VietNamNet Bridge – Contributing VND558 billion (nearly $30 million) to Honda, Toyota or Ford Vietnam many years ago, VEAM still earn hundreds of million of USD of profit each year. Though it is not too famous, the Vietnam Engine and Agricultural Machinery Corporation (VEAM) is among the State-owned enterprises with the biggest profits, sometimes far beyond giants like Vietnam Petroleum Import-Export Corporation (Petrolimex), Electricityof Vietnam Group (EVN), Airport Corporation of Vietnam (ACV) and Vietnam Coal and Mineral Corporation (Vinacomin). Established in 1990, VEAM is a state-owned corporation operating in the fields of manufacturing engines and agricultural machines serving agricultural production and aquaculture. The corporation has 20 subsidiaries, associated companies, employing 7,000 workers. It also owns an auto plant with design capacity of 33,000 trucks a year in Thanh Hoa province. VEAM also supplies parts and components for Honda, Piaggio, Yamaha … [Read more...] about Vietnamese company earns hundreds of million of USD from foreign auto empires
(VEN) - "Participation in Cleaner Production in Industry (CPI) has helped us accomplish major economic and environmental achievements and assure occupational safety," Vinh Phu Shoe Company Director Bui Manh Hung told the Vietnam Economic News. Located in Viet Tri in Phu Tho Province, the Vinh Phu Shoe Company makes 650,000-700,000 pairs of shoes for export each year. Before the company applied cleaner production solutions, a certain amount of toluene, which is used in adhesion, unexpectedly leaked into the environment. This resulted in adverse impacts on the environment and workers' health. On top of this, the company discharged about 100 tonnes of solid waste, including scraps of fabric and leather into the environment each year. With assistance from the Phu Tho Province Department of Industry and Trade, the company learned about and began applying cleaner production solutions in early 2007. Vinh Phu established a clean production team composed of 10 members. It began clean … [Read more...] about Shoe Company Innovates
US stocks wobbled Tuesday as investors weighed positive company earnings and better-than expected data on the sick housing sector. Stocks lost momentum after opening with modest gains. The Dow Jones Industrial Average edged up 13.17 points (0.11 per cent) to 12,214.84 at around 1500 GMT, while the tech-heavy Nasdaq Composite fell 2.51 points (0.09 per cent) to 2,732.87. The broad-market S&P 500 stock index advanced a mere 0.85 point (0.07 per cent) to 1,305.99. "A sudden flurry of selling pressure has dashed stocks' early advance," Briefing.com analysts said. The equity markets had been on the upswing following Monday's sharp losses after Standard & Poor's downgraded the US credit rating outlook, "fueled by a plethora of favorable data from the earnings and economic fronts," Charles Schwab analysts said in a client note. "Goldman Sachs Group Inc. easily exceeded analysts' earnings and revenue projections, along with Dow member Johnson & Johnson," they added. … [Read more...] about US stocks waver on upbeat earnings, data
Hung Nghiep Formosa Company Ltd, one of the biggest foreign invested enterprises located in Dong Nai province, on January 21st evening hosted a conference summing up 2005 and celebrating the year end ceremony. Mr. Vo Van Mot, chairperson of the provincial People's Committee attended the celebration sharing the happiness with the enterprise. With over 480 million USD of foreign investment, Formosa has become one of the largest Dong Nai based enterprises. Since the foundation of the first factory in April 2000, all subsidiaries of the enterprise have started operation by the end of 2005. Although the set target has not been reached, the company earns a total turnover of 162 million USD last year, export turnover accounted for 60%. In 2006, the company plans to continue to negotiation so that in 2006 the second turbine of the company thermo power plant will begin operation, the fabric firm No.2 will be established. The artificial fabric firm will be expanded and the BOBB firm will … [Read more...] about Hung Nghiep Formosa Company Ltd sums up its operation in 2005 and celebrates year end ceremony.
A number of listed companies have announced positive 2010 business results and decided to raise their dividend payouts to satisfy shareholders' expectations. Rubber companies Tay Ninh (TRC) and Phuoc Hoa (PHR) have announced plans to increase 2010 dividend payments from 20 percent to 30 percent. By the end of 2010, TRC's net profit exceeded its target for the year by over 68 percent, reaching 267 billion VND (13.7 million USD), and Phuoc Hoa Rubber Co's net profit reached 471 billion VND (24.2 million USD), surpassing its yearly goal by 75 percent. TRC chairman Le Hai Lieu said the dividend rate has been adjusted based on the earnings per share (EPS) ratio and as the company earned large profits last year, shareholders are the first beneficiaries. Becamex Infrastructure Development Co (IJC) has also recently agreed to pay cash dividends of at least 30 percent instead of the 18 percent that had previously been approved after news that its 2010 net profit doubled the previous … [Read more...] about Companies plan higher dividends