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Vietnamese unicorn VNG to list shares on UPCoM at about $10 apiece

Vietnamese unicorn VNG has planned to list 35.8 million VNZ shares on UPCoM, starting January 5, 2023.

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On the first trading day, the reference price is VND240,000 ($10) per share. The market capitalization of VNG hits VND8,592 billion (equivalent to $363 million) if computed at current pricing. Interestingly, this cost is far less than the Vietnamese “unicorn’s” prior billion-dollar value.

According to World Startup Report, VNG was valued at $1 billion in 2014 and became Vietnam’s first unicorn.

During that time, VNG sold 355,820 Treasury Shares to Seletar Investments, a Singaporean government-run investment firm, for VND1,861,800 per share (equivalent to less than $100 at that time)

Following the transaction, Seletar now owns 1.74 million shares or 6.35% of the voting shares in VNG. The acquisition price of Seletar is greater than two times the company’s 2014 estimate of $1 billion and equal to VNG’s current worth of approximately VND51,000 trillion (about $2.2 billion).

As of 2019, VNG had a much larger market capitalization than FPT, the largest technological firm listed on the stock exchange, which was valued at just VND27,200 billion (around 1$ billion) 

However, despite a dramatic fall in the company’s profitability, VNG is valued favorably compared to FPT, whose profits have increased consistently over time. Only VND347 billion ($14 million) was made after taxes by VNG in 2018, a 64% decrease from the previous year.

Source: https://e.nhipcaudautu.vn/companies/vietnamese-unicorn-vng-to-list-shares-on-upcom-at-about-10-apiece-3349926/

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PM asks for drastic solutions to remove difficulties in production, business

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Prime Minister Pham Minh Chinh has signed Official Dispatch No. 470/CD-TTg requiring ministries, sectors, and localities to continue drastically and effectively implementing tasks and solutions to remove difficulties for production and business.

PM asks for drastic solutions to remove difficulties in production, business hinh anh 1Illustrative photo (Photo: baochinhphu.vn)

Hanoi – Prime Minister Pham Minh Chinh has signed Official Dispatch No. 470/CD-TTg requiring ministries, sectors, and localities to continue drastically and effectively implementing tasks and solutions to remove difficulties for production and business.

Specifically, the PM asked ministers, heads of ministerial-level agencies, governmental bodies, and chairpersons of the People’s Committees of provinces and centrally-run cities to focus on tasks and solutions that help to remove difficulties and obstacles for production and business and create favourable conditions for businesses and people according to the Government’s Resolution No. 01/NQ–CP on key tasks and solutions to implement the plan on socio-economic development plan, State budget estimate, business environment improvement and national competitiveness in 2023, along with other decrees and resolutions.

The Ministry of Industry and Trade, the Ministry of Foreign Affairs, and relevant agencies were asked to effectively implement the signed Free Trade Agreements (FTAs) and step up negotiations and signing of new trade agreements, commitments, and associations, including the FTA with Israel, the UAE, and MERCOSUR to diversify markets, products, supply chains for Vietnamese products and goods, especially those with strengths, potential, and advantages.

The State Bank of Vietnam (SBV) continues to review and direct the commercial banking system to cut costs, apply digital transformation, strengthen effective management, reduce administrative procedures, and promote innovation to further reduce lending interest rates.

It is necessary to continue reviewing the disbursement of the credit packages of 40 trillion VND (over 1.7 billion) and 120 trillion VND with more flexible, feasible, and reasonable lending conditions. Meanwhile supervisions and inspections are needed to be strengthened to prevent policy profiteering and law violations.

The Ministry of Finance was asked to urgently examine, evaluate, and urge the General Department of Taxation to immediately handle dossiers for VAT refund by May 28; effectively implement policies on extension, exemption, and reduction of taxes, fees, charges, and land rents approved by competent authorities and continue to propose other support policies.

Ministries, agencies, and localities were asked to continue reviewing, inspecting, and cutting out unnecessary administrative procedures which increase costs, and cause troubles for people and businesses.

They need to actively deploy the application of digital transformation.

The Minister, the Chairman of the Government Office was asked to oversee the ministers, the heads of agencies, and chairpersons of the People’s Committees of the provinces and cities to seriously implement the PM’s directions and promptly report the results of tge implementation to the PM./.

Source: https://en.vietnamplus.vn/pm-asks-for-drastic-solutions-to-remove-difficulties-in-production-business/253718.vnp

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Vietnam’s GDP growth ranges 5.8 – 6.9% in 2023-24: int’l organizations

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Vietnam may achieve an economic growth of 5.8 percent at least in 2023 and 6.9 percent at most next year, but there remain a lot of challenges to overcome, according to the predictions by many international organizations.

These forecasts were released Friday at the Government’s monthly meeting for May under the chair of Prime Minister Pham Minh Chinh, focusing on reviews of the socio-economic development in the past five months and set out tasks for the remaining months of the year.

