Directed by Vietnam Chamber of Commerce and Industry (VCCI), the Business Forum Newspaper in collaboration with the Enterprise Research and Development Institue, Vietnam Association of Accountants and Auditors (VAA) has announced the Top 100 enterprises in Vietnam achieved the best financial management index in the Vietnamese stock market 2018.
The program is deployed annually on the basis of survey and assessment of 21 financial criterias related to all aspects of production and business activities of enterprises listed on Vietnam stock market in 32 economic sectors, through the annual prospectus with a comprehensive assessment method, ensuring accurate and objective results.
Having participated in the stock market since July 2014, Viglacera Corporation – JSC has always been one of the enterprises which strictly implemented regulations, management process and periodic financial statements of HNX. The implementation of commitments with investors through the General Meeting of Shareholders as well as the results of business activities, production and financial performance indicators always comply with the principles of publicity, transparency and ensure maximum benefits of investors.
On the basis of detailed analysis and evaluation of financial indicators as well as efficiency in production and business activities over the past time, Viglacera Corporation – JSC has been ranked by the Business Performance Assessment programme in the Top 100 enterprises in Vietnam achieved the best financial management index in the Vietnamese stock market 2018 . This is important for Viglacera to understand its “health” situation, thereby overcome limit and deploy development solutions in the next stage. At the same time, through the results of assessing the capacity of enterprises, partners, credit institutions, investors, especially shareholders will also have a reliable database to make reasonable and effective investment decisions.
According to the plan, VGC will switch to operate on HOSE in early 2019 according to Viglacera’s commitment to investors. Besides, the plan to divest 53% of the State’s capital will also be conducted before the next shareholders’ meeting. Viglacera Corporation has been actively taking the initiative in corporate governance from production management to finance and accounting in order to develop the business in a sustainable manner and be ready for the transformation of the operational model after divesting all State capital in 2019.
This is an annual survey program to assess more than 5,000 businesses listed on 3 Vietnamese stock exchanges: UPCOM, HNX and HOSE. On the basis of a comprehensive assessment of criteria of financial capacity, business performance and the implementation of periodic reporting processes prescribed by the securities exchanges, the organizing committee selects the TOP enterprises with Best financial management capacity to honor and award certificates. The fact that Viglacera stands in the TOP 100 in 5,000 businesses is not only a confirmation of the prestige and position of the Corporation on Vietnam’s financial market in the current period, but also a basis for investors to continue trust in VGC in the future.
This is the 4th consecutive time the company has been named with the title “National Brand – Vietnam Value 2018”. This achievement continues to affirm the Corporation’s position – the leading enterprise in building materials and real estate industry in Vietnam and to continue to promote images and build a pretigous brand reputation in the world.
On December 20, 2018, “The awards ceremony of National Brand 2018” organized by the National Brand Council and Ministry of Industry and Trade took place in Hanoi. The program was broadcast live on VTV2 from Hanoi Opera House.
Before the ceremony was held, Mr. Nguyen Minh Tuan, a representative of Viglacera Corporation – JSC attended the meeting with the Prime Minister of the Socialist Republic of Vietnam Nguyen Xuan Phuc.
The Vietnam National Brand Programme approved by the Prime Minister in Decision No. 253/2003/QĐ-TTg dated November 25, 2003. This is the only programme of the Vietnamese Governement to promote national image and national brand through product brand (goods and services). The Ministry of Industry and Trade is the standing agency in charge of coordinating with the relevant ministries and agencies in implementing the programme. The logo entitled “Vietnam Value” is awarded to products that have its own brand and meet the specified criterias. National Brand – winning businesses are promoting the results to continue pursuing the program’s values of Quality – Innovation – Pioneer.
