Khanh Vu and Phuong Nguyen in Hanoi and Fanny Potkin in Singapore; additional reporting by Yantoultra Ngui in Singapore; Editing by Kay Johnson and Sonali Paul
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A consortium of Central Asia Aviation Holdings Limited, a subsidiary of the Vietnamese conglomerate Sovico Group JSC, and Kazasia Holdings Limited finalised a deal with the Kazakh sovereign wealth fund Samruk-Kazyna JSC to acquire a 51% stake in Qazaq Air (IQ, Astana Nursultan Nazarbayev) on December 24
The agreement went into effect three days later
"The primary goal of this transaction is to advance the domestic civil aviation market by increasing competition
expanding international flight routes to and from Kazakhstan
and many other related goals," Qazaq Air said in a press release
While the parties did not disclose the value of the transaction, the government earlier expected to net around KZT2 billion tenge (USD4.2 million)
Kazasia Holdings is a privately held Kazakh entity used by VietJet to ensure local entities retain effective control over Qazaq Air in compliance with local foreign ownership rules
According to ch-aviation PRO airlines data, Qazaq Air flies to 16 airports in Kazakhstan and Russia using a fleet of five DHC-8-Q400s. The principle agreement regarding privatisation was reached in May 2024
"We are proud to establish a strong presence in Kazakhstan and contribute to the country’s aviation development," said Sovico Group Chairman Nguyen Thanh Hung
with global vision is dedicated to providing the resources and expertise necessary to strengthen Qazaq Air
enabling it to achieve its strategic objectives."
The shares will transfer and the transaction will close once the parties meet the conditions of the sale and purchase agreement
Samruk-Kazyna did not disclose the timeline for this process
Following the IPO of Air Astana earlier this year
Samruk-Kazyna no longer holds a majority stake in any carrier
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Companies sign MoU as part of US-Vietnam summit
Vietnamese investment fund Sovico Group has signed a memorandum of understanding (MoU) with Supermicro which will see the two companies work together on data center development
The MoU was signed along with a series of other agreements between US and Vietnamese firms which covered areas such as energy and AI
The deals were signed at a business forum in the US
Further details of the partnership have not been made public, but according to a report from the Vietnam Law and Legal Forum
plans to support the build-out of an AI data center ecosystem in Vietnam
Sovico Group is a privately-owned fund which invests across a wide range of business sectors
Also in attendance at the forum were executives from Apple, Meta and investment fund Blackstone, which is pumping billions of dollars into data center developments
and said he hoped the US would become the biggest source of foreign direct investment for his country
He is scheduled to meet his US counterpart Joe Biden on Wednesday
DCD reported in July that Vietnam is opening its data center market up to investors from around the world
companies based abroad could only own 49 percent of digital infrastructure facilities
though has not shared technical specifications or timelines
Other MoUs signed at the summit included an agreement on energy technology transfer between Vietnam's state-owned oil company PetroVietnam and Kellogg Brown & Root
as well as a liquid natural gas cooperation deal between PetroVietnam's PTSC business and natural gas distribution company Excelerate Energy
Data Centre Dynamics Ltd (DCD), 32-38 Saffron Hill, London, EC1N 8FH Email. [email protected]DCD is a subsidiary of InfraXmedia
Singapore-based asset manager Keppel is reportedly in talks with Vietnamese conglomerate Sovico Group to develop a subsea fibre cable linking their respective home countries to meet regional demand for data centre capacity
According to a report from Reuters on Friday
citing people familiar with the discussions
Keppel and Sovico are considering two possible plans currently on the table
The plan favored by Sovico would establish a direct subsea link between Vietmnam and Singapore that would cost US$150 million
Keppel prefers a more ambitious club-cable model in which the Singapore-Vietnam link would be a branch of a larger subsea cable system linking Singapore and Japan
Discussions are still underway as to which plan
Both Keppel and Sovico have declined to comment on the report
Vietnam currently connects to five international subsea cables: Asia Pacific Gateway (APG), Asia-America Gateway (AAG), Asia-Africa-Europe 1 (AAE-1), TGN-Intra Asia Cable System (TGN-IA) and SEA-ME-WE-3. However, all of them experienced outage problems last year
Other international subsea cables in the pipeline for Vietnam include the Southeast Asia-Japan Cable 2 (SJC2) and the Asia Direct Cable (ADC)
both of which are scheduled to be ready for service in the fourth quarter of this year
If the Keppel-Sovico deal goes through, it won’t be the first project looking to connect Singapore and Vietnam with subsea fibre. In April, Viettel Business Solutions signed a MoU with Singtel to deploy the Vietnam-Singapore Cable System (VTS)
which will be designed with eight fibre pairs
The companies said VTS will add “hundreds of Tbps to Viettel's total international connectivity capacity” when it goes live in the second quarter of 2027
Kurt Hofmann has been writing on the airline industry for 25 years
Swiss and German television and broadcasting…
Qazaq Air Sale To Sovico Delayed Until Year's End is published in Aviation Daily
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The acquisition of FontanaArte and Driade by the group led by Federico Palazzari marks a new milestone in the realm of Made in Italy
is expanding its portfolio by acquiring two icons of Italian design: FontanaArte and Driade
This move represents another significant step in the group’s consolidation project
which began in 2012 with the founding of Nemo Lighting by Federico Palazzari
and continued with the acquisitions of ILTI Luce in 2020 and Reggiani in 2023
explains: “This acquisition aligns with our commitment to support and grow Italian companies that have made history in design and lighting globally
Nemo’s unique approach combines the industrial and commercial heritage of design with entrepreneurial managerial growth.”
