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HCMC proposes early construction of two elevated roads

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An elevated road in Hanoi that was opened to traffic on October 11. The HCMC Transport Department suggested building two elevated roads in the inner-city areas next year – PHOTO: VNA

HCMC – HCMC is set to develop 55 traffic infrastructure projects next year, with priority given to major projects to cope with traffic congestion hotspots, especially the construction of two elevated roads.

The HCMC Transport Department has proposed that the municipal government approve a scheme to invest in the 55 traffic infrastructure projects in 2021. Regarding capital, the department suggested that VND87.75 trillion be financed by the State budget and VND68.613 trillion be mobilized from private sources through the private-public partnership.

It suggested building the two elevated roads in the inner-city areas with a total investment of some VND32.9 trillion.

Of them, the elevated road No. 1, measuring 9.5 kilometers long, would run from Cong Hoa Street to Thu Thiem Bridge No. 1. The road, once completed, is expected to ease traffic congestion facing the inner-city streets and some roads leading to the city’s Tan Son Nhat airport.

The elevated road No. 5, which will be 21.5 kilometers long, will start from Station 2 in Thu Duc District, running along the National Highway No. 1 to An Suong.

According to the city’s transportation development plan earlier approved by the Government, the city was supposed to build five elevated roads with a total length of 70.7 kilometers by 2020. However, 15 years since the plan was outlined, the five road projects still remain on paper.

Meanwhile, many investors had come together to study the development of the elevated roads but then gave up.

In 2007, South Korean firm GS E&C studied building the elevated road No. 1 with four lanes and US$340 million in investment. In 2009, the firm requested that the project be suspended due to financial infeasibility.

In 2009, the Vietnam Urban and Industrial Development Investment Corporation suggested building the elevated road No. 5, with funding of over VND36.6 trillion but then quit the project as well.

Currently, the HCMC Infrastructure Investment JSC (CII) wants to develop an elevated road in the city.

In late June this year, CII said that it was studying a 14-kilometer-long elevated road project, which would run from Truong Chinh Street in Tan Binh District to Nguyen Van Linh Street in Binh Chanh District and require VND24.5 trillion in investment.

Bui Hoa An, deputy director of the HCMC Transport Department, said that the department is working with other agencies to propose tapping the State budget to build an elevated road first, aimed at ensuring the feasibility of the project.

 

Source: https://english.thesaigontimes.vn/78941/hcmc-proposes-early-construction-of-two-elevated-roads.html

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TTC Sugar to issue $30 million of unsecured bonds

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TTC Sugar will sell VNĐ700 billion (US$ 3 million) of unsecured bonds to the public next quarter. — Photo courtesy of the firm

HÀ NÔI — TTC Sugar has announced it will offer VNĐ700 billion (US$30 million) worth of unsecured bonds up for public auction.

The firm said the interest rate of the bonds in the first year would be 10 per cent in the first four quarters then a floating interest rate after that.

The firm expects to release the bonds in the first quarter next year with the minimum order for individual investors VNĐ20 billion and institutional investors VNĐ250 billion.

It said the non-convertible bonds were not guaranteed by assets in the maximum term of three years and were issued to pay for sugar purchase contracts in the first quarter of 2021

Sugar purchase contracts included those with Thành Thành Công Gia Lai company worth VNĐ288.4 billion, Biên Hòa – Ninh Hòa Sugar Company worth VNĐ205.8 billion and Biên Hòa Đồng Nai TTC Sugar Company worth VNĐ205.8 billion.

As of September 30, TTC Sugar had total capital of more than VNĐ18.4 trillion, total financial debt of VNĐ8.6 trillion, in which bond loans reached nearly VNĐ1.3 trillion. In addition, the firm has nearly VNĐ153 billion of convertible bonds.

The shares of TTC Sugar with the sticker SBT gained 2.5 per cent to reach VNDD18,500 on the HCM City Stock Exchange (HoSE) yesterday —

Source: https://vietnamnews.vn/economy/816937/ttc-sugar-to-issue-30-million-of-unsecured-bonds.html

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VN-Index back in the green after single red session

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VN-Index back in the green after single red session

An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index shrugged off a single-session loss, gaining 0.58 percent to close at 1,008.87 points Tuesday, with gains driven by large cap stocks

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 221 stocks gaining and 199 losing. Out of these, 15 stocks hit their ceiling prices, the highest they could go in a trading session.

