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SSI announces outstanding 2020 results

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SSI Securities Corporation reported strong growth last year, with pre-tax profits growing by 54.4 per cent to nearly VNĐ1.56 trillion (US$67.57 million) and income by 43.4 per cent to VNĐ4.528 trillion ($195.5 million).

HCM CITY — SSI Securities Corporation reported strong growth last year, with pre-tax profits growing by 54.4 per cent to nearly VNĐ1.56 trillion (US$67.57 million) and income by 43.4 per cent to VNĐ4.528 trillion ($195.5 million).

The stock market had a successful 2020, with the two main indices, the VN-Index and VN30 gaining 14.9 per cent and 21.8 per cent.

Average liquidity in the fourth quarter rose 79.5 per cent from the previous quarter to VNĐ11.6 trillion.

SSI retained its position as the leading brokerage on the HCM City Stock Exchange for a seventh consecutive year with a market share of 12.33 per cent.

At the end of last year it got an $85 million loan from a consortium of foreign banks led by Union Bank of Taiwan, for securities trading services and trading valuable papers and margin lending at low interest rates among other things.

Last year it was conferred the title of ‘Labour Hero in the Đổi Mới (Renewal) period’ for its contributions to the sustainable development of the country’s securities sector. —

Source: https://vietnamnews.vn/economy/860131/ssi-announces-outstanding-2020-results.html

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Mitsubishi pulls out of central Vietnam coal plant

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Mitsubishi pulls out of central Vietnam coal plant

The logo of Mitsubishi Corporation is displayed at the entrance of the company headquarters building in Tokyo, Japan, April 26, 2016. Photo by Reuters/Issei Kato.


Japan’s Mitsubishi Corp has decided to pull out of a coal-fired power plant in central Vietnam amid growing international concern about environmental impacts.

The Japanese trading house will pull out of the 2-gigawatt Vinh Tan 3 project, planned to be located in the southern province of Binh Thuan, because of climate change targets, Reuters reported, citing two anonymous sources.

Without mentioning Vinh Tan 3 specifically, Mitsubishi said in a statement that it was committed to reducing its investment in coal power in line with international climate goals.

The 2-gigawatt plant was originally scheduled to come online in 2024.

OneEnergy, a joint venture of Mitsubishi and Hong Kong’s CLP group, holds a 49 percent interest in the $2 billion project. State-owned utility Vietnam Electricity owns another 29 percent. Chinese companies are handling materials procurement, construction and equipment delivery.

This marks Mitsubishi’s first withdrawal from a coal plant project. The trading house has said it will not build any new facilities of this type after Vung Ang 2, a Nikkei report said.

Mitsubishi still has a stake in the Vung Ang 2 coal power plant being built in the central province of Ha Tinh, which is more widely known after being subject to critical scrutiny by environmental and other groups as well as investors.

Source: https://e.vnexpress.net/news/business/companies/mitsubishi-pulls-out-of-central-vietnam-coal-plant-4240625.html

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Unable to cover expenses during Covid-19, owners sell hotels at cheap prices

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Many offers to sell coastal hotels in Da Nang have appeared on real estate forums these days. Most of them are located in districts Son Tra and Ngu Hanh Son.

Unable to cover expenses during Covid-19, owners sell hotels at cheap prices

A hotel put up on sale

On just one real estate website on February 22 many ads were listed.

A 4-star hotel on Vo Nguyen Giap street, 600 square meters, with 19 stories, 125 rooms and 2 conference rooms is offered at VND440 billion.

Hotels on the major streets of Ha Bong, Tran Bach Dang, Ho Nghinh, Vo Nguyen Giap and Ho Xuan Huong are offered at tens or hundreds of billions of dong.

Hoang Lam, the owner of a hotel on Tran Bach Dang street, said accommodation service providers have been hit hard by Covid-19.

“We have been struggling to survive by cutting costs. However, as capital is getting exhausted, hotel owners have to liquidate assets to pay bank debts,” he said.

“Selling hotels is unavoidable as there is no source of revenue, and the operation cost is high,” he said.

Do Van Hien from Dana Hotel, a broker, said a lot of hotels in Da Nang have been put up for sale since the second Covid-19 outbreak.

“The hotels for sale are 2-4-star. The prices have fallen by 20 percent and buyers are mostly from northern provinces,” Hien said.

According to Hien, 3-star hotels are priced at VND20-100 billion, while 4-star hotels are at least VND280 billion. The value of hotels depends on the locations, area, quality, numbers of rooms and brands.

The transactions of 4-5-star hotels, which have strong brands, are confidential. Hotel owners only work with prestigious brokers, and buyers have to prove their financial capability.

Hien said no one wanted to sell hotels in 2016-2019 because they could make a high profit from the business. But since 2020, guests are coming in dribs and drabs, and operation costs and loan interest rates are high.

Cao Tri Dung, chair of the Da Nang Tourism Association, admitted that tourism services have become nearly frozen and many hotels have been put up on sale.

“The pandemic resurgence before Tet blocked sources of guests. Ninety percent of clients cancelled or postponed plans to come to Da Nang,” he said.

He said this is common in a market economy, and that it is time to restructure the accommodation segment.

According to Da Nang People’s Committee, the total number of guests staying at accommodation facilities in the city in January 2021 was 251,094, a 65.6 percent decrease compared with the same period last year. 

Ho Giap

Source: https://vietnamnet.vn/en/business/unable-to-cover-expenses-during-covid-19-owners-sell-hotels-at-cheap-prices-715493.html

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Over 33,600 firms dissolve, suspend operations in Jan-Feb

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An employee is at work at a textile factory. The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year – PHOTO: VNA

HCMC – The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year, up 18.6% year-on-year, according to the Ministry of Planning and Investment.

Of the total, over 21,630 companies signed up to temporarily suspend operations, some 8,380 halted operations to complete dissolution procedures and over 3,590 were dissolved.

The number of newly-established firms in February dropped by 12.3% year-on-year at 8,040, while pledged capital surged by 85.6% at VND179.7 trillion. Besides, some 7,700 firms left the market in February, VietnamPlus news site reported.

Between January and February, some 18,130 companies were established, inching down 4% year-on-year, while the number of firms returning to the market, mainly active in the art, entertainment and education fields, and lodging and catering services, during the two-month period was 11,030, down 7.6% against the same period last year. However, the total registered capital increased by 12% to VND720.4 trillion.

Source: https://english.thesaigontimes.vn/80702/over-33600-firms-dissolve-suspend-operations-in-jan-feb.html

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