Vietnam Dairy Products JSC, Southeast Asia’s biggest milk producer by market value, is in talks to buy another U.S. company as it accelerates acquisitions to expand globally and drive revenue. The company, known as Vinamilk, expects the deal to close as early as next year, Chief Executive Officer Mai Kieu Lien said in an interview, declining to give the name of the target or the deal value. The dairy firm, which already has a stake in California-based Driftwood Dairy, may increase its mergers and acquisitions war chest as it strives to achieve annual revenue of $3 billion by the end of 2017, she said. “U.S. is the most difficult market,” Lien said at her office in Ho Chi Minh City. “If we are accepted in the U.S. market, it will be a big advantage for us, helping us to penetrate into other markets and boost our growth.” Vinamilk is casting for acquisitions overseas as Vietnam’s dairy market remains underdeveloped compared with neighboring countries. … [Read more...] about Vinamilk seeks to buy second U.S. dairy company in growth push
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VietNamNet Bridge – Currently, foreign investors can hold no more than 30 percent of shares in one Vietnamese bank, but the proportion may rise to 100 percent by 2020. State Bank of Vietnam (SBV) officials have repeatedly stated at formal events that the country encourages foreign investors to buy shares in Vietnamese banks. Under current laws, maximum total foreign ownership share is 30 percent. A foreign non-strategic shareholder can hold up to 15 percent of the bank’s chartered capital, while a strategic shareholder can hold up to 20 percent or higher if approved by the Prime Minister. Most recently, SBV’s Governor told the press there will be no limitations on foreign ownership in weak banks that have to undergo compulsory restructuring. The current limit on foreign ownership will be automatically lifted in 2020 at the latest, because Vietnam, as a member of WTO, has promised to remove the cap by that time. Concerns have been raised that once foreign … [Read more...] about What if foreign banks are allowed to buy a 100% stake in a Vietnamese bank?
Sacombank shares to shake up market (09-06-2006) HA NOI — Vietnamese stock traders are eagerly looking forward to Sacombank's debut on the securities market, as the joint-stock bank's debut of 190 million worth of shares is expected to make a big splash in the market. After the bank won a licence to list its shares on the nation's stock market early this month, investors have anticipated that the bank's move would be the catalyst for a developmental breakthrough for the fledging market. Deputy chairman of the State Securities Committee Vu Bang said that following Sacombank's listing, market capitalisation would increase to compromise about 8 per cent of the country's gross domestic product. He said the listing of banks like Sacombank would have a great impact on the stock market, in part by offering investors with high liquidity products. The bank is expected to make its debut next month on the HCM City bourse. Immediately after the debut, the country's largest joint-stock bank … [Read more...] about Sacombank shares to shake up market
(CPV)- The Australia and New Zealand Banking Group (ANZ) announced on July 9 it was buying a 10 percent share of the Sai Gon Securities Incorporation with a total value of 88 million USD to expand business activities in Asia. At present, SSI is asking Vietnam's management agency to approve the investment. ANZ's investment in SSI occurred just before late HSBC's business director in the Asian region, Mr. Michael Smith will designate General Director of ANZ on October 1, 2007. Senior Director of ANZ Bod Edgar said that the strategic cooperation relation with SSI will benefit ANZ with current business activities in the Vietnam capital market. He further said that: "the cooperative relation is the combination of SSI's strong capacity in the local market with ANZ's access capacity to the regional market. Moreover, it also promote the traditional relation between the two sides." SSI is now one of the leading intermediary securities companies in Vietnam. In the first quarter of 2007, its … [Read more...] about ANZ to buy 10 percent stock of SSI
Joint-Stock Commercial Bank for Foreign Trade of Vietnam, the state-owned lender known as Vietcombank, said it will sell a 15 percent stake to Mizuho Financial Group Inc. for about $570 million. The central bank approved the sale, Chairman Nguyen Hoa Binh said by telephone Tuesday. Vietcombank will issue about 347 million new shares for the stake, said Chief Executive Officer Nguyen Phuoc Thanh, who gave the value for the deal. Masako Shiono, a spokeswoman for Mizuho in Tokyo, declined to comment. … [Read more...] about Vietcombank says Mizuho to buy 15 pct stake for $570 million