Stock indexes go down on both bourses
Ho Chi Minh City’s bourse reported a decrease for the 4th day in a row, while its Ha Noi counterpart also suffered losses on the November 30 trading session after a slight recovery in the previous day.
The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) lost 7.74 points to close at 972.35 points with over 10 million shares worth over 1.01 trillion VND (63.5 million USD) traded.
The HoSE’s drop was attributed to decreases in listed prices of blue chips, including Viet Nam Dairy Products (VNM), PetroVietnam Drilling and Well Services (PVD) and Cables and Telecom Materials (SAM).
At the Ha Noi Securities Trading Centre, the HaSTC Index decreased by 1.23 points to end at 341.1 points. More than 2.5 million shares worth 250 billion VND (15.6 million USD) changed hands during the course of the session.
Habubank selected best bank in Viet Nam
The Ha Noi Building Joint Stock Commercial Bank (Habubank) was selected the best bank of Viet Nam in 2007 by the Banker, a renowned UK financial magazine.
The “Bank of the year” award was given to Habubank in London on November 28 in recognition of the bank’s effective operation, quality and initiatives.
The awarding ceremony drew representatives from more than 100 countries and territories around the world.
In January 2007, the Deutsche Bank of Germany signed an agreement to become a strategic partner of Habubank with a plan to hold upto 20 percent of its shares.
Habubank also received the Banker’s award in 2006.
Viet Nam attracts world microchip producers
Vietnam is becoming a magnet for international circuit (IC) designers and producers, according to Renesas, a leading world technology company that has just put forward a plan to build a design centre in Viet Nam with STMicroelectronics.
“We were the first semiconductor company to establish an R&D centre in Viet Nam so we had the luxury of having the pick of the best engineers,” Renesas Chief Executive Officer Satoru Ito was quoted by t he UK-based ElectronicsWeekly.com news website as saying.
The company’s design centre in Viet Nam will focus on satellite TV applications and system-on-chip (SoC) design for the worldwide market . It will employ around 500 engineers next year.
Ito said his company decided to invest in Viet Nam because it is more cost-effective than other countries in the region and will for a long time.
STMicroelectronics said it intends to set up training courses for Vietnamese engineers.
VIB Bank, Vinashin financial arm link up
VIB Bank and the Viet Nam Shipbuilding Industry Finance Co (VFC) signed a comprehensive agreement on Nov. 28, agreeing to cooperate in such areas as credit, foreign exchange, and payment services.
The two will jointly focus on financing projects in the shipbuilding industry, marine transportation and support industries.
The bank will coordinate with VFC to provide lines of credit to the Vinashin Group’s subsidiaries of up to 1 trillion VND (62.5 million USD).
The agreement expresses VIB Bank’s efforts to boost its cooperation and investment in the shipbuilding industry, one of the country’s key industries,” said a bank representative.
VIB Bank also pledged to provide international payment services up to 40 million USD for VFC clients, pursuant to two additional agreements inked on Nov. 29.
VIB Bank, Vinashin financial arm link up
VIB Bank and the Viet Nam Shipbuilding Industry Finance Co (VFC) signed a comprehensive agreement on Nov. 28, agreeing to cooperate in such areas as credit, foreign exchange, and payment services.
The two will jointly focus on financing projects in the shipbuilding industry, marine transportation and support industries.
The bank will coordinate with VFC to provide lines of credit to the Vinashin Group’s subsidiaries of up to 1 trillion VND (62.5 million USD).
The agreement expresses VIB Bank’s efforts to boost its cooperation and investment in the shipbuilding industry, one of the country’s key industries,” said a bank representative.
VIB Bank also pledged to provide international payment services up to 40 million USD for VFC clients, pursuant to two additional agreements inked on Nov. 29.
Bitexco deploys 2 real estate projects in Laos
The Binh Minh Import-Export Production and Trade Co (Bitexco) has carried out two real estate projects valued at 61 million USD in Laos, said Vu Quang Hoi, the company’s chief executive officer.
The two projects include the 60 million USD expansion of Latsavone Hotel, which is expected to be completed by 2009, he noted.
Viet Nam, Finland businesses discuss ties
Business people from Finland and Viet Nam on Nov. 29 discussed opportunities to boost business cooperation between the two countries.
The discussions were held in Ha Noi at a seminar entitled “Finnpartnership-Business Opportunities with Finland .”
