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Business in brief 26 Aug 2011

Date: 8/29/2011 12:12:15 PM

(Sourced from various news agencies)

Business in brief 26 Aug 2011

Vietnam has so far this year exported 4.98 million tons of rice worth US$2.36 billion, up 11.14 percent in volume and 22 percent in value over the same period last year, said the Ministry of Industry and Trade (MoIT). The Vietnam Food Association (Vietfood) is expected to export 7 million tons of rice this year. This year’s rice output is likely to reach 41.6 million tons, 1.52 million tons higher than last year. As from October 1 this year, rice exporters need certificates from the MoIT as businesses are now allowed to export rice without having to adhere to industry regulations. Vietfood has asked rice exporters, who meet MoIT storage and husking requirements (regulated by Decree ND109/2010/ND-CP issued in November last year) to register early. Under Decree ND109/2010/ND-CP, rice exporters are required to have a storage capacity of at least 5,000 tons and husking facilities with an output of at least 10 tons per hour.

The International Machine Tools and Metalworking Technology Exhibition - Metalex Vietnam 2011 - will be held in HCM city from October 6-8. The event has attracted the participation of 500 global trademarks in the field of technology from 25 nations and territories around the globe. During the exhibition, there will also be five additional international pavilions from Singapore, China, Japan, Taiwan and the Republic of Korea. At the same time, NEPCON Vietnam 2011- Vietnam’s Only Electronics Parts Manufacturing Event will also be held, showcasing the latest in robot technology, as well as displaying hi-tech products and services. Seminars will also be held during Metalex Vietnam 2011 to meet the demand for the development trend of technology and manufacturing industry.

The Ministry of Finance has recently instructed People’s Committees in cities and provinces to implement the National Assembly’s Resolution on tax reduction in order to alleviate difficulties faced by the public and enterprises. Subject to this temporary income tax exemption are employed or self-employed tax payers that fall into the Level 1 bracket. According to the law on Corporate Income Tax, Level 1 includes anyone whose taxable income is not more than VND5million (US$240) per month or VND60 million ($2,880) per year. Tax exemptions also apply to all dividends except those issued by joint stock banks, financial investment funds and credit institutions. For securities transactions, tax rates will be reduced from 0.1% to 0.05%. The ministry also asked local authorities to make further efforts to support low-income laborers in terms of working conditions, food, accommodation and childcare.

The 2011 Vietnam Finance Conference and Exhibition themed "Restructure national finance: policy challenges, and linking and integrating tendency" would be kicked off in Ha Noi on September 28, organizers said on Wednesday. The eighth Vietnam Finance, previously named Vietnam ICT in Finance, will be co-organized by the Ministry of Finance and the International Data Group (IDG Vietnam). The three-day event would include a conference in which leaders, State agencies and experts would discuss opportunities, challenges and lessons of post-crisis financial restructure and Vietnam’s vision and policies, as well as the strategic orientation in modernization of State budget collection management, said Pham Doan Quan, deputy chief of the Finance Ministry Secretariat. Along with the conference, the exhibition space will be reserved to showcase and introduce an overall IT system development strategy in the finance sector. Local enterprises and IT providers will have rooms to display their products and IT application solutions.

From September 1, 14 airlines operating under the SkyTeam alliance, including Vietnam Airlines, will launch preferential policies on baggage allowance aimed at members of frequent flyer elite and elite plus classes. The new policy will help simplify travel by applying a standardized baggage allowance, regardless of differing frequent flyer and rating service participation.

A seminar entitled ‘Economic cooperation between Vietnam and the Republic of Korea (RoK) – vision for 2020’, took place in Hanoi on August 25, with the attendance of senior Vietnamese officials and 40 RoK scientists and managers. The event, jointly held by the Hanoi National Economics College and the Republic of Korea embassy, also saw the participation of many members of the embassies of other countries. According to the seminar, Vietnam’s relations with the RoK have grown into promising bilateral ties of cooperation. The two countries’ trade revenues have grown strongly and steadily. Specifically, bilateral trade turnover in 2010 was 86 times higher than in 1990 and exceeded both countries’ expectations for the year by US$10 billion. Statistics from the Ministry of Planning and Investment show that the RoK is now the second largest investor in Vietnam in terms of capital and is the nation with the most FDI projects in Vietnam.

The Russian-Vietnamese oil and gas joint venture, Vietsovpetro, has announced that it had discovered a new oil supply at its Meo Trang (White Cat) site on Tuesday. The oil was discovered at a depth of 3,350m and measured to produce 250cu.m per day. Vietsovpetro Deputy Director Tran Van Hoi, who is also in charge of geological surveys, said that the offshore White Cat site was located southwest of the Bach Ho (White Tiger) mine. Based on its geological potential and exploratory drilling, the White Cat site might be a potentially great new source of oil.

The Japanese Unicharm Group will buy all shares worth about US$128 million of Diana Vietnam Company this year to expand its market in Asia, Nikkei announced on August 25. Diana Joint Stock Company located in Vinh Tuy Hanoi specializes in medical and sanitation products. Unicharm has many factories and sales networks operating in the Asian market, but it is facing fierce competition from local businesses and others from the US and Europe. Unicharm has just decided on its first business deal with Diana Vietnam Company whose annual turnover is around US$64 million, accounting for 30-40 percent of total napkin and toilet paper production in Vietnam.

Radial tire producer Sailun (601058) intends to invest over US$100 million to create a subsidiary in Vietnam, reports Yicai.com, citing a company filing. The subsidiary will produce tires and other rubber products. The Vietnamese subsidiary will take advantage of the abundance rubber resources in the Southeast Asian country as well as its trade preferential policies from Western countries there. Sailun’s other subsidiary, Qingdao Seagift International Logistics, announced that it will invest no more than 35 million yuan to acquire or construct a rubber processing plant in Thailand.

The An Giang Agricultural Product Protection JSC yesterday broke ground for a rice processing plant with an annual capacity of 100,000 tons in the Mekong delta province of An Giang. The 8.2-ha Thoai Son processing plant in the district of the same name will also have a drying facility with a capacity of 500 tons of rice a day. The company said the VND212 billion (US$10 million) processing plant would go on stream in early 2012. The company is also set to start construction of a 200,000-ton processing plant at a cost of over $10 million in Dong Thap Province ( the Mekong delta) today. Tan Hong Rice Processing Plant in the district of the same name will be the largest of its kind in the delta when it becomes operational by the end of February next year. To source paddy for the two processing facilities, the company has unveiled plans to sign contracts with local farmers to grow rice on more than 5,000 hectares, mainly of the jasmine 85 variety.

Exports of agricultural, forestry and fishery products in the first eight months of the year reached US$16.4 billion, up 34.2 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development. In August alone, the country exported $2.2 billion worth of produce, up $200 million against the previous month. In the first eight months, key agricultural products such as rice, coffee and pepper accounted for $9.3 billion, up 44 per cent; seafood hit $3.7 billion, up 24.4 per cent; and forestry products reached $2.6 billion, up 12.4 per cent. Director of the Ministry’s Information and Statistics Centre Nguyen Viet Chien said a global price hike had helped to lift turnover significantly as export volume had risen only slightly during the period.

(Source:Agencies)

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