Power firm EVNGENCO 2 to auction over 580 mln shares on Feb. 8

Power Generation Corp. 2, a unit of Vietnam Electricity Group, gets approval to auction over 580 million share on February 8, according to the Ho Chi Minh City Stock Exchange.

Published

2 years ago

January 6, 2021

TienphongNews

nha-may-nhiet-dien-o-mon_6122185-1

Initial share price will be at VND24,520 ($1.05) apiece. Information for the initial share sale will be provided from January 7.

According to the IPO plan, part of the company’s State capital owned by EVN will be reduced to 51 percent from the current 100 percent.

The Vietnam Electricity’s subsidiary has corporate value at VND46.1 trillion ($2 billion) as of January 1, 2019, of which the real value of State capital is more than VND26.6 trillion.

EVNGENCO 2’s is among the six State corporations due for equitisation.

The company was established in 2012 with a charter capital of VND11.7 billion. Vietnam Electricity holds 100 percent of its charter capital.

► Vietnam’s power firm EVNGENCO 2 gets Gov’t approval to sell shares to public

Source: https://e.nhipcaudautu.vn/market/power-firm-evngenco-2-to-auction-over-580-mln-shares-on-feb-8-3338943/

Related Topics:EVNGENCO 2 investment IPO power State stake sale Vietnam

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US firm supports Ho Chi Minh City in chip design training

Published

2 hours ago

June 3, 2023

TienphongNews

American computational software multinational Cadence Design Systems has inked a deal with the Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City to better workforces in integrated circuit design in Vietnam.

Cadence and SHTP announced their partnership in developing a workforce in electronics design and boosting the semiconductor integrated circuit industry in the country on Tuesday.

As per the deal, Cadence will provide software for designing integrated circuits and offer related training courses to university students in Ho Chi Minh City.

Via these courses, students in the city will be able to gain in-depth knowledge about integrated circuit design and learn how to fix technical errors during the design process, and to produce integrated circuits.

Nguyen Anh Thi, head of the SHTP management board, said that the cooperation would foster electronics design, development and research activities, driving up the country’s integrated circuit industry.

Students at Ho Chi Minh City-based universities will have a chance to access the latest technology and design methods, Thi said.

“The partnership is expected to make significant contribution to improving the efficiency of the park’s chip design center, and advancing the growth for the semiconductor integrated circuit industry in Ho Chi Minh City, pushing up Vietnam’s economic development,” Thi underlined.

Michael Shih, vice-president of sales for Asia Pacific and Japan at Cadence, said that the Saigon Hi-Tech Park plays a key role in beefing up the development of hi-tech sectors and innovation in the region.

The collaboration will strengthen the workforce in electronics design in Vietnam, he stated.

By providing access to Cadence’s software, the firm expects to equip the future generation of engineers in the city with the necessary skills to back Vietnam’s hi-tech industry development, Shih added.

Vietnam, especially Ho Chi Minh City, is considered a potential destination for investment in the electronics and chip design fields, said vice-chairman of Ho Chi Minh City People’s Committee Duong Anh Duc.

Ho Chi Minh City is stepping up preparation for mechanism, land banks, and skilled workforces to attract foreign investors to the fields, Duc noted.

The city put the chip design center into operation in October last year to bolster partnership with foreign electronics firms and develop the semiconductor integrated circuit industry in Vietnam, according to the official.

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Source: https://tuoitrenews.vn/news/business/20230531/us-firm-supports-ho-chi-minh-city-in-chip-design-training/73467.html

Business

Load shedding worsens plight of suburbs in sweltering Hanoi

Published

3 hours ago

June 3, 2023

TienphongNews

Load shedding worsens plight of suburbs in sweltering Hanoi

A furniture factory in Hanoi’s Chuong My District was shut down on June 3, 2023 due to power cuts. Photo by VnExpress/Gia Chinh

A surge in demand amid declining hydropower production has forced Vietnam Electricity to cut power supply to a Hanoi suburb to ensure system safety.

With consumption in May rising by 22.5% from April to 75.4 million kilowatt-hours in Hanoi, there has been load shedding in some areas of Chuong My District from 8 a.m. to midnight.

