Vietnam 

80% of State-owned groups earn profit in H1, says CMSC – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Committee for Management of State Capital at Enterprises (CMSC) will focus on monitoring State investment capital and finance at 19 State-owned corporations and groups, including Vietnam Airlines. — VNA/VNS Photo Huy Hùng HÀ NỘI — The Committee for Management of State Capital at Enterprises (CMSC) will focus on monitoring State investment capital and finance at 19 State-owned corporations and groups from now to the end of this year, said Deputy Chairman of Việt Nam’s Committee for State Capital Management Hồ Sỹ Hùng. This will be part of the CMSC’s…

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China 

China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Vietnam 

19 State-owned groups to undergo financial supervision – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Customers at a Mobifone store in Hà Nội. Mobifone is one of 19 firms under the Commission for the Management of State Capital at Enterprises (CMSC)’s supersivion. — VNS Photo Đoàn Tùng HÀ NỘI — The Committee for Management of State Capital at Enterprises (CMSC) plans to strengthen the supersivion and management at 19 State-owned groups and corporations. According to CMSC, the supervision will enhance business responsibility in compliance with regulations related to the use of capital and assets and detect shortcomings in production and business. Under the plan, CMSC will focus on…

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China 

China asks state-owned ‘national champions’ to help ‘stabilise’ economy, boost profits by 9 per cent in 2019

China’s biggest 97 industrial conglomerates, known as the country’s national champions, have been asked to play their part as “stabilisers” in the national economy in a bid to offset the trade war with the United States by boosting their profits by 9 per cent in 2019, according to the state-owned Xinhua News Agency.The State-owned Asset Supervision and Administration Commission (SASAC) set the target for the enterprises under its direct control, including state-owned oil and electric companies,… Source link

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Home 

Yuan likely to drop below rate of seven to US dollar within three months, state-owned lender Bocom International says

The yuan is likely to drop below the level of seven yuan to a US dollar within three months, and the stock markets in mainland China and Hong Kong are gradually pricing in this scenario, Chinese state-owned lender Bank of Communications International said on Wednesday.Hong Hao, the bank’s head of research, said: “The three-month tenure estimate is basically based on the positions we can see built by foreign-exchange traders for now. A weakened valuation of the yuan is decided by the recent… Source link

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Home 

Overseas unit of China’s state-owned cigarette monopoly sizzles on Hong Kong debut

China Tobacco International, the overseas subsidiary of China’s state-owned tobacco monopoly and the world’s largest cigarette maker, made an impressive debut in Hong Kong on Wednesday, as the company’s initial public offering proved extremely popular with retail investors.The shares rose 14.1 per cent to HK5.57 at the noon break. The benchmark Hang Seng Index was 1.6 per cent lower at 27,348.52.The IPO’s retail tranche was oversubscribed 101.4 times. The shares were priced at the high end of… Source link

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China 

Inside China's state-owned industrial park in Vietnam, Beijing’s image trumps trade war profits

Until the middle of 2018, business was slow for the only Chinese state-owned industrial park in Vietnam, located in the northeastern manufacturing hub of Haiphong and wholly-owned by the Shenzhen city government.US President Donald Trump’s tariffs on Chinese goods enacted last year changed that, with 16 of the 21 Chinese companies that have relocated to the China-Vietnam (Shenzhen-Haiphong) Economic and Trade Cooperation Zone – many of them electronic device manufacturers – having done so since… Source link

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Vietnam 

19 State-owned groups to be under financial supervision – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Việt Nam National Oil and Gas Group (PetroVietnam) will be under financial supervision this year. — Photo cafef.vn HÀ NỘI — The Commission for the Management of State Capital at Enterprises (CMSC) this year will oversee the finance of 19 State-owned groups and corporations. The CMSC will review the operating effectiveness of the businesses to help them set targets and improve competitiveness. It also expects to help them follow laws and regulations on management and use of State capital and assets. In addition, the commission will discover shortcomings and help the businesses resolve the issues. Its work also aims to enhance financial transparency at…

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Vietnam 

State-owned banks to retain dividends for capital hike – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    VietinBank is in dire need of capital that has remained unchanged since 2014. Photo VietinBank HÀ NỘI – Authorities have basically agreed on a State Bank of Việt Nam (SBV) proposal to allow large State-owned commercial banks to retain their dividends or pay them in shares to increase capital. The proposal, however, still needs approval from the National Assembly. To ratify the proposal, the NA will have to either revise existing regulations or issue a new resolution on the issue. According to the proposal, State-owned commercial banks – including Agribank, BIDV, VietinBank and…

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Home 

China is plugging pension hole by tapping into US$25 trillion in equity in state-owned enterprises

Every month, Liu Yuan sets aside around 900 yuan (US$131), or 8 per cent, of his salary to be paid into the public pension fund, while his employer contributes about 2,000 yuan.These payments will guarantee the 33-year-old accountant of a construction company in eastern Shandong province a basic monthly pension payment of around 4,000 yuan a month when he retires in 25 years, all other things being equal.But starting this May, his employer can cut the mandatory contribution to his account by… Source link

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