Tuesday, March 11, 2008

Vietnam's Business News

HCMC - Saigontourist Travel Service Co. will welcome nearly 5,000 cruise ship passengers between today and March 17. The company says five cruise ships will be anchoring in the city, namely Costa Allegra, SuperStar Libra, Europa, Columbus, and Saga Rose, the last-named ship from England making its first trip to the country with 800 passengers and crew members. The company has since early 2008 to the middle of this month welcomed nearly 13,000 sea passengers.

HCMC – The Southern Airports and Services Company (Sasco) and H.M.Sky GmbH Company last week jointly launched Viethaus in Germany’s Berlin City, which is a center for promoting trade, investment, culture and tourism between Vietnam and Germany. The center will help enterprises of the two country promote economic and trade ties. The total invested capital for the Viethaus center amounts to 10 million euro.

HANOI - A local company has submitted dossiers to the Vietnam Civil Aviation Administration to establish a private air carrier named Air Speed Up, which will be a domestic airline with a chartered capital of VND200 billion, Tien Phong reports. The company plans to launch the first commercial flight in October this year if the license is forthcoming. There are currently four air carriers in the country, comprising Vietnam Airlines, Pacific Airlines, Vasco, and Vietjet.

VUNG TAU - Hoa Sen Building Material JS Company last week inaugurated a building material factory of the same name in southern Baria-Vung Tau Province, Nguoi Lao Dong reports. The company has invested VND85 billion in the first phase of the project, whose total investment will amount to some VND350 billion, and its key products include plastic and steel pipes, and pre-structured aluminum bars for construction.

THANH HOA - Nghi Son Cast Iron JS Company last week started work on a cast-iron factory in Nghi Son Economic Zone in northern Thanh Hoa Province, according to Sai Gon Giai Phong. The company will spend VND1.47 trillion in the first phase for completion in September next year, with an annual output of 750,000 tons of steel a year, which will triple to 2.25 million tons down the road.

HCMC - Sacombank on Friday signed an agreement with Dalat University to invest VND25 billion in the institution in the Central Highlands’ resort city of Dalat, according to Tuoi Tre. With this investment, the local joint-stock bank will hold a 25% stake in the university.

HAI PHONG - Pha Rung Shipyard, a subsidiary of Vietnam Shipbuilding Industry Group (Vinashin), on Saturday handed over a 20,000-ton vessel named Vinashinbay to Vinashin Shipping Company. The vessel, 165.5 meters long and 25 meters wide, has a cargo hold of some 26,500 cubic meters, and can navigate at 11 nautical miles and hour.

BINH DINH - Binh Dinh Province in Central Vietnam has just allowed Con Tau Vang Transport-Tourism Company to launch a five-star train service between the provincial capital Quy Nhon City and HCMC, beginning April 2. The train will run daily between the two localities, with the fares some 30% to 50% higher than normal fares offered by Vietnam Railway.