Hydropower is the main source of electricity in the north, but in eight dams water levels have dropped to near the minimum levels required for power production.

High temperatures and non-stop operations have forced six coal-fired power plants to experience issues, which would reduce power supply in the coming days.

“We are trying to maintain power supply but hope for consumers’ understanding,” EVN said in a notice, adding that offices should reduce power consumption between 10 a.m. and 2 p.m. and 8 p.m. and 11 p.m. every day.

The brownouts are causing people and businesses to suffer amid the scorching weather.

Even as temperatures rose to 40 degrees Celsius, Thanh, who lives in the suburban district of Thach That, said there was a power outage from 10 a.m. to 8 p.m. last Friday.

“Children are staying at home for the summer break, and this is hard for them.”

People in Chuong My District said there is daily load shedding from 3 p.m. to 11.30 p.m, and there are also cuts in other districts such as Hoai Duc and Thanh Oai.

Unscheduled cuts are not helping improve matters.

A furniture factory in Chuong My District started work at 7 a.m. Friday and urged workers to speed up things since power was scheduled to be cut at noon. But the power went at 9 a.m. and work had to stop.

The factory owner said he had to cancel four orders worth over VND800 million as a result, and his 30 workers also received less pay.

Ten kilometers away in Thanh Oai District, a glass and aluminum factory owned by Pham The Ky also had to shut down at 9 a.m. In Hoai Duc District, seafood seller Trang suffered a 10-hour power cut from 10 a.m., and, unable to keep her stocks chilled, she had to sell them at lower prices.

EVN at first forecast that if water levels remain low, the north would a power shortage of 1,600-4,900 megawatts in May and June.

A few days later it said the shortfall would in fact be 8,000 MW.

Source: https://e.vnexpress.net/news/business/economy/load-shedding-worsens-plight-of-suburbs-in-sweltering-hanoi-4613090.html

Business

Ho Chi Minh City Export and Trade Fair 2023 kicks off

Published

6 hours ago

June 3, 2023

TienphongNews

The Ho Chi Minh Export Forum and Trade Fair 2023 opened at the Saigon Exhibition and Convention Centre (SECC) on May 25.

Ho Chi Minh City Export and Trade Fair 2023 kicks off hinh anh 1

At the opening of the event. (Photo: VNA)

Hanoi – The Ho Chi Minh Export Forum and Trade Fair 2023 opened
at the Saigon Exhibition and Convention Centre (SECC) on May 25.

Jointly
hosted by the municipal Department of Industry and Trade and the Vietnam Trade
Promotion Agency (Vietrade) under the Ministry of Industry and Trade, the event
aims to strengthen trade promotion and help enterprises expand markets.

It
features 250 pavilions of Vietnamese
enterprises from the business associations nationwide, which display key
export products and services in various fields. More than 3,000
domestic and foreign visitors have registered to participate in the
event, according to the organiser.

In
his opening remarks, Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People’s Committee,
said the event is one of the activities to support enterprises in their
production, business and export in the southern metropolis, adding that such activities are expected to
bring opportunities for businesses and manufacturers to promote products and
brands to international markets, as well as serve as a bridge to help domestic
enterprises grasp consumer needs and market trends.

Ho Chi Minh City Export and Trade Fair 2023 kicks off hinh anh 2

The Ho Chi Minh Export Forum and Trade Fair 2023 features 250 pavilions of Vietnamese enterprises from the business associations nationwide. (Photo: VNA)

Do
Thang Hai, Deputy Minister of Industry and Trade, said the Ho Chi Minh Export Forum and Trade
Fair 2023 is an important trade promotion activity that facilitates the expansion of export markets.

A forum on strengthening linkages towards green exports will be held
during the four-day event, updating green consumption trends of major
import markets. It aims to promoting a green export strategy to help
increase
competitive advantages for the business community in improving the value
of the
order and expanding markets./.

Source: https://en.vietnamplus.vn/ho-chi-minh-city-export-and-trade-fair-2023-kicks-off/253634.vnp