Tran Dinh Long, founder of steelmaker Hoa Phat Group, has been knocked off the Forbes list of the world’s billionaires. — Photo cafef.vn The founder of Viet Nam’s largest steelmaker Tran Dinh Long has been knocked off the Forbes list of the world’s billionaires after shares in Hoa Phat tumbled 30 per cent from the peak recorded in March. According to Forbes’s real-time rankings, Viet Nam now had three billionaires, including Pham Nhat Vuong, chairman of Vingroup, with a net worth of US$6.7 billion (ranking 220th), Nguyen Thi Phuong Thao, chairwoman of low-cost carrier Vietjet with a net worth of $2.6 billion (ranking 879th) and Tran Ba Duong, founder of Truong Hai Auto, with a net worth of $1.7 billion (ranking 1,332nd). Long was included in Forbes list of the world’s billionaires in March when shares in Hoa Phat peaked at VND48,000 ($2.1) per share. At that time, Long had a net worth $1.3 billion. Since then, shares have fallen to VND34,000 as of … [Read more...] about Founder of steelmaker Haa Phat relegated from Forbes’ billionaire list
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Property market expected to be stable in 2018
The country’s real estate market in 2018 will maintain mid-term stability, while merger and acquisition in the sector will continue to see strong development. This was revealed in the Top 10 Reputable Property Developers, Building Material Companies and Contractors 2018, which was announced by Viet Nam Report and online newspaper VietnamNet on Tuesday. The surveyed top 10 firms said real estate developers would enjoy opportunities of high economic growth rate, newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade agreement to attract more foreign investment and approval for establishment of special administrative economic zones. However, the survey also said local property developers would face challenges of macro-economic instability in the region, State divestment making capital dispute more severe and virtual money affecting the market and condotel, officetel and hometel segments with potential risks due to lack of clear management policies. … [Read more...] about Property market expected to be stable in 2018
Shares slump from three-day rise
Vietnamese shares fell on Thursday as increased selling pressure during the ATC session dragged oil-gas and bank stocks down. The benchmark VN-Index on the HCM Stock Exchange ended in negative territory, dropping 1.02 per cent to close at 1,076.03 points, marking the first bearish session after continuously rebounding for three consecutive days. “We saw an increase in the colour red, which is considered a normal phenomenon for the market after a strong rally,” said Bao Viet Securities Company (BVSC) said in its daily report. The southern market index climbed 2.59 per cent to close at 1,087.15 points on Wednesday. The minor HNX Index on the Ha Noi Stock Exchange edged down 0.92 per cent to end at 124.70 points on Thursday. It surged by 1.24 per cent to end at 125.85 points on Wednesday. The UPCOM Index on the Unlisted Public Company Market (UPCoM) lost 0.15 per cent to finish at 59.28 points, reversing from a rise of 1.5 per cent in the previous session. More than 266.4 … [Read more...] about Shares slump from three-day rise
Hoa Phat Group not afraid to compete with Formosa
One of the leading Vietnamese private steel makers, Hoa Phat Group put down concerns over competition with Taiwanese Formosa project as well as the recent US tariff threats on steel and aluminum imports. Hoa Phat’s annual general shareholders’ meeting on March 23, 2018 Tran Tuan Duong, general director of Hoa Phat Group, told the corporation’s annual general shareholders’ meeting on March 23, 2018 that the upcoming Hoa Phat Dung Quat steel complex is not inferior to Formosa’s and will not lose the competition. “The investment rate of Dung Quat project is only one third of Formosa,” he added. For 2018, the group set the priority to carry out Hoa Phat Dung Quat steel complex on schedule. Located in Dung Quat Economic Zone, the project has a capacity of four million tonnes per year and a total investment capital exceeding VND50 trillion ($2.2 billion). It is expected that the project will be completed by the end … [Read more...] about Hoa Phat Group not afraid to compete with Formosa
Steelmaker Hoa Phat Group targets $2.4b in revenue in 2018
Steelmaker Hoa Phat Group targets revenue of VND55 trillion (US$2.4 billion) and after-tax profit of VND8 trillion in 2018. The information was released at the group’s annual shareholder meeting held in Ha Noi on Thursday with the participation of 368 shareholders, who together hold 77 per cent of ordinary shares. Hoa Phat’s management board chairman Tran Dinh Long said the group sees 2018 as a crucial year. The firm would take drastic measures to ensure the progress of the Hoa Phat Dung Quat steel and iron production complex and make it the priority target for this year, Long said. He added that the management board had carefully considered the targets before submitting them to the meeting. “In the first quarter of this year, Hoa Phat’s revenue was estimated to reach VND12 trillion and profit of VND2 trillion,” he said. The group would implement many big projects this year in their main steel business. In addition, it would be alert for changes in the … [Read more...] about Steelmaker Hoa Phat Group targets $2.4b in revenue in 2018