Global bank Credit Suisse said on Monday it would arrange up to $700 million in credit for Vietnam National Shipping Lines (Vinalines), the first offshore loan for the Vietnamese firm.
Mai Van Phuc, President and CEO of the unlisted Vinalines, said the agreement was part of a memorandum under which it would get from Credit Suisse ratings advisory, fund raising and risk management services, Credit Suisse said in a statement.
The Financial Service Memorandum envisaged the bank to develop a financing programme of up to $1 billion for Vinalines, the first offshore loans for Vietnam's leading shipping firm.
In January Credit Suisse said it had linked up with Vinalines and Vinashin, a leading ship building firm, to work on financing programmes as it ramps up activity in Vietnam's fast-growing economy.
In June it was the rating adviser and sole arranger for a $600 million loan to Vinashin, the global bank said.
Credit Suisse expects Vietnam's economy to grow 9.2 percent this year, after estimated growth of 8.2 percent in 2006.
The forecast is above a Vietnamese government growth projection of 8.5 percent for the whole of 2007.
Source: Reuters
Showing posts with label Vinalines. Show all posts
Showing posts with label Vinalines. Show all posts
Monday, August 13, 2007
Wednesday, June 20, 2007
Citigroup sign Vietnam finance deals
Citigroup said on Tuesday it has signed financing deals with three major Vietnamese companies to provide loans, banking services and consultation on a domestic bond issue.
A Citigroup statement said it signed the agreements in New York for undisclosed amounts with dominant state utility Vietnam Electricity (EVN) group, Vietnam National Shipping Lines (Vinalines) and top coal producer Vinacomin.
None of the companies are listed.
Vietnamese President Nguyen Minh Triet arrived in New York on Monday in the first visit to the United States by a Vietnamese head of state since the U.S. war in Vietnam ended in 1975.
Citigroup would advise Vinacomin, also the largest mining firm, on a bond issue on Vietnam's markets, the statement said without elaboration.
"This financing will enable Vinacomin to diversify funding sources to meet increasing local demands in energy," Vinacomin chairman Doan Van Kien was quoted in the statement as saying.
Citigroup, which runs two bank branches in Vietnam, will provide EVN with financing, cash management and online banking products, the statement said.
The state utility needs $3 billion in annual investment to meet electricity demand, which has been growing at 16% to 17% a year, EVN Chief Executive Pham Le Thanh said.
Communist-ruled Vietnam has targeted economic growth of 8.5% this year and up to 8.7% in 2008.
Under the deal with Vinalines, Citigroup would finance the state-run firm to expand its fleet and build ports, the global financial services company said.
Vietnam joined the World Trade Organisation in January but foreign investors say it needs big improvements in infrastructure in sectors such as transport, telecoms, banking and financial services and energy.
Source: Reuters
A Citigroup statement said it signed the agreements in New York for undisclosed amounts with dominant state utility Vietnam Electricity (EVN) group, Vietnam National Shipping Lines (Vinalines) and top coal producer Vinacomin.
None of the companies are listed.
Vietnamese President Nguyen Minh Triet arrived in New York on Monday in the first visit to the United States by a Vietnamese head of state since the U.S. war in Vietnam ended in 1975.
Citigroup would advise Vinacomin, also the largest mining firm, on a bond issue on Vietnam's markets, the statement said without elaboration.
"This financing will enable Vinacomin to diversify funding sources to meet increasing local demands in energy," Vinacomin chairman Doan Van Kien was quoted in the statement as saying.
Citigroup, which runs two bank branches in Vietnam, will provide EVN with financing, cash management and online banking products, the statement said.
The state utility needs $3 billion in annual investment to meet electricity demand, which has been growing at 16% to 17% a year, EVN Chief Executive Pham Le Thanh said.
Communist-ruled Vietnam has targeted economic growth of 8.5% this year and up to 8.7% in 2008.
Under the deal with Vinalines, Citigroup would finance the state-run firm to expand its fleet and build ports, the global financial services company said.
Vietnam joined the World Trade Organisation in January but foreign investors say it needs big improvements in infrastructure in sectors such as transport, telecoms, banking and financial services and energy.
Source: Reuters
Strategic partnerships booming
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
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
Saturday, June 16, 2007
Vietnam bank, shipyard join hands to diversify
The state-run Vietcombank and major shipbuilder Vinalines inked a deal Tuesday to make joint investments.
Vietcombank, as the bank is known commonly, agreed to invest in Vinalines’s shipbuilding and seaport construction projects.
