Assets of 50 richest women reach $1 billion

Nguyen Ngoc Nhat Hanh, the daughter of REE’s chair, is the young face in the top 50.

VietNamNet Bridge – The total stock assets of the 50 richest Vietnamese women in 2014 increased by VND5 trillion from the year before. The oldest member of the top 50 women is 64 years old, while the youngest was born in 1991. The total assets of the 50 women hit VND21.45 trillion by the end of 2014, an increase of VND4.9 trillion over 2013. Holding shares of the largest listed real estate firm, Pham Thu Huong, deputy chair of the Vingroup’s board of directors, has for the fifth time been recognized as the richest woman in Vietnam. Her husband, billionaire Pham Nhat Vuong, topped the list of 100 richest stock millionaires in 2014. Vuong is also the first Vietnamese dollar billionaire recognized by Forbes. The second position on the list of top 50 belongs to a member of the Pham family – Pham Thuy Hang, deputy chair of Vingroup, who holds shares worth VND2.3 trillion. Vingroup is believed to be one of the most "powerful" and profitable conglomerates in … [Read more...]

The new stock millionaires in 2013

Nam Long's President Nguyen Xuan Quang.

VietNamNet Bridge - Vietnam has got 30 more stock millionaires, who are the shareholders of the companies which begin listing their shares on the bourse in 2013, and the members of the rich families. VnExpress and its partner VNDirect Securities Company have reported that 34 new stock millionaires have turned up by December 18, 2013, who have the stock assets worth over VND21 billion, or 1 million US dollars. The decision by Nam Long Investment JSC (NLG) on listing its shares on the bourse in April 2013 has created six more stock millionaires. Nam Long's President Nguyen Xuan Quang, with the stock assets worth VND250 billion, has become the richest among the new stock millionaires. Quang has been known as the founder and the chair of Nam Long since its establishment in 1992. Besides, he holds the post of president in the other four companies. In Nam Long, Quang holds 14.6 million shares with the market value of VND249.7 billion currently, a 20 percent decrease in comparison with … [Read more...]

The Vietnamese young ladies with colossal fortunes

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The Hanoitimes - The number of Vietnamese millionaires has been increasing rapidly, while the rich businessmen tend to be younger in recent years. A lot of young ladies reportedly have the assets worth of multi billions of dong. Most of them are the beloved daughters of the big businessmen, who have the assets through inheritance and from the business of their own. On January 21, 2012, the HCM City Stock Exchange (HOSE) released a notice that the daughter of Nguyen Thi Mai Thanh, President of the Refrigeration Engineering Enterprise (REE) - Nguyen Ngoc Nhat Hanh, registered to buy o­ne million REE share more, thus raising her ownership ratio in the enterprise to 1.3% of the company's chartered capital. Until that day, Hanh had held 2.16 million REE shares, worth VND40 billion. The transaction of buying o­ne million shares more is expected to take place o­n the days between January 23 and February 21. The mother of the beautiful lady is Nguyen Thi Mai Thanh, the president of … [Read more...]

Companies scramble to resume work

Noodles are packaged at Safoco Foodstuff Joint Stock Company in HCM City. Companies throughout the country are scrabbling to get back to work after the Tet holiday. — VNA/VNS Photo Dinh Hue

HCM CITY (Biz Hub) — Companies in many industries have hit the ground running after the long Lunar New Year holidays to ensure that export orders are executed on schedule. The top management of the Garment 10 Joint Stock Company, for instance, encouraged their workers to return in time after Tet and ensure production of suits and shirts gets back into full swing to export to Japan, the US and Europe. General director Nguyen Thi Thanh Huyen said though 2014 had been a difficult year the company had still managed impressive growth and forecast more of the same this year. Last year the company had achieved sales of VND2.188 trillion (US$103 million), 17.6 per cent up from the previous year, she said. To achieve that, the company had invested VND148.8 billion ($7.08 million) in modern technologies and equipment to achieve top quality, she said. Deputy general director Than Duc Viet said the company has enough orders to remain busy the whole year. "The company expects to grow by … [Read more...]

Vingroup Chair’s family still the richest in Vietnam in 2014

Vingroup Chairman Pham Nhat Vuong.

VietNamNet Bridge – The boss of Vingroup Mr. Pham Nhat Vuong, his wife and his brothers and sisters still held the position of the richest family in Vietnam in 2014 with stock value of up to $1.24 billion. On the list of the 30 richest families on the stock market in 2014, released by VNE and VnDirect yesterday, the total asset value owned by Vuong, his wife Pham Thu Huong and his brothers and sisters rose by more than VND1 trillion ($23 million) by Dec. 31, 2014 from 2013 to VND26.5 trillion (nearly $1.24 billion). The positions of the two remaining families in the Top 3 changed. Hoang Anh Gia Lai Group’s Chair Doan Nguyen Duc, with his mother and eight brothers and sisters gave the second post to the family of the Chairman of Hoa Phat Group, Tran Dinh Long. The value of shares owned by Duc and his family is estimated at nearly VND7.74 trillion, an increase of nearly VND1.2 trillion over 2013. However, this growth rate is only half of Long’s family, which reached … [Read more...]

