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EVNGENCO 2 to sell over 581 million shares through IPO

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EVNGENCO 2 held an IPO road show in HCM City on January 21 to tell investors about the opportunity for investing in the company. — Photo

HCM CITY — Power Generation Corporation 2 (EVNGENCO 2), a subsidiary of Vietnam Electricity, plans to sell over 580.12 million shares, or 48.8875 per cent of its charter capital, to investors and over 1.33 million shares, or 0.1125 per cent, to employees.

An initial public offering will be held at the Ho Chi Minh Stock Exchange, with the shares auctioned at a starting price of VNĐ24,520 (US$1.06).

EVNGENCO 2 held an IPO road show in HCM City on January 21 to tell investors about the opportunity for investing in the company.

It saw the participation of representatives from the Government Office, ministries, the State Securities Commission, the Hanoi and Ho Chi Minh City stock exchanges, Vietnam Electricity, economists, energy experts, representatives of auditing and securities companies, and potential investors.

The company was valued at VNĐ46.1 trillion ($2.01 billion) as of January 1, 2019, with the Government’s stake being worth more than VNĐ26.6 trillion.

Fully owned by EVN, EVNGENCO 2 has seven dependent accounting units, holds 100 per cent stake in one company and at least 51 per cent in five others, which are operating in various fields ranging from hydroelectricity to thermal power.

EVN GENCO 2’s Thác Mơ solar power plant with a capacity of 40 MW that went on stream last month. — Photo courtesy of the company

According to Associate Professor Dr Vũ Minh Khương of the National University of Singapore, the equitisation of EVNGENCO 2, 100 per cent owned by EVN, attested to the efforts to reform the power sector and offers valuable investment opportunities to investors.

“EVNGENCO 2 has an important position in the power sector, good business efficiency, healthy finance, and competent staff. As of the end of 2020, EVNGENCO 2 had an installed capacity of 4,461 MW, accounting for 6.4 per cent and 15.1 per cent of the country’s total installed capacity and EVN’s total installed capacity.”

Its return on equity was around 10 per cent in 2018 and 2019, which is high for the sector, he said.

In terms of finance, equity accounts for more than a third of total assets, which is considered healthy in the power sector, he said.

“EVNGENCO 2 has great potential for growth.”

With a number of power plants in strategic locations across the country, EVNGENCO 2 would achieve very high growth in future, he said.

“In addition, with its efforts to embrace digital transformation and apply new technologies, EVNGENCO 2 is expected to make great strides in improving its production efficiency in the next three to five years, especially operational efficiency and significantly reducing the environmental impacts of coal-fired thermal power plants, which currently account for 50.7 per cent of its total generation capacity.”

It has also actively invested in clean energy projects across the country, he said.

It recently completed 50 MWp solar power projects, and is in the process of building wind power plants with a capacity of 55 MW, and is applying for investment policies for eight new power projects with a total capacity of 2,593 MW comprising six solar power plants and two thermal plants.

Its strategies for the future include focusing on improving operational efficiency at existing plants and stepping up investment in renewable energy, Khương said. 

In addition, people investing in EVNGENCO 2 would greatly benefit not only from EVNGENCO 2’s own rapid growth but also Việt Nam’s.

Trần Phú Thái, EVN GENCO 2’s chairman of the board of members, said, “EVN GENCO 2 has strived to become a leader in the electricity generation sector in Việt Nam and a socially and environmentally responsible company.”

Dương Quang Thành, EVN’s chairman of the board of members, said EVN GENCO 2 always enjoyed good profits since it was established in 2013.

The power sector is expected to sustain at least 10-12 per cent growth in generation capacity for the next 20-30 years to meet the country’s demand, offering investors a great opportunity, he said. —

Source: https://vietnamnews.vn/economy/859677/evngenco-2-to-sell-over-581-million-shares-through-ipo.html

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VinFast eyes global market, to open car plant in US

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VinFast eyes global market, to open car plant in US

An VinFast car is tested in a factory in the northern Hai Phong City. Photo by VnExpress/Minh Tuan.


VinFast plans to set up an automobile plant in the U.S. as part of its strategy to start selling there in 2022, Bloomberg reported on Tuesday.

The company, a subsidiary of conglomerate Vingroup, did not provide details about when it will be set up or where.

Bloomberg quoted its CEO Thai Thanh Hai as saying: “VinFast’s vision is to become a global smart electric car company and the U.S. is one of the first international markets that we will focus on.

“We will initially develop high-end models for the U.S.”

The company also plans to open 35 showrooms and service centers this year in California state where it has received a license to test autonomous vehicles on public streets.

