Thursday, January 24, 2008

Vietnam's Corporate News

HCMC - ACE Life Insurance Co., Ltd. announced yesterday 320% growth in new premiums for 2007 against the previous year. It also announced the interest rate on the cash value for Universal Life products effective from January 1, 2008 at 6.8% per year. The company also has plans to introduce a new variant of the Universal Life product in early 2008 to meet the requirements of special segments of the population.

HCMC - Saigon Thuong Tin Commercial Bank (Sacombank) has opened a new branch at 130-130A-132 Bach Dang Street in the central coast city of Danang. It now has 18 branches and 48 transaction offices in provinces from Quang Binh southward to Ba Ria-Vung Tau, Dau Tu reports.

HANOI - Vietnam Insurance Corp. (Bao Viet) yesterday made its debut as a financial and insurance group, with its operations covering life and non-life insurance, securities investment and banking among others. It has now also officially become a holding firm, owing Bao Viet Vietnam, Bao Viet Life and Bao Viet Fund Management Co., Dau Tu reports.

KHANH HOA - South Korea’s STX VINA has got an investment certificate from the authorities of Van Phong Economic Zone in the central Khanh Hoa Province. The firm will invest US$500 million in a project building oil, container and cargo ships. It is expected to employ 20,000 people, Thanh Nien reports.

QUANG NGAI - Lilama Electrical-Mechanical-Environmental Joint-Stock Co. has decided to invest VND152 billion in an environment project in Dung Quat Economic Zone in the central Quang Ngai Province. It will buy transport means and equipment to treat industrial, household and toxic waste, including from hospitals, Dau Tu reports.

HANOI - Vietnam Technological and Commercial (Techcombank) has reported pre-tax earnings of VND709 billion last year, an increase of 131% on the previous year. Its total assets had doubled to almost VND40 trillion as of the end of last year.

HANOI - Bellavita, the distributor of children products in Vietnam for the Italy-based Artsana, has opened a showroom at the Syrena Tower at 51 Xuan Dieu Street in Hanoi. This is its second showroom, Dau Tu reports.

BINH DUONG - Stada-VN, a Vietnamese-German joint venture, has inaugurated a factory that produces pharmaceutical products under the GMP EU standard in the Vietnam-Singapore Industrial Park in HCMC’s neighboring province of Binh Duong, Thanh Nien reports.