A fair of high-quality Vietnamese goods and exports opened in Cambodia’s capital city of Phnom Penh on October 13, attracting the participation of 110 producers and 50 exporters.
Addressing the event, Cambodian Trade Minister Cham Prasit said in the first eight months of this year, two-way trade between Vietnam and Cambodia reached 790 million USD and Vietnam’s total investment doubled the level of 2006 to hit the mark of 114 million USD.
The minister added, however, that the figures were far below the potential for cooperation between the two countries.
Vietnamese Deputy Minister of Industry and Trade Le Duong Quang said as the two countries are both members of the World Trade Organisation, they enjoy good conditions to boost their bilateral cooperation within the regional and international frameworks.
During the trade fair, scheduled to run till October 17, various trade exchange activities between businesses of the two sides will be held in Phnom Penh and Siem Reap.
Construction of a 40 million USD denim plant began in the Hoa Xa Industrial Zone in the Red River delta province of Nam Dinh on October 14.
The project is jointly invested by the Republic of Korea (RoK)’s TCE Corporation, the Vietnam National Textile and Garment Group and the Thien Nam Investment and Development Joint Stock Company.
Once operational in 2008, the plant will be capable of turning out 30 million metres of denim per year and will employ some 600 workers.
Executives from Vietnam’s eight business and industrial giants have received strong commitments from a Lao Deputy Prime Minister after handing out 13 projects of investment and bevy of aid.
In a meeting with over 40 Vietnamese business executives in Vientiane on Oct. 13, Deputy Prime Minister Somsavat Lengsavad welcomed their visit to study opportunities in Laos as the follow-up of agreements between the two Parties and Governments.
Somsavat expressed hopes that their efforts would “make a turning point in promoting Vietnamese investment in Laos.”
The Lao Deputy PM also pushed for the establishment of a Vietnamese investors association in Laos as a foundation for Vietnamese enterprises to smooth out their business operations in Laos.
Earlier on October 11-12, the Vietnamese business delegation held working sessions with a number of host ministries and agencies, including the Ministry of Transport, the Ministry of Post and Construction, the Ministry of Energy and Minerals, the Ministry of Natural Resources and Environment, the Customs Office and the Committee of Planning and Investment.
On this visit, Vietnamese businesses have brought together 13 projects of investment, focusing on minerial, energy and garment and textile industries.
Also on this occasion, Director General of the Bank of Investment and Development of Vietnam (BIDV) on behalf of Vietnamese business circles presented the Lao Education Promotion Fund with 800 million VND. The Vietnam Oil and Gas Group (PetroVietnam) and the Hoa Phat Company handed over 500,000 USD and 20 tonnes of rice, respectively, in relief aid to flood victims in Laos.
Standard Chartered Bank on Oct. 11 launched two new consumer banking products, the Power Saver and Business Sever, which targets individuals and small- and medium-sized enterprises.
The Power Saver account accepts Vietnam dong or US dollars, with the option to deposit or withdraw money at any time.
For dong accounts, a balance of 150 million VND will earn an annual interest of up to 5 percent; a balance of 15 million VND to 149 million VND will earn 3,5 percent; and 5 million VND to 14 million VND will enjoy 2 percent.
For US dollar accounts, the rate will be 3,2 and 1,5 percent for balances of 10,000 USD or higher, 1,000 to 9,999 USD, and 500 to 999 USD, respectively.
Account owners will also benefit from bank consultancy on life insurance, house purchases, investment, and other services.
SCB offers accounts for medium-sized businesses with interest rates of up to 3.5 percent. With this account, the companies will receive free local and telegraphic transfer and other benefits.
Namita Lal, SCB Vietnam’s head of Consumer Banking, said her bank planned to launch loan products during the first quarter of next year.
The bank expects to have between 20-30 branches and 250 ATMs in the country within the next three or four years.
Deutsche Bank opened a new representative office in Hanoi on Oct. 11, which is expected to enable the German bank to better support its growing Vietnamese client base while also working more closely with northern clients.
The office will primarily provide information on Deutsche Bank’s cash management, transaction banking, trade finance and custody services. Initially staffed with five executives, it will also advise Vietnamese companies on how to more efficiently move money, fund trade-related transactions and manage cash flow in general business activities.
Lawrence Wolfe, Chief Country Officer for Vietnam at Deutsche Bank said, “Establishing a representative office in the capital allows us to work more closely with our Hanoi-based clients and strengthen Deutsche Bank’s presence in what is a key growth market for the bank.”
Deutsche Bank has significantly expanded its Vietnamese business this year, most recently acquiring a 10 percent stake in Hanoi Joint Stock Commercial Bank (Habubank).
Ha Tien 2 Cement Company auctioned more than 21.9 million shares on the Ho Chi Minh City Stock Exchange on October 10. The shares sold to 619 investors at the average price of 26.242 VND each.
Foreign investors acquired more than 4.7 million shares. Overall, there were 766 investors registered to buy more than 31.2 million shares.
The cement company has a charter capital of 880 billion VND and specialises in producing and processing building materials.
The Dung Quat Economic Zone in the central province of Quang Ngai has so far received more than 8 billion USD in investment capital in 125 projects, according to Chairman of the provincial people’s committee Nguyen Xuan Hue.
The two largest invested projects include the 2.5 billion USD Dung Quat Refinery which is under construction and the 3.3 billion USD steel plant owned by Taiwan ’s Tycoons group, with construction slated for late this month.
In the past nine months, the Dung Quat Economic Zone welcomed nine businesses from the Republic of Korea who have registered to invest in the manufacturing of hi-tech equipment at a total capital of 200 million USD.
The zone is expected to house a coal-fuelled thermo-electric power plant, which is a 2.4 billion USD joint venture between the Saigon Investment Joint Stock Company and a US partner.
This year, the businesses in the zone are estimated to turn out a total industrial production value of 600 billion VND, service revenues of 80 billion VND, and export earnings of 30 million USD.
Budget collection from the zone this year is likely to reach 600 billion VND.
(Source: VNA) | 
