T&T Group jumps into aviation; Sovico develops data center; 2 Vietnamese billionaires 'join hands' in Southeast Asia's largest project
Sovico plans to develop data center; Vinaconex-ITC wants to borrow from parent company to do Cat Ba Amatina project; 2 Vietnamese billionaires 'join hands' in Southeast Asia's largest exhibition center project; VIMC sets time to divest all capital at Vinabridge
T&T Group becomes strategic shareholder of Vietravel Airlines
T&T Aviation Transport and Trading Joint Stock Company (T&T Airlines), T&T Super Port and International Logistics Center Company Limited (T&T SuperPort), BVIM Fund Management Joint Stock Company and Vietravel Group Joint Stock Company have signed a contract to transfer shares at Vietravel Airlines.
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| Vietravel Airlines will become an important link in the chain of infrastructure - logistics - aviation projects that have been and are being implemented by T&T Group. |
Thus, the list of shareholders of Vietravel Airlines up to this point includes: Vietravel Group, Vietnam Transport Marketing and Tourism Joint Stock Company - Vietravel, T&T Airlines, T&T SuperPort, BVIM Fund and 2 individual shareholders, Mr. Tran Doan The Duy and Mr. Doan Hai Dang.
Vietravel Airlines will become an important link in the chain of infrastructure - logistics - aviation projects that have been and are being implemented by T&T Group. Together with Quang Ninh Port, Quang Tri Airport, Vietnam's logistics "super port" SuperPort in Vinh Phuc, Nam Phuc Tho Industrial Cluster, Aviation - Logistics - Service - Trade - Airport Urban Complex in Quang Tri and now the important piece - Vietravel Airlines, T&T Group is contributing to promoting the development of multimodal transport and creating new breakthroughs for Vietnam's logistics industry.
“With the spirit of not doing anything, but taking the lead when doing it, T&T Group is committed to devoting a lot of enthusiasm, determination and resources to making Vietravel Airlines the leader of the aviation industry in Vietnam and the region. Together with the ecosystem of T&T Group, we will not only fly together but also expand ground services, aviation services, develop according to the model and strategy that the world's leading airlines are implementing; creating motivation to participate in the country's economic development in the new era - the era of national development", Mr. Do Quang Hien, Executive Chairman of T&T Group emphasized.
Speaking at the event, Mr. Nguyen Quoc Ky, Chairman of the Board of Directors of Vietravel Airlines, said that the participation of three strategic shareholders, T&T Airlines, T&T SuperPort and BVIM Fund, will open up new opportunities for Vietravel Airlines to enhance competitiveness, expand its flight network and improve service quality.
“The transfer of these shares is also an important step in realizing the investment and development plan of Vietravel Airlines. With the support of new shareholders, we believe in the bright and sustainable future of Vietravel Airlines in the coming time,” Mr. Nguyen Quoc Ky affirmed.
Established in April 2020, Vietravel Airlines has been in operation for nearly 4 years.
VIMC sets time to divest all capital at Vinabridge
Vietnam National Shipping Lines (VIMC) will publicly auction all 60% of its capital contribution at Vietnam Container Exploitation Company Limited (Vinabridge), with an offering price of up to more than VND25 billion, while the book value is only nearly VND9.9 billion.
Auction time: 2:30 p.m. on December 27, at the headquarters of VNA Joint Stock Auction Company, Ta Thanh Oai Commune, Thanh Tri District, Hanoi.
In January 2024, VIMC's Board of Directors approved this policy. One of the main reasons is that the subsidiary's business performance was not as expected.
In fact, Vinabridge's business results are really bleak, with revenue continuously decreasing and often suffering losses throughout the 2019 - 2023 period. In the most recent year 2023, Vinabridge only brought in nearly 49 billion VND in total revenue, down 34% compared to 2022 and ultimately suffered a loss after tax of nearly 6.8 billion VND.
Vinabridge was formerly known as Vietnam Container Exploitation Joint Venture Company, a joint venture between VIMC and K'Line Singapore (Kawasaki Kaisha Kisen) shipping line, established on April 12, 1995. In 2015, the joint venture ended and the Company was transformed into Vietnam Container Exploitation Company Limited.
Vinabridge is currently headquartered in Dinh Vu Industrial Park, Dong Hai 2 Ward, Hai An District, Hai Phong City, specializing in providing retail warehouse (CFS) and depot operations, freight forwarding, and logistics integration services.
