Business stories of the week

News highlights of last week included the arrest of a major owner of mutant orchids, the capital contribution from the owner of a super-business with huge registered capital, and the 'hidden' person behind the Quang Ninh Coal Football Club.

Business stories of the week

Pham Thanh Hung

Mutant orchid player turns out to be illegal miner, trader

On August 27, the police released a decision to take legal proceedings against a case occurring at Yen Phuoc JSC, Dong Bac Hai Duong Co Ltd and relevant units. The police ordered the detention of 12 individuals, including Bui Huu Giang, well known as a major mutant orchid player.

Before Giang was found involved in the case, he was a major player in the mining land in Quang Ninh. He had been doing business in the coal and mineral mining field for tens of years. The defendant has huge properties, including a mansion in Mao Khe Ward, Dong Trieu Town and many luxury cars.

In early 2021, Bui Huu Giang became well known among netizens with a huge mutant orchid trading deal worth VND250 billion. Giang and other people spent a lot of money to build a mutant orchid garden in Co Gian of Kim Son Ward, Dong Trieu Town.

He organized a notorious mutant orchid trade deal between a garden business in Mao Khe, Quang Ninh province, and a garden in Hai Phong. About VND250 billion was reportedly paid for two original branches, and four sprouts of "Ngoc Son Cuoc" orchid with the length of 1.1 meters and 48 leaves.

‘Hung xoan’ – influential in mining, petroleum industry

Than Quang Ninh Football Company Ltd, which manages Than Quang Ninh Football Club, announced the suspension of operations to wait for Quang Ninh province to receive the soccer team back. The boss behind this club is Pham Thanh Hung, or Hung xoan (Hung Curly).

Hung was born into a family with achievements in sports. His father was the winner of a chess championship in the northern provinces in 1969, while his siblings were famous in table tennis and chess. Hung has a special love for football.

Hung is also a famous businessman in the field of mineral mining and petroleum. He is now President and CEO of Ha Giang Gold Corp.

Hung established Ha Giang Gold Corp in 2009 with institutional shareholders, including Dong Bac CMI, the biggest shareholder with 35 percent of shares. The enterprise was set up in June 2008. Hung and his wife, Luong Thi Thao, hold the controlling stake.

According to Viettimes, Dong Bac CMI has seen its revenue decrease in the last four years. The enterprise reported a loss of VND16.9 billion for 2016 and VND18.7 billion for 2017. In 2019, it reported revenue of VND12.22 billion and a modest profit of VND68 million.

Mega-business owner talks about capital contribution

On August 27, Nguyen Vu Quoc Anh, the founder of Auto Investment Group with huge registered capital of VND500 trillion, held a press conference introducing the USG community e-commerce site.

Regarding the capital contribution of VND500 billion to the newly registered business, Anh said he confirmed that he has received a notice from the HCMC Planning and Investment Department about the capital contribution process and he is going to contribute capital.

 

“We will contribute capital in technologies, including technological software, technology apps. We will call for foreign investment,” he said.

“The development of a business also depends on financial capability, and luckily, the company’s e-commerce site is developing well and it is different from others,” Anh explained.

However, the 35-year-old owner of the mega business did not reveal how much capital he had contributed and when he would contribute VND500 trillion.

Vietnamese billionaires support Covid-19 fight

Phuong Hang and her husband, the owners of Dai Nam Tourism Complex, are organizing livestreams about their lives and the projects Dai Nam is running to help the poor during the pandemic.

They said they have bought 50,000 oxygen tanks and are ready to serve the poor, free of charge.

Thaco Group of billionaire Tran Ba Duong has sent a document to the HCMC People’s Committee, expressing his wish to donate 30 ambulances and 25 mobile vaccination vehicles, and 500,000 rapid testing kits.

The 30 Italian-made IVECO ambulances with European standards have value of VND36 billion. Besides the usual equipment, each ambulance is equipped with negative-pressure disinfectant and cleaning kit for severe Covid-19 cases.

Shark Nguyen Xuan Phu of Shark Tank TV Show, President of Sunhouse, has announced that the company will contribute VND800 million, or monthly pay for 100 volunteers of the ‘ATM F0’ program initiated by the Vietnam Young Entrepreneurs Association.

He said recovered Covid cases can return to hospitals to support medical workers to fight the pandemic. The program is being run in HCMC with 500 recovered Covid cases who registered five days after the launch.

Vinh Hoan Seafood has new director

Vinh Hoan Seafood has approved the appointment of Le Ngoc Tien as Strategy Director of the company, beginning September 1. She is the daughter of President Truong Thi Le Khanh. 

Bao Anh

Businesses seek interest rate cuts, banks worry about declining profits

Businesses seek interest rate cuts, banks worry about declining profits

Business associations and industries have repeatedly asked commercial banks to ease lending interest rates to share difficulties with them in the Covid-19 pandemic.

