Mobile World Investment Corp (MWG), known in Vietnam as The Gioi Di Dong, will spend VND3 trillion (more than US$131.8 million) to expand its grocery store chain Bach Hoa Xanh in 2018.

According to MWG’s 2018 business plan, the company will open hundreds of Bach Hoa Xanh stores this year.

At present, there are more than 300 Bach Hoa Xanh stores across HCMC. MWG has plans to more than triple the number to about 1,000 stores citywide.

According to MWG’s documents prepared for its 2018 shareholder meeting, the company targets VND86.39 trillion in net revenue and more than VND2.6 trillion in after-tax profit this year, up 30% and 18% year-on-year respectively.

The investment of VND3 trillion for the Bach Hoa Xanh grocery store chain, as well as an investment of VND1.4 trillion for MWG’s other businesses in 2018, will come from the company’s own equities, retained earnings, and medium and long-term loans.

MWG reported more than VND66.3 trillion in revenue and VND2.2 trillion in after-tax profit last year, up 48.7% and 40% respectively compared to 2016.

VNG incurs big losses from Tiki investment

VNG Corporation, a provider of online games and related services, reported a handsome profit of more than VND1 trillion (US44 million)in the fourth quarter of 2017, but suffered a loss of VND218 billion from the e-commerce platform Tiki.

VNG said in its quarter-four financial report that the company incurred a loss of VND218 billion since its Tiki investment of VND384 billion in early 2016. The remaining amount of the deal was over VND165 billion as of late 2017.

VNG is investing in ABA-All Best Asia Group, Thanh Son Communication Services Trading Co Ltd, and Tiki Corporation, with respective stakes of 50%, 49% and 38%.

According to its report, an affiliated company of VNG made profits in 2017. Meanwhile, other companies suffered losses, which rose from VND89.7 billion in late 2016 to over VND122 billion in late 2017.

The loss from Tiki proves that investments in the e-commerce sector could hardly yield quick returns, said industry insiders, adding that online business requires huge investments.

VNG posted net sales of goods and services worth over VND1 trillion in the last three months of 2017. For the whole year, its sales rose by 41% year-on-year toover VND4.2 trillion.

Japan aids power development in Phu Yen province

The south-central coastal province of Phu Yen is implementing an electricty grid project worth nearly 237 billion VND (10.4 million USD) sourced from Japanese non-refundable official development assistance (ODA).

The project will be carried out across 65 communes, wards and towns with a view to upgrading the power distribution network to meet the increasing demand in the province, which is estimated to grow at 8-10 percent per year.

The project aims to build and upgrade nearly 207km of medium-voltage lines, 195km of low-voltage lines, and 40 transformer stations with a total capacity of 10,063 KVA. 

The project invested by the Electricity of Vietnam’s Central Power Corporation will be completed at the end of 2018.

Standing Vice Chairman of the provincial People’s Committee Nguyen Chi Hien said the project is expected to meet the local surging demand for electricity and contribute to the fulfillment of the power access criteria under the national programme on building new rural areas.

He asked relevant agencies to assist the investor with land clearance, compensation and other issues according to regulations as well as promote the project to help people understand its goal to ensure the progress.

Four foreign investors applying for strategic position in PV Power

To date, four foreign investors have submitted applications to become the strategic investor of PetroVietnam Power Corporation (PV Power)—the second-largest electricity producer in Vietnam.

This was announced by Ho Cong Ky, chairman of the Board of Directors of PV Power, at the company’s listing ceremony on the Unlisted Public Company Market (UpCOM).

So far PV Power met with 195 foreign investors, 35 of whom expressed intentions to make a bid. However, ultimately, only four firms submitted applications.

Two of these investors come from South Korea, one from Thailand, and one from Germany. The German firm registered to buy shares for a maximum of $100 million, while the three remaining investors registered to buy the entire 28.88 per cent stake offered to the strategic investor.

