PetroVietnam, legal association team up

PetroVietnam, legal association team up

14/01/2008 -- 8:44 PM
Ha Noi (VNA) – The State-owned largest oil and gas group – PetroVietnam, signed a legal consultancy deal with the Vietnamese Lawyers’ Association (VLA) in Ha Noi on January 14.

“This cooperation aims at building a safe, efficient and law-abide business environment,” PetroVietnam President Dinh La Thang said at the signing ceremony.

Present at the ceremony, Deputy Prime Minister Truong Vinh Trong praised the cooperation, expressing hopes that the VLA would help local businesses gain thorough understanding of international laws and norms when the country became the World Trade Organisation member.-Enditem

(VNAgency)

Thai garment company operational in Ben Tre

Thai garment company operational in Ben Tre

14/01/2008 -- 9:07 PM

Ben Tre (VNA) – Thailand’s Alliance One Garment Co. Ltd. has officially put its plant into operation in Giao Long industrial park in southern Ben Tre province and shipped the first batch of products worth 400,000 USD.

Alliance One, the first foreign-invested company operational in the park, has an investment capital of 18.1 million USD. It turns out sportswear products of trademarks like Adidas, Nike and Puma for exports.

The first phase of the plant is expected to be completed in June 2008 and the construction of the second phase, the knitting and dying workshops, will begin in March 2008.-Enditem

(VNAgency)

French firm puts tanning factory into operation

French firm puts tanning factory into operation

14/01/2008 -- 9:07 PM

Dong Nai (VNA0 – France’s Rostaing Viet Nam has put a 2 million USD tanning factory into operation in the Long Thanh industrial park in the southern province of Dong Nai.

The factory has a designed output of between 30,000-40,000 sq.m. a month.

Rostaing Viet Nam has been in the country for 13 years, involving in manufacture of rubber, plastic and leather products to exports to European markets.

It already has plants in Bien Hoa II and Ho Nai industrial parks in Dong Nai.-Enditem

(VNAgency)

Lang Co town taps tourist strength for growth

Lang Co town taps tourist strength for growth

14/01/2008 -- 8:25 PM
Thua Thien-Hue (VNA) – Possessing white-sand quiet beach and ranges of mountains stretching to the sea, Lang Co town in central Thua Thien-Hue province is an ideal getaway spot and has been successful in inviting both local and foreign investors into spurring its potential.

The Gia Minh Conic Company of the Conic Real Estate Group has recently broken ground for the Conic-Lang Co Resort complex in the town.

The 10-ha 400 billion VND complex is designed to have 200 rooms, 40 world-class villas, conventional halls, and expected to be operational in 2009.

The Gia Minh Conic company has also joined hands with the Lap An Development Company of Denmark ’s Nordica Properties to develop the Lap An-Lang Co Resort and Golf Course complex.

The Lap An-Lang Co tourist-golf course project is to encompass 800 luxurious villas and apartments, and two 9-hole golf courses to be built on 145 ha of land and water surface surrounding the Lap An peninsula.

The complex, with construction expected to begin in July this year and complete by the end of 2011, is to cost close to 5 trillion VND.

Early this month, Lang Co town witnessed the construction of a series of marine tourist projects, including the Diana Resort, the Everland Resort, the Le Royal Annam Resort and the Lang Co vessel tour zone.-Enditem

(VNAgency)

IBM to expand operation in Viet Nam

IBM to expand operation in Viet Nam

14/01/2008 -- 5:20 PM

Ha Noi (VNA) – Steve Mills, Vice President of the IBM group, has revealed his group’s plans to expand operation in Viet Nam and Asia .

Mills, who is in Viet Nam for a seminar on Career Education in IBM Software (CEIS) co-organised by the Ha Noi University of Technologies and DTT-Ha Noi CTT company, had a talk with Ha Noi information technology students on January 14.

According to him, IBM is in need of 30,000 programmers for its worldwide expansion. He said he expected to welcome more Vietnamese students to work for his group.

He also spoke of his group’s CEIS programme, which will take Viet Nam as the first country in Southeast Asia and the second in Asia after India for its launching.

