Deputy PM hosts Sumitomo Mitsui Bank’s senior official

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Deputy Prime Minister Vuong Dinh Hue received in Hanoi on March 5 Shosuke Mori, head of the Sumitomo Mitsui Banking Corporation (SMBC)’s Asia Pacific Division, describing the bank as an effective credit channel and a gateway for foreign investors, including those from Japan, to enter Vietnam.

The SMBC, one of the largest and oldest banks in Japan, is pursuing the new “Asia-centric” strategy which seeks to strengthen its business in Asia and Vietnam is an important part of the strategy, Mori told the Deputy PM.

As the Government of Vietnam has been restructuring the local banking system, the SMBC wants to take part in that process by sustainably developing Eximbank and supporting other local banks’ reforms in the coming time, he said.

As a global bank, the SMBC expects its clients worldwide will invest in Vietnam and the bank hopes to contribute to the development of Vietnam’s banking industry with its new banking management system, he added.

Deputy PM Hue welcomed the presence of SMBC in Vietnam and the role it is playing to restructure Eximbank.

He noted that a new scheme for restructuring credit institutions was adopted to improve capacity of commercial banks and accelerate the resolution of non-performing loans.

Though the restructuring process has harvested some positive outcomes but many challenges are waiting ahead, Hue said.

The government is committed to continue improving local business climate and providing favourable conditions for both domestic and foreign investors, he stated, adding that it will do it best to support SMBC in Vietnam.

The SMBC has made present in Vietnam since 1994 with two branches in Hanoi and Ho Chi Minh City. Last year, both of its branches posted no non-performing loans and a total of 291.6 billion VND (over 12.8 million USD) in net profit.

It is also Eximbank’s strategic investor who currently holds 15 percent of the Vietnam-based bank’s charter capital.

 

 

Source: VNA

Hanoi to become a smart city by 2030

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Hanoi set the target to turn into a smart city by 2030 in accordance to the capital’s revised information and technology strategy in the 2016-2020 period.

Foundations established

Phan Lan Tu, director general of the Hanoi Department of Information and Communications, said that the four priority sectors chosen to build the smart city are health, education, transport, and tourism. Since 2017, all four of these sectors have been developed in combination with the development of e-government and administrative reforms to lay the foundations of a smart city.

Regarding urban transportation, Hanoi has applied iparking to search for parking lots and pay for parking through mobile devices. This application will soon be deployed in all districts of Hanoi. Hanoi’s digital traffic map will be deployed to provide information on traffic status and manage public passenger transport in the city.

Regarding education, electronic school reports and family-to-school contacts as well as an online enrollment system has been put in use by 2,700 schools and universities, with the participation of 250,000 families and 6.3 million page views. The rate of online applications at the three levels of primary, secondary, and high school hit 70.68 per cent.

Regarding health management, Hanoi is the first locality to implement e-documents in its health management system, with 900,000 records so far.

Besides, a database of 7.5 million people has been built to set up an application to serve people, enterprises, and city management.

Nguyen Duc Chung, Chairman of the Hanoi People’s Committee confirmed that becoming a smart city is the essential orientation of Hanoi.

Core elements of a smart city

Based on smart cities established over the world, experts have concluded the core tasks Hanoi needs to complete. First, the city needs to be built on modern information technology and communication (ICT) infrastructure utilising the Internet of Things. People will be connected to their houses, as well as equipment, traffic, and vehicles, among others. Thereby, it is necessary to set up modern infrastructure in transport, healthcare, and education.

Second, citizens the city boasts very low levels of unemployment and relatively high incomes. This is the most important element in building a smart city.

Third, they need dedicated expert teams to manage and operate the technical system of the new smart city.

As a result, the process of building Hanoi as a smart city will include three phases. The first phase (2016-2020) will form the infrastructural foundations and build smart applications on traffic, tourism, environmental management, and security.

The second phase (2020-2025), people will be the stage to take smart city solutions into operation, and form the digital economy. In the third phase (2025-2030), Hanoi will become a functioning smart city.

Challenges along the way

Hanoi is in a good position as it is easy to mobilise investment from domestic corporations such as Viettel, VNPT, FPT, and CMC, and foreign ones like Microsoft.

