Construction begins on Mikasa property project

An artist’s impression of Mikasa property project - Photo: Courtesy of C.T Group

HCMC – Nguyen Hong Joint Stock Co. on Wednesday started construction of its property project Mikasa on Nguyen Hong Street in HCMC’s Go Vap District, which once in place in early 2012 will supply the market with 156 apartments.

The company said in a statement on Wednesday that the 15-story building with total floor area of 29,000 square meters with use the first floor for commercial and service facilities.

The apartment building is designed by Malaysian company GDP Architect, which is also the designer for the Sheraton Hanoi Hotel in Vietnam.  

The total investment of the project is about VND300 billion. CB Richard Ellis is in charge of marketing and sales for the apartment building expected to be opened in January 2012.    

Nguyen Hong Joint Stock Co. is a joint venture between C.T Group and Malaysia-based Parkland.

The C.T Group has 36 member companies operating in six fields, including real estate, tourism, and financial investment.

The group said that three of its subsidiaries are expected to list stocks on bourse between now and 2012. They are C&T International Joint Stock Company, C.T Retail Joint Stock Company and Joint Stock Company, and Green Valley Minerals Joint Stock Company, with combined capital of VND1.663 billion.

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Securities companies do extra work to survive

Securities companies have chosen to gear their operation to other
businesses such as real estate development, financial services or
overseas investment to survive amidst the prolonged gloomy situation.

The President of the Trang An Securities Company Executive Council, Le
Ho Khoi, explained the company’s investment of almost 15 percent of a
property project as an extra source of incomes from 2012 when it is
inaugurated.

Project “Complex Building of services,
trade and electronic assembly workshop”, consisting of 15 storeys on a
compound of over 5,000 sq. m., has a total investment of 200 billion VND
(10.2 million USD). It is mainly invested by the Fortika Joint-stock
Company.

Another giant, the An Binh Securities
Company, together with two other affiliates of the An Binh holding
company, has signed an agreement on strategic cooperation with the
Vietnam Aviation Insurance Joint-stock Company (VNI) to develop new
financial services.

Some other leading companies in this field have decided to try their chances abroad with a plan to open overseas branches.

The Sacombank Securities Joint-stock Company (SBS) is preparing a plan
to enter into a joint venture with the Lao Development Bank (LDB) to
set up a securities company in Laos named Lanexang Securities Public
Company Limited, or SBS-Laos.

SBS said the
establishment of the SBS-Laos, scheduled for the fourth quarter of this
year, would offer an opportunity for investors from the two countries
and contribute to economic development in both countries, especially
Laos, which is making great efforts to open their market.

After reaching its peak of 1,300 points in late 2007, the stock market
in Vietnam began the falling trend due to the negative impacts of the
global economic crisis and domestic difficulties.

Despite great efforts made by the State Securities Commission, the
market has still been painting a dim picture with VN-Index fluctuating
between 400 and 450 points. The situation has forced a number of
securities companies to gear to other businesses for survival.

Experts remain pessimistic about the market fate, saying there were no signs of taking off for the market in the near future./.

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Outstanding Vietnamese businesses honoured

Two hundred outstanding businesses received the Sao Vang Dat Viet
(Vietnam Gold Star) Award at a ceremony held in Ho Chi Minh City on
September 2.

Deputy Prime Minister Truong Vinh Trong
congratulated the awarded businesses, acknowledging and honouring their
contributions to the country’s development.

He said he believed
that Vietnamese entrepreneurs would further develop, making more
contributions to the country and honouring Vietnam’s reputation in
the world.

Vietnam is facing both opportunities and
challenges in the context of integration and economic development, he
said, urging the business circle to be active and creative and unite
together.

On behalf of the government, Deputy PM Trong
commended the Ho Chi Minh Communist Youth Union and the Vietnam Youth
Federation, for their creative activities and organisation of the award
ceremony annually

Since the annual event began in 2003, as many as 1,327 Vietnamese businesses have been honoured.

The 200 businesses selected this year all had stable growth rates.
Their combined turnover exceeded 475 trillion VND. They collectively
contributed nearly 44 trillion VND to the State budget, earned after-tax
profits of more than 48 trillion VND and created over 390,000 new jobs.

Top ten 2010 Vietnam Gold Star Awards go to FPT Telecom
Joint Stock Company, Truong Hai Auto Corporation, HANAKA Group, Tien
Phong Plastic Joint Stock Company, PetroVietnam Construction Joint Stock
Corporation, Thai Nguyen Steel Joint Stock Company, Vietnam Garments
Joint Stock Company, Trung Nguyen Coffee Group, Vietinbank and Vietnam
Rubber Industry Group./.

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