Speaking at the opening ceremony, Dang Van Dung, deputy chairman of the Ha Noi Young Business Association, said Vietnamese businesses will gain valuable experience from this project with their Finnish partners.
Pekka Hyvonen, Finnish Ambassador to Viet Nam said he believed that the increased integration of Viet Nam into the world economy brings great benefits to both Vietnamese consumers and companies. The ambassador also noted that they would face tough competition.
“Increasing economic cooperation, particularly in trade and investments, is becoming more important to both Viet Nam and Finland ,” he said.
Participants heard a presentation on new business opportunities for Viet Nam ’s small and medium-sized enterprises while boosting relationship with Finnish partners, given by Hanna-Riitta Kurittu, a programme coordinator, as well as a presentation of financial assistance to Vietnamese enterprises from the Finnish Embassy’s fund, given by Irene Leino, a programme coordinator from Finland ’s Embassy in Viet Nam .
The project, sponsored by Finland ’s Ministry of Foreign Affairs, was launched in June 2006.
The programme’s objective is to promote long-term business cooperation between companies in Finland and in developing countries, particularly Viet Nam . It aimed to increase long-term commercial cooperation between businesses from the two countries with emphasis on sustainable socio-economic development including trade and business.
The promotion of Finnish investment into Viet Nam will be spurred by joining ventures and subsidiaries as well as technological and know-how transfer from Finland to Viet Nam.
First hotel management company begins operation
Vinpearl Trade and Tourism Company has established Vinpearl Hotel Management Company (VHMC), the first hotel management company in Viet Nam .
In the first year of operation, VHMC will manage the hotel chain set up by Vinpearl Corporation.
The company will cooperate with overseas partners in creating training courses and developing quality staff.
Taiwanese firm builds 500 million USD laptop factory
The wholly Taiwanese-invested Compal Viet Nam Co. Ltd. broke ground for its 500 million USD laptop factory in northern Vinh Phuc province on Nov. 29.
Covering 100 ha in the Ba Thien Industrial Zone, the factory has a designed output of 24 million laptops per year.
Once operational in the third quarter of 2009, the project will employ around 40,000 workers.
More than 10 businesses are expected to pour an additional 1 billion USD into facilities to produce computer components for Compal Viet Nam. These firms plan to recruit close to 200,000 workers.
A Compal official said the group is awaiting a licence to develop infrastructure for the 327 ha Ba Thien IZ. The work is estimated to cost 78 million USD.
Local authorities had previously spent 143.5 billion VND (9 million USD) on clearing the site for the IZ
Forwarder Damco to offer new services
The multinational freight forwarder Damco expects two-digit growth in Viet Nam and Southeast Asia over the next five years.
It plans to launch two new direct less than container load service from Viet Nam to Europe and the US , according to Jens Wessel head of Damco for Southeast Asia .
The new service will help shorten delivery time to these markets, which are important for Viet Nam ’s major exports, including garments and footwear.
Sacombank to open 5 branches, 16 offices
The Ho Chi Minh City stock exchange listed Sacombank plans to open additional five branches and 16 transaction offices in several areas, including HCM City , Ha Noi and Quang Ninh province between November 27 and December 28.
By the year’s end, Sacombank will have a network of 211 offices in 44 out of the country’s 64 cities and provinces. It targets increasing its network to 350 to cover the entire country by 2010.
In December, the bank will open a representative office in China to facilitate trade between the two countries.
PetroVietnam awards EPC contract to RoK firm
A Huyundai Engineering-led consortium has been awarded the contract to build a polypropylene factory in the central province of Quang Ngai .
The Viet Nam Oil and Gas Group (PetroVietnam) signed an engineering, procurement and construction (EPC) contract with the consortium, led by Hyundai Engineering Co. Ltd of the Republic of Korea , on November 29.
The 16-ha factory will be built at the Dung Quat Economic Zone with an investment of 232 million USD.
It will have an annual capacity of 150,000 tonne of polypropylene which will be used in the automobile, construction, electricity, and package processing sectors and for production of appliances for everyday life.
During the signing ceremony, PetroVietnam donated 200 million VND and the Huyndai Engineering-led consortium gave 10,000 USD to Quang Ngai province to help it overcome the consequences of recent floods.
Viet Nam to expand cacao acreage to 60,000 ha by 2015
Viet Nam has set out to harvest 60,000ha of cacao with an export turnover of 50-60 million USD by 2015 under a project recently endorsed by the Ministry of Agriculture and Rural Development.
