US firm has new additives plant in HCM City

The US-owned company W.R. Grace Vietnam Co Ltd on September 20 opened new manufacturing facility in the HCM City’s Hoc Mon district.

The plant, with an investment of more the 1 million USD, will manufacture cement processing additives and concrete admixtures.

The Hoc Mon facility also has a quality control laboratory, dedicated to the delivery of products and services for Vietnamese customers.

Vietnam’s bourses suffer loses

Both Ho Chi Minh City and Ha Noi bourses reported slight decreases by the end of the September 21 morning trading session.

The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) dropped by 4.94 points to finish at 958.67 points, with a record 11.3 million shares worth 955 billion VND (roughly 60 million USD) changing hands.

Vincom (VIC), Sea Food No. 4 (TS4), VINAFCO Corp. (VFC) and SMC Investment –Trading were the biggest movers, while Imexpharm Pharmaceutical (IMP), Sea & Air Freight International (SFI), Lugia Mechanical Electric (LGC), Refrigeration Electrical Engineering (REE) and General Forwarding & Agency (GMD) topped the list of losers on the day.

Saigon Thuong Tin Commercial Bank (STB) led the market in terms of transaction volume with more than 3.1 million shares, accounting for close to 30 percent , changing hands.

The HaSTC-Index at the Ha Noi Securities Trading Centre slid 1.11 points to close at 272.49 points. More than 1.7 million shares, valued at 164.7 billion VND (10 million USD) were traded during the course of the session.

Binh Duong offers investment opportunities to India businesses

A 23-member delegation from southern Binh Duong province introduced investment opportunities in the province to Indian businesses at a seminar in New Delhi, India, on September 20.

Dr. K. Prash, ASEAN regional Director of the Federation of Indian Chambers of Commerce and Industry, joined representatives of Indian companies at the event.

Deputy Chairman of Binh Duong People’s Committee Nguyen Duc Thang highlighted Binh Duong’s strengths, including a convenient location near seaports and international airports, a favourable investment environment and good infrastructure.

According to Thang, Binh Duong has so far attracted 1,475 foreign investment projects valued at 7.5 billion USD from 37 countries and territories. Of those projects, India invested in eight projects worth 32 million USD, ranking 10th among foreign investors.

Some Indian companies said they would go to Binh Duong to explore pharmaceutical industry and water treatment.

Nestle Vietnam trains coffee farmers

Nestle Vietnam conducted a training course for 25 farmers in Dong Di Linh Commune, Di Linh District, Lam Dong province on September 19.

The event is one of Nestle Vietnam’s efforts to strengthen farmers’ knowledge of the quality of exported coffee, and to help in developing the coffee sector of Vietnam.

“We want to improve the knowledge of coffee growers and the quality of coffee in Vietnam, and we want to push competitiveness and create potential value for the coffee industry in Vietnam,” said Pierre Schaufelberger, General Director of Nestle Vietnam.

Nestle buys about 20-25 percent of the exported coffee output of Vietnam, accounting for 200,000-250,000 tonnes of coffee each year.

ICI opens second paint factory in Vietnam

The British paint producer ICI Vietnam on September 20 opened a new factory in the My Phuoc Industrial Park 2 of Binh Duong province to meet rising demand.

With a total investment of 19.8 million USD, the new factory can annually produce 24 million litres of Dulux paints, but as demand rises its capacity will increase.

Intresco sets up new branch in Ha Noi

The Investment and Trading of Real Estate Joint Stock Company (Intresco) opened a representative office in Ha Noi on September 19.

At the opening ceremony, Intresco signed a partnership contract with Thang Long Garment Company to construct a 30 floor-building for commercial office and residential use on 1.4ha of land in Hai Ba Trung district, Ha Noi.

Intresco sees a huge potential in real estate business and investment in Ha Noi and forecasts that demand for high-rise buildings in the capital will be buoyant in coming years.

Vietnam’s robusta coffee export prices rebound

The export price of Vietnamese robusta coffee has rebounded since September with one tonne fluctuating at between 1,660-1,670 USD, a 4.3 percent rise over the end of August and a 23 percent rise over the same period last year.

Prices are forecast to continue surging as Vietnamese supply is expected to fall by up to 15 percent this year in addition to global shortage of 4 million packages.

Meanwhile, the domestic price of bean is also showing signs of strong fluctuations. On September 19, one kg of coffee beans was sold at 26,900 VND, 1,000 VND higher than that of earlier this month but 500 VND lower than that of two days before. One tonne of coffee exported under FOB (free on board) in Ho Chi Minh City dropped from 1,815 USD on September 18 and 19 to 1,785 USD on September 19. However, the price was still almost 10 percent higher than that on the end of August 2007.