Ky added that so far PV Power met with 195 foreign investors, 35 of whom expressed intentions to make a bid. However, ultimately, only four firms submitted applications.

“Almost all investors complained that the deadline to complete the application is too short and they do not have enough time to prepare for the deal. Thus, PV Power is proposing the authority to extend the preparation time for interested firms,” Ky stated.

Besides, in the morning of March 6, PV Power organised a successful listing on the UpCOM with the reference price of VND14,900 ($0.65). Notably, at this session, nine million shares were traded with the average price of VND17,000 ($0.75) and the highest selling price of VND18,300 ($0.80).

Rice export to China unaffected despite ban against three traders

China’s suspension of rice imports from three Vietnamese traders will not affect Vietnam’s rice export to the northern neighbor in the coming time, according to the Plant Protection Department under the Ministry of Agriculture and Rural Development.

China had earlier issued a ban against three Vietnamese enterprises among 22 allowed to ship rice to this country by China’s Administration of Quality Supervision, Inspection and Quarantine (AQSIQ).

The three companies reportedly include Tan Dong Tien JSC, Thuan Minh Import-Export Corporation and Intimex Group.

China made the decision as broken rice products of the three companies were mixed with a higher-than-permitted amount of weed seeds. However, defective rice shipments have been still cleared to enter the Chinese market.

Pham Thai Binh, director of Trung An Hi-Tech Agriculture JSC, said Chinese buyers as customers of the banned exporters might shift to import rice from the 19 other Vietnamese enterprises allowed to export rice to China.

Strict requirements of the Chinese market will help improve the quality of domestic rice products, Binh said.

China is a potential but risky market, so Vietnam should diversify markets such as Africa and the Middle East.

According to statistics of the Vietnam Food Association (VFA), Vietnam exported more than 2.3 million tons of rice to China last year, accounting for 40% of Vietnam’s total rice export volume and up 27.75% against 2016.

Over 247,000 tons of Vietnam’s broken rice was shipped to China last year, making up 4.29% of the total export rice volume and growing 41.62% over the previous year.

The U.S. Department of Agriculture (USDA) last month forecast China would import 5.5 million tons of rice this year, 250,000 tons higher than the estimate in January.

Ministry warns of pollution risks at bauxite projects

The Ministry of Natural Resources and Environment has warned of high risks of environmental pollution at Nhan Co and Tan Rai bauxite mining projects under the management of Vietnam Coal and Mineral Industries Group (TKV), news website VnExpress reports.

The ministry has assessed Nhan Co and Tan Rai alumina plants in the Central Highlands provinces of Dak Nong and Lam Dong respectively, according to its report to the Ministry of Industry and Trade.

The ministry says contractors of the two plants are well-qualified and experienced in implementing the packages of the projects. However, the ministry isanxious about the quality of plant equipment, especially environmental treatment devices.

Equipment at Tan Rai alumina plant, particularly for environmental treatment, has seriously deteriorated after nine years of operation, the ministry notes.

Though the projects are frequently inspected, environmental management authorities have still warned of complicated pollution risks.

The number of technical incidents at Tan Rai and Nhan Co plants has been three and four respectively.

The ministry has asked TKV to comply with environmental requirements at the plants. It has specifically demanded updates of legal documents related to environmental protection at Nhan Co plant.

The ministry has also proposed the trade ministry instruct TKV in appraising and designing next phases of red sludgereservoirs at the plants to prevent environmental pollution.

The two plants have a combined investment of around VND32 trillion (US$1.4 billion), with annual capacity of 650,000 tons of alumina each.

Final option for TSN airport expansion to come out this month

The Prime Minister has asked the Ministry of Transport to review expert inputs to complete a plan for expanding Tan Son Nhat International Airport in HCMC and submit it to the Government for approval this month.

The PM underlined the importance of expanding the country’s busiest airport from now until 2020.

The ministry is tasked with reviewing the suggestions of the consulting team, Airport Design and Construction Consultancy One Member Ltd Company (ADCC) and ADPi Engineering, a French airport architecture and engineering company, to complete the plan.

