BizLIVE - Standard Chartered Private Equity and Goldman Sachs have invested a combined $28 million in M_Service JSC, the operator of mobile e-wallet MoMo. IMF Managing Director Christine Lagarde is on a visit to Vietnam, offering assistance to the Vietnamese government.
[Round-up] StanChart, Goldman Sachs Put $28 Million in Fintech Startup, IMF Head in Vietnam
IMF Managing Director Christine Lagarde is on a visit to Vietnam, offering assistance to the Vietnamese government.
Five Vietnam Firms Named in Asia300 List
Five Vietnamese companies namely Vietcombank (VCB), FPT Corp (FPT), PetroVietnam Gas (GAS), Vinamilk (VNM) and Vingroup (VIC) have been ranked in Asia’s 300 most dynamic companies (Asia300 list).
The list, elaborated by the Nikkei Review, includes the largest and fastest growing companies in 11 countries.
Vietnam’s FPT Plans to Sell Retail, Distribution Operations
FPT Corp (FPT), Vietnam’s biggest information technology company, plans to spin off its retail and distribution operations to focus on its core technology and telecommunications segments.
A source from the company told the Nikkei Asian Review the operations will probably be sold off by the end of this year.
The retail arm, which operates the chain of FPT Shop and FPT Studio stores, plans to add 50 more outlets to its current network of 260 stores nationwide under the new investor. The stores sell a range of digital products from such companies as Asus, Acer, Apple, Dell, HP, IBM, Lenovo, Cisco, Microsoft and Oracle.
IMF Head Pledges to Continue Supporting Vietnam
The International Monetary Fund (IMF) will aid Vietnam in training and techniques, besides financial assistance, the fund’s Managing Director Christine Lagarde told Vietnamese Prime Minister Nguyen Tan Dung on Wednesday.
Ms. Largarde suggested Vietnam continue raising labor productivity and corporate competitiveness. As such, Vietnam’s economy and businesses will have more room for growth.
At a separate meeting with Finance Minister Dinh Tien Dung, Ms. Largarde promised to support Vietnam it its financial reforms.
StanChart, Goldman Sachs Invest $28 Million in Vietnam Fintech Startup
Standard Chartered Private Equity and Goldman Sachs have invested a combined $28 million in Vietnamese startup M_Service JSC, the operator of mobile e-wallet MoMo.
Standard Chartered Private Equity (SCPE) invested $25 million, while Goldman Sachs, an existing shareholder and strategic investor, put in an additional $3 million on top of its initial $5.75 million investment in 2013, M_Service said.
IFC Supports Vietnam Apparel Industry in Bettering Energy Use
The International Finance Corporation (IFC), a member of the World Bank Group, has launched a program to support Vietnamese apparel and textile manufacturers which are contract producers for VF Corp and Target Corp in improving energy and water efficiency.
In the first phase of this program, energy and water efficiency assessments will be conducted at about 30 factories over the next 12 months, aiming to help them cut down production costs and contribute to green growth in Vietnam.
Vietnamese Law Not Compatible with EVFTA Commitments: Expert
The dispute settlement mechanism between the government and foreign investors under the terms of the EU-Nam Free Trade Agreement (EVFTA) are not compatible with some institutions in the country, the Vietnam News Agency cited an expert as saying.
Nguyen Thi Thu Trang, director of the WTO and Integration Center under the Vietnam Chamber of Commerce and Industry (VCCI), spoke about concerns regarding Vietnam law at a conference in Hanoi Wednesday.
EVFTA agreement allows EU investors in Vietnam to sue state agencies if these agencies violate the EVFTA’s commitments in a number of clauses related to most-favored-nation treatment, which causes damage to investors, she warned.
Vietnam Economy to Grow 6%-7% in 2016-2018
Vietnam’s gross domestic product (GDP) is expected to increase between 6% and 7% in the 2016- 2018 period, according to the latest report from the Institute of Chartered Accountants in England and Wales (ICAEW).
The country remains the bright spark in the ASEAN economy with growth accelerating to 6.7% in 2015 as foreign direct investment (FDI) reached record levels and export growth stayed strong despite low commodity prices, the report said.
Based on the prediction, the survey said Vietnam’s economy would continue to roar ahead in the coming years while the rest of ASEAN with the exception of Malaysia will experience moderate recovery.
China Invests $10.4 Billion in Vietnam to Date
Enterprises from China, excluding Taiwan, Hong Kong and Macau, have registered to put a total of $10.4 billion in 1,346 valid projects in Vietnam as of early 2016, according to statistics of the Foreign Investment Agency under the Ministry of Planning and Investment.
The amount puts China the ninth largest among 112 countries and territories investing in the Southeast Asian country.
Foreign Firms Air Troubles to HCM City Head
Representatives of nearly 200 foreign-invested enterprises (FIEs) operating in Ho Chi Minh City gathered at a dialogue on March 16 with Dinh La Thang, newly-appointed chief of the municipal party commission, to convey their concerns over the business environment in the city, ranging from administrative procedures to tax and customs issues.
State-run Airports Corporation of Vietnam (ACV), the biggest airport developer in Vietnam, expects to reap some 2.2 trillion dong (roughly $100 million) from selling shares to France’s Aeroport de Paris (ADP).
ACV plans to sell 166.16 million shares, equivalent to a 7.4% stake, to the French firm at a minimum initial price of 13,100 ($0.58) each, according to a plan submitted at ACV’s first shareholders meeting on March 16.
SK C&C, the system integration affiliate of South Korea’s SK Group, said that it has signed a memorandum of understanding Vietnamese company ITD in Hanoi on March 15 to increase cooperation on the country’s intelligence transportation system (ITS) projects, according to Business Korea.
ITD, the largest transportation IT system provider in Vietnam, has been building and operating transportation systems of major Vietnamese cities, managed by the Vietnamese Ministry of Transport.
French retailer Casino Guichard-Perrachon SA, known as Casino Group, has received more than 10 offers for the sale of its assets in Vietnam, some of them valuing the business more than one billion euros ($1.11 billion), according to foreign media reports.
Notable foreign suitors include Japan’s Aeon, Korean-Japanese conglomerate Lotte Group, Thai billionaire Charoen Sirivadhanabhakdi’s TCC Holding Co., and Central Group, Thailand’s biggest retailer controlled by tycoon Tos Chirathivat.
The race for the retail chain is also joined by Vietnamese companies namely retailer Co.opmart and food processor Masan Group (MSN). Media reports do not mention private-run conglomerate Vingroup (VIC), which is striving to expand its foothold in the local lucrative retail market.