Business Briefs 19 Sep 2019

19-Sep-2019 Intellasia | | 9:27 AM Print This Post

* VinFast Manufacturing and Trading Co., Ltd, will issue VND5 trillion worth of bonds this year underwritten by its parent company, Vingroup Joint Stock Company (VIC). Global credit ratings agency Standard & Poor’s last weekend maintained its long-term issuer credit rating of Vingroup at B+ but revised its outlook on Vietnam’s leading conglomerate from “stable” to “negative” due to the company’s fast debt-funded expansion into new ventures, especially automobiles, which require large upfront spending but will likely have losses in the initial ramp-up phase.

* Sai Gon Thuong Tin Real Estate JSC (SCR) will sell its 21.7 million shares or a 70% stake at Haiphong Plaza Trading JSC for VND311.5 billion. In the first half of this year, SCR generated VND418 billion in net revenue, plunging 77% over the same period last year, while its pre-tax profit reached VND53 billion, meeting 45% of the full-year target.

* HoangAnh Gia Lai Agricultural Company (HNG) has reported that its 1,500 hectares of fruit farms in Laos have been submerged, including 1,200 hectares of banana and 300 hectares of jack fruit trees.

* Duc Quan Investment and Development JSC (FTM) has written to the State Securities Commission and the Hochiminh Stock Exchange, announcing that FTM Chairman Nguyen Hoang Giang had tendered his resignation after holding the post for only five months.

* Life insurer Prudential Vietnam and Shinhan Bank Vietnam Limited have signed a long-term cooperation agreement. Accordingly, Prudential Vietnam’s life insurance products will be provided to Shinhan Bank’s customers nationwide. The partnership with Shinhan Bank has raised the number of Prudential Vietnam’ bank partners to seven.

* The board of directors of Global Asset Business JSC (GAB) has appointed Tran The Anh, deputy general director of FLC Group, as new board chairman, replacing Tran Thi Thuy. Anh became a member of the board in April. He currently hold one million GAB shares, or a 7.25 stake.

* Ho Chi Minh Development Joint Stock Commercial Bank (HD Bank) has got approval from the State Bank of Vietnam to adopt Basel II standards from October 1. This proves that HDBank’s risk management capacity has met stringent standards set by the central bank to ensure safer and more efficient, sustainable and transparent business operations, news site VnEconomy reported.

 


Category: Business, Vietnam

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