The government wants to end its approach of choosing quantity over quality when it comes to foreign-invested projects, Photo: Le Toan Being proactive In the report “Recommendations on Vietnam’s next-generation FDI strategy and vision 2020-2030”, presented by the World Bank Group’s International Finance Corporation (IFC) and the Ministry of Planning and Investment (MPI) at a report launching event in Hanoi last week, proactive investment promotions were mentioned as one of the eight key references to help Vietnam attract more foreign direct investment (FDI) in high value-added industries. As Deputy Minister of Planning and Investment Vu Dai Thang said on the sidelines of the event, Vietnam has, for years, basically laid back and rolled out the red carpet waiting for foreign investors to come. “We were rather passive in looking who would be coming, for it could be an investor from one of the G7 countries or one from other developed nations. In our … [Read more...] about FDI strategy to become proactive
Despite last year’s expansion to household goods and functional foods, Digiworld’s current revenues have completely depended on Xiaomi. Xiaomi has opened eight stores in Vietnam Retaining focus on mobile phones Digiworld Corporation (HSX: DGW) recently announced its highest sales figures to date. The company’s revenue for the second quarter was VND1.363 trillion ($60 million), up 72 per cent on-year. This increased the revenue of the first half of the year to VND2.628 trillion ($115.8 million), up 70 per cent on-year and equalling 56 per cent of the yearly plan. Digiworld’s profits also increased to VND23 billion ($1.01 million), up 13 per cent compared to the second quarter of last year. Profit after tax was estimated at VND42 billion ($1.85 million) for the first half of the year, equivalent to 42 per cent of the yearly plan. This business result records the efficiency of co-operation between Digiworld and Xiaomi while applying Market Expansion … [Read more...] about Can Xiaomi bring long term benefits to Digiworld?
The Ministry of Transport (MoT) has proposed to raise the foreign ownership limit for airlines to 49 per cent, as well as removing the difference in charter capital between international and domestic airlines. Vietnam to increase foreign ownership limit to 49 per cent at domestic airlines According to MoT's new draft decree, in a change from the previous limit of 30 per cent of charter capital, foreign investors in the aviation sector could own up to 49 per cent of charter capital in a Vietnamese airline. The draft decree amending Decree 92 also proposed to remove differences in the required minimum amount of capital for airlines providing international and domestic air transport services, which stipulates conditional business sectors or activities in the civil aviation industry. The draft decree stipulated the minimum amount of capital required for the establishment and maintenance of an airline operating up to 10 aircraft to be VND700 billion ($30.84 million). This … [Read more...] about Vietnam to increase foreign ownership limit to 49 per cent at domestic airlines
The backing of ThaiBev has not helped Saigon Beer, Alcohol and Beverage Corporation (Sabeco) to overcome fierce competition from foreign breweries, forcing Sabeco to decrease its profit target for 2018 to VND4 trillion ($173.5 million) - VND1 trillion ($43.38 million) less than 2017’s profits. Sabeco targets to decrease in profit in this year Sabeco recently published its business targets for 2018, showing the company targets to earn VND36.092 trillion ($1.56 billion) this year, up 2.4 per cent compared to 2017. Beer sales only saw a light increase to 1.8 billion litres compared to the 1.79 billion litres of 2017. This is the first year that ThaiBev has joined the Sabeco Board of Directors after completing the purchase of 53 per cent of the stakes in December 2017. However, Sabeco has lowered its profit target by 20 per cent year-on-year. In early May, Sabeco released its consolidated financial statement for the first quarter of this year, reporting an increase in … [Read more...] about Sabeco 2018 profits set to be lower than last year
Singaporean Frasers Property Limited of Thai billionaire, the new shareholder of Sabeco, recently announced plans to buy 75 per cent of Phu An Dien Real Estate JSC (PAD), a subsidiary of Tran Thai Land Company Limited, for $35.2 million. 32-storey residential-cum-commercial development in Thao Dien Ward in District 2 to be held by Thai billionaire Frasers Property Investments (Vietnam) 2 Pte. Ltd., an indirect wholly-owned subsidiary of Frasers Property Limited (FPL) of Thailand’s billionaire Charoen Sirivadhanabhakdi has already entered into a conditional share purchase agreement to acquire 45 million ordinary shares, representing 75 per cent of the issued share capital of Phu An Dien Real Estate JSC. If the proposed acquisition is successfully completed, PAD will become a subsidiary of Frasers Property Limited, and continue undertaking the development of a residential-cum-commercial project on a mixed-use development plot in Linh Trung Ward, Thu Duc District, Ho Chi … [Read more...] about Thai billionaire sets ambitions on Vietnam’s real estate sector