Foreign Holdings in Vinamilk May Rise on Govt Divestment
Foreign investors may be allowed to increase ownership in Vietnam Dairy Products JSC or Vinamilk and a number of enterprises where the states holds majority stakes when state-owned State Capital Investment Corporation withdraws its holdings and removes the foreign ownership limits in a number of businesses.
FIEs Make up Half of Vietnam’s Top 1,000 Taxpayers
As many as 460 foreign-invested enterprises were among the 1,000 largest taxpayers in Vietnam or V1000 during 2014. Their corporate income tax payments made up just 37% of the total tax amount paid by V1000 companies.
Honda Vietnam Company, Samsung Electronics Vietnam and Unilever Vietnam International Company are among the ten biggest taxpayers in 2014.
EU Investment in Vietnam Rises after Four Falling Years: Ministry
Foreign direct investment (FDI) by European Union countries in Vietnam in the first half of this year reached some $700 million, already surpassing that of the whole 2014, after four straight years of falling due to the ailing global economy.
As many as 23 EU countries have 1,688 valid investment projects worth $21 billion in Vietnam, or $12.6 million each, said the Foreign Investment Agency under the Ministry of Planning and Investment.
ASEAN Investors Pour $54.6 Billion in Vietnam as of June
Investors from eight out of 10 ASEAN nations had invested in 2,639 projects with a combined capital of $54.6 billion in Vietnam by the end of June, accounting for 21.7% of registered foreign investment in the country.
They have rolled out 97 real estate projects totaling $16.6 billion, or $167 million per project on average. Singaporeans investors have topped ASEAN peers in this sector, with 77 projects worth $10 billion, followed by Malaysian and Bruneian investors.
Vietcombank Posts 4.53 Trillion Dong in Pretax Profit in Jan-Sept
Bank for Foreign Trade of Vietnam (Vietcombank) earned a pretax profit of 4.53 trillion dong in the first three quarters of this year, meeting 75% of its full-year target. Its ROE improved to 11.82% and ROA was put at 0.86%.
The Hanoi-based lender’s total outstanding loans grew 12% in the nine-month period while its mobilization rose 15.5% from the end of 2014. Its bad debt ratio was brought down to 2.1% at the end of September from nearly 3% at the start of the year.
MobiFone Earns Profit of 5.67 Trillion in Nine Months
MobiFone Telecommunications Corporation (MobiFone), Vietnam’s second biggest mobile network operator, said it booked an estimated profit of 5.67 trillion dong ($252 million), fulfilling 77.67% of the year’s plan, while its revenue was 27.27 trillion dong.
The corporation aims to earn a profit of 7.3 trillion dong on revenue of 36.44 trillion dong in 2015.
DATC to Auction Shares of Two Banks
Hanoi-based Debt and Asset Trading Corporation (DATC) under the umbrella of the Ministry of Finance will put up for sale 26.66 million shares of Orient Commercial Bank at an initial price of 4,900 dong each.
DATC will also auction 24.66 million shares of Saigon Commercial Bank at 4,100 dong each, part of the firm’s plan to divest from the banking sector, among the five non-core businesses that state-owned enterprises have to divest.
Total Assets of Banks in Vietnam Reach 6,753 Trillion Dong
Total assets of the Vietnamese banking system expanded 3.66% from the end of 2014 to 6,753 trillion ($300.8 billion) at the end of August.
Foreign banks and bank branches saw their assets up 4.74% in the eight-month period to 735.77 trillion at the end of August, according to data of the State Bank of Vietnam.
Vietnam Banks Learn Expertise at Int’l Finance Conference
Six Vietnamese commercial banks namely Vietcombank, BIDV, VietinBank, Eximbank, SHB and PVcomBank are attending the SWIFT International Banking Operations Seminar (SIBOS) 2015, which drives the participation of some 7,000 business leaders, decision makers and experts from a wide range of financial institutions, multinational corporations and technology firms.
Vietnam Ranks 25th among Favorite Destination for Expats: Survey
Vietnam has taken the 25th position globally among the most favorite destinations for expats to live and work, after Singapore, Malaysia, Thailand and Japan and before China and the Philippines, according to a survey commissioned by HSBC Expat and conducted by YouGov.