Vietravel to welcome 2,200 foreigners in January

Vietravel to welcome 2,200 foreigners in January

13/01/2008 -- 9:02 PM

Ha Noi (VNA) – Vietravel, on of the country’s biggest travel company, is preparing to welcome at least 22,000 foreign visitors, who will arrive later this month, before Viet Nam’s traditional New Year holiday.

More than 1,500 tourists from Japanese and 700 from Thailand , Malaysia , France , German and the Netherlands have registered for tours through the company.

Over 2,000 domestic visitors have booked tours in January through Vietravel, a 15 percent year-on-year increase.

More than 2,000 other people have registered for tours during Tet, which falls on February 7, and the figure is expected to increase to 3,000, a company representative said.

According to Vietravel, most attractive destinations are Nha Trang, Da Lat, Phan Thiet, Ha Noi and Ha Long. Meanwhile, favourate outbound markets for Vietnamese tourists include China , Hong Kong , Thailand and Singapore as well as the US and Australia.-Enditem

(VNAgency)

20 million USD project gets investment licence in Hai Phong

20 million USD project gets investment licence in Hai Phong

12/01/2008 -- 7:31 PM

Hai Phong (VNA) – Sin Chi Viet Nam Co., Ltd on January 11 received an investment certificate for its 20 million USD project to produce kitchen utensils, automobile and electronic components from aluminum alloy in the northern city of Hai Phong .

Work on the construction of the 13,000sq. m plant is scheduled to be start in February 2008 and when operational next year, the plant is expected to generate jobs for about 300 workers.

Sin Chi Viet Nam Co., Ltd was established by China ’s Sin Chi International Limited with a chartered capital of 72 billion VND (4.5 million USD)-Enditem

(VN Agency)

Bao Minh, Vietnam Airlines strike 4 billion USD deal

Bao Minh, Vietnam Airlines strike 4 billion USD deal

12/01/2008 -- 8:58 PM

Ha Noi (VNA) – The Bao Minh Insurance Corporation, the second largest insurer in Viet Nam, and the national flag carrier Viet Nam Airlines on Jan. 11 came to terms on a new 4 billion USD contract for 2008.

Under the contract, Bao Minh will insure the airlines’ liability, aircraft and some 9 million passengers expected in 2008 in line with international regulations and standards.

Last year, Vietnam Airlines also signed a 4 billion USD insurance contract with Bao Minh and the Viet Nam Insurance Corporation (Bao Viet).-Enditem

(VNAgency)

New regulations govern petroleum imports, re-exports

New regulations govern petroleum imports, re-exports

12/01/2008 -- 9:43 PM

Ha Noi (VNA) – The Ministry of Industry and Trade has issued new regulations on refined petroleum imports and re-exports. Under Decision No.01/2008QD-BCT, only businesses with licences granted by the ministry may import or export petroleum products. The ministry will grant licences based on domestic supply and market prices in order to avoid negative impacts on the domestic market. Payments for exported petrol must be made in convertible currencies in accordance with regulations provided by the State Bank of Viet Nam , the decision states. Payment must be in Vietnamese dong for petrol sold to enterprises in export processing zones, industrial parks or high-tech zones. Payments for sales to Vietnamese airlines and vessels which operate international routes must also be made in dong. Petroleum exporters are also required to take responsibility for sale prices as the State will not compensate for petroleum exported at a loss. Temporarily imported petroleum products intended for re-export, the decision stipulates, may be imported in large lots and then either re-exported en masse or stored in domestic warehouses in smaller lots. Petroleum products temporarily imported but subsequently not re-exported or not re-exported in their entirety may be retailed for domestic use upon completion of all taxes and other financial obligations. Viet Nam exports crude oil but has to import all refined products. Despite fetching more from crude oil exports last year due to high global prices, the additional earnings were not enough to offset losses for imported petroleum products and subsidised retail prices, said the ministry.-Enditem (VNAgency)

Int’l trade exposition on big names opens

Int’l trade exposition on big names opens

12/01/2008 -- 9:47 PM

Ha Noi (VNA)- The Viet Nam-WTO Trade Exposition-2008 was opened in Ha Noi on January 12 to give the public an overview of Viet Nam’s economy in the first year of its World Trade Organisation membership.

