#truong hai auto corporation

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Ônibus Mercedes-Benz brasileiro é apresentado ao mercado vietnamita

Ônibus Mercedes-Benz brasileiro é apresentado ao mercado vietnamita

A Mercedes-Benz do Brasil será a responsável pela fabricação dos chassis O 500, que serão usados pela empresa Truong Hai Auto Corporation (THACO), do Vietnã, no Sudeste Asiático, para a construção de dois modelos ônibus rodoviários para transporte de passageiros. Os ônibus são chamados de 120S Seater Bus (convencional) e 120 SL Sleeper Bus (leito). Os chassis fabricados no Brasil contam com…

[covid19worldnews]

Secretlab co-founder Ian Ang named Singapore's Entrepreneur of the Year

SINGAPORE – The co-founder of gaming chair maker Secretlab, Mr Ian Ang, was named Singapore’s Entrepreneur of the Year by professional services firm EY at a virtual awards ceremony on Monday (Nov 9).

The 28-year-old, who is also Secretlab’s chief executive officer, will represent Singapore to vie against entrepreneurs from more than 60 countries for the EY World Entrepreneur of the Year award in June next year.

He was also named EY Entrepreneur of the Year for consumer products on Monday.

Mr Ang was up against two other entrepreneurs for the award: Mr Richard Koh, 48, founder and chief executive of fintech start-up M-DAQ, and Mr Eric Leong, 34, managing director and co-founder of foundation steel solutions company Mlion Corporation.

Mr Koh was named Entrepreneur of the Year for financial technology, while Mr Leong was the Entrepreneur of the Year for industrial solutions.

The trio were selected from nearly 50 nominations based on six judging criteria: entrepreneurial spirit; financial performance or value creation; strategic direction; national and global impact; innovation and personal integrity or purpose-driven leadership.

The judging panel’s chairman, Mr Png Cheong Boon, who is chief executive of Enterprise Singapore, said Mr Ang embodies the entrepreneurial spirit and has a business acumen of a seasoned entrepreneur.

“He spotted a niche in the ergonomic gaming chair market and went on to build Secretlab into a commercial success globally.

“With the courage to drop out of university to pursue his dreams and perseverance to build a product from next to nothing, Ian demonstrates how there are multiple pathways to success, the power of ideas and the value of continual hard work,” he added.

Mr Ang was studying at a local university when he dropped out to focus on Secretlab.

Mr Png also noted Mr Ang’s contributions to society, through Secretlab’s donation of medical-grade masks to hospitals and partnerships with charities to grant the wishes of critically ill children.

Meanwhile, chairman of Truong Hai Auto Corporation (Thaco), Mr Duong Ba Tran, 60, was presented with the EY Asean Entrepreneurial Excellence Award.

The Hong Leong Group received the EY Family Business Award of Excellence.

Law and Home Affairs Minister K. Shanmugam, speaking at the virtual event, said having an entrepreneurial spirit is even more crucial today, as Singapore is in the midst of the most severe economic disruption since its independence in 1965.

He also urged entrepreneurs at the event to make an impact on the wider community, as “the best environment for a business to thrive is a community that is also thriving”.

Past EY World Entrepreneur of the Year winners include Hyflux founder Olivia Lum (2011), Altrad founder Mohed Altrad (2015) and Uptake Technologies chief executive Brad Keywell (2019).

https://www.covid19snews.com/2020/11/09/secretlab-co-founder-ian-ang-named-singapores-entrepreneur-of-the-year/

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'What’s most important is you do your job well,' Vietnam's King of Steel on road to billionaire

After making headlines when Forbes welcomed him into its world billionaires’ club with a net worth of $1.3 billion, Tran Dinh Long – Chairman of Hoa Phat Corporation, a private industrial production group specializing in steel, told reporters how he balances between work and family as well as tough decisions made along his way to the top.

Upon learning that your name was on the 2018 list of Forbes’ world billionaires, what did you and your family think?

We didn’t really mention anything about it, for me it’s just a title. As for my company, it will continue to function normally, with or without the title.

What makes me happy is the fact that among the list was my name and Tran Ba Duong’s – Chairman of Truong Hai Auto Corporation. We are both representatives of two businesses working in industrial production. For a country with new and developing technologies like Vietnam, a billionaire in such an industry is bound to show up. However, even more than just a track record, our appearances on the list means that Vietnam’s economy is finally taking off, and Vietnamese businesses are finally stepping up and being acknowledged around the world.

What do you think about the $1.3 billion worth of fortune you own as Forbes has reported?

When it comes to work, money is not on the top of my list so I don’t even know how much I own. I don’t think it’s just me; so do many other people. Once your work performance has reached a certain level, money stops being a priority and you no longer care about how much you make in one day. That’s not me humblebragging, that’s a fact.

Nowadays, there are quite some controversial opinions about rich people. What’s your opinion on this subject?

For me, everything has multiple angles and perspectives to look at. You can’t just pick one and that’s it. The same goes for rich people. Whether I want to or not, people will keep calling me a tycoon. However, I hope that as time passes and the world becomes more transparent day after day, the negativity associated with rich people will subside.

As a businessman, or as anyone really, I believe what’s most important is you do your job well. Once you put your heart into it, people will see it and their opinions will change for the better. The more you work, the more value you will contribute to society, for example in the forms of tax and social responsibilities.

People regard working in business as soul-sucking and businesspeople have to sacrifice many things to advance their careers. What do you think?

I think that’s just a matter of mindsets and priorities, and how a businessperson wants their life to look like. Personally, I don’t want a life always being neck-deep in work, always answering phone calls and having no time to spend with my family.

I still have time for my hobbies like drinking coffee or playing sports. Even the place where I and my friends hang out is nothing fancy; we hung out at the same place we always did for the last 20 years.

There are people so busy they don’t have any time left for traveling. Not me though. Every year I travel with my family at least four times. I don’t receive guests at home unless in very special occasions. I also take pride in the fact that all my meals are homecooked: three meals per day, 365 days per year.

Multidisciplinary practice is the trend for many businesses, especially for real estate. But you seem to be quite loyal to the steel industry. What’s your and Hoa Phat’s history with real estate?

Maybe that’s because I love this industry and am set on walking to the end of the road. You have to be perseverant and steadfast at all stages, because more often than not, when it comes to revenue, doing business in steel can’t hold a candle to doing business in real estate.

For example, during the late 1990s, the rush into real estate was real. There are people who bought a property the previous week and sold that same property for twice the price at the next one. During that period, many shareholders of the company considered investing about $400,000 into buying new offices. However, I pointed out that by investing that much money, we would no longer have enough cash to build a steel-making factory, and I let them choose. We chose the factory in the end. At that time, our company was quite the oddball, being one who had money in our hands but didn’t invest in real estate.

Had we chosen to pursue the path of real estate, things would have been so different now, though I don’t know if the company would have been as big as it is today. However, in the long run, we never had any intention to invest in real estate at full throttle. Steel is still our company’s lifeblood.

