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  1. #11
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    HSBC to participate in Techcombank administration
    08:04' 03/10/2006 (GMT+7)
    Soạn: HA 912179 gửi đến 996 để nhận ảnh này
    Last December, HSBC spent $17.3 million to buy 10% of Techcombank’s stocks.

    VietNamNet Bridge – On the new management board of Techcombank there will be a member of the Hong Kong and Shanghai Banking Corporation (HSBC).



    Banking share trading strange no more

    Banks pump foreign firms for backing



    According to information from the Technological and Commercial Bank of Vietnam (Techcombank), which was released after the meeting between HSBC and Techcombank officials on September 23, the representative will be Brian George Fredrick, General Director of HSBC’s overseas branches in Asia – Pacific.



    Some sources also revealed that the two sides are negotiating about raising the percentage of Techcombank shares owned by HSBC from 10% to 20% immediately after the State Bank of Vietnam gives its permission.



    Techcombank General Director Nguyen Duc Vinh said that the above issues are under negotiation and the bank can’t provide any specific information about the new management board.



    Last December, HSBC spent $17.3 million to buy 10% of Techcombank’s stocks. Talking to Bloomberg recently, HSBC Vietnam General Director Alain Cany said that HSBC would double its shares of Techcombank immediately following SBV approval.



    Techcombank plans to increase its chartered capital to VND1,687.5 billion ($105.5 million) this year.

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  3. #12
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    Foreign investment funds sniff around

    Vietnam has suddenly become a poster boy of sorts among international financial circles. Merill Lynch organised a field trip for 14 of its investors last week while Citigroup included Vietnam as the first destination for 20 fund managers in a recent fact-finding tour to emerging markets in Asia.

    Tran Dac Sinh, director of the HCM City Securities Trading Centre [the stock market], said some 20 groups of international investors came to visit his centre every month.

    Not only are they visiting, but some of these investors and their fund managers have also set up operations in Vietnam, the latest being the Korea Investment Trust Management Co with a US$100mil war chest.

    By now 19 investment funds are registered for business with at least $2bil in their Vietnam kitty.

    This sudden rush of capital poses two serious questions that Vietnam has to answer right away: The first is how not to miss this opportunity and the second how to treat this new trend.

    Vietnam had a similar opportunity in the mid-1990s but at that time, investors were attracted by the hype about a virgin market. But it was quickly shattered and this, somehow, saved Vietnam from the worst of the Asian 11 financial crisis.

    Although investors have good words for Vietnam's potential now, they are clearly worried about the size of the market and the investment channels available.

    The total market capitalisation of the local stock market is just $3.4bil. Any so major purchase or sales by a single institutional investor will have a massive impact on the market.

    Vietnam can, therefore, use this opportunity to speed up restructuring of its state-owned sector through the so-called equitisation process.

    This will create more room for foreign (investors to manoeuvre and, at the same time, create a strong motivation for companies to go public.

    Also, because of its small size, Vietnam should hold steadfast to its strategy of gradually opening its financial market to foreign investors.

    Big players can come in droves but they can also flee en masse. They could heap praises but could also take sudden leave if things are not to their liking.

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  5. #13
    Junior Member Pig-Pen's Avatar
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    Default US Senator Backs Vietnam's WTO Bid

    US senator backs Vietnam’s WTO bid

    Sen. Chuck Hagel (L) meets with Vietnam National Assembly Chairman Nguyen Phu Trong in Hanoi Friday
    US Sen. Chuck Hagel who is visiting Vietnam said Friday he fully supports Hanoi’s bid to enter the World Trade Organization.
    "I am a strong supporter, as I believe most of the Congress is, in Vietnam's accession to the WTO," AP news agency quoted him as saying in Hanoi.

    Hagel, a Republican from Nebraska who is an influential member of the Senate Foreign Relations Committee and a possible presidential candidate in 2008, is visiting Vietnam, Mongolia and Japan.

    The two countries signed a trade agreement in May, clearing the way for the US to support Vietnam's membership.

    However, the US Congress must grant Vietnam permanent normal trade relations (PNTR) before the pact can take effect. That vote was not conducted before the session ended prior to elections.

    Hagel said he was hopeful the vote would come before Vietnam hosts the 21-member Asia Pacific Economic Cooperation summit in November. US President George W. Bush is expected to attend that event.

    "I'm sorry we did not get that vote taken," Hagel said.

    He also appreciated Vietnam's progress in religious freedom.

    "The progress that has been made in Vietnam is considerable and it should be recognized, but we still have some issues to resolve," he said.

    The US Department of State was working closely with the Vietnamese side to settle down the issue of dropping Vietnam from a list of “countries of particular concern” for religious freedom.

