The Vietnamese Securities Regulator has given the VietFund Management Ltd.Co (VFM) the nod to disburse capital for its second investment fund.
VFM is a joint venture between te bourse-listed Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and the UK fund management company, Dragon Capital.
The 400bio VND (24mio US$) Vietnam Growth Investment Fund (VF2) has attracted 15 investors. The fund is operational for five years. VF2 eyes shares of companies involved in education, healthcare and IT projects.
The fund had conducted negotiations over three projects whose capital amounts to 40bio VND (2.4mio US$), the fund manager said.
The fund is to increase its capital after investing three-fourths of its total, set for the third quarter of next year.
As the country’s first public fund, VF1 is fully invested in nine listed and 33 unlisted firms since its inception in mid-June 2004.
Foreign investors now own over 38% of VF1 shares.
VF1 plans to sell 12 million more shares in a new first phase to pre-existing shareholders, with those owning every 10 units eligible to buy four new units at the par value of VND10,000.
In phase two, those holding every 15 units can buy four new units at the average net asset value of each VF1 unit in the four latest weeks.
Additionally VietFund is also working with American-owned insurance and reinsurance broker Aon Vietnam to establish a pension fund with initial capital of VND20 billion ($1.2 million).
The company expects numerous companies to authorize VietFund to manage their employees’ retirement funds, increasing planned pension funds one hundred-fold.
Source: Thanh Nien
Monday, December 18, 2006
Friday, December 15, 2006
FPT to offer phone services
FPT won a licence to provide land-line telephone services nationwide as the country's leading information technology firm diversifies business.
FPT Telecom received the licence on Thursday and will offer telephone services packed with broadband Internet and IP television to compete with seven operators in the country.
Source: Reuters
FPT Telecom received the licence on Thursday and will offer telephone services packed with broadband Internet and IP television to compete with seven operators in the country.
Source: Reuters
Thursday, December 14, 2006
EVN issues 62mio US$ bond
Electricity of Vietnam (EVN) has priced 62mio US$ in bonds to yield 9.70%.
EVN said in a statement on Wednesday that proceeds of the 10-year issue, its eighth offer this year, would be used for the construction of power plants.
The bonds, carrying a coupon of 9.70 percent, were priced at par to yield 9.70 percent. They will mature on Dec. 19, 2016.
Source: Thanh Nien
EVN said in a statement on Wednesday that proceeds of the 10-year issue, its eighth offer this year, would be used for the construction of power plants.
The bonds, carrying a coupon of 9.70 percent, were priced at par to yield 9.70 percent. They will mature on Dec. 19, 2016.
Source: Thanh Nien
Credit Suisse to trade in Vietnam
Vietnam has awarded Credit Suisse securities trading code certificates which allow the bank to engage in the trading of domestic equities, as well as government and corporate bonds.
Vietnam will earn 8.45bio US$ in oil exports this year
Crude oil, the country’s foremost foreign exchange earner, was likely to make up 21% of the country’s total export turnover this year, said the Ministry of Trade.
The output of 17.5 million tons was 5% lower than targets, but export values exceeded targets on the back of rising world market prices.
Last year, the oil sector exported 18 million tons of crude worth nearly 7.4bio US$ mainly to China, Singapore, Japan, UK and US. Its crude oil production decreased 7.7% to roughly 18.5 million tons in the year.
Under a plan proposed by the Ministry of Planning and Investment, Vietnam is set to lower crude oil exports between 2006 and 2010 so as to ensure sufficient supply of the product for domestic industries. Accordingly, the country's crude oil export will decline to 18.5 million tons in 2006 and 15.6 million tons in 2010.
To reduce reliance on petroleum imports, Vietnam is investing 2.5bio US$ into constructing its first oil refinery, Dung Quat in the central Quang Ngai Province with annual processing capacity of 6.5 million tons.
The decade-delayed mega project is scheduled to become operational in late 2008 or early 2009, meeting about 40% of the domestic demand for petroleum products. Another two oil refineries are scheduled to come productive in 2009.
Energy experts forecast that Vietnam would turn into a net importer of crude oil by 2015, when all three refineries become operational and demand for crude oil rises.Vietnam's crude oil output may increase by almost 80 percent over the next few years, demand for refined products is expected to rise strongly as the country's economy expands.
