Hòa Phát’s annual general meeting approved the revenue target of VNĐ70 trillion in 2019. — VNS Photo Viet Nam News HÀ NỘI — Hòa Phát Group targets after-tax profits of VNĐ6.7 trillion on revenues of VNĐ70 trillion (US$3 billion) this year. The figures were announced after they were approved at the steel giant’s annual general meeting in Hà Nội last week. Last year consolidated revenues were VNĐ56.5 trillion and after-tax profits were VNĐ8.6 trillion, up 21 per cent and 7 per cent. The company’s general director, Trần Tuấn Dương, said the profit target is 22 per cent lower than last year’s because the China-US trade war could have a considerable effect on the global and Vietnamese economies. Besides, trade protection is on the rise in many places, competition is increasing and raw material prices and interest rates are rising, he said. Steel is the … [Read more...] about Steel producer Hòa Phát targets US$3 billion revenue
1 billion revenue companies
South Korea’s SK Group to buy $1 billion stake in Vingroup
South Korean conglomerate SK Group plans to acquire a $1 billion stake in Vingroup through the issuance of shares through private placement. SK Group is continuing acquiring stakes in Vietnam's leading conglomerates SK Group, through its investment arm SK Southeast Asia Investment, has decided to invest $1 billion to acquire shares of Vietnam’s leading privately-run conglomerate Vingroup, according to Bloomberg. Recently, Vingroup has announced a plan of issuing shares through private placement, aiming to raise at least VND25 trillion ($1.1 billion). The group expected to offload 250 million shares or 7.8 per cent of the shares in circulation to a maximum of five foreign investors, at a minimum price of VND100,000 ($4.3) per share. Of the total funds raised from the process, around VND10 trillion ($434.8 million) would be utilised for debt restructuring, VND6 trillion ($260.9 million) to invest in Vingroup’s subsidiaries, including VinFast, VinTech, and Vinsmart, … [Read more...] about South Korea’s SK Group to buy $1 billion stake in Vingroup
VNPT to spend $1 billion on MA
Viet Nam News HÀ NỘI — The Việt Nam Posts and Telecommunications Group (VNPT), the country’s largest telecom operator, plans to spend US$1 billion on mergers and acquisitions (M&A) in technology enterprises. Trần Mạnh Hùng, VNPT’s chairman of the member’s board, said at a conference held Tuesday in Hà Nội that the group needed to focus on M&A activities in the next two to three years to be competitive globally in the future. Hùng said there should be support from the Committee for State Capital Management (CSCM) in VNPT’s implementation of M&A deals. M&A was one of the solutions helping VNPT realise its strategy of expanding to international markets quickly. CSCM is responsible for managing State capital at enterprises where the State holds a 100 per cent stake and at joint stock companies and limited liability companies with multiple members where the State has invested its capital. … [Read more...] about VNPT to spend $1 billion on MA
Bac Lieu looks toward 1 billion USD in shrimp export earnings
Processing shrimp for export in Gia Rai company of Bac Lieu province (Photo: VNA) Bac Lieu (VNA) – The southern coastal province of Bac Lieu has made shrimp farming one of the five pillars for local socio-economic development with the goal of raising shrimp export revenue to 1 billion USD by 2025. The province sets the target based on its natural advantages, including 56km of coast and three big river mouths and three eco-systems of salt, brackish and fresh water. Nearly half of the province’s natural area (257,000 sq. km) can be used for shrimp breeding. Bac Lieu currently produces 115,800 tonnes of shrimp a year, ranking third in the country. Towards the goal, the provincial administration has issued resolutions and policies to stimulate the growth of this spearhead industry. The Government’s approval of the establishment of a hi-tech shrimp farming zone in Bac Lieu provides another important condition for the province to become a national shrimp farming … [Read more...] about Bac Lieu looks toward 1 billion USD in shrimp export earnings
180 markets, $50 billion surplus: Vietnamese agriculture reaps hi-tech dividends
Cuong, Minister of Agriculture and Rural Development, highlighted the sector’s achievements at a National Assembly discussion on socioeconomic development Friday. He said Vietnam's agricultural growth this year had reached 3.65 percent year-on-year as of the end of September, the highest in many years. "This is a significant achievement considering that the world has been greatly affected by natural disasters," he said. He said the ongoing restructuring of the sector has been proceeding in the right direction over the past five years, as evidenced by strong growth in production during this time. "Currently Vietnam's agricultural products are being exported to 180 countries, earning $200 billion in the past five years and achieving a surplus value of $50 billion," Cuong said. He said that hi-tech advances in line with their scale have been made in the three main categories of agricultural products: national products with export values of at least $1 billion; provincial … [Read more...] about 180 markets, $50 billion surplus: Vietnamese agriculture reaps hi-tech dividends