What’s the 10-year vision for Hoa Phat?

In the short term, with our available resources, we wish to focus on the Hoa Phat Dung Quat Iron and Steel Production Complex since this is a colossal investment and expectations are set very high. Our ambition after 2020 is to be one of the world’s top 50 steel-making companies.

In the long run, from now to 2025, our goal is still to focus on steel and its related products. We’re actually doing research on producing stainless steel – something that Vietnam still completely relies on foreign imports.

I would like to stress that Hoa Phat is not giving up on other fields and disciplines; they are just not high enough on our list yet. There’s opportunity cost as well, so it’s nothing to feel regret about. To work on many different areas simultaneously would be a Herculean task, so we won’t do that now.

[Video by Nhung Nguyen]

Hoa Phat Corporation is a private industrial production group in Vietnam. Starting as a trading company specializing in construction machines back in 1992, the group has extended its branches to the field of furniture, steel, refrigeration and real estate. Tran Dinh Long, Vietnam’s so-called “King of Steel”, helmed the company as its Chairman since 1996.

Forbes’ list of world billionaires is an annual ranking of the world’s wealthiest. In 2018, two Vietnamese billionaires, Tran Dinh Long and Tran Ba Duong, got added to the list, doubling the total number of Vietnamese billionaires in Forbes’ list from two to four.

Vietnam’s steel industry earned the country $3.64 billion from exporting 5.5 million tons of steel products in 2017. The industry is forecast to grow by 20-22 percent in 2018, said vice chairman of the Vietnam Steel Association Nguyen Van Sua.

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Vietnam: Giving agriculture a high-tech boost

Via HortiDaily

There is a lot of room for private investors to engage in Vietnam’s diverse agriculture fields, especially those who possess new technology related to products like vegetables, flowers, and fruit. With new approaches and diversified investments, private investors have been infusing a new spirit of innovation into Vietnam’s agriculture, adding value and sustainable growth.

After years of success in the automobile industry, Truong Hai Auto Corporation – Thaco – has decided to step into the agriculture sector. Last month, Tran Ba Duong, chairman of Thaco, attended an agricultural conference chaired by Prime Minister Nguyen Xuan Phuc, when he announced that his firm would develop high-tech rice cultivation models in a northern province. “Rice fields in the southern region have developed well with high yield, thus I decided to select the northern region to invest in. We will not only focus on cultivation, but also on transportation and harvesting, which are two primary weaknesses of agriculture,” he said.

With the point of view of an automobile industry tycoon, Duong noted that it is difficult for agriculture to develop successfully if it is not industrialised and mechanised. “However, the mechanisation of agriculture must suit the real situation in Vietnam,” Duong noted. He revealed that his firm is working with the An Giang-based Loc Troi Group to build a post-harvest industrial complex for rice in the northern region, which will provide transportation, harvesting, and processing services at reasonable costs. Thaco is the latest newcomer in agriculture that vowed to bring high-tech to the sector to increase the added value, following earlier big moves made by domestic and foreign giants. Vingroup, Geleximco, Hoa Phat, and Hoang Anh Gia Lai were among the domestic predecessors to apply high-tech to produce fresh and clean agricultural products. Their plans also stemmed from the fact that food safety has become a stinging issue in Vietnam. They realised that if agriculture is not industrialised and if there is no money to cover losses like in other countries, it is difficult to be successful. According to Nguyen Do Anh Tuan, director of the Institute of Policy and Strategy for Agriculture and Rural Development, high-tech has also become a new approach among foreign investors in the sector in recent times, especially in 2016. In particular, Japanese firms are interested in investing in vegetable and flower farms, while others want to bring new technology to produce fertiliser, seedlings, and pesticides. Tuan attributed the trend to the country’s policies to prioritise high-tech agriculture development to increase productivity and protect the environment. Accordingly, many incentives related to land lease and import-export taxes are being offered. The “New Vision for Agriculture” initiative launched by partners in the World Economic Forum a few years ago – with Vietnam being among the pioneer countries – established a “20/20/20” framework, which specifies: increasing productivity by 20 per cent per decade, reducing the environmental footprint by 20 per cent per decade, and increasing the income of the rural family by 20 per cent per decade. Unilever, Nestle, Metro Cash & Carry (recently renamed as MM Mega Market Vietnam), Syngenta, Cargill, Bunge, and Pepsico are among the global brands that joined the initiative in Vietnam.

SOURCE: Hortidaily

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Bulk Ferroalloys Market to Register Substantial Expansion by 2026

Bulk Ferroalloys Market – Electrification of Vehicles to Add New Dimension

The global bulk ferroalloys market is projected to arrive at a value tantamount to ~US$ 79 Bn by 2027, as two distinct segments power growth: increasing opportunities for ferroalloys in construction activities across the globe and the use of steel to foster innovations in automotive designs. New opportunity is created for bulk ferroalloy manufacturers with the introduction of the Paris Agreement regarding the electrification of vehicles by 2030. Since automakers seek lightweight materials to improve the fuel efficiency of vehicles, the demand for steel is projected to intensify during the period of 2019-2027.

Get Research Report Overview@https://www.transparencymarketresearch.com/bulk-ferroalloys-market.html

Global Bulk Ferroalloys Market: Key Highlights

In terms of revenue, the global bulk ferroalloys market is anticipated to expand at a CAGR of ~6% from 2019 to 2027.

Electric vehicles essentially need lightweight designs, which is likely to necessitate the use of steel for innovative automotive designs. This is expected to drive the demand for ferroalloys for use in steel production during the forecast period, thereby boosting the global bulk ferroalloys market.

A boom in the construction sector in member countries of BRICS is projected to fuel the demand for bulk ferroalloys in the near future.

Key Drivers and Restraints of Global Bulk Ferroalloys Market

Ferroalloys are introduced at the molten stage of the steelmaking process for improving and enhancing the mechanical properties of steel. Ferroalloys generally have lower melting ranges than pure elements, and they can be fused more readily with molten steel.

Automotive manufacturers have been designing vehicles with reduced weight, wherein, steel has been a cost-effective, lightweight material of choice over the years. For instance, the body and chassis of Tesla Model 3 is a blend of steel and aluminum, unlike the Tesla Model S, wherein, the body is made of aluminum. The body-in-white of Chevrolet Bolt contains 86% of steel, including 44% of advanced high-strength steel (AHSS). Increase in the demand for steel from the automotive industry is likely to propel the demand for bulk ferroalloys for use in steel production during the forecast period.

High production costs associated with bulk ferroalloys are likely to restrain the bulk ferroalloys market to a certain extent in the near future. High production cost also acts as an entry barrier for new players in the global bulk ferroalloys market.

Costs of production of ferroalloys have been increasing, due to the rising costs of coking coal and electricity. Owing to the high costs of power, the bulk ferroalloys industry in several developing countries of the world has not been operating at its full capacity. For instance, recently, South Africa witnessed a decline in the production of manganese ferroalloys locally, due to a steep rise in the prices of electricity.

