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
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Vietnam co-founds UN Group of Friends on Drowning Prevention
The UN Group of Friends on Drowning Prevention made debut at an event co-chaired by the permanent missions of Vietnam and Fiji at the UN headquarters in New York on March 22. The event to debut the UN Group of Friends on Drowning Prevention on March 22 Addressing the event, Ambassador Nguyen Phuong Nga, head of Vietnam’s Permanent Mission to the UN, stressed that drowning claims 360,000 lives a year across the globe, higher than malnutrition or maternal mortality. However, this topic has never been discussed at the UN. The World Health Organisation recently described drowning as a “silent epidemic”. Statistics show that drowning usually occurs in low- and middle-income countries while the drowning rate is also higher among vulnerable groups. Every minute, a child loses his or her life to the water. She noted that Africa has the highest drowning rate, but the highest child drowning rate is in the Asia-Pacific region. In fact, drowning is completely preventable … [Read more...] about Vietnam co-founds UN Group of Friends on Drowning Prevention
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
UK’s group encouraged to participate in SOEs’ restructuring
Jardines Matheson Group is interested in the equitisation and divestment of Vietnamese SOEs. — Photo chinhphu.vn The United Kingdom’s Jardines Matheson Group can enlarge its investment to take part in the restructuring of State-owned enterprises (SOEs) and credit institutions in Viet Nam. This was announced by Deputy Prime Minister Vuong Dinh Hue during a reception in Ha Noi on Monday that he had hosted for Henry Keswich, chairman of the Jardines Matheson Group. Jardines Matheson is a multi-sectoral and multi-national group that has been present in Viet Nam for more than 20 years. The group holds 10 per cent of charter capital at Vinamilk, 25 per cent of capital at Truong Hai Auto Corporation and 23 per cent at the Refrigeration Electrical Engineering Corporation. At the reception, Keswich expressed his interest in the equitisation and divestment of Vietnamese SOEs, hoping to participate in the field. He also pledged to help Viet Nam develop its capital market with … [Read more...] about UK’s group encouraged to participate in SOEs’ restructuring
Deputy PM calls for more investment from Jardines Matheson Group
Deputy Prime Minister Vuong Dinh Hue (R) and Henry Keswich, Chairman of the UK’s Jardines Matheson Group in Hanoi, March 12, 2018. (Photo: tapchicongan.vn) At a reception in Hanoi on Monday for Henry Keswich, Chairman of the UK’s Jardines Matheson Group, Mr. Hue said the company can participate in restructuring state enterprises and credit organizations in Vietnam, which are 2 of 5 key focuses of the government’s economic restructuring plan. Deputy PM Hue said the Vietnamese government will work to ensure macro-economic stability, create a favorable business environment in conformity with international standards and practices, and focus on developing stock, capital, labor, science, technology, and land markets to support the business community. Mr. Keswich said his group will be more confident in increasing investment in Vietnam under the government’s policies and he hopes to help Vietnam develop its capital market with high-quality services. … [Read more...] about Deputy PM calls for more investment from Jardines Matheson Group