Deputy Prime Minister Trinh Dinh Dung and Minister of Industry and Trade Tran Tuan Anh handed the logo “National Brand 2018” to Deputy General Director Nguyen Minh Tuan – the representative of Viglacera Corporation – CTCP
Viglacera has many successful events in 2018 such as: Groundbreaking ceremony of Vimariel Economic Zone in Mariel Special Development Zone (ZEDM) – Cuba; Viglacera launches VIGLACERA Shop Online; Viglacera’s industrial parks have welcomed many leading enterprises of China, Taiwan, Hong Kong, Korea, Japan and Europe to explore and rent land with increasing number of visitors each day; Groundbreaking ceremony of social housing project in Kim Chung new urban area, Dong Anh, Hanoi; Viglacera My Xuan started Tunnel kiln; Participated in Fecons Cuba, Korea Build, Japan Build Tokyo and preparing for USA exhibition; Groundbreaking ceremony of Van Hai Ecological Tourism Project, Quan Lan – Quang Ninh… Besides, in 2018, Viglacera also focuses on researching, developing and applying advanced science and technology in production of many new and green products, such as: Viglacera energy-saving glass, autoclaved aerated concrete bricks and ALC panel…
Businesses, corporations are honored at the National Brand 2018 ceremony
In the context of deep integration into the global economy, free trade agreements (FTAs) that Vietnam has signed and are negotiating with international partners not only bring opportunities but also bring many challenges to Vietnamese businesses. Viglacera Corporation – JSC has implemented many solutions of cooperation, trade promotion and build good relations with partners and customers to expand the market and promote Viglacera brand image to all nations.
Viglacera Corporation – JSC has oriented quality in the domestic market to make a strong attack on foreign markets. The Corporation not only focuses on the green science and technology revolution in the building materials industry by investing, producing and improving the quality of environmentally friendly products, but also select the key and potential markets like Cuba, South Korea and Japan and invest in a selective way.
All results and great contributions to the building materials industry and to society have partly created the brand value of Viglacera. Currently, Viglacera products are being supplied and consumed in more than 40 countries and territories around the world. National Brand 2018 will be a motivation for Viglacera to continue to build and strongly develop the Vietnamese brand in the international arena.
Regional monthly minimum wage applied to labourers working under contracts in Vietnam will range from 2.92 million VND (125 USD) to 4.18 million VND (180 USD), depending on each region, as from January 2019.
The Government has issued Decree 157/2018/ND-CP regulating the regional monthly minimum wage for those working in businesses.
As of January 1 next year, regional minimum wage levels will be increased as follows: Region 1 – 4.18 million VND (180 USD), Region 2 – 3.71 million VND (160 USD), Region 3 – 3.25 million USD (140 USD) and Region 4 – 2.92 million USD (125 USD).
These numbers mark an increase of 160,000-200,000 VND (6.8-8.5 USD) compared with 2018.
Region 1 covers the rural and urban districts of Hanoi, HCM City, Hai Phong, Bien Hoa, Thu Dau Mot, Vung Tau city in Ba Ria-Vung Tau province and some rural districts of Dong Nai and Binh Duong provinces.
Region 2 includes the remaining rural districts of Hanoi, Hai Phong, Hai Duong and Hung Yen, and some rural districts of Hung Yen province.
Region 3 comprises the remaining provincial cities, Chi Linh town and some rural districts of Hai Duong and Vinh Phuc provinces. Meanwhile, Region 4 covers the remaining localities.
On 28th November 2018, Viglacera Corporation – JSC organized the groundbreaking ceremony of ViMariel Economic Zone in Mariel Special Development Zone (ZEDM), Cuba. This is the first economic zone that Viglacera invested overseas. This event marked the determination to implement the Viglacera’s multinational business development strategy to expand the market outside the territory of Vietnam.
ViMariel Economic Zone prime geographic location and robust infrastructure promises to be an appealing destination for firms in manufacturing industries, including electronics, construction materials and food processing. This is, in part, due to enormous support from the Government of Cuba, which offers preferential policies to foreign investors.
Perspective of ViMariel Economic Zone in Mariel Special Development Zone (ZEDM), Cuba
The ceremony was attended by the Hon. Ramiro Valdés Menéndez – Cuban Vice President of the Councils of States and Ministers; Mr. Rodrigo Malmierca Díaz – Cuban Minister of Foreign Trade and Investment; Mr. Pham Hong Ha – Vietnamese Minister of Construction; and Mr. Nguyen Trung Thanh – Vietnamese Ambassador to Cuba, along with representatives of various other ministries, embassies, and businesses. Viglacera itself was represented by Mr. Luyen Cong Minh – Chairman of the Board of Management; and Mr. Nguyen Anh Tuan – General Director.