Vinalines plans to build two mammoth port complexes in the central Khanh Hoa province and northern Hai Phong city.
The two sides are also looking for more partners for the two projects.
In Khanh Hoa they will build a modern international port at an estimated cost of $169 million. Work is set to start on the first two berths later this year.
Van Phong Port plays a crucial role in the economic zone of the same name covering 150,000ha of land and water surface in the bay.
The other project, the Lach Huyen International Seaport, is expected to cost VND27 trillion ($1.6 billion) for infrastructure and berths. It will serve as an international gateway and a large transit port for the whole of northern Vietnam.
It is designed to accommodate vessels of between 60,000 and 80,000 TEUs (twenty-foot-equivalent units) and have annual cargo throughput of between 50 and 60 million tons when in full perform.
The first two berths are expected to be ready in 2010.
Duong Tri Dung, Vinalines chairman, said the tie-up with the bank was part of the corporation’s diversification strategy as well as equitization process. It planned to enter finance, banking, insurance, securities, electricity, infrastructure, real estate, and tourism.
The group was set to become one of the region’s top maritime groups by 2010 with revenues of more than VND20 trillion ($1.2 billion).
It plans to raise VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.
This year it targeted to transport 24.8 million tons of cargo – a year-on-year jump of 8%, a record revenue of VND12 trillion ($750 million).
The company plans to purchase 29 more vessels with total capacity of 692,000 DWT (dead-weight-tons).
Vietcombank – the country’s second largest by assets is set to launch its IPO in July or August at the latest and list on the stock market by October, with the second shares auction to be conducted overseas next year. It is in the process to source out strategic foreign investors to participate in managing the structure of the bank.
After going public, the state will hold a 70% stake in the bank and the remaining 30% will go to investors via domestic and overseas IPOs. The bank plans to launch an IPO in Hong Kong or Singapore next year, where stock exchanges have recognized Vietcombank as qualifying under their basic requirements.
By the end of 2006, Vietcombank had assets of VND169.46 trillion ($10.06 billion), up 23.9% on year.
It made a net profit of VND2.47 trillion during the year, up 91.5% year on year, bank figures showed.
Source: Thanh Nien
Vietcombank, as the bank is known commonly, agreed to invest in Vinalines’s shipbuilding and seaport construction projects.
Vinalines plans to build two mammoth port complexes in the central Khanh Hoa province and northern Hai Phong city.
The two sides are also looking for more partners for the two projects.
In Khanh Hoa they will build a modern international port at an estimated cost of $169 million. Work is set to start on the first two berths later this year.
Van Phong Port plays a crucial role in the economic zone of the same name covering 150,000ha of land and water surface in the bay.
The other project, the Lach Huyen International Seaport, is expected to cost VND27 trillion ($1.6 billion) for infrastructure and berths. It will serve as an international gateway and a large transit port for the whole of northern Vietnam.
It is designed to accommodate vessels of between 60,000 and 80,000 TEUs (twenty-foot-equivalent units) and have annual cargo throughput of between 50 and 60 million tons when in full perform.
The first two berths are expected to be ready in 2010.
Duong Tri Dung, Vinalines chairman, said the tie-up with the bank was part of the corporation’s diversification strategy as well as equitization process. It planned to enter finance, banking, insurance, securities, electricity, infrastructure, real estate, and tourism.
The group was set to become one of the region’s top maritime groups by 2010 with revenues of more than VND20 trillion ($1.2 billion).
It plans to raise VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.
This year it targeted to transport 24.8 million tons of cargo – a year-on-year jump of 8%, a record revenue of VND12 trillion ($750 million).
The company plans to purchase 29 more vessels with total capacity of 692,000 DWT (dead-weight-tons).
Vietcombank – the country’s second largest by assets is set to launch its IPO in July or August at the latest and list on the stock market by October, with the second shares auction to be conducted overseas next year. It is in the process to source out strategic foreign investors to participate in managing the structure of the bank.
After going public, the state will hold a 70% stake in the bank and the remaining 30% will go to investors via domestic and overseas IPOs. The bank plans to launch an IPO in Hong Kong or Singapore next year, where stock exchanges have recognized Vietcombank as qualifying under their basic requirements.
By the end of 2006, Vietcombank had assets of VND169.46 trillion ($10.06 billion), up 23.9% on year.
It made a net profit of VND2.47 trillion during the year, up 91.5% year on year, bank figures showed.
Source: Thanh Nien
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