19:54 (GMT +7) - Friday 20/07/2018


October 4

Released at: 14:00, 04/10/2017 PRESS WATCH

October 4

VET's round-up of news from Vietnamese media for October 4.

Truong Thanh Furniture sells subsidiary

The Truong Thanh Furniture Corporation (TTF) completed the sale of its entire stake in the Truong Thanh Wood Industry JSC (TTI) on October 3. It sold 1.26 million shares, equivalent to 68.52 per cent of TTI’s charter capital. TTF’s contribution to TTI was worth VND18.35 billion ($797,826). TTI is no longer a subsidiary of TTF.

PM approves investment plan for domestic violence project

Prime Minister Nguyen Xuan Phuc has approved the investment plan for the “Supporting the Development and Implementation of Policies and Programs to Prevent and Respond to Gender-based and Domestic Violence and to Handle the Issue of Prostitution Using an Evidence and Human Rights-based Approach” project. The Ministry of Labor, Invalids and Social Affairs is the governing body of the project, which is funded by the United Nations Population Fund.

New agency to represent State capital in SOEs

The government plans to establish a special agency by 2018 to act as the ownership representative of State capital at State-owned enterprises (SOEs). The solution was highlighted in the government’s recent action plan to implement Resolution No. 12/NQ/TW, dated June 3, from the fifth plenary meeting of the 12th Communist Party Central Committee on restructuring, renovating, and improving the efficiency of SOEs.

Lotte Card purchase of TechcomFinance nearly completed

South Korea’s Lotte Group is in the final stages of taking over the Vietnam-based TechcomFinance, a subsidiary of private lender Techcombank. The purchase will be done through the Lotte Card Company, the credit card unit of the South Korean conglomerate, and is valued at $8.8 million. If the acquisition is successful, Lotte Card will become the first South Korean credit card company to hold a credit card license in Vietnam.

More needed for site clearance at Long Thanh airport

An additional VND6 trillion ($263.5 million) will be needed for site clearance at Long Thanh International Airport in southern Dong Nai province from now to 2020, Minister of Planning and Investment Nguyen Chi Dung told a conference on October 3. Resettlement and site clearance compensation will cost over VND23 trillion ($1 billion). The National Assembly has allowed the project investor to use VND5 trillion ($220 million) from G-bond sales in the 2017-2020 period.

AB InBev may expand breweries

Brewer Anheuser-Busch InBev (AB InBev) is considering a $7 million investment in expanding production at its two breweries in Vietnam, Vice President for Asia Pacific South, Mr. Ken Hitchcock, told a meeting with leaders of southern Binh Duong province on October 3. AB InBev plans to reduce water consumption and increase the use of green energy, as part of its goal to protect the environment towards sustainable development.

Son La adds to expressway planning

The Son La Provincial People’s Committee has issued Official Letter No. 1313/ TTg-CN dated September 1, 2017 from the Prime Minister on the addition of the Hoa Binh - Son La Expressway to the development of Vietnam’s expressway network to 2020 with vision to 2030. It also issued its Official Letter No. 3058 / UBND-KT dated September 25, 2017 on additional announcements on the planning for the development of the expressway network in Vietnam to 2020 with vision to 2030. Total investment capital for the expressway is about VND50.3 trillion ($2.18 billion), of which capital for Hoa Binh - Moc Chau section is about VND25 trillion ($1.08 billion) and for the Moc Chau - Son La section VND25.3 trillion ($1.1 billion).

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