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November 13

Released at: 10:30, 13/11/2017 PRESS WATCH

November 13

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

Agreement reached on new liquified natural gas plant

OPIC Group’s President and CEO Ray W. Washburne has presented a Letter of Intent to the Virginia-based AES Corporation supporting the construction of a liquefied natural gas plant and a 2,250 MW power plant in Vietnam to supply about 5 per cent of Vietnam’s electricity demand.

LG Innotek to lease more land at Trang Due IP

LG Innotek (LGIT) under South Korea’s LG Group has proposed it lease more land at the Trang Due Industrial Park at the Dinh Vu - Cat Hai Economic Zone to implement the second phase of a high-tech zone project to expand production and meet demand. The additional land area is 7.2 ha and with registered capital expected to increase from the current $550 million to $1 billion.

Vietnam to divest from MB and Eximbank

Vietcombank will withdraw its capital from MB and Eximbank at the beginning of next year, at an expected profit of VND1 trillion ($43.8 million). It will also withdraw capital from three credit institutions: OCB, Saigonbank, and Cement Finance from now until the end of the year. Vietcombank still has a holding at two credit institutions.

Hoang Huy Financial to import tractors

The Hoang Huy Financial JSC has signed a contract with the US’s Navistar worth $1.8 billion to import 100,000 tractors. In addition to the delivery of 100,000 new and used tractors, Navistar commits to transferring technology to Hoang Huy for the construction of auto repair centers.

President and Japanese PM witness agreement signings

President Tran Dai Quang and Japanese Prime Minister Shinzo Abe witnessed the signing of cooperation agreements between ministries and sectors and for investment projects by Japanese enterprises in Vietnam worth a total of some $5 billion.

BSR: IPO to proceed

A representative from the Binh Son Refinery and Petrochemical Co. (BSR) said it will conduct its initial public offering (IPO) according to schedule but has yet to find candidates for a strategic partnership. According to the plan, BSR was to conduct its IPO on November 7, which has now been moved to next January.

Da Nang Hi-Tech Park has new tenant

The management board at the Da Nang Hi-Tech Park has recently issued an investment license to the Hi-Tech Construction and Investment JSC to build a workshop worth VND339 billion ($14.9 million).

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