In his opening speech, Deputy Minister of Industry and Trade Nguyen Thanh Bien highlighted the event as a venue of famous trademarks from countries with huge investments in Viet Nam .

It is also the exhibition of achievements recorded by ministries, industries and localities as well as promotion of the country’s tourism, services and fine art articles.

Head of the organising board Luong Van Tu described the event as a big opportunity for businesses to sign trade and investment deals, on both bilateral and multilateral basis.

During the exposition, there will be workshops on the Vietnamese stock market and foreign investment.

The event will last till January 17.--Enditem

(VNAgency)

Another investor conference on the way

Another investor conference on the way

12/01/2008 -- 9:43 PM

Ha Noi (VNA) – The Ministry of Finance and EuroEvents will hold the Viet Nam Finance and Capital Markets 2008 conference in Ha Noi on January 23-34.

Topics covered during the conference will be investment opportunities for foreign and domestic investors; the equities and securities market; corporate and government bonds; IPO and equitisation; key government initiatives; market surveillance, compliance and the latest regulatory issues; bond trading; investment funds; the reforming banking sector; and the development of professional services.

Following the success of last year’s version, this year’s conference will look at the development of the capital market and opportunities for both domestic and foreign investors.

The event is expected to draw over 500 people to hear a broad range of speakers discuss the latest issues affecting Viet Nam ’s finance and capital market, as well as the outlook for the future.

Viet Nam has been touted as the newest ‘economic dragon’ after its economy underwent rapid transformation to become the most promising in Southeast Asia .

In 2006, Viet Nam attracted FDI capital of 12.2 billion USD, a two-fold increase against 2005. Last year, Viet Nam reached 20.3 billion USD in FDI, almost double that of 2006.

Banks around the world are predicting another astonishing year for Viet Nam in 2008 with economic growth of around 9 percent.-Enditem

(VNAgency)

SeABank becomes one of top three banks in capital

SeABank becomes one of top three banks in capital

09/01/2008 -- 11:49 AM

Ha Noi (VNA) – SeABank has received approval from the central bank to raise its charter capital to 3 trillion VND, becoming one of the top three joint stock banks in Ha Noi in terms of charter capital.

This year, the bank is expected to continue raising its charter capital to 5 trillion VND (312 million USD) . In addition, SeABank also successfully issued 2 trillion VND (125 million USD) of convertible bonds with a face value of 10 million VND (600 USD) per bond.

The bank plans to further expand 35 branches and transaction bureaus bringing the total number to 85 nationwide.-Enditem
(VNAgency)

Pharmaceutical industry attracts foreign investors

Pharmaceutical industry attracts foreign investors

09/01/2008 -- 2:35 PM

Ha Noi (VNA) – Right after the country joined the World Trade Organisation, the pharmaceutical industry became a magnet to draw in foreign investment with 58 new foreign businesses in 2007 alone.

The Health Ministry reported that it has, by the end of October 2007, licensed 370 foreign businesses engaged in the making of medicines and drug materials with Chinese, Indian and Pakistani entrepreneurs making up the majority.

“With a population of more than 85 million people and an abundant source of tropical herbal plants, Viet Nam is a potential market for foreign pharmaceutical businesses to explore,” an official from the Ministry of Planning and Investment (MPI) said.

Bui Quang Trung, Deputy Head of MPI’s Foreign Investment Department affirmed the Government’s policy to attract foreign investors into the pharmaceutical industry.

He said the Government has given incentives to those involved in the making of biotechnology-used medicines, materials for antibiotics, drugs to cure social diseases, vaccines, bio-products, and herbal medicines.

There are 46 foreign-invested projects with a total registered capital of 112 million USD engaged in producing pharmaceutical products in the country, Trung said, adding that these facilities have not yet produced a large quantity of high-quality products to meet the people’s demands.

The Vietnamese people’s spending on medicines jumped from an average 0.3 USD per person in 1999 to 8.6 USD in 2004 and 12.69 USD in 2007.

Currently, locally-made drugs meet around 50 percent of the demands, leaving the haft to imports.

In 2007, the country imported 777 million USD in drugs and medicinal materials, of which medicinal materials accounted for 25 percent.

