15 billion dollar companies

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

"It's pretty remarkable, and it really does show the commitment of the U.S. and U.S. companies to this market and to this relationship," U.S. Ambassador to Vietnam Marc E. Knapper told reporters Tuesday. "We see tremendous potential and actual business being done and the prosperity generated from it." This week, executives from 52 U.S. companies are meeting with top Vietnamese officials, including Prime Minister Pham Minh Chinh and National Assembly Chairman Vuong Dinh Hue, to discuss regulatory issues and investment opportunities. The grouping of corporations is the largest U.S. business delegation to ever visit Vietnam. American executives are keen explore opportunities in one of the fastest-expanding economies in the world, where GDP growth reached 8.02% last year. U.S.-ASEAN Business Council President and former U.S. Ambassador to Vietnam Ted Osius said the large delegation signifies an ever-increasing interest in ASEAN countries compared to past eras. "This part of … [Read more...] about US companies show ‘remarkable’ commitment to Vietnam: Ambassador

At a Wednesday meeting between Prime Minister Pham Minh Chinh and the delegation of the U.S.-ASEAN Business Council (USABC), the council's president Ted Osius said U.S. businesses consider Vietnam a strategic market and are ready to commit to long-term investments in the Southeast Asian nation. Osius said the delegation were highly supportive of the Vietnamese government’s moves towards a more digital and green society. He also encouraged steps the country has taken in infrastructure development, such as the construction of new highways and metro rail public transit options, the Vietnam Government Portal reported. U.S. ambassador to Vietnam Marc Knapper said the American grouping at the meeting was the largest U.S. business delegation to ever visit Vietnam. He said this confirmed the commitment of the U.S. government and the private sector to support a strong and prosperous Vietnam via cooperation. At the meeting, the delegation proposed new ideas and opportunities for business … [Read more...] about Major US companies laud Vietnam as strategic market

Amid difficulties in export markets, significant efforts are required for Vietnam to meet its goal of 4.3 billion USD in shrimp export revenue this year, said Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). Illustrative photo (Source: VNA) He attributed the obstacles to global fluctuations over armed conflicts, climate change, tightening food safety requirements by importing countries, and high inflation in the US. Data from the Vietnam Directorate of Fisheries under the Ministry of Agriculture and Rural Development (MARD) showed the total brackish water shrimp farming area was 747,000 hectares last year, with total output exceeding 1 million tonnes, up 8.5% year-on-year. Currently, the country houses 2,294 hectares of shrimp breeding area, which turned out 159.5 billion shrimplets in 2022, an annual increase of 10%. This year, Vietnam aims to expand its shrimp farming area to 750,000 hectares for … [Read more...] about Significant efforts needed to realise 4.3-billion-USD shrimp exports

The signing ceremony between VPBank and SMBC. Following the latest SMBC’s strategic investment, VPBank will become Viet Nam’s second largest bank in terms of owner equity. — Photo courtesy of the bank VPBank on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG) to issue 15 per cent equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion (approximately US$1.5 billion), of Tier 1 capital (equal to VND30,160 per share), increasing its owner equity to approximately VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach an ambitious growth strategy over the next five years. … [Read more...] about VPBank sells 15 per cent of its charter capital to Japan’s SMBC

According to experts, this will help them expand their shares in the domestic market which remains being dominated by imported drugs and extend their international reach. Vietnam’s pharmaceutical market has significant potential. The Ministry of Health estimated the market at USD 6.9 billion in 2021 while BMI Research forecast the market to reach USD 16.1 billion in 2026 with a compound growth rate of up to 11%. According to Nguyen Dieu Ha, general secretary and office chief of the Vietnam Pharmaceutical Companies Association (VNPCA), there are 55 foreign-invested pharmaceutical companies in Vietnam as of the end of 2022, 228 companies meeting World Health Organization – Good Manufacturing Practice (WTO-GMP) and 12 meeting high GMP standards of the EU, Japan, PIC/S and TCA. These figures show that the pharmaceutical industry of Vietnam has made a significant improvement since 2017 when there were only two companies meeting GMP. Still, the domestic pharmaceutical market is a … [Read more...] about Pharmaceutical companies urged to invest in R&D, improve competitiveness

At the signing ceremony between VPBank and SMBC (Photo: VNA) Hanoi (VNA) – Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD

The agreement surpasses the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from KEB Hana Bank (South Korea) in 2019, setting a new record in the banking industry. VPBank announced that it has completed the sale of a 15% equity interest to Sumitomo Mitsui Banking Corp. of Japan, a member of Sumitomo Mitsui Financial Group, in a transaction valued at $1.5 billion. CEO of SMBC Masahiro Yoshimura and Chairman of the Board of Directors at VPBank Nguyen Chi Dung at the signing ceremony today. Photo: VPBank SMBC Group's latest deal with VPBank makes the former a new strategic investor in the latter. The agreement sets a new banking industry record, with a deal value of VND35.9 trillion ($1.5 billion), surpassing the VND20 trillion ($850 million) acquisition of a 15% stake in BIDV from South Korea's KEB Hana Bank in 2019. The investment is expected to increase VPBank's total capital from VND103.5 trillion ($4.4 billion) to around VND140 trillion … [Read more...] about Japan’s SMBC acquires 15% stake in VPBank for US$1.5 billion

TASConnect’s platform provides increased visibility of commercial trade data, which allows traditional financiers to make better credit decisions when offering supply chain financing solutions.— Photo provided by the agency Singapore-based TASConnect is looking to address Viet Nam’s underserved supply chain finance market, which is forecast to reach US$35 billion by the end of 2024, the company said in a statement. TASConnect, a SaaS supply chain fintech platform incubated through SC Ventures - a Standard Chartered innovation, fintech investment and ventures arm, appointed Valiant Co Ltd, as its Viet Nam channel partner to provide strong ground support and smooth deployment of the company’s advanced supply chain fintech solutions. With offices in HCM City and Ha Noi, Valiant is managed by a group of seasoned bankers and technologists with a deep knowledge of Vietnamese banking regulations and market practices. Leveraging its strong local relationships, and capabilities in … [Read more...] about TASConnect strives to tap into VN’s $35 billion supply chain finance market

Vinhomes is a part of Vingroup, the country's largest conglomerate, and is the biggest real estate developer in Vietnam with a capitalised value of $8 billion as of March 17. The above-mentioned source said CapitaLand is considering buying part of Vinhomes' Ocean Park 3 project, a 294-hectare resort city-style development near the Vietnamese capital city of Hanoi, and another project in the northern city of Haiphong. CapitaLand Group's CapitaLand Development (CLD) is now developing residential projects, including luxury condominiums, in four cities in Vietnam. When contacted by Reuters, CLD’s representatives did not directly comment on any potential deal with Vinhomes, but said, "Vietnam is one of CLD's core markets. We constantly evaluate investment opportunities to grow our presence in the country." CLD (Vietnam) oversees and grows CLD’s investment and development business in Vietnam, one of CLD’s core markets where it has built an extensive presence over 29 years. CLD's … [Read more...] about CapitaLand negotiates to buy $1.5 billion of assets from Vinhomes