Mekong Capital divests from Asia ChemicalsMekong Enterprise Fund II, a unit of Mekong Capital, has completely divested from Asia Chemicals Corporation (ACC) and taken in US$8.9 million, a 2.6-fold increase over its initial investment, after a seven-year holding period.According to a press release issued by Mekong Capital on August 10, in 2011, MEF II invested US$3.8 million in ACC, which was its 10th investment, after others in Mobile World Investment Group (The Gioi Di Dong), Golden Gate, Vietnam Australia International School and International Consumer Products.However, MEF II has now divested from all of its 10 earlier investments. The divestments have helped the fund generate a gross return multiple of 4.5 and a gross internal rate of return of 22.5%.Early this year, MEF II sold five million shares at Mobile World, generating a gross return multiple of 56.9 and an IRR of 61.1%, making it one of the most successful investments in Asia.Also, the fund’s full exit from Vietnam … [Read more...] about BUSINESS NEWS IN BRIEF 22/8
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Human traffickers jailed for 80 years The People's Court in the southern Tay Ninh province yesterday sentenced 23 defendants to 80 years in jail for human trafficking, illegal money lending and fraud with the intent to appropriate property. The harshest sentence, 12 years and six months in jail, was given to Nguyen Truong Son, 39, the head of the ring, from Tay Ninh Province. His wife, Tran Thi Co, 34, was given a four-year jail sentence. The indictment by the provincial People's Procurary said the couple, along with other members of the gang, cheated and forced some 40 women to work at a karaoke bar. They also lent money to these women as monthly stipends at very high interest rates. The couple is believed to have earned more than VND1.2 billion (US$56,000) from such illegal money lending. In addition to being loan sharks, the couple also confessed that they had trafficked 20 women. Man killed in road accident A man was killed instantly while five persons were injured when a … [Read more...] about Social Headlines December 25
Local news sites remain blocked Users remain blocked from the websites of Vietnamese newspapers with platforms hosted by the Vietnam Communications Corporation (VCCorp) since October 13. The newspapers include Thoi bao Kinh te Viet Nam (Vietnam Economic Times) at , Nguoi Lao Dong (Labourers) at and Gia Dinh Xa Hoi (Family and Society). Other company websites have the same issues. Nguyen The Tan, deputy general director of VCCorp, told Tuoi Tre (Youth) newspaper that the breakdown of its Data Center system has resulted in the websites' inaccessibility. He said the company was prioritising the repair of the newspaper websites to enable them to re-open. Asked about the reasons for the breakdown, Tan said the company needed to check further and verify, although it specified errors in the Data Center system. He added that it was possible the sites were hacked. Vietnam, Australia promote cooperation in science and technology A Memorandum of Understanding (MOU) was signed between the … [Read more...] about Social News 19/10
Ban on asbestos use in Vietnam is urgent: workshop The Non-governmental Organisations-Information Centre (NGO-IC) held a workshop in Hanoi on November 27 to call for joining hands with Vietnamese agencies in a bid to draw a roadmap for the ban of white asbestos use in the country. Nguyen Manh Hung from the Vietnam Standards and Consumer Protection Association said asbestos is a generic name given to a group of fibrous silicate materials which are now present in more than 3,000 products. In Vietnam, white asbestos is mostly used in producing asbestos-cement (AC) roofing sheets. Forty-one roofing sheet facilities nationwide are able to turn out over 100 million sq.m. of AC roofing sheets a year, meeting 60 percent of the demand, primarily in rural and mountainous areas due to their low prices and high level of durability, he added. Tran Anh Thanh from the Ministry of Health’s Health Environment Management Agency said asbestos is proved harmful to human health, and people are … [Read more...] about Ban on asbestos use in Vietnam is urgent
Government struggles to lure overseas Vietnamese talent back home; experts say it may take years After the Vietnam War ended in 1975, Jean Nguyen and her family moved to the US, where she then graduated at the top of her class at West Point, America's premier military academy, ten years later. US President Ronald Reagan called her an "American hero." Nguyen's story, and the story of US-Vietnam relations, came full circle that day. West Point was a driver of the killing of millions of Vietnamese and a million more Laotians and Cambodians during "The Vietnam War," which had caused Nguyen to leave. The country now finds itself lacking talented and trained workers, specialists and leaders. Historically, the cause has been war and colonialism and their lingering aftereffects. Currently, it might have to do more with bloated bureaucracies and business and management culture. Experts are mulling over what can be done in Vietnam to keep talent around, and draw in talent from … [Read more...] about Vietnam’s not got talent?