Hoa Sen records largest steel exports to Europe

Hoa Sen Group exported 15,000 tonnes of steel directly to Europe on May 8 from the Quy Nhon Port in Binh Dinh Province.

The exported steel was produced in accordance with the European standard, BS EN 10346: 2015.

This is the largest volume of steel to be exported directly from the Quy Nhon Port to two seaports in Antwerp (Belgium) and La Rochelle (France). The volume was shipped through the Nemea (Cayman IS) vessel with a capacity of 63,000 tonnes.

Tran Ngoc Chu, Hoa Sen’s executive vice chairman, said the shipment marked a step forward in the export activities of Hoa Sen Group as well as the domestic steel industry, which showed the potential of Viet Nam in the steel production sector.

This year, Hoa Sen expects to export another 150,000 tonnes of galvanised steel to the European market.

The export volume of 15,000 tonnes of steel that was sent to Europe was manufactured at the Hoa Sen-Nhon Hoi-Binh Dinh Steel Plant. The group is currently constructing the second phase of this plant with a capacity of 400,000 tonnes per year, meeting the higher demand at home and abroad.

The export also marked the first time that Quy Nhon Port had received a vessel with a capacity of up to 63,000 tonnes of cargo.

Phan Cao Thang, permanent vice chairman of the People’s Committee of Binh Dinh Province, said the province has committed to creating favourable conditions for enterprises to develop production in the province and export activities at Quy Nhon Port.

The province will also support the Quy Nhon Port in improving its cargo handling capacity, Thang said.

Recently, Quy Nhon Port has invested in modern infrastructure to receive vessels with a capacity of up to 70,000 tonnes and reduce the time of loading and unloading goods. In future, authorities will strive to transform Quy Nhon Port into an international seaport. 

Delayed paper project revoked

The central province of Quảng Ngãi has revoked the investment licence of the Tân Mai pulp and paper production plant due to delayed construction and operation and incomplete land-use certificate procedures as well as poor finance.

The province said the project, which was planned to be built on 45ha in Bình Sơn District with total investment of VNĐ1.95 trillion (US$86.26 million) from 2011, had delayed operations of the pulp factory by 52 months and the paper factory by 40 months.

It said the Tân Mai joint-stock company, the owner of the project, has yet to pay land clearance and compensation for local residents, while land-use certificates for the project had not yet been approved.

The province said the company had not submitted any technical design or construction drawings, and only some office buildings and stores had been built on an area of 6,200sq.m.

According to the inspection team from the province, the company had requested adjustments to their investment licence five times, with an increase of funds from $86.26 million to VNĐ5 trillion ($221 million). The company could only raise a VNĐ2.7 trillion ($119 million) loan from the Việt Nam Bank for Industry and Trade in 2011, but only 60 per cent of the loan had been disbursed between 2011-13. The bank then refused to continue the disbursement for the company from 2013.

The province said the investor had not proved their financial capacity to start the project.

The provincial Department of Planning and Investment reported that the project imported second-hand and poor equipment that could not meet the demands of production.

The department has completed an inspection to revoke the project nearly seven years since it broke ground.

The pulp and paper project was designed with a capacity of 130,000 tonnes of pulp and 200,000 tonnes of paper each year.

Last year, the province also approved the construction of a paper mill on 85ha in Bình Sơn District – where 50ha of century-old nipa palm forest would be cleared for the development of the paper mill. 

New approach to energy strategy urged

Director of the Vietnam Institute of Economics Tran Dinh Thien has called for taking new approach to energy strategy, with saving energy in production and consumption as compulsory. 

Thien said Vietnam’s energy resources are abundant, but it is hard for Vietnam to compete due to high energy costs, adding that industry consumes the most energy with 45.7 percent, transportation (31.7 percent). Meanwhile, coal mining and oil and gas sectors tend to stall. 

Former Deputy Director of the Central Institute for Economic Management Vo Tri Thanh said Vietnam’s energy sector is facing difficulties such as end to nuclear energy production, workforce crisis in the Vietnam National Oil and Gas Group, adjustment of electricity prices and environment fees for petrol, and depleting coal supply. 

It is forecast that increasing energy demand will exert more pressures on energy in the next 10-15 years, he said. 