Get PDF Brochure for more Professional & Technical industry insights:

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=72981

Bulk Ferroalloys Market: Ferrochromium to Witness Significant Growth

The ferrochromium segment held a major share of over 30% of the global bulk ferroalloys market in 2018. Chromium is added to steel in order to improve wear resistance; increase resistance to corrosion and oxidation; increase hardenability; and promote strength at elevated temperatures. Ferrochromium is projected to witness high demand for use in the production of stainless steel and heat-resisting steel between 2019 and 2027.

Ferrosilicon is also likely to witness significant demand from 2019 to 2027. Ferrosilicon is used to remove oxygen from steel, so as to impart better quality and durability to steel. It is sometimes used as a de-gasifier, due to its affinity toward undesired gases.%MCEPASTEBIN%

Bulk Ferroalloys Market: Steel Demand to Rise at a Rapid Pace

The steel segment accounted for a major, i.e. ~40% share of the global bulk ferroalloys market in 2018. According to International Stainless Steel Forum (ISSF), China accounted for more than 50% share of the global stainless steel production in 2018. The steel industry, particularly that in Asia Pacific, is estimated to witness high demand for bulk ferroalloys during the forecast period.

Asia Pacific Expected to be Highly Lucrative Region of Global Bulk Ferroalloys Market

The bulk ferroalloys market in Asia Pacific is projected to expand at a significant CAGR of ~ 7% from 2019 to 2027.

The automotive industry in ASEAN has attracted high investments in recent years. For instance, in February 2019, Scania AB inaugurated a new assembly plant for heavy commercial vehicles in Bangkok, Thailand, and unveiled an entire range of new trucks. In January 2019, Vietnam’s Truong Hai Auto Corporation (THACO) invested VN? 4.5 Trn (nearly US$ 200 Mn) in a car manufacturing plant in the country, with the annual capacity of producing 20,000 Peugeot cars for domestic use and exports. In October 2018, Mitsubishi Motors announced plans to increase the production capacity of its plant at Bekasi, West Java (Indonesia), from 160,000 units to 220,000 units by 2020.

The automotive industry in ASEAN is expected to present significant opportunities to the steel industry in the near future. This, in turn, is likely to boost the demand for ferroalloys for use in steelmaking in ASEAN during the forecast period.

[srvietnam-blog]

Thaco pours US$200m into production plant

News update on https://en.sr.com.vn/thaco-pours-us200m-into-production-plant-07-01-4211.html

Thaco pours US$200m into production plant

The local Truong Hai Auto Corporation (Thaco) has invested VND4.5 trillion (nearly US$200 million) in a manufacturing plant to produce cars for luxury European brands in the central province of Quang Nam.

[vntodaynews]

>> Vietnam win AFF Suzuki Cup trophy >> Hanoi to apply vehicle ban on 20 streets for AFF Cup final leg Vietnam national football team coach Park Hang Seo has given USD100,000 to develop Vietnamese football and charity activities at an event held on December 16.

Truong Hai Auto Corporation gave the national team VND2bn (USD86,100) and VND100,000 to Park Hang Seo

Park Hang Seo was invited to the ceremony to announce the expansion of the Chu Lai Open Economic Zone in Quang Nam Province. Prime Minister Nguyen Xuan Phuc, Head of Hoang Anh Gia Lai Football Club Doan Nguyen Duc and head of Dong Tam Long An Football Club Vo Quoc Thang also attended the ceremony. At the ceremony, Truong Hai Auto Corporation gave the national team VND2bn (USD86,100) and VND100,000 to head coach Park Hang Seo. After receiving the present, he said he was happy to receive the award and would donate all of VND100,000 to develop Vietnamese football and charity activities. Besides the USD300,000 for the tournament winner and USD100,000 for Nguyen Quang Hai as the best player in the tournament, the national team have been given many rewards from various organisations and firms after winning the 2018 AFF Suzuki Cup. Apec Group promised to give Nguyen Anh Duc, who scored the winning goal, an apartment at a resort in Phu Yen Province that worth VND1.2bn (USD51,700). The new app-based taxi service Be Group gave VND2bn to the team and one year of free service. Other firms gave VND4bn to the team. Vietnam Football Federation gave VND1bn (USD43,000). Since the tournament started, the VFF has given VND3.1bn to the team for their achievements. For winning AFF Cup, the team, the head coach and assistant have also been given VND45m each by the government. The team has been given nearly VND20bn so far. The Vietnam U23 team that were runners-up at the U23 Asian Cup 2018 was given VND51.1bn (USD2.2m) in cash awards.

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BUSINESS IN BRIEF 22/2 – News VietNamNet

Exports of tra fish to UK increase

Tra fish exports to the UK were worth 45.7 million USD last year, an increase of 2.5 percent over the previous year, according to the Vietnam Association of Seafood Exporters and Producers.

It accounted for 2.6 percent of total tra exports.

Vietnam is the sixth biggest exporter of tra fish to the UK behind Iceland, China, Norway, Denmark and Russia.

The UK and the Netherlands are the two largest importers of Vietnamese tra fish in the EU.

Vietnam’s exports to Hong Kong were worth nearly 41 million USD.

Thailand was the biggest buyer among ASEAN member nations with shipments worth 51 million USD.

Tra exports to many markets are expected to increase sharply this year.

Ministry works to stabilise market following Tet

Prices of essential goods in traditional markets returned to normal on the fourth and fifth days of the lunar year (February 19-20) after increases few days before the Tet holiday which lasted from February 14-20. 

 According to the Ministry of Finance, supermarkets and commercial centres attracted a large number of consumers during the festival thank to clear product origins, guaranteed food hygiene and stable prices.

Meanwhile, prices of catering and vehicle keeping services slightly increased in the first days of the year, the ministry said. 

During Tet, the purchasing power surged 12-15 percent as compared with normal days, and 10 percent against the same period last year, as a result of 2017’s noted economic growth and market stabilisation policy. 

The ministry said that demands for travelling, food and festival offerings are expected to rise following the holiday. 

To stabilise the market in March and the second quarter of this year, the ministry has asked other ministries, agencies and localities to keep a close watch on developments of supply and demand, as well as prices, especially of essential products. 

Besides, inspections on the observance of legal regulations on price, tax and fee, particularly of tourism services, while traffic laws will also be intensified.

RON 95 petrol price drops by 400 VND per litre

The price of RON 95 petrol declined by 400 VND per litre from 15:00 on February 21 as decided by the Ministry of Industry and Trade and the Ministry of Finance.

The two ministries announced that the price of E5 petrol is not higher than 18,340 VND per litre, and those of diesel 0.05S and kerosene should not be higher than 15,716 VND per litre and 14,560 VND per litre, respectively.

Meanwhile, the ministries also decided to adjust the price stabilisation fund for E5 bio-fuel at 600 VND per litre, while the use of the fund for RON 95, kerosene and diesel was 0 VND per litre.