In this public offering, VIMC will offer to entities that are not Vinabridge's capital contributors. It is known that in the shareholder structure announced in the change of Vinabridge's business registration content on January 25, 2024, the remaining 40% owner is Vietnam Container Transport and Services Joint Stock Company (Vincotrans), out of a total charter capital of more than VND 16.4 billion.
Sovico plans to develop data center
Singapore's Keppel Group and Vietnam's Sovico Group are in talks to build a new undersea fiber optic cable to boost the region's data center industry, Reuters reported.
Southeast Asian countries – a key junction for cables connecting Asia to Europe – are looking to expand their networks to meet booming demand for AI services and data centers, with Vietnam alone expected to have 10 new submarine cables by 2030.
According to a plan, a cable line will be installed to directly connect Vietnam with Singapore. The total investment could be around 150 million USD.
Under the second plan, the cable connecting Vietnam, developed by Sovico, would be a branch of a longer cable. The source said it would likely be a submarine cable that would run from Singapore to Japan with links to countries along the route.
Negotiations are ongoing but no agreement has been reached, Reuters sources said.
Vinaconex-ITC wants to borrow from parent company to do Cat Ba Amatina project
The leaders of Vinaconex Tourism Investment and Development Joint Stock Company (Vinaconex-ITC) have approved a loan of up to VND300 billion from its parent company, Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex).
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| Cai Gia tourist urban area project (Cat Ba Amatina) in Cat Ba island, Hai Phong |
The subsidiary will borrow within 12 months from the date of disbursement to invest in the Cai Gia urban tourism project (commercial name Cat Ba Amatina) located on Cat Ba Island, Hai Phong; at the same time, it will use the revenue from this project to secure the loan.
At the end of the third quarter, VCR still had to pay its parent company nearly VND848 billion, after receiving VND2.2 trillion in an investment cooperation contract signed in 2021.
Recently, in mid-October, VCR's Board of Directors also approved a loan of VND2.8 trillion from Vietnam Prosperity Joint Stock Commercial Bank (VPBank) for the next 3 years. The company still owes this bank more than VND1.1 trillion in long-term debt in a loan agreement to carry out the above project.
Cat Ba Amatina can be considered a symbolic project, not only for VCR but also for its parent company VCG. The project is estimated to require nearly VND11 trillion in investment capital and VCR has poured more than VND4.7 trillion into it, accounting for the majority of the company’s assets, but has not yet brought about the expected results, at least on the books.
The proof is that VCR has not been able to record revenue in the first 3 quarters of this year, even though customers have contributed capital to buy land and reserved villas worth nearly 100 billion VND. The large loss in 2023 has caused undistributed profit after tax to be seriously negative, reaching 534 billion VND as of September 30.
2 Vietnamese billionaires 'join hands' on the largest exhibition center project in Southeast Asia
Hoa Phat Group announced that it will supply 10,000 tons of large-sized steel pipes to the project of the largest National Exhibition Center in Southeast Asia in Dong Anh, Hanoi. Started in August 2024, the project is invested by Vingroup and is expected to be completed in July 2025.
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| National Exhibition Center Project invested by Vingroup Corporation |
With a total area of up to 90 hectares, the National Exhibition and Fair Center will become the largest exhibition center in Southeast Asia, the 5th largest in Asia and in the Top 10 in the world. This will be the place to organize major trade events and exhibitions in Vietnam and around the world.
The products used in the project are large-sized steel pipes for steel structure processing. The types of pipes include: round pipes with diameters of 141, 168, 219, 273, 323mm and square steel pipes. The total volume of Hoa Phat steel pipes supplied to the project is about 10,000 tons.
The National Exhibition Center project was assigned by the investor to three major steel structure contractors in Vietnam: Dai Dung, ATAD and QH Plus. These are all long-term partners of Hoa Phat, of which Dai Dung contractor supplied the largest volume, accounting for 60-70% of the project. This contractor also participated in the construction of the Lusail Iconic and 974 stadiums for the 2022 World Cup in Qatar.
Hoa Phat's steel pipe production capacity currently reaches 1 million tons/year, number 1 in Vietnam. Hoa Phat steel pipes are of high quality, meeting all the most stringent standards such as ASTM A500 Grade B (USA), quality management system according to ISO 9001: 2015 and ISO 14001: 2015.
With stable quality and sufficient weight, Hoa Phat Steel Pipe is the top choice for bridge and road projects, steel structure frames or load-bearing trusses for national mega projects, stations, airports, gas and oil pipeline systems, etc.
Recently, Hoa Phat steel pipes have been supplied to many key national projects such as Terminal T3 project of Tan Son Nhat International Airport and Long Thanh International Airport...
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