When it comes to energy strategy, he took note of energy supply and its structure, market development and growth strategy, and the role of energy sector in the fourth industrial revolution. 

A representative from the Party Central Committee’s Economic Commission said as Vietnam is stepping up industrialisation and modernisation, energy demand each year is huge. Therefore, it is necessary to synchronously and properly develop electricity, oil and gas, coal and new energy sectors, especially clean and renewable energy. 

Thien suggested gearing towards a modern and high-tech economy instead of traditional fields consuming natural resources and energy, with priority given to wind and solar energy.

Dung Quat listed among top 10 green plants in 2018

The Dung Quat Oil Refinery (BSR) in the central province of Quang Ngai, the first oil refinery in the country, has been recognised among the top ten eco-friendly factories in Vietnam this year.

The accreditation came from the Vietnam Association for Environmental Economics (VIASEE) under the Ministry of Natural Resources and Environment.

The VIASEE listed a range of the plant’s products, including unleaded E5 RON 92 and RON 95 petrol.

E5 RON 92 consists of five percent ethanol and 95 percent petrol. The fuel is used in many countries as it helps protect the environment and ensure energy security and sustainable development. In Vietnam, two kinds of petrol are sold: E5 bio-fuel and RON 95.

The Binh Son Oil Refinery and Petrochemical JSC (BSR), which runs the plant, has prioritised investments in waste treatment technologies, including the use of chemicals and microorganisms, meeting environmental sanitation requirements.

This was the second year in a row the BSR had won the VIASEE green title.

The company, a subsidiary of the Vietnam Oil and Gas Group, reported pre-tax profits of 1.3 trillion VND (57.1 million USD) in the first quarter of 2018, up 46 percent compared to the quarterly target.

Viettel to provide services in Myanmar in Q2

Vietnam’s military-run Viettel Group will officially inaugurate its services in Myanmar under the trade name of Mytel in the second quarter of 2018.

Mytel, or Myanmar National Tele & Communications Co Ltd, is a joint venture between Viettel Global, Myanmar National Telecom Holding Public Limited (MNTH) and Star High Public Company Limited (Star High).

Mytel has total investment of 2 billion USD, in which the Vietnamese telecom company holds a 49 percent stake, while the local consortium of Star High and MNTH own 28 percent and 23 percent, respectively.

Once operational, Mytel will have 7,000 broadcast stations, with 30,000km of cable lines, making it the largest mobile network provider in Myanmar with the coverage of 90 percent of the country’s population.

Together with Myanmar, Viettel has operated in 10 other countries including Vietnam, Cambodia, Laos, East Timor, Haiti, Peru, Mozambique, Cameroon, Burundi, and Tanzania. Of these, it takes the leading position in five foreign markets in terms of market share. All of the countries where it has operated for more than three years reported a profit.

The group’s revenue from its overseas investment in 2017 surged by 38 percent from the previous year to reach 38 trillion VND (1.7 billion USD).

The revenue, including those from Viettel Global and Peru market, was nine times higher than the average level of the world’s telecommunication sector, according to its recent integrated financial report.

Of these, Viettel’s new foreign markets in Africa and America continued to see the strong growth rate such as Viettel Cameroon increased by 103 percent, Viettel Mozambique by 79 percent and Viettel Peru by 37 percent. In the fourth quarter of 2017 alone, Viettel’s revenue from overseas investments rose by 40 percent from the same period last year.

Viettel is the only company in Vietnam having revenue of more than 1 billion USD from overseas investments. The total number of customers using its telecommunication services in foreign countries by the end of 2017 was more than 43 million, representing 15 percent year-on-year rise. The number was five times higher than the average in the world.

The group still had a strong growth rate in many foreign markets in 2017 though it focused resources on its new markets such as Tanzania and building network infrastructure for Myanmar.

The pioneering in providing 4G services to 7 out of its total 10 foreign markets has contributed to the growth rate last year. Its average revenue per user (ARPU) in 2017 was also increased by 20 percent.

In addition, Viettel has also promoted to provide information and technology (IT) applications to big firms and governments in many foreign markets, contributing to the high growth in 2017. The total revenue from IT projects with foreign governments rose by 6 times from the previous year.