FontanaArte remains a beacon in the design world
celebrating the blend of art and industry through creations that combine aesthetics and functionality
FontanaArte will continue to innovate and harness its prestigious past
an aesthetic laboratory founded in 1968 by the Astori siblings and Adelaide Acerbi Astori
stands out for exploring innovative forms and ideas
Its integration within Nemo represents a natural synergy where furniture and lighting meet to create a unique blend of technology and elegance
states: “The inclusion of FontanaArte and Driade offers us a special opportunity to enhance Italian craftsmanship and strengthen our position in the international design landscape.”
will continue to operate as separate entities
but with strong collaboration that will enhance global competitiveness and adapt to an ever-evolving market
thanks to a presence in various world regions and a distribution network covering over 80 countries
BeNice Holding will acquire the majority of Valcucine
confirming the value and international appeal of Italian design
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The collaboration aims to develop premium golf course projects in Vietnam while expanding research and investment into promising international markets
The agreement underscores Phu Long's strong commitment to enhancing its real estate ecosystem while creating new opportunities in the sports and entertainment sectors
The partnership not only leverages the potential of real estate and tourism but also delivers world-class international experiences
and fosters synergy across various sectors within Phu Long’s comprehensive ecosystem
"Our strategic vision and commitment to sustainable development have enabled us to establish this partnership with 54
We highly value its innovative approach to the sports industry and the exceptional professionalism of their team," Leech said
with its extensive experience in workforce training for the aviation and tourism management sectors
Phu Long aims to expand its training system to cultivate high-quality talent for the golf industry
from operational staff to management roles
"We believe that with 54's solid presence in key international markets
this partnership will unlock groundbreaking opportunities and contribute to significant achievements in sports and tourism," he added
The partnership covers the pillars of consulting
the deal emphasises building investment structures
The second aspect involves conducting feasibility studies
The third factor covers business planning support and detailed guidance for daily operations
54 will develop sales strategies and assist in marketing and promotional activities for the golf courses
"With our extensive experience and expertise
combined with Phu Long’s strategic vision and diverse investment portfolio
we are confident in our ability to unlock new growth opportunities in Vietnam and international markets
We are committed to working closely with Phu Long to develop optimised investment and operational strategies that deliver exceptional financial value
the highest level of customer satisfaction
Sovico Corporation has signed a cooperation agreement with JERA to evaluate the potential of supplying liquefied natural gas (LNG) for power projects in Vietnam
and Sovico Group today announced a comprehensive strategic partnership to collaborate on mobility and logistics solutions to remove bottlenecks and improve the first and last-mile delivery networks of Vietnam and Southeast Asia
Both groups signed an MoU for the development and rollout of energy and environmental solutions for large-scale decarbonisation
as well as for smart and sustainable urban development and township management services
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Kazakhstan’s regional operator Qazaq Air could modernise its fleet early next year through a tie-up with Vietnam’s Sovico Group
Sovico Group is linked to budget carrier Vietjet and
was reported to be pursuing an investment in Qazaq Air
This followed a number of failed attempts by the Kazakh government to privatise the carrier
which operates regional services with a fleet of De Havilland Dash 8-400s
The carrier has expressed interest in expanding its fleet and network with jet aircraft
Samruk-Kazyna has been trying to privatise Qazaq Air since last year
Qazaq Air is owned by Kazakhstan’s sovereign wealth fund Samruk-Kazyna
the internal news service for which indicates that Sovico Group plans to provide 20 Airbus and Boeing aircraft to Qazaq Air over the next five years
It reports local outlet Kapital – which cites Kazakh transport minister Marat Karabayev – as saying that the first aircraft will join the Qazaq fleet in 2025
despite efforts to have an initial four arrive this year
Karabayev insisted the negotiations to acquire Qazaq Air were proceeding without problems
and added that the options for Qazaq Air’s fleet included taking both new and older aircraft
Sovico Group has not commented to FlightGlobal on the acquisition plan
Efforts to privatise the Kazakh regional carrier Qazaq Air appear to have foundered
three weeks after the government restarted a sale process
Kazakhstan’s sovereign wealth fund Samruk-Kazyna is attempting again to sell a shareholding in regional operator Qazaq Air
after a previous competition was declared invalid
Samruk-Kazyna had unveiled a privatisation scheme last August to sell between 49% and 100% of the airline through a two-stage competition
Kazakh regional carrier Qazaq Air is looking to introduce jets to its fleet in order to expand its network
The airline’s management has visited Dublin to discuss options with a number of possible lessors
aircraft manufacturers and financial firms
Qazaq Air has not disclosed its specific requirements
Thai Airways International has formally sought to exit its business rehabilitation process
claiming to have met various criteria during the carrier’s restructuring
said administrators had submitted a petition to the Central Bankruptcy Court referring to the “successful implementation” of the rehabilitation ..
Wet-lease operator Avion Express is expanding its Latin American reach with a Mexican division
and is initiating the process to secure an air operator’s certificate
Avion Express says Mexico offers “strong potential”
with opportunities in tourism as well as the regular transport of passengers across the expanse of the country
Former Etihad Airways chief James Hogan’s advisory firm Knighthood Global is to become a shareholder in UK start-up carrier Global Airlines
along with Etihad’s former chief financial officer James Rigney
will be appointed as strategic advisors to the company Global Airlines is aiming to offer transatlantic Airbus A380 services
FlightGlobal is the global aviation community’s primary source of news
analytics and advisory services to connect the aviation community globally and help organisations shape their business strategies
identify new opportunities and make better decisions faster
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Vietnam will receive new cables funded by Keppel and Sovico Group
Singaporean asset manager Keppel and Vietnamese conglomerate Sovico Group are discussing plans for new subsea cables to boost the region’s data center industry
According to Reuters
which cites people familiar with the matter
one of the cables under discussion includes a direct Vietnam-Singapore cable
Keppel is allegedly pushing for a more ambitious route involving a consortium of investors
and potentially including branches connecting to Japan and other countries
Keppel declined to comment to the publication
The report added that under the preliminary plans
Chinese contractors will not be involved in the cable project
Sovico was briefed by US officials about the risks of choosing Chinese contractors such as HMN Technologies
