Vincom builds trade centre in Hai Phong

Sunday, May 11, 2008
The Vincom Hai Phong Joint Stock Company (Vincom HP JSC) broke ground for the construction of a deluxe apartment, office and trade centre in northern Hai Phong port city on May 10.
Vincom Plaza , the biggest multifunctional complex in Hai Phong, will cover 9,125 sq.m and have 31 stories, including a three-storey basement.
The 1.4 trillion VND plaza is expected to be complete in 24 months.
Vincom HP JSC is a wholly domestic-invested business and a member of the Vincom Joint Stock Company, one of the country’s leading businesses in the real estate sector with many big projects in Hanoi and Ho Chi Minh City.Sunday, May 11, 2008
Vincom builds trade centre in Hai Phong
The Vincom Hai Phong Joint Stock Company (Vincom HP JSC) broke ground for the construction of a deluxe apartment, office and trade centre in northern Hai Phong port city on May 10.
Vincom Plaza , the biggest multifunctional complex in Hai Phong, will cover 9,125 sq.m and have 31 stories, including a three-storey basement.
The 1.4 trillion VND plaza is expected to be complete in 24 months.
Vincom HP JSC is a wholly domestic-invested business and a member of the Vincom Joint Stock Company, one of the country’s leading businesses in the real estate sector with many big projects in Hanoi and Ho Chi Minh City.Sunday, May 11, 2008
Vincom builds trade centre in Hai Phong
The Vincom Hai Phong Joint Stock Company (Vincom HP JSC) broke ground for the construction of a deluxe apartment, office and trade centre in northern Hai Phong port city on May 10.
Vincom Plaza , the biggest multifunctional complex in Hai Phong, will cover 9,125 sq.m and have 31 stories, including a three-storey basement.
The 1.4 trillion VND plaza is expected to be complete in 24 months.
Vincom HP JSC is a wholly domestic-invested business and a member of the Vincom Joint Stock Company, one of the country’s leading businesses in the real estate sector with many big projects in Hanoi and Ho Chi Minh City.

Thu Duc Trading Co's Q1 revenue up 60 pct

Saturday, May 10, 2008
Thu Duc Export Import and Trade Joint Stock Co (coded TMC) recently reported the business results in the first quarter of this year with 357.921 billion dong in revenue, up 59.4% against the same period of last year, 11.337 billion dong from after tax profit, rising 159.9% from 2007 and EPS was 2,980 dong.
This year, the company targets 1.2 trillion dong in revenue, 20 billion dong from pre tax profit and dividend of 15%.
Last year, TMC made a revenue of over one trillion dong in revenue and 14.9 billion dong from after tax profit.

Vincom bond issue fulfils hopes

Saturday, May 10, 2008
The Ho Chi Minh Stock Exchange (HOSE) listed firm, Vincom Joint Stock Co reported on May 7 that its first corporate bond sale gained success with 2 trillion VND (125 million USD) in bonds were sold out under the consultancy of Agribank Securities Co.

The bonds issued on May 6, 2008 have a term of five years and a face value of one billion dong each. The coupon rate for the first year is 16% per annum and that of following years is calculated based on one-year deposit rate of four banks (Agribank, Vietcombank, Bidv and Vietinbank) plus 4% per annum. The coupon rate payment will be implemented on May 6 every year.

The money raised through this tranche will be used for a Ho Chi Minh City commercial complex project including trade centres, restaurants and high-rise buildings.

“We successfully raised 1 trillion VND (62.5 million USD) through bond issuance last year and realized that the bond issue was an effective channel for capital mobilization,” an official from Vincom’s planning division said.

He added that the company would continue issuing bonds as a safe, reliable method to mobilise capital for its future project.

“We also want to diversify the channel of money mobilization. Then our projects will be ensured of being implemented on time,” the official said.

In October 2007, Vincom raised 1 trillion VND (62.5 million USD) for this complex, also through bond issuance. The underwriter for this issuance was the Bank for Investment and Development of Vietnam (BIDV) and ANZ.

OceanBank to launch prominent saving product in dong

Saturday, May 10, 2008
Starting May 12, Ocean Commercial Joint Stock Bank (Ocean Bank - OCB) will launch the prominent saving product in dong. As selecting the saving type, customers' saving will be ensured according to gold price that is not lower than value of initial deposit.
In addition, the saving rate of the product is higher than ordinary rate of gold deposit.

Banks' ambitions

Saturday, May 10, 2008
With the target to become leading financial groups of Viet Nam, a slew of banks currently are speeding up setting up of subsidiary companies and member entities. Not only state large sized commercial banks, but also smaller sized banks have nurtured the ambitious plan.
But according to financiers, to become financial groups in the true sense of the word, banks need to do more. If not, the financial group is a name only.
In line with the plan approved recently, from 2008 to 2010, Sacombank will carry out the step 1 by trying to transform its own members into holding companies. This is the firm preparation for the step 2 of setting up a financial group starting 2011.
The bank chair Dang Van Thanh revealed that the becoming of financial holdings will gather the whole strength of our members through expanding network, operation size and technological reform whereby Sacombank can gain maximum profit in the future.
At present, Sacombank is managing five dependent companies and two joint ventures, including SBS, Sacombank Leasing, Sacombank Asset and Debt Management Co, Overseas Remittance Co, Sacombank Jewellery Co, Card Co, associated firm with ANZ and Viet Nam Fund Management Co (VFM). In addition, the bank also cooperates with many other companies to form some new dependent enterprises, for example Sacombank insurance company. This year, the lender targets to increase the chartered capital from 4.449 trillion dong to 6.048 trillion dong, of which 1.110 trillion dong will be used to add capital and set up some new firms.
Similarly, with the target to raise the chartered capital from the current 2.8 trillion dong to 7.38 trillion dong within 2008, Viet Nam Eximbank is seeking strategic alliances from regional large sized groups and banks to become one of leading financial holdings in Vietnam. In 2008, the bank will use a surplus capital to provide capital to their forthcoming companies.
Seem to be more cautious, ACB also announced steps and orientation until 2015 with an aim to become the leading financial banking group in Vietnam. By 2010, ACB group's ownership is estimated at about 15 trillion dong while total asset is targeted at 315 trillion dong, profit of seven trillion dong, a four fold increase over 2007 thanks to retail banking service and investment banking with an expected network of 350 branches and transaction offices.