return icon

VN firms review annual meeting schedules under pressure of coronavirus

Several companies have put annual shareholders’ meetings on hold due to worries about the spread of coronavirus.



A FPT Retail's store in the outside of Ha Noi. The company has postponed its annual shareholders' meeting on worries about the spread of virus. — Photo


FPT Digital Retail Joint Stock Company (FPT Retail, HoSE: FRT) has decided to postpone its annual shareholders’ meeting, which was scheduled for March 20.

The decision was made due to worries about COVID-19, the company said in a statement on Tuesday.

The meeting would be held at a later date, which had yet to be decided, FPT said.

The Vietnam Export Import Commercial Joint Stock Bank (Eximbank, HoSE: EIB) has also postponed its meeting to a later date.

Eximbank’s annual meeting had been set for April 20.

Residential property developer Vinhomes (HoSE: VHM) and digital retailer Mobile World Investment Corporation (Mobile World, HoSE: MWG) have also taken similar measures.

Mobile World said in a statement on Tuesday that the outbreak could prevent its foreign shareholders from travelling.

The delay would protect the rights, benefits and health of shareholders whether they are foreign or Vietnamese, the company said.

Its annual shareholders’ meeting would be held 30 days after the outbreak was declared over, it added.

The meetings would be held by June 30, Mobile World and Vinhomes said.

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV, HoSE: BID) and Hoang Huy Investment Services Joint Stock Company (HHS, HoSE: HHS) on Saturday held their annual shareholders’ meetings.

Earlier media reports said some companies still wanted to organise their meetings as scheduled.

Companies may consider holding online annual meetings, but not many of them are capable of doing so while some investors do not support the idea.

“The companies I have purchased stakes in plan to hold their annual shareholders’ meetings in late April. They have not decided yet whether the meetings will be postponed or not,” individual investor Tran Hoai Nam told Viet Nam News.

“I hope the warm weather in the South will be ideal for us to attend the meeting,” he said.

“But I don’t agree with the idea of online shareholders’ meetings,” Nam said. “We have to be there to discuss the company’s operations directly, and question the board of directors about business issues.”

“If the outbreak continues in Viet Nam, I would seriously recommend the companies postpone the meetings.”

The pandemic has caused severe damage to Vietnamese companies.

Since the outbreak on January 30, the benchmark VN-Index has lost more than 18 per cent.

Shares of FPT Retail, Mobile World, Eximbank and Vinhomes have shed 3.3-26.6 per cent during that time. — VNS

Vietnam’s businesses borrow big money for production activities

Vietnam’s businesses borrow big money for production activities

People who have idle money are engaging in property speculation, but at the same time many producers seriously lack money, according to Pham The Anh from the Hanoi Economics University.

VN businesses seek Government support amid coronavirus losses

VN businesses seek Government support amid coronavirus losses

The coronavirus outbreak has affected the country’s economy, with production for exports and services suffering the most.


Aviation ground services to go-green to meet compliance

The Civil Aviation Authority of Vietnam (CAAV) is collecting comments on a draft circular stipulating that all businesses in the sector must have a plan to convert ground vehicles from fossil fuels to electric.

President visits, offers condolences to widow of late PM Abe Shinzo

President Nguyen Xuan Phuc visited and offered condolences to Abe Akie, the widow of late Japanese Prime Minister Abe Shinzo, at her home on September 28.


US firm pours capital in cross-border e-commerce project in Binh Duong


PM requests prompt measures to overcome Typhoon Noru’s consequences

Dim outlook for domestic auto component industry

Vietnamese automotive component industry has a dim outlook for growth as it lags behind those in many other regional countries, according to the Ministry of Industry and Trade (MoIT).

Animated series seeks to change stereotypes on Vietnamese products

Wolfoo, a YouTube children’s animated web series, which has reached more than 2 billion views a month, has changed the world’s stereotypes on Vietnamese products.

VN banking prospects from now to the end of the year

Under the circular, the State Bank of Vietnam told banks to reschedule debt repayments to help customers affected by the COVID-19 pandemic until June 30 this year.

JPMorgan: 65% of AirPods production to be located in Vietnam in 2025

JPMorgan analyst expects 20 percent of iPad, 5 percent of MacBook, 20 percent of Apple Watch and 65 percent of AirPods production to be located in Vietnam in 2025.

US$2.3 billion withdrawn from stock market, investors begin to worry

Concerns are increasing in the stock market after the State Bank of Vietnam (SBV) raised regulating interest rates and withdrew VND56 trillion (over US$2.3 billion) last week.

Teacher Nguyen Ngoc Ky writing with feet passes away

This morning, 75-year-old teacher Nguyen Ngoc K, who inspired many generations of students with his determination to rise up in life, passed away at his home in Thu Duc City.

Typhoon Noru passes through central Vietnam

Super typhoon Noru swept through central Vietnam on September 27 night and early September 28, bringing strong winds and torrential rains.

Discovering craft villages in Buddhist centre in Quang Ninh

Coming to Yen Tu relic site in Quang Ninh province – Vietnam’s major Buddhist centre, tourists can also experience traditional crafts such as making hats, bamboo handicrafts, and wood carvings.

Ministry drafts mechanism to adjust average retail power price

The Ministry of Industry and Trade (MoIT) is drafting a Prime Minister's Decision on the mechanism for adjusting the average retail electricity price.

Foreign investment disbursement hits record high in nine months

Disbursement of foreign direct investment (FDI) in the first nine months of this year reached 15.4 billion USD, up 16.2 % year-on-year and marking a record high, a report from the Foreign Investment Department (FIA) has shown.

Foreign Minister Bui Thanh Son pays visit to Germany

Minister of Foreign Affairs Bui Thanh Son paid an official visit to Germany from September 26-27 at the invitation of his German counterpart Annalena Baerbock.