On the occasion, Mills handed over to the DTT-Ha Noi CTT company a certificate as IBM’s first partner in CEIS programme in Viet Nam .

IBM Viet Nam also signed a memorandum of understanding on training cooperation with the Ha Noi University of Technologies and DTT-Ha Noi CTT.

Under the MoU, the three sides will cooperate in training lecturers, organising more courses and recruiting IT students after they graduate.

Learners will follow curricula with international-standard textbooks provided by IBM and receive IBM certificates.-Enditem

(VNAgency)

Stock indexes continue down the slope

Stock indexes continue down the slope

14/01/2008 -- 3:45 PM
Ha Noi (VNA) – Viet Nam’s stock indexes continued their downward trend on both the Ho Chi Minh City bourse and its Ha Noi-based counterpart during the January 14 trading session.

The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) dropped 19.77 points to close at 841 points with over 10 million shares, worth 960 billion VND, changing hands.

As many as 53 stocks went through the floor with Tay Ninh Cable Tour Company (TCT) reporting the largest loss of 14,000 VND per share, followed by Song Da Urban & Industrial Zone Investment and Development (SJS), Saigon Securities Inc. (SSI) and Hoa Binh Rubber (HRC).

Meanwhile, the HaSTC-Index at the Ha Noi Securities Trading Centre also suffered a sharp fall of 13.92 points to finish at 275.68 points. Around 2.6 million shares, worth 207 billion VND, were traded during the course of the session.

Up to 108 out of 118 listed stocks declined while only eight rallied for gains and two saw no change.

Song Da 99 (S99), Song Da 10.1 (SNG) and Saigon Cement (SCJ) were among the biggest losers of the day.-Enditem

(VNAgency)

HCM City benefits from nation’s WTO membership

HCM City benefits from nation’s WTO membership

14/01/2008 -- 11:24 AM
HCM City (VNA)- One year of WTO membership was marked with an all-time increase in foreign direct investment (FDI) and exports for Ho Chi Minh, making the southern economic hub to lead the nation in these fields.

FDI into the city rebounded to 3 billion USD with over 400 projects in 2007, representing an annual surge of 28.6 percent after years of sharp decrease. FDI from overseas Vietnamese also increased eight fold over 2006.

Figures have shown that the once “Far Eastern Pearl” remained to be the most attractive destination for foreign investors.

Investment quality has also improved as investors have shifted their focus to investment scale and hi-tech from labour intensive projects.

Exports revenues in 2007 recorded 18.3 billion USD while foreign arrivals into the city hit a 3 million mark, representing an increase of 14.6 percent and accounting for 70 percent of the national total.

Cargo handling through Ho Chi Minh City ’s ports reached 50.5 million tonnes, brightening the city’s future as a regional and continental port metropolis by 2020.

Total social investments increased 24.2 percent to 84.5 trillion VND (5.20 billion USD), partially thanks to the establishment of more than 18,500 new enterprises with a combined charter capital of 160 trillion VND.

As a result, the city registered a gross domestic product growth rate of 12.6 percent, an all-time high and an increase of 12 percent over the five year (2006-10) average target.

The municipal economy expanded by 2.5 times from 2001, making a plan for a three-fold increase by 2010 well grounded.

Its annual per-capita income reached 2,100 USD in 2007 and is expected to hit 3,000 USD in 2010. The city’s five-year poverty alleviation programme fulfilled its goal two years ahead of schedule by bringing the number of families living under the poverty line of six million VND per family member a year down to 1.9 percent.

Deputy Chairperson of the municipal People’s Committee Nguyen Thi Hong attributed all these achievements to the city’s great efforts to cash in on opportunities and overcome difficulties of the first year of the country’s WTO membership.

“The city named after Great President Ho Chi Minh has not only established itself but also rising above itself,” she added.

However, difficulties and challenges remain ahead especially from January 1, 2009, when the country will fully open its market on trade and goods under its WTO commitments, expert warned.

Many said the city should concentrate on speeding up the construction tempo of traffic projects along with faster disbursement of licensed projects.

To meet that end, the city should make a breakthrough in reforms of administrative procedures, which now costs several years for a project to kick off its construction, experts emphasised.--Enditem

(VNAgency)