Various countries with experience in smart city development expressed a wish to co-operate with Hanoi in this sector.

At a meeting with leaders of Hanoi, Prime Minister Lee Hsien Loong said that Singapore wants to invest and develop hi-tech parks and software industrial zones in Hanoi, strengthening co-operation in smart city development. Singapore is ready to welcome officers from Hanoi in particular and Vietnam in general to participate in training courses in Singapore, especially at Lee Kuan Yew School of Public Policy.

Nearly 80 per cent of professors and associate professors, over 80 per cent of leading experts, and more than 35 per cent of universities and research institutes are working and located in Hanoi.

However, Hanoi still has to face many difficulties and challenges to become a smart city, such as ICT infrastructure, general technical infrastructure, traffic jams, water shortages, waterlogging, wastewater treatment, and environmental pollution.

Besides, Hoang Trung Hai, Secretary of the Hanoi Party Committee, said that it is very difficult to ensure enough qualified human resources for smart city development and operating the e-government. Technology, which is an important foundation of a smart city, will connect the government to businesses and people, but human resources are key.

Despite the difficulties and challenges ahead, Hanoi has prepared well for smart city development. The Hanoi People’s Council has just approved the resolution adjusting the city’s programme on applying information technology in the operations of Hanoi’s state agencies until 2020. The programme’s budget has been adjusted from VND1.252 trillion ($55.2 million) to VND3 trillion ($132 million) to develop e-government and socioeconomic sectors.

Hai also required to synchronously develop urban and rural infrastructure, promote administrative reforms, as well as improve the investment climate and quality of human resources.

Source: VIR

Vinacafe seeks restructuring plan

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After a long period of hesitation, the Vietnam National Coffee Corporation (Vinacafe) is being pushed towards equitisation once more by the Ministry of Agricultural and Rural Development (MARD).

During a meeting on Monday at Vinacafe’s headquarter, Deputy Minister Ha Cong Tuan said he was not completely confident about the company’s latest restructuring plan.

According to Vinacafe, the company has formulated and submitted to the MARD a reorganisation and modernisation scheme for the period 2017-2020, while waiting for the Prime Minister’s consideration and approval.

It proposes equitisation at the parent company (Vinacafe), including seven agricultural companies and three other auxiliary units, plus the equitisation of 18 other subsidiaries, dissolution of four and the possible splitting-up of one.

The said plan will be Vinacafe’s third approved scheme since 2012. But Tuan was doubtful it would sit well with the Government this time.
He also expressed the Government’s firm decision on getting Vinacafe listed on the stock exchange, regardless of any difficulties that may arise.

In 2017, the corporation managed to equitise five subsidiaries. Nonetheless, there remain unresolved issues for each one, ranging from unapproved land usage to financial troubles, significantly prolonging the evaluation period and delaying the ultimate listing deadline.

Deputy Minister Tuan said Vinacafe has made very slow progress in implementing the plan’s content, compared to other State-owned enterprises.

He questioned the reason why two previous installments of Vinacafe’s restructuring plan failed, whether for reasons of feasibility or capability, while asking the company to better define its production and business orientation.

The MARD has requested Vinacafe lessen their dependence on the existing 16,500 hectares of coffee plantation, and develop a vertically integrated chain of purchasing, processing, and export. But it seems like they have failed to grasp a larger market share.

Vinacafe set a 2018 revenue target of over VND3.8 trillion (US$169 million), with a revenue goal of VND96 billion ($4.27 million).

At the end of 2017, the corporation reported revenue of VND3.7 trillion ($164.8 million). However, net profit came to just over VND77 billion ($3.4 million), just 73 per cent of the yearly goal.

The reason for the decrease in profit is a significant drop in coffee prices during the first quarter of 2017, coupled with reduction in farming area, leading to decreased productivity and general profit.

Vinacafe has made promises to focus on intensive investment, increasing productivity, lowering prices while stabilising output, in the hope of increasing quantity, export turnover and achieving a better growth and efficiency targets than 2017’s.

According to figures released by the General Statistics Office, coffee exports in the first two months of 2018 are estimated at 336,000 tonnes, up by 17.6 per cent year-on-year.

