Local bank links with RoK group

The Phuong Nam Joint Stock Commercial Bank (Southern Bank) and a leading financial services company from the Republic of Korea on November 19 signed an agreement to work together to improve the financial activities of the local bank.

Seung Yu Kim, Hana’s board chairman and chief executive officer, said Southern Bank had a strong network and excellent long-term strategies and objectives.

With a target to become a multifunctional financial group in Viet Nam and the region, Southern Bank wants to step up cooperation with local and foreign financial services giants, said a bank executive.

The bank’s total asset values are 18 trillion VND (1.13 billion USD) on a gross outstanding debt of 4.74 trillion VND (296.3 million USD), with chartered capital of 1.29 trillion VND (80.6 million USD).

It now has 84 branches and transaction offices nationwide. The bank on November 20 put into operation its second transaction office in Ha Noi.

Southern Bank is planning to build a four block high-rise complex that will include an office building, trade centre and supermarket, raising the bank’s total floor area in Ho Chi Minh City to 76,000 sq.m.

The Hana group has chartered capital of 10.56 billion USD, with asset values totalling 155 billion USD. It has a network of 742 branches operating in China , Japan , Indonesia , the US , Singapore , India and Viet Nam .

The group deals in banking, corporate loans, life insurance, bonds, stocks, and construction and financial consulting.

EC President: Viet Nam-EU cooperation needs to be expanded

Viet Nam and the European Union (EU) should further develop their traditional ties and expand cooperation to other fields such as education and scientific research, said Jose Manuel Barroso, President of the European Commission (EC).

After receiving a credential from Vietnamese Ambassador to the EU Nguyen Manh Dung on November 19, Barroso said he is honoured to be the first EC president to visit Viet Nam in the next few days and the visit will be a chance for him to meet and discuss with Vietnamese leader on bilateral cooperation and issues of common concern.

The EC President expressed belief that the friendship and cooperation between Viet Nam and the EU will make important progresses in the near future.

With high economic growth, political stability and successes in poverty reduction, Viet Nam is becoming a model for many developing countries, he added.

Indexes continue falling at both bourses

Both the Ho Chi Minh City and Ha Noi bourses continued their downward trend during the November 21 trading session.

By closing, the VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) dipped 12.03 points to finish at 971.49 points with around 10.2 million shares, worth over 1 trillion VND (65 million USD), being traded.

Up to 93 stocks suffered decline while only 13 stocks rallied for gains and 21 remained unchanged.

Blue chips Binh Dinh Minerals (BMC), Financing and Promoting Technology Corp. (FPT), Cables and Telecom Materials (SAM) and Hau Giang Pharmaceutical (DHG) were among the biggest losers.

Meanwhile, the HaSTC-Index at the Ha Noi Securities Trading Centre experienced a decline of 4.28 points to close at 335.84 points.

Only 2.9 million shares, worth 297 billion VND (18.5 million USD) changed hands during the day, the lowest volume over the past two months.

ACB wins ASEAN Business Award

The Asian Commercial Bank (ACB) has won the Association of Southeast Asian Nations’ (ASEAN) Business Award 2007.
The ASEAN Business Advisory Council (ASEAN-BAC) presented the award to the ACB at a gala dinner during the ASEAN Trade and Investment Summit in Singapore from November 16-18.

The ACB was voted among the best 12 out of 63 businesses in ASEAN countries due to its outstanding achievements and active contributions to the regional socio-economic development.

It is the first time the Best ASEAN Business Award has been presented in honour of businesses which have contributed to the economic development and prosperity of the bloc in terms of growth, job generation, business renewal and social responsibility.

In addition to the ACB, the Saigon Paper Joint Stock Company also received the award for its rapid growth.

Da Nang licenses new urban area

Da Nang

The People’s Comittee of the central city of Da Nang has granted an investment licence to the Republic of Korea’s Daewon Cantavil Construction Co for an 210 ha urban area in the city’s Hai Chau district.

The 250 million USD project, the fifth Daewon project in Viet Nam , will be built on land reclaimed from the sea, the first such project in Viet Nam . The complex will include a resort, 18-hole golf course, hotels and convention facilities, as well as offices, shopping centres, villas and apartments.

