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| Business, banking and stock market briefs July 2 |
| 02/Jul/2009 Intellasia |
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| 2 Jul, 2009 - 1:33:30 PM |
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* Accor Group will offer 50 percent discount on the rate for hotels under its management in Vietnam when bookings are made at www.accorhotels.com, call centre or travel agencies from July 7 to 13 this year for stays from July 17 till September 30. The rate starts from $45 per night for Novotel hotels and $75 for other brands including Grand Mercure La Veranda Resort & Spa Phu Quoc, and La Residence Hue.
* The Vietnam National Coal and Mineral Industries Group (Vinacomin) this month will break ground for the construction of the Ly Son Thermoelectric Plant worth 220 billion dong on Ly Son Island offshore Quang Ngai Province. The plant will be operational by 2011.
* Vietnam Paper Corp. has been approved by Deputy Prime Minister Nguyen Sinh Hung to substitute Transport and Communication Development Investment Corp (Tracodi) as investor of the Phuong Nam Paper Pulp Plant. The plant worth about two trillion dong is being funded by foreign loans in Thanh Hoa District of the Mekong Delta's Long An Province. The unfinished project, displacing thousands of farmers in the district, is scheduled for completion in 2007.
* THT Universal Trading Co Ltd has announced a food hygiene and safety certificate granted by the health ministry for its biological chemical WCA T6, which is used to preserve agricultural produce.
* Power Engineering Consulting Joint Stock Co No 3 (PECC3) has announced that its revenue reached 22.78 billion dong in Q1 of 2009, an increase of 58.19 percent year-on-year; and it earned 922.12 million dong of profit after tax, up 56.22 percent against the same period last year.
* Till the end of June, PetroVietnam Insurance Finance Investment Joint Stock Co (PVI Finance) had reached revenue of 65.574 billion dong and it earned profit of 26.268 billion dong.
* Ba Ria-Vung Tau House Development Joint Stock Co (Hodeco) has signed cooperation contract with the two Vung Tau branches of Vietcombank and Vietinbank in which the two banks would co-sponsor 500 billion dong in Hodeco's construction project of Go Sao Residential Quarter in Dist 12, HCM City.
* The HCM City Union of Trading Cooperative (Saigon Co.op) plans to open 10-12 additional Co.op supermarkets all over the country in 2009. Up to the end of June 2009, the Co.op system has already had 37 supermarkets in operation, in which there are 20 supermarkets in HCM City and the rest 17 units in operation in provinces of South Eastern, South Western and South Central Coast regions of Vietnam.
* PetroVietnam Drilling and Well Services Joint Stock Co (coded PVD) has revealed that the company had already signed cooperation contract of supplying the PV Drilling 2 oil rig for 2009 drilling plan of Bach Dang Oil Drilling Management Co.
* Hanoi P&T Construction & Installation Co (HAS) in the first six months of the year obtained 30 billion dong in revenue and 5.5 billion dong in profit after-tax, accounting for 25 percent and 42 percent respectively of the whole year's plan.
* Thuan An Wood Processing Co (GTA) in the first five months of the year obtained 95.4 billion dong in revenue and 4.8 billion dong in pre-tax profit, accounting for 52.5 percent and 42.4 percent of the year's expectation.
* Bao Viet Investment Fund has registered to sell 325,000 shares of Post and Telecommunications Investment and Construction Co (PTC) within three months from July 2 to halve its ownership from 6.5 percent to 3.25 percent.
* Vinafco Joint Stock Co (coded VFC) has announced to pay 2008 dividend in cash at the rate of 4 percent over the par value or 400 dong per share. The Securities Depository Centre informed that the registration deadline for the company's existing shareholders to receive 2008 dividend would be July 9.
* Between Q3 and Q4 of 2009, Kien Long Securities Joint Stock Co (KLS) will retail six million shares to nearly 100 investors aiming to scale up its chartered capital from 600 billion dong to 660 billion dong.
* Hanoi Stock Exchange (HNX) has recently announced that Vietnam-Germany Steel Pipe Joint Stock Co (coded VGS) was collecting its shareholders' opinions about issuing more 25 million shares, equal to a value of 250 billion dong based on par value.
* International Food Joint Stock Co (IFS) has reported finishing the selling of its 70 percent capital in International Food Packing Co Ltd to Crown Packing Investment Pte, Ltd, reducing IFS's size in the subsidiary down to 20 percent.
* SSI Fund Management Co. and its funds have sold 218,300 shares of Tan Tien Plastic Packaging Co. (TIP) to reduce their ownership from 7.53 percent to 6.08 percent.
* Manulife Progressive Fund (MAFPF1) has announced its net asset value (NAV) on June 25 at 6,113 dong, decreasing 238 dong from a week earlier. NAV of Prudential Balanced Fund (PRUBF1) by June 25 was 8,315 dong, down 134 dong from the previous week, and NAV of Vietnam Investment Fund (VFMVF1) by June 25 was 21,428 dong, down 598 dong. Meanwhile, NAV of Vietnam Blue-chips Fund Co. (VFMVF4) was 11,282 dong, down 355 dong.
* The State Bank of Vietnam yesterday announced to keep the prime rate unchanged at 7 percent per year. The refinancing rate was also kept at 7 percent, discount rate at 5 percent, and overnight rate at 7 percent.
* Vietnam Bank for Private Enterprises (VPBank) on June 29 reported offering of new deposit rate benchmark with a rise ranging between 0.15 and 0.25 percent pa for each term.
* HSBC Bank (Vietnam) Ltd officially opened and put into operation its new branch in Binh Duong province on July 01. It's the first branch of HSBC Vietnam to operate outside the network of branches and transaction offices located in HCM City and Hanoi, increasing the total number of the bank's branches, transaction offices to 6 in all over the country.
* Vietnam Export Import Joint Stock Bank (Eximbank) announced that the bank would close the list of shareholders at the end of July to pay 2009 dividend-phase 2 in shares with the rate of 22 percent by using Eximbank's outstanding capital source.
* Viet Asia Commercial Bank today will increase interest rates by five to 20 basis points for deposits of all terms. The highest borrowing rate at the bank is 9.1 percent per year for the 36- month term. The bank yesterday inaugurated a transaction office in Hanoi to increase its total number of banking units to 47 nationwide.
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