HCM City, Busan sign trade agreement

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VietNam News English - 36 month(s) ago 4 readings

A co-operation agreement on the exchange of information, the development of technology and increasing investment and trade was signed on Tuesday by the Sasang Trade Development Committee based in Busan City in South Korea and the Investment and Trade Promotion Centre in HCM City.

Viet Nam-South Korea bilateral trade turnover was worth US$10.2 billion. The two sides are hoping to boost trade to $16 billion by the end of this year and $20 billion by 2015.

Gold deposit interest rates increase

HA NOI — Several commercial banks have raised their gold deposit rate.

At Sacombank, the deposit interest rate for gold certificates of one to nine months increased to 1.8 per cent – 2.5 per cent per year – from September 30. Meanwhile, gold certificates of three, six and nine months at Tin Nghia Bank reached 2.2 per cent per year.

At Eximbank, the rates for gold savings with terms of one to twelve months rose to 1.5 per cent per year from October 3.

Certificate of origin procedures streamlined

HA NOI — The Viet Nam Chamber of Commerce and Industry (VCCI) said the process of granting certificate of origins (C/Os) would be streamlined. The VCCI will also inspect exporters which have already been granted C/Os.

Vinashin builds 20 ships for Vinalines

HA NOI — A contract to build 20 ships for Vinalines was signed on Tuesday between the Viet Nam Shipbuilding Industry Group (Vinashin) and Viet Nam National Shipping Lines (Vinalines).

Under the deal, 20 ships with capacities of between 6,500-56,200 tonnes will be built by five Vinashin member companies.Vinashin expects to hand over 60 ships to its partners by the end of this year.

Vietnamese exports to Asia and Africa rise

HA NOI — The Ministry of Industry and Trade (MoIT) said Vietnamese exports had increased over the last nine months, particularly to Asia and Africa.

Exports to Africa increased 2.6-fold, while those to Asia have increased 42 per cent. The MoIT said exports to Africa had been boosted by gold trade with South Africa, which had risen four-fold. Meanwhile, exports to Europe, North America and Oceania rose 24 per cent, 21 per cent and 11.8 per cent, respectively.

Phu My 3 power plant stops for maintenance

HA NOI — State-run Electricity of Viet Nam (EVN) announced a plan to suspend the supply of gas from its Phu My 3 power plant for maintenance from October 8-22.

To run the national electric grid normally, EVN will take full advantage of coal thermo-electric sources, gas turbines and electricity purchased from China.

Vinpearl to merge with Vingroup

HA NOI — Vinpearl Joint Stock Company will be officially merged into Vincom Joint Stock Co in Viet Nam's largest merger and acquisition deal to date, according to the Vingroup.

Vice chairman and chairman of the Vingroup Management Board Le Khac Hiep said the merger aimed to create stronger management, mobilise human resources and integrate business strategies.

The merged businesses will operate under the name Viet Nam Investment Group or Vingroup.

Following the deal, Vinpearl shares, listed as VPL, will begin trading under Vincom shares, code VIC.

VIC and VPL currently rank 4th and 5th on the HCM City Stock Exchange in terms of capitalisation with VND40 trillion (US$1.9 billion) and VND17.5 trillion ($841.3 million), respectively.

SCIC won't unload insurer's shares

HA NOI — The State Capital Investment Corporation (SCIC) will not sell its stake in insurance giant Bao Viet Holdings (BVH), SCIC announced. SCIC currently owns 4 per cent of BVH.

"SCIC's highest criterion is investment efficiency, and we have no plans yet to sell such a profitable share as Bao Viet," said an SCIC representative, adding that any such move would also require approval by the Prime Minister.

Agribank Securities nears profit targets

HCM CITY — Agribank Securities Co (AGR) estimated a profit of VND90 billion (US$4.3 million) in the first nine months of the year, representing 70 per cent of its target of VND130 billion ($6.2 million) for the entire year.

AGR has also decided to issue VND3 trillion ($144.2 million) worth of corporate bonds with a five-year term and a fixed yield in the first year, with floating rates for the remaining years. The issue timetable will be released after the company receives the green light from the Ministry of Finance.

MSN's shareholders to sell

HCM CITY — The fund Private Equity New Markets II (PENM II) registered to sell an additional 1 million shares of food producer Masan Group (MSN) during last week. Last month, the fund also sold 4 million MSN shares at a price of VND151,000 (US$7.25) per share, for a gain of over VND400 billion ($19.2 million). It currently holds 50 million MSN shares.

Masan Group vice predident Ho Hung Anh also registered to sell 2 million shares out of his holdings of over 21 million MSN shares during October.

MSN closed yesterday's trades down 1.7 per cent, at VND115,000 ($5.55) per share. — VNS

In October, EVN will hold a ground-breaking ceremony for the Mong Duong 1 thermal power plant in Northeastern Quang Ninh Province and 10 other grid projects. – VNS

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