CNA938 Rewind - New US$15,000 visa bond: What to know about travel visa and its significance
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Business Times
5 minutes ago
- Business Times
South Korea, Vietnam eye doubling trade to US$150 billion by 2030
[SEOUL] Top leaders of South Korea and Vietnam agreed to step up efforts to nearly double their bilateral trade to US$150 billion annually by 2030, as the two Asian export powerhouses seek to mitigate the impact from US President Donald Trump's tariffs. 'We agreed to further accelerate the mutually beneficial economic cooperation that has served as a solid foundation for the development of our bilateral relations,' South Korean President Lee Jae Myung said at a joint press event after meeting with Vietnamese Communist Party chief To Lam in Seoul on Monday (Aug 11). Lam is the first foreign leader to visit South Korea since Lee took office in early June, a trip Lee described as a demonstration of Vietnam's strategic importance to South Korea. 'Vietnam is a very important neighbouring country for South Korea in terms of both trade and security,' Lee said. South Korea is Vietnam's largest investor and its third-largest bilateral trading partner, according to the Vietnamese government. As at May 2025, South Korea had 10,203 registered investment projects in Vietnam, with a total capital of US$94 billion. Bilateral trade between the two nations reached US$81.5 billion last year, a 7.3 per cent increase from the previous year. In addition to economic cooperation, Lam said the two countries have been increasing military ties and hoped their evolving relations would contribute to regional security, according to a pool report. Both export-driven Asian nations secured a trade deal with the US last month, under which Vietnamese exports will face a 20 per cent tariff, while South Korean exports will be subject to a 15 per cent tariff. The two leaders agreed to strengthen collaboration in key sectors, including critical minerals, national defence, and infrastructure development. South Korean companies are expected to participate in major projects in Vietnam such as new city construction, high-speed railways, and nuclear power plants, according to a separate statement from Lee's office. 'The visit will open up new areas of cooperation, including semiconductor and artificial intelligence,' according to Vietnamese Deputy Foreign Minister Nguyen Minh Vu, in a post on the Vietnamese government's website. BLOOMBERG
Straits Times
35 minutes ago
- Straits Times
Singapore's Ninja Van said to halve valuation in latest funding round
Sign up now: Get ST's newsletters delivered to your inbox Ninja Van, backed by Alibaba Group, is set to raise US$80 million in a round that will slash its valuation by about half to around US$1 billion. SINGAPORE - Logistics start-up Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. Singapore-based Ninja Van, backed by Alibaba Group Holding, is set to raise US$80 million (S$102.8 million) in a round that will reduce its valuation to about US$1 billion, according to people familiar with the matter. Existing investors B Capital Group – the venture capital firm set up by Meta Platforms co-founder Eduardo Saverin and Raj Ganguly – as well as Monk's Hill Ventures will be leading the round, said the people. Investors in this round secured favourable or preferential terms for a future exit, according to the people. A spokesperson for Ninja Van declined to comment. B Capital and Monk's Hill did not respond to requests for comment. Ninja Van is raising capital during one of the hardest possible times for fledgling firms. The South-east Asia technology industry has been plagued by job cuts, CEO resignations and falling start-up valuations amid prolonged global macroeconomic uncertainties, making it difficult for companies to secure funding or debut on public markets. Shares of regional tech peers Grab Holdings and Gojek parent GoTo Group have underperformed compared to Big Tech in the US as they work to balance growth and profitability in a region that's losing its lustre. While e-commerce is gaining popularity in the region of more than 650 million people, stiff competition and deep-pocketed players like J&T Global Express and Sea's SPX Express have kept profit margins slim in the logistics industry. Founded in 2014, Ninja Van operates in six markets in South-east Asia and delivers two million parcels a day, according to its website. Top stories Swipe. Select. Stay informed. Business Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Business Singtel, StarHub shares fall after announcement of Keppel's M1 sale Singapore Healthy lifestyle changes could save Singapore $650 million in healthcare costs by 2050: Study Opinion Anwar's government: Full house but plenty of empty offices Singapore 79 arrested, over 3kg of heroin seized in 5-day drug blitz Singapore Man's claim amid divorce that his mother is true owner of 3 properties cuts no ice with judge Asia Tourist spots in South Korea face complaints over rude service, price gouging during peak season Business Nvidia, AMD to pay 15% of China chip sale revenues to US, official says It raised US$578 million in a Series E round in 2021 from participants including Alibaba and B Capital Group. The round lifted the company's valuation to well beyond US$1 billion, turning the start-up into a unicorn. BLOOMBERG
Business Times
35 minutes ago
- Business Times
Builder China South City ordered to liquidate by Hong Kong court
[HONG KONG] Developer China South City Holdings was ordered to liquidate by Hong Kong's High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group. The ruling from judge Linda Chan came after the liquidation petitioner asked for an immediate wind-up order. China South City asked the court for 'one final chance', but Chan said that no significant progress had been made on the company's restructuring proposal. The liquidation order shows how China's years-long property crisis continues to shake one-time giants of the real estate industry. Despite government efforts to prop up the ailing sector, home sales are still weak, making any near-term recovery unlikely. Even UBS Group, which had been among the few firms predicting a recovery, is now expecting a delay unless Beijing introduces additional stimulus measures. Hong Kong's courts have issued at least six wind-up orders for Chinese developers since the crisis began in 2021, including one for Evergrande, whose liquidation was one of the most complicated given its asset size and the number of stakeholders. China South City had been at odds with creditors over several issues. During a hearing in May, creditors said they wanted Shenzhen SEZ Construction and Development Group, China South City's biggest shareholder, to play a larger role in the debt talks. They were specifically seeking access to the Shenzhen SEZ Construction's chairman, Li Wenxiong, who serves as a co-chairman of China South City. China South City's ownership structure is similar to that of China Vanke, a major Chinese developer, which received state support in January, led by local authorities in the company's hometown of Shenzhen. China South City had total liabilities of about HK$60.9 billion as at Dec 31, 2024, according to its annual report. The company's shares were suspended from trading on Monday (Aug 11) in Hong Kong. China South City defaulted on its dollar notes more than a year ago. These bonds are still trading at around 25 US cents as at Monday morning, Bloomberg-compiled data show. The winding-up petition against China South City was filed by Citicorp International, which is the trustee of the developer's US dollar bonds. BLOOMBERG
