Monday, January 07, 2008

Vietnam Business Briefs

BUSINESS IN BRIEF 6/1
01:23' 07/01/2008 (GMT+7)


New cement plant in mid-land province

Construction of a new cement plant with a capacity of close to 1 million tonne per year is underway in the northern mid-land province of Phu Tho .

The Huu Nghi Cement Plant II, built at a cost of 900 billion VND, is expected to be operational for 49 years, beginning by the end of 2008.

The new cement plant is located close to a unexploited big quarry which is accessible by both motorways and waterways

Cambodian leading micro credit bank to operate in Vietnam

ACLEDA Bank Plc., Cambodia ’s leading microfinance bank, plans to expand its operation to Vietnam in the next five years, ACLEDA President and CEO In Channy said.

Earlier, the ACLEDA Bank Plc. was licensed by the Lao government to establish a branch in Laos .

The branch named ACLEDA Bank ( Laos ) Ltd. is expected to open in Vientiane in mid-2008, the President said, adding that branches will also be opened in Savannakhet and Pakse provinces of Laos .

ACLEDA Bank Plc. was established in January 1993 to support the development of micro and small enterprises. With 193 branch offices and 4,332 staff, the bank is active in 24 provinces and towns across Cambodia.

Modern aircraft shortage hinders Vietnam Airlines to fly to US

Lack of new generation aircraft is the biggest obstacle for the national flag carrier, Vietnam Airlines, to launch air routes to the US, said a senior official from the carrier.

Vietnam Airlines is planning to strengthen its fleet, said General Director Pham Ngoc Minh, adding that the airline recently signed contracts to buy 47 planes of all kinds.

However, new generation aircraft can only be delivered in 2012, he said.

Despite many difficulties, Vietnam Airlines will try its utmost to meet increasing demands of the clients, Minh affirmed.

Heavy investment in southern IPs’ infrastructure

The southern coastal province of Ba Ria-Vung Tau will invest over 1 trillion VND (63 million USD) in developing technical infrastructure for its industrial parks (IPs) in 2008.
The province will urgently complete necessary procedures to grant investment licences to four IPs, including the 1,550ha Chau Duc, the 500ha Dat Do 1, the 400ha Long Huong and the expanded Phu My 2 with an additional area of 400 ha.

The province will also apply for the Government’s approval to add the 1,350ha Long Son IP into its development plan by 2015.

In 2007, Ba Ria-Vung Tau province poured over 2.2 trillion VND into developing technical infrastructure for nine IPs. Last December, the province agreed to establish the 952ha Phu My 3 Industrial Park, raising its total IPs to
10.

Minh Hai seafood casts nets on stock market

The Ho Chi Minh City Stock Exchange announced on Jan. 2 that it received sufficient documentation from the Minh Hai Seafood Processing company (Minh Hai Jostoco).

The company has a charter capital of 139.2 billion VND and wants to list 13.9 million ordidnary shares at a face value of 10,000 VND.

Minh Hai’s quality management system has acquired international standards and is capable of processing 6,000 tonnes per year . Its major markets are the US , Japan , Canada , the Republic of Korea , Hong Kong , China , France , Germany and the UK
.

Geologists strike water in highlands

Water found at a depth of 150 metres in the Pa Vi Ha village of the Pa Vi commune of the Meo Vac district, Ha Giang province, has been pumped to the surface at 350cu.m each hour.

The find, the first on Dong Van plateau, was made by the Geology Institute and will help improve living standards for the local Mong community
.

Thua Thien Hue licenses huge cement plant

The central province of Thua Thien-Hue has granted license to the Nam Dong Viet Song Long Cement Investment Joint-Stock Company to build a 1.8 million tonne-a-year cement plant.

The project has an investment capital 3.28 trillion VND (205 million USD), including 2.3 trillion VND (146.5 million USD) from loans.

Construction of the plant is scheduled to start in the fourth quarter of this year and it will be operational in January 2011.

On January 5, the Nam Dong Viet Song Long Cement Investment Joint-Stock Company contributed 100 million VND to the province’s campaign to build houses for poor people in disaster-hit areas.

Lam Son Sugar Company lists on HCM City exchange

Some 30 million shares of the Lam Son Sugar Co. (Lasuco) will be listed on the Ho Chi Minh City Stock Exchange effective January 9.

Lasuco has a charter capital of 300 billion VND (18.7 million USD). Of the figure, the State holds 12.14 percent. Its equities reaches over 550 billion VND.

Lasuco is expected to post a revenue of 1 trillion VND (62..5 million USD) or an increase of 18 percent against 2007, bringing in a profit of 110 billion VND – up 20 percen
t.

100,000 USD cell phones added to luxury goods

FPT Corporation said it has imported two Vertu mobile phones from the UK worth 100,000 USD each.

The two phones have covers made of gold. One has 943 diamonds encrusted on the keyboard while the other has 923 diamonds on its body.

With Vietnam ’s vigorous economic growth in recent years, mobile phones were no longer a rarity and were used by people from all walks of life, the country’s largest mobile retailer sai
d.

First e-shopping website opens in Vietnam

Customers of www.chodientu.vn (an on-line shopping website) starting this month can pay by international credit or debit card, including VISA, Mastercard, JCB AMEX, or Diners.

According to an official of the website administration, www.chodientu.vn is the first e-commerce website in Vietnam with certified security and recommended by VISA and Mastercard.

For Tet (Lunar New Year) the website has launched an on-line shopping festival with various promotions active as of January 1,200
.

Phong Phu Corp begins on 80 million USD garment factory

Phong Phu Corp., a part of the Vietnam Textile and Garment Group, has started construction of a 80 million USD garment factory.

The plant will occupy a 2 ha site in Hai Lang district, in the central province of Quang Tri .

The factory will have 20 garment production lines with a capacity of 3.5 million products per annum.

The company’s chief export markets are the EU and the US .

The factory is scheduled to open in October and will provide around 1,000 local job
.

Banks provide loans for cargo vessel purchase

SeABank, VIB Bank and Petro Vietnam Financial Co (PVPC) will team up to finance 52.10 million USD for NOSCO to buy a 45.58 DWT cargo vessel, SeABank’s press release reported on Jan. 4.

The vessel, named Fortune Pearl, is worth 61.3 million USD, 9.2 million USD of which, North Sea Transportation Company ( NOSCO) has put up on their own.

In the deal, SeABank and PVFC committed to fund as much as 21.05 million USD each, equivalent to 80.8 percent of total loan. VIB Bank is lending 10 million USD.

The loan will be matured in 108 months with a six month grace period. Interest rates were not disclosed, however.

The deal will help develop cargo vessel teams, as domestic circulation and cross border trading are steadily increasing.

At present, Vietnam ’s vessel teams only meet 20 percent of the nation’s demand, said a representative of SeABank, which sees this deal as an initial step for long-term investment in the maritime transportation sector.

NOSCO, a member of Vinashin, had 923,74 billion VND (57.73 million USD) in total assets as of September 30. The company runs two main business segments, including waterways transport cargo and production, provision of and installation of parts and accessories for the maritime transportation.

The company plans to focus on logistics, export labour and international tourism
.

Vietnam Airlines to offer e-tickets from June

Vietnam Airlines, the national flag carrier, will start selling e-tickets in June.

“Vietnam Airlines will complete preparations for the selling of e-tickets before May 31,” the airline Director General, Pham Ngoc Minh affirmed.

He added that the move fits with the roadmap required by the International Air Transport Association (IATA).

Following the selling of e-tickets, the carrier plans to deploy e-payment service.

Vietnam Airlines has established cooperation ties with 20 airlines in the world
.

(Source: VNA)