This is the first drop of petrol prices in 2018 and the first time that the ceiling price of RON 95 petrol has been announced as consumers no longer have access to RON 92 petrol since January 2018.

The Ministry of Industry and Trade, and the Ministry of Finance review fuel prices every 15 days to adjust the prices in accordance with fluctuations on the world market.

The average global price of petrol products during the last 15 days to February 21 was at 73.062 USD per barrel for RON 92 and 76.160 USD for diesel.

Bac Ninh ranks second in FDI attraction in 2017

The northern province of Bac Ninh attracted 3.5 billion USD in foreign direct investment (FDI) in 2017, ranking second among provinces and cities across the country.

According to the provincial Department of Statistics, Bac Ninh’s industrial production value reached 1 quadrillion VND (about 44 billion USD) and its export turnover hit 29.85 billion USD, accounting for 14.9 percent of the nation’s export earnings.  

The province collected 21.6 trillion VND (948.2 million USD) for the state budget. Meanwhile, the locality’s gross regional domestic product (GRDP) made up 3.25 percent of the country’s GDP, with a GRDP growth rate of 19.12 percent. 

Notably, the Samsung Group continued to pour an additional 2.5 billion USSD into the province, showing the province’s efforts to improve the investment climate.

Bac Ninh is now home to over 1,000 FDI projects from 33 countries and territories, including many hi-tech and environmentally friendly projects with big value invested by Samsung, Canon and Foxconn. 

The flow of investment has been poured into 14 sectors, mostly in the processing and manufacturing industries. FDI projects have significantly contributed to the province’s economic development. 

To increase competitiveness in luring FDI, the local authorities have paid attention to simplifying administrative procedures, providing legal support for investors, developing industrial park infrastructure and improving the quality of human resources through promoting education-training activities. 

Vu Thi Phuong Thao, Vice Director of the provincial Department of Planning and Investment, said Bac Ninh will focus on attracting quality and high added-value FDI projects, especially in the fields of IT, bio-technology, hi-tech agriculture and  infrastructure development. 

Priority will be given to encouraging joint-venture projects between domestic enterprises and foreign partners, especially those from Vietnam’s strategic partners such the US, European nations, the Republic of Korea and Japan, thus enabling domestic firms to join the global value chain, she added.

Thaco launches new agricultural machine factory

The Truong Hai Auto Corporation (Thaco) on February 21 launched its agricultural machine factory in Chu Lai open economic zone in the central province of Quang Nam.

The factory covers 12,500 square metres and has an investment of 500 billion VND. It is designed to manufacture tractors with a capacity from 18HP-120HP, along with high-quality combine harvesters and other agricultural equipment. 

In the first phase, it has a capacity of manufacturing 2,000 tractors per year, 3,000 sets of cultivation equipment and 1,000 combine harvesters.

The factory’s technology is transferred from LS Mtron Group, a leading agricultural machine manufacturer in the Republic of Korea.

It will use domestic material and spare parts, while importing high technology parts that are not available in the country from the Republic of Korea and ASEAN countries.

In 2018, Thaco will also focus on developing passenger cars, while launching the first phase of Thaco-Mazda factory with a capacity of 50,000 units each year on March 24, along with a new van factory to produce 100,000 units per year.

The firm will also partner with other companies to develop support industry and expand its factories to 138 hectares in 2018.

Vietnam boosts trade ties with strategic partners

Vietnam plans to promote bilateral trade and investment links with strategic and important partner countries in the time ahead, towards fostering economic growth and expanding export markets. 

The recently approved project also aims to increase enterprises’ competitiveness and their awareness of integration, enabling them to intensively join the global value chain. 

It is hoped to help improve the national competitiveness, promote administrative reform and fine-tune business climate while perfecting the socialist-oriented market economy institution. 

Under the scheme, efforts will be made to fully tap business advantages, increase the quality and effectiveness of trade and investment promotion activities, and foster connection among ministries, sectors and business associations inside and outside the country in the work. 

Attention will be paid to bettering the quality of products and production methods through applying high technologies to meet export demand, and increase links among domestic and foreign businesses. 

Small and medium-sized enterprises (SMEs) will be updated on information and forecasts related to market, politics and exchange rate fluctuation; while other businesses will also be assisted in training human resources to improve their knowledge of international economic integration, bilateral and multilateral free trade agreements(FTAs) that Vietnam signed with foreign partners. 

Focus will be placed on taking advantage of investment trade agreements and calling for more investment projects from Vietnam’s important and strategic partner countries. 

Coordination between the Vietnam Chamber of Commerce and Industry (VCCI) and business associations and between domestic agencies and representative agencies abroad will be strengthened, towards promoting the country’s economic development. 

Through implementing activities of the project, the VCCI will report and summit solutions to the Government, contributing to overcoming difficulties in trade and investment coordination between Vietnam and strategic and important partner countries. 

Surveys will be carried out to assess the needs, limitations and difficulties of enterprises and market potential so as to select markets for export and investment. 

Public-private dialogue mechanism and investment promotion will be bolstered, while SMEs will be supported in accessing advanced technologies and modernise production, helping them make inroads into more markets in strategic and important partner countries and join the global value chain.

Japanese group builds auto parts factory in Thai Binh

Construction on a 24.6-million USD auto parts factory is under-way in the northern Thai Binh province’s Tien Hai Industrial Zone with completion expected in July 2019.

Financed by the Japanese Toyoda Gosei Group, the 11.3ha-factory will manufacture airbags and leather steering wheels which will be mainly exported to Japan, the US and Europe. Work on the factory kicked off early this month.

Once operational, the factory is expected to create about 1,500 local jobs. The company said it believes that the project will contribute to accelerating the development of Thai Binh province as it will create more jobs for local people and improve their skills.

Established in 1949 and headquartered in Kiyosu, Japan, Toyoda Gosei is a leading manufacturer of rubber and plastic automotive parts and LEDs. Today, the group provides a variety of high-quality products internationally, with a network of some 100 plants and offices in 18 countries and regions.

PM lauds Vietinbank, Vietcombank’s business results last year

Prime Minister Nguyen Xuan Phuc lauded Vietinbank and Vietcombank for their business performance last year and encouraged them to make greater efforts to contribute to the fulfillment of Vietnam’s socio-economic development.

The leader made the statements during visits to the headquarters of Vietinbank and Vietcombank, the two largest Vietnamese commercial banks, in Hanoi on February 21 to wish their employees a Happy Lunar New Year.

The PM extended greetings to 24,000 Vietinbank employees in an event live-streamed in 155 branches of the bank nationwide.

Phuc lauded Vietinbank’s successful equitisation, the growth of its technology-based banking services and its efforts to manage bad debts and improve management efficiency. He also mentioned the bank as a credit provider for the country’s key projects, backing the government to achieve its goals.