In a report to the meeting, the Ministry of Planning and Investment said that international organizations continue highly valuing Vietnam’s economic growth prospects in 2023 as well as next year. 

The International Monetary Foundation (IMF) has forecasted that Vietnam may achieve GDP growths of 5.8 and 6.9 percent in 2023 and 2024, respectively, while the corresponding figures projected by the Organization for Economic Cooperation and Development (OECD), the Asian Development Bank (ADB) and the World Bank (WB) are 6.5 and 6.6 percent, 6.5 and 6.8 percent, and 6.3 and 6.5 percent.

However, the national economy will continue facing many complicated and unpredictable risks and fluctuations, which may come from the slow recovery of its major trading partners, and from the pressure of the global inflation that is assessed to be slowing down but still at high levels.

Among other challenges are the trend to tighten monetary policies in many countries to control inflation; the risk of disruption in global value chains; and problems related to energy security, food security, natural disasters, epidemics, and climate change.

Therefore, the ministry has proposed the government to adopt a number of solutions to support enterprises as well as people to help them overcome difficulties.

Over the past five months, the country’s macroeconomic conditions were kept stable and its inflation was under control thanks to the government’s timely policies and directions, despite the fact that the world economy has been facing complicated and unpredictable changes, said Minister Nguyen Chi Dung. 

The average consumer price index (CPI) in the past five months increased by 3.55 percent from a year earlier, while manufacturing and business activities continued to improve.

The index of industrial production (IIP) in May was estimated to increase by 2.2 percent from April and by 0.1 percent year on year.

Addressing the meeting, PM Chinh directed all relevant ministries and localities to take solutions to remove obstacles to enterprises’ operations, support exporters in searching and expanding new markets, continue improving administrative procedures, and promote application of science, technology, and digital transformation in economic activities. 

It is necessary to develop a resolution on improving the trade and investment environment, amending mechanisms and policies to attract foreign direct investment, and giving assistance to businesses that face difficulties, the PM requested. 

The government has recently sent 26 working groups to all 63 provinces and cities of the country, where they received more than 1,000 opinions and recommendations and resolved 300 recommendations on the spot, the Vietnam News Agency cited PM Chinh as saying.

The government’s chief requested all relevant ministries take effective measures to support exporters, expand export markets and make the best use of the domestic market.

The Ministry of Finance was required to carry on effectively implementing tax exemption, reduction and extension policies, extending  deadlines for excise tax payment, and speeding up VAT refund, among other tasks.

The PM also asked the State Bank of Vietnam to continue reducing lending interest rates, restructure the loan repayment terms, keep the foreign currency market stable, and effectively manage the exchange rates.

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Source: https://tuoitrenews.vn/news/business/20230603/vietnams-gdp-growth-ranges-58-69-in-202324-intl-organizations/73563.html

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Vietnam, Italy develop SMART platform to expand online trade connectivity

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The Italian Trade Agency in Vietnam announced on May 26 that it has teamed up with the Italian Ministry of Foreign Affairs and International Cooperation and the General Confederation of Italian Industry to set up the ASEAN Education and Business Programme (VELP 2023).

Vietnam, Italy develop SMART platform to expand online trade connectivity hinh anh 1Illustrative image (Photo: VNA)

HCM City – The Italian Trade Agency in Vietnam announced on May 26 that it has teamed up with the Italian Ministry of Foreign Affairs and International Cooperation and the General Confederation of Italian Industry to set up the ASEAN Education and Business Programme (VELP 2023).

VELP 2023, https://asean.digital.ice.it/, is a useful portal built on the SMART 365 platform to facilitate direct and reliable connections between Vietnamese businesses seeking partners or suppliers in Italy.

Through VELP 2023, the two countries can access updated information on a greater number of firms, particularly small and medium-sized enterprises operating in various fields, including agricultural machinery and equipment, environment, mechanical engineering and renewable energy.

As a powerhouse in industry and machinery, Italy specializes in providing a wide range of high-quality products and advanced technological solutions. Currently, many Italian investors in the manufacturing industry are doing business successfully in Vietnam, namely Bonfiglioli (power transmission and gear motors), Piaggio (mechanical engineering and motorcycles), Danieli (steel production), Datalogic (barcode readers, sensors, mobile devices), Ariston (water heaters and energy equipment), ENI (oil and gas), and ENEL Green Power (renewable energy).

Since the establishment of diplomatic ties five decades ago and bilateral strategic partnerships a decade ago, Vietnam and Italy have become important partners in various fields.

Vietnam is now the biggest trade partner of Italy in ASEAN while Italy is the fourth largest trade partner of Vietnam in the EU. More and more Vietnamese and Italian firms are showing interest in each other’s markets and working to seek ventures in various areas./.

Source: https://en.vietnamplus.vn/vietnam-italy-develop-smart-platform-to-expand-online-trade-connectivity/253716.vnp

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