Total trading volume rose marginally over the previous session, to VND11.68 trillion ($504.2 million), of which half went towards the VN30, a basket of the market’s largest capped stocks.

The VN30-Index for this basket surged 1.08 percent, significantly outperforming the general market, with 18 gaining tickers and seven losing.

Topping gains were stocks in the private banking sector. STB of Sacombank soared 5.5 percent, VPB of VPBank 4.1 percent, TCB of Techcombank 1.7 perent, HDB of HDBank 1.4 percent, while EIB of Eximbank shed 0.3 percent.

Results in the public banking sector, however, were mixed. MBB of mid-sized Military Bank rose 2.5 percent, while of Vietnam’s three biggest lenders by assets, CTG of VietinBank was up 1.2 percent, BID of BIDV kept its opening price, while VCB of Vietcombank was the worst performer on the VN30, down 1.1 percent.

Other major gainers this session included TCH of truck dealer Hoang Huy Group, up 5.4 percent, SBT of agricultural exporter TTC-Sugar, up 2.5 percent, VNM of dairy giant Vinamilk, with 1.4 percent, and MSN of food conglomerate Masan Group, with 1.2 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, rose 1.1 percent, while VHM of its real estate arm Vinhomes was up 0.8 percent, and VRE of retail arm Vincom Retail added 0.2 percent.

In oil and gas, GAS of energy giant PetroVietnam Gas and POW of electricity generator PetroVietnam Power both kept their opening prices, while PLX of gasoline distributor Petrolimex shed 0.4 percent.

In the other direction, the biggest losers included ROS of construction firm FLC Faros, down 0.9 percent, KDH of real estate developer Khang Dien House, down 0.7 percent, and FPT of IT services firm FPT, with 0.4 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, climbed 0.83 percent, but the UPCoM-Index for the Unlisted Companies Market jumped 1.36 percent.

Foreign investors continued to be net buyers to the tune of nearly VND420 billion on all three bourses, with buying pressure mostly on VNM of Vinamilk, and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-back-in-the-green-after-single-red-session-4199351.html

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Golden Brand Awards launched in HCMC

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The launch ceremony of the HCMC Golden Brand Awards held at the headquarters of The Saigon Times Group on December 1 – PHOTO: THANH HOA

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group jointly launched the HCMC Golden Brand Awards this morning, December 1, aimed at honoring businesses in the city for their efforts in building their brands.

Addressing the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said HCMC is the country’s economic hub where many businesses have been established and running.

The HCMC Golden Brand Awards is expected to help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and development, thus helping them improve their competitive capacity in local and international markets.

The organizers will give priority to businesses active in four key industries and nine major services of the city. Selection will be based on their efficiency in building their brands, innovation, creativity, the quality and safety of their products and their corporate social responsibility.

“The success of an enterprise relies not only on the popularity of its brand but also on its efficient business model. The assessment over the health of a brand is no longer based mainly on communication or marketing strategies but on the brand platform, which is the foundation that helps businesses develop sustainably and maintain their competitiveness in the long term,” said Tran Minh Hung, editor-in-chief of The Saigon Times Group.

According to Nguyen Dong Phuong, deputy director of the HCMC Department of Industry and Trade, businesses eligible for the awards are those that comply with all the prevailing regulations on production and trade. They must be based in HCMC and must not commit copyright infringement or trade fraud. Their brand should have been developed for at least two years.

The jury will comprise experts in building brands. The award winners will be announced in January 2021.

Registrations can be submitted to The Saigon Times Group, 35 Nam Ky Khoi Nghia Street, Nguyen Thai Binh Ward, District 1, HCMC, or the HCMC Department of Industry and Trade, 136 Hai Ba Trung Street, Ward 6, District 3, HCMC.

The registration form can be downloaded from http://thuonghieuvang.thesaigontimes.vn.

Source: https://english.thesaigontimes.vn/79616/golden-brand-awards-launched-in-hcmc.html

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