Singaporean company PSA Cargo Solutions Vietnam Investment plans to continue increasing its stake in Vietnam’s logistics provider South Logistics Joint Stock Company (Sotrans).

Sotrans on June 20 received a public tender offer from PSA Cargo Solutions Vietnam Investment to increase its ownership from 24.9% to 30% of charter capital. 

PSA Cargo Solutions Vietnam Investment offers to buy another 5,010,921 shares of Sotrans, while the bid price is not disclosed. 

Sotrans is listed on the Ho Chi Minh Stock Exchange (HoSE), with a ticker symbol STG. The company's shares ended last week at 49,000 VND (2.08 USD) a share. 

At the closing price, it is estimated that PSA Cargo Solutions Vietnam Investment has to spend more than 245.5 billion VND to purchase over 5 million STG shares. 

Previously, the Singaporean company on May 19 bought 24.47 million STG shares to raise its ownership from 0% to 24.9% of charter capital and become a major shareholder of Sotrans.

Leaders of Nhan dan (People) and Granma, the respective official newspapers of the Vietnamese and Cuban Parties, have agreed to step up cooperation in profession, communications, publication, and digital transformation, at their recent working session in Havana.

Editor-in-Chief of Nhan dan Le Quoc Minh, who is also member of the Party Central Committee and deputy head of its Commission for Information and Education, said the newspaper has innovated toward digital transformation in recent years and developed various forms of information following latest press development trends. 

The official also emphasised the importance of creating necessary tools to support editors in producing the best journalistic products.

 Minh and his host Yailin Orta Rivera, Granma Editor-in-Chief, discussed challenges that today's technological scenarios pose to the media industry, and agreed both newspapers need to fortify their combativeness on the ideological front.

A delegation of the Ho Chi Minh City People's Committee and Consul General of Vietnam in Vancouver Nguyen Quang Trung on June 27 organised the Vietnam - Canada Business Forum which attracted more than 100 participants.

The event is one of the activities within the framework of the celebration of the 50th anniversary of the establishment of diplomatic relations between Vietnam and Canada, and aims to strengthen the relationship between Ho Chi Minh City and Vancouver, and between the city and British Columbia. 

Vice Chairman of the committee Vo Van Hoan said that economic, trade, and investment relations between Ho Chi Minh City and Canada have strongly developed but yet to commensurate with its potential, especially in the context as Vietnam and Canada are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

He called on Canadian investors to pay attention to the areas that the city is prioritising such as supporting industry, high technology, ecological industrial parks, green energy, health care, and education.

The Investment Promotion Agency (IPA) of the central city of Da Nang and the Germany Business Association (GBA) have agreed to promote investment and field study exchange as well as business connections among businesses in the two countries.

The proposal was discussed at the Memorandum of Understanding (MoU) signing ceremony in the central city last week between the two partners, offering investment opportunities for business partnerships between Germany and Da Nang in hi-tech industries, human resources training, information technology, logistics and seaport development.

IPA Director Huynh Thi Lien Phuong said the investment from Germany to Da Nang was still small with 11 projects worth 10.3 million USD – just 1% of the total FDI projects in the city.

A Vietnam-Australia business forum was held in Sydney on June 27 to help Vietnamese enterprises know more about the Australian market and connect them with businesses in this Oceania country.

The event was jointly organised by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT)  in coordination with the Consulate General of Vietnam and the Vietnam Trade Office in Sydney as part of activities to mark the 50th anniversary of bilateral diplomatic ties. 

Speaking at the forum, Vietnamese Consul General in New South Wales, Queensland and South Australia Nguyen Dang Thang said that based on the fruitfully growing bilateral relationship, Vietnamese and Australian businesses will intensify their exchange of knowledge and experience to find suitable partners. Vietnamese firms can explore new business opportunities in a vibrant market like Australia, he noted. 

According to Le Hong Minh, director of Vietrade’s Investment Promotion Centre for Industry and Trade, Vietnam and Australia have complementary economies as the former boasts an abundant labour force while the latter is rich in resources, with a high level of technology, especially in the field of education. This will create favourable conditions for businesses of both sides to strengthen cooperation, Minh noted.

The Dong Thap provincial People's Committee and the Consulate General of India in Ho Chi Minh City on June 28 held a conference to promote trade and investment cooperation between India and the Mekong Delta province.

Chairman of the provincial People's Committee Pham Thien Nghia said besides rice and aquaculture products, the province also has fruits that are promising products for export to India such as mango, mandarin, and longan; and briefed representatives of the more than participating Indian firms on the province’s Sa Dec flower village.

Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, said that Vietnam, with its strategic geographical position, stable socio-political system, skilled labour force, and membership of 15 free trade agreements, is one of the attractive investment destinations in the world.

T.Huong

Source: Vitic/VNA