He asked the bank to improve its competiveness by building financial and management capacity to international standards. Vietinbank should adopt solutions to improve and control credit quality; strengthen bad debt management; and continue stepping up administrative reform to provide start-ups and investors easier access to loans, he said.

Later the same day, the PM met with Vietcombank staff on the occasion of the Vietnamese New Year, during which he praised the bank’s corporate culture.

Vietcombank led in complying with the government’s policies, Phuc noted, adding that the bank is offering the market’s lowest lending interest rates though it has not reduced deposit interest rates.

In a short time, Vietcombank’s total assets exceeded 1 quadrillion VND (44 billion USD) and its ratio of non-performing loans was down to 1.1 percent, the lowest among domestic credit institutions. The bank is also the first of its kind in Vietnam to exceed 10 trillion VND in profit, Phuc said.

He asked Vietcombank to broaden its vision to become a regional bank in Asia and to expand its size and branches to narrow gaps with large banks in the region.

He also suggested the bank develop banking technology and catch up with new technological trends, particularly in information security and safety.

In 2017, VietinBank earned a total profit of 9.2 trillion VND (404 million USD), 105 percent of its annual target.

The bank’s total assets notched a year-on-year surge of 15.3 percent to exceed 1.1 quadrillion VND (48.4 billion USD), making it one of Vietnam’s three largest banks in terms of assets and the country’s second-largest bank in terms of profit, after Vietcombank.

Its outstanding loans reached 839 trillion VND (over 36.9 billion USD), up 18 percent year on year.

Meanwhile, Vietcombank reported pre-tax profit of more than 11 trillion VND (482.5 million USD) last year.

This was a record pre-tax profit achieved by a Vietnamese bank, representing a rise of 32.9 percent during the same period in the previous year and 16 percent higher than Vietcombank’s target.

Total deposits amounted to 889.7 trillion VND (over 39.1 billion USD), up 38.7 percent year on year and 18 percent above set target.

Outstanding loans reached 553 trillion VND (24.33 billion USD), an increase of 17.2 percent.-

Deputy PM directs improving SOEs’ efficiency

Deputy Prime Minister Vuong Dinh Hue has urged ministries, agencies and localities to promptly fulfill assigned tasks regarding equitisation and divestment in State-owned enterprises (SOEs), towards making them more transparent, healthy and efficient. 

He requested that SOEs restructure themselves in terms of apparatus, personnel, strategy, governance, finance, technology and products. 

He urged completely fixing shortcomings and weaknesses of SOEs as well as dealing with loss-making and inefficient firms and projects, and determining the responsibilities of individuals and units concerned. 

The Deputy PM asked ministries and agencies to review the Corporate Law, the Law on Management and Utilisation of State Capital Invested in the Enterprises’ Manufacturing and Business Activities, the Law on Cadres and Civil Servants, the Law on Bankruptcy, Labour Code and relevant legal documents so as to submit amendments and supplements to authorised agencies. 

Ministries, agencies, localities, State corporations and groups must continue hastening administrative reform and improving the business climate and legal environment towards achieving the goal of having 1 million enterprises by 2020, he said. 

They were also asked to urge equitised companies to list on bourses, strengthen supervision, audit to prevent capital loss and adopt corporate governance principles in line with international practices. 

Ministers, Chairs of People’s Committees of centrally-run cities and provinces and Chairpersons of Members’ Councils of economic groups must bear responsibility in this regard, he said.

EVN resolved to ensure electricity supply

The Electricity of Vietnam (EVN) will invest in power projects within local and national electricity development planning schemes from 2016-2020. 

This is the major task set in the group’s five-year business plan recently approved by Deputy Prime Minister Trinh Dinh Dung. 

Under the plan, EVN will develop renewable energy and improve environmental protection during the construction and operation of electricity facilities. 

The group will also safely run the national power grid, ensuring electricity supply and the economic efficiency of the electricity system. 

Another task is to revamp EVN’s subsidiaries in line with the master plan for rearranging and restructuring enterprises in 2017-2020. 

Along with developing the competitive electricity wholesale market, the group will bring electricity to rural, mountainous and island areas, aiming to help most households in these areas access the national power grid by 2020.

During 2016-2020, EVN’s annual commercial power output is expected to increase by 10.08 percent. 

The group plans to put into operation up to 21 turbines with combined capacity of 6,100 MW of 12 projects, including Lai Chau hydropower project (operational in 2016), and the thermal power projects of Duyen Hai III, expanded Duyen Hai III, Vinh Tan IV, expanded Vinh Tan IV and Thai Binh I. 

Construction of another eight projects with a total capacity of 5,540 MW is also set to begin in the period. They are the hydropower projects of expanded Ialy, Hoa Binh and Tri An; and the thermal power projects of expanded Vinh Tan IV with its construction starting in 2016, O Mon III and IV, Quang Trach I and II.

EVN will push preparations for the investment in the Tan Phuoc I thermal power project to put the plant into service by 2020, while building solar power projects.

About 300 transmission lines of 500 kV and 200 kV with 12,200 km in length and 66,000 MVA in capacity of transformation stations are projected to become operational during the next five years. 

Other tasks for the group include improving the quality of electricity supply, increasing power imports from Laos, Cambodia and China and building 110 kV and middle-and low-voltage transmission lines.

PM okays ultra-thin glass project in Ninh Binh

Prime Minister Nguyen Xuan Phuc has approved in principle a plan to build an ultra-thin glass factory with capacity of 1,200 tonnes per day in Yen Khanh district, the northern province of Ninh Binh.

The PM tasked the provincial People’s Committee to work with the Ministry of Construction to implement the project, ensuring the products to meet environmental standards.

He also assigned the Ministry of Construction to review the master plan on development of building materials by 2020 with a vision to 2030, taking into account different types of glass to satisfy local demand and for export.

NA Vice Chairman: e-customs facilitate import-export activities

Vice Chairman of the National Assembly Phung Quoc Hien has hailed efforts made by the General Department of Customs in applying e-customs to facilitate import-export activities.

In a meeting with the customs department in Hanoi on February 21, Hien lauded the sector’s contributions to the country’s import-export revenue of 400 billion USD in mid-December last year.

He also praised the sector’s efforts in preventing smuggling, counterfeit goods and trade fraud.

On the occasion, the NA official wished that the customs officers will work to fulfill missions assigned by the National Assembly and the Government this year.

Viglacera builds houses for industrial zone workers     

The Viglacera Corporation on Wednesday started construction of a housing project for workers in the Phu Ha Industrial Zone in the northern province of Phu Tho.

Tran Anh Tuan, director of the Viglacera projects management board, said the social housing project covered an area of 4.3ha in Ha Loc Commune of Phu Tho Town.

The VND480 billion (US$21 million) project is expected to provide 630 apartments, ranging from 26sq.m to 70sq.m, to some 2,500 workers. The rent is estimated at VND30,000 per square metre.

The project aims at improving the living standard of the employees, ensuring their commitment to the enterprise, as well as attracting more investments in the industrial zone.

