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Listed companies must comply with new information disclosure regulations under Circular 52 from June 1, following which the required time for publishing financial reports will be shortened and major stake-holders will be prohibited from simultaneously buying and selling their shares. State Securities Commission's Market Development Department head Nguyen Son said public companies with a charter capital of more than VND120 billion (US$5.7 million) and 300 shareholders must disclose information in the manner of listed firms. Meanwhile, commission representative Le Nhi Nang said the penalty for breach of information disclosure rules may soon be increased from the current VND500 million (US$24,000) to VND2 billion ($95,000), with individuals responsible for violations being liable for compensation or subject to criminal liability or to have the listings of their companies cancelled.
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There were not enough certified auditors to satisfy the increasing demand for their services on the domestic market, said the Vietnam Association of Certified Public Accountants (VACPA). According to the Ministry of Finance, the public now trusts financial reports issued by independent auditors. As the number of listed companies had continuously grown, demand for audits had increased as well, the ministry said. Despite this trend, last year, 35 auditing companies applied for licenses, one fewer than in 2010. VACPA said 19 out of the 35 companies run small-scale operations with under 50 staff members; 12 others had four to six auditors and the three remaining have only three auditors. The small size of the auditing firms indicated that it was difficult for them to train auditors, attract outside talent and improve the quality of their businesses, the association said.
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Vietnam’s five-year bonds fell the most in more than 11 months on speculation demand slowed after yields fell to a three-year low. Yields on benchmark debt dropped 306 basis points in 2012 to 9.49 percent on May 15, the lowest level since June 2009, after regulatory restrictions on lending prompted banks to invest surplus cash in government debt. Five-year bond yields rose 16 basis points, or 0.16 percentage point, to 9.66 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the biggest jump since June 9, 2011. The dong was at 20,847 per dollar, compared with 20,850 yesterday, according to data compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade up to 1 percent on either side of the rate.
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The statistics office has predicted that the trade deficit in May would rise sharply to US$700 million. Exports were estimated at US$9.1 billion, up 1.5 percent and imports at US$9.8 billion, up 9.4 percent over April. However, the trade deficit in the first five months of 2012 is just one tenth of the figure recorded in the same period last year.
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The first congress of the Vietnam Organic Agriculture Association (VOA) was held in Hanoi on May 22, electing a 19-member executive board for the 2012-2017 period. Ha Phuc Mich, Vice Chairman of the Vietnam Farmers’ Association (VFA) was elected as VOA Chairman. Addressing the congress, VFA Chairman Nguyen Quoc Cuong highly valued the role of organic production in the development of sustainable agriculture, affirming that organic production is the target of the country’s agriculture. Representatives from the International Federation of Organic Agriculture Movements (IFOAM) stressed the need for establishment of a national organic agriculture organization, saying it ensures the development of the organic sector and benefits Vietnam.
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The number of passengers and cargo volume for domestic airlines continues to fall, according to news reports. In the last four months, total passenger numbers fell by 2.3 per cent to 3.81 million compared with the same period last year, according to Dau Tu (Investment) newspaper. In April, passenger volume dropped by 2.5 per cent compared with March to 924,840. The figure was 6 per cent lower than April of last year. Vietnam Airlines, which accounts for the largest share of the market (76 per cent), reveals that several important targets have not been achieved. Its general director Pham Ngoc Minh said that the number of passengers on domestic routes in April totaled more than 687,000, or 88 per cent of the set target. The figure was down by 2.6 per cent compared with the March figure, and by 4.9 per cent against the same period last year.
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PetroVietnam has announced that it will increase exports of ethanol fuels due to a lack of market demand at home. Under a Government plan for developing the bio-fuel market through 2015, with a vision to 2025, the group invested US$270 million in three ethanol plants in Binh Phuoc, Phu Tho and Quang Ngai provinces with a total productive capacity of 300,000cu.m annually. However, despite being cheaper by about VND500 per liter than conventional A92 petrol, consumers have not embraced ethanol-based fuels. Toan estimated that only about 100,000cu.m of ethanol would be consumed annually in the next few years without a more aggressive roadmap. The ministry said that there were 13 projects registered to produce ethanol-based fuels. This year, five plants were expected to begin operations with a design capacity of 490 million liters per year.
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The world’s largest information technology (IT) services and consulting provider, IBM, opened its new branch office in Danang on May 22, the third of its kind in Vietnam after Hanoi and HCM City. The new office is expected to help Danang deploy the “Smarter City” program and build an e-administration management model. In recent years, the Danang municipal authorities have coordinated with IBM to increase the quality of public services. IBM has also collaborated with the city to set up an IT center at Danang University to train high-quality human resources. IBM Vietnam and the Danang People’s Committee launched a project to make Danang a smarter city on May 7. The project covers three main fields including food safety, water supply and drainage management, as well as helping improve waste treatment in industrial zones.
