VIB Bank raises charter capital to VND400bil

The Vietnam International Bank (VIB Bank) officially raised its charter capital on August 4 from VND325bil to VND400bil, eight times higher than its original capital.

The Bank plans to increase its capital to VND500bil by the end of 2005.

On the same day, the bank inaugurated a branch office in Phu Nhuan Precinct of Ho Chi Minh City, the sixth opened so far this year. Two other branch offices will follow this August in the Hong Bang Precinct of Hai Phong and in the coastal city of Nha Trang in Khanh Hoa Province.

Cheap Chinese fertiliser flows to Vietnam

Chinese urea fertiliser imported to Vietnam through the Mong Cai border gate in northern Quang Ninh Province currently sells for 2,000 yuan per tonne (US$251),  $10 to $14 lower per tonne that that of other markets according to the Ministry of Trade.

The Ministry said some Chinese traders have been licensed to export urea fertiliser to Vietnam in August and many others are applying for export licenses as they will enjoy a tax rate of only 5% for unofficial export at the border as compared to the normal rate of 30 percent in official export.

Vietnam visits export fair in Russia's far east

Vietnamese exporters will participate in a trade fair in Russia's far-eastern city of Khabarovsk from September 28 to October 1 as part of the first Far Eastern International Economic Conference.

Businesses from Russia and other regional countries will hold a number of seminars for Vietnamese businesses to seek partners in the region.

The far east of Russia has been a major potential market of Vietnamese businesses for many years.

Vietnam contracts to sell 4.2mil tonnes of rice this year

As of August 1, Vietnamese businesses had signed contracts to export 4.2mil tonnes of rice in 2005, according to the Vietnam Food Association.

Businesses have thus far delivered 3.2mil tonnes to clients mainly in the Philippines, the Middle East and South Africa, the association said.

The Government has recently asked the Ministries of Trade and Agriculture/Rural Development to sell all volume of rice as planned, while ensuring an appropriate volume of reserves every year.

Vinamotor to export 1,000 buses to the Dominican Republic

The Vietnam Automobile Industry Corporation (Vinamotor) has won a contract to export 1,000 buses to the Dominican Republic.

Nguyen Van Khoa, general director of Vinamotor, said on August 5 that the first 40 buses under contract would be shipped to the buyer within the month. Under the deal, Vinamotor plans to export 40-50 buses per month.

Vinamotor has so far this year sold 6,000 vehicles and plans to sell about 15,000 units total in 2005, raising the corporation's industrial production value to over VND7,000bil.

(Source: VNA)