The land reclamation is expected to be completed in 2010 and construction to take place in phases over the subsequent decade.

P&T sells shares to Japanese firms

Local P&T Group on November 20 sold 10 percent of its shares to two Japanese firms.

The buyers are the e-commerce service provider NGI and internet advertisement service provider OPT, both headquarterd in Tokyo , the Ha Noi-based IT firm said.

P&T made the move to raise its business profile in the domestic and regional market, according to the group’s general director Vu Huy Phuong.

“The deal will help P&T enter the lucrative Japanese IT market as well as help NGI and OPT penetrate into Viet Nam,” he said.

The three companies will also assist each other in promoting and implementing other existing projects and those in the future.

Phuong declined to give details on the value of the deal, saying it is confidential until the company gets listed on the stock exchange.

P&T is a group of four companies specialising in providing IT solutions, data, media, IT and Telecom hard-wares.

GuocoLand digs into first Viet Nam project

GuocoLand Binh Duong Property Co. Ltd, a wholly-owned subsidiary of the Singapore property developer GuocoLand Limited, broke ground on November 20 on its maiden development project in Viet Nam .

The project, called The Canary, located on a prime 17.5 ha site in front of the Viet Nam-Singapore Industrial Park, some 17 km north of Ho Chi Minh City, is the first fully integrated development in Binh Duong Province.

The project will be divided into three phases, with the first phase attracting the total investment capital of 58 million USD.

The Canary is slated for development of 1,200 apartments in a secure gated community, a trendy shopping mall, a hotel, an international school and other educational facilities. There would also be supporting commercial components, sports complex and a host of recreational amenities.

Nguyen Hoang Son, chairman of the Binh Duong People’s Committee, said as the first integrated development in the province, The Canary’s presence would add to the prosperity of Binh Duong.

Lawrence Peh, General Manager of GuocoLand Viet Nam , the immediate holding company of GuocoLand Binh Duong Property Ltd, said: “With this positive experience, GuocoLand is committed to developing The Canary into a landmark development, which will transform the landscape of Binh Duong Province .”

The Canary will soon launch the first phase of its residential component, which will soon be followed by the development of the first phase of the retail mall.

When The Canary is completed in the third quarter of 2009, it will add vibrancy to Binh Duong Province , which is a leading recipient of direct foreign investment among Viet Nam ’s provinces, said Son.

Guidelines for accounting, auditing of stock exchanges

The Ministry of Finance has approved Circular No. 132/2007/TT-BTC providing guidelines on accounting and auditing for the nation’s stock exchanges.

Its provisions apply to the Ho Chi Minh City Stock Exchange and the Ha Noi Securities Trading Centre as well as other exchanges which may be established and operated in the form of enterprise pursuant to the Law on Securities.

The circular provides rules on the number of accountants engaged in these functions and accounting methods, including forms of financial reports.

Korean developer picks Colliers as apartment’s authorised agent

Korean property developer Kumbo Asiana Plaza Sai Gon Co has selected real estate consultant Colliers as the sole marketing consultant and manager for its mixed-use apartment complex in Ho Chi Minh City .

“We will begin implementing our marketing strategy early next year,” KP Singh, managing director for Collier International Viet Nam, said on November 20.

Kumbo Asiana Plaza , currently under construction at 39 Le Duan street in District 1, will feature a 305-room five-star hotel, 32,000 sq.m of grade-A office space, 260 serviced apartments and nearly 7,000 sq.m of retail area.

Around 15 percent of the work for the 255 million USD complex has been completed. Official opening is scheduled for the third quarter of 2009.

Colliers runs 260 offices with over 10,000 employees in 57 countries. Operational in Viet Nam for more than two years now, the firm has been providing marketing and management consultancy to around 15 projects.

Deputy PM: Viet Nam to facilitate Russian business

The Vietnamese Government will create favourable conditions for Russian businesses to operate in Viet Nam, Permanent Deputy Prime Minister Nguyen Sinh Hung said on November 20.

The Deputy PM made the statement while meeting with a delegation of Russian entrepreneurs, led by Mikhail Slipenchuk, Russia-Viet Nam Business Council Chairman and General Director of the Russian financial investment company Metropol.