In a meeting last month with Vietnam’s Prime Minister Pham Minh Chinh
a Sovico executive mentioned plans for a new cable in collaboration with Keppel
Vietnam is currently planning to add ten new submarine cables by 2030
The Vietnamese government did not respond to requests for comment
These projects are separate from the two previously announced by the Vietnamese government to connect Vietnam to existing international cables
Vietnam is currently only connected to five subsea cables; the AAE-1, AAG, APG, and TGN-IA cables. The country experienced outages on three of the five cables earlier this year
Last month
Keppel agreed to purchase an AI-ready data center facility in Japan
Data Centre Dynamics Ltd (DCD), 32-38 Saffron Hill, London, EC1N 8FH Email. [email protected]DCD is a subsidiary of InfraXmedia
Vietnamese conglomerate Sovico Group, a major shareholder and founder of VietJetAir (VJ, Hanoi Noi Bai International), is set to take control of Qazaq Air (IQ, Astana Nursultan Nazarbayev)
a statement issued following a meeting between Kazakh President Kassym-Jomart Tokayev and the head of Sovico Group
The statement said a binding agreement on principles had been signed between the Kazakh sovereign wealth fund, Samruk-Kazyna JSC, and Aviation Holdings Company (part of Sovico Group) regarding the terms of the acquisition of Qazaq Air. According to the agreements, the Vietnamese investor plans to equip Qazaq Air with at least twenty B737-8s and A320/321 jets within five years
The signing of the sales agreement and subsequent closing of the transaction is expected to take place "soon"
Nguyen Thanh Hung verbalised the company’s interest in taking over the running of a number of Kazakh airports
as well as investing in logistics warehouses throughout the Central Asian state
Samruk-Kazyna has been trying hard to offload its 100% stake in Qazaq Air over the past 12 months. Following a lack of interest initially, it was forced to adjust its terms and conditions in February this year
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saw the attendance of Secretary of the municipal Party Committee Nguyen Van Nen; ministers and officials of various ministries
and localities; along with executives from leading Vietnamese enterprises such as Viettel
it featured the participation of leaders from more than 40 organisations and top global enterprises in technology
and VISA; and representatives from the WEF
PM Chinh emphasised that both topics of the discussion are closely connected to the WEF
and the construction of the International Financial Centre in the city is also underway
affirming that the establishment of the C4IR has played a significant role in promoting science and technology
To ensure the effective operation of the two centres
Vietnam will continue to perfect its institutional framework toward greater openness and streamlined procedures
Efforts will also focus on accelerating the construction and modernisation of infrastructure
The Vietnamese Government leader called on domestic and international businesses
to share experiences and discuss issues of interest
and to provide recommendations for accelerating and driving the breakthrough development of the two centres
He emphasised the importance of creating iconic projects and products in the city to celebrate the nation’s major anniversaries
and contribute to the country's entry into a new era – that of strong development
participants discussed the role of the C4IR and its potential to become a technology hub in the ASEAN region and the world
They shared experiences in developing financial centres and highlighted opportunities for development cooperation with the international financial centre in Ho Chi Minh City
particularly recommendations for Vietnam and investment plans in the country
They focused on strategies to attract capital and international partners
aiming to turn HCM City into a leading financial centre in the region and the world
They also emphasised the role of this centre as an important bridge linking international businesses and the Vietnamese market
Pledging to support Vietnam in developing the C4IR and the HCM City international financial centre
they proposed that Vietnam should continue to perfect its institutional framework as well as hard and soft infrastructure such as transport
and digital infrastructure; implement incentive policies; promote the market; and build an ecosystem for the development of science and technology
said that important achievements of Sovico in areas such as aviation
and real estate serve as a foundation for it to continue investing in new strategic fields such as technology
Sovico is committed to accompanying the Government in national initiatives on artificial intelligence and semiconductor
helping to build high-tech capabilities and develop a modern and intelligent Vietnam with fast and sustainable development in the new era
He said he believes that the country will become a new high-tech hub in the region in the future
Secretary of the HCM City Party Committee Nguyen Van Nen and Vietnamese ministers clarified queries of foreign investors and businesses
The city’s representative thanked participants for their heartfelt and valuable comments
saying that the city will study and incorporate these into its development strategy
HCM City also expressed a desire to continue receiving support and advice from international friends on institutional improvement
and calling on international financial organisations to come to operate at its international financial centre
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VIETNAM: In a strategic move to meet the soaring demand for artificial intelligence (AI) services and data centres
Singaporean asset manager Keppel and Vietnamese conglomerate Sovico Group are in discussions about the potential construction of new undersea fibre-optic cables
According to The Star, these cables would be critical in enhancing the region’s digital infrastructure
a key hub for cables connecting Asia to Europe
is seeing a rapid expansion of its undersea networks as countries in the region work to support the growing needs of the digital economy
Vietnam alone plans to add 10 new submarine cables by 2030
The ongoing Sino-American tech rivalry has cast a spotlight on undersea cables
with both superpowers vying to secure contracts for the construction and maintenance of these vital links that carry most global internet data
One of the plans being considered involves laying a direct cable between Vietnam and Singapore
discussions on this potential project remain fluid
with sources indicating that Sovico favours the direct link while Keppel is pushing for a more ambitious plan involving a consortium of investors
Sovico’s proposed cable to Vietnam would be part of a larger project connecting Singapore to Japan
with further links to various countries along the route
and the details of the negotiations are still evolving
which operates in industries such as aviation and banking
recently made headlines with its data centre development initiatives
While the company declined to comment on the ongoing discussions with Keppel
its executive had previously raised the subject of the cable plans in a meeting with Vietnam’s Prime Minister Pham Minh Chinh and other stakeholders in the digital economy
Keppel
a key player in the region’s data centre and undersea cable industries
is also expanding its footprint in AI-ready infrastructure
as evidenced by its recent purchase of a data centre facility in Japan
While Singapore remains a major hub for such projects
its data-usage capacity is nearing saturation
which makes these proposed cables even more significant
Although no decisions have been made regarding the construction of either of the proposed cables
sources indicated that Chinese contractors would not be involved in the Vietnam-Singapore direct link
