Second tier stock market

“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

Smartphone shops in Hanoi and Ho Chi Minh City on September 26 offered the VND40 million price for 256GB storage option. Higher storage options of 512GB and 1TB cost VND45 million and VND58 million, respectively. Traders queued up to buy the product at Apple stores in Singapore and Thailand and brought them to Vietnam unofficially. The first ones were available on Friday last week, one week before they are sold officially in Vietnam, at prices around VND70 million, or nearly 50% higher than official prices in Vietnam. Nguyen Hieu, owner of an unofficial Apple shop in Hanoi, said that he had anticipated the drop in prices this year as the iPhone is sold in Vietnam only one week later than Apple’s tier-1 markets, compared to several weeks in previous years. He only bought 20 iPhone 15s to sell in the last three days. Retail chains are reporting a shortage of the most expensive option, the iPhone 15 Pro Max, due to high demand from preorders. Customers will … [Read more...] about iPhone 15 prices plunge 20% in three days

Prime Minister Pham Minh Chinh delivers a policy speech at the Brazilian Ministry of Foreign Affairs on September 25. (Photo: VNA) Brasilia (VNA) – Prime Minister Pham Minh Chinh attended a forum and delivered a policy speech at the Brazilian Ministry of Foreign Affairs on September 25 as part of his official visit to the Southern American country. Spotlighting the similarities that Vietnam and Brazil share, which include the struggle for national independence, development model and people’s values, PM Chinh said that since the diplomatic relations were set up nearly 35 years ago, both nations have enjoyed robust ties, which have been intensified and developed into a deep, stable, effective and sustainable fashion. He went on to lay stress on the five orientations to boost bilateral collaboration as well as elevate the bilateral ties into a new high in the time ahead. Firstly, both sides should enhance relations between leaders through high-level visits and meetings … [Read more...] about PM highlights five measures to elevate Vietnam – Brazil ties

SKC Co. Ltd. (SKC), a subsidiary of the SK Group , has received an investment certificate to develop a high-tech biodegradable materials factory in the northern port city of Hai Phong. With the total investment capital of $500 million, the factory specialises in producing biodegradable materials such as polybutylene adipate terephthalate and polybutylene succinate. The project spreads across an area of 32,089 square metres in the Haiphong I DEEP C Industrial Zone in the Dinh Vu-Cat Hai Economic Zone. In the first phase, the project will start construction in mid-December 2023, slated to be completed within nine months. The project is expected to reach an output of 35,000 tonnes by year-end. In the second phase, the company will increase the total output to 70,000 tonnes per year. Woncheo Park, CEO of SKC under SK Group said, "SK Group has invested about $3 billion in Vietnam over the past five years. Currently, Hai Phong is one of the countries with the most modern … [Read more...] about South Korea’s SK Group continues to deepen investment in Vietnam

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai (second from left) and other delegates an area  displaying Vienamese products at a Systeme U supermarket. (Photo: VNA) Paris (VNA) – A Vietnamese goods week kicked off at Système U supermarket chain in Paris, the capital city of France , on September 25, with the participation of 15 Vietnamese businesses. The event, which is co-organised by the Vietnamese Ministry of Industry and Trade, Système U Group and T&T Foods Company, aims to introduce Vietnamese products to French consumers. It will open up prospects for other products, contributing to promoting direct exports to France and countries where the group's outlets are based, Hai went on. Vietnamese Deputy Minister of Industry and Trade Do Thang Hai (fift from left) and other delegates cut ribbons to kick off the Vietnamese goods week at Systeme U supermarket chain in Paris (Photo: VNA) The Vietnamese Goods Week, the first of its kind, offers a … [Read more...] about Vietnamese goods introduced in France

According to research by the World Health Organization, for every $1 spent on early childhood development interventions, the return on investment can be as high as $13. Therefore, investing in the development of the younger generation is a cost-effective way to promote shared prosperity, economic growth, and expand equal opportunities. Shinhan Life aims to build a sustainable future for the next generation of Vietnam Sharing this common perspective, Shinhan Life has been integrating business development with social responsibility since its inception in the Vietnamese market. In addition to charity programmes and support for the basic needs of underprivileged children, the company has collaborated to implement long-term educational programmes aimed at comprehensive child development, enabling them to lead fulfilling lives and become valuable citizens for society, thus promoting Vietnam's sustainable future. Supporting nearly 19,000 in treatment costs for … [Read more...] about Shinhan Life promotes sustainable development for future generation of Vietnam

Phan Van Son, director of General Department under the Commission for Management of State Capital at Enterprises In Vietnam’s quest for economic prosperity, the Commission for Management of State Capital at Enterprises (CMSC) stands out as a sentinel overseeing the ownership in 19 pivotal state-owned enterprises (SOEs), each playing diverse roles across 16 varied sectors. According to Phan Van Son, director of General Department at the CMSC, the journey, while dotted with accomplishments, has many challenges. “The commission acts as a dedicated agency, symbolising state ownership in enterprises, rendering them guardians of state assets,” said Son. According to Son’s presentation at VIR ’s seminar titled 'Looking Back and Moving Forward' on September 26, by 2022, these 19 SOEs have witnessed a surge in their consolidated total capital and assets, touching $48.7 billion and $105.2 billion respectively, reflecting a substantial 63 per cent of total state ownership capital and … [Read more...] about CMSC navigates reforms and challenges at SOEs