Addressing the event, Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz spoke highly of the project, highlighting that the construction coincides with the 36th meeting of the Vietnam – Cuba Intergovernmental Committee. He likewise expressed his confidence in the success of the strategic project, which was described as “special” in the two countries’ relations.
Minister of Construction Pham Hong Ha’s speech at the ceremony
Minister of Construction Pham Hong Ha affirmed that the long-standing ties between Vietnam and Cuba have laid a strong foundation for Viglacera to implement this project. He expected the project would meet the developmental needs of both nations.
In just 3 months since the establishment of ViMariel S.A. – a subsidiary of Viglacera in Cuba, the Government of Cuba, for the first time, officially granted ViMariel the license to build and manage an industrial park in Lot A of the Mariel Special Economic Development Zone.
ViMariel covers a total area of over 300 hectares. The first stage has been implemented on 156 hectares, of which 119 hectares (76%) is for factory construction. The project is equipped with international-standard infrastructure and seeks to provide the best services for foreign investors.
ViMariel Economic Zone possesses a number of special advantages, including the central location of Cuba in the Caribbean; the local deep-water sea ports; and the availability of La Habana only 45 km west of the market. Furthermore, the industrial park boasts the availability of high-skilled labors; a stable socio-political and legal environment; prompt project approval courtesy of a “one-stop” policy; and the up-to 20-year tax exemption policy.
Groundbreaking ceremony of ViMariel Economic Zone
Immediately following the groundbreaking ceremony, many foreign investors expressed their interest in the industrial park. A Portuguese company has already registered to become an investor there.
Mr. Tran Anh Tuan – Director of ViMariel and EnPromoulds – a Portuguese company signed one of the very first agreements of ViMariel Economic Zone
The inauguration of ViMariel in Cuba’s Special Economic Development Zone increases the number of industrial parks owned by the Corporation to 12, totaling over 3,500 hectares. The ViMariel project has affirmed Viglacera’s strategic move towards the global market as well as promoted Vietnam-Cuban economic ties to in accordance with the two nations’ long political relationship.
For enquiries, please contact: Viglacera Real Estate Company (Viglacera Land) -Telephone: (+53) 58878131 | Website: https://vimariel.com
ActRo Vina Co., Ltd, a 100% foreign- invested enterprise from South Korea, decided to choose Phu Ha Industrial Park (Phu Tho province) which is owned by Viglacera, as its stop to build factories and expand production.
On October 23, 2018, Viglacera Land, a real estate trading company under Viglacera Group, conducted the Signing Ceremony of land leasing contract in Phu Ha Industrial Park with ActRo Vina Co., Ltd which specializes in manufacturing and processing camera components used for mobile phones and other electronic devices. Its products are exported to foreign countries and supplied to big brands, such as Samsung, LG, etc. ActRo Vina Co., Ltd plans to start the construction of the factory soon and expects to put it into operation in March 2019.
Ms. Nguyen Thu Huong – Deputy Director of Viglacera Land, handed the land leasing contract of Phu Ha Industrial Zone over to Mr. Shin Byeong Kun – Chairman of Actro Vina Co., Ltd.
Up to now, Phu Ha Industrial Park has attracted 16 businesses (covering nearly 50 hectares of leasing land), 13 of them are Korean high-tech enterprises, manufacturing phone components, such as cameras, vibration motor, headsets/headphones, batteries, data cables, mobile phone chargers, circuit boards, etc. besides car accessories, like wheel speed sensors, power cables, and other components and accessories, the remaining are from Japan.
Pictures of factory of ActRo Vina Co., Ltd in Vietnam
Phu Ha Industrial Park is developed by Viglacera with an area of 350 hectares. It is located close to Hanoi – Lao Cai highway, which is also near IC9 (Interchange) and under the economic corridor of Hai Phong – Hanoi – Lao Cai – Kunming (China). Furthermore, the park is next to Ho Chi Minh road route, which makes it convenient for transportation to the airport, the central area of Hanoi and surrounding areas. In addition to its location advantages, Phu Ha Industrial Park also possesses abundant and well-trained labor resources, and competitive rental price in the region. In the future, Phu Ha Industrial Park promises to be a destination to attract much attention from investors when they need to search for a place to expand production.