On the same day, statistics released at a Ha Noi forum for businesses of the two countries showed that two-way trade value between Viet Nam and Russia is estimated to reach around 1 billion USD in 2007 and to double within the next three years.

By October 2007, Russia, with 54 projects in Viet Nam worth more than 302 million USD, ranked 24th among 79 countries and territories investing in the country.

Taiwanese businesses look to Viet Nam

Taiwanese businesses said they are expecting good investment opportunities in Viet Nam , while a local government official assured them that the Southeast Asian country always facilitates foreign investors’ operation.

Taiwanese Industrial and Commercial Development Association President Vincent Yen and Deputy Minister of Industry and Trade Do Huu Hao made the statements during their meeting in Ha Noi on November 20.

The Taiwanese Association President said Viet Nam ’s young labour force, various attractive investment projects and plans to develop infrastructure are good reasons for Taiwanese entrepreneurs to expect to find good investment opportunities in the country.

Deputy Minister Hao said the Vietnamese Government always facilitates foreign investors’ operation by providing them with simplified administrative procedures, income tax reduction or exemption and preferential land rental.

He added that Viet Nam is calling foreign investment in energy, oil and gas exploration and exploitation, motorbike and automobile spare part manufacturing, electronics and telecommunications production and infrastructure construction.

According to the visiting President, his association boasts more than 1,000 members which have contributed 50 percent to Taiwan ’s GDP.

Viet Nam, Russia target 2 billion USD in two-way trade value

The two-way trade value between Viet Nam and Russia is estimated to reach around 1 billion USD in 2007 and to double in the next three years, forecasted an official from the Russia-Viet Nam Business Council.

So said Mikhail Slipenchuk, Chairman of the mentioned Council, at a forum held in Ha Noi on November 20 for businesses of the two countries.

The forum, drew more than 300 businesses from the two countries, was jointly organised by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Russian Embassy in Ha Noi.

According to VCCI Secretary General Pham Gia Tuc, Vietnamese businesses signed contracts worth nearly 1.14 billion USD with their Russian partners during the visit to Russia by Prime Minister Nguyen Tan Dung in September this year.

He expressed his hope that similar encouraging achievement will be recorded by the Russian businesses during their current stay in Viet Nam to attend the forum. These businesses chiefly operate in energy, construction, commerce, telecommunications, banking and finance.

Russian businesses showed interests in speeding up cooperation and investment with Vietnamese partners in potential fields such as construction, ore mining, commerce and new technology.

By October, 2007, Russian businesses, with 54 valid projects in Viet Nam , worth more than 302 million USD in total, ranked 24th among 79 countries and territories investing in the country.

Meanwhile, Viet Nam currently has 11 projects in Russia , valued at 73 million USD.

According to the Foreign Investment Department, petroleum and energy are the two traditional and effective fields of cooperation between Viet Nam and Russia .

The two countries are conducting research to expand their cooperation in processing Vietnamese farm produce in Russia and manufacturing automobiles, exploiting coal and building hydroelectric plants in Viet Nam.

Over 1 billion USD for industrial-urban complex in Hai Phong

Taiwan ’s Hon Hai Technology Group and the Kinh Bac City Development Share Holding Corp. will jointly invest over 1 billion USD in an industrial-urban-entertainment complex in the northern port city of Hai Phong.

A memorandum of understanding underscoring the initiative was signed between the Hon Hai Group and the Hai Phong People’s Committee on November 20.

The Taiwanese firm and the Kinh Bac Corp. will establish a joint venture to carry out the project, which will cover 1,000 ha in Hai An district.

Construction of Cam Ranh airport terminal kicks off

The Central Airport Authority on November 20 broke the ground for the construction of a terminal for the Cam Ranh Airport .

The terminal, capable of serving 800 passengers at the rush hours, is one of the first projects aimed to upgrade the former military airport in the central province of Khanh Hoa to an international airport under the Prime Minister’s instruction.

The former terminal covered almost 2,700 sq. m. to provide services for some 250 passengers at most.

The construction is expected to finish in 18 months and the project will be put into operation by late 2009.

(Source: VNA)