Wednesday, January 02, 2008

Vietnam Business Briefs

* Prime rate stays put at 8.25%
The State Bank of Vietnam has announced the annual prime interest rate of loans in dong applicable from January 1, 2008 at 8.25%, which has stayed unchanged since December 2006.

* Oil refinery project busy on New Year Day
More than 10,000 local and foreign employees did not take a day off on the New Year Day at the Dung Quat Oil Refinery to ensure the project’s smooth progress, according to Truong Van Tuyen, management head of the Dung Quat Oil Refinery. About 72% of the project has been completed and test-run is planned for mid-2008.

* FPT internet network jammed
Hundreds of subscribers crowded the FPT technical center in HCMC’s District 1 on Monday to lodge their complaints about the jam of the company’s internet network over the past days that negatively impacted on their business and activities. Pham Thanh Tuan, deputy director of FPT Telecom in HCMC, attributed the problem to recent network expansion and related changes.

* Work begins on dam in BR-VT
Construction is underway at a dam on the Ray River in Chau Duc District, Ba Ria-Vung Tau Province. More than 1.800 trillion (over US$111 million) is going to building dykes, canals and the 770-square-kilometer reservoir, which will be able to supply 535,000 cubic meters of water to Vung Tau City and the vicinity when it is completed in 2010, Sai Gon Giai Phong reports.

* Saigon Port aims for 25% growth
Saigon Port saw cargo throughput last year grow 20%, and has set a growth target of 25%. This year, Saigon Port is expecting revenue growth of 8% and pressing ahead with a plan to turn it into a holding company.

* Cooking gas price up
Suppliers of cooking gas yesterday increased their selling price by VND9,000 to VND251,000-253,000 a 12-kilo cylinder. The price hike resulted from higher price of gas on the world market, Nguoi Lao Dong reports.

* PM approves energy strategy
Prime Minister Nguyen Tan Dung has endorsed the national energy development strategy for 2020, envisaging 47.5-49.5 million tons of oil equivalent in 2010, 100-110 million tons in 2020, and 310-320 million tons in 2050, the Vietnam News Agency reports.

* Work moves on at power plant
More than 1,200 workers were on duty on New Year’s Day at A Vuong hydropower plant in Dong Giang District, Quang Nam Province to keep construction progressing as scheduled.