Viettel targeted revenue growth rate in 2018 increase by 32 percent while the growth of total number of customers was 16 percent from last year to 50 million people. It set high growth rate for Viettel Tanzania at 70 percent, Burundi at 21 percent and Viettel Peru at 20 percent.

Viettel was in the Top 30 telecommunication groups having largest numbers of customers in the world thanks to its expansion to the foreign market.

Hoa Sen group ships largest batch of sheet metal to Europe

Steel maker Hoa Sen Group on May 8 exported 15,000 tonnes of sheet metal, the largest batch ever, to Europe from Quy Nhon port in the central coastal province of Binh Dinh.

The batch, which was produced in line with the European standard BS EN 10346:2015, will dock at Belgium’s Antwerp port and France’s La Rochelle port.

According to Vice Chairman of Hoa Sen Group Tran Ngoc Chu, the event marks a considerable development in the group’s export activities and shows Vietnam’s huge potential in the sector.

The group aims to export 150,000 tonnes of sheet metal of various kinds to the European market in 2018, he said.

The freshly shipped batch was produced at Hoa Sen-Nhon Hoi plant in the central province of Binh Dinh. Currently, construction of the plant’s second phase is underway to meet rising demands both in domestic and foreign markets.

Besides taking lead in the domestic market, Hoa Sen began exporting in 2008. The company’s products have, so far, reached 70 countries and territories worldwide.

This is also the first time that Quy Nhon port received a cargo ship of up to 63,000 tonnes.

Standing Vice Chairman of the provincial People’s Committee Phan Cao Thang affirmed that the locality pledges to create favourable conditions for businesses to branch out their production and exports through Quy Nhon port.

The port will also receive support to improve its capacity, he noted.

Recently, Quy Nhon port has been upgraded to receive cargo ships of up to 70,000 tonnes. It eyes to become a first-class international port in the future.

Petrol prices slightly increase

The prices of petrol and oil slightly increased following the regular adjustment of the Ministries of Industry-Trade and Finance on May 8.

The prices of E5 RON 92 bio-petrol rise by 508 VND per litre, and those for RON95 by 411 VND per litre, for diesel oil 0.05S by 373 VND and for kerosene by 336 VND. 

After the adjustment, the prices of E5 are not higher than 19,440 VND per litre, and those of RON95 petrol are not higher than 20,911 VND per litre.

Prices of diesel 0.05S and kerosene should not be higher than 17,107 VND per litre and 15,917 VND per litre respectively.

The changes took effect at 15:00 on May 8.

The two ministries said in the world, the prices for RON 92 petrol, which is the base for producing E5 petrol, saw an increase of 3 USD per barrel in the 15-day period prior to May 8. 

Meanwhile, the cost of ethanol E100 which is used to produce E5 petrol went up by more than 400 VND per litre to 14,916 VND compared to the previous adjustment. 

The ministries review fuel prices every 15 days to adjust the prices in accordance with fluctuations on the world market.

Nghi Son refinery rolls out third commercial product

Nghi Son Refinery and Petrochemicals LLC (NSRP) in the central province of Thanh Hoa introduced the first batch of petrol A95 on May 8, the third commercial product produced by the plant, following gasoline RON 92 and Benzen.

The batch has been distributed to its partners for domestic consumption.

The refinery plans to launch more commercial products, such as liquefied petroleum gas (LPG), diesel, kerosene, jet fuel, para-xylene, polypropylene and sulphur, in the coming time.

It launched the first shipment of gasoline RON 92, which also serves the Vietnamese market, last week.

The Nghi Son Refinery, based in Nghi Son Economic Zone in Thanh Hoa, has total investment of nearly 9.3 billion USD. 

It is a joint venture of four internationally reputed corporations, including the Vietnam Oil and Gas Group, the Kuwait Petroleum International, and the Idemitsu Kosan Co. Ltd and Mitsui Chemicals Inc. of Japan. It is the second oil refinery and now the largest of its kind in Vietnam.

The construction of NSRP began in October 2013 and finished in April 2017. Since then, NSRP has been commissioning almost 3,000 systems in the refinery for almost a year, with over 1,000 employees, both Vietnamese and international, working full-time on site.

