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The deal is set to boost competition in Vietnam's retail market, as rapid urbanization draws domestic and foreign investors looking to expand or gain a foothold in the country of 100 million. Proceeds will go to strengthen Masan's financial position, said the fast-moving consumer goods firm, which runs more than 3,200 supermarkets and minimarts in the southeast Asian nation. "Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market," Bain partner Barnaby Lyons said in the joint statement. The investment would be in the form of convertible dividend preference shares priced at 85,000 dong ($3.50) each, which can be converted into ordinary shares in a one-for-one ratio, Masan added. "We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs," its chief executive, Danny Le, said in the statement. Last week Reuters reported that Singapore's sovereign wealth fund, … [Read more...] about Bain Capital invests $200 mln in Vietnam conglomerate Masan

Nguyen Thi Tuoi, a 64-year-old woman living in the district, recently finished a five-story building with 41 rooms for rent after a year of construction. In order to meet the high standards of renters, she decided to fully furnish the rooms with beds, closets, desks, chairs, air conditioners, and private bathrooms. She also installed a fire alarm system that is up to standards inside the building. She plans to fix the price of rent at VND3 million (US$123) per month. The idea of starting a rental business came to her at the beginning of 2022, when she saw that there was high demand from students of FPT University and Vietnam National University Hanoi, especially because many nearby rentals were nearly full. The five-story building with 41 fully furnished rooms belonging to Tuoi’s family in Hanoi's Thach That District, the morning of Sept. 12, 2023. Photo by VnExpress/ Quynh Nguyen "My family had a few hundred square meters plot of land right next to the road, near … [Read more...] about Hanoi’s student apartments ‘hungry’ for tenants

Practical power direction can propel SOE fortunes At a seminar last week co-hosted by VIR and the Commission for the Management of State Capital at Enterprises (CMSC), Pham Van Son, head of the CMSC’s General Department, said that the 19 groups and corporations under it have undergone significant changes in the past few years. As of the end of 2022, the total consolidated ownership capital of these groups and corporations accounted for approximately 63 per cent of the total equity and 65 per cent of the total assets of state-owned enterprises (SOEs). “In comparison to 2018, the total consolidated equity increased from over $45.6 billion to more than $49.6 billion, and the total consolidated assets rose from over $98.5 billion to $103.8 billion. Key production and business indicators achieved annual growth,” he said. Notably, these 19 groups and corporations have received approval, implemented, and completed investments in 185 group A projects and 455 group B projects. Since … [Read more...] about Practical power direction can propel SOE fortunes

Former Minister of Health Nguyen Thanh Long (R) and ormer Minister of Science and Technology Chu Ngoc Anh. (Photo: VNA) Hanoi (VNA) - The Supreme People's Procuracy has prosecuted 38 individuals involving in the COVID-19 test kit overcharging at the Viet A Company. They were prosecuted for “violating bidding regulations, causing serious consequences,” “asset embezzlement,” “receiving bribes” and “abusing position and power while performing duties.” Among them, six shared the charge of “receiving bribes”, namely former Minister of Health Nguyen Thanh Long and his former secretary Nguyen Huynh, former Director of the Hai Duong Centre for Disease Control (CDC) Pham Duy Tuyen, former deputy head of the Science and Technology Department under the Ministry of Science and Technology Trinh Thanh Hung, former head of the Department of Health Equipment and Works under the Ministry of Health Nguyen Minh Tuan, and former head of the Department of Financial Planning under the Ministry of … [Read more...] about Two former ministers prosecuted in COVID-19 test kit scandal

Shipwrecks have been left abandoned on the bank of a river in Nha Trang City, Khanh Hoa Province, south-central Vietnam for years, causing environmental pollution there. Nguyen Thi Ha, 49, living near the bank of the Tac River in Nha Trang, said, “These wrecks have been lying here for a long time but they have yet to be salvaged and handled. Planks and plastic panels from the ships float on the water, causing pollution.” Most of the broken ships there were salvaged after sinking at sea, Tran Hoc, a 45-year-old fisherman, affirmed. The ship owners left them there as it costs nearly VND100 million (US$4,118) to repair each of such ships. “We can clean up garbage ashore but these ships are their assets. Many ship owners have even traveled to other places to earn their living and we could not contact them,” Hoc explained. These shipwrecks are left abandoned by their owners. Photo: Minh Chien / Tuoi Tre These wrecks have been left on the riverbank for nearly a … [Read more...] about Wrecks smear riverbank in Vietnam’s Nha Trang