The transaction was completed last Wednesday, bringing the stake owned by IFC in the state-owned lender VietinBank down from roughly 8.02 percent to 6.49 percent, according to a disclosure filing with the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse. The disclosure said that the IFC, a member of the World Bank Group, had sold over 18 million VietinBank shares (CTG), while the IFC Capitalization (Equity) Fund, a fund owned by the IFC, has sold over 39 million. The total value of these transactions came to around VND1.23 trillion ($52.98 million), equivalent to around VND21,500 ($0.93) per share, as recorded on HoSE. Although the IFC has not provided an explanation. The IFC had first invested in the bank in 2011. Currently, the State Bank of Vietnam is the biggest shareholder in VietinBank with a 64.46 percent stake. Japan’s MUFG Bank is next with 19.73 percent stake, followed by IFC, now with 6.49 percent. The rest are held by other shareholders. In the first 9 … [Read more...] about IFC offloads 1.5 pct stake in VietinBank
At a meeting with voters on Tuesday, city Chairman Huynh Duc Tho confirmed that the Lien Chieu Port would be built in Da Nang Bay. The 220-hectare, VND32.86 trillion ($1.42 billion) port, expected to spearhead Da Nang’s logistics development, will be built below Hai Van Pass in central Vietnam. Lien Chieu will function as a gateway for cargo while Tien Sa, currently the only port in the city, will become a tourism port. Da Nang proposed the project in September 2018. But in November Singaporean consultancy consortium Sakae Corporate Advisory-Surbana Jurong recommended that the city should upgrade Tien Sa Port and not build a new one due to environmental concerns. Together with the existing 16-meter draught in the Tien Sa canal, the construction of Lien Chieu Port could disrupt water flow in the bay, it said. Besides, a large number of ships arriving in the bay could destroy its ecosystem and "Da Nang Bay could never be the same again," it warned. The consortium pointed out that … [Read more...] about Da Nang to ignore Singapore consultant warning, build new port
This expansion was due mainly to a 4% on-quarter growth in government bonds to US$51 billion as the central bank increased issuance of bills. Vietnam’s bond market registered growth of 3.4% on-quarter and 1.9% on-year to US$55.1 billion as of the end-September, according to the latest edition of the Asian Development Bank’s (ADB) Asia Bond Monitor. This expansion was due mainly to a 4% on-quarter growth in government bonds to US$51 billion as the State Bank of Vietnam (SBV), the country’s central bank, increased issuance of central bank bills. The overall expansion of the country’s local currency bond market was slightly tempered by a 2.8% contraction on-quarter in the corporate bond market to US$5 billion. Nevertheless, the corporate bond market still posted growth of 4.2% year-on-year. Yield movement Vietnam’s local currency government bond yield curve shifted downward between August 31 and October 15. Bond yields for … [Read more...] about Vietnam’s bond market grows 1.9% in Jan-Sep, reaching US$55 billion
Since issuing corporate bonds has become easy thanks to open regulations, it is necessary to tighten control over bond issuance. According to Saigon Securities Incorporated (SSI), VND129.016 trillion worth of corporate bonds were offered to sell in the first eight months of the year and 90.08 percent was sold. VND22.664 trillion, or 61 percent of bonds, were sold to domestic investors. However, it’s unclear who the ‘domestic investors’ are. Meanwhile, bonds cannot sell to individual investors who don’t have deep knowledge about the market. The analysts blamed the hot corporate bond market on the easy requirements stipulated in Decree 163. Hai Linh Anonymous foreign investor buys entire batch of Phu My Hung bonds Phu My Hung Development Corporation has mobilised VND800 billion ($34.78 million) for real estate projects from a "secret" foreign investor through bond sales. Vietnam’s bond market continues growth Vietnam’s … [Read more...] about Is the corporate bond market too hot?
She lives in the Kien An-Ngoc Lu Cemetery in Saigon’s District 2, and people come during Tet to visit their loved ones in the graveyard. At 80 Huong still walks around the graveyard every day to clean and burn incense to the dead. She started doing this work almost 50 years ago and now lives with four generations of her family in the cemetery. Huong says: "My husband used to help me but he passed away five years ago. My children moved in to live with me and help a lot." Half a century ago a group of people from Kien An and Ngoc Lu districts in Hai Phong City and the then province of Ha Nam Ninh in the north bought this plot of land to bury their loved ones in Saigon. Since 1975 the cemetery has been run by the authorities. Huong and her husband were allowed to build a house in the middle of the cemetery to care for the graves. For the last 50 years she has been cutting the grass, sweeping the leaves and cleaning the graves without getting paid for it. Her income comes from … [Read more...] about 80-year old woman spends half century living alongside the dead