VNPT and Maritime Bank signed a comprehensive co-operation agreement on deploying new technology to customers. — Photo vietnamplus.vn The Viet Nam Posts and Telecommunications Group (VNPT) and Maritime Commercial Joint Stock Bank (Maritime Bank) signed an agreement on deploying new technology to customers on Wednesday. Under the deal, the two sides will promote joint venture activities and contribute capital to support each other to develop their business. VNPT will provide telecommunications, information technology and other services at competitive prices, focusing on service quality, safety and technical assistance for Maritime Bank. Meanwhile, Maritime Bank will work with VNPT to provide electronic payment services with VNPT Pay. The two sides will build and deploy new technology and apply information technology and promotion programmes. In addition, VNPT and Maritime Bank will support each other in infrastructure, services and finance to boost network development and … [Read more...] about VNPT and Maritime Bank sign comprehensive co-operation agreement
Bank sign up deals
VN stocks extend rally on HAGL Thaco deal
Vietnamese shares extended gains on Thursday morning, driven by the agriculture sector following Hoang Anh Gia Lai’s deal with Truong Hai Automobile JSC (Thaco). Investors at BIDV Securities JSC's trading room. The benchmark VN Index gained slightly by 0.10 per cent on Thursday morning to close at 967.28 points. The benchmark VN Index on the HCM Stock Exchange inched up 0.10 per cent to close at 967.28 points. It gained nearly 1 per cent on Wednesday. The HNX Index on the Ha Noi Stock Exchange was up 0.39 per cent to end at 108.09 points, expanding a two-day increase to gain a total of 1.96 per cent. More than 127.6 million shares were traded on the two local exchanges worth VND2.9 trillion (US$128.3 million). Agriculture was the major driving force of the stock market in the morning session after conglomerate Hoang Anh Gia Lai (HAGL) and Thaco on Wednesday signed a deal in which Thaco bought 30 per cent of HAGL’s sub-unit HAGL Agrico (HNG) and a part of … [Read more...] about VN stocks extend rally on HAGL Thaco deal
Japanese firms bank on M&A deals
Japanese investors are increasingly striking up deals with Vietnamese partners to unlock new business opportunities. Japanese firms bank on M&A deals Japan’s Taisho Pharmaceutical Holdings has recently proposed to purchase another 7.06 per cent stake in Vietnamese-listed DHG Pharmaceutical JSC, increasing its ownership to 32 per cent. The move was announced after DHG received approval to raise its foreign ownership limit to 100 per cent. The buy-in would cement the Japanese group’s position as the second-largest shareholder in the leading Vietnamese drug maker, following State Capital Investment Corporation. Previously, Taisho bought 24.94 per cent of DHG from various funds, including VinaCapital, Dragon Capital, Mekong Portfolio Investments, and Vietnam Holding. Likewise, Nipro Pharma Corporation plans to supply price-competitive pharmaceuticals to Asian markets through the acquisition of shares in Vietnam’s Mekophar Chemical Pharmaceutical JSC. … [Read more...] about Japanese firms bank on M&A deals
Chubb Life signs bancassurance deal with VietABank
Representatives of Chubb Life Insurance and Viet A Bank sign a bancassurance agreement in HCM City yesterday. — VNS Photo Chubb Life Insurance and Viet A Joint Stock Commercial Bank have entered into a bancassurance partnership, with the latter distributing Chubb’s life insurance products exclusively for 10 years. Lam Hai Tuan, chairman and country president of the Swiss insurance company, said: “One of Chubb Life’s objectives is to expand and diversify our distribution network to better serve our customers with life insurance solutions. The Vietnamese market has witnessed a rapid growth of bancassurance in recent years, which opened up many opportunities for insurers and banks to bring more benefits to consumers.” Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, it provides commercial and personal property and casualty insurance, personal accident and supplemental … [Read more...] about Chubb Life signs bancassurance deal with VietABank
Oil firms pile up losses, shares take beating
The first quarter of this year saw the Petroleum Equipment Assembly & Metal Structure Joint Stock Company (PXS)’s revenues plummet to a mere VNĐ18.5 billion (US$815,000), 94.4 per cent down year-on-year. — Photo cafef.vn The first quarter of this year saw the Petroleum Equipment Assembly & Metal Structure Joint Stock Company (PXS)’s revenues plummet to a mere VND18.5 billion (US$815,000), 94.4 per cent down year-on-year. It had been VND343.6 billion in the comparable period last year. Gross profit was down 94 per cent to VND2.85 billion, and the company ended VND20.1 billion in the red. Another oil company, Petrovietnam Drilling and Well Services Joint Stock Company (PV Drilling), reported a gross loss of VND201 billion. The Drilling Mud Joint Stock Company (DMC) reported a loss of VND12.8 billion. Market observers said the huge losses run up by the companies sent the prices of their shares plunging on the stock market. PXS has fallen by 41.1 per cent to … [Read more...] about Oil firms pile up losses, shares take beating