The Commonwealth Bank of Australia , the Industrial Bank of the Republic of Korea (IBK) and Fubon Bank of Taiwan have been given the green light to open branches in Viet Nam .
Vice Governor of the State Bank of Viet Nam (SBV) Phung Khac Ke announced the agreement, which still remains in principle, on December 4.
The SBV has been processing requests from 19 foreign banks to open branches in Viet Nam after Decree 22 was made public.
It has also received requests to establish five 100 percent foreign-invested banks in Viet Nam .
The SBV has also given the nod, in principle, to the establishment of four local commercial banks, namely the Oil and Gas bank, the Bao Viet bank, the FPT bank and the Lien Viet bank.
Around 4 billion VND for marine protected areas system
The Ministry of Agriculture and Rural Development will invest around 4 billion VND to conduct research on policies and procedures for managing marine protected areas (MPA) in Viet Nam .
The research project aims to increase the efficiency of co-ordination among ministries, agencies and localities in the management of MPAs and create a stable financial source for the work.
Economic experts say almost all protected areas are poorly managed and there are discrepancies in the management of the designated marine areas in localities.
Viet Nam, Japan enhance aviation cooperation
Cooperation in aviation between Viet Nam and Japan has grown along with the development of relations between the two countries, according to Vietnam Airlines head representative to Japan Nguyen Quoc Tuan.
In the first 10 months of this year, as many as 342,000 Japanese visitors came to Viet Nam , a year-on-year increase of 9.6 percent. The figure for the whole 2007 is expected to reach 410,000, about 30,000 visitors more than 2006.
In 2008, the two countries celebrate the 35th anniversary of their diplomatic ties with a number of political, economic and cultural activities that are expected to bring many Japanese to Viet Nam .
Tuan said the Vietnamese aviation sector plans to carry 500,000 tourists from Japan to Viet Nam by 2010.
At present, six direct air routes connect four of Japan ’s major cities - Tokyo , Nagoya , Osaka and Fukuoka with Viet Nam ’s Ha Noi and Ho Chi Minh City - with 35 flights a week.
Nghe An opens first stock trading centre
An Phu company and Ha Noi-based Viet Nam Securities Company (VNS) on Dec. 3 signed an agreement to open a stock trading centre in Vinh city, central Nghe An province.
VNS will also manage An Phu’s stock ho006Cders and help the company issue more shares in 2008.
The opening of the stock trading centre is expected to encourage the province’s investors to join the stock market.
Soc Trang starts work on urban project
Work started last week on the construction of an urban development and resettlement project, the largest ever in Soc Trang City .
The 2.2 trillion VND (137.5 million USD) investor in the project is Minh Chau Trade and Construction Ltd Co.
The project covers 112ha and features 19 construction sites developing hotels, restaurants, sports and entertainment areas, office buildings, a seafood wholesale market, a general hospital.
HCM City hosts international trade expo
Domestic and foreign companies will be showcasing their products and services at the annual Viet Nam International Trade Expo that begins today in Ho Chi Minh City on Dec 4.
The five-day event features exhibitors from Viet Nam , China , Indonesia , the Republic of Korea and Japan among others.
There will 400 stalls on farming, food and drink, garment, electrical and electronic products, construction material, furniture, equipment and machinery and services in banking, insurance, transportation and advertisement.
A highlight of the event is environmental technology, said Pham Quynh Giang, deputy general director of Vinexad, which organised the expo. Firms from Japan , RoK and Malaysia have brought equipment and technologies for water and environment treatment. The Danish firm GJ Viet Nam will have information on power-saving solutions through the use of solar energy.
Another highlight will be farming machinery brought by exhibitors from Republic of Korea (RoK), Malaysia and China .
A seminar on opportunities for foreign investment opened today at 2pm.
Of especial note, around 50 RoK enterprises have an exhibition section of their own, with 170 stalls featuring electrical and electronic home appliances, and medical and engineering equipment.
RoK is a major trade partner of Viet Nam . Lasr year bilateral trade between the two countries reached 3 billion USD. The figure for the first half of this year is almost 2.3 billion USD.
The expo and seminar are being held at the Ho Chi Minh City International Exhibition and Convention Center, 446 Hoang Van Thu Street , Tan Binh District.
HCM City hosts international trade expo
Domestic and foreign companies will be showcasing their products and services at the annual Viet Nam International Trade Expo that begins today in Ho Chi Minh City on Dec 4.
The five-day event features exhibitors from Viet Nam , China , Indonesia , the Republic of Korea and Japan among others.
There will 400 stalls on farming, food and drink, garment, electrical and electronic products, construction material, furniture, equipment and machinery and services in banking, insurance, transportation and advertisement.
A highlight of the event is environmental technology, said Pham Quynh Giang, deputy general director of Vinexad, which organised the expo. Firms from Japan , RoK and Malaysia have brought equipment and technologies for water and environment treatment. The Danish firm GJ Viet Nam will have information on power-saving solutions through the use of solar energy.