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Mizuho Bank and Chodai Corporation of Japan are negotiating with the management board of Hiep Phuoc Industrial Park (HIPC) on the kind of investment that will be made in the park. According to Phan Dinh Cuong, head of the international clients department at the park, the Japanese partners have proposed two investment alternatives. The first one would be a joint-venture company with HIPC to invest in building a Vietnam-Japanese Industrial Park in Nha Be District. The 100-ha area would be part of HIPC project's second phase of construction. Under this investment agreement, HIPC would contribute its land and the Japanese partners would invest in infrastructure and make efforts to attract companies to the park. The alternative investment form would be the lease of HIPC's land for 50 years, which HIPC prefers.
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Bao Viet Holdings announced it made a consolidated pre-tax profit of VND626 billion (US$29.8 million) for the first quarter this year, an increase of 81.5 per cent over the same period last year. Consolidated revenue also surged 18.1 per cent to VND3.97 trillion ($189 million). Bao Viet chief operating officer Hoang Viet Ha said that the insurance market achieved resilient growth despite challenges in the Vietnamese economy, with total premium revenue in the first quarter increasing 19 per cent compared to the same period last year. Bao Viet's performance has grown commensurately, with gross written premium revenue from our insurance business reaching VND2.5 trillion ($119 million), up 19.2 per cent compared to the first quarter of 2011.
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Sacomreal (SCR), the real estate arm of Sacombank (STB), posted a high net profit of VND91.37 billion (US$4.4 million) in the first three months of this year, which far exceeded the net profit of just VND2.33 billion ($111,000) in the first quarter of last year. The result was attributed to the joint-venture business with Sai Gon Thuong Tin Tan Thang Investment Real Estate Co, which earned Sacomreal a total of VND87.71 billion ($4.2 million) during the period. However, the company's main business and financial activities declined. Its gross revenue totaled just VND101.8 billion ($4.8 million), a year-on-year decrease of 64 per cent, while revenue from financial investments also dropped 20.8 per cent to VND38.5 billion ($1.8 million).
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Phu Nhuan Jewelry (PNJ) announced May 31 would be the deadline for existing shareholders to register participation in the 5 per cent cash dividend payout. The payout on June 14 will be the third for last year's profits. PNJ closed up 0.5 per cent yesterday at VND41,800 (US$1.99) a share.
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Ocean Bank plans to sell 15 per cent of its total capital to London-based Hermes Capital this year as well as boost its charter capital by 25 per cent from VND4 trillion (US$190.5 million) to VND5 trillion ($238.1 million). Last year, Ocean Bank earned a pre-tax profit of VND643 billion ($30.6 million) on a total assets of nearly VND62.64 trillion ($3 billion). This year, it targets a total profit of VND750 billion ($35.7 million) and a dividend payout of 10 per cent.
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Arysta LifeScience Vietnam opened a new suspension concentrate (SC) formulation plant in Song Than II Industrial Zone, Binh Duong province. The facility will produce KASAI-S 92SC, a fungicide to be launched later this year. KASAI-S is a mixture of kasugamycin and tricyclazole that has proven effective for control of rice blast disease. It will be the first “blasticide” in SC formulation available to growers in Vietnam. The new SC formulation plant is the first SC formulation plant in Southeast Asia and was established with technical assistance from Hokko Chemical Industry Co., Ltd., a company with more than 40 years of experience in SC formulation technology.
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South Korea's Daelim Industrial said on Wednesday a consortium that it was part of won a $775.98 million project to build a coal power plant in Thai Binh Province in Vietnam. The deal with Petrovietnam Construction will expire in February 2016, Daelim said in a regulatory filing.
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The central coastal province of Ninh Thuan last week signed a Memorandum of Understanding (MoU) with a delegation of US investors on studying investment opportunities in the province. The MoU was inked after the delegation, including representatives from Livingston Group LLC, Silverfin Development, H&H and Link World, made a fact-finding tour of the province to designate possible sites for a 466-ha resort, a Disney entertainment center and centers for tertiary education. They also pledged to help the province advertise its advantages and opportunities for investment to potential investors.
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Vietjet Air is set to begin flying the Ha Noi - Nha Trang route from Thursday this week. The new route is the carrier's third, in addition to the Ha Noi - HCM City and HCM City - Da Nang routes. Another carrier, Air Mekong officially opened a direct air route between Ha Noi and Con Dao last Saturday, with nine flights a week. The new route was expected to meet increasing demand of tourists from northern localities to travel to the historical, southern island during the summer, the airline said.
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The Ha Noi Stock Exchange yesterday introduced its new price index – the HNX30 – which is expected to come into operation next month. The HNX30 includes the bourse's 30 best stocks in terms of liquidity and market capitalization, having a lot in common with the HCM City Stock Exchange's VN30. With a base point of 100 and base date of January 3, the index is estimated to reach 140 points by now. The method to establish the HNX30 is similar to that of the VN30. The most important difference is that liquidity is chosen to be the most crucial criterion for selecting stocks tracked by the HNX30.
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