Corporate

The failure of auctioning Phuong Nam Pulp Mill, along with numerous issues of equitisation and struggling divestment from other businesses, is interrupting Vinapaco (Vietnam Paper Corporation)’s restructuring project. Vinapaco's divestment Phuong Nam Pulp Mill has been unsuccessful multiple times Being one of the unprofitable businesses of Vinapaco, Phuong Nam Pulp Mill has been put on auction with two extensions in 2017. Nevertheless, the project is still “up for grabs” since no investors seemed to be interested. In February 2018, the Ministry of Industry and Trade (MoIT) proposed the government to approve specific incentives for the projects, which is similar to Decree No.61/2017/ND-CP detailing the initial valuation of bad debts, collateral assets for bad debts. Accordingly, if the first auction fails, the firm will be permitted to reduce the initial price by 10 per cent (no more than twice) in the following sessions. Moreover, in case there is no buyer … [Read more...] about Vinapaco restructuring stuck in limbo

Cricket One was listed among the seven social enterprises winning the Young Social Entrepreneurs 2018 programme, raking in an award amounting to S$20,000 ($14,500) to boost their business. More importantly, the programme has set the premise for 35 young social entrepreneurs, including two from Vietnam, to join a strong global network of changemakers. The winning social entrepreneurs at YSA 2018 Hailing from Bhutan, Cambodia, India, Indonesia, Malaysia, Singapore, the US, and Vietnam, the teams presented their social enterprise ideas to a panel of judges at the YSE Pitching for Change session. Seven teams were awarded up to S$20,000 ($14,500) each to kickstart or scale up their business ideas for social change. They were chosen based on the impact and scalability of their social enterprise, as well as the commitment level of team members. The winning teams are (in alphabetical order): Cricket One (Vietnam): led by Nam Dang and Bicky Nguyen from Vietnam, Cricket One aims to … [Read more...] about Vietnamese team among top seven at Young Social Entrepreneurs

Vinasun alleges that Grab’s operations have caused them to lose around VND42 billion ($1.82 million) in 2016 and 2017 During the trial at the Ho Chi Minh City People’s Court, Vinasun accused Grab of participating in predatory pricing and violating the Ministry of Transport (MoT)’s Decision 24 on the implementation of the pilot project on contracted passenger transportation. Vinasun alleged that Grab claims to be a tech firm but is indeed a taxi transport company, hiring a large number of drivers and causing economic damage to Vinasun. The company’s deputy director general Truong Dinh Quy said, “Transport co-operatives are a camouflage for Grab to operate as a taxi firm. This, coupled with its price support to attract a large number of driver-partners, has severely affected Vinasun’s operations.” He claimed the alleged ‘illegal operations’ of Grab in the country have caused Vinasun to lose around VND42 billion ($1.82 million) in … [Read more...] about Vinasun and Grab app at loggerheads over losses

VitaDairy opens second dairy plant in Binh DuongBy Thuy Dung A dairy production line at Binh Duong VitaDairy plant – PHOTO: VITADAIRY HCMC – VitaDairy Company began operating its second dairy factory on October 18 at the My Phuoc Industrial Park in the southern province of Binh Duong. Its first dairy plant is located in the capital city of Hanoi. The company invested some US$6 million to build the plant, whose capacity is 5,000 tons of dairy products per year. Binh Duong-based VitaDairy plant, operated by a staff of 200 employees, and its plant in Hanoi, will jointly boost manufacturing and produce a variety of products to meet the milk-drinking demand of customers of all ages. Binh Duong VitaDairy factory is equipped with advanced technology, and has a closed production line. The company also applies food quality management systems, such as ISO 9001:2000, ISO 22000 and Hazard Analysis and Critical Control Points, to the manufacturing process at the plant, with an … [Read more...] about VitaDairy opens second dairy plant in Binh Duong

FPT Capital brings HAGL to court either over its losses from the company's stocks or the chairman reneging on its promise to buy out its holding in HAGL. A dIspute related to FPT's capital contribution to HAGL may stand behind the lawsuit. Photo: Shutterstock Local website bizlive.vn stated that the Central Highlands province of Gia Lai’s Pleiku People’s Court is handling a business dispute related to a capital contribution contract between plaintiff FPT Capital and defendants Duc and his firm HAGL in 2011. According to FPT Capital’s consolidated financial statement in 2011, the firm received a 500,000-stock investment from HAGL’s subsidiary HAG Rubber JSC. The capital contribution contract between the two firms stipulated the value of each stock at VND51,000 ($2.2). Thus, HAG Rubber’s total capital contribution to FPT Capital was VND25.5 billion ($1.1 million). At the time, HAG Rubber committed that its stocks would be listed before August 15, … [Read more...] about FPT Capital sue HAGL maybe for the seven year ago problem