1. Vivaso from the Vietnam Film Company
The artists of the Vietnam Feature Filmstudio (VFS) recently met with the media repeatedly to expose their oppinions about the equitisation of the studio.
According to the artists, the equitisation process of VFS was not transparent and the property of the studio is underestimated. Especially, after a period of operation, the shipping company Vivaso, a strategic shareholder of VFS, had inappropriate operating activities such as merging departments or relocating.
The VFS equitization process will be reexamined but it raised a question how Vivaso, a non-film-related company, was chosen as VFS's strategic investor, the oldest filmmaker in Vietnam with nearly 60 years of history and many classical fims.
According to the VFS equitisation plan, the criteria for selecting strategic investors are domestic organizations with more than 5 years of experience in management, finance and operation and a series of other long-term commitment.
In this list of criteria, there is no requirement for experience and technique in the field of cinema. Based on these criteria, the selection of Vivaso as a strategic investor must be approved by the Ministry of Culture, Sports and Tourism.
Vivaso is a state-owned company that has been equitized since 2014 and 77% capital was owned by the construction company Van Cuong.
2. Vingroup at Giang Vo Exhibition Center
In the mid-year 2015, Vingroup Corporation became a strategic investor of the Giang Vo Exhibition and Fair Center (VEFAC). According to the plan, a commercial, service and residential complex worth nearly VND8,000 billion (US$352 million) will be built in the area of VEFAC.
According to a report from VEFAC, in 2016, the company ceased operations at 148 Giang Vo and relocated its fairs to the Hanoi Friendship Cultural Palace under the direction and permission of the Government and the authorities. The project in Giang Vo, after a year of ground clearance investors have not yet started, even with a construction permit.
It is noteworthy that after investing about VND1.4 trillion (US$61.6 million) in VEFAC to acquire 83% stake by the end of 2015, Vingroup consistently had short-term loans with subsidiaries. By the end of June 2017, VEFAC still lent to this group 888 billion (US$39 million).
3. T&T Group JSC at Vietnam National Vegetable, Fruit and Agricultural Product Corporation (Vegetexco Vietnam)
According to a recent report from Vegetexco, T&T Group JSC has two loans of about VND2.5 trillion (US$110 million) in this company. Under an agreement signed between the two parties, T&T Group JSC is entitled to use Vegetexco's idle capital at the interest rate applied at the time of debt acknowledgment.
In addition, Vegetexco is also contributing VND700 billion (US$30.8 million) to this group to cooperate in two real estate projects in Dinh Cong and Tay Son, Hanoi.
The value of receivables accounts for 57% of Vegetexco's total assets.