Vinatex

Divesting from Vinaconex was one of SCIC’s most successful deals last year (Photo: VNA) Hanoi (VNS/VNA) - The State Capital Investment Corporation (SCIC) reported after-tax profit of 8.25 trillion VND (356 million USD) in 2018, 52 percent higher than the annual target. Its revenue was 12.58 trillion VND (541.3 million USD), equivalent to 159 percent of its target. SCIC estimated it had paid 6.99 trillion VND (300.7 million USD) in corporate income tax in 2018, 54 percent higher than the target, and paid 2.18 trillion VND (93.8 million USD) directly to the Enterprise Arrangement and Development Support Fund. SCIC played an important role in the restructuring of State-owned enterprises. Founded in 2005, SCIC divested State capital out of 986 companies to collect nearly 37 trillion VND (1.6 billion USD), compared to the book value of 8.3 trillion (357 million USD). In 2018 alone, SCIC earned nearly 7.78 trillion VND (334.7 million USD) from selling stakes at nine companies. … [Read more...] about SCIC reports profits 52 percent higher than target

Last week Japanese casual wear retailer Uniqlo announced it would open its first store in the country in Ho Chi Minh City’s District 1 on December 6. The 3,000-square-meter store would be one of its biggest in Southeast Asia, the firm said. Opening stores in Vietnam is critical to Uniqlo’s expansion plans in Southeast Asia. As of last year it had 213 stores in the region, and plans to have 400 by 2022, Tadashi Yanai, CEO of Fast Retailing Group, which owns a 75 percent stake in Uniqlo, said. It is the latest in an expanding list of around 200 foreign fashion brands that have entered Vietnam, including Zara, H&M, Giordano, Mango, Topshop, Gap, and Old Navy. Vietnam, with its young demographic, growing incomes and 95 million population, is considered a hugely promising market. Foreign brands are attracted to its 15-20 percent annual growth, according to the chairman of the Vietnam Retailers Association, Dinh Thi My Loan. Vietnamese consumers are also shifting towards … [Read more...] about Foreign brands eager to enter booming fashion market