Traditional TV maker Orien-Hanel goes bust

Orien-Hanel, a producer of television cathode ray tubes, is filing for bankruptcy following unsuccessful rescue efforts, bringing to a close a famous chapter in Ha Noi’s economic history.

Orion-Hanel factory

Nguyen Huu Tuong, deputy chairman of the Ha Noi People’s Committee, said December 22 that city authorities have concurred with the joint venture’s management on initiating bankruptcy procedures.
 
The committee is the managing body of Ha Noi Electronics Company (Hanel), the Vietnamese partner in the joint venture.
 
Orion-Hanel, in which South Korea’s Orion is the other partner, was established in 1993 with a capital of US$178 million, with the Vietnamese side holding 30 percent. It made picture tubes and other components for TVs and computers.
 
In October 2004 the joint venture opened a second factory in Sai Dong B industrial zone, but it was not as successful as initially hoped.
 
Meanwhile, the traditional CRT television was being replaced by LCD and Plasma TVs, worsening Orion-Hanel’s difficulties.
 
The company had to stop production for three months in September 2007 before resuming with just one production line.
 
Within three months, in April 2008, it laid off workers indefinitely.

Sources: Tuoi Tre, TBKTVN – Compiled by Hoang Yen

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.