    Hagel said he believed in a positive solution for the issue.

    American War “horrors”

    Sen. Hagel said he was reminded of the "horrors" of war while visiting Vietnam, and that it was too late to go back and undo "unwise decisions" regarding the war in Iraq.

    Hagel served in the US Army during the Vietnam War, and returned to the country in 1999 to help open the US Consulate in Ho Chi Minh City.

    "The horrors of this war remind me of the folly of war," he said.

    Hagel has strongly criticized the handling of the war in Iraq and has compared it to the Vietnam War.

    "Iraq is a far more complicated situation in-country than Vietnam," he said. "But we are where we are. We are not going to go back and unwind some very unwise decisions that were made. We have to deal with the realities that we now face."

    Source: AP
    eVietnam.org - Developments on investment, stock, outsourcing, import and export, oil and gas, finance, telecom, wireless, fund, trade, foreign exchange, capital market, meeting, resorts and spas, industry

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  7. #14
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    Default Vinashin signs gigantic contracts with UK partners

    The Viet Nam Shipbuilding Industry Group (Vinashin) snatched two large contracts worth US$800 million with their partners in the United Kingdom.

    The signing was made during a business forum on trade, investment and tourism which took place on Oct. 6 in London as part of "the Viet Nam Days in the UK."

    Vinashin signed with Graig Investment Limited a US$110 million contract on building 25 ships and the other on building a floating oil tank for the Viet Nam Oil and Gas Corporation (PetroVietnam), worth US$680 million, with Monobuyo Company, Petromaritime Consulting and London Maritime Consultants.

    Addressing the forum, Minister of Planning and Investment Vo Hong Phuc confirmed that the legal and policy framework on investment and business of Viet Nam have been improved with a view to creating a common legal system for both foreign and domestic investors, removing investment barriers, diversifying forms of investment and enterprises, and assuring transparent regulations of investment protection.

    The minister spoke highly of the fine development of the Viet Nam-UK relations in various areas, particularly economics, where two-way trade reached almost US$1.5 billion last year.

    A number of UK entrepreneurs said Viet Nam's policies have become more favourable and open, making good investment environment to foreign investors.

    Many Vietnamese entrepreneurs at the forum also highly appreciated the fine relationship between the two countries in general and between their businesses in particular. They said, however, that investment cooperation between the two sides remained modest as many UK enterprises have yet known much about Viet Nam.

    The forum, held by the Viet Nam Chamber of Commerce and Industry (VCCI) in collaboration with the Vietnamese Embassy, was attended by more than 250 delegates, including over 100 Vietnamese businessmen and dozens of major British companies such as Standard Chartered Bank, the Hong Kong and Shanghai Banking Corporation (HSBC) and the BP.
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  9. #15
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    Default Dong Nai industrial zone licenses 58 foreign projects

    The Dong Nai Industrial Zone Management Board has granted licences to 58 foreign-invested projects and approved increases in registered capital to 62 others in the first nine months of the year.

    The board reported that with some US$532 million pouring into the provincial industrial zones over the period under review, the province has managed to meet over 88 percent of the year's target for foreign investment. The figure represented a decline of 18 percent over the same period last year
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  11. #16
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    Default ADB plans to provide Viet Nam US$3 billion in 2007-2009

    The Asian Development Bank (ADB) has endorsed its new assistance strategy to Viet Nam for the 2007-2010 periods, including a plan to provide US$3 billion in 2007-2009.

    The new assistance strategy of ADB closely follows the Vietnamese Government's Socio-Economic Development Plan for 2006-2010 period, said Ayumi Konishi, country Director for ADB' Resident Mission in Viet Nam .

    "Viet Nam has been successful in reducing poverty through strong growth and we are happy to support the Government's own strategy," said Mr. Konishi.

    ADB's new strategy focuses on business-led, pro-poor growth that is supported by social equity, balanced development, and environmental sustainability. The plan also stresses the need to support the improvement of governance and control corruption. In addition, the strategy points out the need to make contributions to regional cooperation, whenever possible.

    Projects amounting to US$3 billion are expected during 2007-2009, supplemented by assistance to regional projects and private sector operations. Assistance under the ADB's concessional loan facility, the Asian Development Fund, is expected to increase from the current level of US$220 million a year to about US$300 million.

    At the press conference to announce the ADB's new assistance strategy to Viet Nam in Ha Noi on Oct. 6, Mr. Konishi also announced that the ADB has approved a US$15 million loan to support a multi-donor programme to reduce poverty in Viet Nam.