With modern and synchronous infrastructure, Phu Ha Industrial Park has about 50 hectares of “available land”, ready to welcome businesses to build factories right away.
For further information, please contact our hotline: (+84) 8888 22 55 88 | Website: https://viglaceraip.com
On 1 September, 2018, the Ha Long – Hai Phong Expressway officially opened to traffic. As a result, Quang Ninh Province and Dong Mai Industrial Park (Quang Ninh) promise to become the potential destination for investors in the northern market.
The Ha Long – Hai Phong Expressway plays an important role to promote regional connectivity in the 3H (Hanoi – Hai Phong – Quang Ninh) development triangle, helps to increase cargo traffic from Quang Ninh to other provinces in the North and vice versa.
With direct connection to the Ha Long – Hai Phong Expressway, Dong Mai Industrial Park (IP) is just 12km from the highway. After completion, the expressway will shorten the distance between Hanoi and the IP from 160km to 107km, halve the travel time from 3 hours to 1.5 hours.
Interchange of National Highway 18 is 12km from Dong Mai IP, connecting the IP to the Ha Long – Hai Phong Expressway
At the same time, the distance from the industrial park to Hai Phong Port is reduced by two thirds (from 75km to 27km), the travel time is 15 minutes, which helps the exchange of goods from Quang Ninh in general and Dong Mai IP in particular to the other countries through the sea become more favorable. In addition, Van Don International Airport is expected to welcome the first plane in December, 2018, promising to expand the mode of air cargo transportation for enterprises located in the IP.
Location of Dong Mai IP (Quang Yen, Quang Ninh)
Besides, Dong Mai IP has the advantage of abundant labor force. Estimated labor force of Quang Ninh Province (2016) is 691,900 people, and up to 3.7 million people from neighboring provinces. Quang Ninh is famous for the quality of education in the North with many prestigious universities, colleges and vocational schools such as Foreign Trade University, Ha Long University, Singapore International School (SIS), etc with 7,500 graduates each year. Furthermore, the IP is only 20 minutes from Ha Long. This city already has completed service infrastructures with reputable hospitals such as Vinmec International Hospital, Quang Ninh General Hospital, places of recreation – tourism such as Ha Long Bay, Sun World Ha Long Complec, etc, which meets the needs of living, entertainment. Therefore, investors don’t have to worry about dwelling places for workers or labor shortage comparing to other IPs.
In 2013, Yazaki Corporation – the largest Japanese group manufacturing meters, electronic components and a host of other products for the world’s leading car manufacturers invested in Dong Mai IP. In 2016, Vega Balls Vietnam belonging to Taiwanese group Yuanchi – Top 5 manufactures of basketball in the world, became the next investor. At present, Dong Mai IP has available land for lease, competitive price and ready to welcome enterprises to build factories immediately.
With the total investment of up to 30 million USD by Viglacera Corporation JSC, Dong Mai IP has 160ha along with synchronous infratructures. This IP provides 110/22KV power plant which is supplied from the national grid, in-house water supply station with the capacity of 6,500m3/day, a separately constructed rainwater and waste water drainage system with waste water treatment capacity of 4,800m3/day. Investors in Dong Mai IP are supported by: custom services, banks, hospitals, post office and especially Dong Mai urban area (9.1 ha) for workers who want to live within the IP.
For further information, please contact: Viglacera Real Estate Company – Tel: (+84) 888 25 22 88 | Website: https://viglaceraip.com
On March 29, the Cuban Government issued a license to invest in the Mariel Development Zone for ViMariel SA – the first fully foreign-invested enterprise in Cuba invested by Viglacera. The two governments expected that this will strongly improve to the economic development of the Caribbean island.
