Vingroup researches and develops robots; PV Drilling establishes joint venture in Indonesia; Hoa Phat prepares to make railway iron

Hoa Phat sent people to study technology related to high-speed railway; Truong Thanh Wood contributed capital to establish a furniture company in Binh Duong; Ms. Nguyen Thi Mai Thanh left the position of Chairwoman of REE Board of Directors after more than 3 decades of association...

Hoa Phat sends people to study technology related to high-speed railway

Hoa Phat Group is confident in its ability to supply steel for the $67 billion North-South high-speed railway project.

“At present, we have begun to make efforts to research and send people to learn about railway-related technology in countries that have built high-speed trains,” Ms. Pham Thi Kim Oanh, Hoa Phat's CFO, recently shared.

Hoa Phat Chairman Tran Dinh Long visits inside the blast furnace of Dung Quat 2 project in June 2024.

It is noteworthy that at the Dung Quat 2 project, Hoa Phat has demonstrated its technical capacity by producing high-quality steel used in automobile tires - a product with even higher technical requirements than high-speed rail steel. "When we have produced such high-quality steel, the steel for high-speed rail also has similar requirements, even at lower standards, so Hoa Phat can do it," Ms. Kim Oanh affirmed.

According to Ms. Oanh, this project also uses many other types of steel that Hoa Phat is producing.

“To produce steel for high-speed rails, a track base is needed. And this track base also requires construction steel. The connecting waiting points and stations also need to use steel. Therefore, along with rail steel, Hoa Phat can also provide construction steel, galvanized steel, corrugated iron pipes, and HRC for the project,” she said.

Of the total investment of 67 billion USD of the Project, infrastructure costs account for 35%-50%, railway construction costs are about 15%-20% and road construction costs to the station are about 10%-15%.

According to Ms. Kim Oanh, it would be more beneficial for Vietnam to be self-sufficient in steel instead of depending on imports. “This project also needs to be repaired and maintained in the future. If Vietnam depends on imports, it could affect the repair and maintenance process for the project,” she said. If a lot of imports are made, Vietnam will be under pressure on the exchange rate because it has to convert VND to USD or other foreign currencies to buy goods. Maintenance and warranty services also require foreign currency if imported. She believes that the Vietnamese Government will also create favorable conditions for Vietnamese enterprises.

In addition, Hoa Phat is also placing high expectations on the Dung Quat 2 project with a designed capacity of 5.6 million tons of HRC/year and a total investment of about 3 billion USD. Ms. Oanh revealed that this project will have commercial products from the end of 2024 and contribute significantly in 2025. According to the plan, blast furnace No. 1 will operate at 50-60% capacity in 2025, increase to 80% in 2026 and is expected to reach maximum capacity in the period of 2027-2028.

PV Drilling establishes joint venture in Indonesia

The Board of Directors of PetroVietnam Drilling and Well Services Corporation (PV Drilling) has passed a Resolution approving capital contribution to establish a joint venture company in Indonesia.

The new joint venture has an international trading name as well as an official name in Indonesia as PT PetroVietnam Drilling Indonesia, abbreviated as PT PVD Indo, providing drilling services and well technical services to oil and gas companies in Indonesia.

PT PetroVietnam Drilling Indonesia has a charter capital of 700,000 USD.

According to the Resolution, the Company has a charter capital of 700,000 USD, in which PV Drilling and PT Quest Semesta Raya each contribute 40%, and Mr. Yosep Arianto contributes the remaining 20%. The Company is registered in Indonesia, operating for 10 years from the date of establishment and can be extended upon agreement of the parties.

The main purpose of establishing PT PVD Indo is to provide jack-up rig rental services and well technical services to support exploration and exploitation activities in Indonesia, according to PV Drilling.

In fact, PV Drilling has been operating in the Indonesian market since December 2022, with an executive office in Jakarta established in July 2023. The largest customer in this country is Pertamina Hulu Energi Offshore Northwest Java (PHE ONWJ).

