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February 28

Released at: 11:33, 28/02/2018 PRESS WATCH

February 28

VET's round-up of news from Vietnamese media for February 28.

Kido wraps up negotiations on buying food processor

Vietnam’s leading food company, the Kido Corporation (Kido), has completed negotiations over the purchase of a food manufacturing and processing company that earns annual revenue of VND1.6-2 trillion ($70.4-87.9 million). General Director Tran Le Nguyen made the announcement, adding that the corporation expects to achieve a breakthrough in its business results this year, targeting to earn VND12 trillion ($527.68 million) in revenue and record VND800 billion ($35.2 million) in pre-tax profit, increases of 68 and 40 per cent, respectively.

N.A Motor to become strategic investor in Hapro

The Vietnam N.A Motor Co. (N.A Motor), which outlaid VND1.25 trillion ($55.8 million) in acquiring 97.7 per cent of the Vietnam Motors Industry Corporation JSC (Vinamotor), will become a strategic investor of the State-owned Hanoi Trade Corporation (Hapro). According to the latter’s approved equitization plan, interested investors are permitted to buy a maximum of 65 per cent at a selling price no lower than the lowest winning bid at Hapro’s initial public offering (IPO). With an initial price of VND12,800 ($0.56) at the IPO, N.A Motor could spend at least VND1.83 trillion ($80.4 million) on purchasing the stake on offer.

Da Nang Hi-Tech Park seeking major investors

The Danang Hi-Tech Park is looking to attract at least four projects worth around $100 million this year to fuel growth in the 2018-2025 period. The projects must meet certain standards regarding advanced technology, high added value, and research and development in order to turn the park into a scientific and high-tech urban zone. The park’s management is interested in projects in fields such as information technology, software, electronics, automation, precision engineering, biotechnology, nanotechnology, and new materials.

Total investment in Hoa Lac Hi-Tech Park nears $3 billion

The Hoa Lac Hi-Tech Park has attracted 81 projects worth some VND66.2 trillion ($2.9 billion) in its 21 years of operation, Minister of Science and Technology Chu Ngoc Anh said. The projects cover a total of 358 ha, while the park’s remaining 241 ha is yet to be cleared. Its management board issued investment certificates to three projects last year with total capital of more than VND5 trillion ($219.6 million), in particular a project of South Korea’s Hanwha Techwin Co. to build a Hanwha Aero Engines plant valued at around VND4.5 trillion ($197.6 million). Construction began in September last year and the plant is expected to be put into operation in April.

Hanoi introduces non-cash payment plan

The Hanoi People’s Committee has issued a plan to promote the development of non-cash payment services in the capital during the 2018-2020 period. All modern supermarkets, restaurants, shopping centers, and distribution facilities around the city are to apply card and non-cash payment systems and 85 per cent of electricity, water, telecommunications, and communications service providers are to accept non-cash payments by individuals and households. Sixty per cent of all individuals and families, meanwhile, are targeted to use non-cash payment methods in their consumption activities. The plan also aims to increase the proportion of people aged 15 and above with bank accounts to at least 70 per cent by the end of 2020.

Vietnam on show at Chingay Parade

An artist delegation from Vietnam has joined the 2018 Chingay Parade celebrating the Lunar New Year in Singapore. In addition to advertising the “ao dai” (the traditional Vietnamese costume), the artists also presented cultural and art works imbued with the Vietnamese identity to millions of people at Chingay through graceful traditional dance. Some 6,500 performers took part in this year’s Chingay Parade, the 46th of its kind. The parade featured cultural performances from Singapore and other countries, including vibrant floats, dancing dragons, prancing lions, stilt walkers, circus and magic acts, and displays of traditional costumes. This was the third time Vietnam has attended the event.

Vietnamese importers end African cashew nuts purchases

Vietnamese importers have ceased buying raw cashew nuts from Africa due to rising prices, the Vietnam Cashew Association (VINACAS) told a conference in Ho Chi Minh City on February 27. Raw cashew nut prices in Africa climbed 30-40 per cent last year to a record $1,956 per ton, while cashew nut prices grew only 10-15 per cent in the global market. The increases continued in February, so Vietnamese importers stopped buying cashew nuts from the continent, as did Indian importers.

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