Ha Noi: February’s CPI increases 3.92 percent

Ha Noi’s consumer price index (CPI) rose 3.92 percent in February due to a price rocketing during the traditional Tet, said the city’s Statistic Department.

Food and food services experienced the highest price hike of 7.15 percent, with fresh meat such as beef, chicken, pork, and vegetables underwent the strongest increases.

However, soft drinks and tobacco saw slight declines over the last month due to cold weather.

Goods and services brought in a 3.2 rise in revenue for the city over January, and a year-on-year increase of 21.8 percent.

ASEAN, East Asia discuss financial cooperation

Financial cooperation issues between Southeast Asian countries and three East Asian countries, including Japan, China, and the Republic of Korea (RoK), are being discussed at meetings held in Ha Noi from February 24 to March 2.

The meetings, including a preparatory meeting for ASEAN Finance Deputy Ministers’ conference, focus on the opening of financial service markets among ASEAN countries and between ASEAN and its partners, like Australia and New Zealand; the building of a plan to boost the development of Asian bond markets; and the strengthening of economic-supervision mechanism in ASEAN and East Asia.

The meetings also deal with opinions from researchers and scholars on regional financial cooperation programmes; model and plan to form the regional financial tool that aims to support the balance of payments; and mechanism for infrastructure financing.

The organisers said the meetings in Ha Noi are preparatory steps for the 12th ASEAN Financial Ministerial Conference and the ASEAN+3 Financial Ministerial Conference hosted by the Vietnamese Finance Ministry. The two conferences are scheduled to be held in Da Nang (Viet Nam) in early April 2008 and in Spain in early May 2008.

China’s FIH to build mobile manufacturer

China ’s FIH Company plans to build a mobile phone manufacturer in the northern province of Vinh Phuc.

Construction is expected to start in March of this year, with an eye to being operational in January, 2009.

The project is anticipated to create jobs for 3,500 people.

Vinamilk’s January profit moves up 66 percent

Vinamilk (VNM) in January earned 657 billion VND (41 million USD) in revenue, an increase of 40.38 percent over the same period last year.

Profits reached 168 billion VND (10.5 million USD), a 66.34 percent increase from the same period last year. The company plans to earn 8.2 trillion VND (512.5 million USD) in revenue and 1.3 trillion VND (82.8 million USD) in profits this year, representing a 20 and 37.2 percent increase, respectively.

REE’s first-month turnover jumps 115 percent

The Refrigeration, Electrical Engineering Corporation (REE) has posted first month earnings for the year.

The corporation saw 89.6 billion VND (5.6 million USD) in revenue, an increase of 115.38 percent over the same period last year.

Its pretax profits totaled 17.5 billion VND (1.1 million USD), an increase of 19.3 percent over the previous corresponding period. REE has also shelved its plan to set up a securities company citing other business opportunities such as power plant and real estate.

Gov’t allocates 15 million USD for agricultural research

The Department of Science and Technology said the Ministry of Agriculture and Rural Development would earmark 252 billion VND (15.8 million USD) this year for agricultural research.

The focus of the research would be use of biotechnology in farming; preservation and exploitation of plan and animal genes; and setting Vietnamese standards for measurement, quality and livestock.

Capital earns 800 million USD from exports

The capital city of Ha Noi fetched an export value of nearly 808 million USD in the first two months, a year-on-year increase of 26 percent.

Laser jet printers registered the highest export value of 185.2 million USD, followed by agricultural products, 136.6 million USD, and garments, 128.7 million USD.

During the period, the city imported goods worth 2.88 billion USD, representing a yearly increase of 33.7 percent. The figure included 957 million USD spent on petroleum.

Dak Nong builds farm produce market

The Central Highland province of Dak Nong , with the government’s assistance, has built a farm produce market with a total investment of 30 billion VND.

The market, the first of its kind in the Central Highlands, is built in Nam Dong commune, Cu Dut district, with the aim of facilitating the distribution of agricultural products for local farmers.

It is also expected to help promote production and export activities in the region, and improving local people’s living conditions.

The first phase of the project, with an investment of nearly 5 billion VND, has been almost completed. The market is expected to be put into use in April 2008.

London Stock Exchange considers VN a potential market

Viet Nam Infrastructure Fund is listed by the London Stock Exchange as one of the five small-growing companies to AIM, leading an IPO total income of about 396 million USD in 2007, the stock media said.

The leading companies to AIM (international market for smaller growing companies) after 2007 IPO issuance were Stamford Property Ltd, China Real Estate Oppotunities Ltd, Pacific Alliance China Land, Viet Nam Infrastructure Fund and Leaf Clean Energy Company.