On behalf of the Cuban Government, Mrs. Ana Teresa Igarza Martinez – General Director of Mariel Special Zone Management Board granted the Investment license of ViMariel S.A Company in Mariel Development Zone to Mr. Nguyen Anh Tuan, General Director of Viglacera Corporation JSC. At the same time, the two parties signed an agreement on investment and development of Viglacera Industrial Park in Mariel Special Zone
The award ceremony took place in the presence of the Minister of Industry and Trade of Vietnam, Mr. Tran Tuan Anh and the Minister of Cuban Ministry of Foreign Trade and Investment, Mr. Rodrigo Malmierca Diaz at the Business Forum in La Habana, in the context of the State visit of the General Secretary of the Central Committee of the Communist Party of Vietnam – Mr. Nguyen Phu Trong to Cuba.
Besides, Viglacera’s General Director, Mr. Nguyen Anh Tuan has also signed other important cooperation documents with his Cuban partners following Viglacera’s investment strategy in the Republic of Cuba in the near future. Accordingly, Mr. Tuan signed the agreement of investment in Viglacera Industrial Park development in Mariel Special Zone with the General Manager of Mariel Area Management Office – Mrs. Ana Teresa Igarza Martinez; the written agreement on investment cooperation Neptuno – Triton tourist complex in La Habana with Gran Caribe Corporation.
Mr. Eduardo Jesus Acosta de Arriba – CEO of Gran Caribe Corporation and Mr. Nguyen Anh Tuan – General Director of Viglacera Corporation JSC sign the agreement on investment cooperation Neptuno – Triton tourist complex
Speaking after the signing ceremony, Mrs. Igarza said it was part of Cuba’s effort to call for foreign capital to serve the development of infrastructure needed for potential investors in the Caribbean island .
According to the agreement of investment in Viglacera’s Industrial Park development in Mariel, Vietnamese enterprises will invest about $300 million to build a 160 ha industrial park in the next 5 years (from 2019). It will have adequate infrastructure for roads, telecommunication, electricity and water supply networks for industrial facilities and Vietnamese enterprises will have the right to exploit this park for 50 years. It is expected that ViMariel S.A’s industrial park will attract investment by logistics, biotechnology, pharmaceutical, electronics and manufacturing businesses.
Also on March 29, Mr. Tran Anh Tuan, Chairman of Chao-Vig Corporation, a member of Viglacera Corporation, signed an agreement to develop the Celadon – New York Hotel in La Habana with Gran Caribe – Cuba Corporation.
Mr. Nguyen Anh Tuan – General Director of Viglacera Corporation JSC and Mr. Rodrigo Malmierca Diaz – the Minister of Cuban Ministry of Foreign Trade and Investment
In the field of investment in construction materials in Cuba, Viglacera Corporation JSC has worked with the Santa Cruz tiles factory and San José sanitary wares factory.
Santa Cruz tile factory, the only factory in Cuba producing ceramic tiles for the entire country’s demand, is invested in technological lines of Siti (Italy), put into operation in June 2008 with the capacity designed for 3.141 million square meters per year. San José sanitary wares factory produces sanitary wares and tiles. In particular, the sanitary ware lines were invested with the technological of an Italian brand, Sacmi, which was put into operation in 2007 with the designed capacity of 154,000 products per year. The signing of a joint venture contract and the signing of the joint venture charter between Viglacera and the two factories will take place during the Fecons International Exhibition, from 3 to 6 April, 2018 in La Habana, Cuba.
Viglacera booth at the Fecons International Exhibition, from 3 to 6 April, 2018 in La Habana, Cuba.
Viglacera delegation’s visit, led by General Director Mr. Nguyen Anh Tuan was a success, unveiling different directions and steps in Viglacera’s operation cooperation, business and investment in Cuba.
South Korean President Moon Jae-in and his wife will pay a three-day official visit to Vietnam starting next Thursday, according to Vietnam’s foreign ministry.
During the visit, Moon will attend a summit with his Vietnamese counterpart Tran Dai Quang, and meet other government leaders, including General Secretary of the Communist Party Nguyen Phu Trong.
This will be Moon’s first official visit to Vietnam since he took office last May, and his second visit to Vietnam after attending the Asia-Pacific Economic Cooperation (APEC) Summit in Da Nang last November.
The South Korean president’s economic delegation will include top executives of Samsung Electronics, the Hyundai Motor Group, SK Innovation and LG Chem, Yonhap reported.