U.S. officials have reportedly briefed Vietnamese and Singaporean authorities about the potential risks of involving Chinese contractors, citing concerns over national security and broader geopolitical tensions
These new cable plans are separate from previous announcements by Vietnamese companies to invest in four new undersea cables
with some set to be constructed by Japan’s NEC and China’s HMN Technologies
the future of Southeast Asia’s digital infrastructure remains in the spotlight
with key decisions on the horizon that could shape the region’s role in the global data economy
and business partners.A commentary by Zachary Abuza2023.11.05Updated November 14
On October 23, Vietnamese prosecutors began a second corruption trial against fugitive businesswoman Nguyen Thi Thanh Nhan
Given her alleged ties to Prime Minister Pham Minh Chinh
this is no run of the mill fraud and bribery trial
Elite political infighting is clearly at play as the jockeying for power ahead of the 14th Congress intensifies
is the former chairwoman of the Advanced International Joint Stock Company (AIC)
which has been involved in the import of any number of things
Nhan who was tried in absentia along with 35 other defendants in December 2022 for a $6.3 million bid rigging and bribery case involving 16 hospitals in Dong Nai province
She allegedly paid some $1.8 million in bribes to local officials to secure inflated contracts
Nhan was convicted and received a 30-year sentence in January 2023
who had been the provincial party chief at the time for accepting bribes
The current case is similar to her first conviction
and involves six instances of bid rigging in the sale of medical equipment to state hospitals in the northeastern province of Quang Ninh
as well as bid-rigging at a medical lab in Ho Chi Minh City
The fraud involved in this case is only VND50 billion ($2 million)
There are 15 other defendants including AIC’s accountant and Nhan’s brother
The latter had fled but returned to Vietnam to face justice
But what makes the case so sensitive is that the Quang Ninh’s provincial party chief from 2011-2015
The former Ministry of Public Security intelligence official was given some of his first management experience as he was being groomed for senior government service
Nhan is rumored to be Chinh’s former mistress
Nhan clearly benefited from her close relationship with the prime minister and other leaders
She had a pattern of cultivating ties with provincial leadership where she sought contracts
AIC's webpage also notes that the firm serves as a consultant to the powerful Ministry of National Defense
In addition to dealing in medical supplies
she allegedly became Vietnam’s intermediary for weapons procurement from Israel
Israeli defense firms reportedly secured some $1.5 billion in sales in the past decade as the People’s Army sought to modernize and lessen their dependence on Russian arms
Israel has been negotiating some $2 billion in additional sales to Vietnam
including surface-to-air missiles and other weapons systems
Vietnam entered into negotiations with Israel Aerospace Industries about procuring the Ofek-16 spy satellite
which would give Vietnam their first independent overhead imagery
but Nhan allegedly tried to get the Israeli manufacturer to significantly increase the price to secure a larger commission
Israeli officials were angered that the corruption scheme has potentially upended the sale
and at the very least delayed its implementation
which has an extensive history of brokering weapons imports from Russia
SOVICO denies that it or Thao have ever been involved in any medical or weapon transactions
Madame Nhan has been a fugitive since the Ministry of Public Security issued a warrant for her arrest in April 2022
Her December 2022 trial came as CPV General Secretary Nguyen Phu Trong's "Blazing Furnace" campaign brought down two deputy prime ministers, Politburo-member Pham Binh Minh and Vu Duc Dam, and two months later President and Politburo member Nguyen Xuan Phuc
Prime Minister Chinh appeared to be the next target
Chinh is reported to have gone through a self-criticism session and has held onto his job. But arguably what really saved him was not his innocence, but the lack of an obvious replacement. None of the new deputy prime ministers are on the Politburo and there's an overall dearth of economic management experience on the top decision-making body
Nhan is reportedly hiding in Germany, which rejected a formal extradition request from Vietnam. Indeed, Berlin issued a very stern warning to Hanoi to not repeat the abduction of the former executive of the state-owned PetroVietnam Construction
Nhan’s trial could be another attempt to weaken the prime minister as jockeying for leadership positions heats up ahead of the Communist Party of Vietnam’s 14th Congress expected to be held in January 2026
RFA's Vietnamese Service has reported that the vice chairman of the Quang Ninh People's Committee and two former vice chairmen have been investigated and officially reprimanded for their management shortcomings and oversight of the AIC deal
It's just more unwanted pressure on the Prime Minister
The Politburo continues to have just 17 members
as both the 7th and 8th Central Committee Plenums in May and October
failed to garner sufficient consensus to elect new members following the ouster of Minh and Phuc
Meanwhile Minister of Public Security To Lam continues to effectively weaponize his sprawling ministry to investigate and neutralize political rivals
Yet, the ouster of two deputy prime ministers and the president, who were all trusted by the international business community and diplomat corps
led to questions about the country's political stability; one of its key selling points
the “Burning Furnace” anti-corruption campaign seems to be no longer targeting senior officials
hoping that they will provide incriminating evidence
This indirect approach garners fewer headlines
but is key to understanding the maneuvering behind the scenes
Zachary Abuza is a professor at the National War College in Washington and an adjunct at Georgetown University
The views expressed here are his own and do not reflect the position of the U.S
Update adds denial by SOVICO of involvement in weapons or medical deals
Keppel Group and Sovico Group signed two MoU to explore the development and rollout of energy and environmental solutions
and manage smart and sustainable projects in Vietnam’s key gateway cities
The MoU were signed in the presence of President Nguyen Xuan Phuc
who is currently on a state visit to Singapore
The collaboration marks a milestone in the strategic partnership between the two corporations – leveraging the strengths of Keppel
a powerhouse of solutions for sustainable urbanisation
as well as Sovico Group’s proven track record and presence across a wide range of businesses including banking and finance
“Keppel is pleased to extend its collaboration with Sovico to provide sustainable energy and urbanisation solutions for Vietnam
Keppel has been investing in the country for over three decades
and we are glad to contribute further to its development
The signing of the MoU is very much in line with Keppel’s vision
in which we seek to provide solutions for sustainable urbanisation
"We support the efforts of the UN towards sustainable development and are committed to extending our cooperation with like-minded partners across the globe
The partnership with Keppel further strengthens Sovico's development strategy
We are pleased and honoured to join Keppel in growing the Vietnam-Singapore strategic partnership to new heights; and expanding cooperation into new growth areas based on promoting solutions for people and people-centred developments
as well as creating eco-friendly developments that contribute to the prosperity and sustainable development of the two economies."
