Mekong Capital divests from Asia ChemicalsMekong Enterprise Fund II, a unit of Mekong Capital, has completely divested from Asia Chemicals Corporation (ACC) and taken in US$8.9 million, a 2.6-fold increase over its initial investment, after a seven-year holding period.According to a press release issued by Mekong Capital on August 10, in 2011, MEF II invested US$3.8 million in ACC, which was its 10th investment, after others in Mobile World Investment Group (The Gioi Di Dong), Golden Gate, Vietnam Australia International School and International Consumer Products.However, MEF II has now divested from all of its 10 earlier investments. The divestments have helped the fund generate a gross return multiple of 4.5 and a gross internal rate of return of 22.5%.Early this year, MEF II sold five million shares at Mobile World, generating a gross return multiple of 56.9 and an IRR of 61.1%, making it one of the most successful investments in Asia.Also, the fund’s full exit from Vietnam … [Read more...] about BUSINESS NEWS IN BRIEF 22/8
8 month old schedule
BUSINESS NEWS IN BRIEF 20/8
Deutsche Bank appoints new chief country officer for Vietnam Deutsche Bank has just announced the appointment of Hans-Dieter Holtzmann (49) as chief country officer and head of Global Transaction Banking (GTB) in Vietnam, effective from August 16, 2018. In his capacity as chief country officer, Holtzmann will report to Werner Steinmueller, member of the Management Board and APAC Head of Deutsche Bank, and in his GTB capacity, to Kaushik Shaparia, head of Global Subsidiary Coverage, GTB Foreign Exchange and Corporate Cash Management for Asia. Announcing the appointment, Steinmueller said, “We are pleased to have a colleague of Hans-Dieter’s caliber in this role. As one of our key markets in Southeast Asia, our Vietnamese franchise has shown profitable growth and we are excited about the country’s outlook. This is why last year we significantly increased our capital base in this market, providing the bank with more resources to support our clients’ … [Read more...] about BUSINESS NEWS IN BRIEF 20/8
Revered Zen Master Thich Nhat Hanh leaves Vietnam after one-week visit
Zen Master Thich Nhat Hanh and his companions left for Thailand on Wednesday, wrapping up his first visit to Vietnam in a decade. Local media reports said he arrived in Thailand at 8 p.m. and was in good spirits. The 91-year-old Buddhist monk flew from Bangkok to Da Nang in central Vietnam on August 29. He traveled to his birthplace in the nearby Thua Thien-Hue Province on Sunday night and visited Tu Hieu Pagoda, where he studied and practiced Zen Buddhism from 1942. Thich Nhat Hanh offers incense during his visit to Tu Hieu Pagoda in his hometown of Hue on September 3. Photo courtesy of Plum Village Thich Nhat Hanh became a monk at the age of 23 after studying for seven years. He is considered the second most influential Buddhist leader in the West, after the Dalai Lama. In the 1960s he spearheaded a movement of Buddhists in South Vietnam that called for a negotiated end to the Vietnam War. He left in 1966 and has lived in Plum Village … [Read more...] about Revered Zen Master Thich Nhat Hanh leaves Vietnam after one-week visit
Finding its feet
Any judgment on how the government led by Prime Minister Nguyen Xuan Phuc has performed just after one year in office is still premature as the real tests lie ahead. Shortly after meeting with US President Donald Trump in Washington D.C., Prime Minister Nguyen Xuan Phuc flew straight to Japan, for an official visit at the inviation of Japanese Prime Minister Shinzo Abe since he was elected Prime Minister in April last year. Domestically, he has also been quite busy. Prior to travelling to the US, he held a dialogue with the country’s business community, his second since taking office, which gathered together some 2,000 business leaders from foreign-invested enterprises (FIEs), State-owned enterprises (SOEs), and private enterprises. The 63-year-old PM has also travelled around the country, meeting voters in Hai Phong city prior to the first session of the National Assembly (NA) and also delivering the key-note address at the APEC Ministers Responsible for Trade (MRT) … [Read more...] about Finding its feet
Race to compete
It was a sunny day at the Honda dealerships in Hanoi’s Tay Ho district, and Mr. Nguyen Tuan Anh, a 29-year-old project manager at E-Game, was looking for a sedan for VND500 million to VND600 million ($22,000 to $24,400). “I’m wavering between a Honda City and an import from Thailand, because of the competitive price under ATIGA.” ATIGA, or the ASEAN Trade in Goods Agreement, is the first comprehensive agreement to adjust all ASEAN trade in goods and was built on the basis of commitments agreed to in CEPT / AFTA and relevant agreements and protocols. It regulates a tariff reduction schedule for vehicles originating from ASEAN, which fell from 40 per cent to 30 per cent in January and will be 0 per cent in 2018. Latest numbers Because of tariff reductions, the number of completely-built-unit (CBU) vehicles from ASEAN increased significantly in January. Vehicles of less than nine seats increased 233 per cent compared to January last year, according to the … [Read more...] about Race to compete