Another highlight will be farming machinery brought by exhibitors from Republic of Korea (RoK), Malaysia and China .
A seminar on opportunities for foreign investment opened today at 2pm.
Of especial note, around 50 RoK enterprises have an exhibition section of their own, with 170 stalls featuring electrical and electronic home appliances, and medical and engineering equipment.
RoK is a major trade partner of Viet Nam . Lasr year bilateral trade between the two countries reached 3 billion USD. The figure for the first half of this year is almost 2.3 billion USD.
The expo and seminar are being held at the Ho Chi Minh City International Exhibition and Convention Center, 446 Hoang Van Thu Street , Tan Binh District.
Binh Dinh: tourism complex breaks ground
The construction of Vinh Hoi tourism complex began in Cat Hai commune, Phu Cat district, central Binh Dinh province by US-based ITC Spectrum, LLC.
With a total investment of 250 million USD, Vinh Hoi tourism complex has to date been the largest foreign invested project in Binh Dinh.
The project will include a conference centre, a hotel, a five-start resort, an 18-hole golf course, a sports-recreation area and an ecotourism area.
The five-star hotel and the golf course will be put into operation in 2009 while the five-start resort with a sport club will be operational in 2012.
The project is part of a plan on building a national tourism line, which has been approved by the Prime Minister.
On the occasion, ITC Spectrum handed over 200 million VND to help the poor in Cat Hai commune and 100 million VND to the poor in Phu Cat district.
Lao Cai: commercial centre of northwestern region
The northern border province of Lao Cai serves as a central point of the Kunming-Lao Cai-Ha Noi-Hai Phong economic corridor, concluded an international conference on Viet Nam-China economic development held in Lao Cai on December 2.
The Lao Cai international border gate is an important gateway on the shortest route linking Viet Nam and the Association of Asian Nations (ASEAN) with Yunnan and from Yunnan to southwestern provinces of China , said delegates at the conference.
Participants agreed that Lao Cai holds an important position as a commercial centre and a transit point, a bridge for investment; and a motive force for the development of hydroelectricity, mining and metallurgy of Viet Nam ’s northwestern region.
It also plays a crucial role in enhancing culture, healthcare and education exchanges within the region.
The Lao Cai international border gate is estimated to handle around 4 million tonnes of cargo by 2010. Nearly 3 million people are forecast go through the gate for trade, cultural and educational activities.
The import and export turnover via the border gate is estimated to surpass 1 billion USD by the decade-end. The figure is expected to annually increase around 30 percent.
Lao Cai will also become the biggest gate for goods exchange between China ’s southwestern region, home to a population of 350 million people, and Viet Nam and other ASEAN countries (home to another 500 million people).
Boasting more than 30 kinds of minerals, including apatite, bronze and iron, 150 mining sites, and generating 300 MW of hydroelectricity annually, Lao Cai has become an industrial central point along the Kunming-Lao Cai-Ha Noi-Hai Phong economic corridor. It currently has more than 30 foreign direct investment projects with a total capital of over 240 million USD.
Various important commercial fairs are annually held along the corridor, prominently the Viet Nam-China Border Trade Fair. Apart from traditional domestic and international routes, new routes connecting tourist and trade sites between Viet Nam and China have been expanded.
Bargain hunters flood shops in HCM City
Supermarkets and shopping centres in Ho Chi Minh City were over crowded last weekend as many customers rushed in for a special year-end sale.
Shoppers elbowed each other in large crowds in Parkson super market, Metro and Co-op Mart to buy clothes, canned food, milk, powdered soap, and safety helmets at a special discount.
The number of customers to Parkson reportedly tripled on December 2.
Commercial electricity output surges in 11 months
The commercial electricity output in the first eleven months of this year was estimated at 53.39 billion kWh, a year-on-year increase of 13.5 percent, according to the Electricity of Viet Nam (EVN).
The figure included over 5 billion kWh in November.
Electricity for industrial production totalled 49.5 percent, a year-on-year increase of 19.1 percent.
Electricity for trade and hotels and restaurants increased by 14.6 percent, while power for general households went up 8.3 percent.
The country’s sole power distributor had to purchase 15.4 billion kWh in the reviewed period to meet consumption demands.-
Viet Nam, Japan discuss minerals policies
The first-ever Viet Nam-Japan talks on coal and minerals policies was held in northern tourist city of Ha Long on December 3. It brought together officials from the Japanese ministries of economy, trade and industries and the Vietnamese ministries of industry and trade, planning and investment, science and technology, natural resources and environment and the Viet Nam Coal and Minerals Group (TKV).
The talks were held to exchange information and share experience on the countries’ demand and supply as well as development policies related to coal and minerals.
The Japanese representatives reported their country has a big demand for anthracite coal and it began since the beginning of 2007 importing this coal from Viet Nam , which now provides 43 percent of Japan ’s anthracite coal imports.
According to statistics provided by the Viet Nam Coal and Minerals Group, Viet Nam possesses a coal reserve of more than 6 billion tonnes, of which the northern Quang Ninh province alone houses more than 4 billion tonnes.