Source: Thanh Nien
The output of 17.5 million tons was 5% lower than targets, but export values exceeded targets on the back of rising world market prices.
Last year, the oil sector exported 18 million tons of crude worth nearly 7.4bio US$ mainly to China, Singapore, Japan, UK and US. Its crude oil production decreased 7.7% to roughly 18.5 million tons in the year.
Under a plan proposed by the Ministry of Planning and Investment, Vietnam is set to lower crude oil exports between 2006 and 2010 so as to ensure sufficient supply of the product for domestic industries. Accordingly, the country's crude oil export will decline to 18.5 million tons in 2006 and 15.6 million tons in 2010.
To reduce reliance on petroleum imports, Vietnam is investing 2.5bio US$ into constructing its first oil refinery, Dung Quat in the central Quang Ngai Province with annual processing capacity of 6.5 million tons.
The decade-delayed mega project is scheduled to become operational in late 2008 or early 2009, meeting about 40% of the domestic demand for petroleum products. Another two oil refineries are scheduled to come productive in 2009.
Energy experts forecast that Vietnam would turn into a net importer of crude oil by 2015, when all three refineries become operational and demand for crude oil rises.Vietnam's crude oil output may increase by almost 80 percent over the next few years, demand for refined products is expected to rise strongly as the country's economy expands.
Source: Thanh Nien
Constrexim Holding plans to offer 6.4mio shares
Vietnam Investment Construction Export Import Holding Corp., which expects to raise about 70.4bio VND (4.4 mio US$) from the share sale on Dec. 26, will use the funds to develop real estate projects in Hanoi and industrial projects, including a hydropower plant, in the provinces..
The company, which has registered capital of 203bio VND, will sell 31.54% of its stake, via an OTC-auction. The shares will be offered to local and foreign investors at an initial price of VND11,000 each. Foreign investors can buy a maximum of 6.09 million shares or a 30% stake.
After the IPO, the state will own 57.82% of the equity, employees 2.2% and strategic investors 8.44%.
In 2005, the company, which is involved in a range of construction projects and services, reported a net profit of 21bio VND, a revenue of 1.7 trillion VND.
Source: Thanh Nien
The company, which has registered capital of 203bio VND, will sell 31.54% of its stake, via an OTC-auction. The shares will be offered to local and foreign investors at an initial price of VND11,000 each. Foreign investors can buy a maximum of 6.09 million shares or a 30% stake.
After the IPO, the state will own 57.82% of the equity, employees 2.2% and strategic investors 8.44%.
In 2005, the company, which is involved in a range of construction projects and services, reported a net profit of 21bio VND, a revenue of 1.7 trillion VND.
Source: Thanh Nien
Wednesday, December 13, 2006
Vietnamese rubber exports boost in 2006
Vietnam's rubber exports reached 1.65 bio US$ from Jan. to Nov. 2006, an increase of 300mio US$ ahead of 2005's figure.
Increased export turnover was driven by a rise in rubber prices, up 6-7 mio VND (375US$-437US$) per tonne from last year. Average export prices in 2005 were 1,370US$/ton, compared to an average price of 1,163US$/ton in 2004.
Vietnam now ranked sixth in rubber production in the world and fourth in natural rubber exports after Thailand, Indonesia and Malaysia, according to the International Rubber Association.
Vietnamese rubber was currently being exported to 20 countries, of which China was the leading importer. Chinas overall rubber demand was expected to increase 6% per year by 2010.
Over the next five years, global demand for natural rubber was expected to increase at a rate of about 3.3% annually, according to the International Rubber Search Group (IRSG).
By 2010, the worlds demand for natural rubber would reach 9.6 tons/year while production output was likely to hit only 9.3mio tons.
Source: VNA
Increased export turnover was driven by a rise in rubber prices, up 6-7 mio VND (375US$-437US$) per tonne from last year. Average export prices in 2005 were 1,370US$/ton, compared to an average price of 1,163US$/ton in 2004.
Vietnam now ranked sixth in rubber production in the world and fourth in natural rubber exports after Thailand, Indonesia and Malaysia, according to the International Rubber Association.
Vietnamese rubber was currently being exported to 20 countries, of which China was the leading importer. Chinas overall rubber demand was expected to increase 6% per year by 2010.
