Thai Conglomerate Completes Metro Buyout
Berli Jucker Public Company Limited (BJC), a member of Thai Charoen Corporation Group (TCC Group), has cut a deal to wholly acquire the Metro wholesale supermarket chain, owned by Metro Cash & Carry, in Vietnam for EUR655 million ($879 million).
Starting in Vietnam in 2002, Metro Cash & Carry now has 19 supermarkets and estates across Vietnam.
TCC will retain the brand name and its business lines to tap on the potential of the Vietnamese market, the firm said in a release.
Walmart Seeks Vietnam Suppliers
U.S. hypermarket operator Walmart will meet with some 50 Vietnamese businesses operating in the apparel, footwear, woodwork and foodstuff sectors in Ho Chi Minh City on January 15 to discuss opportunities to buy goods for its system.
Vietnamese firms will learn Walmart’s requisites. Once meeting these requirements, they can be suppliers for any supermarkets in the world, said Herb Cochran, executive director of the American Chamber of Commerce in Vietnam (AmCham) in Ho Chi Minh City.
Vietnam Ranks 2nd in ASEAN by Power Capacity
Vietnam’s electricity capacity rose 1.8-fold from 2010 to reach 38,800MW at the end of 2015, ranking second in ASEAN after Indonesia, the Dau Tu newspaper reported.
Of the amount, Electricity of Vietnam (EVN
) and its subsidiaries now have a combined capacity of 23,580MW, accounting for 60.8% of the total.
Netflix to Enter Vietnam Soon
Netflix, an American worldwide provider of on-demand Internet streaming media, will launch its service to more than 130 new countries in the world, including Vietnam, Co-founder and Chief Executive Reed Hastings said at CES 2016
Vietnam Aviation Market Set to Grow 19% This Year
Vietnam’s air market is forecast to see an increase of 19% to 45 million passengers this year, with competition among carriers being heated, according to the Dau Tu (Investment) newspaper.
The number of domestic passengers is poised to grow 23.4% from 2015 to 26.2 million.
MobiFone Acquires 95% of AVG
MobiFone Telecommunications Corp (MobiFone), among the three largest mobile network operators in Vietnam, has closed a deal to acquire a 95% stake of Audio Visual Global JSC (AVG), which owns An Vien Television, a pay TV provider.
The acquisition is part of MobiFone’s plan to step in the payment television service market in Vietnam.
Troubled OceanBank Recoups 222 Million in Bad Debt
OceanBank, which was taken over by the Vietnamese central bank in 2014 at zero dong, has recovered more than five trillion dong ($222.22 million) worth of non-performing loans, with support of VietinBank.
VietinBank is close to finishing procedures to merge PGBank into it soon.
The benchmark VN Index of the Hochiminh Stock Exchange dropped 1.6% to 565.36 on Thursday after the circuit breakers in the Chinese stock markets were activated again in the morning.
Electricity of Vietnam (EVN), the sole electricity distributor in the country, raked in an additional income of 1.8 trillion dong ($80 million) from raising the average selling price of electricity in 2015, resulting in a total turnover of 233.71 trillion dong ($10.38 billion) in the year.
The faith of a $22-billion oil refinery project in Vietnam’s central province of Binh Dinh is now uncertain as its investors, Thailand’s PTT Plc and Saudi Arabia’s Aramco, are mulling over the profitability as global crude oil prices are nosediving.
The foreign investors have promised to inform local authorities in the coming June of the scale and the pace of the project, Nguyen Ngoc Toan, deputy head of the province’s Nhon Hoi Economic Zone, told the Ministry of Planning and Investment-run Dau Tu (Investment) newspaper.