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Business in brief in 29th Jul

Date: 8/1/2011 11:26:24 AM

(Sourced from various news agencies)

Business in brief in 29th Jul

The Ministry of Planning and Investment completed a draft program on small-and medium-sized enterprises (SMEs) development for the 2011-15 period. The draft will prepare for the successful launch of a five-year socio-economic development plan. Under the draft, 350,000 SMEs are to be established nationwide within the next five years. The ministry expects to receive recommendations on the draft from relevant ministries and bodies before August 30.
The first session of the Vietnam-Pakistan Joint Sub-Committee on trade was held in Hanoi on July 28. Vietnam’s Deputy Minister of Industry and Trade Tran Tuan Anh and his Pakistani counterpart Zafa Matmut co-chaired the session. Both sides highlighted positive developments in the relationship between the two countries over the past years and expressed a wish to further promote the comprehensive cooperation in the future. Two-way trade turnover between the two countries increased from US$80 million in 2005 to US$222.7 million in 2010 and is expected to reach US$300 million in 2011. Vietnam’s key exports to Pakistan include coffee, iron, steel, paper products, rubber, fine arts and handicraft products. At the session, both sides agreed to strengthen cooperation in the future in order to take advantage of each nation’s potential. Relevant agencies of both sides will continue to create favorable conditions for enterprises to seek cooperative opportunities in key areas.
By the end of July Vietnam has 31.1 million internet users, up 24 percent, and four million broadband internet subscribers, up 19 percent, year-on-year, according to the Vietnamese General Statistics Office (GSO) on Friday. The country has about 128.1 million telephone subscribers, a year-on-year increase of 4.3 percent, of which there are 15.5 million fixed telephone subscribers, up 0.4 percent, and 112.6 million mobile phone subscribers, up 4.8 percent. A latest report by Nielsen global insights and measurement company said about 41 percent of Vietnamese internet users have accessed the internet from mobile phones, 96 percent have visited a social networking site, and 81 percent use social media as a resource in purchase decisions. Vietnam’s population was about 87 million by the end of 2010.
The State Bank of Vietnam has agreed to allow Techcombank, to raise its registered capital to VND8.788 trillion ($425 million) from VND6.932 trillion. The unlisted bank will boost its capital by using its retained profits and reserve funds, the central bank said in a statement. HSBC Holdings PLC (HBC) has a 20% stake in Techcombank.
The Vietnam Software Association (VINASA) hosted the Open Innovation Forum in Ha Noi yesterday. The seminar was part of the Vietnam – Finland Innovation Partnership Programme sponsored by the two countries’ governments. It was designed to boost innovation within business, encourage technological advancements, improve management and develop new marketing ideas. Vietnamese companies had opportunities to expand their businesses and foster relationships with Finnish partners.
AAA Assurance will invest US$2.5 million in IT infrastructure by 2015, Do Thi Kim Lien, General Director of the non-life insurance company, has said. The company signed a co-operation agreement with IBM Vietnam to realize the project. IBM Vietnam deputy general director Thieu Phuong Nam said his company would provide consultancy, draft an IT development road map, train IT staff and provide the latest IT solutions to the Vietnamese-owned company.
The Vietnam Technological Commercial Joint Stock Bank (Techcombank) and the Northern Power Corporation (EVN NPC), a subsidiary of the Vietnam Electricity Group, signed a comprehensive co-operation agreement on Tuesday. Accordingly, the two sides committed to carry out co-operation programs and investment projects together. Also, Techcombank will provide EVN NPC with working capital, short -and medium-term credit and other financial services.
The US-based Pelli Clarke Pelli Architects signed a US$30 million contract with the PetroVietnam Construction JSC to make investment plan and design the Vietnam Oil and Gas tower. Under the contract, the US firm will draw the investment project within six months and complete the technical design within four months. The 79-storey tower will be built early next year on a 6.5ha area in Tu Liem District, west of Ha Noi.
More than 250 Chinese firms are displaying their latest machinery and equipment at an exhibition that opened in HCM City yesterday. The 10th edition of the Chinese Machinery exhibition (ChinaMac Fair 2011) at the Sai Gon Exhibition and Conventional Centre in District 7 has 375 stalls showcasing equipment for various sectors such as construction, mining, food processing, packaging, printing, and paper manufacturing. The fair, which will run until July 30, will also feature seminars on investment and trade to promote trade between the two countries and provide the participants with business opportunities.
Dung Quat economic zone in the central province of Quang Ngai has 113 investment projects worth more than VND120,000 billion in total. However, the flow of investment capital into the zone in the past six years has followed a downward trend, according to the Management Board of Dung Quat Economic Zone. In the first half of the year, the management board granted only two investment licenses with registered capital of nearly VND2,000 billion. The decline is attributed to the impact of the global economic downturn, improper investment policies and slow administrative procedure processing in the province.
In the first half of the year, FPT Software earned US$14.6 million in the Japanese market, accounting for 53 percent of the company’s total revenue. Ogawa Takeo, director of FPT Japan under FPT Software, said that even though Japan’s economy encountered many difficulties due to the earthquake and tsunami earlier in the year, the company has achieved nearly 45 percent of its yearly plan. According to FPT Japan, the results can be attributed to support from its parent and subsidiary companies, as well as customer trust. FPT Software has a wide network of customers in the US, Europe, Japan and Asia-Pacific nations such as Malaysia, Singapore, Thailand and Australia. As part of its strategy to become one of the world’s leading software providers, the company has focused on developing high quality human resources to contribute to the company’s growth.