There are still mixed views over whether to expand the airport towards the north wing or the south one.

ADPi Engineering, which was hired by the ministry to study ways to expand the airport, said expanding the airport to the south wing would make it convenient for passengers to move between the current terminals and a new terminal, if any, thus facilitating flight operations and cutting airport operating costs. The firm proposed using the northern area where a golf course is located to build supporting facilities for logistics and maintenance services and cargo transport.

However, the consulting team of the Secretary of the HCMC Party Committee Nguyen Thien Nhan proposed expanding the airport towards the north wing.

According to Nguyen Thien Tong, former dean of the aviation technology department of the HCMC University of Technology and member of the consulting team, said both of the team’s proposals are for northward expansion.

Tong said expanding the airport to the north wing would save site clearance cost, allow the opening of another gate for the airport and enhance transport connectivity.

Expanding the airport towards the south wing would worsen the already-severe traffic congestion on surrounding roads, he added.

Once the plan is submitted, the Government will select the most suitable option this month.

SOE value on the steep rise

The value of State-owned enterprises (SOEs) is rising fast, with the 2016 figure put at over VND3,000 trillion, up by around 50% compared to the previous five years.

Finance Minister Dinh Tien Dung was speaking of this during a Government meeting with an inspection team of the National Assembly in Hanoi City on February 27.

The meeting reviewed the implementation of policies and laws on management and use of State capital and assets at SOEs, and their equitization in the 2011-2016 period.

Dung said equity of SOEs is increasing. For example, the figure in 2016 was VND1,400 trillion, a 92.2% rise over 2011. Meanwhile, their assets were worth VND3,050 trillion, up 45.8% against the previous five years.

However, he added, their production and business activities, and State capital use were not efficient, mainly due to adverse impacts of the global economic slump in 2011-2013. They performed in a more effective manner in 2014-2015, though some reported hefty losses as of late 2016.

Ministries and SOEs are striving to sell shares to strategic investors after equitization.

The corporate governance of SOEs that have become joint stock companies has had positive effects on the stock market and helped guarantee the legitimate rights and benefits of their employees.

The average pre-tax profit of 350 SOEs which went public after 2015 rose by a staggering 49%.

However, Finance Minister Dung stressed the management and use of State assets, and SOE equitization should be improved.

Chairman of the NA Economic Committee Vu Hong Thanh spoke highly of the Government’s guidance on management and use of State capital and assets, and SOE equitization in the past years.

Meanwhile, chairman of the NA Financial and Budgetary Committee Nguyen Duc Hai said legal documents which were issued between 2011 and 2016 have helped remove obstacles to SOE restructuring in the previous period.

According to Hai, they facilitated ministries, local governments and SOEs to seek strategic shareholders, and equitize and evaluate SOEs.

Leaders of NA committees pointed out some shortcomings such as high ratios of debt to equity, and ineffective investments. Besides, the ratio of sold State capital was still low, despite a large number of SOEs went public.

According to the NA inspection team, many people suggested the Government introduce a law on SOE equitization in a bid to manage State capital and assets, and SOE equitization better.

Appota acquires WiFi Chua

Appota, one of the pioneers in the field of mobile technology platforms, announced its acquisition of WiFi Chua, the leading mobile app providing access to public wi-fi by password sharing in Vietnam, on March 8 in Hanoi, marking an important milestone as the former will reach 50 million users in its ecosystem of smartphone services and products.

WiFi Chua is expected to reinforce the ecosystem of Appota’s mobile utilities, bringing the total number of customers using Appota’s products to 50 million.

WiFi Chua will gain access to Appota’s services, such as digital content release, advertising, app monetization, and mobile payment services. It will also be oriented to expand to Southeast Asia, whose markets have the same characteristics as Vietnam, regarding internet development, technical infrastructure, and user behavior.