Viglacera committed to focusing its resources in the construction work so that the apartments can be rented as scheduled, Tuan said.

Construction of Phu Ha Industrial Zone was kicked off on February 26, 2015. It has attracted $90 million from 13 enterprises mainly specialising in electronics and electricity production using advanced technology. The firms have helped create 10,000 jobs for the locality and neighbouring provinces.

Hoang Cong Thuy, vice chairman of the provincial People’s Committee, said if the entire land in the industrial zone were to be hired for production activities, there would probably be 30,000 workers. Therefore, the project developed by Viglacera Corporation needed to meet the demand of current and future workers.

The same day, the corporation inaugurated a VND16 billion waste water treatment plant in the industrial zone, with a capacity of 1,250cu.m per day and night.

Viglacera Corporation is considered the leading company in building material industry in Viet Nam and has confirmed its prestige in the real estate sector with many housing projects, including infrastructure of industrial parks and offices for lease, urban areas, houses for sale and trade centres. 

TT Group to become Vinafood 2’s strategic partner     

The industry-real estate-finance conglomerate T&T Group now has the highest chance to become the strategic partner of Viet Nam Southern Food Corporation (Vinafood 2), cafef.vn reported on Wednesday.

Vinafood 2 plans to offer 25 per cent of its charter capital, or 125 million shares, to the strategic investor after the company launches its initial public offering (IPO) on March 14.

As the price of shares offered to the strategic investor is expected to stay at least level to the IPO starting price of VND10,100 (45 US cents) per share, T&T Group may have to pay at least VND1.26 trillion ($56 million) to purchase those 125 million shares.

Vinafood 2 had only received the filed proposal from T&T Group by December 15, 2017, on which Vinafood 2 must finalise its equitisation plan and submit the plan to the Ministry of Agriculture and Rural Development, the business news website reported.

Local media had previously reported that T&T Group and the information-telecommunication-technology group FPT Corporation had expressed their interest in purchasing the strategic stake in Vinafood 2.

However, only T&T Group had filed legal documents on the deal while FPT Corporation had submitted its copies of required documents, thus, FPT Corporation had been disqualified from the race.

Therefore, Vinafood 2 had proposed the agriculture ministry approve T&T Group as its new strategic investor and submit the equitisation plan to the Prime Minister for approval.

According to the company’s equitisation plan, the strategic partner must be financially healthy so that it could help the firm restructure its financial system and is able to assist Vinafood 2 seek new markets and open new distribution channels in both domestic and overseas markets.

The strategic investor must meet some standards such as having operated in the agriculture sector for at least three years; having total assets of at least VND10 trillion by December 31, 2015; and achieving net profits for three consecutive years and reaching a return-on-equity ratio of more than 5 per cent.

Under its equitisation plan, Vinafood 2 has a charter capital of VND5 trillion with 51 per cent possessed by the State.

The company will sell nearly 23 per cent of its capital (114.8 million shares) at the IPO on March 14, offer 125 million shares to the strategic investor and the remainder to its employees and workers at a preferential price level.

Vinafood 2 operates in importing-exporting food, processed food, agricultural products and trade of those products, but it has been struggling with the current business model as the finance, production and market and product development policies have been implemented ineffectively. 

Novaland seeks approval for overseas listing, issuing shares     

Novaland Investment Group Corporation has sought shareholders’ approval to list securities on international stock exchanges and issue additional shares.

The real estate firm plans to list common shares, corporate bonds or convertible bonds on the Singapore Stock Exchange or another foreign stock exchange in 2018 or 2019. The board of directors or authorised persons are expected to execute the necessary procedures for the listing process.

Novaland has also proposed a plan to issue a maximum of 100 million shares in a private placement to local and international investors this year. The offering price will be not lower than the book value per share at the time of issuance.

The issuance aims to raise working capital, including capital of subsidiaries and affiliates, and buy shares in other companies, as well as help restructure its debts.

Regarding the convertible bond issuance plan, Novaland will increase its bond value from US$250 million to $300 million. The issuance is projected to support the firm’s capital increase and debt restructuring.

The bonds will be offered in a private placement to foreign investors with financial and technical capability to support the company’s business development. Investors will be subject to a one-year lock period since the date of issue.

According to the adjusted plan, the bonds may be converted into ordinary shares (instead of the mandatory conversion in the old plan) at a minimum price of VND50,000 ($2.20) each, applying a dilution adjustment to protect the company and investors’ benefits.

In addition to this, the firm has also sought the approval to supplement chairman Bui Thanh Nhon to the company’s legal representatives, in addition to its legal investment manager and chief executive officer.

Novaland’s shares, coded NVL, has climbed nearly 23 per cent this year and is being traded at some VND80,000 per share on HCM Stock Exchange. 

Homemade tractors roll out in Quang Nam     

Local Truong Hai Automobile Company (Thaco) has rolled out the first made-in-Viet Nam tractor at the agricultural machinery manufacturing factory in the Chu Lai-Truong Hai Industrial Complex after one year of construction.

The factory, which covers an area of 1.2ha with investment of VND500 billion (US$22.1 million), plans to produce 2,000 tractors and 4,000 combine harvesters as well as farming machines and equipment each year.

The Quang Nam-based factory uses technology from Korean LS Mtron company following an agreement signed last year between Thaco and LS Mtron (a company of the LS Group from Korea).

Thaco said the manufacturing factory aimed to provide made-in-Viet Nam agricultural machinery with a 50 per cent localisation programme for domestic use as well as for exports to ASEAN markets.

Doan Dat Ninh, an official from Thaco, said the Thaco-trademark tractor eyed making up 7 per cent of the country’s market share in 2018 before increasing to 38 per cent in 2026.

The local made farming machinery products are also planned to be exported to Laos, Cambodia, the Philippines, Myanmar, Indonesia and other markets.

The introduction of the first agricultural machinery plant in Quang Nam Province would help promote mechanisation of farming in Viet Nam.

In 2013, Thaco also acquired 51 per cent of shares in the Korean Soosung Motor Technology company to produce cranes, concrete mixer trucks and tankers in Korea.

Thaco has manufactured and distributed vehicles of foreign brands – Kia of South Korea, Mazda of Japan, France’s Peugeot and BMW of Germany. 

The post BUSINESS IN BRIEF 22/2 – News VietNamNet appeared first on Breaking News Top News & Latest News Headlines | Reuters.

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Local auto maker Thaco posts record revenue of over $3 billion

 Truong Hai Auto Corporation (Thaco) posted a record revenue of 65.8 trillion VND (3 billion USD) in 2016, a growth of 44 percent against the previous year. Continue Reading

[janjanenrico]

THACO Bluesky 120S Coach

This is my own work

Give Credit if used.

[covid19worldnews]

Secretlab CEO Ian Ang named EY Entrepreneur of the Year 2020

Mon, Nov 09, 2020 – 6:30 PM

SECRETLAB co-founder and chief executive Ian Ang has been named the overall EY Entrepreneur Of The Year (EOY) 2020 Singapore by professional services organisation EY.