    From 1993 to the end of 2005, ADB operations in Viet Nam have included 55 public sector loans totaling US$3.5 billion, 178 technical assistance grants totaling US$120 million, and seven private sector projects amounting to US$337 million.
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  13. #17
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    Thumbs up Foreign investment drawing a bright picture

    According to statistics released by the Ministry of Planning and Investment (MPI), in September 2006, Vietnam licensed 154 new projects capitalized at US$886 million. In the first nine months of the year, 580 new projects were licensed, with total investment capital of US$3.8 billion, representing an increase of 1.8 percent in the number of projects and 47.7 percent in investment as compared to the same period last year. Investment capital amounted to US$6.6 million per project.

    Newly licensed projects were mainly in sector of industry and construction, making up 69.3% of projects and 67.41% of registered capital. Among others, services sector attracted 24.66% of projects and 30.97% of investment. The agricultural-forestry-fishery sector attracted 6.04% of projects and 1.62% of capital.

    During the first nine months of this year, Ho Chi Minh City attracted 28.6% of projects and 27.69% of investment capital, thus leads the country in attracting foreign investment. The Tycoons steel project, which has registered US$556 million in investment for the first phase, accounting for 14.4% of total registered capital, has brought Quang Ngai province to second place in terms of foreign investment. The capital city of Hanoi ranks third with contribution of 14.4% of projects and 13.3% of investment.

    The US retains first ranking in investment

    In the first 9 months of this year, 37 countries and economies invested in Vietnam. Hong Kong retains first ranking and accounts for 16.52% of new investment. It is followed by the Republic of Korea (15.56%); Cayman Islands of the U.K (14.96%), Japan (12.54%) and the US (12.14%). However, if investments via the third nations are included, investment by the US will rank first.

    In September alone, Vietnam licensed 112 expanded projects, capitalized at US$206 million. In the first 9 months of the year, With 1.3 billion USD added to existing projects, the total of FDI into Vietnam was brought to over 5.15 billion USD over the past nine months, an annual increase of 25.9 percent.

    Total foreign investment poured into the country in the first nine months of this year reached US$5,151.1 million, up 25.9% over the same period last year and accounting for 79.2% of the year target.

    Blossoming business activities

    Foreign invested enterprises contributed US$79 million to the national budget in September alone; and US$916 million in the first nine months. This sector generated about 1.1 million jobs in the previewed period.

    In the previewed period, export turnover of the foreign invested sector increased to US$10.9 billion, an increase of 38.4% over the same period last year. Realized capital increased by 8.8% over one year ago.

    The state and provincial governments created favorable conditions for the registration of foreign-invested enterprises. On the other hand, prices fluctuations and increased basic salary resulted in higher production cost.

    In order to speed the way to US$4 billion target, in the meantime, the MPI continues to apply the registration procedures specified in the Directive No.5495/BKH-ĐTNN dated July 26, 2006 by the MPI. Also, the MPI will soon issue circulars guiding the implementation of regulations that are not clearly specified in decrees.

    Besides, it’s necessary to complete draft for the Directive on measures applied to create a new wave of investment. Among others, the management scheme for foreign investment is expected to be strengthened to enforce decentralization. The implementation of new regulations on foreign investment should not generate troubles for enterprises. Post-registration supervision and inspection must be carried out effectively to avoid infringement.

    To promote investment and international cooperation, provincial governments plan to accelerate campaigns calling for more investment from major investors like Japan, Taiwan, and the US. The central government is now urged to issue the List of national projects calling for foreign investment for the period from 2006 to 2010. Also, provincial governments are requested to develop lists of projects calling for foreign investment, as well as check the current lists.

    Source: Thời báo Kinh tế Việt Nam
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  15. #18
    Junior Member Pig-Pen's Avatar
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    Default Western Hotel Chains Build In Vietnam

    --------------------------------------------------------------------------------
    Western hotel chains build in Vietnam



    Posted 9/6/2006 11:16 PM ET



    By Roger Yu, USA TODAY
    Six years after the USA lifted its trade embargo of Communist Vietnam, western hotel chains are fueling a boom in high-end hotels.
    Hyatt last year opened its first hotel in the country in Ho Chi Minh City, formerly Saigon. InterContinental will open its first hotel in 2007 in Hanoi.

    Accor, with nine hotels, plans four more by 2008. Starwood entered the country in 2003 and operates two Sheratons. Marriott operates two hotels, and Hilton, one.

    From 2000 to 2005, the number of rooms in Vietnam grew by 72% to 95,700, according to the Vietnamese government. Western companies, for the most part, are building business hotels in big cities: Ho Chi Minh City and Hanoi. Beach-front resorts are slower to develop.

    Strengthening business ties with the West and Asia are boosting demand for good hotels. In the first eight months this year, the number of visitors grew 10% from a year earlier to about 2.5 million.