A seminar to enhance co-operation in investment, trade, tourism, culture and education between the central province of Quang Tri and its Thailand "twin", Mukdahan Province, was held here yesterday. The two provinces agreed to set up sub-committees to study investment and business opportunities. Mukdahan Governor Chanvit Vasayangkura pledged to co-operate with Quang Tri to make it simpler for Vietnamese exporters using Mukdahan province as a gateway to export agricultural and forestry products to other countries by sea.
Malaysia will join HCM City’s retail market with the opening of hypermarkets featuring goods from most leading Vietnamese retailers. This was announced by the Malaysian Minister of Domestic Trade, Co-operatives and Consumerism, Dato’ Sri Ismail Sabri bin Yaakob, at a meeting with the Chairman of the HCM City People’s Committee on Tuesday. Sabri bin Yaakob said he highly valued the great potential of HCM City, adding that he sought co-operation opportunities for Malaysian investors, especially retailers.
The Drilling Mud Joint Stock Company (DMC), a subsidiary of the Vietnam National Oil and Gas Group (PetroVietnam), signed a contract with Dinh Vu Industrial Zone JSC to lease land in the zone last Friday. Under the VND270 billion (US$12.3 million) contract, DMC will lease 7.5ha land to build the Dinh Vu Chemical Service Supply Base project. The project aims to have a propylene warehouse and container yard. Construction will begin later this year.
Viglacera signed contracts with five domestic and foreign partners to construct and market Thang Long Number One apartment buildings project on Monday in Ha Noi. The VND3.9 trillion (US$186 million) project, located in Me Tri Commune, Tu Liem District, west of Ha Noi, will comprise two 40-storey apartment towers, commercial and sports areas and a kindergarten.
Maritime Bank Securities Co reported total assets of VND1.89 trillion (US$90 million) until the end of June, up six-fold compared with December last year - and profits before tax of more than VND13.7 billion ($652,380), equal to 24.1 per cent of the annual plan. Consulting services contributed the most to the bank’s first half results.
The People’s Committee of the northern province of Nam Dinh licensed Taiwan’s Yamani Dynasty Limited Liability to construct a leather bag, wallet and belt manufacturing factory on Tuesday. The US$14 million factory will occupy 7.9ha in the Nam Hong industrial cluster of Nam Truc District. When completed by next July, the plant will be capable of manufacturing more than 900,000 bags, wallets and belts and 50 other leather-based products per year

The Tokyo Style Vietnam Hue Ltd Co was granted a certificate of investment to build a garment factory in Phu Bai industrial zone, central Thua Thien-Hue Province. With an investment of US$21 million, the factory will specialize in exports. Construction will be completed early next year.

(Source:Agencies)

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