04:13 (GMT +7) - Tuesday 23/10/2018


November 24

Released at: 14:52, 24/11/2017 PRESS WATCH

November 24

VET's round-up of news from Vietnamese media for November 24.

Book building allowed in SOE IPOs

State-owned enterprises (SOEs) can apply the book building method at their initial public offering (IPO) from the beginning of 2018, according to a recently issued decree. Under Decree No. 126/2017/ND-CP on SOE equitization, Prime Minister Nguyen Xuan Phuc asked the Ministry of Finance to issue detailed instructions for implementing the method. Book building, a systematic process of defining the selling price at an IPO based upon demand from institutional investors when indicating the expected number of shares they want to buy and the price they are willing to pay, is popular worldwide but new to Vietnam. There will now be four methods for conducting an IPO: auction, underwriting, private placement, and book building.

NA approves Law on Fisheries

The Law on Fisheries, approved by the National Assembly on November 21 and to take effect on January 1, 2019, sets out a host of regulations on quality management in an apparent move to ensure the safety of fishery products for domestic and foreign markets. Prohibited acts in fishery activities include injecting impurities into seafood, illegal fishing, the illegal transport, storage, and processing of seafood, and using banned antibiotics, medicines and plant protection products. Seafood processing and trading facilities must observe regulations on food safety and environmental protection. Seafood is required to have clear origin, to ensure food safety and hygiene. Banned or expired substances of unclear origin shall not be used for preservation and processing purposes. Overuse of chemicals that are allowed for or restricted from use in aquaculture is also banned.

Grab to introduce new services

Ride-hailing service provider Grab plans to introduce new services such as GrabFood, JustGrab, and GrabShuttle in Vietnam, Grab co-founder Tan Hooi Ling told a press conference in Ho Chi Minh City. He spoke about the company’s business development plans for different markets, including Vietnam. In addition to the new services GrabFood (food delivery), JustGrab (the nearest fixed fare in GrabCar or GrabTaxi vehicles), and GrabShuttle (shuttle buses), Grab plans to invest in research and development and data analysis activities to enhance the confidence of customers. Grab piloted GrabShuttle service in Ho Chi Minh City in October last year.

New cement grinding station for Ha Giang

The Manh Binh Minh Construction Material Company held a breaking ground ceremony on November 23 for a cement grinding station with an annual capacity of 700,000 tons in the northern mountainous province of Ha Giang. Costing nearly VND100 billion ($4.4 million), the facility is located at the Binh Vang Industrial Park in Vi Xuyen district and is expected to begin operations in the third quarter of 2018.

Platinum Victory to increase holding in REE

Platinum Victory Pte. Ltd - a member of Jardine Cycle & Carriage (a subsidiary of Jardine Matheson) - has registered to buy 6.6 million shares of the Refrigeration Electrical Engineering Corporation (REE), which is expected to increase its holding from 22.87 per cent to 24.99 per cent, or over 77.5 million shares. The transaction is being executed by the order matching or put-through method from November 28 to December 27. Earlier, Platinum Victory announced it had increased its holdings in the Vietnam Dairy Products JSC (Vinamilk, HOSE: VNM) to 8.27 per cent and become a major shareholder.

Hau Giang signs MoU with South Korean agricultural association

The Mekong Delta province of Hau Giang signed a memorandum of understanding (MoU) on November 23 on agricultural cooperation with the Jeonnam-Gwangju Agricultural Technique Association from South Korea. Addressing the signing ceremony, Deputy Chairman of the Hau Giang Provincial People’s Committee Nguyen Van Tuan briefed representatives from the association on the natural conditions and socioeconomic development situation in the province. He expressed a hope that the association would share its experience with Hau Giang and support the province in entering South Korea.

CGV denies claims of unfair practices

South Korea’s CJ CGV, the largest cinema operator in Vietnam, has refuted accusations it engaged in unfair competitive practices against Vietnamese companies in violating antitrust laws and conducting monopolistic operations in Vietnam. “These allegations have already been investigated by the local antitrust watchdog and have been found to be groundless,” a spokesman for CGV in Seoul said. The statement was made after the CJ CGV Co., which currently commands a 45 per cent share of the cinema market in Vietnam, was recently accused by the Vietnam Association of Film Publishing and Distribution of unfair practices.

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