“Access to public wi-fi is very popular in Vietnam,” said Mr. Do Tuan Anh, CEO of Appota. “This represents tremendous potential in developing the utility ecosystem associated with wi-fi to serve users. Staff at WiFi Chua will work at Appota post-merger.”

They are very creative and keen developers, he added, and Appota’s staff can introduce breakthrough applications in the time to come, providing more value to internet users.

In the five years since being launched, WiFi Chua has always been among the Top 100 in mobile app rankings, with 18 million users with 2.4 million access points throughout Vietnam.

Appota is the pioneering company in the field of mobile technology platforms in Vietnam, with over 30 million users worldwide. The company is also working with more than 15,000 partners, including app developers, advertisers and points of service.

As one of three largest local game publishers in Vietnam, it brings various game titles and attracts millions of gamers. Its advertising and payment services also have a strong presence in the market.

Appota was selected as one of four companies in Asia in 2016 to cooperate with Google to develop Google Ad Exchange in Vietnam.

In 2017 it announced it success in securing Series C investment from two South Korean investment funds: Korea Investment Partners (KIP) and Mirae Asset Venture Investment. It previously received Series A investment from the VNP-Group in 2012 and Series B from the GMO Global Payment Fund and Golden Gate Ventures in 2014.

Zalo Shop partners with Shipchung and BoxMe

BoxMe and Shipchung officially integrated into the Zalo Shop system on March 5, opening up a new partnership to help Zalo’s e-marketplace. To mark the beginning of the partnership, the three sides have launched a program with a 30 per cent discount off shipping costs for Zalo Shop sellers nationwide.

Merchants at Zalo Shop will be able to easily manage the system, from storage, finishing orders, packaging, and shipping products, helping to minimize operating time, logistics, and costs while improving sales effectiveness and profitability.

“From the success stories of Line in Japan and Kakaotalk in South Korea in M-Commerce (Mobile Phone E-commerce), we believe in the advantages and potential Zalo holds in the future and decided to cooperate, becoming the main logistics and fulfillment partner of Zalo Shop,” said Mr. Han Van Loi, General Manager of BoxMe.

The use of BoxMe’s fulfillment service will allow sellers to save up to 50 per cent on logistics costs during the promotional period. During this period, users can select carrier-sponsored services, including Viettel Post, DHL E-commerce, Nhat Tin, Shipnhanh, Ship60 and Goldtimes.

With experienced logistics professionals in the digital age such as BoxMe and Shipchung, shopkeepers on Zalo Shop will experience professional services at the most economical cost without wasting time and therefore can focus resources on sales and increasing order numbers.

Zalo Shop is becoming a popular e-commerce platform with advantages including access to 80 million Zalo users, built-in communications tools and free customer care via a phone number. Shipchung is well-known local delivery service portal, while BoxMe is a logistics and trans-ordering unit with over 3.5 million orders per year.

MGallery-branded hotel and residential complex underway in Ha Long

French multinational hotel group AccorHotels and Vietnamese developer the Thuan Phat Investment & Services JSC kicked off construction of the Phoenix Legend Ha Long Bay Villas and Hotel in Ha Long city, northern Quang Ninh province on March 9.

According to Mr. Nguyen Quy Tuan, Development Project Manager at AccorHotels in Vietnam, which owns and operates the project, Phoenix Legend Ha Long Bay Villas and Hotel comprises a five-star MGallery-branded hotel and its high-end apartments will be the first branded MGallery Residence in the world.

MGallery by Sofitel is a collection of high-end hotels around the world, with boutique hotels dedicated to lovers of life, literature and culture.

“Each of the hotels in the MGallery by Sofitel Collection has its own personality inspired by the collection’s three themes of Heritage, Serenity and Signature”, Mr. Tuan said, adding that the project is the first between the hotel group and Thuan Phat.

Located on Bai Chay Hill, the 3.5 ha complex includes 220 hotel rooms, more than 200 high-end apartments on 45 to 150 sq m, 26 villas on 300 to 750 sq m, and other quality facilities such as a wine cellar, a cigar room, a gallery, a rooftop bar and a restaurant.