The export value of coffee reached $652 million in the first two months of 2018, a slight increase of 0.8 per cent over the same period in 2017.

Source: VNS

Banks report huge profits, bank shares’ golden days return

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Investors, impressed by banks’ high profits, have been rushing to buy bank shares, pushing prices up.

In 2017 Vietnam commercial banks reported huge profits of trillions of dong. As expected, with advantage in huge assets, three state-owned banks were the most profitable banks in 2017.

Of these, Vietcombank was the most profitable with pre-tax profit of VND11.3 trillion, an increase of 32 percent compared with the same period in 2016.

The second position belonged to VietinBank which reported profit of VND9.206 trillion, an increase of 8.9 percent.

With profit of VND8.8 trillion, which means a 14 percent increase, BIDV is in the third position in the entire banking system.

Sacombank made the biggest leap in 2017 with profit increasing by 9.5 times to VND1.488 trillion.

As banks all have reported big profits, the bank share price increase was expected. The average price of the shares of 13 banks being traded at the Hanoi & HCMC Stock Exchanges and UpCom (not including Bac A Bank which put its shares into transactions on December 28, 2017) has increased by 60 percent.

Even NVB, the shares of National Citizen Bank, which were traded at prices below nominal value for many years, also saw strong rise with prices hitting ceiling levels at many trading sessions.

NVB price exceeded the VND10,000 threshold in mid-June. The price of the share later went down for some time in 2017, but it still increased sharply by 58 percent by the end of 2017.

Similarly, SHB of the Saigon – Hanoi Bank also sees steady rise. It had a bad beginning in 2017 when its price stayed at VND4,000 per share. However, the price had soared to VND9,300 per share by the end of 2017, or 97 percent within a year.

Other banks, Military Bank and Asia Commercial Bank, also saw impressive share price increases of 84 percent and 71 percent, respectively.

Can Van Luc, a renowned banking expert, commented that investors have realized the great growth potential of the banking sector and are trying to pour money into bank shares.

“The stock market is growing well, the restructuring of banks and bad debt settlement accelerated after the release of new resolutions,” he explained.

Le Xuan Nghia, an economist, also thinks the banking system now has opportunities for recovering.

In 2016, the ROE of the whole banking system was at around 7 percent, while the figure rose to 11 percent in 2017. At some banks, the ROE is 20 percent.

Source: VietNamNet

HCM City real estate: eastern, western parts of city are ‘hot spots’

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The eastern part of the city will still be hot in 2018, while infrastructure works in the western part will attract house and apartment buyers, analysts say.

Jones Lang Lasalle (JLL), which successfully arranged a deal between Hong Kong Land and CII, says that 2017 was an eventful year with many M&A deals in HCMC, especially projects in Thu Thiem new urban area.

In December 2017, Hong Kong Land and CII signed a contract on developing Thu Thiem River Park in 2018 after a period of negotiations.

Meanwhile, Phuc Khang Corp has announced it will develop a housing project in the Thu Thiem urban area, also in 2018. Keppel Land Vietnam is considering developing a housing project in Rach Chiec, next to Palm City. Dat Xanh Group, a Vietnamese developer, puts high hopes on the Gem Riverside project located in southern Rach Chiec.

Dat Xanh’s marketing director Vu Quoc Viet Nam said the project, with 12 blocks of B-class apartments and 3,000 products, will be a key project of the company. The sale will begin in the fourth quarter of 2018 after legal procedures are completed.

Assessing the HCMC apartment market in 2018, Nguyen Hoang, R&D director of DKRA Vietnam, said the projects in the eastern part of the city are driving the market partially because B-class apartments account for a large proportion (B- and C-class apartments always sell well). Good infrastructure conditions are another reason.

It is expected that many transport projects will connect with the central area of the city, helping to ease traffic jams. These include the HCMC-Long Thanh-Dau Giay highway, Thu Thiem 2 Bridge, a bridge that links Mai Chi Tho Boulevard and Kim Cuong Island and Nguyen Thi Dinh Road.

When asked which areas in HCMC would be ‘hot spots’ in the housing market in 2018, Trang Bui from JLL said that good infrastructure conditions would turn the eastern part of the city, with projects in districts 2 and 9, into attractive destinations.

