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Business in brief in 29 March

Date: 3/30/2012 7:13:21 AM

(Sourced from various news agencies)

Vietnam, the world’s biggest producer of robusta coffee, may export 200,000 metric tons this month, according to figures released today by the General Statistics Office in Hanoi, 24 percent more than in the same period last year. Exports in the first three months of the year were estimated at 514,000 tons, down 10 percent from a year earlier. The nation exported 202,000 tons in February, 12 percent higher than a previous assessment of 180,000 tons, revised figures from the Statistics Office show. Vietnam exported 161,000 tons in March last year, according to preliminary GSO data.

With the majority of the population under the age of 25 years and a massively growing fast food industry, Vietnam is an ideal destination for American potato exports. Last year the US Potato Board participated in a three day event - the Food and Hotel Vietnam trade show, attended by around 10,000 people. TK Kuwahara, International Marketing Manager for the United States Potato Board, said "Most of the trade that was attending the show are not familiar with U.S. potatoes and potato products. They were very surprised and excited to see all the different varieties of not only the fresh potatoes, but frozen potatoes and dehydrated. For example, they’ve never seen colored varieties of fresh potatoes before. In the frozen arena, they’ve never seen curly fries or the different cuts of frozen products.” The board hopes to develop a stronger market presence in Vietnam in the near future.

Because of the increasing scrap prices in the international market, the billet enjoyed a pick up on prices as well. It is said that Malaysian mills offer medium class billet with prices of USD 660 per ton for Vietnamese buyers for May 2012 deliveries. However, the buyers in Vietnam thought the new billet prices were high and they showed no interest. It is said that Turkish and Russian mills offer USD 680 to USD 690 per ton CFR and USD 650 to USD 670 per ton CFR respectively for billet to Asia.

Sacombank (Cambodia) Plc, a unit of Saigon Thuong Tin Commercial Bank, on Thursday inaugurated a branch in Kampong Cham City, taking to four the number of its branches in the neighboring country. The branch provides a wide range of services such as international remittance, consumer and business loans, guarantees and deposits, for Cambodian enterprises and individuals, the Vietnamese community in Cambodia and Vietnamese companies doing business there. It also has special services like one-hour remittance within Vietnam, Laos and Cambodia. Sacombank (Cambodia) Plc as of March 20 had mobilized $47 million and lent $60 million. Remittance revenue between Cambodia and Vietnam via the bank reached $521 million in 2010 and 2011. The bank has over 2,000 corporate and individual clients in Cambodia.

Ban Viet Commercial Bank (Viet Capital Bank) has submitted its business plan in 2012 with credit growth target of up to 17% in 2012. Particularly, report of Viet Capital Bank said that in 2012, the bank expects total outstanding loans at 5.125 trillion dong, equaling to the credit growth of 17% from 2011. This expected credit growth level is equal to the credit growth limit of the Group 1 (healthy bank) according to the classification of the State Bank of Vietnam (SBV). Viet Capital Bank now has a chartered capital of three trillion dong. Notably, till August 2011, the bank reached this level of chartered capital to ensure the central bank’s current regulation on legal capital. Together with credit target, Viet Capital Bank also plans to increase its total assets to 28 trillion dong in 2012, up 65% on year and pre-tax profit of 550 billion dong, up 53% on year.

VietinBank will have a chartered capital of up to 26.217 trillion dong, equaling to $1.25 billion after getting approval from the State Bank of Vietnam (SBV) and Vietnam Securities Depository Centre (VSD) closed the list of shareholders to increase chartered capital for Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) in April 2012. Particularly, on March 21, 2012, the central bank issued a Document No 1633/NHNN-TTGSNH approving VietinBank’s plan to hike chartered capital in 2012 from 20.229 trillion dong to 26.217 trillion dong via paying dividend in shares (at the ratio of 20 percent) and bonus shares from its capital surplus (at the ratio of 9.6 percent) to the existing shareholders. Accordingly, after finalizing the chartered capital increase, VietinBank will be commercial joint stock bank with biggest chartered capital in Vietnam, at up to 26.217 trillion dong, or $1.25 billion.