Seafood, real estate bosses got richer in 2014

Hoa Phat Chairman Tran Dinh Long.

VietNamNet Bridge – The strong recovery of real estate and seafood shares this year helped a number of wealthy individuals make more money on the stock market. The stock market experienced many ups and downs this year, including high gains in March and September and sharp falls in May and December. After a dramatic plunge in early December 2014, the VN Index of the HCM City stock market is now 15 points higher than in early 2014, while the HNX Index of the Hanoi bourse has increased by 19 percent. VnExpress, a local online newspaper, and its partner, VNDirect Securities Company, has released a list of 20 stock millionaires who saw their assets increase sharply in 2014. Tran Dinh Long, chair of Hoa Phat, a private industrial production group, has had the highest stock asset increase in 2014 thanks to a 16 percent Hoa Phat share price increase. With his stock value up by VND1.6 trillion, Long’s stock asset has increased to VND5.74 trillion. Long was listed in the top … [Read more...]

Shrimp market faces another US anti-dumping duty

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VietNamNet Bridge - Vietnamese shrimp exporters are now facing their highest-ever anti-dumping duty after eighth period of review (POR 8) by the US Department of Commerce (DOC) in late August. The DOC released the final decision on the anti-dumping duties on warmwater shrimp imports after administrative review from February 1, 2012 to January 31, 2013. … [Read more...]

Vietnam Exports Make Spectacular Breakthrough in US Market

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On the sidelines of a recent Commercial Counsellor Conference in Hanoi, Mr Dao Tran Nhan, Minister Counsellor of Vietnam in the United States, shared with the press his frank assessments on Vietnam's exports in the world's largest market. Huong Ly reports. How do you assess Vietnam's export performance in the US market in 2013? Vietnam's exports to the US reached US$23.5 billion in the first 11 months of 2013 and were forecast to surpass US$25 billion for the first time in history in 2013, up 22.5 percent from a year earlier. Based on statistical data, the country's exports to the US accounted for 20 percent of its total export turnover. Huge export earnings helped Vietnam enjoy a trade surplus of US$20 billion in the year, because its imports from the US were valued at US$5 billion in 2013. In total, the two-way trade revenue was over US$30 billion in 2013. The enormous trade surplus with the US market helps us offset the trade deficit with China in 2013. What do you think about … [Read more...]

Shrimp hoarding hurts firms

Processing shrimp at Minh Phu Seafood Company. Farmers are stockpiling shrimp, creating a lack of supply for processing firms. — VNA/VNS Photo Tran Viet HA NOI (Biz Hub)— Farmers are holding onto their shrimp to capitalise on further expected price increases, but the action may harm shrimp profits for enterprises that have pinned their hopes on export demand. Supply factors, including shrimp diseases and competition from foreign shrimp buyers have pushed up the price of shrimp by VND40,000 (US$1.9) per kilo during the past two months and VND70,000 ($3.3) during the past year to VND240,000 ($11.4). Farmer profits have jumped significantly due to the higher prices, particularly in the current harvest, according to shrimp producers in southern Tra Vinh and Ca Mau provinces. However, enterprises are taking a hit due to the lack of shrimp supply as farmers continue stockpiling shrimp, waiting for the market to spike. Deadlines for shipping shrimp exports are fast approaching, forcing many … [Read more...]

“Farmer – exporter war” inhibits shrimp export

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VietNamNet Bridge - Shrimp exporters have been gearing up to fulfill the export contracts. Meanwhile, farmers refuse to sell shrimp at this moment, because they hope the prices would go up in the future. Big difficulties, one after another, have come to seafood processing companies. Chinese businessmen jumped into the domestic material market, scrambling for materials, thus rushing up the shrimp prices by two folds. Meanwhile, farmers recently have refused to sell shrimp, because they believe the prices would increase further. Shrimp export companies have been put on tenterhooks as they are seriously lacking materials for processing. The farmers in the coastal districts of Tra Vinh province, including Duyen Hai, Cau Ngang, Tra Cu and Chau Thanh began the shrimp harvesting in mid- September, expecting a bountiful crop. However, the local seafood processing companies remain thirsty for materials. The merchants from other localities have come to collect shrimp in large quantities. … [Read more...]