Inspired by the image of the dragon and the phoenix in Vietnamese culture and designed by SDesign, led by famed Spanish designer Salvador Perez Arroyo, the project is expected to become an architectural symbol of Ha Long Bay.

Phoenix Legend Ha Long Bay Villas and Hotel also takes advantage of potential tourism and improving infrastructure in Quang Ninh province in general and Ha Long in particular.

The number of domestic and international visitors to Ha Long has increased strongly in recent years, affirming the position as well as the rapid and stable development of the local tourism sector. Figures from the Ha Long City People’s Committee show the locality attracted more than 7 million visitors in 2017 and more than 1.3 million in the opening two months of this year. About one-third are foreigners.

A number of strategic projects have been accelerated, including the Ha Long - Hai Phong Expressway, which will shorten the travel time by car from Ha Long to Hanoi to one and a half hours, Van Don International Airport, and the Ha Long - Van Don Expressway, which are expected to be completed this year and create major potential for hotels and hospitality projects in the city.

Phoenix Legend Ha Long Bay Villas and Hotel is expected to open for sale at the end of June next year. Its hotel and villas are expected to be finished and welcome guests and residents in the third quarter of 2019.

SASCO looks to venture into railway sector

Southern Airports Services Joint Stock Company (SASCO) has expressed an interest to cooperate with the railway sector to upgrade the Saigon Railway Station to better serve passengers.

A SASCO representative said development orientations of the railway sector are suitable to SASCO’s business strategy, strengths and experiences, so the cooperation will help develop the railway sector.

The project is aimed at adding value-added services such as lounge, locker room, catering and shopping.

The project, which requires an estimated VND15 billion (US$0.66 million) sourced from SASCO, can get off the ground at the end of this quarter and be completed in the next quarter.

SASCO has plans to upgrade the Saigon Railway Station as a historic and cultural landmark of HCMC.

SASCO suggested moving the ticket boxes on the ground floor to the first floor. The addition of a business lounge is expected to attract more travelers who are willing to pay more for better services.

There will be a gallery for interaction and business purposes. It can be used to organize cultural and historical events of HCMC and the railway sector.

In addition, the station will have a food court and a locker room which long-haul travelers can use to store their belongings.

Savills launches Savills Blog

Savills Vietnam has recently announced the launch of Savills Blog, a new corporate platform that will provide diverse content on real estate via articles, news and insightful tips from Savills’ local and global experts.

With 16 categories, the blog is targeted at anyone and everyone with an interest in Vietnam’s real estate market, allowing them to remain up-to-date with the latest local and international property news and enjoy valuable insights, opinions and helpful tips and suggestions.

Categories include Guides & Top Tips, Office, Industrial Real Estate, Planning and Development, Residential Sales and Lettings, Property and Assets Management, Hotels, International Real Estate, Savills Stories, and more.

Vietnam is the second location after Hong Kong in the Asia-Pacific region to have a Savills Blog, which is also available in the UK and Australia. Local and international markets will be under constant assessment with articles, reports, and whitepapers on the latest real estate topics. Readers can also comment, start a conversation or communicate directly with experts. There will also be behind-the-scene stories and reviews of Savills’ full suite of property services.

“With Savills’ business becoming increasingly diverse, we felt it was the right time to provide an alternative commentary on developments within the organization; the novel application of our services as well as interesting stories from the many real estate segments we serve,” said Managing Director of Savills Vietnam, Mr. Neil Macgregor. 

“We hope the blog will prove to be of value to our clients, developers, investors and anyone with an interest in property and of course for our own employees in our offices here and around the world.”

Fusion Maia Da Nang picks up Condé Nast Traveller award

Fusion Maia Da Nang has been recognized as the “Best of the Best” in the Condé Nast Traveller Spa Awards 2018, with the “all-spa inclusive” beach resort being described as “a gastronomic haven at the vanguard of clean eating” and receiving the 2018 award for Best Clean Eating Fix.