After nearly 2 years in Indonesia, PV Drilling II rig has achieved positive performance, efficiency of over 99% as well as safety throughout the operation process, highly appreciated by customer PHE ONWJ.

Recently, on the morning of November 19, 2024, at PHE ONWJ's office in Jakarta, PV Drilling and its partner PT Jimmulya signed an addendum to extend the contract for providing PV Drilling II rig to PHW ONWJ. Accordingly, PV Drilling II rig will continue to serve PHE ONWJ's long-term drilling campaign in the Northwest Java sea off Indonesia for another 3 years, expected to last until the end of 2028.

In the coming time, PV Drilling plans to operate two jack-up rigs, PV Drilling II and PV Drilling III, simultaneously for Pertamina from 2025, according to recently signed agreements.

Regarding the contribution to PV Drilling's business results, the Indonesian region has a significant contribution with a proportion of 9% of revenue and 16% of gross profit in the first 9 months of 2024, according to data from MBS Research.

In the first 9 months of 2024, PV Drilling brought in VND 6,477 billion in revenue, up 61% year-on-year, supported by strong revenue growth in the second and third quarters, due to stable jack-up rig rental prices and contributions from the two rented rigs Hakuryu and Borr (Thor).

In the end, PV Drilling's net profit was VND478 billion, up 26%. However, this level was assessed by MBS Research to be lower than the expectation for the whole year of 2024, due to lower-than-expected profits from joint ventures and well drilling techniques.

Vingroup researches and develops robots

The Board of Directors of Vingroup Corporation has issued a Resolution approving the capital contribution to establish a subsidiary named Vinrobotics Robotics Research, Development and Application Joint Stock Company, with a charter capital of VND 1,000 billion.

Vinrobotics Robotics Research, Development and Application Joint Stock Company is a subsidiary of Vingroup.

According to the Resolution, Vingroup will contribute 51% of capital to VinRobotics. This company is headquartered at Symphony office building, Chu Huy Man street, Vinhomes Riverside urban area, Phuc Loi ward, Long Bien district, Hanoi city.

According to information published on Vingroup's website on November 20, in addition to Vingroup contributing 51% of the capital, billionaire Pham Nhat Vuong (Chairman of Vingroup) contributed 39%, and his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each contributed 5%. The position of General Director of VinRobotics is held by Mr. Ngo Quoc Hung.

VinRobotics is introduced to operate in the fields of research, development and transfer of advanced technology, especially automation solutions, industrial robots and artificial intelligence (AI). The company specializes in manufacturing and integrating intelligent robotics and robot products, aiming to provide solutions to optimize production processes and improve work efficiency in the fields of industry, services and life.

At the same time, VinRobotics focuses on developing applications for businesses, thereby optimizing processes and boosting work efficiency. VinRobotics' customers are not limited to companies in the Vingroup ecosystem but will expand to businesses operating in other key economic and industrial sectors.

The Group said that the establishment of VinRobotics is an important step, contributing to the completion of the industrial - high-tech ecosystem, one of the three core pillars of Vingroup, besides Trade Services and Social Charity. Currently, Vingroup is also moving deeply into the automotive industry, with the spearhead of electric cars under the VinFast brand; smart technologies in the field of artificial intelligence and big data with the brands VinBigdata, VinAI, VinBrain, etc.

Truong Thanh Wood contributes capital to establish furniture company in Binh Duong

Truong Thanh Wood Industry Group Joint Stock Company (Truong Thanh Wood) has just approved the capital contribution to establish Natuzzi Vietnam Joint Stock Company with charter capital of 30.6 billion VND, in which Truong Thanh Wood contributes more than 1.5 billion VND, accounting for 5% of capital.

A TTF factory.

Natuzzi Vietnam Company is headquartered at Lot A15, Road No. 4, Industrial Cluster, Uyen Hung Ward, Tan Uyen City, Binh Duong Province; operating mainly in the field of manufacturing furniture and upholstered products made of leather and other materials.

