Vietnamese, Lao, Thai businesses join in trade fair

Businesses from Laos , Thailand and Vietnam will participate in a trade fair in Lao Bao town in the central province of Quang Tri from July 3-9.

They will display products in the fields of agriculture, industry, construction, transport, banking, post and telecom, tourism, healthcare, and pharmacy.

The fair is an opportunity for participants to seek business partners in Lao Bao special economic and trade zone.

Oil and gas group asked to increase output

The National Oil and Gas Group (PetroVietnam) has been instructed to maintain and increase its output within available technical conditions.

The instruction, given by Deputy PM Hoang Trung Hai, asked the group to focus on solving difficulties to carry out production and business plan, especially in affording equipment and services, as well as putting new oil and gas wells into operation.

The instruction also mentioned administrative reform and planning.

Air Navigation Services Corporation set up

Vietnam has established a corporation providing air navigation services which will operate under the official name - the Vietnam Air Navigation Services Corporation.

The Vietnam Air Navigation Services Corporation (VANSC) is based mainly on the restructuring of the Vietnam Air Traffic Management Centre of the Aviation Corporation of Vietnam .

Apart from air navigation services, the VANSC will also involve in construction services, installation, maintenance and repair of equipment for planes, the making of aero-parts, and technology transfer.

Hai Duong aims for 600 USD million in FDI

The northern province of Hai Duong this year hopes to absorb 600 million USD in foreign direct investment of which 200 million USD will be disbursed, announced the provincial Department of Planning and Investment.

In the first six months of this year, Hai Duong has attracted 29 foreign invested projects, worth 273 million USD, up by 60 percent from the same period last year. In addition, eight existing projects enlarged their charter capital by 39.6 million USD.

The latest addition brings the number of foreign invested projects in Hai Duong to 187, capitalised at 2.19 billion USD. Some 88 of the projects, valued at over 1.3 billion USD, have been invested at the provincial industrial zones.

Currently, 97 foreign-invested projects are operation aland have created 51,000 jobs.

Hai Duong Province has attempted to attract foreign groups who are willing and able to make investments in infrastructure before implementing their projects, said Nguyen Xuan Doan from the department.

“We met with success using this approach in Ninh Giang industrial complex where a group of Taiwanese investors implemented seven projects after investing in the complex’s infrastructure construction,” Doan said.

This month, the province welcomes a delegation of US enterprises who will be reviewing investment opportunities in the fields of energy, hi-grade glass production, plastic and aluminium.

After choosing suitable locations for their projects, he said, the US investors would pump investment into upgrading the infrastructure of the selected locations

The province has also issued land clearance in accordance to the implementation of each phase of the project, so as to avoid any wastage of land space. “This is a very important move because if the progress of the project is slower than expected, the land will not be wasted,” he emphasised.

In addition to assisting investors in sorting out matters of land clearance and compensation, the provincial authorities said they want to help resolve any impediments that businesses may be facing as a way to speed up projects.

Priorities are being given to large-scale projects that are using available raw materials and labour resources to produce exports.

ADB President appreciates Vietnam’s efforts

Asian Development Bank (ADB) President Haruhiko Kuroda said Vietnam has been on the right track of implementing drastic measures to curb inflation and stabilise the macro economy.

The country’s experiences should be applied in other countries, he added.

He was speaking at a press briefing following the Global Meeting of the Emerging Markets Forum 2008 that ended in Hanoi on July 1.

During three days discussing challenges faced by rising economies and solutions amid world economic instability, delegates stressed that emerging economies, to overcome the current difficulties and improve their roles in the world economy, need to increase the sharing of experiences in developing financial markets, narrowing the income gap and reducing impacts of climate change.

The participants, including p olicymakers, scholars and CEOs from major groups, recommended emerging markets, including Vietnam , to closely monitor outside changes in order to work out flexible and suitable development policies to ensure stable growth.

Emerging economies were also advised to support small- and medium-sized enterprises, thereby improving economic efficiency and increasing incomes for workers, they said.

Sheraton remains leading business hotel in Vietnam

The five-star Sheraton Hanoi hotel has received the title as “ Vietnam’s Leading Business Hotel in 2008” awarded by the World Travel Awards.

This is the second consecutive year the hotel was honoured by the prestigious award programme for the global tourism industry which saw the voting from 167,000 travel experts and passengers worldwide.

Situated on the picturesque shore of West Lake, Hanoi’s largest lake, Sheraton Ha Noi includes 299 guest rooms and suites featured by a classic design and modern facilities.

Last year, the hotel was elected as one of ten best convention hotels in Asia and among the top fifteen best convention hotels in the continent in 2006 by Smart Travel Asia’s Best In Travel Poll.

The awards of World Travel Awards are considered the most prestigious event on the travel calendar with travel professionals voting worldwide.

