State should back domestic venture funds: Vietnam Automation AssociationBy Thuy Dung A young entrepreneur introduces a mobile app to tourists at a shopping mall - PHOTO: DAO LOAN HCMC - Most of the 40 venture funds operating in Vietnam are foreign ones, so State agencies should take drastic steps to support the establishment and development of local venture funds as a way to bolster startups, said Nguyen Quan, chairman of the Vietnam Automation Association. Startups in Vietnam have encountered numerous difficulties, especially the lack of capital, he added. The legal system has yet to include incentives for venture funds even though they are considered the decisive factor in the success of innovative startups. According to the National Agency for Technology Entrepreneurship and Commercialization Development under the Ministry of Science and Technology, Vietnam had had some 3,000 startups as of last year, and the investment in startups is increasing. In 2016, startups carried … [Read more...] about State should back domestic venture funds: Vietnam Automation Association
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Singaporean investment fund cuts losses in Vinasun
GIC Private Limited made a full exit from Vinasun at a price less than half of what it paid to buy in four years ago. Singaporean investment fund divesting from Vinasun GIC Private Limited (formerly known as Government of Singapore Investment Corporation), a sovereign wealth fund established by the Singaporean government, has just announced to have fully divested Vietnam Sun Corporation (Vinasun, code: VNS), according to the Ho Chi Minh City Stock Exchange (HSX). Accordingly, 5.4 million VNS shares (equivalent to an 8 per cent stake) have been transacted on HSX with the total value of VND80 billion ($3.5 million) on May 25. GIC poured around VND200 billion ($8.8 million) into Vinasun in August 2014, equalling VND45,000 per share. Thus, GIC divested at roughly 40 per cent of the purchasing price, losing approximately VND120 billion ($5.3 million). This move has made as the business results of the taxi firm have turned into the red and its stock fell sharply. Although … [Read more...] about Singaporean investment fund cuts losses in Vinasun
Singaporean investment fund divests from Vinasun
The development of Uber and Grab has put pressure on traditional taxi forms in Viet Nam. — Photo enternews.vn After losing more than VND125 billion (US$5.5 million) in Vinasun, Singaporean investment fund Government of Singapore (GIC) announced a full divestment from Vietnam Sun Corporation (VNS). Accordingly, the fund no longer holds any shares of Vinasun, reported Tien Phong (Vanguard) newspaper. Specifically, GIC sold 5.4 million VNS shares, representing 7.96 per cent of Vinasun’s capital on May 25 and currently owns no shares. The investment fund of the Government of Singapore invested in Vinasun in August, 2014, when car-hailing applications had not been popular in Viet Nam. The value for the acquisition at that time was estimated at VND200 billion. The development of Uber and Grab has since put pressure on traditional Vietnamese taxi companies, including Vinasun. Although one of the brands with the highest number of cars in HCM City, the company’s business … [Read more...] about Singaporean investment fund divests from Vinasun
Foreign investment funds making huge profits in Vietnam
VietNamNet Bridge - Some foreign funds are leaving Vietnam after making huge profits from their investment deals, while others are entering the country to seek new opportunities. Nawaplastic Industries (Saraburi) has wrapped up the sale of 21.27 million NTP shares of Thieu Nien Tien Phong Plastics, or 23.84 percent of charter capital of the company, after five years of investment. Analysts said the Thai investor earns roughly VND1.5 trillion, or three times higher than the initial investment capital. Prior to that, it received hundreds of billions of dong worth of dividends from Thieu Nien Tien Phong Plastics. Pyn Elite Fund announced its net asset value has reached 420 million euros, an increase of 80 million euros compared to the beginning of the year. The fund has made big money so far this year because the prices of the shares it is holding, including The Gioi Di Dong (MWG), Hoa Binh (HBC), DIC Corp (DIG), Khang Dien (KDH) and Vinaconex (VCG), have been increasing … [Read more...] about Foreign investment funds making huge profits in Vietnam
RoK’s indirect investment in Vietnam on the rise: State securities official
An investor tracks stock transactions (Photo: VNA) Hanoi (VNA) – The Republic of Korea (RoK) is currently the biggest foreign investor in Vietnam, and its increasing presence in Vietnam’s stock market is helping attract indirect Korean investment in the country, said Chairman of the State Securities Commission of Vietnam (SSCV) Tran Van Dung. He said in 2017, the stock market continued to be a magnet for foreign indirect investment which totalled 32.9 billion USD, up by 90 percent from 2016. Foreign indirect investment kept pouring into the country in the first three months of 2018, rising by 14 percent from the end of 2017 to 37.6 billion USD in late March. Korean indirect investment is rising sharply though it has yet to match potential, Dung said, noting that 4,846 RoK investors are present in Vietnam’s stock market. There are five RoK-invested securities companies in the market at present, namely Korea Investment & Securities, Mirae Asset Daewoo, Shinhan … [Read more...] about RoK’s indirect investment in Vietnam on the rise: State securities official