through its wholly-owned subsidiary Keppel Energy Ventures Pte Ltd
signed the MoU with Sovico to harness sustainability-related technologies and develop end-to-end sustainable energy solutions
as well as the treatment of domestic solid waste in support of Vietnam’s transition to a green and carbon-neutral economy
The collaboration will focus on scalable decarbonisation solutions such as the electrification of vehicles and charging infrastructure
aimed at achieving large-scale greenhouse gas emissions reduction
The parties will also collaborate on harnessing the vast renewable energy potential in Vietnam for the development of sustainable fuel for sectors like power
where carbon emissions may be harder to abate
sustainable fuel can for example be supplied to VietJet Air
The synergistic development comes on the back of Keppel Infrastructure’s work to explore the feasibility of producing green ammonia in Australia for export to meet the rapidly growing demand for carbon-free energy
Green ammonia can be used as a direct feedstock in green energy generation
or as a hydrogen carrier to provide green hydrogen solutions
is a long-term subscription service with zero or minimal upfront capital investment
and the installation and operation of photovoltaic solar panels
as well as smart electric vehicle charging stations
The initial roll-out in Vietnam will leverage Sovico’s large-scale commercial centres
retail and urban residential areas across the country as well as extend to their ecosystem of customers and partners
and Phu Long Real Estate JSC – a member of Sovico Group – have signed an MoU to cooperate in urban development which covers collaboration on smart and sustainable projects across Vietnam
and township management services to create highly liveable
vibrant spaces and digitally-connected communities
According to statistics from the Ministry of Foreign Affairs of Vietnam
Singapore has become the largest foreign investor in Vietnam with 402 newly-licensed projects and newly-registered capital of $11.4 billion since early 2020
The Vietnam-Singapore strategic partnership is expanding with increased partnerships and cooperations in many fields yielding positive results
The abovementioned transactions are not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Ltd
for the financial year 2021 and the current one
The signing of the agreement was witnessed by Vietnamese Prime Minister Pham Minh Chinh and Japanese Prime Minister Kishida Fumio during his official visit
The event marks a new milestone in the strategic collaboration between the two groups
Sovico and JERA will explore partnership opportunities to supply clean
and efficient energy at a reasonable price to meet the growing energy demands in Vietnam and across the region
The parties also intend to jointly develop an LNG power plant project in Vietnam
JERA is a joint venture formed between Tepco and Chubu Electric Power Company in 2015 to merge their fuel and thermal power operations
JERA is the largest thermal power generator in Japan and the largest LNG importer in the world
It continued its parent company’s heritage of LNG experience accumulated over the last 60 years when it first introduced LNG to the power industry
JERA is targeting zero CO2 emissions by 2050 by promoting renewable energy including thermal power generation
JERA has been active in the Vietnamese market since 1999 with the Phu My 2-2 gas-fired power plant
Sovico is Vietnam's leading investment group providing international-quality products and services in the fields of banking and finance
It is also a strategic partner of the United Nations and UNESCO with a view to driving sustainable development in Vietnam and around the world
VietJetAir (VJ, Hanoi Noi Bai International) has confirmed a new major shareholder has joined its ranks in the form of Sovico Holdings
A disclosure to the Ho Chi Minh City Stock Exchange (HOSE) said Sovico completed the purchase of an additional 13.67 million shares thus bringing its overall shareholding in the budget airline to 34.25 million shares
Sovico is 52% owned by VietJet Air CEO Nguyen Thi Phuong Thao
Airports of Vietnam including upcoming 'Long Thanh International Airport' might get the necessary service and infrastructure experties from the experienced Changi Airport Group as per a recent inked agreement
Vietjet , SOVICO Group and Changi Airports International (CAI) have signed a strategic partnership agreement to develop the infrastructure and aviation services at the airports in Vietnam
During the Vietnamese President Nguyen Xuan Phuc’s official visit to Singapore
Vietjet and Changi Airports International (CAI)
the international arm of Changi Airport Group
have signed a strategic partnership agreement worth $US1.5 billion to develop the provision of aviation services at airports in Vietnam and in the region
The signing ceremony also witnessed the high-ranking dignitaries of Vietnam and Singapore
business representatives of the two countries and representatives of SOVICO group
The signing marks the first time that a private corporation and an airline in Vietnam collaborate with an international airport group to develop aviation services and facilities
The parties will cooperate in the research and development of projects at airports in Vietnam
sustainable and smart infrastructure development projects
Vietnam is served by three main international airports: Noi Bai International Airport (HAN)
Tan Son Nhat International Airport (SGN) and Da Nang International Airport (DAD) located in Hanoi
the noted Airports in Vietnam which might be in the plan for the developmental work from the agreement with CAI are ,
“We believe that our expertise and geographical experience in managing airports around the world will add value to Vietjet and related partners in raising development and management standards to optimize airport-related operations; hence promoting economic development
boosting connectivity in Vietnam and in the region
Our approaches always prioritise sustainability with close attention to the global ecosystem and surrounding catchment."
Vice Chairman of Vietjet's Board of Directors
“Through the partnership with an industry expert such as Changi Airports International
we seek to contribute to the development and improvement of aviation services standards in Vietnam and in the region
The partnership further expresses our commitment to economic development goals
especially in aviation and sustainable development."