In the first phase, the refinery is set to process 200,000 crude oil barrels per day, equivalent to 10 million tonnes of crude oil each year, almost doubling the capacity of the country’s first refinery – Dung Quat in central Quang Ngai province.

World-class technology in the refining industry has been applied to operate this complex refinery. Crude oil was delivered from Kuwait on a number of large crude carriers arriving for the first time in Vietnam, unloaded at a delivery point 35km offshore and then transported through a pipeline to the refinery for processing. The products of NSRP will be mainly offtaken by PetroVietnam (petroleum products) and some major international offtakers (petrochemical products). 

NSRP, a project of national importance in the petroleum sector, has received strong support from the Vietnamese Government as well as the authority and people of Thanh Hoa Province. The development of the NSRP Project and its need for many supporting industries and services has also had a positive impact on the economic developments in Thanh Hoa and other areas in Vietnam. In fact, many businesses have set up facilities in Thanh Hoa to cooperate with NSRP on a long-term basis.

Products of the plant are expected to meet 40 percent of domestic gasoline and oil demand.

Vietnam rolls out red carpet for Chinese investors: Ambassador

The Vietnamese Government always welcomes and commits to creating conditions for foreign businesses, including those from China’s Chongqing city, to land investment in high-tech projects in the country, said Vietnamese Ambassador to China Dang Minh Khoi.

At a seminar on May 8 held by the Vietnamese Embassy in China, the Ministry of Industry and Trade of Vietnam in collaboration with Chongqing authorities, Ambassador Khoi noticed that the investors should pay more attention to protecting the environment while working to ensure labourers’ benefits and social welfare in the host nation.

Vietnam is accelerating industrialisation and modernisation and shaking up the economy in coupled with renovating growth model, he said, adding that the country is giving priority to the development of high-tech industries, green technologies, clean energy, organic agriculture and digital economy, among others.

He expressed his hope that China will open door for the products which are of Vietnam’s strengths and China’s demand like farm produce, pork and dairy products. 

Creating favourable conditions for Vietnamese products in the custom clearance procedures is an important move to bring two-way trade into a more balanced manner, he said.

Meanwhile, Deputy Minister of Industry and Trade Tran Quoc Khanh highlighted that Vietnam and China hold huge potential to bolster logistics cooperation.

Vietnam’s logistics service has enjoyed strong growth with annual expansion of 20-25 percent and according to the World Bank’s rankings, Vietnam is 64th out of 160 countries in the world and 4th in ASEAN after Singapore, Malaysia and Thailand in logistics development.

The 1,400 kilometre freight train service between Hanoi and Chongqing will open opportunities for both sides to collaborate in the logistics sector, he said, adding that it is an effective channel to transport goods, including tropical fruit, farm produce and seafood, between Vietnam and China’s localities.

For his part, deputy mayor of Chongqing city Liu Guiping said that multi-model transportation, cross-border road transport and international railways are three main types of transportation, which help connecting Chongqing and China’s western localities with Vietnam and other ASEAN nations.

He wished that enterprises from both nations will work to promote cooperation in the field.

At the seminar, Vietnam Logistics Business Association and the trade office of Chongqing city inked an agreement on enhancing logistics cooperation. Enterprises from both sides signed their agreements and specific cooperation programmes in the coming time.

In addition, more than 200 firms met to seek linkages in economy, trade and logistics on this occasion.

Vietnam attends pharma and healthcare exhibition in India

Vietnam joined 119 countries and territories worldwide to attend the International Exhibition of Pharma and Healthcare (iPHEX) which kicked off in India on May 8.

Twenty Vietnamese companies brought to the exhibition their latest products, technologies in pharmaceutical production as well as medical equipment.

According to General Secretary of the Vietnam Pharmaceutical Companies Association Tran Thi Thu, the Vietnamese delegation’s participation in the event aims to study the market as well as seek business opportunities with Indian firms and other foreign partners.

India is a large market that poses huge potential to cooperate, she noted.

At the exhibition, Indian Minister of Commerce and Industry Suresh Prabhu underlined that the Indian Government is working to bolster shipment of pharmaceutical products to foreign markets.

