Hanoi is planning to bring the world-famous Formula One car race to the capital, Government Office chairman Mai Tien Dung confirmed on August 30 (Photo: vnexpress.net) Hanoi (VNA) – Hanoi is planning to bring the world-famous Formula One car race to the capital, Government Office Chairman Mai Tien Dung revealed on August 30. Speaking at a press conference following a closed regular cabinet meeting, Dung said the Law on Sports allows Vietnam to host international sports events, including the F1 race. Hanoi initially proposed the Government to organise the race around the iconic Hoan Kiem (Returned Sword) Lake and along the adjacent streets in the city centre, but the idea was rejected after thorough reviews by the city and the Ministry of Planning and Investment and the Ministry of Culture, Sports and Tourism. The capital city then wanted to host the game in the My Dinh sports complex in Nam Tu Liem district to take advantage of the existing infrastructure there, Dung said. … [Read more...] about Hanoi plans to host Formula One
Return on invested capital formula
Founder of Sacombank to return after five years Money Banking Investments Shares
In recent days, potential candidates have been lining up to participate in restructuring Sacombank, one of the largest joint stock commercial banks in Vietnam, drawing avid attention from the public. The appearance of numerous “heavyweights” have called even more attention, highlighting names like New York-based Evercore Group Investment Bank, M&A consulting firm Redsun Capital Limited, and Dang Van Thanh, president of Thanh Thanh Cong Group. This is the first time Thanh returns to the field after a long absence from the financial-banking market since his 2012 incident with Sacombank. A name intertwined with the bank Over the past five years, after transferring his power at the bank he established and led in development, the market and financial investors have always stayed on the lookout for Thanh and his family. Sacombank is often associated with the personal of Thanh. However, Thanh Thanh Cong Group (TTC Group) is now the professional headquarters both for him and … [Read more...] about Founder of Sacombank to return after five years Money Banking Investments Shares
BUSINESS IN BRIEF 25/7
Chemicals company fined for securities fraud Duc Giang - Lao Cai Chemicals Co was fined VND230 million (US$10,900) for fraud in sales of securities. The State Securities Commission fined the company VND200 million for carrying out a public offering of securities without registering with the commission. The remaining VND30 million in fines was for filing a registration to be a public company 12 months late. Bao Viet Securities Co sees jump in profits Bao Viet Securities Co (BVS) reported a profit of over VND55 billion (US$2.6 million) in the second quarter of this year thanks to rocketing incomes from their brokerage operations. The profits are bright news for the securities firm that posted a loss of about VND26 billion ($1.2 million) for the same period last year. Total revenue for BVS in the quarter reached VND70.67 billion ($3.3 million), up 47 per cent from the same period last year. Total revenue for the first six months hit VND116 billion ($5.5 million), up 24 per cent, … [Read more...] about BUSINESS IN BRIEF 25/7
BUSINESS IN BRIEF 20/7
Regional tourism ministers to meet in city Tourism ministers of Vietnam, Laos, Cambodia and Myanmar will attend a tourism meeting in HCMC this September to discuss the next move to boost the tourism's image "Four Countries-One Destination." Under the program approved by the Ministry of Culture, Sports and Tourism, the meeting will be an important part of the International Travel Expo 2012 in HCMC (ITE-HCMC 2012) taking place on September 13-15. At the meeting, tourism ministers of the four countries will discuss the tourism cooperation plan for the 2012-2015 period. Thailand will be invited to join the meeting to exploit tourism potentials and advantages, develop the image of "Five Countries-One Destination" and make the tourism in the Mekong River area more attractive to international tourists. Together with the meeting, the organizers of ITE-HCMC 2012 are also under preparation for the meeting of mayors of the cities from the expanded Greater Mekong Sub-region, including … [Read more...] about BUSINESS IN BRIEF 20/7
BUSINESS IN BRIEF 12/2
Tuyen Quang miners to export barites The Government has allowed barites ore exploitation and processing enterprises in the northern province of Tuyen Quang to export about 70,000 tonnes of barites this year after meeting domestic demands, said Hoang Quoc Binh, director of the province's Department of Industry and Trade. Binh expected that exports of barites, used in petrol, chemical and glass production industries, would help the province meet its export target of US$15 million this year. The province currently has six barites ore producers, whose yearly total output reaches roughly 320,000 tonnes. Banks flirt with low interest rates Vietcombank announced on Thursday a reduction of up to 2 per cent in interest rates on loans made in Vietnamese dong, depending on terms. The bank is now posting lending rates ranging from 16 per cent per year for loans made to exporters and manufacturers to 20 per cent per year for loans made to enterprises in non-productive sectors, including … [Read more...] about BUSINESS IN BRIEF 12/2