VN-Index surpasses 400 point mark

The VN-Index surpassed the 400-point mark for the first time in a month to close at 409.1 on July 1.

It was also the seventh consecutive day the Ho Chi Minh City Stock Exchange (HOSE) enjoyed rally with an increase of 10.21 points or 2.56 percent.

Market analysists said it signaled investors’ stronger confidence after VinchiCapital released an optimistic report on Vietnam ’s stock market.

The capital management company reported that Vietnam ’s key macro-economic factors, such as exports, foreign direct investment, overseas remittances, industrial and agricultural production values, consumption index and tourism, continued showing high growth rates.

The HCM City Securities Trading Department reported that a total of over 9 million shares were traded for over 224.29 billion VND on July 1.

The largest national stock exchange floor saw 150 shares have their value up, four others down and three unchanged.

In the Hanoi Securities Trade Centre, the HASTC-Index increased by 2.32 points or 2.06 percent to close at 114.99.

A total of almost 17 million shares with the gross revenue of almost 1,156 billion VND were exchanged hands.

Eximbank grants shareholder certificate to Japanese partner

Vietnam’s Export and Import Commercial Joint Stock Bank (Eximbank) on July 1 handed over a shareholder’s certificate to Japan’s Sumitomo Mitsui Banking Corporation (SMBC).

SMBC previously became Eximbank’s strategic shareholder, buying up to 15 percent of the bank’s stakes to the tune of 225 million USD.

The Japanese partner pledged to cooperate with Eximbank in developing retail banking services and trade financing, as well as share its business administration experiences, including those related to risk management in line with international standards.

Apart from SMBC, Eximbank got the nod from the State Bank of Vietnam to sell 10 percent of its shares to three other foreign investors.

VOF Investment Ltd. Co from Virgin Islands is permitted to own 5 percent of the bank’s chartered capita, while Mirae Asset Exim Investment Limited from the Republic of Korea and Mirae Asset Maps Opportunity Vietnam Equity Balanced Fund will hold 4.5 percent and 0.5 percent, respectively.

The move helped raise Eximbank’s ownership capital to 12.63 trillion VND by the end of June, the largest amount among commercial joint stock banks in Vietnam.

Standard Chartered opens retail banking in Hanoi

The UK-based Standard Chartered Bank on July 1 officially inaugurated its retail banking service in Hanoi, following the first in Ho Chi Minh City.

Director of Standard Chartered Consumer Banking in Vietnam Namita Lal said at the inauguration ceremony that the bank had installed its first Automatic Teller Machines in major streets in the country’s biggest cities and will put into use more than 250 ATMs in the near future.

Standard Chartered Bank is planning to open an additional 20-30 branches across Vietnam within the next 3-4 years, she said.

Wilson Chia, Regional Head of Standard Chartered Consumer Banking in Southeast Asia pledged to provide the best retail banking products and services for local clients.

The bank had previously supplied consumer loan services in the Vietnamese market and will soon offer products to small- and medium-sized enterprises.

Thep Viet Capital, Malaysian firm sign strategic cooperation pact

Vietnam ’s Thep Viet Capital on July 1 signed a strategic cooperation pact with the Inter-Pacific Capital Sdn Bhd, a subsidiary of the Malaysian Berjaya group.

Under the pact, Inter-Pacific Capital will become a large shareholder of the Thep Viet Capital, involving in fund management, investment and business development.

Inter-Pacific Capital General Director Kuok Wee Kiat said he believed that the many recent initiatives by the Vietnam Government to instill market confidence and combat inflation, and measures to maintain a stable currency and improve the overall balance of payments will succeed.

Thep Viet Capital, a leading private company in Vietnam , earned a revenue of 450 million USD in 2007 from steel production and distribution. Meanwhile, Berjaya has invested in five projects in Vietnam , including the project the 3.5 billion USD international university urban area in Hoc Mon district, Ho Chi Minh City.

Millions visit Hanoi in six months

Hanoi welcomed 3.8 million visitors, including 655,700 foreigners in the first half of the year, a year-on-year increase of 12.4 percent.

The number of holiday-makers from China , Thailand , the US and Australia increased sharply, leading to the shortage of hotel rooms.

The city is expected to welcome 7.6 million visitors with 1.4 million foreign tourists by the end of this year.

Ho Chi Minh City in the period welcomed around 1.5 million foreign tourists, seeing a year-on-year increase of 16 percent.

The central region also saw brisk tourist activities as the number of foreign visitors travelling by sea to Nha Trang and Da Nang cities and by land via international border gates of Lao Bao and Cau Treo swelled.

Wide-scale advertisement programmes also helped the World Heritage Site of Ha Long Bay in northern Quang Ninh province attract more foreign visitors. In June alone, the UNESCO-recognised world heritage site welcomed 213,000 tourists, including 130,500 foreigners. 

(Source: VNA)