"The signing is significantly crucial in the context that the two countries are gradually opening up in a post-pandemic environment
creating more motivation for Vietjet to further expand its flight network in Vietnam and international markets
With years of airport management and development knowledge
CAI is implementing a broad range of collaborations to play a part in elevating standards of airports globally
Vietnam's Sovico Group has always been a pioneer in aviation development in Vietnam and in the region by forging international collaborations that develop aviation facilities
bringing benefits to the industry in Vietnam as well as residents and tourists domestically and internationally
Sovico Group - the major shareholder of Vietjet Air
had inked a Memorandum of Understanding (MoU) to establish a comprehensive partnership with Linfox Airports
Vietjet's comprehensive network is spread in Vietnam and Asia Pacific
The airline currently has resumed its entire domestic flight network and operated a series of international flights from and to Vietnam while looking to further expand operations across continents in the near future
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On the sidelines of his official visit to the Socialist Republic of Vietnam
President Tokayev met with Nguyen Thanh Hung
The parties discussed promising areas for cooperation in the energy and logistics industries
Remarking on the company's vast experience in various sectors of the economy
the Head of State underlined our country`s interest in the implementation of large joint investment projects
Nguyen Thanh Hung revealed the company's intention to set up a trade and logistics hub on the territory of Kazakhstan
a low-cost airline affiliated with the SOVICO Group
plans to expand the number of flights to Kazakhstan
The President welcomed the company's intention and assured that the Government of Kazakhstan is ready to assist in the implementation of investment projects
SOVICO Group is one of the largest diversified conglomerates in Vietnam
the company's total revenue amounted to $20.6 billion
On further measures of the Republic of Kazakhstan in the field of human rights
The First President of the Republic of Kazakhstan
The President of the Republic of Kazakhstan
About National Symbols of Kazakhstan
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Articles and interviews
a member of the Vietnamese Politburo and Secretary of the Ho Chi Minh City Party Committee
the MoU marks a great partnership milestone in the region between the leading superapp of Southeast Asia and one of the biggest multi-industry conglomerates of Vietnam
To digitise the mobility infrastructure of Vietnam in the long term
the two parties will explore collaboration opportunities in electric vehicle infrastructure and explore and develop integrated digital solutions
Grab and Sovico Group will also jointly share
and participate in corporate social responsibility and public-private partnership (PPP) projects
The shared vision reflects Sovico Group’s deep commitment to developing and deploying digital solutions and Grab’s #TechforGood vision to use technology as a force for good in improving Vietnamese people’s lives
The partnership consolidates the leading positions of both Sovico Group and Grab in their respective professions
Sovico Group brings its expertise and capabilities in international and nationwide aviation network
Grab’s platform and technology will help significantly augment Sovico’s digital services and add a much-needed tech boost to the economy of Vietnam and the whole region
we will work closely to leverage one another’s advantages and explore collaboration opportunities in multiple fields
We believe that this partnership will bring about critical improvements for both parties
as well as provide more products and services to the large customer base of the two sides,” said Pham Khac Dung
said: “As a leading superapp in the region and in Vietnam
we aim to make substantial contributions to the national digitalisation of the transport
we will take a big step towards completing our ecosystem
and benefiting our partners with more innovative solutions.”
teamed up for a partnership that will provide better first to last-mile logistics service and develop smart payment solutions
With the technological solutions of Swift247
Grab and Vietjet will be able to connect air flights with road transportation
delivering goods via GrabExpress delivery services and Vietjet aircraft within five hours between Hanoi and Ho Chi Minh City
Collaborating with Sovico Group is a further step of Grab in fulfilling its long-term commitment in the country
better benefiting customers with more added values
which include but are not limited to mobility
Grab has just announced an investment of $500 million into Vietnam in the next five years
Sovico has unveiled its DS-26N and DS-48N speaker management system. The two-in/six-out (DS-26N) and four-in/eight-out (DS-48N) products incorporate 32-bit DSP and a 24-bit AD/DA converter. Each input and output channel comes with 10-band parametric EQ, while each input channel also features two-band dynamic EQ. Presets are included for a variety of SAC speakers and systems.
With a balanced input impedance of 20KΩ and output impedance of 100KΩ, the systems provide a frequency response of 20Hz – 20kHz (–0.5dB) and a signal-to-noise ratio of >118dB. There is one USB port on the front panel and RJ45 and RS-485 ports on the back panel. The input range is ≤±5dBu and the power is ≤25W. The units measure 482mm x 192.6mm x 44mm and weigh 3.1kg.
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What makes the chairwoman stand out in particular is her endless creativity
with heart and mind of a great and inspirational entrepreneur
Specialised and experienced in the installation of critical systems like core banking
and a passenger service system which led to a revolution of switching from paper plane tickets to electronic ones
billionaire Phuong Thao has managed to come up with comprehensive tech ideas to further develop the businesses and to serve the community
At a high-level UNESCO global conference earlier this year
she committed to strive for online education for all girls and to work for the future of women
especially in IT and digital transformation
and the Ministry of Information and Communications
helped built a website for donations to the COVID-19 Vaccine Fund at www.quyvacxincovid19.gov.vn
which is an enormous contribution to the national vaccine roll-out
Another tech achievement during the pandemic has been an initiative to develop the Healthy Vietnam platform at www.vietnamkhoemanh.vn to facilitate the processes of testing
and tracing in order to control and analyse online data of localities
hosted by then-Prime Minister Nguyen Xuan Phuc
she noted that these tech achievements were an outstanding milestone for the Vietnamese finance sector thanks to the urgent acts by the government and a change of mindset of the finance ministry’s leaders for the sake of a market capitalised at over $300 billion
This has not only increased values for securities companies and investors but Vietnam’s credibility and place in the world
The businesswoman therefore thanked government leaders who have let her take part in such a vital project
thanks to their excellent performance in resolving the tech faults of the trading system of the Ho Chi Minh City Stock Exchange earlier this year
SOVICO and FPT Corporation received a certificate of merit from the Ministry of Finance
and has run smoothly and safely since July
Phuong Thao always wanted private enterprises to lead and pioneer with a global view
to build multinational and multicultural groups to take in the most advanced trends and to spread the values of Vietnamese companies to the world
Having become a dollar millionaire at the age of 21 through international trade and hard work
she quickly became a role model for younger people to look up to
has to involve being brave when facing adversity
It has therefore not come as a surprise to her that the successes of enterprises she is involved in
have contributed tremendously to the communities in which they serve
Phuong Thao committed her actions for a brighter future for Vietnamese women
especially young girls in the global digital transformation
women can come up with many user-friendly tech solutions
This is a time to change the stereotype of women in the community as well as to try reducing the gap in roles of men and women in technology activities
She said that promoting gender equality in education was one of her priorities
The “powerful rose” in investment and international trade was once famous for saying she did not know how much money she had
But her motto has always been known: to devote heartily to business and to earn in order to realise dreams and help more people
As the pandemic emerged and worsened in Ho Chi Minh City and the southern key economic zone this summer
the chairwoman and her employees went to work to support the frontline forces in the battle against the coronavirus
She knows the important role she can play in social responsibility – the chairwoman was once hailed by Tatler magazine as one of the most influential figures in philanthropy in Asia
she said that “corporate social responsibility is a part of an honest business philosophy
which lies deep down in an honest heart and soul.”
