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November 23

Released at: 14:09, 23/11/2017 PRESS WATCH

November 23

VET's round-up of news from Vietnamese media for November 23.

Sakura Color Products opens southern factory

Sakura Color Products Vietnam, a subsidiary of Japan’s Sakura Group, opened a factory producing crayons and pens in the southern province of Binh Duong on November 22. The factory has total investment of $7.14 million and sits on 1.5 ha at the Vietnam - Singapore Industrial Park II. The company is expected to earn $862,600 in 2018 and $6.25 million in 2021. The first batch of crayons and pens is expected to be shipped to Japan and regional countries in February.

Tay Bac urban area promoted in Malaysia

An investment promotion event was held in Kuala Lumpur on November 22 to call for investment in the Tay Bac urban area in Ho Chi Minh City. Mr. Dinh Khac Huy, head of the project’s Management Board, introduced the major features of the area to Malaysian firms and its plan to become a modern satellite urban area with full living, working, and entertainment facilities. By 2020, Ho Chi Minh City will need billions of dollars to improve its infrastructure, but the local budget can only provide about 20 per cent.

Song Da IPO set for December 25

The Song Da Corporation will conduct a public auction of 219.7 million shares at its initial public offering (IPO) on December 25, according to the approval given by the Hanoi Stock Exchange. It will offer the shares at a starting price of VND11,000 ($0.48), bringing in VND2.4 trillion ($105.68 million) and increasing its charter capital to VND4.5 trillion ($198.2 million). Song Da plans to offer another 135 million shares, or 30 per cent of charter capital, to strategic investors and 822,000 shares, or 0.18 per cent, to employees.

Internet users reach 50 million

The number of internet users in Vietnam has reached 50 million, equal to 54 per cent of the population, two decades after the country officially joined the global interconnected network. According to official figures, the internet use of 54 per cent is higher than the global average of 46.46 per cent and Vietnam has among the highest number of internet users in Asia.

Fruit and vegetable exports over $3 billion

Fruit and vegetable exports this year had reached $3.01 billion as at November 15, according to the latest figures from the General Department of Vietnam Customs. In the first half of November, fruit and vegetable exports rose 8.3 per cent, to $11 million, compared to the second half of October. China is the largest import market, accounting for 70.8 per cent.

HDBank to hold IPO for foreign investors

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is holding an initial public offering (IPO) for foreign investors this month, with up to 20 per cent on sale, which could raise some $300 million. The bank will offer each foreign investor less than 5 per cent at the IPO and plans to list on the Ho Chi Minh Stock Exchange in early 2018, said Mr. Le Thanh Trung, HDBank’s Deputy General Director.

North-South railway line to go before NA in November 2019

The National Assembly (NA) will decide on the fate of the north-south high-speed railway (HSR) in 2019, after the transport ministry completes a project report, Prime Minister Nguyen Xuan Phuc said this week. In response to a question posed by Binh Dinh province’s NA delegate Le Cong Nhung on when the ministry will submit its planning on the HSR to the NA for consideration, the Prime Minister said that it would take two years to complete the task.

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