The eastern part of the city has been driving the local market for several years. However, analysts say the projects in the western part will be surprisingly active this year.

Nguyen Hoang from DKRA Vietnam said in late 2017 the firm had to conduct a survey twice because some areas in the western part ‘suddenly’ showed supply and demand exceeding that in districts 2 and 9.

In 2016, the eastern part of the city led the market in terms of apartment supply with 35 percent of market share, while the western part was 22 percent. But in 2017, the figures were 43 percent and 24 percent, respectively.

Source: VietNamNet

Foreign car makers try to navigate new law in Vietnam after two-month hiatus

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Over 2,000 Honda cars will be the first batch of foreign-made autos to undergo the new checks this week.

Foreign car makers are looking at ways to obtain the documetation required by a new law in Vietnam to reopen automotive exports to the country.

Two months after Vietnam put in place a rule requiring stringent inspections of imported vehicles, around 2,000 Honda Motor passenger cars are slated to arrive in Vietnam from Thailand early this week, likely the first batch of foreign-made autos to undergo the new checks, according to Nikkei Asian Review.

Honda has obtained quality certification from Thai authorities, and the Vietnamese government has apparently accepted the documents.

The Indonesian government is also planning to change the vehicle type approval (VTA) certificates it issues in an effort to reopen automotive exports to Vietnam.

“With the VTA adjustment, Indonesian automotive exports are expected to return to the country,” the Jakarta Post quoted Indonesian Trade Ministry international trade director general, Oke Nuwan, as saying.

“The government will convey the change in the VTA certificate to the Vietnamese government to get an immediate response. Hopefully, there will soon be automotive exports to Vietnam,” said Oke.

A new decree issued by Vietnam designed to protect its own developing automotive industry forced Indonesia to stop exports of completely built-up (CBU) vehicles to the country this month, according to the Jakarta Post.

The decree stipulates that traders are only permitted to import automobiles if they can provide valid vehicle registration certificates issued by authorities from the countries of origin.

Original quality control certificates for each vehicle and letters of authorization regarding recalls of defective vehicles from the manufacturers are also required, along with copies of quality assurance certificates provided by the countries of origin.

Toru Kinoshita, chairman of the Vietnam Automobile Manufacturers Association (VAMA) and CEO of Toyota Vietnam, said the decree does not comply with international rules, putting the brakes on car imports in Vietnam.

The Ministry of Industry and Trade claims the regulation will protect consumers and create fair competition between local auto assemblers and CBU importers.

Vietnam imported just 30 cars with less than 9 seats in the first two months of 2018, falling from 5,430 units during the same period last year.

In total, the country imported 536 completely built units (CBUs) between January and February, according to the General Department of Vietnam Customs.

Vietnam looking to drive SOE stake sales forward in 2018

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The assets the government plans to sell will include leading companies in energy, power and petroleum.

Vietnam’s push to privatize state-owned enterprises (SOEs) is expected to move up a gear this year.

The government plans to sell 6.5 times more shares than it offered last year, Deputy Prime Minister Vuong Dinh Hue said in an interview with Bloomberg Television. The state raised VND135.6 trillion ($6 billion) from stake sales in 2017.

“We need more foreign investment but also want to lure good investors who can help our companies improve corporate governance,” Hue said. The assets the government plans to sell “will include leading companies in energy, power and petroleum,” he said.

The government has slated 181 state-owned companies to divest from and 64 more for broader share sales through initial public offerings (IPOs) in 2018. Altogether, the government has said it wants to sell stakes in at least 533 companies by 2020 through direct sales or IPOs.

This figure does not include dozens of companies that were on the 2017 list but were not put on the market last year. According to the latest publicly available government figures, Vietnam only managed 26 divestments in the first eight months of 2017 from a list of 135 companies. The target of 44 IPOs for last year was also missed, with only 38 IPOs completed by year-end, a government committee said.

Between mid-January and mid-February, IPOs of major SOEs, including refinery operator Binh Son, oil distributor PV Oil, power producer PV Power, rubber firm Vietnam Rubber Group (VRG), and power producer Genco 3, raised a total of around $800 million for the government.