Over the next five years, global demand for natural rubber was expected to increase at a rate of about 3.3% annually, according to the International Rubber Search Group (IRSG).
By 2010, the worlds demand for natural rubber would reach 9.6 tons/year while production output was likely to hit only 9.3mio tons.
Source: VNA
150% increase of FPT's share price
Shares of FPT rised by 150% on their debut on the Ho Chi Minh City stock market on Wednesday, the stock market said.
A total of 83,530 shares in the Hanoi-based firm changed hands at 400,000 VNDong (24.9 US$).The initial share price set for FTP's debut was 160,000 dong each.
The pricing valued FPT at 1.5bio US$. In October,
Source: Reuters
A total of 83,530 shares in the Hanoi-based firm changed hands at 400,000 VNDong (24.9 US$).The initial share price set for FTP's debut was 160,000 dong each.
The pricing valued FPT at 1.5bio US$. In October,
Source: Reuters
Oil and gas import tariffs halved
As of Dec. 12, oil and gas import tariffs will be reduced from 20 percent to 10 percent, according to the Ministry of Finance.
The rate is applicable to light oil and gas products of all sorts, except for gas used for aircraft, whose importing tariff remains fixed at 15 percent.
Source: Vietnam Net
The rate is applicable to light oil and gas products of all sorts, except for gas used for aircraft, whose importing tariff remains fixed at 15 percent.
Source: Vietnam Net
Thai paper firm to build packaging factory in Vietnam
Siam Pulp and Paper plans to invest 220mio US$ to set up a large packaging paper facility in Vietnam’s southern Binh Duong province. The facility will be able to turn out 220,000 tons of packaging products per year when it goes on stream in early 2009.
30% of its output will be exported while the rest will be sold in Vietnam, where the company already has a market. The new facility will scale up SCG’s packaging paper capacity to 1.74 million tons a year.
The company expects strong demand for such products in Vietnam as almost half of the country’s demand of 580,000 tons this year was imported. Annual growth in demand is forecast to be 10-15% for the next 10 years.
Source: Tuoi Tre
30% of its output will be exported while the rest will be sold in Vietnam, where the company already has a market. The new facility will scale up SCG’s packaging paper capacity to 1.74 million tons a year.
The company expects strong demand for such products in Vietnam as almost half of the country’s demand of 580,000 tons this year was imported. Annual growth in demand is forecast to be 10-15% for the next 10 years.
Source: Tuoi Tre
Tuesday, December 12, 2006
IPO: Viet Thang Textile raises 1.8mio US$
Viet Thang Textile Co raised 29.2bio VNDong (1.8 mio Us$) from selling 2.8mio shares to Vietnamese investors. The average price was at 0.65US$, 0.02US$ above the initial offering price. Thus, the market value of Viet Thang rose by 0.3mio US$ to 9.1mio US$.
Viet Thang has joint ventures with South Korean and Russian firms in Ho Chi Minh City to produce yarn, fabric and jackets for export.
Viet Thang was established in 1960 and is a member of the Vietnam National Textile and Garment Corp. It produces and trades fiber, towels, materials and machinery for the industry.
Source: Reuters
Viet Thang has joint ventures with South Korean and Russian firms in Ho Chi Minh City to produce yarn, fabric and jackets for export.
Viet Thang was established in 1960 and is a member of the Vietnam National Textile and Garment Corp. It produces and trades fiber, towels, materials and machinery for the industry.
Source: Reuters
Successful IPO of Taiwanese tile maker
Taicera Enterprise Co. Ltd., has raised 113.6bio VND (7mio US$) from selling 3.9 million shares in an initial public offering.
Taicera, which built its first workshop in the southern province of Dong Nai in 1995, now produces tiles and bricks for domestic markets and export to countries including Australia, South Korea, Thailand and the United States.
Taicera has said the proceeds from the IPO would be used to raise its registered capital to VND300 billion ($18.7 million) from $15.6 million.
Fourteen institutional and 173 individual investors sought to buy nearly twice as many shares than were on offer. Foreign investors bought 24% of the offered stock.
Source: Reuters
Taicera, which built its first workshop in the southern province of Dong Nai in 1995, now produces tiles and bricks for domestic markets and export to countries including Australia, South Korea, Thailand and the United States.
