Vietnamplus

Vietnamese firms have been increasing their overseas investments in recent years in an effort to expand their global reach.

The State Securities Commission was established on November 28, 1996 in line with Decree No. 75/1996/ND-CP of the Government. The Ho Chi Minh City Securities Trading Centre was formed in accordance with a decision dated July 11, 1998.

Domestic banks are expected to face increasing competition, especially as European banks will be able to access the Vietnamese market when the European Union-Vietnam Free Trade Agreement (EVFTA) takes effect.

Dragged by the impact of the COVID-19 pandemic, the national carrier Vietnam Airlines is seeking measures to ease pressure on its cash liquidity.

The Indonesian House of Representatives has approved the proposal for government assistance in the form of state capital participation (PMN), disbursement of government debt to State-Owned Enterprises (SOEs) and loan funds worth 151.15 trillion Rp (10.32 billion USD) for a number of SOEs.

The Ministry of Public Security’s Police Investigation Authority completed its investigation relating to the land plot at 2-4-6 Hai Ba Trung Street in HCM City on July 13 and transferred the case to the Supreme People’s Procuracy.

The water supply and drainage sector is drawing investment thanks to its high profit margins and good growth potential.

The Vietnam Railway Corporation (VNR) estimates a loss of nearly 1.4 trillion VND (60 million USD) after tax in 2020, a massive blow to the company due to impacts of the COVID-19 pandemic.

Prime Minister Nguyen Xuan Phuc has issued Decision 908/QD-TTg approving the list of State-owned enterprises (SOEs) to implement divestment of State capital in 2020, which comprises 120 enterprises.

The Vietnam National Petroleum Group (Petrolimex) plans to sell 15 million treasury stocks in transactions held between June 16 and July 15 to mobilise capital for investment in 2020, announced chairman Pham Van Thanh at Petrolimex’s recent annual general meeting of shareholders.

The Vietnam National Petroleum Group (Petrolimex or PLX) forecast a drop in both revenue and profit this year due to the decline in demand amid the COVID-19 pandemic.

The 14th National Assembly approved a resolution on the establishment of the National Election Council (NEC) in the morning of June 19, with 94.41 percent of deputies voting in favour.

The State Capital Investment Corporation (SCIC) has targeted disbursing investment of 13-16 trillion VND (561-690 million USD) annually to focus capital on key industries and sectors to promote economic growth.

The steep decline of the local stock market as the coronavirus ravaged economies lured many new punters to the market.

The State will not pump more money into 12 loss-making mega-projects under the management of the Ministry of Industry and Trade (MoIT), Deputy Prime Minister Truong Hoa Binh said at a recent meeting with high-ranking officials in Hanoi.

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) planned to increase its chartered capital from its accumulated profits or paying dividend by stocks. The plan is being completed by the competent State agencies to complete the legal procedures for implementation.

The outstanding loans of 12 inefficient projects under the Ministry of Industry and Trade totalled nearly 21 trillion VND (892.7 million USD) as of the end of 2019, most were overdue, according to the Government’s report to the National Assembly.

The value of the Power Generation Corporation 2 (EVNGENCO 2), a subsidiary of Vietnam Electricity, has been determined at 46.1 trillion VND (2 billion USD) as of January 1, 2019, of which the real value of State capital is more than 26.6 trillion VND.

The Ministry of Finance has raised a number of measures to accelerate the equitisation of State-owned enterprises (SOEs) since the process made no improvements recently.

The Hanoi-based High-Level People’s Court on April 27 upheld the life imprisonment for former Minister of Information and Communications Nguyen Bac Son, who committed wrongdoings in the MobiFone-AVG deal.