Business closures hit 85,000 over eight months

Business closures hit 85,000 over eight months

Approximately 85,500 enterprises have withdrawn from the market during the opening eight months of the year due to the impact of the COVID-19 pandemic, according to figures released by the General Statistics Office (GSO).

 
 

Other News

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Hanoi needs to find solutions to prevent the coronavirus from spreading and causing overloading of the healthcare system.

New mindset needed to reverse production stagnation
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FEATUREicon  21/09/2021 

“Localities should not always count plants and livestock in their reports. We need to change the way of thinking to improve the situation,” said Minister of Agriculture and Rural Development Le Minh Hoan.

Government urged to act promptly to both save businesses and protect people's health
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FEATUREicon  21/09/2021 

Actions are needed now to save businesses, or it will be too late, enterprise associations say.

Covid-19 pandemic and the golden season of digital transformation
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On September 5, when the Covid-19 outbreak was still rampant, the new school year started online for millions of students. 

Alarming rise in cases of depression in Vietnam
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According to a report on mental health by the Lancet Commission, mental disorders are on the rise in every country in the world and will cost the global economy $16 trillion by 2030.

Vietnamese can create Metaverse virtual universes
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FEATUREicon  19/09/2021 

Anyone can have another life inside a virtual world: what seemed like sci-fi movies only is coming very close.

Mobile Money paves way to apply 'sandbox' for new services
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FEATUREicon  19/09/2021 

The trial Mobile Money service allowed by the Prime Minister will set a precedent for applying a "sandbox" scheme for new services and professions in digital society.

Businesses propose new regulations to replace Directives 15, 16
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FEATUREicon  18/09/2021 

Associations of businesses have asked the Prime Minister to issue new directives on pandemic prevention and control to replace Directives 15 and 16 with regulations that fit the new circumstances.

Businesses struggle with increased costs, impact from Covid-19
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FEATUREicon  19/09/2021 

According to the Vietnam Association of Beer, Wine and Beverage (VBA), more than 85 percent of drink manufacturers have had difficulties in product distribution.

Companies reporting profits actually incurred losses, audits show
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FEATUREicon  19/09/2021 

A difference in profits of listed companies before and after auditing has left investors worried about the accuracy of finance reports.

Extending lockdown, HCMC adjusts social, business activities
Extending lockdown, HCMC adjusts social, business activities
FEATUREicon  17/09/2021 

HCM City authorities are planning to grant green cards associated with personal QR Codes in certain districts; amend regulations on goods delivery and receipt; and allow more business fields to operate, commencing from September 16.

Airfare scheme may deprive 43 million passengers of opportunity to fly at low cost
Airfare scheme may deprive 43 million passengers of opportunity to fly at low cost
FEATUREicon  17/09/2021 

If a proposed airfare scheme is applied, the fees will make it impossible for low-income earners to travel by air.

Vietnam builds ‘fortress’ to fight pandemic, not the economy
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FEATUREicon  18/09/2021 

The economy reflects the operation of all 13 southern cities and provinces, and different behaviors of each is hindering economic development.

Hanoi, HCM City to loosen social distancing, prepare for reopening
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FEATUREicon  15/09/2021 

Hanoi leaders have mentioned the possibility of loosening social distancing from September 15 if the spread of the coronavirus can be curbed. HCM City is also considering loosening social distancing regulations two weeks after September 15.

Local specialties plummeting in price
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FEATUREicon  16/09/2021 

While Phu Yen lobster prices are surging, VND100,000 per kilogram more expensive than the previous crop, other aquatic specialties including ca lang (hemibagrus) and hau sua (oyster milk) have seen prices plummet, causing big losses for farmers.

Hope rests on economic recovery plan
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FEATUREicon  16/09/2021 

Hopes for the ease of social distancing measures and recovery of the economy are rising along with the decrease in the nber of new cases.

Hanoi after nearly two months of social distancing
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FEATUREicon  15/09/2021 

The number of Covid-19 cases is gradually decreasing, medical capacity has improved, the "green zone" has expanded, and the "red zone" has gradually narrowed. 

When the two 'locomotives' restart at the same time
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FEATUREicon  14/09/2021 

Contributing about 45% of the country’s GDP, HCM City and Hanoi are considered the two engines pulling the national economy. Both must be healthy and go hand in hand to revive the pandemic-hit economy.

How long will social distancing last?
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FEATUREicon  16/09/2021 

Receipts from taxes are on the decrease, which show that goods consumption and production of enterprises have been hit hard by the Covid-19 crisis.

HCM City begins two trial ‘buffer’ weeks before reopenng
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FEATUREicon  15/09/2021 

A trial reopening in HCM City will be implemented on September 16-30 in districts 7, Cu Chi and Can Gio before following steps are taken.

 
 
 
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