Money

Experienced South Korean investors can bring that wealth of knowledge to Vietnamese counterparts Photo: Le Toan For the past year, South Korean securities companies have been competing with each other to buy out Vietnamese brokerage houses. Last month, Hanwha Investment & Securities Co., Ltd., part of the Hanwha conglomerate, took over HFT Securities Corporation, a tiny brokerage listed on the Unlisted Public Company Market (UPCoM). Similar to many other mergers and acquisitions (M&A) deals among Vietnamese brokerage houses, Hanwha decided to take over HFT when the company was struggling financially, with major losses and dismal business efficiency. In the first quarter of 2019, HFT only recorded VND304 million ($13,200) of after-tax profit, 75 per cent lower than the previous year. Despite this profit, the ­company still held VND13.5 billion ($587,000) of accumulated losses. The takeover of HFT took place quickly, even though the two sides had no previous ties. Right … [Read more...] about South Korean securities immersed in M&A deals

Korean-backed Shinhan Bank Vietnam Ltd. has officially opened four more branches and transaction offices in Vietnam’s most vibrant metropolises, including Danang city, the capital Hanoi, Haiphong city, and Binh Duong province.   The inauguration ceremony of Shinhan Bank's Danang branch Among them, the Danang branch is the bank’s first in the central region, adding to its existing network of branches and transaction offices in the northern and southern areas of the country. With the opening of the Danang branch, Shinhan Bank has completed its goal of expanding its network nationwide in 2019. Shinhan Bank has its network located in most favoured locations in big cities across the country, with the entities based in Danang, Hanoi, Haiphong, and Binh Duong– Vietnam’s robust financial centres – are structured for operation as multi-function banking units. By opening these new branches, Shinhan Bank aims to attract more investment from Korea as … [Read more...] about Shinhan Bank expands footprint in Vietnam

Investment funds from Singapore turn to Vietnam as global conditions remain volatile Major deals In the first half of 2019, investment funds from Singapore continued their quest for high-performing firms listed on Vietnam’s main bourses. Most recently, F&N Dairy Investments, the Singaporean subsidiary of tycoon Charoen Sirivadhanabhakdi, registered to buy 1 per cent of dairy firm Vinamilk between July 10 and August 8. At the same time, another big-name in the region – Platinum Victory of Jardine Matheson Group – wanted to purchase the same amount of shares between July 4 and August 2. The two companies already have significant ownership at Vinamilk – F&N has 17.31 per cent and Platinum Victory 10.62 per cent. The latter might be the newcomer to this race, but they have shown some incredible buying powers: the investor was the sole buyer at Vinamilk’s share auction in 2017, taking up 3.3 per cent of the shares from Vietnam’s State Capital … [Read more...] about Singaporean investors find gold in Vietnamese stock market

Companies such as VNPay, involved in e-payments since 2007, demonstrate the power of fintech firms, Photo: Duc Thanh Within the first half of 2019, the market has witnessed a slew of mergers and acquisitions (M&A) between financers and startups in fintech. Unlike previous years, buyers range from venture capitalists to banks, investment funds, and even other startups themselves, which mark a new chapter of M&A activities in the fast-growing sector. It is also notable that many of the M&A deals involve business-to-business fintech groups, which mean they are most likely to help with the buyer’s operations rather than dealing directly with consumers. One such deal is between VCG Partners, the Singapore-based fund manager of VinaCapital, and Smartly, a robo-advisory investment platform. VinaCapital did not disclose the amount of money it spent purchasing Smartly. Smartly has been a close partner of VinaCapital since 2016, when VCG Partners began discussions to jointly … [Read more...] about Top lenders latch onto fintech future

Hong Kong stocks tumbled on Tuesday (Aug 13) as protests that have jolted the city for more than two months fuel political and economic uncertainty, with China's growing frustration leading to worries it will take a tougher line with the standoff. Residential and commercial buildings in the Kowloon district (foreground) with the skyline of Hong Kong Island past Victoria Harbour in the distance. (Photo: AFP / Anthony Wallace) The increasingly violent unrest in the key financial hub comes as world markets are hit by fears about the global economy and dimming hopes for trade talks between China and the United States. In the latest development, Hong Kong's busy international airport was forced to cancel hundreds of flights in and out on Monday as thousands of demonstrators descended, stranding thousands of passengers. Hundreds of flights were still listed as cancelled at the airport, one of the world's busiest, as protesters returned Tuesday to block passengers from reaching … [Read more...] about Hong Kong stocks dive as protests rumble, China anger builds