Indian pharmaceutical sector is estimated to account for 3.1-3.6 percent of the global pharmaceutical industry in value terms, and 10 percent in volume term. The country is believed to be the largest provider of generic drugs globally with the Indian generics making up of 20 percent of the global exports in terms of volume.

In the framework of the exhibition, which is billed as one of the largest showcase of Indian pharmaceutical products and technologies to a global audience, there will be seminar on development strategy for Indian pharmaceuticals, market opportunities, and meetings between experts and managers to share information and seek business cooperation.

The exhibition will run until May 10.

Vietnamese firms helped to participate in foreign distribution networks

The training workshop “Assisting Vietnamese Enterprises’ Participation in Foreign Distribution Networks” took place in Hanoi on May 8, gathering 180 exporters from northern provinces.

The event was co-held by the Ministry of Industry and Trade, Central Group of Thailand, Japan-based Aeon Group, Rungis International Market – the world’s largest wholesale food market – from France.

It is part of the governmental project, namely “Developing Direct Participation of Vietnamese Enterprises in Foreign Distribution System up to 2020”, that seeks to help local firms develop new export channels to directly take their products to consumers in foreign countries. The goal will be achieved via the provision of a series of training workshops for enterprises on management on goods standard and quality, import-export procedures of different overseas markets.

At the workshop, representatives from Central Group and Aeon updated participating firms on activities which will take place as part of the project in the time ahead to connect Vietnamese firms and foreign distributors.

Yuichiro Shiotani, director general of Aeon Topvalue Vietnam advises local companies to add more values to their products before selling them to foreign distribution channels and that the firms should not focus too much on cheap prices or low labour cost which does not generate real values for the products.

He noted that Aeon Topvalu has been working to put a number of made-in-Vietnam products, which are available in Aeon Vietnam retail stores, on the shelves of its stores in Japan.

Shortly after the training sessions, the businesses were provided opportunity to meet with purchasing units of Central Group, Aeon Group and Rungis International Market to seek partnership.

To effective implement the project, the Ministry of Industry and Trade called for the close cooperation between state management bodies, trade promotion agencies, local governments, enterprises and distributors. Furthermore, the ministry has partnered with several foreign distributors to hold Vietnamese Products Week in EU and Asia since 2011.

Last year, the ministry shook hands with Central Group Vietnam and Big C organise the second Vietnamese Products Week in Thailand in July that showcased a variety of Vietnamese products like handicrafts, garment and textile, and farm produce like lichi, dragon fruits and sweet potatoes to be exported to Thailand and other ASEAN countries. The event saw the presence of Prime Minister Nguyen Xuan Phuc.

Clickbait fake death news targets billionaire Tran Dinh Long

News of well-known people’s death are always an effective clickbait on mass media and social networks. Many famous people, from actor Sylvester Stallone to Vietnamese billionaire Tran Dinh Long, chairman of Hoa Phat Group, have been made victims of these malice jokes.

In the morning of May 6 the information of Tran Dinh Long’s death went viral from a securities investment forum. The fake news stirred up investors in Hoa Phat Group as well as connected enterprises.

Answering queries and trying to quell concerns, a representative of Hoa Phat Group has just confirmed that Tran Dinh Long is alive and well. “This is a bad rumor,” the representative added.

The representative also said that Tran Dinh Long received many calls from family members, friends, and investors after the rumour went out.

Fortunately, due to the lack of authenticity in the information as well as the fact that the rumour started spreading on Sunday—the day the securities exchanges are closed—Hoa Phat Group’s stock listed on the Ho Chi Minh City Securities Exchange (HoSE: HPG) was not affected.

Billionaire Tran Dinh Long was named on Forbes magazine’s list of the newest Vietnamese billionaires. According to the magazine, as of May 6, Long’s total assets were valued at $1.2 billion, ranking fourth among Vietnam’s richest people and 1,999th in the global ranking.

Fake death news are nothing new in the world. Lately, Sylvester Stallone, best known for his iconic character Rambo, on February 19 was announced to succumb to cancer. This fake news sent ripples of grief through social networks.

The person behind this fake news also made up an extensive backstory, including Stallone’s longstanding battle with cancer embellished with praises of personal willpower and strength of character, culminating in a painful death at February 19 midnight. Furthermore, photos (may have been edited) showing a sick Stallone were also attached to the story.

