Gia Tue investment firm commissions six realty projects

Saturday, April 26, 2008
Gia Tue Investment Joint Stock Co recently announced that it would sign strategic cooperation agreements with Saigon Thuong Tin Real Estate Joint Stock Co (Sacomreal), Hoa Binh Real Estate Trade and Construction Joint Stock Co and VNS Securities Joint Stock Co on April 26 to carry out a series of big real estate projects.
At present, Gia Tue is implementing six realty projects nationwide covering on total area of 500 hectares and total investment capital of five trillion dong
According to Tran Minh Hoang, Gia Tue Co's chair, his company targets to provide some one million square metres of apartment floor area and 200,000 square metres of office floor area and manage and exploit 500 rooms in four-five start hotels by 2012.

SSC halts securities company establishment

Saturday, April 26, 2008
The State Securities Commission (SSC) will temporarily halt receiving new applications for the establishment of securities and fund management companies as from April 28.
The SSC explained that the move aims to ensure sustainable development for the fledgling stock market in the country.
While lauding securities and fund management companies’ positive contributions to the growth of the stock market, the SSC also said these companies need to have their operation reassessed in a bid to raise the quality of their services.
The stock market watchdog also said it will later announce the date for receiving new applications. (VNA)

Vinasun Corp targets 92b dong profit in 2008

Saturday, April 26, 2008
Anh Duong Viet Nam Joint Stock Corp (Vinasun) recently reported gaining revenue of over 549 billion dong in 2007, rising 107.4% against 2006 and 73.6 billion dong from after tax profit.
The company also targets to earn 92 billion dong in pre tax profit this year and pay a 2007 dividend of 18% that could be 20% for 2008.
Now, Vinasun Corp is managing nearly 1,500 cabs and coaches that could be 2,500 at the end of this year.
At present, the company holds 35% of HCM City's market share, 50% in neighbouring province of Binh Duong and being one of the most prestigious and quality firms in Vietnam.
In addition, Vinasun also invests in real estate field with many big projects including apartment project in Dist 8, Tan Da trade centre in Dist 5, Tay Bac (Northwest) Cu Chi villas area, Vinasun urban zone in Dong Thap and Vinasun Tower project in district 1.
The company expected that these projects when put into operation would bring in over 30 billion dong from after tax profit. (DTCK)

Vinatex postpones share sale till 2009

Saturday, April 26, 2008
Viet Nam National Textile & Garment Group, known as Vinatex, plans to postpone its initial share sale to 2009 as the benchmark stock index slumped, said Chairman Le Quoc An.
The share sale was initially scheduled for this year.
The benchmark VN-Index has fallen 45% this year, the worst performer among 90 global key indexes tracked by Bloomberg. (Bloomberg)

Hacisco shareholder raises stake

Saturday, April 26, 2008
Hanoi Post and Telecommunication Construction and Installation Joint-Stock Company (Hacisco) shareholder Robert Alexander Stone raised his stake to 6.09% from 5.9% on April 18.
Stone boosted his stake by buying 10,000 shares, the Ho Chi Minh Stock Exchange reported on its website.
Last month he bought a similar-sized parcel of shares in the Hanoi-based firm.
Hacisco, which provides cellular and fixed-line telephone, fax, trunk and telex services, is in the process of buying back 500,000 shares between March 14 and June 14.
The stock slumped VND300, or 1.56%, to close at VND18,900 on Friday, its lowest this year. (TN)

Moves to curb inflation may hurt loans: Bank

Saturday, April 26, 2008
Moves to curb inflation may hurt loans: Bank
The loan market could be hurt by speculation that the government plans to tighten credit to slow inflation, the Viet Nam Bank for Industry and Trade has warned.
“The credit and capital markets may face difficulty because of government policy in the months ahead,” Nguyen Anh Tuan, deputy director of the banking division at the bank, known as VietinBank, said in an interview on the sidelines of a conference in Hanoi Thursday.
April inflation rose to 21.4% year-on-year, prompting speculation the government may ramp up measures to slow lending.
The central bank has raised benchmark interest rates this year, told banks to raise the amount of compulsory reserve, and sold more bills and bonds to drain liquidity to slow inflation.
Viet Nam has limited liquidity, a small number of banks with branches in the country, withholding tax on interest and competing sources of debt capital, Ana Dhoraisingam, Singapore-based regional head of syndication at Australia & New Zealand Banking Group Ltd. told the Hanoi conference. (Bloomberg)

