Thai agricultural conglomerate CP Foods will invest $200 million to create an export hub in Vietnam while Hanoi-based Maritime Bank plans to list on the Ho Chi Minh City Stock Exchange (HoSE) in the third quarter.
Thailand’s CP Foods to invest $200m in Vietnam
Thai agricultural conglomerate Charoen Pokphand Foods (CP Foods) will invest more than $200 million to create an export hub for its poultry and pork business in Vietnam, the Nikkei Asian Review reported.
The proposed investment is equal to more than 25 per cent of the total invested by Thai companies between 2015 and 2017. The Thai company is hoping to take advantage of the free trade agreement which came into effect at the end of last year, according to the report.
In 1993, CP Foods established CP Vietnam, which is engaged in livestock and aquaculture businesses. Since then, CP Foods has so far invested a total of $1 billion in the country.
As of the first quarter this year, Thai investments in Vietnam stood at $10.4 billion, according to Vietnam’s Foreign Investment Agency.
Hanoi-based lender MSB to list on HoSE in Q3
Vietnam Maritime Commercial Joint Stock Bank (MSB), plans to list its shares on Ho Chi Minh City Stock Exchange (HoSE) in the third quarter and expects its market capitalization to reach 25 trillion dong ($1.1 billion) after listing, according to an announcement.
Established in 1991 and headquartered in Hanoi, MSB currently has 11.75 trillion dong worth of charter capital. Its major shareholders include the Vietnam Posts and Telecommunications Group (VNPT), which holds 6.092 per cent of the bank’s charter capital.
The listing plan was proposed in 2017 but it failed to get shareholder approval. Shares of Maritime Bank have been traded on the Over-The-Counter (OTC) market since June 26, 2009, under the code MSB.
By the end of 2018, the bank’s total assets had reached nearly 138 trillion dong, an increase of 23 per cent compared to 2017. The Hanoi-based lender is targeting an 11 per cent increase in its total assets to touch 153 trillion dong by the end of this year.