Vietnam: Police Arrested Vinalines’ Executives
May 19, 2012 (Vietnamica) — Police has detained Mai Van Phuc (former CEO, currently Deputy Director of Transportation Department, Ministry of Transport), Tran Huu Chieu (vice CEO of Vinalines, deputy Secretary of Communist Party Committee at Vinalines). The Police also tried but failed to arrest Duong Chi Dung, former chairman of Vinalines and currently head of Maritime Department, MoT. Dung did not appear in both his office and home (Lao dong, May 19).
May 15, 2012 (Vietnamica) — State-owned PetroVietnam’s upstream arm, PVEP, plans to invest $16.5 billion in upstream oil and gas operations in 2011-15 (Platts, May 14). Director general Do Van Khanh also unveiled that PVEP had invested an average of US$1 billion-US$1.5 billion/year on exploration and production in 2007-11.
May 12, 2012 (Vietnamica) — Disappointing output and investment data for April have confirmed significant weakness in the Chinese economy, building a strong case for more aggressive monetary easing.
Vietinbank Sold 5-year US$250 Mln International Bond; Offered Yield of 8.25 Pct
May 11, 2012 (Vietnamica) — Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank, HOSE: CTG), on May 10, sold 5-year US$250 million international bonds. This is the first ever international bond offering by a Vietnamese financial institution. The bond was priced at 98.992 percent with a coupon of eight percent to offer a yield of 8.25 percent (The Asset, May 11).
CSM (Casumina) Is Turning Blue Chip
May 11, 2012 (Vietnamica Finance) – Casumina (HOSE: CSM) is turning a blue chip on the Vietnamese stock market. CSM dived to the bottom of VND8,200 (~US$0.40) at the beginning of Jan. 2012. Its price was double in mid-Apr. CSM closes today session at new record high VND29,700 (US$1.4). The company’s fundamentals and future success make the story.
May 7, 2012 (Vietnamica) — Outgoing prime minister Vladimir Putin (WSJ) was sworn into office for a third six-year presidential term today, while riot police detained hundreds of anti-government protesters in the run-up to the inauguration.
