Foreign banks to finance largest wolfram mining project

Foreign banks Bayerische Hypo-und Vereinsbank and Fortis are planning to provide a credit of 250 million USD to fund Vietnam ’s largest tungsten and fluorspar mining project in the northern Thai Nguyen province.

The credit deal will be signed on May 23 by the banks and the Nui Phao Joint Venture Mining Company Ltd. (Nuiphaovica), an enterprise set up by Canada’s Tiberon Minerals Ltd. and Vietnamese partners, the Thai Nguyen Minerals Company and the Thai Nguyen Export-Import Investment Company.

Nuiphaovica has worked with local authorities since 2004 to prepare for the joint project, including site clearance and compensation. The first batches of minerals are scheduled to be bought out in September 2010.

Total investment for the project is estimated to exceed 300 million USD, of which two-thirds is contributed by Tiberon Minerals Ltd. and the rest by the two local companies.

Exhibition banks on modern technology

Modern banking technology is the theme of the 8th Banking Vietnam exhibition and conference which opened in Hanoi on May 22.

The local and international 30 commercial banks and 60 information technology suppliers attending the event will focus on the integration of modern technology to enhance competitive edge in the Vietnamese banking industry.

The exhibition and conference will help facilitate commercial banks’ technology renovation and modernisation schemes, especially in payment systems, Governor of the State Bank of Vietnam Nguyen Van Giau said.

The Banking Vietnam agenda will also include conferences on banking security, banking risk management and business administration.

Vietnam currently has 6 State-run commercial banks, 34 joint stock banks, 37 branches of foreign banks, 5 joint-venture banks and 53 representative offices of international banks.

Banking Vietnam has been organised annually by the State Bank of Vietnam and the International Digital Group (IDG) since 2002.

NKD sets high growth target for 2008

The North Kinh Do Food Joint Stock Company (NKD) shareholder meeting set a growth target of 25 percent, or 700 billion VND, for this year.

The company announced revenue of more than 561 billion VND and after-tax profit of 72 billion VND, making an increase of 19 percent over 2006.

The company also approved a dividend payment at 18 percent in cash and 22 percent in shares.

This year, the company will open five more bakery shops in neighbouring provinces, bringing its total number of shops to more than 15,000.

Construction company 9 to be listed on HASTC

The Construction Company 9, a member of Vinaconex, has announced plans to list on the Hanoi Trading Securities Centre (HASTC) sometime in the second half of 2008.

The company has completed its related proceedings and sent them to the HASTC.

The company has set an earnings target of 380 billion VND in revenue, an increase of 35 percent against last year, as well as a pre-tax profit of 16.1 billion VND and a dividend payment of 14 percent.

Businesses reap rewards for food industry safety

The Food Science and Technology Association on May 21 granted the Golden Award for Safe Food to nearly 100 businesses in the food processing industry at a workshop on food safety and business responsibility.

The workshop urged businesses to increase the country’s food safety and discussed ways to strengthen cooperation between businesses, scientists and the authorities in aggressively fighting viral outbreaks that could spread disease.

Director of the Food Science and Technology Centre, Pham Xuan Ngoc, said: “Everyone thinks the responsibility in food safety belongs to the health care sector. But businesses and scientists should also share the burden.”

Another expert said there was a relationship between food safety, environment and weather change and that he country was paying an expensive cost in destroying the environment due to a lack of business awareness.
Representatives from businesses agreed at the workshop that they should try to build a better reputation for the food industry as it prepares for further expansion in the world market.

Autopetro exposition opens in HCM City

A five-day international exhibition on autos and petroleum opened on May 21 in Ho Chi Minh City .

More than 100 domestic and foreign companies from China, India, Malaysia, the Republic of Korea and other countries brought in their latest cars, motorbikes, and product for the support and services industry at the annual Autopetro expo.

The Vietnam Coal and Mining Corp presented its heavy trucks sold under the Craz Kamaz and Scania brands that use technologies from Russia , Ukraine and Sweden .

Hyundai Motor is showcasing its latest models of Getz Accent and Santa Fe among others.

On the opening day, six Taiwan-made motorcycle scooters were introduced Hoa Lam-Kymco , the Zing, Solona, Jockey SR, Vivio XO and Dance.

An area has been set up for components and service providers from the US , Hong Kong , Poland , Italy and Japan .

The organizers, the Hanoi Advertising & International Fair Company, the Institute for Industry Policy an Strategy, and Vietnam Society of Automative Engineers, expect the event will provide opportunities for traders and investors to find partners and customers.

Around 80,000 visitors are expected to attend the expo, which is being held at the HCM City International Exhibition and Convention Centre.

Military Bank to boost charter capital

Military Bank’s shareholder meeting on May 20 resulted in a decision to raise the bank’s charter capital to 3.4 trillion VND (212.5 million USD). The bank will also increase total assets to 46.5 trillion VND (2.9 billion USD), 1.5 times higher than last year.