Malaysian newspaper The Star quoted Hai as saying VinFast believes it can win over American and other overseas customers leery of buying an automobile from a Vietnamese company they know little or nothing about by offering top-quality vehicles with high safety standards and advanced technology.

The company has R&D centers in Australia, Germany and the U.S.

VinFast, founded by Vietnam’s first billionaire Pham Nhat Vuong, began selling cars with BMW-licensed engines in 2019.

Last year it sold 31,500 units, all in Vietnam, where 296,634 cars were sold in all.

Source: https://e.vnexpress.net/news/business/companies/vinfast-eyes-global-market-to-open-car-plant-in-us-4242502.html

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Van Don airport resumes operations today

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Passengers carry out flight procedures at the Van Don International Airport in the northern province of Quang Ninh. The airport has been allowed to resume operations starting today, March 3, after nearly one month of suspension to contain the spread of Covid-19 – PHOTO: NDLO

HCMC – The Ministry of Transport has issued a decision allowing the Van Don International Airport in Quang Ninh Province to resume operations starting today, March 3, after nearly one month of suspension to contain the spread of Covid-19.

The airport has implemented multiple restriction measures and raised the Covid-19 alert level higher than the common standards to ensure the safety of passengers and the airport’s staff members, reported Nguoi Lao Dong newspaper.

Earlier, the ministry decided to shut down the airport in 15 days from January 29 to February 13 to combat Covid-19, as an airport security staff member tested positive for the coronavirus. The ministry later extended the airport’s closure to February 21 and then to March 3.

On February 28, Nguyen Xuan Ky, secretary of the Quang Ninh Province Party Committee, affirmed that the coronavirus cluster at the airport was completely brought under control.

Accordingly, local carriers later announced their plans to resume air services on routes linked to the Van Don airport.

The national flag carrier Vietnam Airlines will operate one weekly flight on the HCMC-Van Don route on Wednesdays between March 3 and 17 and plans to increase it to three flights per week on Wednesdays, Fridays and Sundays from March 18 to December 31 this year. The flights will depart from HCMC at 1 p.m. and from Van Don at 3:45 p.m.

Low-cost carrier Vietjet announced that it will resume air services on the route with four weekly flights this month.

Source: https://english.thesaigontimes.vn/80766/van-don-airport-resumes-operations-today.html

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USTR names three notorious markets for counterfeiting and piracy in Vietnam

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Market surveillance officers suddenly inspect a store at Ben Thanh Market in District 1, HCMC – PHOTO: PLO

HCMC – The Office of the United States Trade Representative (USTR) has included Vietnam’s traditional markets of Ben Thanh and Dong Xuan and online platform Shopee in the list of online and physical markets that reportedly engage in or facilitate substantial piracy or counterfeiting.

The 2020 Review of Notorious Markets for Counterfeiting and Piracy (Notorious Markets List, or NML) of USTR focuses on examining the use of e-commerce platforms and other third-party intermediaries to facilitate the importation of counterfeit and pirated goods into the United States.

“The rapid growth of e-commerce platforms has helped fuel the growth of counterfeit and pirated goods into a half trillion-dollar industry. This illicit trade has an enormous impact on the American economy by eroding the competitiveness of American workers, manufacturers and innovators,” stated the report.

Commenting on this report, the Vietnam Directorate of Market Surveillance under the Ministry of Industry and Trade said the report was done carefully, earnestly and constructively. Related parties can use this report to encourage the private sector and governments to take proper measures against piracy or counterfeiting.

“However, NML neither gives specific evidence on the violations nor reflects the official standpoint of the U.S. Government about the protection and enforcement of intellectual property rights in related countries,” said Nguyen Ky Minh, deputy chief of office at the Vietnam Directorate of Market Surveillance.

For Shopee, the report mentions the entire Shopee platform that covers many countries including Singapore, Malaysia, the Philippines, Thailand, Indonesia, Brazil and Vietnam.

According to the Vietnam Directorate of Market Surveillance, Shopee in Vietnam (Shopee.vn) has the mechanism to resolve complaints about intellectual property rights as well as solutions to manage the products and vendors on its platform.

Regarding the Dong Xuan and Ben Thanh markets, two hotspots of piracy or counterfeiting for many years, the directorate issued Plan No. 3972 in 2019 to address the problems at these two famous traditional markets.

The number of vendors selling counterfeit goods at these markets has dropped significantly over the past two years. Beside this, thanks to sudden inspections by the local authorities and strict sanctions, many stores selling counterfeit products have been closed.

Source: https://english.thesaigontimes.vn/80765/ustr-names-three-notorious-markets-for-counterfeiting-and-piracy-in-vietnam.html

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