As a result, Stallone was forced to make a public appearance to quall the rumours. Specifically, in the evening of February 19, he reached out to fans through his personal Twitter account, saying that he was playing a boxing game and writing “Please ignore this stupidity” and “Alive and well and happy and healthy” in the post.

In early 2017, a series of Hollywood celebrities, including singer Rihanna, actor Will Smith, actor Arnold Schwarzenegger, and rapper Eminem saw fake death news on a Facebook fan page named About. This fan page commonly announces the death of famous artists.

Sustainable business vital for all: VCCI General Secretary     

Balancing sustainability with economic development is no longer an issue for industralised, wealthy countries alone, but is a critical concern for all economies, said Nguyen Quang Vinh, General Secretary of the Viet Nam Chamber of Commerce and Industry (VCCI).

Vinh made the remark at the ceremony to launch a programme ranking the most sustainable businesses in Viet Nam in 2018 in Ha Noi on Tuesday.

In order to integrate deeply into the global value chain, Vietnamese businesses need to reorient their goals towards long-term sustainable development rather than pursuing the immediate benefits, Vinh said.

Only enterprises which put sustainable development at the heart of their business strategies can unlock opportunities worth up to US$12 trillion in the world market by 2030, he added.

According to Vinh, small and medium-sized enterprises in Viet Nam are still not aware of the importance of ensuring sustainable development.

The annual programme, jointly co-conducted by VCCI and Viet Nam Business Council for Sustainable Development (VBCSD) and some ministries and agencies for the third time, aims to encourage companies in the country to focus on sustainable development plans besides honouring pioneering and successful enterprises.

In order to rank the 100 most sustainable companies in 2018, VBCSD has developed the Corporate Sustainability Index (CSI) based on 151 quantitative criteria. Companies can highlight their sustainability via three inter-related pillars: economy, society and environment.

Head of Marketing Department at drugmaker Traphaco JSC Dao Thuy Ha agreed that focusing on these three reviewed pillars will not only help enterprises earn profits but also make breakthroughs in the process of development and foster their contribution to the society.

The ceremony to announce the most sustainable companies will take place in November this year, according to the organising board.

The 2017 programme attracted the participation of 500 firms, specialising in a wide range of industries. 

Tien Giang to improve business climate, attract investment     

Tien Giang Province aims to incorporate another 730 businesses this year, with a total registered capital of nearly VND3.2 trillion (US$140.8 million).

Le Van Nghia, deputy chairman of the province People’s Committee, said attracting investment and local business development are crucial steps to socio-economic growth.

So far this year, 180 new businesses with more than VND1.11 trillion ($49 million) in capital have been set up, surging 14.2 per cent and 27.1 per cent, respectively, from the same period last year. The province has also attracted five projects in local industrial parks, including three foreign-invested ones, worth a total VND483 billion.

According to the provincial People’s Committee, Tien Giang has effectively implemented the Party Central Committee’s and the provincial Party Committee’s directives and resolutions on improving the efficiency of support and business development this year.

Tien Giang hopes to provide favourable conditions to attract investment, including lower business start-up costs to encourage new companies, and increased support to existing businesses to invest in technology.

The province is also focusing on small and medium-sized businesses, offering assistance in the form of counseling, networking, and workforce training.

In addition, the province has set forth specific policies and measures for each of its key economic regions.

Located in the Mekong Delta, 70 kilometres from HCM City, Tien Giang has long been considered an area favourable for investment.

Tien Giang is home to 4,581 businesses which have created a large number of jobs and supplied a wide range of products for domestic consumption and export.

Statistics from the Foreign Investment Agency revealed that as of April, the province had pulled in 108 foreign-invested projects, valued at close to $2.23 billion. Tien Giang ranks 28th among 64 localities in terms of foreign investment attraction nation-wide. 

PV Power Q1 profit up 37%     

PetroVietnam Power Corporation (PV Power) recorded a consolidated net profit of VND780 billion (US$34.2 million) in the first quarter, a growth of 30.6 per cent against the same period of last year

Of this, the post-tax profit earned by the parent company was over VND675 billion, up by 37 per cent year-on-year.

