Vinaconex, Viettel launch finance firm

Vinaconex and Viettel joined forces on Saturday to launch the Vinaconex-Viettel Financial Company, which will work towards securing capital for both corporations’ projects in the future.

The company has a charter capital of VND1 trillion (US$56.2 million), in which the construction giant Vinaconex and the army-run mobile phone service provider Viettel each holds over 30 per cent.

Its core business will include arranging credits for the property development projects of Vinaconex and Viettel, investing in these two corporations’ subcompanies, and underwriting bond issues of its major shareholders.

For the first two years of operation, the company expects an average growth rate of over 30 per cent with a 15-20 per cent of pre-tax return on equity (ROE) and a 12-15 per cent of earnings per share. The company plans to increase its charter capital to VND1.5 trillion ($84.3 million) between 2011 and 2015.

Vinaconex president Nguyen Van Tuan said that the finance institute would take full advantage of its founding shareholders’ strength to become a major financial centre.

At the launch ceremony, Vinaconex-Viettel Financial Company inked a deal with Viettel Global and a contract to act as a financial consultant for the Cam Pha Cement Company.

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