VietNamNet Bridge - Many Vietnamese enterprises now have large amounts of cash and have deposited them in banks to make profits. The national oil & gas group PetroVietnam is expected to be the enterprise which holds the largest amount of cash. Its 2015 financial report showed that it has VND102 trillion worth of deposits at banks, including VND25.273 trillion worth of demand deposits, and VND76.343 trillion worth of short-term deposits. The huge amount of deposits brought interest of VND7 trillion to the corporation in 2015. Another ‘cash king’ is Sabeco, the brewer holding the largest domestic market share. By the end of June 2016, Sabeco had held VND8.2 trillion worth of cash which it deposited at banks for no more than three months and enjoyed the interest rates of 5.5-6.2 percent per annum. It had VND1.165 trillion worth of long-term deposits with interest rates of 6.2-7.2 percent per annum. With the huge amount of cash, the company’s biannual financial … [Read more...] about State-owned conglomerates are ‘cash kings’
VietNamNet Bridge - Many businesses have been reported as holding trillions of dong in cash. The wealth has allowed them to take the initiative in developing businesses and expanding production. The list of ‘cash kings’ became clear after listed companies submitted their 2015 finance reports. It includes familiar names such as PV Gas (GAS), Vingroup (VIC), Vinamilk (VNM), PetroVietnam Technical Services Corporation (PVS), Masan (MSN), Phu My Fertilizer (DPM), Kinh Do (KDC), FPT, PVDrilling (PVD), Hoa Phat (HPG) and REE. The companies in the oil and gas family have the most money. There are about 30 companies which hold trillions of dong in cash, of which oil and gas firms account for 30 percent. PV Gas is an enterprise which has the biggest amount of cash, about VND17-20 trillion. The company also has VND6.038 trillion worth of bank deposits and loans for which it can collect interest periodically. Many businesses have been reported as holding trillions of dong in … [Read more...] about Who is ‘cash king’?
VietNamNet Bridge - The current economic difficulties have brought the golden opportunities to the big tycoons to crush their quarries. The 2012 audited finance report of Masan Group (MSN) showed that MSN bought Hoa Muoi Gio (HMG) single member Company Ltd and used it as an instrument to buy 40 percent of the benefits of the animal feed manufacturer Proconco. The total value of the deal was about VND2,028.01 billion, including VND10 million worth of HGM's stockholder equity and VND2.028 trillion worth of the loans provided by MSN to HGM. In early 2013, Masan Consumer JSC, a subsidiary of MSN, wrapped up the deal of buying back 24.9 percent of stakes, or 2 million shares of Vinh Hao Mineral Water JSC from Gemadept, a shipping firm. The share price was reported at VND85,000 per share, equal to 240 percent of the OTC (over the counter) market price. MSN has also revealed that it is considering buying up to 100 percent of stakes of a fast consumer goods company in Vietnam with the total … [Read more...] about The “cash king” and the multi-trillion dong takeover deals
Hip-hop star Jay-Z's talent for extending beyond rap to the executive worlds of music, fashion and other businesses has earned him the top spot on Forbes magazine's "Hip-Hop Cash Kings" list. Forbes on Thursday said Jay-Z, whose real name is Shawn Carter, raked in $34 million in 2006, the year he released a comeback album "Kingdom Come." But the boyfriend of pop singer Beyonce earned much of that income as chief executive of New York-based Def Jam Recordings, owner of a sports bar franchise and holder of endorsements deals with Budweiser, Hewlett-Packard and General Motors, Forbes said. In March, Jay-Z, 36, sold his Rocawear fashion label for $204 million -- a sum that will again place him high up in the music world's earnings for 2007. Coming in at No. 2 was rapper 50 Cent, a.k.a Curtis Jackson. He earned $32 million from his music and businesses such as a record label, video games and a line of books, the survey said. Diddy -- real name Sean Combs -- came in third. He … [Read more...] about Rapper Jay-Z tops Forbes hip-hop “cash kings” list
PANO – A delegation of 40 overseas Vietnamese from foreign countries, led by Tran Duc Mau, Deputy-Chairman of the Committee for Overseas Vietnamese, burned incenses at the temple of Hung Kings in Phu Tho Province to mark the death anniversary of Hung Kings, the founders of the nation, and at the temples of Au Co Mother and Lac Long Quan Father, as well as visited the museum of Hung Kings on March 30 th. The same day, leaders of the Phu Tho Provincial People’s Committee received the delegation. At the meeting, the Provincial People’s Committee’s Deputy-Chairman briefed the delegation on the provincial socio-economical development over the past years. Mr. Cuc said that the Xoan singing, a folk-music genre in the province, has just been recognised as an intangible cultural heritage by UNESCO, and the Province is compiling a dossier for Xoan singing to submit to UNESCO for its recognition as a heritage of “Religious Beliefs to Worship Hung … [Read more...] about Overseas Vietnamese pay tribute to Hung Kings