Crypto payment

The Ad Hoc Group, representing investors owning over 75% of the bonds, said it would take a new approach should Novaland fail to negotiate the debt restructuring in good faith. Novaland issued the bonds in Singapore in 2021 for five years with a coupon rate of 5.25% and listed it on the stock exchange there. Novaland said it had discussed with the bondholders its liquidity difficulties which prevented it from paying the interest in time and a restructuring plan based on its current situation. It has also drafted plans to restore operations together with foreign and domestic consultancies such as Deloitte, Sidney Austin LLP, and YKVN. Novaland said it is aware of its limited resources but would aim to safeguard the bondholders’ interests. "Novaland requests more time to recover during this period," it said in a statement. "The company hopes to receive support from creditors and bondholders to soon stabilize its operations and fulfill its financial obligations to … [Read more...] about Novaland negotiating interest payment default on $300M bonds, investors antsy

BAC A BANK is offering practical incentives that help businesses optimise cash flow Actively promoting businesses to seize all opportunities to maximise profits on the basis of optimising business costs, BAC A BANK is applying policies on fee support for business-oriented essential corporate financial services within the framework of a preferential fee combo programme. Conditions for participating in the initiative are rather simple. Current business customers of BAC A BANK only need to use three of the seven basic or essential products/services: loans, factoring/discounting of documents, guarantees, credit commitment, international payments, electronic banking, and demand deposits with an average of at least VND300 million ($12,660) in the previous six consecutive months. The programme also applies to new business customers that have never had an account at BAC A BANK or have an inactive account status. Accordingly, the preferential fee combo is being deployed from now … [Read more...] about BAC A BANK’s fresh links to businesses

“After seeing generally mixed performances by a trio of newly public companies this month, VNG was advised to hold off until market demand improves,” an inside source disclosed to Bloomberg . While VNG remained reticent on the matter, the strategic pause mirrors a broader caution in the tech IPO space. Notably, both Arm Holdings Plc, the SoftBank Corporation affiliate, and delivery service Instacart experienced their stocks trading beneath their IPO valuations. VNG, which debuted as Vinagame in 2004, has transitioned from its initial gaming focus to become a diversified digital powerhouse in Vietnam, offering an array of services from video streaming and news portals to mobile payments. The company has contemplated a US listing since 2017. Before this revision in plans, the gaming and communications conglomerate had intimated an intention to offload approximately 22 million shares in its proposed IPO, though pricing details remained under wraps. In 2021, VNG was contemplating … [Read more...] about VNG delays US IPO amid subdued market appetite

Some of the biggest telecoms groups know that going digital will help claw back disinterest in more traditional areas Bui Anh Tuan, deputy head of Viettel Telecom’s IT Solution and Digital Service Centre, and his team are preparing to introduce new digital platforms to meet growing demand in the local smart home market. “We are developing new products, platforms, and services for smart homes such as fire alarm services connecting to security units, security services, and maid services, which are expected to come to the market by end-2023, or early 2024,” he told VIR. Smart homes are one of the businesses that Viettel has developed in the past two years in an effort to offset losses from its traditional business lines. One of its products being the Home Camera, an AI smart security camera solution, which is now found in 300,000 households. Meanwhile, its TV360 app boasts around 10 million users. Tuan said that like other mobile network operators, Viettel faced drops in … [Read more...] about Businesses compelled to venture into digital space

The mega container ship M/V OOCL SPAIN enters the Gemalink port, which is part of the Cai Mep-Thi Vai port complex in Phu My town, Ba Ria-Vung Tau province. (Photo: VNA) Hanoi (VNA) – The development of a free trade zone in Ba Ria-Vung Tau with link to local seaports is expected to provide the southern province with opportunities to increase its attractiveness to foreign investors and to access technical assistance from partners in borderless trade. In the most common understanding, a free trade zone is a geographical area within a country or a territory where import and export taxes and trade management measures are not applied. If effectively implemented early, this solution will not only allow Ba Ria-Vung Tau to efficiently utilise its potential and opportunities in the new context but also create a ripple effect for the entire Southeastern region, Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh assessed at a logistics development … [Read more...] about Ba Ria-Vung Tau sees breakthrough opportunities with model of seaport-linked free trade zone

Vietnamese plastic producer Rang Dong Holding JSC recently lost a lawsuit against Japan’s Sojitz Pla-Net Corporation regarding their shareholding agreement and is obligated to return nearly VND157 billion (US$6.4 million) to the Japanese corporation and pay for related fees and charges. In 2017, Sojitz Pla-Net Corporation and Rang Dong Holding inked a share transfer contract in which the former acquired five million shares at Rang Dong Long An Plastic JSC, a member of Rang Dong Holding, at over VND174 billion ($7.2 million). The Japanese firm made full payments for the batch. After the share transfer, Sojitz accused Rang Dong Holding of failing to fulfill its obligations as stated in the contract. As a result, the Japanese corporation terminated the contract and requested Rang Dong to return 90 percent of the paid share cost, equivalent to nearly VND157 billion. Since Rang Dong refused to return the amount, Sojitz filed a lawsuit at the Singapore International Arbitration … [Read more...] about Vietnamese plastic producer required to return $6.4mn to Japanese firm after losing lawsuit