At the Great Circle concert held earlier this year to raise donations for the COVID-19 Vaccine Fund of the Ho Chi Minh City Vietnam Fatherland Front Committee
Phuong Thao emotionally sent her thanks for the efforts of the government
They have worked a great deal to take the city into the new normal state
she continues to aim higher to create new values and maintain an honest business philosophy
she also emphasised being honest in business
The businesswoman’s gentleness has never ceased to remind her of the underprivileged
she suggested that the government takes added care of micro-
and medium-sized enterprises as well as individual businesses
more stable during the tough pandemic times
“I believe that the government and leaders will help the country soon recover from the pandemic and make Vietnam stronger and more prosperous,” Phuong Thao said at the meeting
The Brazilian government said that allowing tilapia fish imports from Vietnam is an irreversible decision and is part of its negotiations in late March to open the beef market in Vietnam
Vietnam's GDP per capita was 4,535 USD in 2024
The Government aims to achieve over 7,500 USD in GDP per capita by 2030 and become a high-income country by 2045
economic experts have recommended Hanoi to implement a range of measures to manage inflation in the coming months
They emphasised the need to strengthen price monitoring of essential goods
A highlight of the Vietnam Goods Week in Malaysia is the introduction of Vietnamese culinary booths featuring iconic dishes like Vietnamese banh mi (baguette)
and coffee by the "Saigon Station" restaurant
The Sri Lankan President emphasised investment opportunities for Vingroup in the sectors it is strong at such as tourism
especially in Colombo – Sri Lanka’s largest city
an upcoming state visit to Kazakhstan by Vietnamese Party General Secretary To Lam promises to inject new energy into economic ties
The Ministry of Industry and Trade have announced reductions in retail fuel prices
after nearly four decades of economic reform
the sector has grown steadily in both scale and quality
becoming one of the key driving forces of the socialist-oriented market economy
airports nationwide handled over 12,610 flights
marking a 19.45% increase compared to the same period last year
the students were informed about how to take advantage of the free trade agreements that Vietnam and Canada have signed to optimise supply chains
they also heard about Vietnam's potential as an Asian logistics hub
Deputy PM Dung emphasised that this is a particularly important external task of the Party and State
affirming Vietnam’s role and position on the international stage
while showcasing the results of 40 years of its renewal
creating new momentum and driving force for Kien Giang
The ministry received the notification from the EC’s Directorate – General for Maritime Affairs and Fisheries (DG-MARE) in early May
which requested Vietnam to submit a progress report on implementing the EC’s recommended improvements before September 15
The commission will dispatch an inspection team to the country in late 2025 if the report demonstrates sufficient advancements
The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,944 VND/USD on May 5
down 12 VND from the day before the April 30 – May 1 holidays
Bank Negara Indonesia (BNI) will be the lead arranger of the financing and will handle the underwriting for the syndicated loan of 1.85 trillion IDR
which will cover more than 2,300ha with key function sites for manufacturing
would need an investment of 40 trillion VNA (1.6 billion USD)
The Vietnamese pavilion introduces eco-friendly handicrafts for the first time
and animal figurines made from wood and bamboo scraps
displayed alongside traditional items in the Asia Hall
Muslim tourism has become a global trend and is playing an increasingly vital role in many countries' tourism sectors
Rector of the Hanoi College of Commerce and Tourism
The Vietnamese companies showcased a wide range of goods
from raw input materials for production chains to high-value processed food products
VinFast vehicle owners in the Netherlands can now access services at nine workshops
with plans to expand to LKQ Netherlands’ full network of 260 service centres
The company presented its flagship products
and energy-efficient glass all environmentally friendly and integrated with advanced technology
2008 by the Ministry of Information and Communications
Email: vietnamplus@vnanet.vn
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Forbes has released the 2024 list of billionaires
including Vingroup president and VinFast CEO Pham Nhat Vuong
Thao’s assets value have increased by $600 million to $2.8 billion
the second largest increase next to Hoa Phat president Tran Dinh Long
and six times more than Vuong’s asset increase
The prosperity of the tourism and aviation sector and the positive signs in the real estate market have helped Thao stand as the wealthiest businesswomen in the Vietnamese stock market and the third richest Southeast Asian businesswoman
who has assets of $4.5 billion (Indonesia) and Somurai Jaruphnit ($3.1 billion
The former's asset value increased sharply thanks to shares she is holding at the mining company Bayan Resources
while the latter is holding 8.4 percent of shares of Charoen Pokphand (CP)
one of the largest animal feed and livestock production groups in the world
Dewi Kam has $4.3 billion in real-time report (down $200 million compared with the 2024 newly released list) and ranks 742nd in the world
Forbes temporarily stopped updating information about Thao’s assets for one week
Thao’s Vietjet reported a loss for the first time of VND2 trillion
though its revenue soared thanks to the sharp increase in number of passengers after the Covid-19 pandemic
said errors occurred on the page directly updating Thao’s assets
Sovico Group owned by Thao and her family members
is a multi-field private economic group with investments in finance and banking (HDBank and HD Saison)
aviation (Vietjet Air) real estate (Phu Long)
Vietjet Air (VJC) in early April made public its 2023 audited financial report which showed strong growth of international air routes and good profits from air transport
VJC reported a post-tax profit of VND231 billion in 2023
an encouraging result if noting that it took a loss of VND2.262 trillion in 2023
The accumulated revenue reached VND58.3 trillion
Vietjet continues to develop its domestic air route network and gathers strength to expand its international network
It has opened 33 new domestic and international air routes
raising the total number of air routes to 125
including 80 international and 45 national ones
where Thao holds the post of vice president
business performance is also good with pre-tax profit of VND13 trillion in 2023
Its bad debt ratio was relatively low compared with other commercial banks
Sovico Group made a profit of VND1.485 trillion last year and its total assets reached VND187 trillion
Sovico’s assets have been increasing since late 2022 after consolidating business
insurance and urban area development activities
Thao’s VJC benefited as the tourism and aviation industries recovered well in 2023
which increased both passenger and cargo transport output
The geopolitical tensions in some areas in the world led to a rapid increase in demand for air cargo transport
The airfare increase has also helped air carriers’ revenue
especially in the high summer season.
