RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8
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Make or break for SOE equitization
The SOE equitization process has yielded mixed results over recent months. Vietnam has come a long way since 1986, when it first launched the reform process that gradually and successfully shifted the country to a market-oriented economy. But loosening government control over some 4,500 State owned enterprises (SOEs), many of which dominate key economic sectors such as energy and petroleum, is still unfinished business. Embarking on a staggered equitization drive over the last decade which has, thus far, failed to raise Vietnam the funds it has been looking for to reduce its debt burden, the government now finds itself up against a wall, leaving only a quick sell-off of State assets as the easiest way to bring in capital. Foreign investors and bankers, who flocked to Vietnam over recent decades seeking to cash in on government plans to sell State assets but have been left frustrated by reality falling short of promises, are finally seeing grounds for optimism. The good In a … [Read more...] about Make or break for SOE equitization
Vietnam stock market set to be world’s worst in April
Vietnam, Asia’s top stock market so far this year, is set to become the world’s worst performer this month, according to Bloomberg. The benchmark VN-Index slid 3.2 percent at the close on Thursday as trading resumed after a holiday on Wednesday, with foreign investors unwinding their positions in emerging markets aand rushing to exit a market that reached a record about two weeks ago. “There is a lot of foreign selling today and clearly the market is on a down trend and it is really pushing some margin calls,” Michel Tosto, the Ho Chi Minh City-based head of institutional sales and brokerage at Viet Capital Securities, said by phone. Thursday’s fall brought the drop so far in April to 11 percent, on course for its worst monthly performance in seven years. The decline wiped off more than $15 billion from the nation’s market capitalization. The plunge in the stock market is attributed to rising U.S. treasury yields and a stronger dollar that have … [Read more...] about Vietnam stock market set to be world’s worst in April
PV Oil begins trading shares on UPCoM
PV Oil's petrol warehouse in Ho Chi Minh City's Nha Be district (Source: VNA) Hanoi (VNA) – Trading of shares of the PetroVietnam Oil Corporation (PV Oil), Vietnam's second largest petrol distributor, officially started on the Unlisted Public Company Market (UpCOM) on the morning of March 7, more than one month after its initial public offering (IPO). PV Oil floated 200.4 million shares on the UpCOM at an initial price of 20,200 VND (0.89 USD) a piece. PV Oil’s IPO on January 25 was a success with all its nearly 207 million shares on offer sold at an average price of 20,196 VND, compared to the asking price of 13,400 VND. The company will sell more than 462 million shares, or 44.72 percent of its charter capital, to strategic investors. Under PV Oil’s approved equitisation plan, it will have charter capital of 10.342 trillion VND (455 million USD) PV Oil currently operates 540 petrol stations across the country. It is among the country’s top oil … [Read more...] about PV Oil begins trading shares on UPCoM
BUSINESS NEWS 15/5
Development gap hinders linkages in APEC auto industry Addressing the opening ceremony of the 26th APEC Automotive Dialogue (AD26) in Hanoi on May 11, Le Huu Phuc, Director of the MoIT's Department of International Relations, said that APEC should give priority to assisting developing economies in boosting the auto industry. He called for APEC member economies to cooperate effectively in capacity building to study auto industry policies, focusing on priority areas such as market access, human resources and infrastructure, technology incentives as well as environment standards for sustainable development. Regarding the fourth industrial revolution, Phuc said it will lead to the restructuring of the global manufacturing system, not only in technology but also in management and placing of new business models. New technology trends may disrupt value chains, possibly shifting a significant part of global production from developing to developed countries, he said, adding that access to … [Read more...] about BUSINESS NEWS 15/5