The pharmaceutical industry has set a target of meeting 60 percent of the local market’s demands by 2010 and 70 percent by 2015.-Enditem

(VNAgency)

Both indexes down again after a short-lived recovery

Both indexes down again after a short-lived recovery

09/01/2008 -- 3:52 PM

Ha Noi (VNA) – The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) declined again in the January 9 trading session after a slight recovery the day before.

By closing, the index slid by 15.33 points to end at 878.41 points with more than 6.3 million shares worth more than 540 billion VND changing hands.

Blue chips including Tay Ninh Cable Tour Company (TCT), Binh Dinh Minerals (BMC) and Financing and Promoting Technology Corporation (FPT) suffered the biggest losses of between 6,000 VND - 15,000 VND per unit.

At the close of trade in Ha Noi, the HaSTC-Index dipped 4.25 points to close at 294.68 points. More than 1.7 million shares, worth more than 146 billion VND, were traded.

Biggest losers included Quang Nam Mineral Industrial Company (MIC) with a 15,800 VND per share drop; Cho Lon Real Estate (RCL), 15,600 VND and Song Da 9.09 (S99) 13,900 VND.-Enditem

(VNAgency)

Auto sales nearly double in 2007

Auto sales nearly double in 2007

09/01/2008 -- 4:07 PM

Ha Noi (VNA) – The top 16 car makers in Viet Nam sold a total of 80,392 vehicles last year, the highest number since the first foreign car-maker came to the country 16 years ago, and almost reaching the Government’s 2010 target of 100,000.

The figure represents a year-on-year increase of 97 percent, said the Viet Nam Automobile Manufacturers Association (VAMA).

Auto sales grew for eleven consecutive months last year, fuelled largely by stronger sales of commercial vehicles. Last year 40,277 units were handed to customers, a 129 percent increase on the corresponding period in 2006.

Passenger car sales also rose by 128 percent to 17,027 against 7,480 units in 2006.
In addition, multipurpose and sport utility vehicles (MPVs/SUVs) performed better last year with 23,088 units sold, up 46 percent year-on-year.

Predictably, Toyota topped the pecking order, selling 20,113 vehicles, a year-on-year increase of 36 percent, which accounted for 25 percent of the market share.

Truck and bus maker Truong Hai, which specialises in producing the Republic of Korea’s Kia models, came second with 11,534 units, up 115 percent on the previous year and accounting for 14 percent of the market share.

GM Daewoo ranked third with 7,580 units, registering an annual growth rate of 364 percent and a market share of 9.4 percent. Chinese truck-maker Vinaxuki ranked fourth with 7,358, which represented a 9.2 percent market share.

VAMA chairman Udo Loersch said he expected the car market to continue to grow this year.

“However, it will largely depend on import tariffs of CKDs (complete knockdowns) and CBUs (complete built units),” he said.

According to the General Statistics Office (GSO), the country imported 28,000 CBUs last year, up 223 percent on 2006.

The CBU import value in 2007 reached a record 523 million USD, against 208 million USD in 2006.

According to the Ministry of Industry and Trade , Viet Nam currently has more than 40 car makers and more than 100 car-part makers with a total capacity of over 200,000 units per year.-Enditem

(VNAgency)

Singaporean businesses eye real estate market

Singaporean businesses eye real estate market

09/01/2008 -- 4:49 PM

Ha Noi (VNA) – Singaporean businesses are showing their interest in the real estate market in Viet Nam , considering this to be a promising market.

“As the political situation is stable and the economy has experienced growth for many consecutive years, the Vietnamese people are getting richer and their demand for housing is high. I suppose this is a potential market,” said Edwin Yu Kwok Kam, Director of the IMC Industrial and Property Investment Company.

Edwin said at the Investment Opportunities in Viet Nam forum, which opened in Ha Noi on January 9, that the demand for housing will continue rising in Viet Nam where the property market is in short of supply.

Statistics released at the forum indicated an imbalance between the demand and the supply of apartment and office for rent. In the Ha Noi capital city, almost all apartment and office building projects report an occupancy rate of more than 95 percent.

According to the real estate service provider, CB Richard Ellis (CBRE), Ha Noi has 4,924 hotel rooms rated at 3 - 5 stars and the figure remains modest as compared with 20,000 hotels in Bangkok .

