Saturday, February 23, 2008

Vietnam's corporate news

VUNG TAU - Good Choice USA – Vietnam has been licensed to develop the Vung Tau Wonderful World Theme Park in Ba Ria-Vung Tau Province at total invested capital of US$1.3 billion. The 155-ha park will include four- and five-star hotels with 6,500 rooms in total, and many other entertainment facilities, Sai Gon Giai Phong reports.

HCMC - Pacific Airlines as from March 1 will introduce new airfares, at VND1.45-1.55 million for HCMC-Hanoi service, while the fare for transport from Hanoi or HCMC to Danang and Hue is VND980,000. Its budget airfares, however, will start from VND15,000 as previously depending on the booking time, according to Sai Gon Giai Phong.

DONG THAP - Dong Thap Housing and Industrial Park Development Co. has just started work on a wastewater treatment plant in A1 Sadec Industrial Park in the Mekong Delta province, Lao Dong reports. The bio-technology facility, with a daily treatment capacity of 1,500 cubic meters, requires total investment of VND8 billion.

HA TINH - Power Company No. 1 is building a 110kV power transformer station in Vung Anh in the northern province of Ha Tinh to ensure stable power supply for manufacturers in Vung Anh Economic Zone, Nhan Dan reports.

HANOI - The fast food giant KFC will soon open a KFC restaurant in Hanoi in a ceremony to be attended by KFC president David Novak, who will arrive in Vietnam tomorrow for the event, according to 12H. KFC has so far opened 41 fast food restaurants in Vietnam since it first presence in 1997, and the group plans to raise the number to 100 by 2010.

HCMC - Agribank will take out a loan of US$50 million from the World Bank to finance a project of the HCMC Investment Fund for Urban Development, according to Nguoi Lao Dong. The loan will be provided to the HCMC government in Vietnam dong with a term of 25 years.

HA TINH - Van Loi Steel will today break ground for an iron ore grinding and screening plant in Vung Ang Economic Zone in Ha Tinh Province, Thoi bao Kinh te Viet Nam reports. The factory, with a capacity of 500,000 tons a year, costs VND185 billion, and will be commissioned in June this year.

HCMC – REE Corp. reported a decline in profit in January due to a fall in its financial investment. The company obtained VND89.7 billion in revenue and VND17.5 billion in pre-tax profit, or equivalent to 115.4% and 19.28% of the respective figures in the same period last year. REE targets VND1.1 trillion in revenue and VND420 billion in profit this year.

* PEB Steel has completed the last rafter beam of stage 1 of Doosan Vina project in Dung Quat Industrial Zone in central Quang Ngai Province. The pre-engineered steel building project, costing US$17 million, is considered the biggest pre-engineered steel buildings project ever awarded in Vietnam. The building will be the Korean-invested Doosan Vina’s factory for heavy-industry production.

* Dung Quat Shipbuilding Industry Corporation will late this month start building the first of three oil tankers with a capacity of 105,000 tons each under an order worth US$60 million placed by Vietnam Transport Corporation, Tuoi Tre reports.

* Vietnam’s Kova Paint has just commissioned a paint factory in the neighboring country of Cambodia. Kova Cambodia Paint is a joint venture between Kova and a Singapore partner, and has a daily output of 60 tons of paint, according to Sai Gon Giai Phong.