Seafood companies deny accusation on pathogenous shrimp

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VietNamNet Bridge - Vietnamese seafood companies, while affirming that Vietnam's shrimp does not bear viruses that may cause hazardous diseases as stated by the Chinese importers, have urged government agencies to clarify the accusation to protect Vietnam's shrimp industry. China prohibits fresh shrimp imports from Vietnam The Chinese authorities have decided to prohibit importing fresh shrimp from Vietnam for three reasons. … [Read more...]

HAGL boss earns most money on the stock market 2012

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VietNamNet Bridge - The last trading session of 2012 will take place in the next two months but the current statistics are enough to show that Chairman of Hoang Anh Gia Lai Group (HAGL), Mr. Doan Nguyen Duc, will likely be the one whose assets increase at the highest level on the stock market in 2012, with more than VND1 trillion ($50 million). According VnExpress.net and its data provider - VNDirect, by November 1, 100 people who are considered to have their assets increasing at the highest level on the stock market in 2012 accumulated more than VND7.2 trillion ($360 million) from shares. … [Read more...]

Quarterly audits cost too much time, money, listed firms protest

Many listed companies are in disagreement with a State Securities Commission requirement for compulsory quarterly audits, saying it is costly and may cause a delay in announcing audited results. In a note issued February 24, the stock market regulator - known as SSC - asked audit companies to complete quarterly audits before yearly audits and give their comments. But listed companies that do not observe this regulation face no penalties. The note said the decision was made after some listed companies made “unusual changes” in quarterly results, leaving investors querulous and unhappy, “affecting the stock market’s transparency.” … [Read more...]

Environment protection law leads to higher unemployment?

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The high tax rate of 40,000 dong per kilo on nylon bags has prompted seafood export processing companies to think of importing bags. Tax will lead to higher costs Chu Van An, Deputy General Director of Minh Phu Seafood Company, has said that when packing shrimp products for export, the company needs a plastic bag and a paper bag. His company uses a lot of plastic bags to pack products for export. Until January 1, 2012, the company had bought plastic bags at 20,000 dong per kilo. However, with the environment protection law, which taxes 40,000 dong per kilo of bags, the expenses on packing would increase by three folds, which would lead to the higher production costs. Business director of V Seafood Export Company said that the company uses two kinds of plastic bags, a thin and a thick one. In general, the expenses on nylon bags account for 1.5 percent of the total expenses. One may think that 1.5 percent is just a small sum of money. However, if noting that fish materials … [Read more...]

Opportunities for products to enter EU

Vietnamese products are on display at Massena supermarket

The Vietnamese Goods Week, launched recently in France by the Ministry of Industry and Trade (MoIT), has heralded a good start for businesses in their quest to penetrate the demanding European market. In mid November 2011, Vietnamese nationals residing in France and French consumers had the chance to buy Made-in Vietnam products at the Massena 13 supermarket during the Vietnamese Goods Week in France. The event was held on the initiative of the European and Planning Departments under the MoIT with support from Casino, a French multi-format retail group which owns the giant supermarket chain Big C. A good start The Republic of France is one of the key markets of the European Union (EU). The Vietnamese Goods Week offered a wonderful opportunity for Vietnamese businesses to explore this demanding market and the larger and more lucrative European Union market. Businesses displayed a variety of high-quality goods, mostly fruit, vegetables and seafood, which meet regulations on … [Read more...]

Ha Noi collects $133.3m in tax debt

HA NOi — Ha Noi has collected around VND2.8 trillion (US$133.3 million) in tax debt, hitting 62.8 per cent of the targeted amount, according to the municipal Department of Taxation. The department achieved its results by reinforcing its tax debt management and collection methods including classifying as well as analysing the reasons businesses accumulate tax debt while co-operating with related departments on debt management. The department will continue speeding up tax debt collection during the latter half of this year, according to Thai Dung Tien, deputy director of the department. Cinnamon revenues hit record high LAO CAI — Around 123 tonnes of dried cinnamon bark has been sold at Nam Det Commune in Bac Ha District of northern Lao Cai Province, from May to now, reaping a record revenue of VND3 billion (US$142,900), according to the provincial Department of Agriculture and Rural Development. The price of the bark fetches between VND23,000-24,000 ($1.1-1.2) per kg, increasing by … [Read more...]

46.5 mln shrimp processing plant to open

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Minh Phu Seafood Company said the VND1 trillion ($50 million) Minh Phu-Hau Giang plant should become operational in April. illustration photo The plant will be able to process 40,000 tonnes of processed shrimp per year, according to Le Van Diep, deputy director of MPC. He said the plant would use the latest technology to reduce material waste and production time, so reducing costs. MPC exported 1,662 tonnes of shrimp in 2010 and reached an export turnover of $19.8 million, a year-on-year increase of 70.16 per cent in volume and 106.23 per cent in value. Source VIR/ VNA … [Read more...]