    Nearly 80% of the available rooms in four hotels in Hanoi and Ho Chi Minh City owned by France-based Accor have been filled this year, largely by business travelers from Asia.

    "In the last two years, the growth in occupancy there was higher than any other Asian country," says Accor''s Peter Hook. "Vietnam is hot."

    The shortage of rooms in Hanoi will be felt in November when the city hosts the Asia-Pacific Economic Cooperation (APEC) conference that will draw thousands of diplomats, journalists and business people, Hook says.

    Accor is best known in the USA for its Sofitel, Motel 6 and Red Roof Inn brands. Accor owns colonial-style Sofitel Metropole in Hanoi, perhaps the country''s most famous hotel; it''s where Graham Greene wrote his war novel, The Quiet American.

    Starwood, Hyatt and InterContinental say they are in talks to develop more hotels. Among the areas of interest: coastal resort destinations, such as Da Nang and Nha Trang; and tourism hot spots, Hue and Hoi An.

    Vietnam also is becoming a hip, exotic destination in Asia. More airlines from Europe and the USA operate convenient flights to the country.

    Europeans and Asians are still the majority of visitors. But Americans — war veterans, Vietnamese-Americans and beach-seekers — are arriving in growing numbers.

    Beyond its Sheratons in Hanoi and Ho Chi Minh City, Starwood is in talks with investors for other projects, and considers Vietnam one of the top markets for development in Asia, says KC Kavanagh, a spokeswoman.

    With the first InterContinental scheduled to open in Hanoi in the fall of 2007, the company is in talks to gain more hotel management contracts in the country, says executive Paul Logan.

    The company is considering introducing its Crowne Plaza and Holiday Inn brands.




    Source online at:
    http://www.usatoday.com/money/biztravel/2006-09-06-vietnam-hotels_x.htm?csp=34>

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  17. #19
    Junior Member Pig-Pen's Avatar
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    Default Convenience Stores Booming

    Vietnam: Convenience stores booming in Ho Chi Minh City

    Convenience stores have been on the rise in HCM, germinating into a modern retail channel

    Pham Trang Trading Services Company has opened three Small Mart 24h/7 convenience stores in HCM City. Another seven convenience stores will be launched by the end of this year in the city. Small Mart sells a variety of foodstuffs and consumer goods, targeting the consumers who have monthly income of VND2mil or higher.


    Several days ago, the G7 Company opened a series of G7 Marts, a kind of convenience store not far from a Small Mart 24h/7 on Pham Ngu Lao street.


    Ms Trang, the owner of the Small Mart 24h/7 chain said that she found the market very promising. That explains why she has given up her job as an apparel trader to invest in the stores. “It is the right time to think of opening such stores, when the similar shops at gas stations have proved unsuccessful, G7 Mart has just appeared on the market, while the Seven-Eleven chain is yet to enter into Vietnam,” Ms Trang said.


    Next year a boom of convenience stores is expected. The Co-op chain is planning to open 100 stores, while Pham Trang is considering opening another 30 stores, and G7 is pledging 5,000 G7 Marts.


    Experts believe that convenience stores will become the main distribution channel in Vietnam. Unlike supermarkets, which aim at high income earners, convenience stores, as with mini-marts, will target middle-class people, providing goods at reasonable prices. Meanwhile, convenience stores will prove superior to the traditional markets because they will provide better service and quality.


    Ms Trang said that the costs involved in opening a store are around VND800mil-1bil. However, the investment proves not to be the greatest concern for retailers. They now complain that the biggest difficulty they face lies with the complicated procedures needed to establish each store.

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  19. #20
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    British financial institutions praise Vietnam
    11:50' 09/10/2006 (GMT+7)

    VietNamNet Bridge – Reports on Vietnam’s development strategy on economics, finance and banking by some British financial organizations point out that Vietnam will maintain a growth rate of around 8% annually.

    Those reports, delivered recently by the Hong Kong and Shanghai Banking Corporation (HSBC) and Credit Suisse at a seminar on financial services and investment in Vietnam held on October 5 in the UK also predict that Vietnam will be a destination for foreign investors in coming years.

    According to HSBC’s report, Vietnam can achieve an average growth rate of 7.5-8% per annum in the next five years thanks to some advantages like a young population and good labour quality.

    The report also says that Vietnam’s economic growth in the past decade hit 7.2% and the country is following the steps of previous “Asian tigers”.


    Strategic research of Credit Suisse also judges that Vietnam can be considered as a destination for investment because it has many advantages such as its young population, the high rate of rural population, cheap labour cost and making progress in reform.

    According to Credit Suissee, those factors will help the Vietnamese capital market develop quickly.

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