has recently undergone a restructuring during which the fleet was reduced
Pacific Airlines has returned all aircraft back to settle its debts
the engine manufacturer Pratt&Whitney has recalled engines for deep examination and repair
leaving Vietnam Airlines and Vietjet Air without 40 A321 NEO planes
Sovico Group has signed a Memorandum of Understanding (MoU) to establish a comprehensive partnership with Australia’s Avalon Airport
The event took place during the visit of Prime Minister of Australia Scott Morrison to Vietnam
chairman Nguyen Thanh Hung signed the MoU with David Fox
finance and banking services through HDBank
Sovico Group is the founding shareholder of Vietjet Air and the major shareholder of HDBank
and website in this browser for the next time I comment
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The positive signs in the stock market recently have helped Vietnamese billionaires
VJC shares of Vietjet Air of which Thao is CEO
have bounced back since the beginning of June
VJC price fell to below VND100,000 per share because of Covid-19
is the richest businesswoman in Vietnam
has also reported impressive business results in 2021
which helped share prices increase rapidly
The bank has reported a sharp rise in revenue from services and it has great potential for bancassurance development
Many international life insurers have expressed their willingness to cooperate with HDBank
At the 2021 annual shareholders’ meeting of HDBank
Thao said Sovico Group owned by her family and members always seek opportunities to increase their ownership ratios in HDBank
and don’t have any plan to reduce their ownership ratio
the businesses owned by Thao are operating well
Vietnam Airlines reported that its overdue debt had reached VND11.338 trillion and it couldn’t pay for aircraft leasing
engine repair and flight services to its foreign partners
Thao’s businesses signed many agreements worth billions of dollars
including one on buying engines and engine services for Rolls Royce wide-body aircraft
With air routes throughout Vietnam and Asia Pacific
Vietjet continues expanding its flight network over continents with the new fleet
a female dollar billionaire who has been recognized by Forbes
Co-founder and President of Sovico Group and Vice President of HDBank
Sovico Group and Phu Long Real Estate owned by Thao have not listed their shares on the bourse
but they are well known among the business community
Sovico Group is a well known name in the bond market as it has recently issued many corporate bonds
worth tens of trillions of dong over the last two years
is developing a super project – Dragon City
with investment capital of $1 billion in the Nam Sai Gon area
It has also invested in many other projects in HCMC
Linacre College on its website said that it had signed an MOU with Sovico Group to receive a donation of 155 million pounds for research and education development.
Pham Nhat Vuong continues setting new records
while Le Phuoc Vu has gained a new high in his business career
Commercial banks have reported profits of trillions of dong in the first nine months of the year
helping their owners get richer while other businesses remain in distress because of the impact of Covid-19
Linacre College is to be renamed Thao College
Few Oxford colleges make their green credentials known on the homepage of their website, but Linacre is one of them
But after accepting a donation of £155 million from SOVICO Group
the college has announced that it intends to change its name to Thao College
after Airline CEO and Vietnam’s wealthiest woman Nguyen Thi Phoung Thao
Thao is the Chairwoman of SOVICO group and made much of her wealth from VietJet Air
SOVICO’s environmental record differs significantly from that of Linacre’s. As well as owning Vietnam’s first private airline, SOVICO has significant involvement in the energy sector, having participated in several offshore oil and gas exploration and production projects in Vietnam, according to their website
SOVICO is also the largest shareholder in HDBank, whose vice-Chairwoman is Thao. Recently
the bank entered into a 10-year partnership with the state-owned Vietnam National Petroleum Group to become the company’s main provider of financing
As part of the announcement of the donation it was revealed that SOVICO has committed all its subsidiaries to reaching net-zero by 2050
but it is currently unclear how this might be achieved
and whether this applies to the projects that SOVICO finances outside of its subsidiaries
airlines’ only option for reaching net-zero is to purchase large amounts of carbon offsets
but Linacre’s own experience with offsetting the college’s emissions shows that this is not always easy
When Linacre’s own experiment with carbon offsetting failed in 2008, the editor of Linacre’s student magazine said: “Carbon offsetting can be used to justify the continued deferment of green investments and practices
especially if the emitter has no clear plan”
Time will tell if SOVICO’s actions follow the same path
• Protesters dismantle pro-life society stall at Fresher’s Fair
• Oriel puts up plaque calling Rhodes a ‘committed colonialist’
• Worcester College hosted an event with a speaker linked to ‘conversion therapy’
Rah Bartholomew are you coming to the College chalet this year
She’s going to be debating… veganism
Not really the Oxford dark-academia dream you signed up for is it
Parcels will be delivered to a depot a mile out of the city and redirected to the colleges via cargo bikes
Coming from a uni which has produced over 153 millionaires
Tariq Ramadan took a leave of absence from Oxford in 2017 following the emergence of multiple rape allegations
This is the second time the Harry Potter star has studied at Oxford
The university board of governors voted overwhelmingly to change the name
Training from professional journalists with no experience needed
The Christ Church student died in the early hours of 23rd February
Oxford students forced to turn out their pockets as catering staff crack down on thievery
This was almost double what Cambridge students were fined
The new app is billed as an ‘ongoing anonymous chat in real-time’
UCU members are striking for 18 days across February and March
‘It’s tiring and disappointing and frankly
‘This behaviour goes beyond any bounds that could be considered reasonable’
Remember when she kept posting open love notes on Instagram to him
He’s back handing out handshakes on another series of The Great British Bake Off
There have been 59 ghost sightings at one UK uni
Liam Payne has just had his driver’s license suspended
This doesn’t only happen to celebrities like Holly Willoughby
I’m switching back to a Nokia brick after this
Of course she’s well connected with most of the cast
The hygiene rating of my fave kebab shop has nothing to do with me
The Made in Chelsea mayhem has gone on long enough
‘Bradley said he was behaving like a caged animal’
She thinks they’re on the show ‘for fun’ and are not ‘focusing on their marriages’
It was revealed today Luke has been removed from the show following a physical fight