PV Power reported a consolidated revenue of VND8.4 trillion during the period, up by 12 per cent against last year, most of which came from sales of electricity worth VND8.1 trillion, up by over VND1 trillion compared to the first quarter of 2017 and accounting for 97 per cent of the total revenue.

The cost of goods sold in the first quarter was VND7 trillion, bringing the gross profit of the company to VND1.35 trillion, corresponding to a gross profit margin of 16.1 per cent, which was significantly higher than 2017’s figure of 14.8 per cent.

During the period, PV Power conducted capital transfers generating profits of VND3.9 billion and paid dividends of VND10.7 billion. The interest income paid by lender PVCombank was VND287 million. However, its financial income still fell by 13 per cent year-on-year to VND68 billion due to the difference in exchange rate and lower deposit interest rates.

Other expenses, such as selling expenses and corporate management expenses, saw little change compared to the same period last year, reaching VND4.1 billion and VND110.4 billion, respectively.

At the end of the first quarter, PV Power’s total assets reached VND63.4 trillion, while its liabilities were VND34.9 trillion.

According to Viet Capital Securities (VCSC), rising electricity demand in the south will ensure high capacity of 65-70 per cent for PV Power. At present, all of PV Power’s gas-powered plants are in the south, which is suffering from a severe power shortage.

Electricity consumption in Dong Nai province and Mekong Delta is expected to grow by 11.5 per cent and 13.8 per cent per year, respectively, during 2016-20. Electricity consumption in the north-central region, where the Vung Ang 1 coal plant is located, is also expected to grow by 11.1-14.8 per cent per year.

At the end of April, the Prime Minister approved PV Power to invest in the Nhon Trach 3 and Nhon Trach 4 thermal power plants, which will increase its total capacity by 1.5GW. If PV Power is approved to build Kien Giang 1 and 2 plants, it will increase its capacity by 71 per cent by 2023. Other power plants, such as Son My and Mien Trung, will also help increase PV Power’s capacity by 52 per cent, and these new plants will provide an additional growth momentum for PV Power in future.

VCSC predicts that PV Power’s after-tax profit in 2018 will grow by nearly 13 per cent due to the strong recovery of Nhon Trach 1 and Nhon Trach 2 power plants after reparation and the 19 per cent hike in pre-tax profit of Ca Mau Power Plant after maintenance.

PV Power’s shares (with code POW) are being traded around VND14,400 ($0.63) per share on the Unlisted Public Company Market. 

VNPT divest capital     

Telecom operator Viet Nam Posts and Telecommunications Group (VNPT) will divest its entire holding from the Saigon Posts and Telecommunications Service Joint-Stock Corporation (SPT) in May, it has announced.

On May 25, VNPT will auction 8.52 per cent of SPT’s outstanding shares with par value of more than VND102.5 billion (US$4.5 million) on the Ha Noi Stock Exchange (HNX), with the starting price of VND12,038 per share.

SPT was established in 1995 with chartered capital of VND50 billion. In 1997, the company provided internet services under the SaigonNet brand. In 2006, the company’s S-Fone mobile network was launched nationwide.

SPT operates in the fields of wired telecommunications, wireless telecommunications, portal, communication equipment production, postage, delivery, producing, selling and warranting post and telecommunication equipments, constructing post and telecommunication works.

At present, the company’s chartered capital is more than VND1.2 trillion, of which VNPT holds 8.52 per cent. 

VinaCapital increase ownership in KDC, decrease in FRT     

Investment fund management company VinaCapital Group has increased its ownership in food producer KIDO Group (KDC) to over 5 per cent and became a large shareholder of this company.

Liva Holdings Limited under VinaCapital’s management purchased 290,000 shares of KDC to increase its holdings to 10.3 million shares, equivalent to 5.03 per cent, and has officially become a major shareholder of KDC since May 2.

In an opposite move, VinaCapital has sold 320,000 shares of FPT Digital Retail JSC (FRT) and Bao Thinh VinaWealth Enhanced Fixed Income Fund has sold 66,750 shares. After the sales, these two funds hold a combined 264,390 shares, equivalent to 0.66 per cent of FRT’s total shares.

