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Business in brief 18/9

Date: 9/19/2009 8:47:19 AM

(Sourced from various news agencies)

Business in brief 18/9.

The high tax of 35 percent imposed on Chinese tyres exported to the US has opened up an opportunity for Vietnam to ship tyres to the market. Le Van Tri, Deputy General of the Southern Rubber Company (Casumina), said that, the high tax will force US importers to eye for other markets including Vietnam, Thailand, Indonesia and Malaysia. The company has already exported about 4 containers of radial and bias tyres worth USD80,000 -USD100,000 to the US each month.

The State Bank of Vietnam has allowed ANZ Vietnam to double its registered capital to VND2 trillion (USD 112.4 million). ANZ Vietnam will raise its capital within this year, the central bank said. "The capital hikes of foreign banks operating in Vietnam in the face of the global economic crisis show that Vietnam is a safe destination for foreign investors," the central bank said in a statement. The State Bank of Vietnam awarded ANZ with a license in October to open the Vietnamese unit.

Hong Kong & Shanghai Banking Corp. (HSBC), retained its 20% stake in the Vietnam Technological & Commercial Joint Stock Bank, or Techcombank, after the lender raised its registered capital by 24.5%, a Techcombank executive said Thursday (17 Sep 2009). Techcombank issued more than 106 million new shares this week to raise its registered capital to VND5.4 trillion (USD 303.4 million), said Techcombank Director General Nguyen Duc Vinh. Techcombank had pretax profit of VND1.03 trillion in the first half of this year, the bank said, without giving a comparative figure. Its total assets were VND74.74 trillion at the end of June, up 20% from the end of 2008.

The Asian Development Bank (ADB) decided to provide Vietnam with a loan of USD 151 million to help the country improve electricity services in poor and remote communities using renewable energy. The project consists of two components. In the first component, the project will help develop about five to ten mini-hydropower plants in the country’s northern provinces of Lai Chau and Dien Bien and several other northern and central provinces. The second component of the project will support the government’s ongoing program of supporting rural electrification of poor provinces where ethnic minorities live, said the newspaper. About 100,000 poor households in more than 1,000 villages are expected to benefit from the second component. Last year, the electricity supply rate reached 97 percent of the country’s communes, according to the newspaper.

It is essential to encourage cooperation between Vietnam and foreign partners to conduct research into the development of green technologies, said Deputy Prime Minister Hoang Trung Hai on Sept. 17. He made the call at the opening ceremony of the “Green Biz 2009 – Europe’s green business methods for Vietnam” conference in Hanoi. Top on the agenda of “Green Biz 2009” will be several in-depth discussions on the development of green business in Vietnam including investment in clean energy sources, the management of sustainable water sources and the social responsibilities of businesses.

Japan is the likeliest candidate to provide Vietnam with technology for its first nuclear power plant, said the head of the Energy Department under the Ministry of Industry and Trade. The Vietnamese government considers safety its top priority when selecting technology, said Ta Van Huong on the sidelines of a conference on atomic energy held in Hanoi on September 16. Japan has a tradition of cooperating with Vietnam in the field of energy. Vietnam is expected to receive financial assistance from Japan for the nuclear power project. Mr Huong added that in October, the National Assembly will ratify an investment report on the first nuclear power plant in Vietnam. The plant will have a design capacity of 4,000MW.

The prospect for generating bio-fuels was the main theme of a seminar that took place in the Mekong delta city of Can Tho on Sept. 16. At the function, Vietnamese and Japanese researchers discussed solutions to effectively use biofuels in tropical countries, especially in the Mekong Delta provinces and cities of Vietnam. According to researches, the Mekong delta is home to tra fish fat, physic nut tree (Jatropha L), elephant grass (Pennisetum Purpureum), sesame, soya beans, ground nuts, bagasse, straw, sea weed and other materials that can be turned into biological fuels.

Russia’s largest non-State oil company Lukoil will fuel the Vietnam Petroleum Import-Export Corporation (Petrolimex) with 500,000-600,000 tonnes of diesel oil every year under a long-term contract beginning in 2010. The Nhan Dan (People) daily on Sept. 17 reported that Lukoil and the biggest fuel importer of Vietnam have inked a cooperation agreement on petroleum trading and relevant services. Under the agreement signed on Sept. 16, Lukoil will hire the Van Phong Bonded Petroleum Warehouse under a long-term contract right after Petrolimex’s project completes its first phase, scheduled for 2011. The two sides agreed to ensure sufficient supply for the 100,000 DWT Aframax oil tanker invested by Petrolimex.

Representatives of Vietnam, India and Brazil have met recently in the Ivory Coast to discuss the setting up of a world cashew association, said by a newspaper. According to the Vietnam Cashew Association (VINACAS), its meeting with the Cashew Export Promotion Council of India (CEPCI) and the Brazil Cashew Association (Sindicaju) took place on the sidelines of the fourth African Cashew Alliance (ACA) conference in Abidjan, the Ivory Coast, from Sept. 1-3. The world cashew association will be set up in line with an MOU signed in 2007 in the US and preparatory activities are expected to last one year. Vietnam is among the world’s top three cashew nut exporters, along with India and Brazil.

The Phu My Nitrogenous Fertiliser Plant has produced nearly 3.5 million tons of fertiliser of high quality, meeting 40% of the domestic demand and saving the country USD1.3 billion against importing the product. The Phu My Fertiliser Plant with design capacity of 740,000 tonnes of urea per year is the first to produce nitrogenous fertiliser with the advanced technology in the southeastern region. Its first product came out in September 2004.

Poland is planning to boost its economic cooperation with Vietnam, at the same time saving the ailing shipyards which were to be acquired by a Qatari investor that failed to pay for them. Within a help programme for poorer countries, Poland is to lend Vietnam USD280 million. The money is supposed to return to Poland though orders for ships (mainly patrol ships and units used in extraction industry) and defence industry, Puls Biznesu reports.

(Source:From various news agencies)

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