment, in June 2017, the National Assembly approved Resolution No.38/2017/QH14 on separating the land revocation, compensation, and support for resettlement into a different component project in which the government asked Dong Nai and relevant ministries to do a feasibility study and submit it to the National Assembly for approval in October 2017. The Minister of Transport raised concerns that the biggest problem in the feasibility report is the source of money. The NA Standing Committee said that based on the obtained information and the latest updated prices from the Dong Nai People’s Committee, the total estimated cost for site clearance, including the construction of resettlement and cemetery areas, is about VND23 trillion ($1 billion). The government agreed to provide the Long Thanh project with VND5 trillion ($220 million) for the medium- and long-term plans on site…... [read more]

Along with licensed projects, foreign investors, especially Tata Power and ACWA Power, found new opportunities in the renewable energy sector in Vietnam. Binh Thuan receives tantalising offers for solar power projects On August 3, representatives of the two groups visited the central province of Binh Thuan to find investment opportunities in the renewable energy sector. Notably, at the morning working session with provincial leaders, the representatives of FECON group and ACWA Power proposed to develop three renewable energy projects with the capacity of 50MW each. On the same day, Tata Power from India expressed its desire to pour capital into a solar power project with the capacity of 100 MW. With its experience in the energy sector, Tata Power is confident on the feasibility of developing the project. The provincial leaders pledged to provide favourable conditions for these firms during the studying as well as the construction process. The above enterprises are familiar names in the Vietnamese energy sector. Tata Power, an affiliate of Tata Group, is one of the leading power businesses in India. Earlier, the company was granted permission by the government to build Long Phu 2 thermal power plant, expected to cost $2 billion, in Mekong Delta province of Soc Trang. With a capacity of 1,320MW, Long Phu 2 plant is expected to become operational in December 2020. Regarding ACWA, in early July, a consortium including Saudi Arabian…... [read more]

​Chanterelle-Spa by JW at JW Marriott Phu Quoc Emerald Bay Resort & Spa, developed by Sun Group and managed by Marriott International Inc., has been named “Southeast Asia’s Best Luxury Emerging Spa 2017” at the World Luxury Spa & Restaurant Awards 2017. Chanterelle-Spa by JW won Southeast Asia’s Best Luxury Emerging Spa 2017 RELATED CONTENTS: HARNN Heritage Spa wins double at World Luxury Spa Award 2017 Discover the quintessence of relaxation at Sun Premier Village Kem Beach Resort JW Marriott Phu Quoc Emerald Bay named Asia’s Leading New Resort Overtaking hundreds of luxury spas and restaurants in the region, Chanterelle-Spa by JW has emerged as the winner of this prestigious award after rigorous assessment and evaluation by leading experts and senior executives in the spa industry, as well as travel agencies and spa guests. According to the organisers, more than 100,000 votes were cast to determine the winner of each category. Chanterelle-Spa by JW at JW Marriott Phu Quoc Emerald Bay Resort & Spa Ty Collins, general manager of JW Marriott Phu Quoc Emerald Bay Resort & Spa, shared: “It is an incredible honour for us to receive this prestigious award from such a reputable organisation like World Luxury Spa & Restaurants Awards. This award is the proof of our dedication to creating a rich and unique experience for the guests at JW Marriott Phu Quoc Emerald Bay Resort & Spa.” JW Marriott Phu Quoc Emerald Bay Resort & Spa As a high-class spa with seven treatment rooms, one…... [read more]

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]

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