Strategic partnerships have become a popular option for businesses, especially in the volatile circumstances of the growing domestic stock market and growing globalisation.
The most notable agreement is a partnership between PetroVietnam and Lilama in the energy, cement, engineering manufacturing, shipbuilding, transport, real estate, finance and banking sectors. PetroVietnam and Lilama are also considering the possibility of trading shares and sharing investment capital to become founding shareholders.
The Hua Na hydroelectric project is one result of their agreement. The company, with chartered capital of VND1.2tril, was established to own the hydropower plant.
PetroVietnam has already signed a comprehensive agreement with Vietnam Airlines to start an air taxi joint stock company, while Lilama has inked a construction and banking services agreement with Military Bank.
Two State-run groups, Bao Viet and VNPT, recently signed a strategic co-operative agreement where by the former will be responsible for insuring property, equipment, human resource and other VNPT assets, while the latter will become the post and telecom service provider to Bao Viet.
In the distribution sector, the four biggest Vietnamese retailers, Ha Noi Trade Corporation (Hapro), Sai Gon Trade Corporation (Satra); Sai Gon Co-op and Phu Thai Group, have decided to join forces to set up Viet Nam Distribution Association Network (VDA), which is hoped will become the leading distribution and logistics group in Vietnam and will pre-empt and compete effectively with large foreign distributors.
Under its WTO commitments, Vietnam will open its distribution market in 2009. Meanwhile, giant distribution groups are already present in Vietnam, including Metro, Big C and Parkson. In the future Lotte Shopping, Carefour and Wal-mart are expected.
With an investment capital of VND1.5tril ($93.75mil) in the first period of investment (March 2007-October 2008) and VND3-6tril ($187.5-375mil) in the second (November 2008-October 2011), VDA will focus on the development of modern trade centres, supermarkets and hypermarkets, which are planned to control a majority share of the distribution market.
During its debut ceremony, VDA signed three strategic co-operative agreements with Viet Nam National Shipping Lines (Vinalines), Viet Nam Association of Seafood Exporters and Producers (VSAP) and Bank for Investment and Development of Viet Nam (BIDV).
Intel Vietnam has inked a MoU on co-operation with Electricity of Viet Nam (EVN) Group to implement IT solutions in the sector and so strengthen its competitiveness.
However the record to ink strategic agreements must go to Hanaka group joint stock company based in Bac Ninh Province, which has become strategic partners with 10 local and foreign companies such as Japanese Sumitomo, Korean Golden Bridge, Vietcombank and Bach Dang Shipyard.
Source: VNE
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