CMC plans to divest stake in Bao Viet Bank

HA NOI — Software and IT services provider CMC Corporation will withdraw its investment in Bao Viet Bank, under a plan approved last week by CMC's executive board.

However, a representative of Bao Viet Bank told Viet Nam News by telephone yesterday: "This was just an approval of a master plan to withdraw its stake in the bank. But, in theory, a founding shareholder is not able to transfer its stake within the first five years of operation. So, this plan to recover CMC's investment may be carried out only after two or three more years – or may never be done at all if CMC finds the plan infeasible."

No one from CMC was available for comment yesterday.

Bao Viet Bank was established in 2009, with insurer Bao Viet Group owning 52 per cent, CMC Corporation 9.9 per cent, and Vinamilk 8 per cent.

Gas imports to be reduced in 2011

HA NOI — The Ministry of Industry and Trade has passed a regulation for gasoline imports in 2011.

Under the regulation, domestic gas enterprises will be able to import 11 million cu.m of gas, of which 6.35 million cu.m will go to the Viet Nam National Petroleum Corporation.

Hai Phong welcomes cruise ship passengers

HAI PHONG — Five-star cruise liner Europa, which is transporting 450 foreign tourists, docked at the port in Dinh Vu, Hai Phong, on Sunday.

The ship was on a one-day tour in Hai Phong, during which tourists were able to visit villages and places of interest in the inner city.

Hai Phong is aiming to welcome 900,000 foreign tourists in 2011, which would be a 7.14 per cent increase over the previous year.

Military bank opens new branch in Laos

HA NOI — Viet Nam's Military Bank (MB) launched a branch in the Lao capital city of Vientiane on on Sunday with US$12 million in initial capital.

The branch will provide business and individual clients with short-, medium- and long-term loans for expanding investment and consumption activities for individuals and businesses.

On the occasion, the branch signed co-operative contracts with Unitel, a joint-venture between Viettel Global and Lao Star Telecom, PV Oil and Phou Luong Company.

The presence of the MB in Laos aims to further promote trade ties between Viet Nam and Laos.

Source: vnagency.com.vn