Ho Jiann Ching, business development manager from the Ayala International Holdings Ltd. said he has seen a big opportunity in Viet Nam and believed that once entering the market, foreign businesses would be successful.

Singapore now ranks second among foreign investors in Viet Nam , with 500 projects, capitalised at 9.7 billion USD.

Dang Dung – Vice President of the Ha Noi Association of Young Entrepreneurs (HAYE)– said almost all Singaporean projects are invested by multi-national groups. Small Singaporean firms, which have capital ranging between 1 and 10 million USD, are yet to come to Viet Nam .

The two-day forum, which is focusing on financial and real estate investment, is co-organised by the HAYE and Singapore-based Allevents Group (AEG) and attracted the participation of more than 100 domestic and foreign businesses and investment funds.-Enditem

(VNAgency)

Construction of 100 million USD hotel starts in Da Nang

Construction of 100 million USD hotel starts in Da Nang

09/01/2008 -- 6:46 PM

Da Nang (VNA) – Construction of a five star hotel and hi-end residential area started on Ngu Hanh Son beach in the central city of Da Nang on January 9. The project has an investment capital of 100 million USD invested by the Vegas Hotel & Villas Co. Ltd. There will be a 140 room hotel, 8 villas, more than 130 houses, a shopping centre and other facilities. The project will cover 15.5 ha along the Son Tra-Dien Ngoc beach, which was ranked sixth among the ten most beautiful beaches in the world by the US magazine “Forbes”. The construction is expected to be completed in 2011.-Enditem

(VNAgency)

PM requests a well-managed monetary policy

PM requests a well-managed monetary policy

09/01/2008 -- 7:13 PM

Ha Noi (VNA) – Prime Minister Nguyen Tan Dung has emphasized the necessity for a well-managed monetary policy to ensure the national growth rate of 9 percent and keep a lower inflation rate.

This is one of the three main tasks that were outlined by the PM Dung at a conference in Ha Noi on January 9 to discuss 2008 action plan of the banking sector.

It is also necessary to facilitate the sustainable and effective development of the banking system and financial institutions, the PM said, stressing the immediate focus should be paid on equitisation of five commercial banks.

Improvement of the State banking system’s forecast, inspection and supervision capability and human resource training should be achieved this year, noted the PM.

The government leader also praised the banking sector for its contributions to the sustainability of the macro economy in 2007 by controlling interest rates and exchange rates.-Enditem

(VNAgency)

Huge complex to be built in southern Sai Gon

Huge complex to be built in southern Sai Gon

09/01/2008 -- 7:13 PM

HCM City (VNA) – The Malaysian construction company WCT Engineering Berhad was granted an investment license to undertake the 200 million USD Platinum Plaza in southern Sai Gon urban area on January 9.

The 9ha complex encompasses a four-star hotel, an office building, a service and trading centre and sports and entertainment areas.

The project is a cooperation between WCT and its Vietnamese partner Minh Thien Construction and Trading Company Ltd.

So far, 55 foreign invested projects with total registered capital of 1.3 billion USD were granted licenses in the area.

In 2007 alone, the southern Sai Gon new urban area attracted 26 foreign investment projects worth a total 398 million USD.-Enditem

(VNAgency)

MobiFone known as most favourite in 2007

MobiFone known as most favourite in 2007

09/01/2008 -- 9:18 PM

Ha Noi (VNA)- Mobifone on January 9 received the award “The most favourate cell phone services provider of 2007,” which was given by the E-chip Mobi magazine.

The company was also awarded several other titles such as the network with best after-sale services and best non-voice services.

The military-owned Viettel company was chosen as a mobile phone network with most well-known trademark and the most reliable services provider.

The award “The largest subscription” for cordless fixed telephone services went to the E-com service run by the EVN Telecom Company.

Nokia received the award “The most favourite mobile phone supplier.”--Enditem

(VNAgency)

MobiFone known as most favourite in 2007

09/01/2008 -- 9:18 PM

Ha Noi (VNA)- Mobifone on January 9 received the award “The most favourate cell phone services provider of 2007,” which was given by the E-chip Mobi magazine.