“One of Fusion’s core values is well-being,” said CEO Marco van Aggele. “Into this we incorporate the idea of question-rich nutrition, encouraging guests to consider the link between the food they’re eating and the way they feel.”

As just one example of how this is put into action, Fusion Maia Da Nang’s vibrant buffet breakfast, served at Five Restaurant (which takes its name from the five elements), caters to everyone, from hungry vegans after more than just a salad to those who want a hearty indulgent meal that’s still nutritionally balanced and filled with goodness. For guests looking to kick start a new healthier lifestyle, vegan, raw food, or juice cleanses meal plans can be put together on request. Alternatively, simply enjoy the light and easy menus filled with plenty of healthy options.

The expansive morning buffet also incorporates an element of play, featuring 40 different food sprinkles, including spirulina gomasio, sunflower-rose, and paprika vegan parmesan.

Complementing Five Restaurant, you can also enjoy meals at the resort’s poolside, ocean-facing restaurant Fresh, providing Vietnamese salads, freshly caught seafood and some creative clean dishes in addition to some comfort food. As its name suggests, the focus here is on the use of clean, fresh, and, where possible, 100 per cent local ingredients with unmistakably Vietnamese flavors, such as turmeric, garlic, chili, ginger, and lemongrass. Add to this an abundance of classic Vietnamese herbs plucked straight from the resort’s in-house hydroponic garden and it’s easy to see what caught the eye (and the taste buds) of the Condé Nast judges. 

Combine this energizing, Vietnamese-inspired approach to clean eating with Fusion’s one-of-a-kind “all-spa inclusive” service (offering all-inclusive spa access for massages, scrubs, manis, pedis, or the spa’s signature energy healing experiences), and then add on the daily complimentary wellness activities such as yoga, meditation and tai chi and it’s clear that this is THE place to refresh the body, the mind, and the soul.

WMC opens Noodle Noodle in HCMC

A new restaurant, Noodle Noodle, has been opened on Nguyen Hue in the heart of Ho Chi Minh City, bringing the most amazing noodle dishes from around the region together under one roof.

Noodle Noodle will be managed by the Windsor Property Management Group Corporation (WMC Group), a hospitality and property management company located in the city.

“We are very pleased to bring these perennially popular dishes together in one location for noodle lovers from here in Vietnam and abroad,” said Mr. Kai Speth, Vice President Operations and Business Performance at the WMC Group. “There is a universal appeal to a simple bowl of noodles, with every part of Asia giving it its own unique twist, which is exciting from the perspective of those interested in Asian cuisine.”

The menu features classic noodle soups from Japan, Korea, Thailand, the Sichuan region of China, and, of course, Vietnam. Guests can try favorites such as Tonkotsu Ramen, Kimchi BBQ Pork Noodle Soup, Seafood Tom Yum, Noodles with Soybean Sauce, or traditional Vietnamese Pho. There is also a selection of fried noodle dishes and appetizers available that will delight any palate.

Adjacent to the Times Square Building in the center of Ho Chi Minh City’s bustling downtown area, Noodle Noodle is located in a two-story venue seating 120 diners. As a grand opening special offer, each guest will receive a complimentary VND50,000 ($2.20) voucher and also, until March 31, two combos of appetizer, main course and iced tea are available for VND98,000 ($4.3) and VND128,000 ($5.6), respectively.

The WMC Group is a hospitality and property services management company headquartered in Ho Chi Minh City. The company’s diverse management portfolio includes hotels, serviced apartments, offices, restaurants, and commercial shopping centers.

Motorcycle prices tumble after Tet

Prices of all kinds of motorcycle have gone down sharply since the end of the Lunar New Year holiday, or Tet, as the demand is low, in stark contrast with the pre-Tet period when prices rocketed over strong purchases.