To accelerate the privatization push, Vietnam issued a new regulation that took effect on January 1 to introduce a book building process, ease restrictions on strategic partnerships and tighten valuation procedures to minimize wrongdoings.

Book building allows companies to identify a range of prices and estimated demand from interested investors to give them a better indication of what IPO price to offer.

State-owned enterprises have so far mostly adopted the public auction method, which together with other restrictions has reduced appetite in even some of the more attractive state assets including dairy firm Vinamilk, Vietnam’s biggest firm by market value, according to Reuters.

The government has also eased restrictions on strategic partners, requiring them to be profitable for two years prior to acquisition, rather than three years, and reduced the lock-in period to three years from five years previously.

Vietnam has also set up a committee to oversee around VND5,000 trillion ($220 billion) worth of government assets in companies managed by different ministries, where vested interests have often played a major role in delaying privatization plans.

Major hurdles

However, despite these initiatives, the fundamental mismatch between the government’s rhetoric on market-based valuations and its fixation on raising as much revenue as possible will not significantly reduce the problem of dubious valuations over the medium term. Executives at SOEs would rather risk overvaluing their firms and blame the market if sales disappoint than be held responsible for losing state assets by undervaluing them, according to the Economist Intelligence Unit, the research and analysis division of The Economist Group.

Analysts have also pointed out some factors keeping investors away, which include the small volume of shares offered, a lack of detailed information disclosure, weak business performance and poor corporate governance.

“There are some risks and challenges remaining in the Vietnamese economy but the biggest challenge will be that we want to grow faster but also in a sustainable manner at a time when there are unpredictable movements in the world economies,” Hue said.

The economy, which posted a total trade value last year that was 1.93 times bigger than its GDP, is susceptible to global turbulence that can “quickly have a direct impact on Vietnam in terms of trade, investment, currency,” he added.

The benchmark VN-Index closed at 1,120 on February 28, up a staggering 14 percent from the beginning of the year, which was the biggest gain worldwide and nearly three times more than the Nasdaq.

The index currently stands at 70 percent higher than in January 2017, making the Vietnamese stock market one of the world’s best performing and most attractive.

Source: VnExpress

Vietnam utility places solar plant order with Japan’s JGC

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A Vietnamese electricity utility company has entered a deal for Japanese plant engineering company JGC to design and build a 50-megawatt solar power generation plant, JGC’s first to build such a plant overseas.

The order from Gia Lai Electricity is estimated at over 5 billion yen ($47.4 million), with the facility to be set up in Krong Pa district in southern Gia Lai Province by November.

It was Vietnam’s second deal to design and build a large solar plant since the government introduced a feed-in tariff program in March 2017. Competitors for the deal included Chinese and German companies.

Vietnam currently relies mainly on coal and hydroelectric power generation. The government aims to increase the proportion of renewable energy, raising total solar power generation to 12,000MW by 2030 — the equivalent of about 12 nuclear reactors — from nearly zero now.

JGC is known as a leading global builder of liquefied natural gas plants. But as crude oil prices began slumping in 2014, demand for new LNG facilities has shrunk. The company now seeks to use its know-how in design, procurement and construction of solar power plants built up in its home market to meet growing demand for solar energy in Southeast Asia.

It set up a unit responsible for infrastructure deals overseas last year, and aims to win about four solar plant orders a year on average, worth an annual total of about 20 billion yen, from countries such as the Philippines, Malaysia, Indonesia and others in the region.

Source: Nikkei

US aircraft carrier arrives in Vietnam on landmark visit

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A U.S. aircraft carrier arrived in Vietnam on Monday for the first time since the end of the Vietnam War, dramatically underscoring the growing strategic ties between the former foes at a time when China’s regional influence is rising.

The grey and imposing silhouette of the USS Carl Vinson could be seen on Monday morning from the cliff tops just outside the central Vietnamese city of Danang, where the 103,000-tonne carrier and two other U.S. ships begin a five-day visit.

“The visit marks an enormously significant milestone in our bilateral relations and demonstrates U.S. support for a strong, prosperous, and independent Vietnam,” Daniel Kritenbrink, the U.S. ambassador to Vietnam, said in a statement.