The expected charter capital is over 30.6 billion VND, equivalent to over 3.06 million shares (par value 10,000 VND/share). Of which, Truong Thanh Wood contributes over 1.53 billion VND, equivalent to owning 153,125 shares, accounting for 5% of the capital. The capital contribution time is within 90 days from the date Natuzzi Vietnam is granted the Certificate of Business Registration.

Regarding business performance, Truong Thanh Wood continued to suffer a net loss of more than VND 21 billion in the third quarter of 2024, bringing the total loss in 9 months to nearly VND 27 billion. As of September 30, 2024, Truong Thanh Wood had an accumulated loss of nearly VND 3,268 billion.

The company said that due to difficulties in the markets of major customers, export revenue decreased. Truong Thanh Wood is focusing on expanding and finding new customers in the EU and US markets, especially in Asia, Dubai, Australia and East Asia, to increase production in the fourth quarter of 2024.

Through its 60%-owned subsidiary, Casadora Furniture JSC, Truong Thanh Wood will invest 500,000 USD (nearly 13 billion VND at the current exchange rate) in cash and equity to penetrate the Dubai market.

Ms. Nguyen Thi Mai Thanh leaves the position of Chairwoman of REE Board of Directors after more than 3 decades of association.

The Board of Directors of Refrigeration Electrical Engineering Corporation (REE) passed a resolution to change senior personnel. After more than 3 decades of service, Ms. Nguyen Thi Mai Thanh left the position of Chairwoman of REE Board of Directors to assume the position of General Director of REE from November 22.

Ms. Nguyen Thi Mai Thanh, General Director of REE.

Accordingly, REE's Board of Directors has allowed Mr. Le Nguyen Minh Quang to resign from the position of General Director of REE from November 22 according to the agreement to terminate the labor contract. Notably, Mr. Quang resigned from the position of General Director after only 4 months in office.

Previously, REE approved the dismissal of Mr. Huynh Thanh Hai from the position of General Director and replaced Mr. Le Nguyen Minh Quang in this position with a term of appointment of 3 years, starting from July 1, 2024.

Mr. Quang graduated from the Faculty of Construction, Ho Chi Minh City University of Technology, received a PhD in Construction from the Ecole Centrale Paris Engineering School, France, and a Master's degree in Public Administration from the Lee Kuan Yew School of Public Management (Singapore) and the Kennedy School of Public Administration, Harvard University (USA). Before joining REE, Mr. Quang was the General Director of Bachy Soletanche Company of France, and Head of the Ho Chi Minh City Urban Railway Management Board.

Replacing Ms. Thanh, Mr. Alain Xavier Cany, Vice Chairman of REE Board of Directors, was elected Chairman of REE Board of Directors.

Mr. Alain Xavier Cany, new Chairman of REE Board of Directors.

Ms. Mai Thanh has held the position of Chairwoman of the Board of Directors and General Director of REE since 1993. To comply with the regulation on separating the positions of Chairwoman of the Board of Directors and General Director (according to Decree 71/2017/ND-CP, guidelines on corporate governance applicable to public companies effective from August 1, 2020), Ms. Thanh withdrew from the position of General Director of REE and transferred this position to Mr. Huynh Thanh Hai from July 2020.

Regarding Mr. Alain Xavier Cany, before being elected as Chairman of REE's Board of Directors, he held the position of Non-Executive Vice Chairman of REE. Mr. Alain Xavier Cany joined the Board of Directors of REE in 2021 under the nomination of foreign fund Platinum Victory Pte.Ltd.

Mr. Alain Xavier Cany has a lot of experience from his long time working at Credit Commercial de France, HSBC Bank in Vietnam, HSBC Hong Kong... and working in many organizations such as: Eurocham Vietnam, Vietnam Business Forum (VBF).

Source: https://baodautu.vn/vingroup-nghien-cuu-va-phat-trien-nguoi-may-pv-drilling–lap-lien-doanh-tai-indonesia-hoa-phat-chuan-bi-lam-sat-duong-ray-d230736.html