The ceremony to sign the deal was held at the Intercontinental Landmark Hotel in Hanoi, and attended by executives from both companies, including Samsung Engineering Executive vice president GyuYeon Kang and DNP Water chairman Ngo Duc Vu. With this acquisition, Samsung Engineering holds a 24 percent stake in DNP Water, DNP Holding owns 53 percent and other stakeholders have 23 percent. DNP Water is a private enterprise that focuses on water supply business in Vietnam and is the largest private water treatment company in terms of capacity. It was spun off from the DNP Group, a manufacturer of plastic pipes, in 2017. Since then it has been growing in the water treatment business by buying private water supply assets and developing new businesses. (From L) Nguyen Van Hieu, DNP Holding CEO, Kang Gyu-yeon, Samsung Engineering EVP and Ngo Duc Vu, DNP Water Chairman at the signing ceremony. Photo by Samsung Engineering The Asian water treatment market is shifting from … [Read more...] about Samsung Engineering acquires stake in water treatment company
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FLC Group names new chairman
Shareholders voted for him to replace Dang Tat Thang, who was appointed in March after his predecessor Trinh Van Quyet was arrested for allegedly manipulating the stock market. Thang now serves as vice president of the company. Nguyen, brother-in-law of Quyet, has more than 17 years of experience in doing business and used to hold leading positions in many businesses. He was also a member of the board of directors of FLC Group from 2013 to October 2017 and from June 2018 to June 2020. FLC said it would focus on restructuring its management model and business plans this year. Several of its key leaders have been detained amid an investigation into possible stock market fraud that caused "serious damage to investors and affected the operations of Vietnam's stock exchange," according to the Ministry of Public Security. The company suffered losses of VND465 billion ($19.85 million) in the first quarter, its biggest in the last two years. … [Read more...] about FLC Group names new chairman
Storm Chaba poses no more danger to Vietnam’s northeast as it makes landfall
It made landfall along the coast of Maoming City in China's Guangdong Province at around 3 p.m. Saturday, Chinese newspapers reported. At 4 p.m. it lay centered around 320 kilometers to the east of Quang Ninh Province, home to Ha Long Bay, with a maximum wind speed of 117 kph, according to the National Center for Hydro-Meteorological Forecasting. It will move northwest at a speed of 10-15 kph and is expected to weak into a tropical depression by Sunday morning with winds decreasing to 61 kph. Vietnam’s northeastern region should expect rains of 40-80 mm, and more than 100 mm in some places, between Saturday evening and Sunday. A day earlier weather experts had expected the region to be hit by torrential downpours of up to 150-350 mm a day. Rainfall of 180 mm a day is considered heavy. Chaba is the first storm to appear over the East Sea this year. June-October is normally the rain and storm season in Vietnam. Some 10-12 storms are expected to enter Vietnamese waters this … [Read more...] about Storm Chaba poses no more danger to Vietnam’s northeast as it makes landfall