In the first quarter of 2018, the State will sell its stakes in three SOEs owned by the Vietnam National Oil and Gas Group (PetroVietnam), including Binh Son Refining and Petrochemical Co., Ltd (BSR), PetroVietnam Power Corporation (PV Power) and PetroVietnam Oil Corporation (PV Oil), for about VND100 trillion (US$4.4 billion) in total. Binh Son Refining and Petrochemical Company Limited (BSR) plans to float 242 million shares, 7.79% of its chartered capital, in an IPO scheduled for January 17 on the Ho Chi Minh Stock Exchange (HOSE). The shares will be sold at the initial price of VND14,600. PV Power will put more than 468.3 million shares for sale in its IPO on January 31, 2018 on the Hanoi Stock Exchange (HNX) at the price of VND14,400 per share. Meanwhile, PV Oil will offer nearly 207 million shares or a fifth of its charter capital for sale on January 25 on the HOSE at a starting price of VND13,400. Big names in the divestment plan also include Vietnam Rubber Group which has a charter capital of VND50 trillion (US$2.2 billion), Hanoi Beer-Alcohol and Beverage Corporation (HABECO), and Vietnam’s largest dairy company Vinamilk. The rubber group will auction 475 million shares, 11.88% of its total capital to the public in its initial public offering (IPO) next year, at an initial price of VND13,000. The group missed the first deadline for its IPO, which was scheduled for July 2017. The divestment list includes three SOEs under the Ministry of Industry and Trade,… [Read full story]
The AEC, modelled after the EU style single market, is intended to enhance the national competitiveness of its members in preparation for a more open regional market economy in line with WTO commitments and free trade pacts such as the Trans-Pacific Partnership (TPP) and an EU Free Trade Agreement.Vietnam has revealed its plans on how it intends to raise its competitiveness by improving capacity, raising economic position and promoting institutional reform to better position itself to capitalise ON and seize the opportunities of both AEC membership and the open global marketplace to follow.Trinh Thi Thu Hien, an official from the…... [read more]
General Director of SCIC, Lai Van Dao, addresses the corporation's review meeting. — Photo vccinews.com HA NOI (VNS)— The State Capital Investment Corporation (SCIC) will boost the process of divestment of non-core businesses at several State-owned enterprises (SOEs) this year.This follows Decision 2344/QC-TTg of the Prime Minister, announced on December 2, 2013, which highlights the approval of the restructuring plan of the SCIC by 2015.During this year, the corporation will have to consider buying financial instruments issued by SOEs if they fail to divest capital held at various banks.It's good news for the State-owned groups and corporations, which were finding…... [read more]
The Central Steering Committee for Natural Disaster Prevention and Control reported that border guards in coastal provinces closely worked with local authorities to inform nearly 70,000 ships with around 350,000 crewmen of developments of the storm. Prime Minister Nguyen Xuan Phuc chairing the teleconference. Photo: chinhphu.vn. Relevant forces in the Southern region and Ho Chi Minh City evacuated more than 13,500 residents, from the places which might be badly affected by the storm, to safer sites. PM Phuc held that Tembin is a super storm, which might result in and property losses. Thus, all localities have to keep a close watch…... [read more]
Addressing the conference, Party General Secretary-cum-NA Chairman Nguyen Phu Trong affirmed the significance of these elections which come after the success of the 11th National Party Congress.This will present a chance for people across Vietnam to build on their governing power and select the right persons with adequate qualifications and moral values for the positions in the National Assembly and People’s Councils, Mr Trong said.The Party Chief appealed to the sense of responsibility of party committees and governments at various tiers and focused their leadership power on the implementation of the Politburo’s instructions and documents related to the elections.The Chairman…... [read more]
Vietnam will privatize 550 state-owned enterprises (SOEs) in 2007, according to the government resolution implementing socio-economy policies this year. The SOEs to undergo equitization include some corporations, state-owned commercial banks, insurance companies and utility businesses. Vietnam will continue to list shares of equitized companies on the stock market. In 2007, the Government will audit all state economic corporations and groups, and further supervise the transformation of state-owned companies into one-member liability companies. In the SOE reform program for 2007-2010 period, Vietnam’s government plans to equitize 53 key state corporations. Vietnam has equitised more than 3,000 SOEs, among more than 5,000 companies, in…... [read more]
