By Thanh Thuong - The Saigon Times Daily HCMC – Despite strong foreign buying in the local securities market in the first quarter, no fresh capital sources have come to the nation from the outside, said market observers. In the first three months of the year, foreign investors had spent some VND11.7 trillion buying shares and VND10.1 trillion selling stocks, with net purchases amounting to around VND1.6 trillion, said the Hochiminh Securities Joint Stock Company (HSC). This figure is better than the VND700 billion-plus in the last quarter of 2011, with foreign investors contributing a combined 24-25% of total trading value on the market. Serving the most foreign investors, HSC in the first quarter saw foreign investors accounting for 22% of transactions on the whole market, up by 3.5 percentage points from the preceding quarter. The situation proves the absence of new cash flow into the securities market where total trading value amounts to VND92.5 trillion, up from the VND55.5 … [Read more...] about Foreign investment in stocks remains meager
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On 26 June the Tan Cuong Thanh Electrical Cable Joint-Stock Company signed an agreement with Japan's CFS Company Limited to invest in the construction of the Thien Park Urban Zone in Da Nang. Under this cooperative agreement, Tan Cuong Thanh Company will lease the 150+ hectare site of Thien Park Urban Zone in Lien Chieu District to CFS Co Ltd for a duration of 70 years. The two parties will cooperate in the building of ThienPark into a tourism, service, trading and recreation complex.Potential customers for the zone will be the city's citizens, and the experts and foreigners who will work at the Da Nang Hi-Tech Park and Da Nang IT Park. Thien Park, stretching on a site along the lower section of the Cu De River and next to Da NangBay, was designed by the USA's WATGS Company.Once completed, it will have 3 main components: Canh Dong Thien Zone with more than 1,300 adjacent residential land lots, Nui Ham Vang Zone with approximately 800 adjacent residential land lots, and the … [Read more...] about Japanese business invests in Da Nang’s Thien Park Urban Zone
Located 24 km to the south-east of Quy Nhơn, the small island of Cù Lao Xanh has an area of around 5 sq.km, which is 4km in length and the largest part of which is just 1.2km. Despite its impressively blue charm as its name and picturesque landscapes, the island has long been an unrecognized destination on Việt Nam's tourism map, and is now still considered "the island of the old and the children." Although the island is surrounded by the sea on all sides, its people are not able to make their living from the sea. According to the People's Committee of Nhơn Châu Commune, the highest annual fishery production in Cù Lao Xanh is less than 1,000 tons and that is plummeting, once reported less than 400 tons. The average monthly income of people could not even reach VNĐ1 million (US$45) and the average population once dropped to only 2,000 people. Expect the prosperity There have been marked signs of change since 2016. Along with the impressive growth of … [Read more...] about Who Is Investing in Cù Lao Xanh?
It’s obvious that the Electricity of Vietnam’s (EVN) plan on investing in telecommunication and securities has failed. Meanwhile, the investments in the banking and real estate sectors have not brought profits as the stock and real estate market remain gloomy. The total EVN’s investment capital in non-core business fields has reached 2100 billion dong, or 2.8 percent of the chartered capital. EVN has been investing in telecom, securities, banking, real estate and insurance, the business fields which were considered as “hot, profitable and risky”, for six years. The “telecom and securities hopes” dashed The investment in the telecom sector has brought the biggest bitterness to EVN. EVN Telecom, a subsidiary of EVN, is the owner of the sixth mobile network in Vietnam with the prefix number 096- and the 450 MHZ waveband – the low band with high interference. In 2005, EVN Telecom spent 3 trillion dong to develop CDMA-based network. … [Read more...] about EVN tastes bitterness when making investment in non-core business fields
VietNamNet Bridge - The Ministry of Finance (MOF) is planning to reduce the investments of State owned enterprises (SOEs) in non-core business fields, to 15 percent from the current 30 percent. However, 15 percent is still believed to be overly high, which will not help cut down the risky investments in the fields in which SOEs do not have advantages. Thirteen SOEs have been found as making heavy investments in the finance and banking sector, which is believed to be unfamiliar and risky to them, with the total investment capital of 10,700 billion dong. Thirteen other SOEs have been found as injecting 1300 billion dong in securities, and eight have poured money into the real estate sector, totaling 3754 billion dong. Enterprises between evil and deep blue sea Representatives of enterprises complain that lacking capital is now the biggest problem they are facing. Le Tien Truong, Deputy General Director of Vinatex, said that it has been finding it to arrange capital for … [Read more...] about Tentative decision to restrict SOEs’ investments in non-core fields won’t help