Corporate

FPT Capital brings HAGL to court either over its losses from the company's stocks or the chairman reneging on its promise to buy out its holding in HAGL. A dIspute related to FPT's capital contribution to HAGL may stand behind the lawsuit. Photo: Shutterstock Local website bizlive.vn stated that the Central Highlands province of Gia Lai’s Pleiku People’s Court is handling a business dispute related to a capital contribution contract between plaintiff FPT Capital and defendants Duc and his firm HAGL in 2011. According to FPT Capital’s consolidated financial statement in 2011, the firm received a 500,000-stock investment from HAGL’s subsidiary HAG Rubber JSC. The capital contribution contract between the two firms stipulated the value of each stock at VND51,000 ($2.2). Thus, HAG Rubber’s total capital contribution to FPT Capital was VND25.5 billion ($1.1 million). At the time, HAG Rubber committed that its stocks would be listed before August 15, … [Read more...] about FPT Capital sue HAGL maybe for the seven year ago problem

First American-standard hospital comes on stream in VietnamBy Thanh Hoa The inauguration ceremony on October 19 of American International Hospital in HCMC’s District 2 – PHOTO: THANH HOA HCMC – American International Hospital (AIH) was put into service in HCMC on October 19, contributing to  healthcare service development in the city and the country as a whole. Nguyen Thi My Linh, chief executive officer of the hospital, said AIH will develop and boost professional services to bring patients and their families American-standard healthcare services. Located on Bac Nam 3 Street, An Phu Ward, District 2, the 10-floor hospital features high-end facilities, including 120 beds, five operation rooms and other functional rooms. Luong Ngoc Khue, director of the Department for Medical Checkups and Treatment Management under the Ministry of Health, said that AIH’s operations will partly share the burden of medical examinations and treatments with the overall … [Read more...] about First American-standard hospital comes on stream in Vietnam

Japan Airlines, Vietjet commence codeshare flightsBy Le Anh A Vietjet’s aircraft docks at Noi Bai Airport in the capital city of Hanoi. Vietjet and Japan Airlines have announced they will begin their codeshare flights on October 23 – PHOTO: LE ANH HCMC – Local carrier Vietjet and Japan Airlines (JAL) on October 19 announced they will begin their codeshare flights on October 23. Vietjet and JAL signed a memorandum of understanding for commercial cooperation in 2017 and will now offer codeshare flights on domestic destinations in Vietnam and on international flights between Vietnam and Japan operated by Vietjet. Applicable domestic routes operated by Vietjet are HCMC-Hanoi, HCMC-Danang and Hanoi-Danang. The international flight route is Hanoi-Osaka (Kansai). Codeshare flights are available for travel from October 28. The Hanoi-Osaka route, specifically, starts operations on November 8. Based on the agreement, the two airlines will also aim to expand their … [Read more...] about Japan Airlines, Vietjet commence codeshare flights

Through the co-operation with Saigon Pho Palace JSC, PHI Group from the US will play an important role in Saigon Pho’s plans to capture 20-30 per cent in the $8 billion restaurant segment catering to wedding banquets and conventions. PHI Group will acquire 51 per cent of Saigon Pho On October 17, PHI Group, Inc., a diversified holding company from the US focused on mergers and acquisitions and investments in select industries, agriculture, and real estate, announced that the company signed an agreement to acquire a 51 per cent equity interest in Saigon Pho Palace JSC (SGP) and plans to pay for the transaction with Preferred Stock from PHI Group, Inc. or a promissory note that may be convertible into shares of a subsidiary of the company. The amount of Preferred Stocks of PHI Group or the value of the convertible notes to be issued for the exchange of the equity interest in SGP will be based on the results of a valuation of SGP's business by a professional, independent … [Read more...] about PHI Group buys majority interest in Saigon Pho Palace

South Korean investors continue to show their enthusiasm for Vietnam through recent major deals with businesses in the country. South Korean investors are shifting their focus in Vietnam from direct investment to M&A deals, Photo: Le Toan South Korea’s eagerness to directly invest in Vietnam is nothing new. However, the mergers and acquisitions (M&A) wave between Korean and Vietnamese businesses only emerged in recent years, and is now growing from strength to strength. In just the last month, two major partnerships have been cemented. ASAM Asset Management bought VND200 billion ($8.85 million) of convertible bonds from Vietnamese textile manufacturer TNG Investment and Trading JSC. The new capital from ASAM will help TNG improve its financial health, invest more heavily in assembly lines, and seek customers shifting their production base away from China. According to industry insiders, ASAM has only been in Vietnam for five months, and this is the first major … [Read more...] about South Korean M&A wave rises