The charter capital increase will be carried out in four phases.

Techcombank to issue 312 million USD in bonds

The State Bank’s governing board has signed a decision to permit Techcombank to issue 5 trillion VND (312 million USD) in bonds this year.

The interest rate of the bonds to be issued by Techcombank will adapt to the market interest rate to ensure effective business.

On May 19, the bank began offering suppliers the ability to pay receipts and services online.

Techcombank pioneers automatic depositing

Automatic Teller Machines (ATM) that enable customers to securely deposit money into their account and have it automatically credited have been successfully launched in Vietnam .

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) have collaborated with Germany-based Wincor Nixdorf group to pioneer the new service for the country.

Techcombank Deputy General Director Le Xuan Vu said the launch was part of the bank’s effort to provide its customers with convenient, time-saving banking services.

Wincor Nixdorf Asia Pacific Marketing Director Karsten Kemma echoed the banks statement, saying the project was an important move for the Vietnamese banking sector.

The machines can currently accept 50,000 VND and 100,000 VND notes.

Prime Minister calls for rapid investment

The Prime Minister has urged the Ministry of Planning and Investment to speed up investment promotion in order to create a breakthrough in drawing foreign direct investment (FDI) in key economic areas.

In a circular issued recently, the PM asked the ministry to analyse the competitive edge of Vietnam ’s investment environment in comparison with that of other countries in the region to clarify the advantages and challenges facing the country.

The ministry was also asked to speed up implementation of a blueprint on FDI disbursement.

Meanwhile, the Ministry of Industrial and Trade was given the responsibility to work with relevant ministries and agencies to beef up the planning and development of auxiliary industries.

It was also made responsible for proposing preferential policies to encourage the involvement of non-State enterprises in developing auxiliary industries.

The PM also urged the Ministry of Natural Resources and Environment to ensure proper land use when appraising proposals to replace agricultural land with industrial and economic zones, and even golf courses.

Int’l pharmacy exhibition opens in Hanoi

Vietnam Medi-Pharm, an international exhibition on medical equipment and pharmaceuticals, kicked off in Ha Noi on May 21.

Up to 200 domestic and more than 100 foreign firms are exhibiting their latest hi-tech medicinal products and services.

Products on display range from pharmaceuticals, medicine, physiotherapy and orthopaedic services as well as health care and insurance companies.

The four-day event also includes seminars on the country’s health care system and forecasts on the demand for medicines and medical equipment until 2010.

Addressing the opening ceremony, Deputy Health Minister Nguyen Thi Xuyen said Vietnam ’s pharmaceutical market has been stable and medical equipment has effectively improved healthcare for people.

Up to 2007, about 800 businesses, including 370 foreign companies, have registered to operate in Vietnam ’s pharmaceutical industry. The Republic of Korea , India and France have the largest number of registered businesses.

Last year, the value of locally-produced medicines was 600 million USD, supplying 53 percent of domestic consumption, a year-on-year increase of 16.5 percent.

The pharmaceutical sector plans to boost production to meet 60 percent of domestic demand by 2010 and 70 percent by 2015.

Help offered for exporters to exhibit in Japan

The Trade Promotion Department is inviting local food and beverage exporters to apply for assistance to participate in an industry exhibition to be held in Tokyo , Japan , from October 20 to December 19.

Enterprises that register to showcase their products, such as canned and frozen foods, candy, dried food and seasonings, can apply for financial assistance to ship samples, rent pavilions and promote their wares at the event.

In addition, successful applicants will have their airfares, accommodation and transport within Japan covered for one week to enable them to meet and negotiate with potential trade partners from the Rising Sun country.

The event, co-sponsored by the ASEAN-Japan Trade, Investment and Tourism Centre (AJC) and the Trade Promotion Department under the Ministry of Industry and Commerce, aims to boost Vietnamese exports to the world’s second largest economy.

Vietnamese, US firms cooperate in e-trade

The Thi truong Viet (TTV) online store has signed an agreement to collaborate with an US company, VN Ventures, to open a representative office in California to jointly operate the TTV website.

Under the agreement, VN Ventures will help develop an English version of the TTV website, which provides US and international customers with access to high quality Vietnamese products. The online store, with the fast service motto “365 days, you’ll want, you’ll win”, is particularly popular with Vietnamese Americans.

TTV and VN Ventures will also open a US showroom of Vietnamese products to allow Vietnamese businesses to access the foreign market.

Customers can make online payment by using the Dong A multipurpose card issued by the Dong A ( East Asia ) Joint Stock Bank. In the future, they may be allowed to use Visa and Mastercard as TTV plans to work with other partners.

TTV hopes to attract between 300-500 new product suppliers in 2008 and to have 70,000-100,000 people access the site a day, to become a leading Vietnamese e-trader. 

(Source: VNA)