Business News in Brief

Vietnam Airlines Gets Nod to Change Business Model

Vietnam Airlines will be transformed into the Vietnamese version of a holding company, that is, a parent company with subsidiaries over which the parent has a limited degree of control.
Prime Minister Nguyen Tan Dung has approved the switch and warned that the airline’s general director will be sacked if he or she can’t handle the job or turns out to be bent.
Until now, the airline has been a Vietnamese-style corporation grouping 18 divisions, three full subsidiaries, nine joint-stock firms, four joint ventures and five associated companies. Its chartered capital is VND5.7 trillion (nearly US$360 million).
Besides aviation and associated services, Vietnam Airlines is licensed to engage in banking, leasing and other areas of finance.

GREE Air-cons to Be Built in Viet Nam
GREE Vietnam Electricity Joint Stock Company came into existence yesterday and will manufacture air conditioners in the Vietnam-Singapore Industrial Park in Binh Duong Province.
The company will make GREE-brand air conditioners under license from the Hong Kong-based GREE Air Conditioning.
Its license allows the new firm to invest up to US$3.125 million. The factory should be finished by April.  

Agribank to Be Joint Fund Manager with US Firm
The State Bank of Viet Nam has allowed the Bank for Agriculture and Rural Development (Agribank) to set up an investment fund management joint venture with US firm Vietnam Global Fund Management LLC.
Agribank will hold a 51 stake in the Agribank-VGFM Investment Management Joint Venture Company, whose initial chartered capital is set at US$1 million.

Source: SGGP, TBKTVN – Translated by Yen Chuong

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