Hai Phong paint producer releases fiscal report

Saturday, April 26, 2008
Hai Phong Paint Joint Stock Co released its 2007 fiscal report with 231.747 billion dong in total capital including 65.929 billion dong in equity, 374.447 billion dong in revenue from sales and service provision, 71.174 billion dong in combined profit from sales and service provision, and 982.020 million dong from financial investment.
It also gained 28.099 billion dong in total pre-tax profit with CIT of 3.851 billion dong so its after-tax profit was 24.247 billion dong, 913.304 million dong in other profits, EPS of 55,317 dong and its dividend at 20%.
Its cost for financial operation was posted at 7.916 billion dong while that for sales was 26.622 billion dong, for corporate administration was 10.433 billion dong and other costs were about 123.72 million dong.

My Chau Printing and Packing posts over 226.858b dong in total assets

Saturday, April 26, 2008
My Chau Printing and Packing Joint Stock Co last year posted over 226.858 billion dong in total assets while its total revenue attained about 166.017 billion dong.
The producer also earned 22.2 billion dong in combined profit, 981.008 million dong from financial activities, 253.117 million dong in other profits, total pre-tax profit of nearly 11.845 billion dong, after-tax profit of 10.479 billion dong and EPS of 3,493 dong.
Its cost for financial activities was 2.118 billion dong, for sales at about 3.520 billion dong, for corporate administration was 5.912 billion dong and other costs were 176.258 million dong.

Kinh Bac Co to scale up chartered capital to 2tr dong

Saturday, April 26, 2008
Listed firm Kinh Bac Urban Development Joint Stock Company (coded KBC) recently announced it would pay a 2007 dividend of 43% in shares.

Last year, KBC earned 320 billion dong from after tax profit, equalling to 683% of the year's plan and its total asset reached 3.013 trillion dong, up 333% yoy.

This year, the company plans to offer more shares to hike its chartered capital to two trillion dong, bring 1.189 trillion dong in revenue and 611 billion dong from after tax profit and pay dividend of minimum 30%.

At present, KBC is carrying out its investment project spending US$100 million to expand Bac Ninh province's Que Vo industrial complex to a total expected area of over 600 hectares, a US$200 million Yen Phong industrial zone project in the first phase in Bac Ninh and the Phuc Ninh urban zone project capitalised at US$200 million.

This year, the company and Taiwan-based Foxcon Group will jointly carry out the Trang Cat high-tech and new urban zone project in the northern province of Hai Phong along with other projects. (DTCK)

Thanh Binh Joint Stock Co reports 2007 performance

Saturday, April 26, 2008
Thanh Binh Joint Stock Co recently reported that in the last fiscal year, it gained about 161.097 billion dong in total assets, 160.278 billion dong in revenue from sales and service provision, 22.568 billion dong in combined profit from sales and service provision.
In addition, it also reached nearly 14.445 billion dong in net profit from business, 167.219 million dong from other profits, 12.825 billion dong in after-tax profit, and EPS of 2,191 dong.
The company spent 3.983 billion dong on financial cost, 1.551 billion dong on sale cost and 2.746 billion dong on corporate administration cost.

Thanh Cong garment and textile firm to issue 500b dong of convertible bonds

Saturday, April 26, 2008
Thanh Cong Garment and Textile Joint Stock Co (coded TMC) recently announced its plan to issue five million convertible bonds at the face value of 100,000 dong aiming to meet the demand of business activities development and scale up chartered capital over next years.
These bonds have yearly coupon rate of 12% and can be converted into shares for three-years. The detailed convertibility measure will be passed in the shareholders' meeting that will be held on April 26 under the consultancy of Au Lac Securities Joint Stock Co.

OCB to hike chartered capital to 1.7tr dong

Saturday, April 26, 2008
Orient Commercial Joint Stock Bank (OCB)'s shareholders' meeting recently passed the plan to hike its chartered capital from the current over 1.111 trillion dong to about 1.7 trillion dong through issuing more shares.

Particularly, the bank will issue bonus shares to existing shareholders at the ratio of equalling to 33% of their total holding. Then, another 2.5 million shares will be sold to the bank's employees. Finally, 20 million shares will be offered the strategic partner BNP Paribas, bringing the foreign investor's size in the local lender to 15%.

In addition, OCB will also offer a share volume to selected external shareholders.

Bac Lieu fisheries processor goes public

Saturday, April 26, 2008
The Hanoi Securities Trading Center (HaSTC) on April 22 approved in principle Bac Lieu Fisheries Joint Stock Co (coded BLF) to list shares on the northern bourse.

