18 million dollar house

The Hanoitimes - The potash salt mine project in Laos became the 5th loss-making project of Vinachem and the 13th projects of Ministry of Industry & Trade sustaining loss of hundreds of millions of dollars. “Another loss-making project has resurfaced in the name of potash salt mine project in Laos,” said the Vice Minister of Industry & Trade Do Thang Hai at the Vietnam National Chemical Group (Vinachem)’s year-end meeting on January 19 to prepare its targets for 2018. Vinachem once again is in the focus with another loss-making project resurfaced. Along with the potash salt mine project, Vinachem currently has to deal with other 4 projects sustaining loss of millions of dollars, namely Ha Bac Nitrogenous Fertilizer and Chemical, DAP-Vinachem, DAP No. 2 – Vinachem and Ninh Bình Nitrogenous Fertilizer and Chemical. Despite Vinachem’s 20 member companies recorded profit of VND2.16 trillion (US$ 94 million), but due to VND2.11 trillion (US$92 million) losses incurred from 4 projects above, total revenue of the group is estimated at VND47 billion (US$2 million). At present, the Prime Minister has approved Vinachem’s restructuring plan in period 2017 – 2020, which should be the basis for the group to continue its effort in reforming its administration and financial management, urged Hai. From now on, Vinachem will scale down its business lines to producing and trading basic chemicals; exploiting and processing minerals as raw materials for fertilizer and chemical production; producing and trading pesticides and fertilizers containing phosphorus. After completing the restructuring and divestment plan, it is expected that Vinachem will increase its chartered capital to VND20 trillion (US$878 million).  The chemical group plans to start its equitization process in period 2018 – 2019, for which the government will hold 50% – 65% of its chartered capital. In the first half of 2017, Vinachem recorded revenue of nearly VND21 trillion …

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Nguyen Duc Thuy, or Boss Thuy, has stock assets worth VND17.3 trillion. However, his real assets are believed to be higher. Nguyen Duc Thuy (right) The price of TDH shares of Thaiholdings increased sharply in the last few trading sessions, exceeding the VND200,000 per share threshold. Since early December 2020, its value has increased by 10 times, from VND20,000 per share to VND201,000. With 86 million TDH, Thuy now has stock assets of VND17.3 trillion. However, the figure could be higher if counting other properties. Thuy was believed to buy a large amount of LienViet Post Bank (LPB) recently. Prior to that, Thuy attended the gong beating ceremony on the day LienViet Post Bank entered the bourse, together with the bank’s key leaders. If only considering the stock assets from TDH, Thuy would be listed as the sixth richest stock billionaire, just after the billionaires listed by Forbes, namely Pham Nhat Vuong, president of Vingroup; Tran Dinh Long, president of Hoa Phat Group; Nguyen Thi Phuong Thao, CEO of Vietjet Air; Ho Hung Anh, president of Techcombank; and Nguyen Dang Quang, president of Masan. Thuy is even believed to be richer than the ‘real estate tycoon’ in the south Bui Thanh Nhon, president of Novaland, and Pham Thu Huong, the wife of Vuong. There have been some changes in the list of stock billionaires in Vietnam recently. Long of Hoa Phat Group has become the second richest billionaire, just after Vuong. Meanwhile, in Forbes ranking, Long is in the third position. The first and second positions still belong to Vuong of VIngroup and Thao of Vietjet Air. Thuy is now the chair of the board of directors of Thaigroup and the biggest shareholder of Thaiholdings. He once was on the post of Thaiholdings’ chair, but resigned in February and is now the founder of Thaigroup. Thaiholdings’ capitalization value has soared to VND70.4 trillion, or $3.5 billion. In late 2020, Thaiholdings fixed the list of shareholders and issued 296.1 …

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Startups expand with fresh funding and portfolios In February, ELSA, a smartphone app that helps non-native English speakers develop grammar and speech skills, wrapped up a $15 million investment in financing rounds co-led by Vietnam Investments Group and SIG. Existing investors including Google’s Gradient Ventures, SOSV, and Monk’s Hill Ventures’ AI-focused venture fund joined the company’s Series B funding phase. ELSA, which stands for English Language Speech Assistant, was co-founded in 2015 by Vietnamese entrepreneur Vu Van and engineer Xavier Anguera and focuses on the three markets of Vietnam, India, and Japan. With the fresh fund, the startup plans to penetrate Latin American countries as well as accelerate expansion across Asia this year. Another million-dollar deal was secured by e-wallet MoMo in January, bagging over $100 million in its series D financing from leading global investors. The fund will be used to establish a new super-app platform, enhance MoMo’s ecosystem which serves millions of Vietnamese end users, and launch MoMo Innovation Ventures – an initiative to invest in Vietnamese companies with potential to be integrated into MoMo’s ecosystem for the benefits of access to a broader market and user base. Also in January, live streaming platform GoStream announced that VinaCapital Ventures had invested $1 million into the company. Founded in 2017, GoStream is an easy-to-use platform that enables users to reach a larger audience from different platforms to increase visibility and get more views. Currently, the company is serving multiple corporate clients and facilitating over 100,000 live-streaming sessions daily. Trung D. Hoang, partner at VinaCapital Ventures commented, “We are excited to invest in GoStream, which has been leading the way in integrating live-streaming across a number of sectors. Their innovative streaming technology is helping more businesses reach more viewers and customers, and we look forward to working with them …

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