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VN government to sell stake in country’s biggest brewery

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The Government will sell its 36% stake, equivalent to 230.8 million shares worth some VND37.6 trillion (US$1.6 billion), in the Saigon Beer-Alcohol-Beverage Corporation (Sabeco), the country’s biggest brewery, this year.

Sabeco’s Saigon and 333 beer cans on the shelf of a supermarket in HCMC – PHOTO: THANH HOA

The Ministry of Industry and Trade has been asked to transfer the Government’s stake in Sabeco to the State Capital Investment Corporation before August 31.

Early last month, the ministry refuted a rumor stating that it would buy back 53% of Sabeco’s shares from the Thai Beverage Public Company Limited (ThaiBev). In a document sent to the Singapore Exchange on May 29, on which ThaiBev is listed, the Thai investor also confirmed that it is not seeking buyers for Sabeco’s shares.

In late 2017, ThaiBev spent over US$4.8 billion buying 53.59% of Sabeco’s shares from the Ministry of Industry and Trade.

After the deal, Sabeco operated efficiently until the Government issued Decree 100 banning drunk driving, followed by the Covid-19 outbreak, which saw the company’s revenue and profit fall in 2019 and the early months of 2020.

Regarding the business plan for this year, Sabeco expects to generate VND23.8 trillion in net revenue, the lowest since 2012, and VND3.252 trillion in after-tax profit, a year-on-year decrease of 37% and 39%, respectively.

Sabeco is one of the 139 enterprises from which the Government will sell its stake this year, according to VnExpress news site. SGT

Source: https://vietnamnet.vn/en/business/government-to-sell-stake-in-country-s-biggest-brewery-653841.html

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Solar power booms in the south

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Solar panels are installed on the roof of a hotel in the Mekong Delta city of Can Tho – PHOTO: TRUNG CHANH

CAN THO – After several years of development, the total capacity of rooftop solar power in southern Vietnam has far surpassed the capacity of the Hoa Binh Hydropower Plant, which was once the largest of its kind in Southeast Asia, according to Doan Duc Hung, deputy general director of Vietnam Electricity’s Southern Power Corporation.

“The Hoa Binh Hydropower Plant’s capacity is approximately 3,000 MW, while the total rooftop solar power output of the southern region amounts to some 5,000 MW at present,” he said.

Moreover, the total output of solar farms in the southern region has amounted to approximately 2,000 MW, five times larger than the Tri An Hydropower Plant’s capacity. “The figure showed that renewable energy has recently developed very fast in the southern region,” Hung concluded.

According to Vietnam Electricity (EVN), there were 101,029 rooftop solar power projects with a total installed capacity of nearly 9,296 MWp connected to the national grid as of late 2020.

EVN said Vietnam’s favorable policies for renewable energy development, including the prime minister’s Decision No. 11/2017/QD-TTg issued on April 11, 2017, and Decision No. 13/2020/QD-TTg issued on April 6, 2020, have helped renewable energy, especially solar power, boom in the country.

EVN’s data showed that the total installed capacity of solar power nationwide reached 19,400 MWp as of late 2020, accounting for 25% of the total installed capacity of the entire national power system.

Source: https://english.thesaigontimes.vn/80237/solar-power-booms-in-the-south-.html

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Vietnamese livestreaming firm GoStream raises $1 million funding from VinaCapital Ventures

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Vietnam-based live video-streaming platform GoStream announced that VinaCapital Ventures has invested US$1 million in the company to help it expand its business.

Launched in 2017, GoStream is a multi-platform livestream broadcaster for social sellers, marketers, and content creators. 

It enables users to reach a larger audience from different platforms to increase visibility and get more views.

Currently, the platform claims to facilitate over 100,000 livestreaming sessions daily and also serve corporate clients.

In 2019, GoStream was listed by Facebook as one of the 30 most used livestreaming platforms in the world for 30 days.

GoStudio, a product of GoStream, won first prize at the Vietnam Techfest 2020 last November. The contest’s organizing committee recognized the product’s ease of use and adaptability to a range of online channels, including social commerce, online training and online entertainment.

“We look forward to working with GoStream as they further expand their capabilities and play an even greater role in Vietnam’s growing digitization,” Hoang Duc Trung, a partner at VinaCapital Ventures, said in a statement.

The startup previously also received $200,000 in investment from VinaCapital Ventures and Zone Startups Vietnam in the seed round.

VinaCapital Ventures, an asset management company with over $3 billion in assets under management, said it will invest further in Vietnam’s digital economy, which is expected to grow to $52 billion by 2025.

Revenue in the video-streaming segment in Vietnam is poised to reach $162 million in 2021, according to data by Statista.

Earlier in 2020, VinaCapital Ventures had also backed Vietnam-based facial recognition firm Wee Digital and Homebase, a proptech startup.

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Source: https://tuoitrenews.vn/news/business/20210119/vietnamese-livestreaming-firm-gostream-raises-1-million-funding-from-vinacapital-ventures/58864.html

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Developers struggle to sell high-end apartments in HCMC

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Developers struggle to sell high-end apartments in HCMC

Apartment buildings in District 2, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The number of high-end apartments remaining unsold in HCMC soared by 74 percent year-on-year in the last quarter of 2020 as demand slumped.

Only 5,007 were sold in the quarter, according to real estate consultancy CBRE. Nearly 6,700 units at six projects had entered the market in the period. Overall new apartment supply topped 17,200 units.

The high-end segment, with prices of $2,000-4,000 per square meter, accounted for 76 percent of the country’s total apartment supply.

According to the Ho Chi Minh City Real Estate Association (HoREA), the oversupply of high-end apartments is causing concern by making the real estate market unsustainable.

According to its chairman, Le Hoang Chau, some developers registered their projects with the Department of Construction with low prices but later hiked them to high-end levels to increase their profits.

The excessive supply of high-end apartments and a dearth of affordable ones has affected low- and middle-income people.

Besides, over 60 percent of high-end apartments are bought by speculators, which is threatening the sustainable development of the housing market, HoREA said.

Source: https://e.vnexpress.net/news/business/industries/developers-struggle-to-sell-high-end-apartments-in-hcmc-4223582.html

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