In the two post-Tet weeks, at motorcycle shops on Nguyen Tri Phuong Street in District 10, prices of various types of Yamaha bikes such as Janus Standard, Janus Premium, Janus Limited have plunged by between VND1 million and VND5 million each.

Hanus Limited is offered at nearly VND32 million now compared to VND35 million before Tet. Similarly, Exciter 150 Matte Back, also a Yamaha make, costs around VND45.5 million compared to VND48 million before Tet.

SH 150cc ABS of Honda Vietnam is selling for around VND100 million now, down from VND120 million before Tet, while Air Blade is around VND40-47 million, or discounts of VND5-7 million a unit.

The peak season for motorcycles before Tet saw prices surging as many people want to acquire new motorcycles for use during the festive period. Hence, all motorbike agents pushed up prices for bigger profit margins.

A salesman on Nguyen Tri Phuong Street said that now most agents reduced prices sharply after Tet to attract buyers. Next month’s prices would be further down as many agents with large amounts in stock want to offload such motorcycles.

Many firms subject to delisting

Though the stock market is experiencing busy trading days with long gaining streaks, many businesses are running the risk of delisting due to their protracted losses, Doanh Nhan Sai Gon online newspaper reported.

As of March 2, the VN-Index of the Hochiminh Stock Exchange continued to gain 137 points against the beginning of the year, or up nearly 14%. Many stocks recorded big gains, especially banking stocks. Investors continued to pour money into businesses with good performance in 2017 or those on the recovery path after getting restructured.

Despite this robust growth, many enterprises have still been racking up losses. Under Government Decree 58/2012/ND-CP, any enterprises incurring losses in three years in a row must be delisted.

With 2017’s quarter four financial reports, enterprises like Vietnam National General Export - Import Joint Stock Company No.1 (TH1), Hung Long Mineral and Building Materials Joint Stock Company (KHL), Bach Dang TMC Construction Investment Joint Stock Company (BHT), HCMC Textbook Printing Joint Stock Company (SAP), Song Da Electrical Engineering Joint Stock Company (SDE) and Saigontourist Transport Corporation (STT) have incurred losses in three years and thus may get delisted.

The Hochiminh Stock Exchange (HOSE) has issued a warning against Hoang Anh Gia Lai Joint Stock Company for the late release of its 2017 financial statement as stipulated in Decree 58/2012/ND-CP. The company was also late in submitting its financial statements in 2015 and 2016.

Besides enterprises facing delisting risks, many others are put under supervision or warned such as Angiang Fisheries Import & Export Joint Stock Company (AGF) and Binh Thuan Mineral Industry Joint Stock Company (KSA) with violations concerning information disclosure, Hung Vuong Corporation (HVG), Phuong Nam Cultural Joint Stock Corporation (PNC) and Pacific Infrastructure Project Development and Investment Corporation (PPI) with losses.

South Korea supports Vietnam’s tighter control on auto imports

The South Korean Embassy in Vietnam has said it respects Vietnam’s regulations on boosting the domestic auto assembly industry which is at a disadvantage due to auto imports from ASEAN countries.

According to Tuoi Tre newspaper, the embassy wrote to the Government Office expressing its stance on Vietnam’s auto development policy as it was not able to attend a dialogue among businesses, organizations and associations with auto manufacture, assembly and export in Vietnam on February 26.

The document showed South Korea’s respect for Vietnam’s policies which it said have left positive impact on investments of South Korea manufacturers and assemblers in Vietnam.

According to the Korean embassy, it respects the recently issued regulations on auto imports of Vietnam such as Government Decree 116 and the Ministry of Transport’s Circular 03, which are meant to prop up the auto assembly industry. Besides, South Korean auto manufacturers plan to expand car assembly operations and increase the localization rate by joining hands with Vietnamese suppliers.

Under Decree 116, auto importers are required get vehicle type approval certification from exporting countries. However, this has attracted mixed reactions from auto manufacturers and importers.