Business Briefs 12 February 2020

12-Feb-2020 Intellasia | | 9:29 AM Print This Post

* Media firm Yeah l (YEG) incurred a loss of VND 158 billion in the fourth quarter of last year, pushing 2019′s total losses to VND372 billion. From October to December, the firm recorded revenue of VND435 billion, a 32% drop from the same period in 2018, Yeah 1 saw its stock price begin to drop in early March 2019, after YouTube said it would terminate its Content Hosting Agreement (CHSA) with subsidiaries and associates of Yeah l at the end of that month, including U.S.-based ScaleLab LLC and Thailand-based SpringMe Ptd Ltd.

* Twelve out of 40 commercial banks in the country have so Tar cleared all their non-performing loans booked at the Vietnam Asset Management Company (VAMC). The banks are Vietcombank, Techcombank, Military Bank, VlB, OCB, Nam A Bank, TPBank, Agribank, VPBank, ACB, SeABank and Kien Long Bank. Earlier, banks had to sell bad debts to VAMC so they could take the debts off their balance sheet to have a bad debt ratio of below 3% as required by the central bank and could continue their operations as normal banks.

* Japan-based firm Saibu Gas Company has become a major shareholder in PetroVietnam Low Pressure Gas Company (PGD) after buying 18.9 million PGD shares, raising its stake in the latter to 21 %. The Japanese company previously had no shares in the local gas supplier. The deal was done in a put-through transaction worth VND1.02 trillion.

* VPBank will reduce lending rates by up to 1.5 percentage points per year for customers affected by the Wuhan coronavirus epidemic. The move is in response to the State Bank of Vietnam’s call urging credit institutions to provide support for businesses which are suffering from the epidemic.

* FECO Corporation (FCN) said its consolidated net profit sank 41.4% year-on-year to VND72.4 billion in the fourth quarter of last year due to a decrease in financial income, which plummeted 95% to VND7 billion. Its revenue climbed 10.4% to VND1.25 trillion in the quarter.

* Foreign investors in January net bought a total value of VND46 billion worth of shares on the Unlisted Public Company Market (UPCoM). They bought VND419.4 billion worth of shares while selling a total of VND373.3 billion.


Category: Business, Vietnam

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