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Vietnam Airline debuts 1.22 billion shares on UPCom
Vietnam Airlines, the country’s largest aviation corporation, on January 3 started trading its 1.22 billion shares on Unlisted Public Company Market (UPCoM) at a starting price of VND28,000 (US$1.24) per share.
Representatives of Finance Ministry and Vietnam Airlines at the opening ceremony of Vietnam Airlines share trading on Unlisted Public Company Market.
At this rate, the company occupied about 11 per cent of the market's capitalisation. Listed as HVN, it is +/-40 per cent fluctuation on its debut day. Before listing, it traded at around VND40,000 per share.
On January 1, Vietnam Airlines announced a syndicated profit of VND2.5 trillion in 2016, a year-on-year increase of 140 per cent and exceeding 7 per cent of its annual target.
Its syndicated revenue was around VND76 trillion, up 10 per cent over the previous year. Of this, the parent company Vietnam Airlines, which has subsidiaries such as Jetstar Pacific and Vietnam Air Services Company (VASCO), earned around VND59.1 trillion in revenue and VND1.6 trillion in pre-tax profit, which is 5.6 times higher than in 2015.
Vietnam Airlines said it had contributed around VND4.9 trillion to the State budget, a 11 per cent rise from the previous year.
Vietnam Airlines operated around 133,000 flights carrying 20.6 million passengers in 2016, up 18.7 per cent over 2015. It transported 264,000 tonnes of goods, exceeding 10 per cent of its annual target.
The corporation has a number of subsidiaries so it can develop and diversify service packages and maintain its lead in the market.
The carrier focuses on offering four-star quality service on its domestic and international routes to southeast and northeast Asian countries, European Union and Australia. Jetstar Pacific operates mainly on domestic routes, so it offers highly competitive prices, as well as on short-distance international routes. VASCO offers aviation services and exploits small local airports incapable of receiving big aircraft.
As per the latest data from the Centre for Asia Pacific Aviation (CAPA), on the biggest domestic route between Ha Noi and HCM City, Vietnam Airlines and its subsidiary Jetstar Pacific occupy 63 per cent of the market share. Of which, 45 per cent is with Vietnam Airlines. The corporation’s overall market share stands at 60 per cent.
In 2017, Vietnam Airlines said it would continue focusing on safety and security for passengers and maintaining four-star quality service. It will work closely with its subsidiaries Jetstar Pacific, Cambodia Angkor Air and VASCO to offer quality services to meet the increasing demands of fliers.
Australia launches anti-dumping investigation into Vietnam’s aluminium
The Australian Department of Industry, Innovation and Science’s Anti-Dumping Commission has officially launched an investigation into the alleged dumping and subsidisation of aluminium extrusions imported from Malaysia and Vietnam. Earlier on June 27, Australian aluminium extrusion manufacturer Capral Limited lodged an application to the commission asking for the investigation, reported the Vietnamese Ministry of Industry and Trade’s Competition Authority. The application alleges that the… chat_bubble_outline Read More...
Domestic electronic industry yet to reach potential
Under the overall planning for industrial development, the electronic industry was to become a key industry of Vietnam by 2020. However, experts are worried the goal is unattainable. In 2013, the electronic industry for the first time outstripped textiles and garments to become the industry with the biggest export turnover, reaching $32.2 billion. In 2014, electronics export turnover hit the $35 billion threshold. In 2015, phone and phone components alone brought $30 billion in export… chat_bubble_outline Read More...
Correction: AP Explains-High-Tech Visas story
NEW YORK (AP) — In a story Jan. 31 about the H-1B visa program, The Associated Press reported erroneously that companies must make a good faith effort to hire a U.S. worker before hiring a foreign worker on an H-1B visa. In fact, the requirement applies only to some companies.The story also mischaracterized the exemptions that apply when a minimum salary is met. In such cases, companies are exempted from having to make the good faith effort, not just from reporting on it.A corrected version of… chat_bubble_outline Read More...
Watchdog checks Uber’s taxes
A representative from the Vietnamese tax watchdog said it was important to clarify the legal basis for taxing Uber and Uber taxi drivers in order to prevent tax avoidance. Nguyen Quang Tien, director of the General Department of the Taxation’s Department of Tax Reform and Modernisation, said on June 21 that the performance of tax payment obligations by Uber’s taxi drivers must now be checked first while Vietnam needed to have policies to better tax the increasingly popular car hailing service… chat_bubble_outline Read More...
Israel's Spacecom buys Boeing satellite for $161 million, to launch in 2019
JERUSALEM (Reuters) - Israeli satellite operator Space Communications said on Wednesday it would launch a new telecommunications satellite in 2019 after losing a prior one in an explosion.Spacecom said it was buying a satellite from Boeing Satellite Systems International for $161 million.The new satellite, Amos-17, is aimed at expanding and strengthening Spacecom's coverage of growing satellite service markets in Africa, the Middle East and Europe, it said.Amos-17 is designed to operate for… chat_bubble_outline Read More...