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March 13

Released at: 14:02, 13/03/2018 PRESS WATCH

March 13

VET's round-up of news from Vietnamese media for March 13.

AMATA seeks permission for smart city project in Ha Long city

Thailand’s AMATA Corporation is seeking the Vietnamese Government’s permission to develop a smart city project in the northern city of Ha Long. AMATA Vietnam CEO Somhatai Panichewa said the first phase of the project would cover 714 ha and the entire project 28,000 sq km, earning $5 billion in annual revenue and creating jobs for 300,000 Vietnamese workers. The project will focus on high-tech industrial zone development, automation, information technology, and, especially, electronics. AMATA will also call for investment in research and development centers, logistics, exhibition centers, and laboratories.

Thailand’s Saraburi increases Binh Minh Plastics stake to nearly 50%

Thailand’s Nawaplastic Industries (Saraburi) Co. has spent over VND2.33 trillion ($101 million) acquiring nearly 24.2 million shares in the Binh Minh Plastics JSC (BMP), thus upping its stake at the Vietnamese company to almost 50 per cent. The shares were sold by the State Capital Investment Corporation (SCIC) at an auction on March 9 on the Ho Chi Minh Stock Exchange (HoSE). The Thai firm and a local individual participated in the auction.

Warburg Pincus to invest $370mn in Techcombank

The US-headquartered private equity firm Warburg Pincus has agreed to invest more than $370 million in Techcombank, marking the largest private equity investment to date in Vietnam. Warburg Pincus is investing in Techcombank through two separate legal entities managed by the private equity firm and the investment is subject to regulatory approvals. “The Vietnamese banking sector is highly under-penetrated with strong potential for outsized growth,” Mr. Saurabh Agarwal, Managing Director of Warburg Pincus, said in a statement. The investment will help Techcombank raise its capital base in line with shareholders’ approval earlier this month and proceed with its growth plans.

South Korea’s KEB Hana Bank set to buy stake in BIDV

KEB Hana Bank, a subsidiary of South Korea’s Hana Financial Group, is proceeding with a plan to purchase a stake in the Bank for Investment and Development of Vietnam (BIDV), one of Vietnam’s largest State-run commercial banks. KEB Hana Bank is going forward with the acquisition of a stake in BIDV, which has been seeking to raise capital through the issuance of new shares, and is reportedly close to cutting a deal. The deal is pending approval from the State Bank of Vietnam.

PwC survey: Data protection at low level

In today’s data-driven society, privacy, security, and trust are more vital and intertwined than ever before but many organizations are not doing all they can to protect data privacy, according to new findings released on March 13 in PwC’s 2018 Global State of Information Security Survey (GSISS). Less than half of respondents (49 per cent) say their organization limits the collection and retention of and access to personal information to the minimum necessary to accomplish the legitimate purpose for which it is collected. Only 51 per cent of respondents have an accurate inventory of where personal data for employees and customers is collected, transmitted, and stored. And only 53 per cent require employees to complete training on privacy policy and practices.

Vietnam Italy Steel to remove foreign ownership limit

The Vietnam Italy Steel JSC (VIS), in which Japan’s Kyoei Steel holds 25 per cent, plans to remove its foreign ownership limit (FOL) to prepare for its long-term development plan. The board of directors’ proposal to this effect was approved by the recent annual shareholders’ meeting. According to the board of directors, Vietnam’s construction sector will grow 9.7 per cent this year and record average growth of 8.2 per cent in the 2017-2021 period. VIS targets reaching a production capacity of 500,000 tons of steel this year, up 9 per cent against 2017, and VND7.09 trillion ($311.55 million) in revenue and VND90.4 billion ($3.97 million) in pre-tax profit, increases of 16 per cent and 64 per cent.

Vinachem announces equitization and divestment plans

The Vietnam National Chemical Group (Vinachem) has announced its equitization and divestment plans for its member companies in 2018. Vinachem will seek approval from the Prime Minister and the Ministry of Industry and Trade over the corporation’s equitization of three member companies in the first and second quarters of this year. The three companies are the Vietnam Apatite One Member Limited Company, the Vietnam Institute of Industrial Chemistry, and the parent company of Vinachem.

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