The total reserve include 4 billion tonnes of anthracite coal, 1.5 billion tonnes of bituminous coals and the remaining 0.5 billion tonnes of peat and lignite coal.
Recent explorations have discovered a coal stock in the Red River delta and on the continental shelf.
In addition to coal, Viet Nam also boasts an abundant reserve of minerals, including 8 billion tonnes of bauxite, 940 million tonnes of iron ore, 746,000 tonnes of copper, 8.4 million tonnes of lead and zinc, more than 8 million tonnes of titan, and others.
At the talks, the Viet Nam Coal and Minerals Group suggested a cooperation program with Japan on exploring and assessing a coal reserve found in the Red River delta.
The Vietnamese officials also asked the Japanese side to extend the duration of projects on the transfer of exploratory technology applied on coal mines.
The Japanese side was asked to partner in the Khe Than coal sorting company in Quang Ninh’s Uong Bi town and build non-accidental coal pits
and to team up in projects to explore limestone in central Nghe An province, and rare earth in northern provinces of Lai Chau, Lao Cai and Yen Bai.
The Japanese side said they were eager to work with Viet Nam in human resource training as well as in coal and mineral exploration and exploitation projects.
Fisheries to net 1.85 million tonnes in 2008
The Ministry of Agriculture and Rural Development says Viet Nam ’s fisheries sector will net 1.85 million tonnes of seafood in 2008.
The target was made at a national conference on safe exploitation of marine resources being held in the port city of Hai Phong from December 3-4.
Experts said 2008 weather and meteorology forecasts are not unusual, and no large changes in marine resources are expected.
Statistics delivered at the conference said the country now has 68,000 fishing vessels with 11,000 having 90 CV capacity or more.
However, fishers will face difficulties as prices of production materials and fuel continue to increase and ocean resources become exhausted.
At the conference, relevant ministries and sectors discussed management of fishing ships, decreasing natural resources, information and forecast on export markets, and materials for seafood processing.
They also provided feedback on the draft program for the exploitation, protection and development of ocean resources till 2015 and vision 2020.
HoSE inks agreement with Hong Kong stock exchange
Ho Chi Minh City Stock Exchange (HoSE) signed a Memorandum of Understanding (MoU) with the Hong Kong Exchanges and Clearing Limited (HKEx) on December 3 to increase cooperation between the two financial units.
The MoU was inked in Hong Kong between HoSE Vice Chairman and President Tran Dac Sinh and HKEx Chief Executive Paul Chow and witnessed by Hong Kong ’s Secretary for Financial Services and Treasury K C Chan.
Addressing the ceremony, Prof. K C Chan stressed that the MoU signifies a crucial initiative in enhancing cooperation between the financial services industries of Viet Nam and Hong Kong .
Dr. Tran Dac Sinh said that Viet Nam in the recent past has made great effort in building and developing capital and stock markets, and improved legal framework for the market activities.
He said he hoped the cooperation between HoSE and HKEx would help enhance information exchange between the two sides, increase understanding of the stock and financial markets of each side, and particularly help Vietnamese enterprises list and mobilise capital in the Hong Kong stock market.
Contract on survey to build Laos power plant signed
A contract to survey the area for a hydro-power plant in Laos was signed in Ha Noi on December 3.
The proposed 1.410 MW power plant is slated to be built on the Mekong River in Luang Prabang province and is expected to have the capacity to supply 7-8 billion kWh to supply Laos and Viet Nam .
Under the contract, the Electricity Construction Consultancy Company No. 1 will begin surveying the terrain, geology, and hydrograph of the proposed project site. The survey is expected to be completed in April 2008.
The contract was inked between the Viet Nam Oil and Gas Electricity Corporation and the Electricity Construction Consultancy Company No. 1.
The project has an investment capital of 2 billion USD, contributed by Vietnamese groups and enterprises, including the Viet Nam Oil and Gas Electricity Corporation, The Da River Corporation, the Electricity of Viet Nam, the Viet Nam Machinery Installation Corporation, the Bank for Investment and Development of Viet Nam, and the An Binh Commercial Joint Stock Bank.
Japanese trading company to enter Viet Nam food market
Japanese trading company Sojitz Corporation is set to enter the food wholesale market in Viet Nam by acquiring a 25 percent stake in one of Viet Nam ’s leading market players, Huong Thuy Manufacture Service Trading Corporation.
Sojitz says the food wholesale market in Viet Nam has widened and the food industry has attracted greater interest from foreign investors, thanks to the country’s robust economic growth rates in recent years.
They said the Vietnamese food market will get busier as the government removes investment hurdles in goods delivery from 2009 as part of its commitment to the World Trade Organisation (WTO) and revised investment laws have been put into full force.
The stake acquisition is expected to help Sojitz carry out its plans to develop a complete system covering processing to consumption in Viet Nam .
Huong Thuy is a trading company that imports and delivers diary products, beverages, sweets and biscuits and processing materials through a wide network of 20,000 outlets across the country.
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