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Business in brief
Date :  13/09/2018
(Sourced from various news agencies)
  • The Turkish Ministry of Economy has issued the final report concluding that Vietnam’s core welding wires have been sold under fair value at a margin of 27.9 – 29.65 percent, reported the Vietnamese Trade Office in Turkey. Turkey began anti-dumping investigation into core welding wires imported from Vietnam under the code 8311.20.00.00  on March 6 based on petitions filed by Gedik Kaynak Industry and Trade Ltd and Oerlikon Welding Electrodes and Industry Ltd. Based on the report, the investigative agency will submit a proposal to the Turkish Competition Authority to issue the final conclusion on the case in the near future. The Ministry of Economy planned to hold a hearing on the case on September 12. (VNA)
  • Only one State-owned enterprise (SOE) had its equitisation plan approved in August, lifting the total number of approved businesses this year to 10, Ministry of Finance data showed. The number is far behind this year’s target of 85 SOEs. The total value of these 10 enterprises exceeded VNĐ29.5 trillion (US$1.26 billion), of which VNĐ15.27 trillion belonged to the State. Ending August, State-owned corporations and enterprises made VNĐ3.77 trillion from divestment, collecting VNĐ9.14 trillion for the State budget by selling the stakes at a higher price than book value. According to Đặng Quyết Tiến, director of the Corporate Finance Department under the Ministry of Finance, authorities needed to strengthen inspection and supervision, as well as sanction leaders of delaying SOEs. If enterprises registered to equitise in 2017 but fail to do in 2018, these companies should be transferred to the State Capital Investment Corporation, the Government agency that oversees most SOEs, Tiến said. (VNS)
  • The Vietnamese people bought more than 20,500 cars in August, decreasing 4% compared with the previous month, according to a report from the Vietnam Automobile Manufacturers’ Association. Of the figure, there were nearly 14,900 locally-assembled units, down 18%, and over 5,600 imported units, up 66%. In the January-August period, total sales reached 169,040 units, dropping by 5% year-on-year. According to assessments by auto dealers, the sales decline in August, also known as Ngâu or July in the lunar calendar, was not as much as expected. Traditionally, the month is considered inauspicious for making large purchases or opening new businesses. However, in recent years the sales of cars during the month has remained steady, indicating that such traditions hold less of a sway over purchasing decisions. Leading the market is Hyundai Thành Công with sales of nearly 5,600 units in August, followed by Toyota Motor Vietnam with more than 4,700 units and Honda Vietnam with 2,125 vehicles. (VNS)
  • Over 100 entrepreneurs from Vietnam and South Korea gathered at a business conference held in the capital on Wednesday to seek new co-operation opportunities. Since 2011, South Korea has retained its position as Vietnam’s leading source of foreign direct investment, Deputy Minister of Science and Technology Trần Văn Tùng told the conference. In terms of trade, Tùng said, South Korea is now the second largest trade partner of Vietnam, just behind China, while Vietnam is Korea’s fourth biggest trade partner. Beside trade and investment, Tùng also described the entertainment industry as a promising area for bilateral co-operation as Vietnam’s entertainment market was projected to achieve growth of 10.7 per cent. The conference also saw the launch of the Korean Vietnamese Entrepreneurs Network which aims to better facilitate co-operation among the two business communities. (VNS)
  • Trường Hải Automobile Corp (Thaco) recorded VNĐ27.75 trillion (US$1.18 billion) in revenue in the first half of this year, marking an increase of 9% year-on-year. According to Thaco’s financial report, which was released recently, the company earned post-tax profit of more than VNĐ3.3 trillion during the January-June period, up 17% compared with the same period last year. In its business plan this year, Thaco set a target of VNĐ73.548 trillion in net sales and VNĐ7.07 trillion in profit after tax. After the first half of the year, the firm achieved 38% of the planned net revenue and more than 42% of post-tax profit. As of June 30, total assets of Thaco reached VNĐ65.73 trillion, up 8.6% over the beginning of the year. Loans were VNĐ15.125 trillion, equivalent to 23 per cent of total assets, of which VNĐ14.037 trillion was short-term loans and VNĐ1.088 trillion was long-term loans. Thaco is the leading company in Vietnam in the field of automobile assembly and distribution. (VNS)
  • Vietcombank has decided to pay shareholders a cash dividend at a rate of 8 per cent after last year’s business results. The bank is expected to spend about VNĐ2.88 trillion (US$123 million). The deadline for shareholders to take part is October 8. Dividends will be paid on October 25, the bank announced in a filing to the State Securities Commission. Vietcombank earned a record VNĐ9.11 trillion ($389.3 million) in after-tax profit in 2017, up 33 per cent against 2016. The State Bank of Vietnam, which owns 77.1 per cent of Vietcombank’s charter capital, will reap over VNĐ2.2 trillion from these dividends. Japanese strategic shareholder, Mizuho Bank Ltd with a 15-per-cent stake, will receive nearly VNĐ432 billion. Shares have increased nearly 14 per cent in value this year, trading at around VNĐ63,000 ($2.69) per share on the Ho Chi Minh Stock Exchange. (VNS)
  • Indonesian ride-hailing firm Go-Jek on Wednesday launched its services in Vietnam’s capital of Hanoi under the brand Go-Viet. The move is part of Go-Jek's $500-million international expansion. The app-based on-demand service Go-Viet, driven by a Vietnamese founding team, with Go-Jek providing technology, expertise and investment, offers services ranging from transport and logistics to food-delivery and mobile payments. Go-Viet grabbed a 35 percent share of the market for motorbike ride-hailing services in the economic hub of Ho Chi Minh City just six weeks after launching there on August 1, Go-Jek founder and chief executive Nadiem Makarim said. The launch was attended by Indonesian President Joko Widodo, who is in Hanoi for an official state visit and a meeting of the World Economic Forum. (Vnexpress)
  • The northern province of Ninh Bình will focus its investment in projects with high value and welcome investors with new ideas or breakthroughs in technology to promote its vast development potential. Đinh Văn Điến, chairman of the provincial People’s Committee, said the province is committed to offering support on key projects including infrastructure development, high-tech technology and environmental friendly schemes in accordance with current State regulations. Nguyễn Cao Sơn, director of Ninh Bình Province’s Department of Planning and Investment, said the province has attracted 55 FDI projects, worth more than US$1.25 billion. The projects in the province are mostly textiles, manufacturing and auto assembly. The FDI inflow to the province reached $69.15 million in the first half of this year, an increase of $44.7 million compared with the same period last year. The revenue brought by FDI enterprises has risen to $436 million, up 13.5% over last year’s figure. (VNS)
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