“Through hard work, mutual respect, and by continuing to address the past while we work towards a better future, we have gone from former enemies to close partners.”

The arrival of the Vinson marks the biggest U.S. military presence in Vietnam since 1975 – but it also illustrates Hanoi’s complex and evolving relationship with Beijing over the disputed South China Sea.

Vietnamese envoys had been working for months to ease the concerns of their giant Chinese neighbour over the visit and the prospect of broader security cooperation between Hanoi and Washington, according to diplomats and others familiar with the talks.

U.S. carriers frequently ply the South China Sea in a rising pattern of naval deployments, and are now routinely shadowed by Chinese naval vessels, naval officers in the region say.

China’s rapid construction and build-up of the land it holds in the disputed Spratly islands group has alarmed Vietnam and other regional governments as it seeks to enforce its claims to much of the disputed waterway, through which some $3 trillion in trade passes each year.

While some Chinese commentators have used the Vinson’s presence to demand an even greater Chinese military build-up in the South China Sea, official reaction from Beijing has been relatively muted since the stop was announced in January.

That announcement came during a two-day visit to Hanoi by U.S. Defense Secretary James Mattis and followed months of backroom military diplomacy between Hanoi and the Pentagon.

Although no U.S. aircraft carrier has been to Vietnam since the end of the war, other, smaller U.S. warships have made high-level visits as ties improved in recent years.

That includes a 2016 visit by submarine tender USS Frank Cable and guided-missile destroyer USS John S. McCain to Cam Ranh Bay, a crucial logistics complex during the Vietnam War.

A U.S. Navy band will play a concert in Danang during the Vinson’s visit, and sailors from the carrier are scheduled to spend time at a treatment centre for people who were exposed to Agent Orange chemicals during the war.

Source: Reuters

Deputy PM hosts Eximbank’s strategic investor

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Deputy Prime Minister Vuong Dinh Hue received in Hanoi on March 5 Shosuke Mori, head of the Sumitomo Mitsui Banking Corporation (SMBC)’s Asia Pacific Division, describing the bank as an effective credit channel and a gateway for foreign investors, including those from Japan, to enter Vietnam.

The SMBC, one of the largest and oldest banks in Japan, is pursuing the new “Asia-centric” strategy which seeks to strengthen its business in Asia and Vietnam is an important part of the strategy, Mori told the Deputy PM.

As the Government of Vietnam has been restructuring the local banking system, the SMBC wants to take part in that process by sustainably developing Eximbank and supporting other local banks’ reforms in the coming time, he said.

As a global bank, the SMBC expects its clients worldwide will invest in Vietnam and the bank hopes to contribute to the development of Vietnam’s banking industry with its new banking management system, he added.

Deputy PM Hue welcomed the presence of SMBC in Vietnam and the role it is playing to restructure Eximbank.

He noted that a new scheme for restructuring credit institutions was adopted to improve capacity of commercial banks and accelerate the resolution of non-performing loans.

Though the restructuring process has harvested some positive outcomes but many challenges are waiting ahead, Hue said.

The government is committed to continue improving local business climate and providing favourable conditions for both domestic and foreign investors, he stated, adding that it will do it best to support SMBC in Vietnam.

The SMBC has made present in Vietnam since 1994 with two branches in Hanoi and Ho Chi Minh City. Last year, both of its branches posted no non-performing loans and a total of 291.6 billion VND (over 12.8 million USD) in net profit.

It is also Eximbank’s strategic investor who currently holds 15 percent of the Vietnam-based bank’s charter capital.

Source: -VNA

VN Index remains positive

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Viet Nam’s benchmark VN Index advanced on Monday morning, boosted by the top 10 largest-cap stocks.

The VN Index edged 0.37 per cent to close at 1,125.37 points. It had gained nearly 0.5 per cent on Friday.

More than 144.5 million shares, worth VND5 trillion (US$225 million), were traded on the southern bourse.

The market breadth was positive with 151 gaining shares, 121 declining ones and 42 stocks ending flat.

Blue-chip stocks were in the positive territory as eight of the 10 largest-cap stocks by market capitalisation rose.

The gainers included budget carrier Vietjet Air (VJC), property developer Vingroup (VIC), PetroVietnam Gas Corp (GAS) and retailer Vincom Retail (VRE).