Martin Graham, Director of Markets, said the London Stock Exchange is delighted with prospect markets as Viet Nam, Bairain and Agentina.

Earlier, Indochina Capital Vietnam Holdings Limited, the first Viet Nam-based company, was listed in the Main Markets by the Stock Exchange.

5,000DWT freighter built for Canada launched

The Saigon Shipbuilding Industry Corporation launched a 5,190 DWT multi-purpose freighter on February 25 in HCM City .

The ship, 128.2m long, 16.74m wide and 6.1m high, is built for Canada ’s Middland Company.

The freighter can operate in all sea areas.

Cold weather attracts 25,000 tourists to Sa Pa

Nearly 25,000 tourists, 70 percent of whom are foreigners, visited Sa Pa tourist site in northern Lao Cai province to enjoy snow and frog due to the prolonged cold spell that hit the northern region recently.

The 38-day cold snap, starting from January 14, made the temperatures in Sa Pa dropped below freezing point and ice covered mountains around the town, creating a spectacular views.

The increased number of tourists has brought in a huge income for the provincial tourism sector and contributed hundreds of million of VND to the budget.

US company ventures with Vietcombank affiliate

Franklin Templeton Investments announced that it has officially ventured with a company of the Bank for Foreign Trade of Viet Nam (Vietcombank).

Franklin Templeton replaced Singapore-based investment company Viet Capital Holdings to hold a 49 percent stake in Vietcombank Fund Management (VCBF), an investment management firm currently focused on private equity investment in Viet Nam . The remaining 51 percent of VCBF continued to be owned by Vietcombank.

Managing Director in Asia for Franklin Templeton Mark Browning said that with an average growth rate of 7 percent over the past 10 years, Viet Nam is a bright future in the company’s decision to expand its market.

The Lao Dong (Labour) newspaper quoted VCBF’s General Director Nguyen Viet Anh on Feb. 24 confirming that Franklin Templeton has bought a 49 percent stake of VCBF.

Viet Nam pledges to facilitate Singaporean businesses

Viet Nam will continue creating all favourable conditions for Singaporean businesses to conduct business and invest in the country, affirmed State President Nguyen Minh Triet.

During the talks with Singaporean President S. R. Nathan in Ha Noi on Feb. 25, President Triet spoke highly of the recent results of bilateral cooperation in economics, trade, investment and other domains.

“The effectiveness of Singapore-invested projects in Viet Nam has actively contributed to Viet Nam ’s economic development,” emphasised the Vietnamese State leader.

Singapore has many experiences and strengths in infrastructure development, urban planning, seaport building and management and tourism resort development as well as personnel development, said President S. R. Nathan, affirming that Singapore is willing to cooperate with and help Viet Nam in the fields.

The two leaders hailed the effective implementation of the Agreement on Viet Nam-Singapore Connectivity that was signed in December 2005.

President S. R. Nathan invited President Triet to pay an official visit to Singapore and President Triet accepted the invitation. The date of the visit will be communicated through the diplomatic channel.

On the evening of the same day, State President Triet and his wife hosted a banquet in honour of the Singapore President, his wife and entourage at Ha Noi’s International Convention Centre.

Anpha Capital partners with pharmaceutical firm

Vietnam Equity Holding (VEH) under the Anpha Capital, a Cayman Island exempted group, on February 25 signed strategic partnership with Vietnam Pharmaceutical Joint Stock Company (Ampharco).

Under the pact, VEH owned 10 percent of Amphaco’s shares and will help Amphaco to restructure its finance and improve competitive capacity.

Anpha Capital is a locally licensed investment fund management company which invests in broad and large opportunities in Viet Nam . Anpha Capital manages two funds VEH and Vietnam Property Holding (VPH), both listed on Xetra and the Franfurt exchange.

Amphaco plans to export its products to the US and other foreign markets while continuing to develop its domestic research, manufacturing and distribution systems.

Work starts on giant complex in Ha Tay province

The Tuan Chau Ha Tay joint-stock company broke the ground for the construction of a 5 trillion VND (312.5 million USD) ecotourism and entertainment zone in northern Ha Tay province on February 25.

The 254 ha complex in Sai Son commune, Quoc Oai district, will include Viet Nam’s first 18-hole golf course where golfers can even play golf at night.

It will also comprise 700 luxury apartments, 500 villas and 300 eco friendly flats.

The zone also includes an 180,000 sq.km international trade centre and a multipurpose recreation area, which will include a “village” highlighting Viet Nam’s cultural value, especially traditional craft villages of Ha Tay.

A five-star hotel with 500 rooms and an international convention centre will also be built.

According to the company’s General Director Edward Minh Chi, construction of the complex is expected to complete by the end of 2010.

(Source: VNA)