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BUSINESS IN BRIEF 18/9   2008-09-18 - VNA

Dung Quat oil refinery to sell propylene to Japan

Vietnam ’s Dung Quat oil refinery will sell between 75,000-150,000 tonnes of propylene per year to Japanese company Marubeni until 2010.

According to the contract, which was signed in Quang Ngai on September 18, the prices will be determined on the basis of Singapore ’s market. The delivery will be made at the refinery’s port.
The Dung Quat oil refinery, built at an estimated cost of 2.5 billion USD, is expected to be put into operation in February 2009.

Container shipping firm list shares on HOSE

The South Vietnam Container Shipping Joint Stock Company (Viconship Saigon) on Sept. 18 listed more than 11 million shares on the Ho Chi Minh Stock Exchange (HOSE).

The shares, coded VSG, were traded at 20,000 VND (around 1.2 USD) per unit on the first trading session.

Viconship Saigon is the stock exchange’s 160th member, right after the Cuu Long pharmaceutical company (Pharimexco) that went on bourse on Sept. 17.

Viconship Saigon has a charter capital of 110.44 billion VND (6.7 million USD), 30 percent of which is owned by the State represented by the Vietnam Shipping Corporation (Vinalines).

HOSE Deputy General Director Le Nhi Nang said all 160 firms listed at the bourse are currently valued at 200 trillion VND (over 12 billion USD).

Temasek Holdings licensed to open Hanoi rep. office

Singapore’s Temasek Holdings (Private) Limited has been officially licensed to operate its representative office in Hanoi.

The new office will enable the corporation to foster closer working ties with Vietnamese businesses and reinforce its commitment to Vietnam as a key market in Southeast Asia.

Temasek first established its presence in Vietnam in 2005 through a representative office in Ho Chi Minh City.

The two rep. offices function as offices for communication and market research and promote cooperative projects on securities and stock market in Vietnam.

They also supervise the execution of signed agreements between Temasek and Vietnamese economic organisations and Temasek funding projects in Vietnam.

With the Hanoi new office and increased staff strength, the corporation can now further tap on the advantages of having a presence in Vietnam’s two important business centres, said its Chief Representative in Vietnam, Derek Lau.

He added that the corporation is in a strategic position to reach out to existing and potential partners to explore partnerships and investment opportunities in Vietnam.

Temasek Holdings has invested in some companies in Vietnam such as Minh Phu Seafood Joint Stock Company, Vinasun Taxi Company and Binh Chanh Construction and Investment Company.

PetroVietnam financial arm to list shares on HOSE

The PetroVietnam Joint Stock Finance Corporation (PVFC) is planning to list shares on the Ho Chi Minh Stock Exchange (HOSE) later this month or early October.

PVFC, a financial arm of the Vietnam National Oil and Gas Group (PetroVietnam), is also working with US-based Morgan Stanley on a plan to join the Singapore Stock Exchange and open its representative office in the country.

The corp., which made initial public offerings (IPO) a year ago, said the move aims to tap one of the largest capital markets in Asia. It will issue 1.6 trillion VND (100 million USD) worth of bonds later this year.

By the end of August, PVFC had posted total revenue of 2.45 trillion VND (148.6 million USD), earning a pre-tax profit of 352 billion VND (21.3 million USD).


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Stocks in retreat mode over US financial turmoil   2008-09-18

VN companies earn higher credit ranking   2008-09-17

Ha Bac fertiliser plant gets $250m loan   2008-09-17

Vietnam calls EU not to extend anti-dumping tax on footwear   2008-09-17

Vietnam’s gold exchanges may face more scrutiny   2008-09-17

Banks finance Vietnam coal group   2008-09-17

BUSINESS IN BRIEF 16/9   2008-09-16

New fuel using ethanol launched in Hanoi   2008-09-16