Among other stocks, Binh Minh Plastic JSC (BMP) added 0.7 per cent after the Thai plastic company, Nawaplastic Industries Co Ltd, wanted to buy all 24 million shares that the Vietnamese firm would sell on March 9.

The minor HNX Index on Ha Noi Stock Exchange was down 0.28 per cent to end at 127.89 points, reversing from Friday’s growth of 0.9 per cent.

More than 32.4 million shares, worth VND603.6 billion, were traded on the northern bourse.

The UPCOM Index on the Unlisted Public Company Market gained nearly one per cent to stand at 60.77 points.

The unlisted market index had increased by 0.6 per cent on Friday.

The afternoon trading session starts at 1pm.

 

 

Source: VNA

A year of triumph for CapitaLand Vietnam

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Although the Singapore-listed developer’s official business results for 2017 are not yet out, last year was a great success for CapitaLand Vietnam.

In mid-2017, CapitaLand scooped up the Best Developer in Vietnam Award granted by the prestigious Property Guru Vietnam Property Awards.

As of now, Vietnam is the company’s third largest market in Southeast Asia, just behind Singapore and Malaysia. During its 23-year development journey in Vietnam, the company has taken solid steps towards sustainable development.

Accordingly, unlike many other developers that might launch projects extensively, the company has followed a sound development plan under which a new project will go in the development pipeline when other projects near completion to ensure financial and human resources readiness.

At the times when the Vietnamese real estate market fell in the doldrums and many developers dropped out of the game, the company remained solid and committed to long-term development in the country.

Besides, despite being one of Asia’s largest developers, CapitaLand did not launch extensive marketing campaigns for its projects, but has built up a reputation through ensuring excellent quality and progress at its projects.

Through strictly pursuing this business approach, CapitaLand Vietnam has gradually built up its reputation through roll-outs of diverse projects in the top-end segment in the past years, such as Mulberry Lane, Seasons Avenue, The Vista, Vista Verde, Feliz en Vista, and more.

The company finalised the construction of its Vista Verde project and completed hand-over to customers prior to the schedule.

“Earlier, I bought an apartment at The Vista. Due to the excellent quality and services, I have decided to buy another unit at the company’s Vista Verde project for both living and leasing purposes. CapitaLand Vietnam always keeps its promises and provides excellent services,” said Nguyen Anh Ngoc, a Vista Verde resident.

Ngoc also said she had chosen CapitaLand’s projects because the developer provides diversified payment packages depending on customers’ financial capability and always made good on its promises, particularly regarding the amenities in the projects’ design.

Similarly, Leung Kai Sun Sunny, a Hong Kong (China) resident at Vista Verde, said, “I am an investor and I have bought units at CapitaLand Vietnam’s projects as an investment. CapitaLand is a trusted developer, therefore, after Vietnam has loosened regulations allowing foreigners to buy and possess houses in Vietnam, I bought these units without hesitation for future investment. I bought two units at Vista Verde and another two at Feliz en Vista.”

“The price of apartments at quality projects like Vista Verde might be many times more expensive in Hong Kong, mainland China or Singapore than in Vietnam,” he added.

In parallel to supplying the Vietnamese market with quality real estate projects, CapitaLand has paid due heeds to philanthropic activities, particularly children’s education.

Since 2011, CapitaLand has built two Hope Schools and upgraded the facilities of other existing schools to provide students with a comfortable learning environment.

Beyond donations, the company gives time and attention to the children through regular visits by local staff and volunteer expeditions involving overseas staff.

“Through these efforts, we hope to empower children to fulfill their potential and create a better future. We remain committed to do our part for the community as we continue to grow CapitaLand’s business in Vietnam,” said a company representative.

In addition to CapitaLand Thanh Phuoc A Primary Hope School in the southern province of Long An and CapitaLand Nang Yen Primary Hope School in the northern province of Phu Tho, CapitaLand Hope Foundation is building its third Hope School in Vietnam, a kindergarten located in the northern province of Hung Yen that will benefit 500 children aged one to five years old. This third Hope School is slated for completion in March 2018.

