F&N Offers $4 Billion for State Stake in Vinamilk
Fraser & Neave (F&N), Singapore’s largest beverage firm, has shown interest in acquiring the state holding in Vietnam Dairy Products JSC (Vinamilk) for $4 billion after the government announced a plan to divest from the dairy firm, the Saigon Times newspaper cited sources as saying.
The firm, however, said in an announcement on Tuesday morning that it had not submitted any offer letter to Vinamilk or the State Capital Investment Corporation (SCIC) with regard to any possible offer to purchase SCIC’s stake in Vinamilk.
Minister Warns of Bad Effects of Vietnam Economic Reliance on China
Vietnam’s Minister of Planning and Investment Bui Quang Vinh has pointed out negative as well as positive effects of China’s economic slowdown on Vietnam’s.
Vietnam’s trade deficit with China could widen further in the upcoming years as the country imports large quantities of materials and machinery and spare parts from the northern country. The country will have difficulty to offset its fiscal deficit due to falling revenues from crude oil prices, caused by China’s weaker demand.
Meanwhile, investors may shift direct and indirect investment from China to surrounding countries including Vietnam.
Auchan to Open 1st Supermarket in Northern Vietnam
Auchan Group, a leading retailer in France, has closed a deal with Military Petrochemical Joint Stock Company (MIPEC) to lease floor at the Long Bien Trade Center, part of its plan to open the Simply Mart retail chain in northern Vietnam soon.
Auchan Group earlier announced it would invest $500 million to develop its supermarket chain in the Southeast Asian country.
Qantas Group and Vietnam Airlines have committed to continue investing in low-cost carrier Jetstar Pacific after the Vietnamese carrier has undergone an overhaul over the past three years.
Qantas Group will assist Jetstar Pacific in sales, marketing and international cooperation with other airlines bearing the Jetstar brand, said Alan Joyce, CEO of Qantas Group.
Vietnam Makes 9th Cut to Gasoline Prices This Year
The Ministry of Industries and Trade and Finance have decided to reduce the retail price of 92-octane (92 RON), the most popular grade of gasoline in Vietnam, by 771 dong ($0.03) a liter to 17,232 a liter.
This was the ninth cut to gasoline prices in the year to date, with a combined 6,501 dong a liter, tracking global drops.
Prices of biofuel e5, diesel, kerosene and fuel oil were also revised down.
Bad Debt in Ho Chi Minh City Slashed to 2.48%
Banks operating in Ho Chi Minh City have reduced non-performing loans to 29.2 trillion dong ($1.3 billion), accounting for 2.48% of their total lending, said a deputy director of the State Bank of Vietnam-municipal branch.
The amount excludes bad debts of the three banks that have been taken over by the central bank.
Mekong Delta Provinces Call for $4 Billion Investment
Provinces in the Mekong Delta will call for over $4 billion investment in 62 projects at a promotion event that will take place on November 20.
The event will drive the participation of more than 250 representatives from provinces and institutions from Japan, Singapore, the U.S. and South Korea.
Vietnam CBU Auto Imports Double y/y to $2.3 Billion in Jan-Oct
Vietnam imported 95,000 CBU autos worth $2.31 billion between January and October, rising 82.8% in volume and 100.2% in value year-on-year, according to data of the General Statistics Office.
China topped the list of auto providers for Vietnam in the ten-month period with 20,004 vehicles, rising from 13,805 in 2014 and 4,372 in 2013. South Korea came second with 18,676 autos in the period.
Vietnam G-Bond Sales Jumped to 25 Trillion Dong in October
The Vietnamese government sold a total of 24.95 trillion dong ($1.11 billion) worth of government- and government-guaranteed bonds in October, rising sharply from 2.63 trillion dong in September.
Yields of bonds having maturities of three, five, and ten years went up between three and 24 basis points from September.
Vietnam Shares Rally on Blue-chips, Fuel Price Cut
The benchmark VN Index of the Hochiminh Stock Exchange jumped 1.48% to 611.71 on Tuesday, buoyed by gains of major large-cap stocks such as Vinamilk (VNM), Baoviet Holdings (BVH) and FPT Corp (FPT).
The rise in the index was also supported by a cut in fuel prices announced this afternoon before the markets closed.