The target has come on the heels of successful implementation of a US-funded project on sustainable cacao farming in four southern provinces of Ben Tre, Tien Giang, Ba Ria-Vung Tau and Binh Phuoc.
The success was discussed in Ho Chi Minh City on November 29 at a conference held to review the four-year cacao-growing pilot scheme that began in 2004.
The project was managed by the US Success Alliance Project (SAP) under the sponsorship of the US Department of Agriculture.
The initiative has helped train 17,000 cacao farmers to produce and process cacao semi-products and grow 7,500ha of cacao.
It has also provided nearly 3 million cacao breeds and strengthened the linkage between purchasers, processors and farmers.
Viet Nam is currently home to more than 9,000ha of cacao.
Lao province opens rep. office in Dien Bien
A representative office for industry, commerce and tourism of Luang Prabang province ( Laos ) was opened in the northwestern border province of Dien Bien on November 29.
Leaders of Dien Bien and Luang Prabang and representatives of Vietnamese and Lao businesses from the two provinces attended the inaugural ceremony.
The Rep. Office will introduce exports of Luang Prabang and other Lao localities, organise fairs and promote investment, as well as provide consultancy on the export-import market for businesses and facilitate trade and tourism between Laos and Dien Bien.
Finnish businesses eye investment opportunities in Viet Nam
Close to 80 businesses from Viet Nam and Finland gathered in Ha Noi on November 29 to discuss cooperation opportunities.
The “Business cooperation opportunities with Finland ” forum provided local business circle with an insight into the European country’s economy and market, and initiatives to support cooperation between businesses of the two countries.
Delegates also talked about local cooperation funds and shared experiences in doing businesses.
The Finnish businesses showed interest in cooperating with their Vietnamese partners in various fields, including designing, production of packaging systems and stainless steel.
Finland is currently one of world leading countries in scio-technological development, particularly hi-tech, information technology and telecommunications.
SME securities makes debut
The Small and Medium Enterprises Securities Joint Stock Company (SME Securities) made its debut in Ha Noi on November 29. With a capital of 51 billion VND, the company engages in securities brokerage, trading and issuance underwriting and also provides financial and securities investment consultancy.
At the launch ceremony, SME Securities signed cooperation agreements with the Viet Nam Small and Medium Enterprises’ Association, the Bank for Agriculture and Rural Development, and the Bank for Foreign Trade of Viet Nam.
SME Securities is also preparing to set up a SME Fund Management Company, SME Real Estate Company ( SME Land ) and SME Logistics.
Addressing the ceremony, SME Securities CEO Phan Huy Chi said the stock company plans to develop into a financial and banking group by 2010, and will diversify financial, banking and investment operations to meet financial investment demands in Viet Nam with international standard services.
Tax brings 233.3 trillion VND to State budget
Domestic tax collection for 2007 is estimated to hit 233.3 trillion VND, a rise of 4.4 percent over the year’s plan and a year-on-year increase of 13.6 percent.
According to the General Department of Taxation, crude oil is forecast to bring in 71.7 trillion VND alone, equivalent to 89.5 percent over the last year. The remainder comes from domestic collection.
The department also reported a year-on-year increase of 38.6 percent in tax collection from private-owned enterprises, exceeding 30 trillion VND, along with a 37 percent increase in personal income tax collection, which recorded 7.1 billion VND.
In particular, 46 localities reported domestic collection of over 500 billion VND, and 30 other localities, over 1 trillion VND.
However, the tax department said shortcomings in tax declaration and supervision still exist and drastic measures for tax debt management are to still be adopted.
Green light for 307 million VND fisheries centre
Northeastern Quang Ninh province has been given the go ahead to build a 307.3 million VND (over 19,000 USD) fisheries service centre in Co To district.
The centre is expected to host the sale and purchase of fish and provide services such as fuel and food for fishermen.
According to the Viet Nam Association for Seafood Exporters and Processors (VASEP), 246 million VND from the State budget will go toward the fisheries logistics and service centre.
The first phase of the 2007-2012 project will focus on building breakwaters, wharfs and stone embankments for the area.
The logistics facilities will be developed in the second phase, during the last two years of the project.
Organising logistics services on the coast is extremely necessary to raise the effectiveness of offshore fisheries, Department of Fisheries Resources Exploitation and Protection Head Chu Tien Vinh said.
He said the sector intends to invest in further developing infrastructure, especially fishing ports and shipyards, and communication systems.
(Source: VNA) | 
