The flag carrier is looking for potential investors to acquire a stake in Pacific Airlines while trying to evaluate its value, and whether a private placement offer or public auction is suitable for the deal, Vietnam Airlines head accountant Tran Thanh Hien told shareholders at the annual general meeting Tuesday. There are several different decrees on state capital management that should be consulted for each of the two options, which Vietnam Airlines are studying in great depth, he said. Another challenge involves Pacific Airlines having accumulated a loss, with extra rules governing the sale of such companies, he added. Hien said Vietnam Airlines is requesting the government to help it find a suitable investor in Pacific Airlines in a way that ensures transparency in legal implementation. The state-owned carrier said in a recent report that Pacific Airlines is in a "severe" financial situation and is facing insolvency. The low-cost carrier is reporting an accumulated loss … [Read more...] about Vietnam Airlines faces legal headache in sale of ailing Pacific Airlines
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Ring road plan to transform market
Ring road plan to transform market - Illustrative photo (Source: VNA) The government has asked the National Assembly (NA) to consider and decide on the policy for investing in the ring roads to be located in the country’s two biggest cities. Tran The Anh, sales director of Thang Loi Group, said that the land fund in inner cities is increasingly exhausted and prices are high, with investors turning to suburban real estate. “There is a thirst for houses for those living and working in Ho Chi Minh City in particular,” The Anh said. “The shifting trend of investors and individual financiers is also creating a new vitality for the real estate market in the suburbs.” One of the issues discussed by NA delegates and experts is how to exploit the land fund around the two ring roads, which will soar in value. Already in many places, the price of land in the area has increased dozens of times over. “Because the two routes will open up a vast land fund, the management of auctions of … [Read more...] about Ring road plan to transform market
Vietnam going for gold with Fortune Global 500 attraction
Major tech-based companies like Samsung and Intel already have a presence in Vietnam, but the country is seeking even more, Photo: Le Toan The Fortune Global 500 goal is a highlight of Vietnam’s strategy for foreign investment cooperation for the 2021-2030 period. At a conference on strengthening Vietnam-Japan cooperation and development organised in the northern province of Vinh Phuc last week, Masuoka Hiroyoshi, general director of Thang Long Industrial Park Company, said that the group is continuing to survey locations to develop industrial zones, following Thang Long I and II industrial parks (IPs) in Hanoi and the northern province of Hung Yen and Thang Long IP in the northern province of Vinh Phuc. Sumitomo Corporation is one of the groups listed on the Fortune Global 500, and has operated IPs for over 20 years in Vietnam. “Since first entering Vietnam, the corporation has received support from the government, relevant authorities, and localities in completing … [Read more...] about Vietnam going for gold with Fortune Global 500 attraction
Real estate market slumps as banks cut off funds
Gloom has set in in many localities including Bao Loc (the Central Highlands province of Lam Dong), Dac Nong, Binh Phuoc, Ba Ria-Vung Tau, and Binh Thuan, whose real estate markets used to be hot a few months ago.— Photo datxanhgiatrithuc.com Tran Trung Thanh, a real estate broker in Binh Thuan and Ba Ria-Vung Tau provinces, said since the beginning of April demand for agricultural lands has seen a sharp slump. The number of people who want to sell land is higher than those who want to buy, he said. Gloom has set in in many localities including Bao Loc (the Central Highlands province of Lam Dong), Dac Nong, Binh Phuoc, Ba Ria-Vung Tau, and Binh Thuan, whose real estate markets used to be hot a few months ago. Even the housing segment has shown signs of slowing down in many localities due to falling demand on both the primary and secondary markets. HCM City is a typical example. The country’s economic hub always has high demand for housing and faces a serious shortage of … [Read more...] about Real estate market slumps as banks cut off funds