12:47 (GMT +7) - Friday 22/02/2019


February 5

Released at: 11:47, 05/02/2018 PRESS WATCH

February 5

VET's round-up of news from Vietnamese media for February 5.

Saigontourist and subsidiary to equitize

The Saigontourist Holding Company, Vietnam’s leading tourism services provider, and its subsidiary the Saigontourist Travel Service Company are expected to go public later this year, according to the group’s top executive. The two companies will carry out their equitization plans at the same time later this year. The holding company is now preparing a corporate evaluation and establishing criteria for selecting strategic shareholders and training human resources in the preparation of a development strategy for process. Saigontourist and its subsidiary will retain a 65 per cent stake during the initial stages of equitization.

Lao science and technology training center opens

Prime Minister Nguyen Xuan Phuc and his Lao counterpart Mr. Thongloun Sisoulith attended a ceremony to open a scientific and technological human resources training center in the Lao capital of Vientiane. Construction of the center began in September 2015 by Vietnam’s Ministry of Science and Technology, following the 35th meeting of the Inter-governmental Committee for Economic, Cultural, Educational, Scientific and Technological Cooperation held in Vinh Phuc province in December 2012. The center is capable of training 600-800 scientific managerial official a year and will be workplace for 70 scientists and lecturers.

Organic agriculture project in Ben Tra receives funding

Non-refundable aid from the Japanese Government of more than $158,200 will be poured into the second phase of a project developing organic agriculture in the Mekong Delta province of Ben Tre. The second phase will be carried out in four communes in Binh Dai and Ba Tri districts by the Japanese-funded Seed to Table organization, which will provide farmers with knowledge and equipment for organic agricultural production and processing.

Construction of Masan meat plant in Ha Nam underway

The Masan Group held a breaking ground ceremony on February 4 for a meat processing complex at the Dong Van 4 Industrial Park in the northern province of Ha Nam. According to Mr. Nguyen Dang Quang, Chairman of the Board of Directors of the Masan Group, the complex will cost over VND1 trillion ($44 million) and sit on 10 ha. It will have an annual capacity of 140,000 tons, using Danish technology and operating under the standards of the US Food and Drug Administration.

Vinalines keen on mid-year IPO

Vietnam National Shipping Lines (Vinalines) is seeking to conduct its initial public offering (IPO) in the middle of this year, with charter capital expected at $630 million. Under the equitization plan submitted to the government, Vinalines will hold the IPO and operate as a joint stock company. The State is expected to retain 65 per cent.

Hoa Phat to build stainless steel factory with Italian help

The Hoa Phat Group’s Hoa Phat Dung Quat Steel JSC is working with Italy’s Danieli, one of the world’s largest suppliers of metallurgical equipment, on a stainless steel production project. The project will have a capacity of 600,000 tons per year, which could be increased to 1 million tons, and will be the first modern stainless steel manufacturing plant in Vietnam. The plant will be located at the Hoa Phat Dung Quat iron and steel production complex area at the Dung Quat Economic Zone in central Quang Ngai province, to make use of available infrastructure.

Electronic component factory being built in Yen Bai

Prime Minister Nguyen Xuan Phuc attended the breaking ground ceremony for the Edge Glass electronic component factory in northern Yen Bai province on February 3. The project has total investment of nearly VND5 trillion ($220.2 million) from South Korea’s Edge Glass and will go into trial operation at the end of October. Capacity is about 54 million products per year. In addition to manufacturing smartphone glass (mainly for Samsung phones), the company is also looking to produce automotive glass in the future.

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