Hapro and Protrade Corp. report successful IPOs Both state-owned Hanoi Trade Corporation (Hapro) and Binh Duong Producing and Trading Goods Corporation (Protrade Corp.), the owners of several golden land plots and industrial parks, conducted successful IPOs. On March 28, Protrade, the third largest state-owned firm in the southern province of Binh Duong, offered 30 million shares for sale, equalling 10 per cent of its stakes, at its IPO with the initial price of VND12,000 ($0.53). As a result, 63 investors joined the auction, four of whom won with the highest bid of VND21,000 and the lowest bid of VND16,600. The average selling price was VND17,474, which was 46 per cent higher than the initial price. After the IPO, the state’s holding in Protrade decreased to 50 per cent, equalling 150 million shares. Besides, Protrade Corp. will put 119.7 million shares, equalling 39.91 per cent of the stakes, on sale to strategic investors. Previously, Protrade Corp. also published the … [Read more...] about BUSINESS IN BRIEF 4/4
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SOCIETY IN BRIEF 29/3
Germany, Australia support climate change The Governments of Germany and Australia have provided non-refundable aid worth over EUR18 million to a climate change adaptation programme in Vietnam's Mekong River Delta. The Integrated Coastal and Mangrove Protection/Climate Change and Coastal Ecosystems Programme (ICMP/CCCEP) operating in the Mekong River Delta of Vietnam, costing a total of EUR20 million, will be implemented in An Giang, Bac Lieu, Ca Mau, Kien Giang and Soc Trang provinces over the next 36 months. Juergen Hess from the German International Cooperation (GIZ) said the aim of ICMP/CCCEP is to assist Vietnam to manage coastal ecosystems, enhance resilience and reduce the risk of injury to fauna, protect the Mekong River Delta, increase awareness of the environment and create sustainable livelihoods for local people. Vietnam's Deputy Minister of Agriculture and Rural Development Ha Cong Tuan notes that the programme complements the Vietnamese Government's strategies for … [Read more...] about SOCIETY IN BRIEF 29/3
BUSINESS IN BRIEF 20/1
Vietnam vows to remove investment hurdles with LaosRemoving all obstacles towards Vietnamese investments in Laos and the two countries’ joint projects will be among Vietnam’s priorities in further riveting co-operation with its western neighbour this year.At a meeting organised a few days ago between the government and Vietnam-Laos Co-operation Committee, Prime Minister Nguyen Xuan Phuc stated that Vietnam will further its bilateral investment co-operation with Laos this year, with a focus on implementing co-operation projects about seaports, electricity, and infrastructure.Focus will also be placed on boosting the implementation of delayed Vietnamese investment projects in Laos.“It is necessary to review some projects in Laos so that their construction can be boosted with the highest responsibility. All enterprises and investors failing to implement the projects effectively must be strictly punished,” Phuc said.During his bilateral meeting with his Lao … [Read more...] about BUSINESS IN BRIEF 20/1
BUSINESS IN BRIEF 9/11
Developers slash property prices With bank loans falling at the end of this year and losses from a gloomy domestic real estate market, many property developers have begun slashing prices of their apartments to boost revenue. On Monday, just three days after PetroVietnam Power Land announced a discount of 34 per cent on it's apartments, the Sai Gon Mekong Company reduced prices on 500 apartments in the An Tien urban area project in HCM City's District 7 from VND18 million (US$860) per square metre to VND14.5 million ($690) per square metre. Representative from the company's leaders Ho Van Tuyen said the move was an attempt to recoup capital for new business opportunities. Late last week, PetroVietnam Power Land Company cut off 34 per cent of the 85 apartments in its PetroVietnam Landmark project in District 2 to VND15.5 million ($738) per square metre from the earlier VND23.8 million ($1,130). The sell-off was aimed at resolving the difficulties of a frozen property market and … [Read more...] about BUSINESS IN BRIEF 9/11
BUSINESS IN BRIEF 19/10
Vietnam Expo 2016 to be held in HCM City The 14th Vietnam Expo will be held at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from November 30 to December 3. It is expected to draw the participation of businesses from more than 20 countries and territories, including Indonesia, the Republic of Korea (RoK), China, and Taiwan. According to the Ministry of Industry and Trade, with the sponsorship of Mobifone, the event provides a platform for businesses to meet, expand business and promote trade and investment. Indonesia is the country of honour at this year’s expo, sending over 60 businesses to display modern technology products in the event. The RoK’s state businesses and provincial trade organisations, such as the Bucheon Chamber of Commerce and Industry, representatives of Incheon, Suwon, Daejeon authorities, will be among those present. Nearly 100 RoK businesses will introduce their latest technologies, services and products to the expo. The event will see first … [Read more...] about BUSINESS IN BRIEF 19/10