BLF officially changed into the model of joint stock company from July 20, 2006 specialising in seafood and aquatic production, processing, export and import.

In 2007, the processor reached 262.8 billion dong in revenue and 11.2 billion dong from after tax profit. In October 2007, the company finished new frozen sushi production line to export to Japanese and European markets. At present, the company earns monthly over US$300,000 from seafood export turnover

This year, BLF plans to hike its chartered capital to 80 billion dong through adding equitisation surplus capital to chartered capital and offering more shares to the strategic shareholders.

The capital being mobilised from the share issue will be invested in future projects, which were signed with Japan and Korea partners.

The company also plans to build a new plant in HCM City and Bac Lieu in the forthcoming time. (DTCK)

Greenlight for foreign audit firms

Saturday, April 26, 2008
The State Securities Commission (SSC) has announced that four foreign auditing firms have been allowed to audit securities issuers, listed companies and securities business firms.

The firms are Ernst & Young Viet Nam, Grant Thompton Viet Nam , Price- waterhouse Coopers Viet Nam and KPMG.

The companies are among 28 autiditing firms qualified to do the job.

Ministry of Finance’s Decision No 89 issued last October requires a qualified company to have a charter capital or ownership capital of at least 2 billion VND (125,000 USD) for domestic firms; and a charter capital of 300,000 USD or more for foreign invested firms.

A company must have at least seven auditors: and must have been in operation for at least three years, the decision states.

The SSC considers and gives permission to qualified firms just once a year.

Companies that carry out auditing must submit documents to the commission from October 1 to October 30 annually. The commission announces the results usually by November 15.

Vu Thi Kim Lien, SSC vice chairwoman , said the commission waited to announce the list because at the end of last year and the beginning of this year it was considering supplying new companies with new criteria. (VNA)

SBV provides support to ensure commercial banks’ liquidity

Saturday, April 26, 2008
The State Bank of Viet Nam (SBV) has sent a document to commercial banks, affirming that SBV will strengthen the refunding of capital, in the form of guaranteed loans, to commercial banks to ensure their payment capacity, especially small-scale ones.

Together with the refunding capital, the SBV will also continue its capital support through daily open market operations.

The consideration and decision to grant capital refunding will be made quickly, based on the proposals of commercial banks, the real capital supply-demand situation and the objectives of the current monetary policies.

With this move from the SBV, the banking market in the coming time is expected to be less tense in capital supply an demand, thus lessening elements that boost interest rates to increase.

Earlier, members of the Viet Nam Banking Association have also reached a consensus on continuing to maintain the maximum interest rates for deposits in Vietnamese dong at 11% a year.

Bao Viet Securities broker to hike chartered capital

Saturday, April 26, 2008
Bao Viet Securities Company (BVS) recently approved this year's business plan with the total revenue of 314 billion dong, 142.3 billion dong from after tax profit and pay dividend of 20%.

The company also plans to hike its chartered capital to one trillion dong from the current of 450 billion dong via offering more shares within this year or by the end of next year and sell about 10% stake to foreign shareholders after capital increase.

During the first quarter of this year, BVS made a revenue of 59.17 billion dong and 27.8 billion dong from pre tax profit. The broker added 30 million more shares to securities depository centre from April 23. These are shares being offered to the existing shareholders under the model of buying right at the ratio of two new shares for one share held and the offering price of 323,000 dong per share.

Last year, the company gained 399.9 billion dong in total revenue and 214.5 billion dong from after tax profit and planed to pay dividend of 20%.

Investment firm No 577 to offer 5.6m shares

Saturday, April 26, 2008
Investment Joint Stock Co No 577 (coded NBB)'s shareholders' meeting recently passed the plan to offer 5.6 million more shares within this year to hike its chartered capital from the current of 154 billion dong to 210 billion dong and raise capital for its big projects including high rise apartment buildings of NBB Garden 1, NBB Garden 3, Peony Garden in HCM City and eco-urban area in the northern city of Ha Long.

This year, NBB targets to bring 344.47 billion dong in revenue, of which 298.94 billion dong from real estate field, and 65 billion dong from after tax profit and pay a 14% dividend.

Last year, the company reached 215.03 billion dong in total revenue, up 168% against the year's target, of which revenue from real estate gained 132.3 billion dong, 40.66 billion dong from pre tax profit, 29.27 billion dong from after tax profit and planed to pay a 12% dividend.