Taicera has said the proceeds from the IPO would be used to raise its registered capital to VND300 billion ($18.7 million) from $15.6 million.
Fourteen institutional and 173 individual investors sought to buy nearly twice as many shares than were on offer. Foreign investors bought 24% of the offered stock.
Source: Reuters
Monday, December 11, 2006
Vinamilk (VNM) starts Forward Integration
Vinamilk (VNM)is investing nearly US$747,000 to construct V.Mart convenience stores throughout the country.
Last weekend it opened the first two supermarkets in Ho Chi Minh City.
Vinamilk was founded thirty years ago and currently holds 75% of the Vietnamese diary market.
Source: Thanh Nien
Last weekend it opened the first two supermarkets in Ho Chi Minh City.
Vinamilk was founded thirty years ago and currently holds 75% of the Vietnamese diary market.
Source: Thanh Nien
Vietnam Stock market resumes trading
The Vietnam stock exchangeresumed trading Monday after a suspension on Friday and reached a new lifetime high (724.3 points) this morning.
State Securities Commission chairman Vu Bang, said the center was in the process of upgrading its system and would use a continuous order matching system by June next year.
The bourse would build a modern system expected to start operation in early 2009 and a backup system was also being developed at the Saigon Hi-Tech Park in HCMC, he added.
Source: Thanh Nien
State Securities Commission chairman Vu Bang, said the center was in the process of upgrading its system and would use a continuous order matching system by June next year.
The bourse would build a modern system expected to start operation in early 2009 and a backup system was also being developed at the Saigon Hi-Tech Park in HCMC, he added.
Source: Thanh Nien
Saturday, December 09, 2006
USA-Vietnam: Permanent Normal Trade Relations granted
The US Congress has given final approval to a bill to restore normal trade ties with Vietnam.
Source: AFP
The bill granting "permanent normal trade relations" (PNTR) status to Vietnam was approved during an all-night session.
Some lawmakers criticized the move to boost trade ties with Vietnam, citing what they called the communist-ruled state's poor human rights record and crackdown on dissent.Source: AFP
Friday, December 08, 2006
Vietnam stock exchange halts trade after "a small technical error"
Trade was halted after the first order matching as the error emerged in data transmitted from the centre to securities companies.
"It is a small technical error in the system but we have to stop," Ho Chi Minh City Securities Trading Center director Tran Dac Sinh said.
Trade should be resumed on Monday.
Source: Reuters
"It is a small technical error in the system but we have to stop," Ho Chi Minh City Securities Trading Center director Tran Dac Sinh said.
Trade should be resumed on Monday.
Source: Reuters
PV Insurance's IPO on December, 27
PV Insurance, a subsidiary of state oil monopoly Petrovietnam, will raise at least 8.4 mio US$ from selling state shares at an initial public offering late this month.
PV Insurance would sell 11,729,900 state shares, a 23% stake, on Dec. 29 at an initial price of 11,500 dong ($0.72) each. The initial price suggested its value was $36 million.
The state will retain 35 million shares, or 70 percent of the firm, the Industry Ministry, which controls Petrovietnam, said in approving the partial privatisation. PV Insurance would also sell 3 million shares, or 6 percent of its shares to state-run Vietnam Marine Corporation, its strategic partner.
The firm offers non-life insurance and has financial investments.
Insurance premiums rose 18 percent in the first half of 2006 from a year earlier to 8 trillion VN Dong (498mio US$).
The Vietnam National Re-Insurance Corporation (VNR) and Bao Minh Insurance Corp (BMI) are listed on the Hanoi OTC market while a third firm, Baoviet Securities, run by top insurer Bao Viet, will make its debut in Hanoi on Dec. 18.
Petrovietnam has been partially privatising subsidiaries, in line with the government's drive to speed the restructuring of state-owned companies, to raise funds for its core oil and gas exploration and production businesses.
Source: Reuters
PV Insurance would sell 11,729,900 state shares, a 23% stake, on Dec. 29 at an initial price of 11,500 dong ($0.72) each. The initial price suggested its value was $36 million.
The state will retain 35 million shares, or 70 percent of the firm, the Industry Ministry, which controls Petrovietnam, said in approving the partial privatisation. PV Insurance would also sell 3 million shares, or 6 percent of its shares to state-run Vietnam Marine Corporation, its strategic partner.
