Vinaconex to increase foreign ownership
The Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex or VCG) plans to eliminate and amend some business lines to open more room for foreign investors, to 49 percent.
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| The Vinaconex building on Lang Ha street in Hanoi (Photo: VNA) |
The move aims to diversify ownership forms at VCG, increasing liquidity and improving the attractiveness of VCG shares.
Details of the plan will be released at the company's 2019 annual general shareholders' meeting to be held on June 28.
The company now has three industries that limit the ownership rate of foreign investors at zero percent, which are wholesale of tobacco and rustic tobacco products, supply and management of labour resources and other retail sale of new goods in specialised stores.
In 2019, Vinaconex plans to earn consolidated revenue of 10 trillion VND (428.4 million USD) and after-tax profit of 743 billion VND, up by 16 percent year-on-year.
Last year, Vinaconex earned 9.7 trillion VND in revenue, down more than 10 percent compared to 2017, of which the revenue from industrial production was 886 billion VND, down 7 percent compared to the same period of the previous year.
Revenue from commercial services reached 721 billion VND, down 3.4 percent.
Post-tax profit decreased by more than 60 percent compared to 2017, to 639 billion VND.
With the results achieved, the company spent more than 530 billion VND to pay dividends at a rate of 12 percent.
