Vietnamese firms to provide foundations, harbor services for La Gan wind power project The Saigon Times The signing ceremony of four memorandums of understanding between the La Gan Wind Power Development Corporation and four Vietnamese suppliers - PHOTO: EMBASSY OF DENMARK IN VIETNAM HCMC – Four Vietnam-based contractors--CS Wind Corporation, PTSC Mechanical and Construction, Southern Petroleum Construction JSC and Vietsovpetro--will provide foundation and harbor services for the La Gan offshore wind farm project in the central province of Binh Thuan. On February 24, the La Gan Wind Power Development Corporation, the developer of the 3.5-gigawatt offshore wind farm project owned by Copenhagen Infrastructure Partners, Asiapetro and Novasia, virtually signed four memorandums of understanding (MOUs) on foundation supply and harbor services with the four contractors, the Embassy of Denmark said in a statement. The supply of foundations and harbor infrastructure is among the most critical elements of the offshore wind supply chain. The cooperation between the La Gan offshore wind farm project and the four suppliers will contribute to the ongoing efforts to localize the Vietnamese offshore wind supply chain as well as help build the capacity of local suppliers to compete in the international market. Under the MOUs, the La Gan offshore wind farm project and suppliers will work together to promote offshore wind power in Vietnam. In addition, the project will facilitate knowledge transfer and provide advice on the foundation’s design, facility layouts, logistics and infrastructure requirements, which will enable the suppliers to take the offshore wind market to international standards. Kim Højlund Christensen, ambassador of Denmark in Vietnam, said in the statement, “One of the key priorities in our long-term cooperation with Vietnam is to support green development and a green transition in the country’s energy sector.” The development of foreign …
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Changes in top personnel at firms in early 2021
Vinh Hoan Corporation has become major shareholder at leading prawn cracker maker SGC from late January 2021 In late January 2021, Sa Giang Import Export Corporation (SGC), a leading prawn cracker maker in the country based in Dong Thap province in the Mekong Delta, completed selling a 49.89 per cent stake to Vinh Hoan Corporation, a leading producer of tra fish (Pangasius) also based in Dong Thap, through a deal valued at around VND348 billion ($15.13 million). Together with a batch of 100,000 SGC tickers earlier bought in the stock exchange, Vinh Hoan officially became the majority shareholder of SGC with the ownership ratio reaching 51.29 per cent as of January 22, 2021. Following the move, three out of seven personnel at SGC’s Board of Management were changed. Along with this, Truong Thi Le Khanh, chairwoman at Vinh Hoan, took a seat in SGC’s Board of Management and was appointed as its chairwoman. Vinh Hoan’s current CEO also took a seat on the SGC Board of Management from February 2, 2021, and Le Thi Dieu Thi, acting as quality director at Vinh Hoan, became SGC’s deputy general director. Mergers and acquisitions (M&A) moves have also fueled changes in firms' top personnel in the first months of 2021. Besides changes associated with M&A, many decisions on human resources at big players were based on internal dynamics or generational change. On January 28, the extraordinary shareholders meeting of Development Investment Construction JSC (DIC Corp.) appointed Phan Van Danh, who is project director at Ho Chi Minh City-based developer Him Lam Land, to its Board of Management. Through acquiring 67.7 million DIC stock in early December 2020, Him Lam Land increased its stake to 21.49 per cent in DIC Corp. Besides changing personnel, DIC has also set forth ambitious business expansion plans for 2021-2025, with the target of more than tripling its charter capital from the current VND3.125 trillion ($135.87 million) to about VND10 …
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Banks launch bailout packages for coronavirus affected firms
The Bank for Investment and Development of Vietnam (BIDV) has launched a short-term preferential credit package worth VND10,000 billion which will run from February 24 to September 30 in support of those affected by the latest COVID-19 outbreak. This comes after BIDV also deployed preferential short-term and medium-long-term credit measures worth over VND100,000 billion for SMEs, while also supporting them in digital transformation. Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) reduced interest rates to loans from February 22, 2020, to May 22, 2020, for 105,000 existing clients with credit package worth VND350,000 billion. Nghiem Xuan Thanh, chairman of Vietcombank's Board of Directors, said the financial institution will continue to provide businesses with support to help them weather the COVID-19 crisis. For his part, Le Duc Tho, chairman of VietinBank's Board of Directors, revealed that his bank is devising suitable solutions for each group of affected clients, by adjusting the lending term and service costs in order to help them restore production and business as soon as possible. Moreover, the Vietnam Bank for Agriculture and Rural Development (Agribank) has pledged to offer additional credit packages aimed at bolstering production of businesses, especially those operating in priority areas over the year ahead. Huynh Ngoc Huy, chairman of LienVietPostBank's Board of Directors, said the bank will deploy appropriate credit packages and soft loans specifically for firms, along with developing more advanced utilities on the digital banking platform in order to provide clients with enjoyable experiences. With regard to the real estate sector, Nguyen Tuan Anh, director general of the Department of Credit for Economic Sectors under the State Bank of Vietnam, has stated that SBV will continue to reduce lending rates to help property firms and individuals purchase houses with the aim of developing the local real …
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