08:43 (GMT +7) - Thursday 13/12/2018


February 27

Released at: 13:47, 27/02/2018 PRESS WATCH

February 27

VET's round-up of news from Vietnamese media for February 27.

VOF invests in egg and poultry concern

The VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital, has injected $32.5 million into the Ba Huan JSC, a Vietnamese producer of pasteurized eggs and poultry meat. According to Mr. Andy Ho, Managing Director of VOF, the private equity investment is consistent with VOF’s strategy of focusing on companies operating in fast-growing sectors. “Vietnamese food and beverage companies have tremendous growth opportunities ahead as consumers spend more on high-quality, healthy products,” he said. “Ba Huan is well-positioned to capitalize on these trends, and we are excited to work with them to realize their potential.”

Tien Giang to host Southeast Asia’s largest recycling production facility

The GFSI-MHE Manufacturing of Texas LLC has signed a memorandum of understanding with Vietnam’s Minh Hung Group to build and operate Southeast Asia’s largest recycling production facility. Located in the Mekong Delta province of Tien Giang, the facility has an estimated investment of $50 million. Once put into operation in 2019, it will manufacture plywood from recycled fiberglass. The GFSI-MHE Manufacturing of Texas LLC will provide technology, operational experience, and equipment for the process. Both will provide investment and commercial expertise to drive the initiative.

Vietcombank to sell 10% to foreign investors

Vietcombank is planning to sell more than 350 million shares, or a 10 percent stake, to foreign investors in the first half of this year. The bank’s decision comes after receiving the green light from the government, Nikkei reports. Chairman Nghiem Xuan Thanh said the plan for the private equity placement has been approved by relevant authorities. The shares will be issued by way of a public auction or private placement to a limited number of foreign investors.

Aviation transport plan adjusted

Deputy Prime Minister Trinh Dinh Dung has signed off on Decision No. 236/QD-TTg approving adjustments to the development plan for aviation transport by 2020 with a view to 2030. By 2030, Vietnam’s aviation transport market is to be among the Top 4 in ASEAN countries in terms of transport volumes, with three regional air passenger and freight transport centers. Total passenger transport will increase by an average of 16 per cent every year from 2015 to 2020 and 8 per cent each year in the 2020-2030 period. Total freight transport market is to increase by an average of 18 per cent annually from 2015 to 2020 and 12 per cent from 2020 to 2030.

Minimum wage calculation method to change

The Ministry of Labor, Invalids and Social Affairs proposes changing the minimum wage calculation method in its draft amendments to the 2012 Labor Code. The 2012 Labor Code is seen as unreasonable, as Article 91 stipulates that minimum wages must cover the minimum living needs of workers and their families, while it is difficult to determine such needs. The Ministry proposes three solutions. One is deemed as the most feasible, with indicators including the minimum living standards of workers and their families, common wages in the labor market, consumer prices, socioeconomic conditions, labor productivity, the production and business situation, and unemployment. The draft is scheduled to be submitted to the National Assembly at its session in May 2019 and may be passed in its session the following October.

Australian inspection team to study shrimp production chain

An Australian inspection team will visit Vietnam from February 26 to March 2 to look into the country’s shrimp production chain, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The Australian inspectors will work with Vietnamese agencies on seafood disease control, visit laboratories responsible for testing the white spot syndrome virus and yellow head virus in shrimp, issue quarantine certificates to certain entities, and visit farms that export shrimp to Australia. The Department for Animal Health under the Ministry of Agriculture and Rural Development has assigned the Directorate of Fisheries, the National Agro-Forestry-Fisheries Quality Assurance Department, VASEP, and related agencies to support the inspection team.

BSR to list on UPCoM

The Binh Son Refining and Petrochemical Company (BSR) will trade shares on the Unlisted Public Company Market (UPCoM) under the code BSR from March 1. The Hanoi Stock Exchange said in a statement that BSR will begin trading more than 241.4 million shares at VND22,400 per share with a trading band of 40 per cent. BSR held its initial public offering (IPO) on January 17, with plans to sell more than 241.5 million shares, or 7.79 per cent of charter capital, at a starting price of VND14,600 per share. The IPO attracted more than 4,000 investors, placing bids for nearly 652 million shares, or 2.7 times higher than the number on offer. It earned $244 million from the IPO, with an average selling price of VND23,043 per share. The company will sell 49 per cent of charter capital to strategic investors and 6.5 million shares to employees at preferential prices.

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