He will represent Singapore at the EY World Entrepreneur Of The Year competition to be held in June 2021, and compete against more than 60 other country winners for the world title.

Mr Ang, who, at age 28 is the youngest winner in the 18-year history of the EY EOY Singapore awards, said: “To win this award among so many other great, experienced entrepreneurs is an absolute honour.

“There is still much to learn, and it is still early days for Secretlab. There are far too many people that I’m indebted to, but I’d like to thank everyone who has contributed to our journey – staff, partners, investors and fans. Singapore will always be our home where we first started six years ago, and we’re proud to be part of putting our little red dot on the world map in the e-sports industry and beyond.”

Mr Ang, who also received the EOY award under the Consumer Products category, co-founded Secretlab in 2014 with Alaric Choo. The startup produces ergonomic gaming chairs that have become popular among gamers and non-gamers alike in more than 60 countries.

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Png Cheong Boon, chief executive of Enterprise Singapore and chairman of the judging panel, said: “Despite his youth, Ian embodies the entrepreneurial spirit and displays the business acumen of a seasoned entrepreneur. He spotted a niche in the ergonomic gaming chair market and went on to build Secretlab into a commercial success globally.

“With the courage to drop out of university to pursue his dreams and perseverance to build a product from next to nothing, Ian demonstrates how there are multiple pathways to success, the power of ideas and the value of continual hard work.”

The other two EOY category awards were also presented on Monday, in a virtual celebration graced by K. Shanmugam, Minister for Home Affairs and Minister for Law.

The EOY award for the Financial Technology category went to Richard Koh, founder and chief executive of M-DAQ, a fintech firm offering solutions for cross-border business; the EOY award for the Industrial Solutions category was given to Eric Leong, managing director and co-founder of Mlion Corporation, which provides foundation steel solutions for ports and waterfront development, civil excavations and power-generation projects in Asia.

The winners were selected from close to 50 nominations and assessed on six criteria: entrepreneurial spirit, financial performance/value creation, strategic direction, national and global impact, innovation and personal integrity/purpose-driven leadership.

The theme of this year’s awards was “The Unstoppables”, in reference to how the entrepreneurs have overcome unprecedented disruption and change wrought by the Covid-19 pandemic.

Max Loh, Singapore and Asean managing partner, Ernst & Young, said: “Our winning entrepreneurs today demonstrate what it takes to be unstoppable – strategic vision, grit and agility – even in the face of a global crisis. They believe in opportunities amid challenges and have pivoted themselves quickly for a new normal, rethinking their business models and processes, and revitalising their products and services.”

Other awards presented at Monday’s virtual event included the EY Asean Entrepreneurial Excellence award, which went to Duong Ba Tran, chairman of Truong Hai Auto Corporation in Vietnam, and the EY Family Business Award of Excellence, which went to Hong Leong Group.

https://www.covid19snews.com/2020/11/09/secretlab-ceo-ian-ang-named-ey-entrepreneur-of-the-year-2020/

[srvietnam-blog]

MoIT wants to cut tax for locally produced auto parts

News update on https://en.sr.com.vn/moit-wants-to-cut-tax-for-locally-produced-auto-parts-27-10-3656.html

MoIT wants to cut tax for locally produced auto parts

The Ministry of Industry and Trade (MoIT) wants to take advantage of market and policy opportunities to promote automobile manufacturing projects of domestic automakers including Truong Hai Auto Corporation (Thaco), Thanh Cong Group and VinFast.

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Made-in-Vietnam’ lean management model for sustainability

As Vietnam’s productivity is one of the lowest in Asia, the “Made in Vietnam” lean management model is considered an effective solution to the country’s productivity issues in the Industry 4.0 era. Nguyen Dang Minh, chairman of the Advisory Board of GKM Lean Institute (GKM Vietnam Co., Ltd.), talked about the creation of the “Made in Vietnam” lean management model and plans for the future.

Nguyen Dang Minh talking about his lean management model custom-fit for Vietnam

As the head of the research team developing this model, where did you take inspiration from?

In 1998, after graduating from Hanoi University of Science and Technology, I studied and worked in Japan for 14 years. At the time, I had the opportunity to work for Toyota, which is considered having the most advanced lean management system in Japan. There I understood the model of the Toyota Production System (TPS) which is the archetype and a shining example of lean manufacturing, and started to study this model to apply it in Vietnam.

Since 1995, Japan has been supporting Vietnam’s research on industrial policies, methodologies, and soft components in various ways, but with limited results despite the fact that Vietnamese people are smart and sensitive towards transferred technology. Thus, I found that we cannot apply business management models mechanically. Each nation or each enterprises has a set of different circumstances and must find management approaches suitable for them. This urged me to look for an individual lean management model for Vietnam based on existing models.

After studying the JPS in collaboration with conducting surveies the implement of lean management model at more than 3,000 domestic enterprises, me and colleagues developed a “Made in Vietnam” lean management philosophy aiming to enhance productivity while promoting sustainable development. I also found that this model can be applied to business, national, and family management in order to create homogeneous development.

How does your lean management model actually work?

In general, lean management is one of the most advanced management models focusing on customer satisfaction and creating values through waste reduction.

“Made in Vietnam” lean management’s philosophy revolves around gaining profit or creating added values for the company via utilising the employees’ intellect to continuously improve the business process to minimize costs. In order to increase profit, firms have to keep constant revenue flows or accelerate the company’s income gradually, while at the same time reducing and eliminating waste as much as possible.

The nature of this model has shown that it is not necessary for companies to add more investment for activities of lean management when their systems are designed and established appropriately. Benefits obtained from waste reduction can be used to continuously maintain and develop other lean management activities. Therefore, by exploiting employees’ intellect and motivating them to devote themselves to reducing and minimising waste, lean management will be an effective solution to enhance enterprises’ efficiency and ensure sustainable development.

However, the model is just a solution, the important thing is to make leaders and employees understand and accept the model. Thus, we have built this management model based on the core concept of “Tam The” or “mind-set” in English. This core concept is also the main difference between the “Made in Vietnam” and other lean management models.

Basically, “Tam The” includes two deep understandings and one consciousness. Deep understanding 1 is to comprehend that a person’s work benefits himself. Deep understanding 2 is to comprehend that by doing the work seriously, people will enjoy massive benefits. Consciousness is to understand that people should have a good behaviour, attitude, and morality towards the work. Having this consciousness will help people implement the two deep understandings.

Numerous firms implemented other lean management models with the lack of “Tam the,” and failed to increase productivity. Thus, If firms’ leaders and employees have enough “Tam The” in collaboration with effective manufacturing methods, I am sure their productivity will be enhanced.

What difficulties await enterprises planning to implement your management model?

The major difficulties would be achieving a marked shift in the mind-sets of company leaders and employees, which requires huge commitment and determination.