Vietnam is currently South Korea’s 3rd largest trade partner and South Korea is Vietnam’s second largest trade partner, with bilateral trade volume reaching nearly US$61.6 billion last year, according to Vietnam Customs. South Korea is also Vietnam’s biggest foreign investor, with its firms investing more than US$50 billion in Vietnam between 1988 and 2016.
Moon’s visit to Vietnam will be his second official visit to an ASEAN country as part of his “New Southern Policy,” which aims to elevate South Korea’s relations with ASEAN to the same level as its relations with the U.S., Japan, China and the E.U.
“Vietnam is our largest trading partner in Southeast Asia, and a core partner country for our New Southern Policy,” Reuters quoted Blue House spokesman Kim Eui-kyeom as saying.
During the Vietnam visit, Moon is also expected to seek ASEAN support and cooperation ahead of the historic inter-Korean summit with North Korean leader Kim Jong-un next month. Stressing the importance of ASEAN in de-escalating tension on the Korean Peninsula, Moon has promised to visit all 10 of its member states before the end of his term in 2022.
South Korea should speed up its move to join a multilateral Pacific trade pact signed by 11 regional nations to cushion the blow from a potential trade war, analysts said Sunday.
The advice comes as U.S. President Donald Trump’s protectionist measures are changing the economic landscape and reshaping the world trade order.
Against Trump’s America First strategy, a growing number of nations are seeking to enter larger multilateral trade pacts that will ensure free trade with no tariffs and barriers.
The latest development is the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile, March 9.
The revived version of the TPP represents 500 million people and accounts for 13.5 percent and 15 percent of global gross domestic product and trade, respectively.
“Once the CPTPP is implemented and begins the process for new members to join, accession should be a priority for South Korea and the CPTPP members,” Troy Stangarone, senior director at the Korea Economic Institute (KEI) based in Washington, told The Korea Times.
He pointed out that while the China-led Regional Comprehensive Economic Partnership (RCEP) will provide South Korea with increased market access in Southeast Asia, the CPTPP will be the more important agreement in the long-run.
“As a major trading nation Korea has prioritized market access through the reduction of tariffs historically, but as services and technology become increasingly important, ensuring that there are enforceable rules in place should be a priority for any Korean government,” he said.
The revamped TPP, which is scheduled to kick off in the first half of 2019, is open to new members. The 11 current members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Korea has remained lukewarm about the Pacific trade pact since the U.S. withdrew from it immediately after Trump took office early in 2017.
On March 13, Finance Minister Kim Dong-yeon said that the country will decide whether to join the CPTPP in the first half of the year.
The analysts said that although Korea has signed FTAs with many countries, joining multilateral pacts would be a better option because it will make it easier for the nation to form a united front against America’s protectionism and China’s rise in global trade.
“In general multilateral trade agreements are preferable to bilateral trade agreements,” said Sohn Sung-won, an economics professor at California State University-Channel Islands.
“I am not sure which ones ― the CPTPP or RCEP ― Korea should join, but the goal should be free trade, knocking down both tariff and non-tariff barriers.”
The RCEP is a China-led mega-regional economic agreement being negotiated between the 10 ASEAN (the Association of Southeast Asian Nations) governments and their six FTA partners ― Australia, China, India, Japan, New Zealand and South Korea.
Antonio Fatas, a Singapore-based economics professor at global business school INSEAD, concurred.
“Trade agreements with other countries are becoming more important given the unpredictable behavior of the U.S. Even if those agreements are not perfect, they are necessary,” he said.
If the U.S. decides to join the CPTPP, other countries, including Thailand, Taiwan and Britain are expected to follow the suit.
Trump recently hinted that the U.S. may rejoin the revived TPP “if better terms could be negotiated.” Since the withdrawal of the U.S., Japan has led its resurrection.
Experts said that Korea should pursue a two-track strategy by maintaining sound relations with the U.S. and China, given its dependence on the two biggest markets.
“Korea in the long term will be more aligned with China than with the U.S. It’s a matter of proximity,” said Mauro Guillen, director of the Lauder Institute at the University of Pennsylvania’s Wharton School.
“At the same time, the U.S. will continue to be an important trading partner. So Korean politicians and diplomats will need to be very careful and maintain a balance.”