The assertion was a response to the Ministry of Industry and Trade, which said Wednesday that it had evidence that Grab’s acquisition of Uber violated Vietnam’s Competition Law . In a statement released Thursday, Jerry Lim, country head of Grab Vietnam, said that the transaction between Grab and Uber earlier this year was conducted "in the good faith belief that there is no breach of competition laws, after diligent consultation with legal counsels." Lim explained that the issue has become contentious because of differences in the authorities’ and Grab’s definitions of relevant market and what constitutes a competitive playing field. He said that the entrance of new ride-hailing companies into Vietnam shows that they believe there is a chance to succeed, with some of them claiming high market shares. In June, Vietnam’s first ride-hailing services FastGo and Aber were launched. Go-Viet, an affiliate of Indonesia's Go-Jek, entered Vietnam in August, … [Read more...] about Grab says Uber deal ‘no breach of competition laws’
Vietnamese soldier remains return home from Laos
Repatriation of Vietnamese soldiers' remains (Photo: VNA) Vientiane (VNA) – The remains of 30 Vietnamese volunteer soldiers and experts who laid down their lives during wartime in Laos, were repatriated from Oudomxay province in northern Laos on December 13. Attending the repatriation ceremony were representatives from the Vietnamese Military Zone 2’s Steering Committee on Search and Repatriation of Remains of Fallen Soldiers (Steering Committee 515 the Special Working Committee of six northern Lao provinces, local people, and those from the Vietnamese community in Laos. This was the first repatriation conducted during the 2018-2019 dry season by the Steering Committee 515 and the Special Working Committee of six northern provinces of Laos, including Oudomxay, Luang Prabang, Xayabouly, Phongsaly, Luang Namtha, and Bokeo. The remains were found in Nga and Xay district in Oudomxay province. Speaking at the event, Vice Political Commissar of the Vietnamese Military Zone … [Read more...] about Vietnamese soldier remains return home from Laos
$60 million convertible preferred SBT stocks offered to foreign strategic investors
The TTC Sugar facility can produce 1,000 tonnes of sugar per day On December 12, 2018 the Board of Management at leading sugar maker Thanh Thanh Cong-Bien Hoa JSC officially announced selling preferred convertible stock equal to nearly 8 per cent of its stake after a successful issuance through private placement to foreign strategic investors. Accordingly, the company (SBT) envisages selling to foreign strategic investors more than 44.4 million convertible preferred stock, equal to nearly 8 per cent of its total stock after successful issuance. The lowest proposed price was set at VND30,000 ($1.3) apiece and the highest was VND45,000 ($2) apiece, meaning that the company might raise at least $60 million through this stock issuance. The preferred dividend duration will last for 6.5 times, with a fixed dividend ratio of 5.5 per cent per annum in the first 1.5 years with the dividend rate negotiated between SBT and the investor in the successive years. The entire preferred stock volume … [Read more...] about $60 million convertible preferred SBT stocks offered to foreign strategic investors
Hanoi to host Cello Fundamento Concert III
At the press conference for the concert The event is expected to attract 9 European and Asian foreign artists, including Razvan Suma, Denis Severin, Stefan Cazacu, Mindaugas Backus, Chu Yi-Bing, Leonid Gorokhov, Ella Bokor, Iulian Ochescu, and Dinh Hoai Xuan-the founder of Cello Fundamento. At a press conference for the concert on December 12, Xuan said the highlights of the show are performances of Vietnamese song “Tro ve dat me” (Return to the Motherland) by Nguyen Van Thuong and Vietnamese folk song “Ly Ngua O” (Song of the Black Horse), which will be performed by 9 Cello Fundamento artists. Through this concert, the founder and cellist Dinh Hoai Xuan shows a desire to promote cultural exchanges between Vietnam and foreign countries. The Cello Fundamento Concert 1, first held in Hanoi, Hue City, and Ho Chi Minh City in December, 2016, was performed by Dinh Hoai Xuan and three Romanian artists. Cello Fundamento Concert 2 took place at … [Read more...] about Hanoi to host Cello Fundamento Concert III
At least $9bn in insurance claims from California fires
Flames from the Camp Fire burn near a home atop a ridge near Big Bend, California. — AFP/VNA PhotoViet Nam News LOS ANGELES — Insurance claims from the recent devastating California wildfires that killed at least 89 people and destroyed 19,000 homes and businesses have reached at least US$9 billion, the state’s insurance commissioner said on Wednesday. "The devastating wildfires of 2018 were the deadliest and costliest wildfire catastrophes in California’s history," said California Insurance Commissioner Dave Jones. "The tragic deaths ... and over $9 billion in insured losses to date are shocking numbers -- behind the insured loss numbers are thousands of people who’ve been traumatised by unfathomable loss." He said the figures released in connection with the three wildfires -- the Camp Fire, The Woolsey Fire and the Hill Fire -- are preliminary. State and federal authorities announced on Tuesday that it will cost at least $3 billion to clear debris … [Read more...] about At least $9bn in insurance claims from California fires