UK’s Genesis Steps into Vietnam’s Top Phone Retailer
Six funds run by the UK’s Genesis have bought a combined four-plus million shares of MobileWorld Investment Corporation (MWG) from four foreign-run investors namely Mekong Capital, CDH Electric Bee, Vietnam Growth Stock Income Mother Fund and CAM Vietnam Mother Fund.
The funds spent an estimated 767 billion dong ($34.4 million) to acquire the shares.
Vietnam's Steel Industry Bulks up against China
Vietnam’s two largest steelmakers are readying to make multibillion-dollar capacity investments as the Southeast Asian nation tries to build up a domestic counterweight to its high dependence on Chinese steel, according to the Nikkei Asian Review.
Hoa Sen Group plans to spend $10.6 billion on production facilities in the southern province of Ninh Thuan while top steelmaker Hoa Phat Group seeks to take over Taiwan’s Guang Lian steel project.
Vietnam’s 2016 Cement Sales Goal in Doubt
Industry insiders are concerned the cement industry will find it hard to meet the target of selling 75-77 million tons of cement this year due to market difficulties, the Vietnam News Agency (VNA) reported.
Vietnam Cement Association Chairman Nguyen Quang Cung said it would be hard to meet the target as sales of the product in the domestic market this year rose insignificantly while exports decreased.
Vietnam Plans New Law for Venture Capital Investments
Vietnam plans to implement a new law that will govern the establishment of domestic venture capital funds, and help funnel investments into startups in the country, that has become an emerging markets standout with steady growth, according to the DealStreetAsia.
The draft law on support for small and medium enterprises (SME), which is expected to be passed during the country’s third parliamentary session this year, has a dedicated section for startup companies, which it calls “innovative businesses”.
Vietnam to Take Bigger Share of China’s Re-processing Business
Vietnam is likely to become a global seafood processing center in the future thanks to its competitive labor cost and increasing number of processing plants, said an executive with the Vietnam Association of Seafood Exporters and Producers (Vasep).
Many seafood processors are shifting their factories from Europe and China to Vietnam, and domestic businesses have increased imports of raw materials for processing for export, Truong Dinh Hoe, general secretary of Vasep, was cited by Vietnam Bridge as saying.
Government May Sell Inefficient State Enterprises
State-owned enterprises (SOEs) which record prolonged losses and lose equity capital may be put up for sale or declared bankruptcy according to law.
This is one of several solutions proposed by Prime Minister Nguyen Xuan Phuc to speed up the progress of state-owned enterprise restructuring.
JinkoSolar Seeks to Build Solar Power Plant in Hau Giang
Executives of JinkoSolar Holding Co., Ltd, a global leader in the solar industry, had a working session with Hau Giang authorities on October 24, presenting its plan to build a solar power plant in the Mekong Delta province, according to VNA.
According to James Gia Co, coordinator of the company’s projects in Vietnam, at the cost of $54 million, the JinkoSolar Vietnam – Hau Giang plant will have a designed capacity of approximately 40 MW.
Belarus to Support Hanoi in Developing Public Transport
Visiting Belarusian Deputy Prime Minister Vladimir Semashko has shared his country’s wish to expand links with Hanoi, especially in developing public transport, VNA reported.
During a working session with Vice Chairman of the municipal People’s Committee Nguyen Van Suu on October 24, Semashko suggested Hanoi’s authorities consider cooperation with Belarus in developing metro lines and electricity-powered bus system in the city.
Japanese Firms Increase Investments in Trade
Japanese businesses are stepping up investments in trade and services in southern Vietnam southerners’ purchasing power is on the rise, said Head of the Japan External Trade Organization (JETRO
) in Ho Chi Minh City
Apart from trade and services, the 1,600 Japanese enterprises in Vietnam also invest in food, yarn, machinery and electricity-electronics in the country, according to JETRO.
Moody’s Assigns First-Time Ratings to Vietnam’s Tien Phong Bank
Moody’s Investors Service has for the first time assigned long-term local and foreign currency deposit and issuer ratings of B2 to Hanoi-based Tien Phong Commercial Joint Stock Bank (TP Bank), with stable outlook.
The Vietnamese government earned proceeds of 4.99 trillion dong ($224 million) from divestment in companies in the first nine months of this year, higher than the combined book value of $125.8 million.
U.S. investment bank Morgan Stanley has accepted a fee of $25,000 for leading a deal to provide consultancy on the sale of a 9% stake in Vinamilk, Vietnam’s largest dairy producer, according to the Financial Times.
State Capital Investment Corporation (SCIC), the Vietnamese government’s investment arm, earlier this month announced Morgan Stanley would lead a consortium to counsel it on selling a 9% stake in Vinamilk, formally known as Vietnam Dairy Products JSC.
Mr. MASUDA Chikahiro, senior representative of the JICA
Vietnam Office, shared with BizLIVE his assessment of Vietnam’s business environment as well as JICA’s efforts to aid the Vietnamese government in improving it.