PHI Group Inc. (OTCMKTS:PHIL), which is presently involved in PHILUX Global Funds, the Asia Diamond Exchange project in Vietnam, mergers and acquisitions, and investing in special situations, has made an announcement on April 29, 2022 that it has entered into a strategic agreement with Vietnam – International Entrepreneur Networking Club (VIENC) to assist Vietnam-based enterprises to access international capital sources and other resources. The objective is to develop and enhance corporate advantages for sustainable growth and expansion in domestic and international markets.
Technical Data
PHIL stock is below the 20–Day and 50-Day Moving averages of $0.0014 and $0.0019 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0053.
Trading Data
On Friday, PHIL stock ended flat at $0.0010 with more than 137.14 million shares, compared to its average volume of 207.02 million shares. The stock moved within a range of $0.0009 – 0.0011 after opening trading at $0.0010.
The two parties have decided to focus on the following aspects:
PHI will provide backing to VIENC, via training programs and seminars to enhance leadership and management capabilities for the latter’s members.
PHI will help VIENC’s members in to list their stock in certain international stock exchanges, especially in the U.S and Europe.
An Emerging Growth Fund will be set up as a sub-fund under the umbrella of Luxembourg-based PHILUX Global Funds to raise capital for VIENC’s members. PHI will assist in this endeavor.
PHI will help VIENC to participate in the building of the Asia Diamond Exchange in Vietnam.
This agreement opens up a myriad of opportunities for VIENC’s entrepreneurs and the overall community of Vietnamese entrepreneurs in the post-pandemic era.
Key Quote
Mr. Dinh Vinh Cuong, President of VIENC, stated: “Covid-19 pandemic has severely affected hundreds of thousands of small and medium enterprises all over the country. Within 2021, there were more than 100,000 domestic companies leaving the market due to severe difficulties. Since the beginning of 2022 until now, there are a number of positive signals for economic recovery. Nonetheless, Vietnam enterprises in general still have not entirely escaped economic difficulties due to the increasing price of oil, raw materials and logistics. “Capital scarcity” is still a burning issue for Vietnamese domestic enterprises.
