Vietnam has boasted seven commodities with an export turnover exceeding US$10 billion each as of November 15 following the post-pandemic resumption of various businesses. Iron and steel products record strong export growth by mid-November. The first two weeks of November saw Vietnam rake in US$14.61 billion from exports, raising the country’s total export value since the beginning of the year to US$284.45 billion, a year-on-year increase of 17.7%. Most notably, iron and steel joined the US$10-billion export product club for the first time, alongside six other groups of commodities, namely phones and components, computers, electronic products and components, machinery, garments and textiles, footwear, and timber and wood products. Among the key hard currency earners, phones and computers recorded the highest earnings of US$48.8 billion and US$43 billion respectively, while machinery and equipment ranked third with turnover of US$31.77 billion. They were followed by … [Read more...] about Seven commodities with export value hitting over US$10 billion each
Uber seeks about 10 billion in years biggest ipo
Vingroup (VIC), the country’s biggest private conglomerate, leads with a valuation of VND399.5 trillion ($17.56 billion), and is followed by its subsidiary, real estate giant Vinhomes (VHM), which has a market cap of VND368.38 trillion. State-owned lender Vietcombank (VCB) is third at VND366.8 trillion. Two companies that fell below the $10-billion mark last month were steelmaker Hoa Phat Group (HPG) and state-owned Petrovietnam Gas (GAS), who lost 14 percent and 21 percent of their value. Several companies had been worth a billion dollars or more but went below the mark last month, including Phu Nhuan Jewelry (PNJ), steelmaker Hoa Sen Group (HSG) and Refrigeration Electrical Engineering Corporation (REE). Some new companies that joined the club were electrical equipment maker Gelex Group (GEX), Viet Capital Securities (VCI) and construction materials manufacturer Viglacera Corporation (VGC). Vietnam’s benchmark VN-Index is now trading at around the historic 1,500-point … [Read more...] about Stock market has 45 billion-dollar companies
VinFast Vietnam is working with consultants and the world’s leading investment banks to prepare for its IPO in the U.S. stock market in the second half of next year, eyeing a $60 billion valuation with expectation to raise at least $3 billion, according to Reuters . If the IPO plan goes well, the automaker will become the first Vietnamese enterprise to list on the world’s biggest bourse. Vingroup’s Board of Directors has approved the transfer of the entire stake (51.52 percent) in Vietnam-based VinFast Manufacturing and Trading Company (VinFast Vietnam) to Singapore-based VinFast Trading and Investment Company (VinFast Singapore). After this restructuring, Vingroup and existing shareholders of VinFast Vietnam will directly own 100 percent of stakes in VinFast Singapore and indirectly own 99.9 percent of stake in VinFast Vietnam. In November, VinFast Vietnam inaugurated its U.S. headquarters in California, and launched two electric cars at the Los Angeles Auto Show 2021, … [Read more...] about Vingroup plans US IPO for car unit Vinfast
VinaCapital is allegedly considering listing in Singapore next year According to Bloomberg , the fund is working with an adviser on a prospective initial public offering (IPO) that may generate up to $183 million. According to the neswire's sources, the business has conducted negotiations with regulators about the potential IPO. VinaCapital would be among those vying to be the first to list a special purpose acquisition company (SPAC) in Singapore’s major bourse. VinaCapital is broadly viewed as one of Vietnam’s most experienced asset management and real estate development firms. Its assets under management reach over $3.7 billion as of November 2021. The fund boasts 18 years of experience in Vietnam, and currently manages funds across multiple asset classes, including public and private equity, fixed income, real estate, venture capital, and managed accounts. Don Lam, co-founder and CEO at VinaCapital, emphasised that for listed equity and private equity investments, … [Read more...] about VinaCapital to file for IPO in Singapore next year?
The Ministry of Transport has canceled bids for two component projects of the North-South expressway, national highway 45 - Nghi Son and Nghi Son - Dien Chau, because it could not find investors. These are two of eight component projects of the North-South expressway project approved by the National Assembly invested in the form of a public-private partnership (PPP). The People's Committee of Tuyen Quang province also had to cancel the pre-selection of investors for the Phu Tho - Tuyen Quang expressway project as the province did not receive any application. According to the road network development plan for the period 2021-2030, with a vision to 2050 approved by the Prime Minister, Vietnam plans to build over 5,000 km of expressways by 2030. So far, nearly 1,200 km of highway have been completed, so in the next nine years, Vietnam will have to build more than 3,800 km of expressway to meet the above target. This is a huge challenge for the transport industry. To … [Read more...] about VN seeks capital for expressway projects
In early November, e-commerce platform Tiki said it had raised a further $258 million from foreign investors, including AIA and Mirae Asset. The country’s e-commerce market is currently worth $13 billion a year, and would increase to $39 billion by 2025 when it would be in second place, a recent report by Google, Temasek and Bain & Co report titled ‘e-Economy SEA 2021,’ said. Thailand will be third with a market of $35 billion. Since the onset of Covid-19 early last year, Vietnam added eight million new digital consumers and Thailand, nine million. But 29.3 percent of the Vietnamese population has yet to participate in the digital economy compared to only 10.1 percent in Thailand. Google and Temasek predicted Vietnam’s e-commerce to grow at 35 percent annually until 2025 period, the highest rate in the region. Malaysian market research firm iPrice stated Vietnam is becoming one of the "stars" of Southeast Asia’s e-commerce market. … [Read more...] about Vietnam projected to become region’s 2nd biggest e-commerce market