PetroVietnam signs deals on Sao Vang-Dai Nguyet gas field exploitation A series of trade agreements on exploiting the Sao Vang-Dai Nguyet gas field was inked between the Vietnam National Oil and Gas Group (PetroVietnam) and its partners in Hanoi on July 31. The agreements included a gas sales and purchase and a gas supply agreement. The stakeholder participation in the Petroleum Sharing Contract includes the operator Idemitsu Kosan Co Ltd with 43.08 percent; Teikoku Oil (Con Son) Co Ltd, 36.92 percent; and PetroVietnam, 20 percent. Speaking at the signing ceremony, PVN General Director Nguyen Vu Truong Son said the signing of trade agreements achieved after over two years of negotiations among sides involved. He said the event is very significant for the gas filed to turn out the first flow of oil and gas in the third quarter of 2020, with an estimated annual output of 1.5 billion cubic metres of gas and of 2.8 million barrels of crude oil and natural-gas condensate. The … [Read more...] about BUSINESS NEWS IN BRIEF 4/8
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Vietnam remains an M&A magnet
Vietnam remains an M&A magnet, illustration photo, source: internet Unfazed by stock market falls After a period of intense growth, the Vietnamese stock market is going through a corrective period, with the VN-Index tumbling from its 10-year high of 1,204 points on April 9 down to 899 points on July 5. For the past two weeks, the market has been on the path to recovery, but it remains susceptible to external forces, such as rate hikes by the US Federal Reserve and the escalating trade war among China, the US, and Europe. There are concerns that this dip in listed stocks will affect Vietnam’s mergers and acquisitions (M&A) market, which reached $5 billion in 2017. The majority of blue chips in the stock market have lost 10 to 20 per cent of their value since April, and daily liquidity remains under VND5 trillion ($216.7 million). Such a bearish market could be seen as a roadblock to major state divestments, as well as hindering the upcoming share sales of various firms. … [Read more...] about Vietnam remains an M&A magnet
M&As saw new highlights in the first half of the year
Vietnam has become an attractive destination for many foreign investors, largely due to the country’s friendly policies encouraging foreign direct investment, its political stability, and its strong economy. Source: Real Capital Analytics Foreign direct investment (FDI) disbursement rose by 8.4 per cent on-year to reach $8.37 billion in the first six months of 2018, according to the Ministry of Planning and Investment’s Foreign Investment Agency statistics. In the first half of 2018, the Vietnamese real estate market continued to show irresistible appeal to foreign investors and continued to witness high-value merger and acquisition (M&A) transactions in a variety of sectors such as residential, commercial, and industrial. Foreign investors come from many different countries such as Japan, South Korea, and Singapore, with an increasing number of groups coming from mainland China. JLL observes that there are an increasing number of local investors who are … [Read more...] about M&As saw new highlights in the first half of the year
Vingroup acquires two mammoth projects from Berjaya
Leading multi-functional conglomerate Vingroup has recently acquired two projects from Malaysian Berjaya Corporation which have been delayed for a long time. Vinhomes, Vietnam's leading real estate management company and the property management arm of Vingroup, has completed the purchase of 97.7 per cent stake in Berjaya Vietnam International University Township One Member LLC from Malaysia’s Berjaya Corporation. This VND11.75 trillion ($515.6 million) deal aims to acquire the long-delayed Vietnam International University Township (VIUT) project. The road leading to the site of the ill-fated Vietnam International Berjaya University Township. Photo: Hong Son BerjayaVietnam International University Township One Member LLC is the investor of the long-delayed VIUT project. The project, which received its investment certificate in July 2008, is located at Tan Thoi Nhi commune in Hoc Mon district. It has an area of 925 hectares and investment capital of $3.5 billion. … [Read more...] about Vingroup acquires two mammoth projects from Berjaya
Hanoi puts its hopes in Japanese FDI
In pursuing its ambitious smart city goal, Hanoi has announced – for the first time – a list of sectors to be prioritised for Japanese investment. The focus lies on Japan’s expertise in industry, environment, high-tech manufacturing and agriculture, IT solutions, and energy efficiency. Hanoi’s FDI attraction focuses more and more on Japanese firms traditionally strong in high-tech projects In only a few days, Japan’s Nidec Corporation, a leading global high-tech company, will receive its investment certificate to invest over $400 million in energy-saving motor and energy-saving actuator research and manufacturing at Hanoi’s Hoa Lac Hi-Tech Park. The investment, following Nidec’s Ho Chi Minh City projects that have been in operation since 1998, shows the important role that Hanoi plays in the firm’s Vietnam strategies. Future plans According to the Hanoi Department of Planning and Investment, unlike in previous years, the city lists … [Read more...] about Hanoi puts its hopes in Japanese FDI