Hanoi (VNA) – The State-owned Vietnam National Shipping Lines (Vinalines) plans to divest capital from 13 member companies this year. The corporation will reduce its ownership in six businesses and divest all of its capital from seven others. With this divestment plan, the liquidation of vessels and impact of its shrunken market share in temporary import for re-export services, the firm forecasts its consolidated revenue this year will decrease by 14.5 percent from 2019 to over 10.31 trillion VND (444.26 million USD). Since 2013, when Vinalines began restructuring, the firm has divested capital from many companies, cutting the number of its subsidiaries from 73 to 35. Notably, it has divested all capital invested in enterprises operating in other sectors like banking, securities, insurance and real estate to focus on its main business sectors of seaports, sea transportation and maritime services. Divestments from poorly-performing subsidiaries have helped slash the … [Read more...] about State-owned Vinalines to divest capital from 13 firms in 2020
Maritime security operations
After the opening speech by General Ngo Xuan Lich, delegates discussed regional and global issues of mutual concern, informed major activities that will be held in 2020, and agreed on several contents, particularly the two joint declarations of ADMM and ADMM Plus that will be adopted by the end of this year. … [Read more...] about ADMM Retreat: Building mutual trust among regional countries
General Lich (R) and Thai Deputy Defense Minister General Chaichan Changmongkol Expressing delight at the fine development in bilateral defense cooperation, General Lich and General Chaichan Changmongkol agreed to continue to effectively implement such cooperation contents as delegation exchange, young officer meeting, defense policy dialogue and maritime security cooperation. … [Read more...] about Defense Minister holds bilateral meetings with Thai and Indonesian defense leaders
But in reality, regional experts argue that ASEAN has interests, responsibilities, and the ability to actively engage in the issue and contribute to the settlement of the disputes, experts said at “The 5th Ocean Dialogue: ASEAN Cooperation in the East Sea” held on June 18 in Hanoi. ASEAN’s involvement in the South China Sea disputes ASEAN interests and responsibilities in the East Sea … [Read more...] about What is ASEAN’s role in settling East Sea disputes?
Other industries that will be affected include textile, garment, leather and footwear. In the first three months of this year, the textile industry is expected to grow 1.9 per cent, while the garment sector is forecast to contract 1.5 per cent and the leather and shoe production industry is likely to expand 0.5 per cent. Without the COVID-19 epidemic, the growth of these industries would have reached 10.5 per cent, 7.9 per cent and 8.5 per cent, respectively. … [Read more...] about BUSINESS NEWS HEADLINES FEB. 20