By the end of August 2007, Vietnam is estimated to export 932,000 tonnes of coffee for 1.4 billion USD, a year-on-year increase of 49.17 percent in export volume and 93.79 percent in export value.

Goods import taxes to be slashed

Up to 96.6 percent of the tax-levied commodity groups will enjoy lesser taxes, according to a Government report presented by Finance Minister Vu Van Ninh at the second session of the 12th National Assembly’s Standing Committee on September 20.

For export taxes, the Government will increase ceiling levels by a maximum of 20 percent for the crude oil, coal and metal ores.

According to Minister Ninh, the adjustments are in line with Vietnam’s WTO commitment to reduce tariffs and the ASEAN Common Effective Preferential Tariff that will be implemented by the country from 2008.

The NA’s Committee for Finance and Budget asserted the necessity of the adjustment of import-export taxes, stressing the need to minimise its negative effects on domestic production, particularly agriculture and people’s livelihoods.

The committee said the raising of the export tax ceiling must be scrutinised in order to ensure export promotion policies and trade balance.

Most of the NA Standing Committee members agreed with the adjustment and asked the Government to keep a close eye on the situation.

1.6 billion USD bauxite plant to be built in Binh Phuoc

The Vietnam Coal and Minerals Group will invest 1.6 billion USD into a bauxite and limestone plant in central Binh Phuoc province.

Limestone reserves will be used in the province to produce alumina for export.

Binh Phuoc province’s limestone reserves currently sit at 380 million tonnes in Ta Thiet and some 87 million tonnes in Loc Ninh district’s Thanh Luong area. In addition, the province has a bauxite mine with estimated reserves of 350 million tonnes.

The coal group also plans to build a railway route connecting with material areas in the neighbouring provinces of Dak Nong and Binh Thuan.

BIDV enters into partnership with IBM

US leading computer maker IBM will assist the Bank for Investment and Development of Vietnam (BIDV) in information technology development through personnel training, IT updates and consultancy.

Under a memorandum of understanding signed in Ha Noi on September 20, IBM will also help BIDV design an IT development strategy for the 2007-2012 period.

BIDV Deputy General Director Le Dao Nguyen said the initiative showed the bank’s firm commitment to the application of cutting edge IT within its core banking services.

The bank had previously inked a licensing pact with the US-based Microsoft Corporation, under which BIDV will be enabled to exclusively use Microsoft Office Standard 2007 software.

Under the contract, BIDV will purchase 6,000 licences to use within its network and would be able to upgrade to any new software versions the global software giant rolls out in the next three years.

BIDV is currently one of Vietnam’s biggest commercial banks, boasting total assets of more than 200 trillion VND (12.5 billion USD). The bank also recently won approval from the Prime Minister to re-invest itself into a financial-banking group.

Long An province gets 617 million USD in FDI

The southern province of Long An has to date attracted 617 million USD from 60 foreign-invested projects, according to the provincial industrial zones (IZs) management board.

Eighty-nine domestic firms also set up shop in the province’s IZs with a combined capital of close to 2.82 trillion VND (176 million USD).

In an effort to woo investors from both home and abroad, Long An has been active in offering incentives, accelerate administrative reforms, and speed up the tempo of site clearance and infrastructure construction in IZs.

Bevy of businesses to attend int’l agriculture fair

Over 140 businesses, including 20 from China, the US, UK, France, Belgium and the Republic of Korea, have registered to participate in Vietnam’s International Agricultural Fair (AgroViet 2007), organisers have said.

Director of the Agricultural Fair-Exposition Centre Nguyen Van Thang told reporters on Sept. 20 that the event will be held from Sept. 26-30. About 300 booths will display scientific, technological and marketing achievements.

Farmers from all parts of the country will also come to promote their own products to firms from abroad, Thang said.

Festivals, symposiums and activities on foreign investment promotion in regard to agriculture are included in the agenda.

The event will be rounded off with an awards ceremony for local high quality farm produce and prestigious trademarks.

Netherlands helps build on agriculture, fisheries framework

The Netherlands will help Vietnam draw up policies relating to agriculture and fisheries in order to ease poverty and ratchet up sustainable development in the sectors.

A two-year project on building a Vietnam-Netherlands water partnership programme and ecological system was launched in Ha Noi on September 20 as the key driver of the programme.

Dutch experts said that Vietnam’s future development will largely depend on water resources. Vietnam uses water resources for both power generation and irrigation. Suitable management of water resources will in turn be a decisive condition for sustainable development.

(Source: VNA)