The firm offers non-life insurance and has financial investments.
Insurance premiums rose 18 percent in the first half of 2006 from a year earlier to 8 trillion VN Dong (498mio US$).
The Vietnam National Re-Insurance Corporation (VNR) and Bao Minh Insurance Corp (BMI) are listed on the Hanoi OTC market while a third firm, Baoviet Securities, run by top insurer Bao Viet, will make its debut in Hanoi on Dec. 18.
Petrovietnam has been partially privatising subsidiaries, in line with the government's drive to speed the restructuring of state-owned companies, to raise funds for its core oil and gas exploration and production businesses.
Source: Reuters
Thursday, December 07, 2006
Rubber company raised 39mio US$ in IPO
Vietnam's small Dong Phu Rubber Co. has raised 626.04bio VND (39mio US$) by selling more than 11 million state shares. The firm, known as Doruco, sold all 11,701,300 shares on offer at an average price of 53,502 VND (3.33 US$) each at its initial public offering on Wednesday.
Doruco is a subsidiary of state-run General Rubber Corporation, the largest of Vietnam's 60 rubber producers.
Doruco, which has yet to announce a listing plan, produces latex from 8,600 hectares of rubber trees.
Source: Reuters
Doruco is a subsidiary of state-run General Rubber Corporation, the largest of Vietnam's 60 rubber producers.
Doruco, which has yet to announce a listing plan, produces latex from 8,600 hectares of rubber trees.
Source: Reuters
Wednesday, December 06, 2006
Cable firm implements new structures
Sacom becomes a group by 2008, two years earlier than initial targets.
Sacom posted total turnover of VND1.12 trillion ($69 million) in the first ten months of the year, up 17.6% on the year’s plan and pre-tax profit of 147.3 bio VND (9.1 mio US$), hitting the year target of 100 bio VND (6.2mio US$).
The company is preparing a shares issue to mobilize 70.6 bio VND (4.4 mio US$), which is set to be launched early next year.
Sacom is negotiating to sell 85 percent of the shares issued to the Singapore-based Tamasek Group.
The raised capital will help Sacom implement major projects including 350 bio VND (21.7 mio US$) resort in the central highlands Dalat city, and capital contribution of 100 bio (6.2 million US$) to a venture with SCC to manufacture optic cables.
Sacom has recently restructured its five affiliates into four joint stock companies and one joint venture.
These include 200 bio VND (12.4 mio US$)- Saigon Cables Co. (SCC); 50 bio VND (3.1 mio US$)- Sam Phu Plastic Co.; 25 bio VND (1.5 mio US$) Sam Cuong Electricity and Telecommunications Materials Co.; and 25 mio US$-Taihan-Sacom Cables Joint Venture.
Sacom posted total turnover of VND1.12 trillion ($69 million) in the first ten months of the year, up 17.6% on the year’s plan and pre-tax profit of 147.3 bio VND (9.1 mio US$), hitting the year target of 100 bio VND (6.2mio US$).
The company is preparing a shares issue to mobilize 70.6 bio VND (4.4 mio US$), which is set to be launched early next year.
Sacom is negotiating to sell 85 percent of the shares issued to the Singapore-based Tamasek Group.
The raised capital will help Sacom implement major projects including 350 bio VND (21.7 mio US$) resort in the central highlands Dalat city, and capital contribution of 100 bio (6.2 million US$) to a venture with SCC to manufacture optic cables.
Sacom has recently restructured its five affiliates into four joint stock companies and one joint venture.
These include 200 bio VND (12.4 mio US$)- Saigon Cables Co. (SCC); 50 bio VND (3.1 mio US$)- Sam Phu Plastic Co.; 25 bio VND (1.5 mio US$) Sam Cuong Electricity and Telecommunications Materials Co.; and 25 mio US$-Taihan-Sacom Cables Joint Venture.
Increase of seafood exports to Korea expected
RoK will offer annual duty-free import quotas to some seafood products of ASEAN member countries from January 1, 2007.
Fisheries officials said this would be a good opportunity for Vietnamese businesses boost seafood exports to this potential market.
Source: Thanh Nien
Fisheries officials said this would be a good opportunity for Vietnamese businesses boost seafood exports to this potential market.
Source: Thanh Nien
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