Business Briefs 09 Jul 2019

09-Jul-2019 Intellasia | | 8:10 AM Print This Post

* The Hanoi Stock Exchange last Thursday launched the government bond futures contract, the second derivatives market product in Vietnam since the index futures came out in August 2017. The introduction of the five year bond futures contract is expected to meet the needs for investment and risk prevention of investors, better attract foreign capital and help upgrade the status of the local securities market.

* SSJ Consulting (Vietnam) Ltd, a subsidiary of Japan’s general trading company Sumitomo, has registered to buy nearly 29.7 million shares of Gemadept Corporation (GMD). The shares are equivalent to 10% of total outstanding voting shares of the Vietnamese logistics company. The GMD share price on the Hochiminh Stock Exchange is around VND27,000, so the deal is worth VND805 billion.

* Real estate developer FLC Group (FLC) has started construction on the FLC Quang Ngai tourism-resort complex in the central province of Quang Ngai. Covering more than 1,000 hectares, the complex will have four areas with high-end hotels and resorts and two areas with coastal urban zones, with total investment in the first phase reaching some VND11 trillion.

* Sacombank (STB) and PwC Vietnam Limited on July 5 signed a deal to begin a project seeking to improve the bank’s risk management capacity. It will also help STB create a solid foundation to comply with the State Bank of Vietnam’s regulations and speed up the roadmap for adopting Basel II standards. The project is planned for completion in February 2020.

* Technology group FPT (FPT) has put its revenue in the first five months of 2019 at VND9.96 trillion and its pre-tax profit at VND1.7 trillion. The figures are 3% and 12% higher than the firm’s targets for 2019.

* Moody’s Investors Services has recently affirmed Saigon-Hanoi Commercial Bank (SHB) B2 long-term local and foreign currency deposit ratings. Moody’s said the outlook on SHB’s long-term ratings is stable and expects SHB’s profitability to hover at current levels as the bank continues to make provisions against its large stock of problem assets.

* The VietFund Management has registered to sell all its 693,000 shares in Asia Commercial Bank (ACB), equal to 0.06% of ACB’s charter capital. Transactions will be done from now to July 26.


Category: Business, Vietnam

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