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Business in brief 30 Sep 2011

Date: 10/1/2011 9:49:23 PM

(Sourced from various news agencies)

Imports of machinery and equipment for production now make up 83 percent of the country’s total import value, said the Ministry of Industry and Trade (MoIT) at a conference in Hanoi on September 28. One year after implementing measures, such as using domestic input materials and controlling imports, import surplus have reduced, contributing to pushing the development of the nation’s production. According to reports of groups, corporations and companies, last year trade value of machinery, equipment and domestic materials reached VND30.590 billion and the rate of using domestic input materials reached nearly 54 percent. This year’s figures are expected to hit VND38 billion and 52 percent respectively. The government’s instruction on using domestic input materials is expected to contain import surplus and provide more opportunities for Vietnamese businesses to control the market.

UOA Development Bhd and Vietnam’s Hoa Binh Construction and Real Estate Corp will jointly develop Sri Petaling residential development comprising 670 units of condominiums with an estimated gross development value (GDV) of RM400 million. In a statement today, UOA said work on the project was scheduled to commence in the fourth quarter of 2011 and the project was slated for completion towards end-2013. Both companies signed a memorandum of understanding (MOU) yesterday. As part of the MOU, a commitment is established by UOA and Hoa Binh Corp to explore a synergy of construction capabilities for projects in Malaysia, Vietnam and the region. UOA said it was confident the strategic construction collaboration with Hoa Binh Corp would complement its existing construction arm in its developments.

Mizuho Corporate Bank Ltd. Friday signed an agreement to buy a 15% stake in the Joint Stock Commercial Bank for Foreign Trade of Vietnam or Vietcombank, for roughly $567.3 million. Under the deal signed in Hanoi, Mizuho Corporate Bank will buy 347.6 million new shares from Vietcombank for VND34,000 a share. The purchase makes Mizuho Corporate Bank the sole foreign strategic shareholder of Vietcombank, Vietnam’s largest listed bank by market capitalization. The Japanese lender is expected to make the payment for the share purchase in the first quarter of next year. Mizuho Corporate Bank will offer Vietcombank technical assistance, training and business opportunities.

Nearly 200 domestic companies will showcase their products at the Honor Vietnamese goods fair to be held at the Phu Tho Indoor Sports Stadium in HCM City’s District 11 from October 8 to 13. Organized by the city Department of Industry and Trade and the HCM City Union of Business Associations (HUBA), the fair will feature some 400 booths displaying garments, footwear, processed foods, beverages, cosmetics, electronic and electrical products, household utensils and handicrafts. Pham Ngoc Hung, HUBA deputy chairman, said the fair would help businesses advertise their goods, exchange experiences, and look for partners. The event was part of a series of activities to mark Vietnam Entrepreneurs Day, October 13, the organizers said.

The Vietnam National Oil and Gas Group said that it had been seeking capital to buy properties belonging to ConocoPhillips in Vietnam. ConocoPhillips, an America-based corporation, recently announced its operational restructuring plan of selling off foreign properties. The corporation’s total assets in Vietnam are estimated at about US$1.5 billion, including its shares in some oil fields and the Nam Con Son pipeline.

The Ministry of Finance said this week tax authorities had stopped printing and selling tax invoices for enterprises and that businesses must print their own. This change is embodied in Circular No 153/2010/TT-BTC issued on September 28 last year. However, the General Department of Taxation said some small enterprises wanted to continue buying invoices issued by the ministry because of some difficulties in having invoices printed themselves.

The Ministry of Construction has said that 85 per cent of real estate trading centers failed to meet regulations and were operating without transparency. The announcement was made after an inspection of 557 centers by ministry officers. The ministry said property traders had to make their transactions at the center, but only a few complied. The ministry has also asked local authorities to check operations at their centers.

Non-term deposit interest rates offered by commercial banks and other credit institutions will be capped at 6 per cent per year, effective October 1, pursuant to Circular No 30/2011/TT-NHNN issued by the State Bank of Vietnam on Wednesday. The cap on deposit interest rates for term deposits of one month or more remains unchanged at 14 per cent, 14.5 per cent at credit unions. The new circular replaces Circular No 02 issued back on March 3. However, according to the State Bank, a number of commercial banks had flouted that regulation by offering higher interest or bonus interest to entice depositors. Some banks had also given depositors overnight interest of 14 per cent. These practices continued to introduce a high element of risk into the nation’s banking system, the State Bank said.

Ten enterprises in the Central Highlands province of Lam Dong were granted certifications to use the "Da Lat vegetable" brand by the People’s Committee of Da Lat City on Tuesday. Six of the enterprises are located in Da Lat City, three in Don Duong District and one in Duc Trong District. The enterprises must strictly follow food safety and quality requirements to use the label.

(Source:Agencies)

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