Gasoline retailing is one of four new sectors that Vinafood II wants to invest in. Photo by VnExpress/Huu Khoa. Vinafood II, one of Vietnam’s biggest rice exporters, has announced plans to diversify into oil trading and gasoline retailing. According to documents released before its annual general meeting at the end of July Vietnam Southern Food Corporation-JSC (Vinafood II) said it plans to expand into four new sectors, real estate and vehicle parking lots being the other two. Since Vietnamese law does not allow foreign investment in gasoline and petroleum trading, Vinafood II has asked the government to prohibit foreign ownership of its shares. It is currently zero. Vinafood II equitized and listed on the Unlisted Public Companies Market (UPCoM) in March last year, with the government retaining a 51.43 percent stake. Last year provision for devaluation of inventory, loss of financial investments and bad debts after equitizing caused the company a loss of … [Read more...] about Top rice exporter wants to invest in petroleum
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CNN lists best things to do in Phu Quoc
The Hanoitimes - Phu Quoc, a 222-square-mile island in the Gulf of Thailand, has welcomed rapid development and an ever-growing list of direct flight connections. Hanoi and Phu Quoc among best destinations to visit in Asia: CNN Which are must-do things in Phu Quoc in three-day and two-night? Holidaymakers rush to Phu Quoc during National Reunification Day holiday CNN website of the US news television channel, has picked nine things you have to try in Phu Quoc island, offshore Kien Giang province. According to CNN, one of the must-try things in Phu Quoc is to dive right in. Whether you're keen to snorkel or scuba dive, the waters around Phu Quoc are teeming with marine life, most of which is centered around the Phu Quoc Marine Park in the south or the Ganh Dau Coral Gardens just off the northwestern tip. Phu Quoc island in Kien Giang province. In addition to crabs, squid and hundreds of coral reef fish, you might also be lucky enough to spot a hawksbill turtle or a … [Read more...] about CNN lists best things to do in Phu Quoc
Altus Capital funded to invest in distressed Southeast Asian companies
Altus Special Situations Asia 1 LP, an investment platform of Altus Capital Corporation, will receive $65 million from IFC and its subsidiaries to set up a regional facility to invest in distressed companies across Southeast Asia, including Vietnam. Altus Special Situations Asia 1 LP, a special situation investment platform set up by Altus Capital Corporation (a specialist investor and asset manager that focuses on Special Situation and Distressed Assets investments across Southeast Asia), has secured $65 million from IFC, a member of the World Bank Group, and its two funds managed by IFC Asset Management Company (AMC): IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund. The investment, according to IFC, is targeted at supporting distressed companies in East Asia’s emerging markets with financing to ensure they can meet their financial obligations, regain creditworthiness, and preserve jobs, thereby contributing to sustainable growth. Altus Capital Corporation, … [Read more...] about Altus Capital funded to invest in distressed Southeast Asian companies
Foreign funds grab opportunities to invest in Vietnamese companies
The Hanoitimes - Vietnamese companies have remained in the taste of foreign investment funds despite a rising trend of capital withdrawal from emerging and frontier markets. A group of investment funds managed by Dragon Capital has recently bought 4.21 million shares of Dat Xanh Group (DXG) to raise its ownership in the Vietnamese real estate developer to 19.03 percent. The group has bought nearly 11 million DXG shares since the beginning of July. Dragon Capital recently bought 813,110 shares of Vietnam Electrical Equipment Earlier, Dragon Capital also announced that it successfully bought 813,110 shares of Vietnam Electrical Equipment JSC (GEX) to lift its ownership to 13.6 million shares and become a major shareholder, holding 5.05 percent of the charter capital of Vietnam’s leading electrical wire and cable manufacturer. Dragon Capital’s remaining holding in GEX is in the hands of six other member funds, including Norges Bank (4.24 million shares–1.58 … [Read more...] about Foreign funds grab opportunities to invest in Vietnamese companies
Mekong Enterprise Fund III invests in local cushion firm
Mekong Enterprise Fund III invests in local cushion firmTam An Vua Nem plans to raise the number of its stores nationwide to 300 from the current 40 in 23 provinces and cities such as Hanoi, Haiphong, Danang and HCMC by 2020 HCMC – Mekong Enterprise Fund III, a unit of Mekong Capital, has made an investment in Vua Nem Co Ltd, a Vietnamese firm which specializes in mattress distribution and sleep solutions. In a statement released on June 4, Mekong Capital did not reveal an exact amount of money invested in the Vua Nem. According to Mekong Capital, the investment will help the company merge two of its brands – Dem.vn and Vuanem.vn – into a single brand called Vua Nem (literally, the king of mattresses). Besides, the finance will facilitate the company to develop a brand-new e-commerce system, and raise the number of its stores nationwide to 300 from the current 40 in 23 provinces and cities such as Hanoi, Haiphong, Danang and HCMC by 2020. Two Vietnamese … [Read more...] about Mekong Enterprise Fund III invests in local cushion firm