The VinaCapital-led consortium, also including Hung Thinh VinaWealth, Viet Nam Equity Special Access Fund and VOF Investment Limited, has reduced its stake in FRT from 10.28 per cent to 9.31 per cent. 

Platinum Victory to raise Vinamilk’s ownership to 11%     

Platinum Victory Pte. Ltd, a whollyowned subsidiary of Singapore-based automotive group Jardine Cycle and Carriage (JC&C), has registered to purchase an additional 14.51 million shares of Viet Nam’s largest dairy producer Vinamilk.

The purchase will be made via order-matching transactions or through the Viet Nam Securities Depository (VSD) between May 9 and June 7, 2018.

If the transaction is successful, Platinum Victory will hold 160.1 million shares of Vinamilk, equivalent to 11.03 per cent ownership of the company.

At the end of the trading session on May 7, the market price of Vinamilk’s shares was VND190,000 (US$8.33) per share. At this price, Platinum Victory will have to spend some VND2.76 trillion to increase its ownership in Vinamilk.

Platinum Victory is currently the third-largest shareholder of Vinamilk, following State Capital Investment Corporation of Viet Nam with 36 per cent and Singapore’s food and beverages company Fraser and Neave Ltd with 20 per cent.

JC&C, a subsidiary of Jardine Matheson, has been present in Viet Nam for over a decade. It now owns a 25.1 per cent stake in automobile producer Thaco and nearly 25 per cent in Refrigeration Electrical Engineering Corporation.

In addition to operating in real estate, hotel and financial services, Jardine Matheson, the parent company of JC&C, holds shares of many franchise brands in Viet Nam, such as KFC and Pizza Hut. 

Xiaomi unveils 2 hot mobile phones     

China-based mobile phone manufacturer Xiaomi on Monday unveiled the Redmi Note 5 and new Mi MIX 2S for the first time in Viet Nam.

Dubbed the "Camera Beast,” Redmi Note 5 sports the Qualcomm Snapdragon 636 chip and dual cameras featuring a large 1.4μm-pixel sensor, AI camera effects and an LED Selfie light for its front camera.

Priced from VND4.8 million (US$210), it promises performance unrivalled at its price point, including SLR grade imaging options.

The company also unveiled the Mi MIX 2S, the latest update to the device that first took Viet Nam by storm over a year ago with its dazzling, Philippe Starck-designed full-screen display.

The Mi MIX 2S comes with integrated AI features, including a built-in AI voice assistant to control the smartphone and smart home appliances.

It has up to 8GB RAM and 256GB ROM and the latest Qualcomm Snapdragon 845 chip.

It is priced at VND13 million ($570).

Both products are distributed through Digiworld, Xiaomi’s official distribution partner, and are also available at all authorized Mi Stores. 

HCM City to host VN-Middle East trade forum     

A Viet Nam-Middle East Trade Forum to be held in HCM City on May 11 is expected to help boost trade between the two sides.

Organised by the Viet Nam Chamber of Commerce and Industry, MIG and RELAM-Dubai, the forum will see the UAE ambassador, the Vietnamese ambassador to the UAE, and leaders of HCM City, the Ministry of Industry and Trade, business groups and businesses in the two countries.

The forum will introduce the business and investment environment in Việt Nam and the UAE and explore co-operation opportunities between businesses in various sectors, including investment, industry, agriculture, telecommunications, fisheries, construction, and building materials.

Businesses will sign agreements at the forum.

According to the organisers, the forum is a very important event amid Viet Nam’s plans to strengthen relations with Middle Eastern and African countries in 2016-25. 

Top Thai Brands 2018 to open in HCM City     

The 16th annual Top Thai Brands trade fair will take place in HCM City from May 10-13, attracting 300 leading Thai companies. On display will be automobile and motorbike parts, beauty and health care products, fashion products, educational products, processed food, dried fruits and beverages.

Close to 20 Thai major firms in motorbike spare parts, household appliances and electronics will join the event. Thai businesses are renowned for manufacturing products with attractive designs and competitive costs. They also offer franchising opportunities and sell goods online.

A representative from Thailand’s Herb & Her company expressed hope that the B2B (business-to-business) programme at the event will make it easier for the firm to seek agents and distributors in HCM City. Nearly 1,500 meetings between participating exhibitors have been held so far.