Wednesday, June 25, 2008

Vietnam's News Brief

VNPT signs contract with ITA

HCM CITY — The Viet Nam Post and Telecommunications Corp. (VNPT) concluded a contract last Saturday with ITA Telecom for strategic co-operation in investment and service supply.

The contract will link VNPT, which runs a leading telecommunication infrastructure system in Viet Nam, and the ITA-Group, developer of several industrial parks, including Tan Tao in HCM City and Tan Duc in Long An Province.

ITA, which also has other urban area and office building projects, is the parent of ITA Telecom.

"We’ll jointly invest in systems and provide telecommunications and IT
services in urban areas, industrial parks, export processing zones, hi-tech
parks and smart buildings," said
Nguyen Ba Thuoc, deputy general director of VNPT.

Taiwan plastics firm boosts capital

Dong Nai — Hung Nghiep Formosa Joint Stock company, a wholly Taiwan-invested enterprise, has increased its capital from US$956 million to $1.11 billion.

The company is building three factory specialising in producing polyster long fibre, PVC plastic and plastic fibre.

Another project on waste water processing will soon come into operation.
It will have a capacity of 5000 cu.m a day.

The Formosa group covers many sectors, including weaving, synthetic fibre and plastic factories.

Saigontourist accepts official rate

HCM City — Saigontourist said its Vietnamese tourists can pay for tickets priced in US dollar at the listed
foreign-exchange instead of at the blackmarket rate.

Doan Thanh Tra, manager of the company’s marketing department, said this would ensure customers’ rights as the free-market fluctuated.

Saigontourist has been recognised as one of the best travel firms in Viet Nam. Last year, it had a turnover of more than VND674 billion ($40.8 million).

Rong to get oil storage facility

HA NOI — Viet Nam’s biggest floating oil storage facility will be installed in Rong Oilfield, about 200 miles off the southern Vietnamese coast.

The 150,000 tonne storage, built for Petroleum Technical Services Corporation (PTSC), an affiliate of the Viet Nam Oil and Gas Group, is 258m long, 46.4 m wide and 24m high.

The Nam Trieu Shipbuilding Industry Corporation said the storage is to receive oil through the undersea pipeline and treat crude oil before being exported.

Paradise park to open September

HA TAY — Bao Son Paradise, worth US$100 million, will open its door in September, making its the first international-standard tourism and entertainment park in north Viet Nam.

Financed by the Bao Son Group, the park covers 20ha in the northern Ha Tay province’s An Khanh new urban area, including an eco-tourism resort, entertainment areas and villas.

The park is expected to attract 10,000 international and domestic visitors per day as operational.

VN still attractive to investors

HA NOI — About 70 foreign enterprises
from the Chinese mainland, Hong Kong, Taiwan and Macao recently visited
Viet Nam to check investment opportunities.

Their two-day visit by the Chinese business people was supported by HSBC Viet Nam. The group included representatives from real estate, garment and textiles and construction.

To foreign investors, Viet Nam is still an attractive market with many advantages, said HSBC’s general director, Thomas Tobin.

Deutsche Bank raises stake in Vinamilk

HA NOI — Deutsche Bank has bought 221,580 more shares in the Viet Nam Dairy Product Company (Vinamilk), raising its stake in the company to 6 per cent of Vinamilk’s charter capital.The German bank now owns 10.51 million Vinamilk shares.

In the first five months of this year, Vinamilk made VND617 billion (US$37.4 million) in pre-tax profits, a year-on-year increase of 28.27 per cent.

GE Money Viet Nam to operate in domestic market

HA NOI — The State Bank of Viet Nam has granted a licence to GE Money Viet Nam to start operating in domestic markets.

The company can now issue promissory notes, bonds and other valuable papers, as well as receive trustee capital from local and overseas organisations.

GE will also offer credit cards and loans, and act as a consultant on asset management, banking and other financial matters.GE Money Viet Nam, located in HCM City’s Saigon Centre, has a charter capital of VND300 billion (US$18.2 million).

Japanese brokerage sets up shop in Viet Nam

HA NOI — The Japanese Daiwa Securities SMBC Company opened up a representative office in Ha Noi yesterday.

The office will link the local stock exchange with overseas investment organisations, and assist domestic companies with floatation on the stock markets and in raising money in overseas markets.

Daiwa SMBC’s parent company is a joint venture between Japan-based Daiwa Securities and the Sumitomo Mitsui Financial Group.

Coc Sau Coal JSC to list 10 million shares in HN

HA NOI — The Coc Sau Coal Joint Stock Company will list 10 million shares on the Ha Noi Securities Trading Centre on June 26.

The shares, coded TC6, will be offered at a face value of VND10,000 (US$0.6) each.

The company, whose charter capital is currently VND100 billion ($6.25 million) specialises in the exploitation and procession of minerals, industrial and civil construction, transport and services. The State has 51 per cent stake in the company.

Hacinco JSC pays second quarter dividends

HA NOI — HACINCO Joint Stock Company officially announced the company’s decision to pay 6 per cent of dividends to its stakeholders.

The payment is for its earnings in the second quarter of this year. It will be implemented on July 22nd. Viet Nam Securities Depository Centre will suspend the depository of TC6 on June 26, 27th and July 1st.

Bien Hoa Sugar to issue 1.7 million more shares. — VNS