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
1 billion revenue companies
IZ purchase brings An Phat Holdings closer to $1 billion revenue goal
By taking over Viet Hoa-Kenmark Industrial Zone (IZ), An Phat Holdings expects to actualise its billion-dollar revenue goal in 2018. The An Phat complex has gained a new lease on life $1 billion revenue target After winning at the auction organised by Bank for Investment and Development of Vietnam (BIDV) in March this year, An Phat became the new owner of Viet Hoa-Kenmark IZ and renamed the IZ to An Phat Complex Hi-Tech IZ. An Phat Hi-Tech JSC, now An Phat Hi-Tech Industrial Park Ltd., a subsidiary of An Phat Plastic & Green Environment JSC (HSX: AAA), was established in October 2017 with the charter capital of VND100 billion ($4.42 million). After receiving the IZ, AAA and An Phat Holdings focus on investing in the production of high-tech, eco-friendly plastic products such as biodegradable bags and high-tech PVC construction materials, with a total investment capital of VND2.05 trillion ($90.97 billion) and 6,000 employees. At present, works are being carried out by the … [Read more...] about IZ purchase brings An Phat Holdings closer to $1 billion revenue goal
VAMC purchases nearly US$12.1 billion in bad debts in 5 years
The Hanoitimes - The introduction of Resolution 42, which provides special pilot treatment of bad debts at credit institutions, played an important role in VAMC`s recent positive performance. The central bank-run Vietnam Asset Management Company (VAMC) purchased a total of VND279.7 trillion (US$12.1 billion) worth of non-performing loans (NPLs) from VND279.7 trillion (US$12.1 billion) with special bonds from its establishment in mid-2013 to end-2017, VnExpress cited a report of the company as saying. Illustration photo. On average, VAMC, dubbed as the bad debt bank, purchased VND56 trillion (US$2.41 billion) annually worth of NPLs with special bonds from credit institutions. The purchase reached its peak in 2015 with VND100 trillion (US$4.31 billion). During the 2013 - 2017 period, VAMC recouped VND81.2 trillion (US$3.5 billion) and sold VND14.29 trillion (US$616.8 million) worth of bad debts. The debt management firm's revenue in this five-year period … [Read more...] about VAMC purchases nearly US$12.1 billion in bad debts in 5 years
Auto maker Thaco to pump in $1 billion for HAGL firefighting
HAGL chairman Doan Nguyen Duc revealed that in early 2018 he had pleaded with Tran Ba Duong, chairman of Truong Hai Motor (Thaco), for investment at a critical time when HAGL lacked the funds to grow fruit trees and debts fell due. After trips to HAGL’s farms in Laos, Cambodia and Vietnam and ongoing property projects in Myanmar, Thaco decided to invest in both. In March Duong helped fix debts of VND1.58 trillion owed by Agrico, HAGL’s agriculture company, and invested in its orchards. Recently, on August 3, Thaco signed a strategic agreement with HAGL to invest in Agrico and HAGL Land Myanmar. Thaco paid VND3.8 trillion ($168.8 million) for one-year convertible bonds issued by Agrico (HNG), equivalent to over 221 million shares, which will give the carmaker a 35 percent stake. A subsidiary of Thaco, Dai Quang Minh Real Estate Investment, paid VND4 trillion ($177 million) for a 51 percent stake in HAGL’s realty firm in Myanmar. Dai Quang Minh plans to increase its … [Read more...] about Auto maker Thaco to pump in $1 billion for HAGL firefighting
Toyota to invest $1 billion in Grab as lead investor for Grab’s new round of financing
Grab Holdings Inc., Southeast Asia’s leading O2O mobile platform, announced today it has reached an agreement with Toyota Motor Corporation under which Toyota will invest $1 billion in Grab, as a lead investor in the company’s ongoing financing round. The fresh investment will accelerate Grab’s next phase of growth to build Southeast Asia’s leading online-to-offline (O2O) mobile platform As part of the agreement, Grab and Toyota will strengthen and expand their existing collaboration in the area of connected cars, to drive the adoption of new mobility solutions across Southeast Asia. The transaction is subject to the satisfaction of certain closing conditions. This investment by Toyota is the largest-ever by an automotive manufacturer in the global ride-hailing sector, and brings Grab closer to achieving its vision of becoming a one-stop mobility platform in Southeast Asia. Grab plans to work with partners to create a more efficient … [Read more...] about Toyota to invest $1 billion in Grab as lead investor for Grab’s new round of financing