During the first two months of 2012, Vietnam’s tra export to US market reached US$46.6 million, jumping 50.4% year on year, according to statistics of the General Department of Customs. In February alone, the tra export to US accounted for US$26.3 million, growing by 138.4% compared with the same period of 2011. After US imposed the anti-dumping tariff on Vietnam’s tra for the seventh time (POR7) at low level, US customers have decided to sign more purchase contracts. The number of Vietnamese companies offering to sell tra to USA is estimated to double against the figure of 18 reported in several previous years. This status is alarming because the item is under the anti-dumping consideration for POR 8 and POR 9 if the product price is unable to be kept at equal or higher than the price of POR7.

The State Bank of Vietnam and the National Bank of Cambodia will exchange information to combat money laundering and terrorism financing under a Memorandum of Understanding signed yesterday by Governor Nguyen Van Binh and his counterpart Chea Chanto in Phnom Penh. The MoU noted that the two sides would carry out actions in the spirit of tightened co-operation and mutual benefit, contributing to the international community’s determination to fight money laundering and financing of terrorism in the region and the world. The co-operation is expected to facilitate experience exchange between the financial investigation agencies of both countries.

The capital this year will focus on further developing tourism products to attract more domestic and foreign visitors, according to the local Culture, Sports and Tourism Department. During a conference on plans for Ha Noi and Vietnam tourism development held on Tuesday, the department said tourism products were still limited due to delays in official approval. Deputy head of the department, Truong Minh Tien, said they have been collecting opinions on developing and exploiting tourism from related enterprises and sectors. The department is expected to submit its plan to the People’s Committee of Ha Noi for approval by June, Tien said. Under the plan, Ha Noi would develop the Thang Long Citadel, Dong Ngac Village, the Ba Vi tourism area, the Old Quarter, theatres and other existing tourism sites. Last year, the city saw a year-on-year increase of 10 per cent in visitor numbers to reach 13.9 million, including 1.9 million foreigners.

The 9^th Vietnam International Precision Engineering, Machine Tools and MetalWorking Exhibition opened in Hanoi on Mar 28, attracting 100 companies from 17 countries and territories around the world. Foreign companies from Singapore, Taiwan and Japan introduced high technology products being presenting in Vietnam for the first time, including Accuway, Big Daishowa, Blum, Nikon, Li-Hsun, Mitsubishi Electric, Mitutoyo, and Microtest. Besides, Vietnamese companies and joint ventures are also attending the event, such as Apogee, T.A.T, Phu An Binh Technology and Waterline. The exhibition offers a good chance for businesses to establish relations, expand networks and advertise their products, said Bui Thi Thuc Anh, Director of the VCCI Exhibition Service Company. The event will last until Mar 30.

Trung Nguyen Coffee Group inaugurated one of its five modern Asian coffee plants in the northern province of Bac Giang on March 28. The facility was built at Quang Chau Industrial Zone in Viet Yen district at a total cost of VND2,200 billion. In the first phase, the plant, with planned design capacity of 100 tons per day, will focus on processing and packaging G7 brand instant coffee for domestic use and for export to China, the Republic of Korea and Japan. In the second phase, the group will continue to invest in processing technology in order to achieve maximum efficiency in output and quality, meeting the growth of exports. Construction of the plant is part of Trung Nguyen Coffee Group’s project to build a system of the most modern coffee plants in Asia.

Vinatex Fashion on Tuesday put a supermarket and a fashion store into operation in Hanoi. Covering 4,500 square meters and costing more than VND20 billion, the supermarket Vinatex Ha Dong sells more than 50,000 items at the three-story building. Meanwhile, the fashion store Vinatex 25 Ba Trieu stocks 25,000 items at the newly-constructed seven-story building. At the inauguration, Vinatexmart launched a variety of promotional programs such as lucky draw, preferential sales at the price of VND20,000 per item and discount ranging from 20% to 50% for many products. Vinatexmart has a wide distribution network with 65 sales agents including supermarkets and convenience stores in 26 provinces across the country. It aims to become the leading company in terms of made-in-Vietnam apparel products and the country’s top two retail chain with 200 stores by 2015. Vinatex is the largest retail chain in the field of apparel industry.

(Source:Agencies)

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