Notably, almost all firms ask consultancy units to shoulder absolutely all responsibilities in implementing solutions to enhance productivity. Besides, leaders often cannot sustain their “Tam The” of continuous improvement to reap the benefits of applying lean management for a long time. They are impatient and want fast pay-outs in effectiveness. As a result, the productivity may not increase as expected.

Furthermore, it is difficult to change the year or even decade-long set behaviours of leaders and employees. Almost nobody understands the benefits the job brings for them: leaders do not put themselves in their employees’ shoes, and employees just toil away without initiative of their own or understanding that their work benefits them.

Thus, it is clear that the key factors in enhancing productivity under this model are the commitment of leaders, the participation of employees, and highly-professional training programmes with timely rewards and incentives. The role of the leaders within the organisation is a fundamental element of sustaining the progress of lean thinking and engaging employees in the process.

During the past year, we succeeded in co-operating with both foreign and domestic firms to implement the “Made in Vietnam” lean management model, including MK Smart Company, Truong Hai Auto Corporation, Novaland, FECON, Manutronics, VNPT, and Tan Phat Equipment JSC—and productivity soared in each case.

How do you plan to extend your management model?

In order to create a better society, it is necessary to create a connection between the lean management models for families, enterprises, and the nation.

We plan to open faculties training lean management at universities, vocational schools, and colleges, while at the same time increase to popular the “Made in Vietnam” lean management in families and enterprises, especially small- and medium-sized enterprises.  

VIR

The post Made-in-Vietnam’ lean management model for sustainability appeared first on Breaking News Top News & Latest News Headlines | Reuters.

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Hot bourse plays host to billionaires

The year 2017 brought about great success for the Vietnamese stock market, as a record jump was posted in the asset value owned by the market’s richest, whereas the VNIndex saw a 48 per cent jump on-year – constituting the third-highest growth worldwide, and the highest in Asia.

Pham Nhat Vuong, chairman of leading private firm Vingroup, continues topping the table of the 10 richest people on the national bourse.

As of December 29, 2017, the final trading session of the year, Vuong’s total asset value reached VND119.2 trillion ($5.4 billion) – significantly higher than the VND30.4 trillion ($1.4 billion) he amassed by the same point the year prior.

Most of Vuong’s assets are with Vingroup (ticker code: VIC). The company’s management report for the first half of 2017 revealed that Vuong held nearly 724 million Vingroup shares (27.5 per cent of the company’s chartered capital). Meanwhile, Vietnam Investment Group JSC – of which Vuong holds a nearly 93 per cent stake – itself manages more than 880 million Vingroup shares (33.4 per cent). Vuong thus, directly or otherwise, holds 1.54 billion Vingroup shares – which are valued at VND119.2 trillion ($5.4 billion).

Throughout 2017, Vingroup stock’s value rose by nearly 90 per cent to reach around VND77,000 ($3.50) per share in 2017’s last trading session.

Beside core operations in the likes of real estate, tourism, and retail, in 2017 Vingroup expanded considerably with the VinFast mega auto manufacturing complex project now under construction in the port city of Haiphong, and in a record $740 million stock sale in Vincom Retail, a subsidiary of Vingroup.

The same year, Vingroup surpassed major auto manufacturing and assembling company Truong Hai Auto Corporation to become Vietnam’s largest private business on the VNR500 table.

Coming second on 2017’s richest on the Vietnamese bourse table is Trinh Van Quyet, chairman of the board at private real estate developer FLC Group.

By the end of 2017, the total stock asset value under Quyet’s direct ownership reached VND58.9 trillion ($2.7 billion), an excess of VND25 trillion ($1.1 billion) compared to the end of 2016.

Quyet currently owns more than 318.5 million FLC Faros shares, over 135 million of FLC’s, and 2.63 million of Artex’s.

FLC Faros, assuming the role of both developer and contractor, reportedly owns a portfolio of construction projects with total value of about VND20 trillion ($914 million).

According to Vietnam Report’s tables Profit500 and VNR500, in 2017 FLC Faros was among both the 500 most profitable businesses, and the 500 largest businesses, in Vietnam.

The third-, fourth-, and fifth-richest shareholders on the Vietnamese bourse, respectively, are Nguyen Thi Phuong Thao, CEO of fledgling budget carrier Vietjet, Tran Dinh Long, chairman of leading steelmaker Hoa Phat Group (HPG), and Ho Xuan Nang, chairman of the board at Vicostone (ticker code: VCS), the largest manufacturer of artificial stone in Vietnam.

The total stock asset value under Thao’s direct and indirect ownership  reached VND24.7 trillion ($1.1 billion) as 2017 drew to a close. The value of her stock is expected to go up further, as commercial lender HDBank – for which Thao acts a deputy standing chairwoman – made its debut on the Ho Chi Minh City Stock Exchange last week.

On Forbes’ October 2017 table of the richest people in the world, Thao came in at 55th – 10 places above former US Secretary of State Hillary Clinton. The former is the only woman from Vietnam and Southeast Asia with assets of more than $1 billion.

Meanwhile, Tran Dinh Long currently owns upwards of 382 million HPG shares, the total value of which – around VND18 trillion ($812 million) – nearly doubled as HPG stock’s price jumped by almost 100 per cent in 2017.

Vicostone’s Ho Xuan Nang has amassed a total stock asset value of VND13 trillion ($603 million). With profits exceeding VND1.1 trillion ($50 million) in 2017, Vicostone has joined the club of businesses counting trillions in annual profits.

Pham Thu Huong, Vingroup’s deputy chairwoman and spouse of first-placed Pham Nhat Vuong, came in sixth with more than 124.8 million Vingroup shares, valued at VND10 trillion ($438.6 million).

In seventh is Bui Thanh Nhon, chairman of major Ho Chi Minh City-based real estate developer Novaland (NVL). His NVL shares are about 146 million, an equivalent of VND9.5 trillion ($431 million) in value.

Pham Thuy Hang, younger sister of Pham Thu Huong, comes in eighth, owning around 83 million Vingroup shares, with a total asset value of VND6.4 trillion ($293 million).

In ninth is Nguyen Duc Tai, chairman and CEO of The Gioi Di Dong JSC, Vietnam’s largest distribution chain of mobile phones and home appliances – holding around 46.4 million The Gioi Di Dong shares, valued at VND6 trillion ($267.5 million) in total.

The tenth-richest stockholder is Vu Thi Hien, the spouse of fourth-ranked Tran Dinh Long, holding more than 110 million HPG shares  worth more than VND5.1 trillion ($235.3 million) worth.

VIR

The post Hot bourse plays host to billionaires appeared first on Breaking News Top News & Latest News Headlines | Reuters.

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Thaco raises investment in Chu Lai Economic Zone to $6 bln

 Truong Hai Auto Corporation (Thaco) will pour nearly 3 billion USD into the Chu Lai Open Economic Zone in the central province of Quang Nam in the 2017-2021 period, lifting its total investment in the zone to 6 billion USD.  Continue Reading