 

 

Source: VIR

​Da Nang steel firms apologize to locals for causing pollution

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Representatives of two steel plants in the central Vietnamese city of Da Nang have extended their apologies to local residents for causing environmental pollution that heavily affected their livelihoods.

The public apology was made following a meeting in Van Duong 2 Village, Hoa Lien Commune, Hoa Vang District on Sunday morning.

The gathering focused on making the final decision regarding the operations of the Dana-Y and Dana-Uc Steel Factories.

According to the conclusion of the Da Nang administration, the two plants are required to cease their main activities, which have been the primary cause of environmental pollution in the neighborhood.

The Dana-Y steel factory in Hoa Lien Commune, Hoa Vang District. Photo: Tuoi Tre

The municipal Department of Natural Resources and Environment and the People’s Committee in Hoa Vang District are tasked with making sure the firms comply with the decision.

The two businesses are allowed to maintain other operations.

Following the decision, representatives of the two steel plants took part in a conversation with local residents, during which they apologized for letting the production affect the local environment.

The firms asked the residents to give them time to relocate the factories and build new facilities, explaining that the immediate shutdown of the steel plants would affect more than 1,000 workers.

The Dana-Uc steel factory. Photo: Tuoi Tre

Pham Mai, who resides in Van Duong 2 Village, stated that local people have yet to reach an answer regarding the companies’ request.

They are willing to help the businesses as long as the firms do the same thing in return, Mai continued, adding that all activities at the factories should be closely monitored from now on.

Mai Son Tho, an official in Van Duong 2, requested the Da Nang administration to provide local residents with new agricultural land because parts of their previous properties had been contaminated by the steel making operations.

 

 

Source: Tuoi Tre

​Vietnam’s Vingroup to tap higher education with private university

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Vietnam’s realty developer Vingroup has unveiled its plan to invest in higher education by establishing VinUni, with the goal of becoming a leading institution in business, technology and health sciences.

Vingroup, which has interests in real estate, retail, hotels, e-commerce, healthcare, education, agriculture and car manufacturing among others, said in a statement on Sunday it had officially decided to invest in its higher education brand VinUni.

“The mission of VinUni is to train elite human resources who are equipped with the knowledge, skills, life experience and aspirations needed to contribute to the prosperity of our society and have a positive impact on the world’s knowledge,” said Le Mai Lan, vice chairwoman of Vingroup.

According to Lan, VinUni already has detailed plans in place for strategic cooperation with the world’s leading universities, including Ivy League institutions such as Cornell University or the University of Pennsylvania.

Vingroup’s university will be developed to meet evaluation criteria of credible university rankings such as Quacquarelli Symonds or Times Higher Education.

“VinUni will be focused on the three disciplines of business, technology and health sciences,” Lan said, adding that the first university of Vingroup will be headquartered in Hanoi.

Construction of the university is expected to break ground in 2018, with admissions beginning as early as in 2020, the vice chairwoman said.

Vingroup is Vietnam’s fifth-biggest company by market value.

The conglomerate already has investments in the education sector through its VinSchool network, which consists of schools offering education from elementary to senior high in Vietnam.

Source: Tuoi Tre News

Take a peek at what Saigon’s iconic Ben Thanh Market looked like 90 years ago

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There weren’t any motorbikes buzzing around Saigon’s most famous market in the 1920s.

Ben Thanh Market was a rendezvous for street vendors by the Saigon River in the early 17th century before French colonial powers took over in 1859 and erected a solid structure with a thatched roof.

Ben Thanh (pier and citadel) was given its name due to its proximity to the Saigon River and the old citadel that was destroyed by the French.

The market was rebuilt in the early 20th century and a grand opening ceremony was held on March 28, 1914, gathering 100,000 people over three days.

The cycle was the most common means of transport in Saigon back then, when the motorbike was still a complete stranger.

The two roads along the market were used as depots until 1940 to transfer passengers between Saigon and other cities and provinces in the south.

Ben Thanh Market had four main entrances. The eastern and western doors were seperated by 96 meters, while the southern and the northern doors were 136 meters apart.

Vendors inside the market.

And outside the front.

A street vendor behind the market.

Until today, Ben Thanh Market remains one of the most visited places in Saigon.

Source: Vnexpress

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