The company was also awarded several other titles such as the network with best after-sale services and best non-voice services.

The military-owned Viettel company was chosen as a mobile phone network with most well-known trademark and the most reliable services provider.

The award “The largest subscription” for cordless fixed telephone services went to the E-com service run by the EVN Telecom Company.

Nokia received the award “The most favourite mobile phone supplier.”--Enditem

(VNAgency)

All aquaculture farms under supervision

All aquaculture farms under supervision

09/01/2008 -- 9:30 PM

Ha Noi (VNA) – The National Fisheries Quality Assurance and Veterinary Directorate (Nafiqaved) will keep close supervision of all major aquaculture farms and 50 percent of small farms.

According to head of Nafiqaved Nguyen Tu Cuong, the agency will also tightly monitor antibiotic and toxic chemical residues in seafood and aquaculture products.

The agency plans to strengthen the examination of seafood at collection agents and the sanitary conditions at fishing ships, ports, markets and small processing establishments.

The official also said that Nafiqaved will also keep a close watch on the quality of products by recognised processing establishments and tighten the management at unqualified ones.-Enditem

(VNAgency)

Rubber group to expand plantation in Cambodia

Rubber group to expand plantation in Cambodia

10/01/2008 -- 11:21 AM

Phnom Penh (VNA) – Four subsidiaries of the Viet Nam Rubber Group (VRG) will plant a combined acreage of 4,100 ha of rubber in Cambodia this year.

The plan was announced at a conference of the VRG held in Phnom Penh on January 9 to discuss measures to speed up rubber cultivation in Cambodia under an agreement between the two governments.

So far, six companies under the VRG have been allocated over 22,000 ha of land in Cambodia to grow rubber trees. Of them, Phu Rieng and Tan Binh companies have so far put 270 ha under rubber trees, generating many jobs for local people.

However, the companies complained of the costly land reclamation due to poor soil, a lack of skilled workers, materials and machines and hindrances from import procedures.

Participants agreed on several measures to accelerate the planting, including looking for local supply of materials and equipment and training local labourers.-Enditem

(VNAgency)

“Business Star” awards given to outstanding businesses

“Business Star” awards given to outstanding businesses

10/01/2008 -- 11:28 AM

Ha Noi (VNA) – The National Oil and Gas Group (Petro Vietnam ) and the Tan Tao Investment and Industry Joint Stock Company were awarded the “Super Star Business” title at a ceremony held in Ha Noi on January 9.

Five other enterprises, including the Viet Nam Industrial and Commercial Bank (Incombank), the Saigon Investment Group, the Vinpearl Tourism and Trade JSC, the Vietnam Glass and Ceramics for Construction Corporation and the Civil Engineering Corporation 5 (Cienco 5) received the “Business Star” awards.

The awards, the first of its kind held in Viet Nam, is to honour outstanding businesses in the integration process, said Vu Son Thuy, head of the organising board.

The award is planned biennially to encourage state-owned, joint-stock, private-owned and joint-venture businesses.

The award, sponsored by the Ministry of Foreign Affairs, ceremony was part of the Business Roundtable with the Government of Viet Nam themed “Viet Nam: Asia’s Rising Star.”-Enditem

(VNAgency)

Viet Nam’s economy to grow at 8.2 percent in 2008, says WB

Viet Nam’s economy to grow at 8.2 percent in 2008, says WB

10/01/2008 -- 11:32 AM

Ha Noi (VNA) – The World Bank (WB) has launched the Global Economic Prospects 2008 (GEP 2008), saying that Viet Nam’s economy will grow at 8.2 percent in 2008 and 8.3 percent in 2009.

The WB report, released on January 9, said that resilience in developing economies is cushioning the current slowdown in the United States, with real GDP growth for developing countries expected to ease to 7.1 percent in 2008, while high-income countries are predicted to grow by a modest 2.2 percent.

GDP in East Asia and the Pacific is expected to grow at 9.7 % in 2008 and 9.6 % by 2009, the WB said, adding that the effects from the turmoil in the world’s financial centres may be small in most economies in the region.

The WB also said that developing countries, including Viet Nam, should enhance their ability to absorb technologies to ensure further economic growth in the future. –Enditem
(VNAgency)