Business briefs February 19
* Hanoi Securities Trading Centre (HaSTC) on February 18 approved Ha Lam Coal Joint Stock Co under the Vietnam National Coal and Mineral Industries Group (Vinacomin) to list 9.3 million ordinary shares at 10,000 dong par on the northern bourse with the share code of HLC.
* Hanoi Securities Trading Centre (HASTC) announced that Dabaco Vietnam Joint Stock Co’s (coded DBC) chartered capital has increased from 94.5 billion dong to 177 billion dong through selling shares to the existing shareholders in the ratio 1:1.
* Phan Quoc Huynh, head of the Bank for Industry and Trade of Vietnam’s (Vietinbank) Securities Ltd Co (VietinbankSC) recently said that his firm targets to earn 115 billion dong in total revenue from securities sector and 60 billion dong in after tax profit in 2009. Reportedly, on February 16, the State Securities Commission (SSC) approved VietinbankSC’s operation model change from a limited company into a joint stock company.
* Ho Chi Minh Stock Exchange (STC)-listed Nam Bay Bay Joint Stock Co (coded NBB) recently announced its business results in 2008, which were audited by AASC. The company reported 55.21 billion dong in after tax profit, nearly two-fold increase against 2007. However, the company’s revenue in 2008 accounted for only 88.2% of that year’s plan.
* Song Da Thang Long Joint Stock Co’s (coded STL) revenue and profit in the last quarter of 2008 accounted for 50% of that whole year’s figures. Particularly, during the fourth quarter of 2008, STL gained nearly 228 billion dong in revenue and 13.6 billion dong in profit, bringing the total figures for the whole year to 523.3 billion dong and over 24.4 billion dong, respectively.
* Liberty Insurance Vietnam Co Ltd has announced its national Liberty AutoCare programme until the end of March with premiums at 20% of the value of the automobile to be insured. Coverage includes compulsory civil liability, casualty and body repair.
* Dak Lak Rubber Co has been approved by the Central Highlands’ Dak Lak Province to build a 150 billion dong resort in Hoa Thanh District, Buon Ma Thuot City. The project will begin construction early next year.
* Thua Thien-Hue Water Supply and Drainage Construction Co Ltd has begun work on a 45 billion dong project to transport water from Truoi Reservoir via the Tam Giang Lagoon to provide tap water for five coastal communes of Phu Loc District with a capacity of 5,000 cubic metres per day.
* Dung Quat Oil Refinery today debuts its first products, transported from oil refinery plants to depots via an S-kilometre pipeline, which will be brought to the market by tanker ships and trucks.
* Long Hau Joint Stock Co and Vinasino Electrical Equipment Joint Stock Co will build a plant to produce electrical and electronic equipment and components worth 115.5 billion dong on two hectares in Long Hau Industrial Park in the Mekong Delta’s Long An Province. The plant is scheduled for completion in June 2010.
* Goindwal Industrial and Investment Corp has been approved by the Hai Phong City government to build an 18-hole golf course on Cat Ba Island’s Xuan Dam District. The golf course, the first on an island of Vietnam and part of the island’s Venus Cat Ba tourism-financial complex, is worth nearly US$600 million and will begin in March.
* The UK’s Delverton Group Inc has begun work on the Delverton Vietnam resort project located on 100 hectares in the central coastal province of Binh Thuan’s Bac Binh District.
* Inax Vietnam Sanitary Ware Co Ltd has broken ground for a plant to produce sanitary wares worth US$IS million in Dien Nam -Dien Ngoc Industrial Park. The plant, to be constructed by Shimisu Construction Co Ltd and the Quang Nam-Da Nang Urban and Industrial Park Development Joint Stock Co will employ 140 workers by 2010.
* FPT Telecommunication Joint stock Co (FPT Telecom) recently released the fiscal report for 2008 with satisfactory results. The company gained over 2.2 trillion dong in revenue, 2.5 fold increase from 2007 and nearly 242 billion dong in profit, equalling to 141.85% compared to the previous year. In 2008, FPT Telecom tripled its chartered capital from 156.107 billion dong to 424.317 billion dong.
* Hanoi Housing Development Commercial Joint Stock Bank’s (Habubank) Securities Co (HBBS) on February 18 officially launched customer care service via hotline: 1900 54 54 21 and online support via website www.hbbs.com.vn with two common software namely Yahoo and Skype.
* In order to have more information for building monetary management policies in 2009, the State Bank of Vietnam’s (SBV) governor on February 18 issued Official Dispatch No 1040/NHNN-CSTT requiring credit institutions and banks to report capital deposit and lending activities to the central bank before March 4, 2009. Particularly, the central bank required these credit institutions to provide information on the balance and growth rate of credit target and capital deposit target for the economy in comparison with December 31, 2008.
* Saigon Commercial Joint Stock Bank or SCB passed the plan of buying back 1.6 million SCB coded shares according to the market price between February 25 and March 4, 2009, announced the State Bank of Vietnam (SBV). From February 13, the bank increased its chartered capital to 3.299 trillion dong.
* Asia Commercial Joint Stock Bank (ACB) on February 18 officially adjusted down the lending rate as per the bank’s demand stimulus lending programme whereby the dong lending supporting rate is 1% a year for exporters.
Sources: Thoi Bao Kinh Te Vietnam, Lao Dong, Nguoi Lao Dong, Dau Tu, Dau Tu Chung Khoan, Tuoi Tre, Thanh Nien, Tin Tuc, Nhan Dan, Vietstock, SSC, VCBS, HaSTC.
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