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Business in brief in 14 September 2012

Date: 9/17/2012 7:29:14 AM

(Sourced from various news agencies)

Business in brief in 14 September 2012

The Ministry of Agriculture and Rural Development has asked the Cultivation Department to build up the logo of Vietnamese Good Agriculture Practices (VietGap) for agro-products farmed at home. The logo for local farm produce recognized as VietGap products is expected to bring benefits for local farmers who have been decrying that their logos are imitated in the market. The logo will also help local consumers tell VietGap products from other ones. The Cultivation Department said in the coming time it will organize a nationwide contest to seek the most suitable logo and to attract the attention of consumers towards VietGap products at the same time. Vo Mai as board member of Song Tien Gap Club told the Daily that such a logo should have been launched from the beginning when the VietGap program kicked off in 2008. However, it is better late than never, noted Mai, who is also vice president of the Vietnam Gardening Association.

Vedan Taiwan group, a major producer of food and beverages in Taiwan, plans to target ASEAN this year, to counter the flat market in China last year. Vedan’s first-half revenues reached NT$ 5.4 billion (US$ 180 million), down 3.6% year on year (YoY), with net profits of NT$ 110 million (US$ 3.67 million), sizably soaring 127% YoY. K.X. Yang, chief executive officer (CEO) of Vedan Taiwan, announced two major programs for ASEAN business deployment, including tapping the markets in Myanmar and Indonesia, and promoting beverages in Vietnam with 20,000 retailers. With the firm’s deployment in ASEAN this year, its revenues rose over 50% in the first half, coupled with steady revenue performances in Thailand and Vietnam. The firm launched two new beverages including green tea and green tea with lemon flavor in Vietnam in June, and will launch one to two kinds of soft drinks in the first half of 2013 to build brand.

Mekong Delta provinces have so far earned nearly US$1.2 billion from exporting 84,000 tons of Tra fish to 133 countries, including more than half to the US, EU and ASEAN countries. However, due to a fall in the price of Tra fish from VND28,000 to VND22,000-22,500 per kilo, fish breeders tend to narrow the scale of fish production for export. It is forecast that processing factories will be running short of materials by the end of this year. The Ministry of Agriculture and Rural Development has urged the Mekong Delta authorities to maintain at least 5,500 hectares of breeding areas to yield 1.2 million tons of Tra fish. It has also asked local fish breeders to pay more attention to improve the quality of products for exports.

Vietnam, Thailand and the Republic of Korea (RoK) have agreed to cooperate in the energy sector. The agreement with Thailand was made at talks between Vietnam’s Deputy Minister of Industry and Trade, Le Duong Quang and Thailand’s Minister of Energy, Arak Cholatanon, on September 13, on the fringes of the ongoing 30th ASEAN Energy Ministers’ Meeting in Phnom Penh. They agreed to adopt a joint statement on the deal, under which, both countries will put forward appropriate cooperation models and mechanisms to increase the efficiency of joint initiatives between their business communities. They also agreed to hold a bilateral energy forum on implementation of joint projects. Earlier, on September 12, the RoK’s Deputy Minister of Knowledge Economy, Lee Kwansup, pledged to further assisting Vietnam in human resources training to develop its energy and technology sector.

A forum on promoting investment in industrial zones and coastal economic zones was opened in the capital city of Tokyo on September 13. It is part of the Vietnam-Japan Meeting 2012 which is taking place in Japan from September 13-17. The event drew more than 300 delegates including major investors and businesses from Japan and Vietnam. At the forum, representatives from five localities of Vietnam namely Haiphong, Thua Thien-Hue, Phu Yen, Binh Dinh and Vung Tau, introduced their potential for developing industrial zones, as well as investment encouragement policies. Japan is currently Vietnam’s leading foreign investor with more than 1,700 projects worth US$28 billion.

The European Commission (EC) has announced a probe into the evasion of anti-dumping tax by companies shipping disposable Chinese-made lighters to the EU from Vietnam. Vietnam’s Competition Management Agency, a part of the Ministry of Industry and Trade, confirmed that a EC agency will investigate seven Vietnamese companies who export lighters, and work with local customs agencies to collect for more information about the case. The investigation began in June and will continue until April next year. Although the probe is mainly focusing on the lighter manufacturers in China, the Competition Management Agency said the results will affect all Vietnamese lighter exporters to the EU market as well.

The Ministry of Industry and Trade has announced plans for a business trip for domestic engineering enterprises to seek new business opportunities in the US cities of New York, San Francisco and Chicago. The trip, from October 5-15, aims to help local firms to explore market trends in developing support products used by the machinery engineering industry in the US, establish relationships with US firms as well as better advertise the advantages of Vietnamese support products in the engineering industry. During their stay in the US, the businesses would get the chance to meet representatives from engineering companies to exchange co-operation opportunities and participate at the MetalCon International 2012 expo, one of the biggest exhibitions on the machinery engineering industry in the US.

Two-way trade between Vietnam and countries in the Americas exceeded US$18 billion during the first seven months of this year, up 19% against the same period last year, according to the Vietnam General Department of Customs. During the period Vietnam enjoyed a trade surplus with nearly $13.4 billion in export revenue and more than $4.6 billion in value of imports, representing a year-on-year increases of 20% and 16% respectively. The US remained Vietnam’s biggest trading partner in the region, with export-import turnover rising 20% to $13.9 billion during the period, followed by Brazil ($1.1 billion), Canada ($903 million), Argentina ($530 million) and Mexico ($473 million). Vietnam’s key export items to these countries included garments and textiles, wooden goods, footwear, seafood, machinery and accessories. Its imports from the Americas included computers, electronics and components, foodstuff and materials.

Credit rating firm Moody’s has maintained its "stable" outlook for Sacombank. The bank’s standalone credit capacity continued to be rated at E+, equivalent to long-term credit at B1, thanks to its branch and ATM networks, assets value (the sixth largest in Vietnam), and lower bad debt and higher capital adequacy ratio compared to the market average, among others. Moody’s also rated deposits in dong and foreign currency as B1 and B2, the highest among Vietnamese institutions.

HSBC Bank Vietnam has been named Best Foreign Commercial Bank in Vietnam for the seventh straight year by Hong Kong-based FinanceAsia magazine. The bank has 18 outlets and 200,000 customers across the country. Finance Asia praised HSBC’s continued efforts to expand operations and diversify services despite the testing market conditions. The joint stock DongA Bank has won the Best Foreign Exchange Provider in Vietnam 2012 (Wholesale Banking category) from another magazine, Asia Banking&Finance.

Norwegian company Brodrene Dahl, a provider of materials for ship piping systems, yesterday opened an office and warehouse in Dong Xuyen Industrial Park in Ba Ria–Vung Tau Province. Its general director, Alexander Hellesen, said around 3,000 tons of pipes, fittings, flanges, valves, and actuators are in stock at the warehouse ready for delivery to customers in Vietnam.

Representatives from the Japan Transport Co-operation Association (JTCA) and Marubeni Corporation proposed a plan to improve and develop the central city of Da Nang’s ports and metro system, respectively. Meeting with the city’s administration on Wednesday, JTCA’s representative Tetsuo Yoshida proposed a plan for improving the cargo demand capacity of Da Nang port and enable it to receive passenger ships in the future. The central city has finalized its Master Plan on the future transport and infrastructure development in 2020-30, of which a metro system is the top priority. In a meeting with the city’s administration, the Japan International Co-operation Agency (JICA) Vietnam said it would help improve the city’s Lien Chieu water supply plant and Tien Sa port with funds totaling US$86 million from the Asia Development Bank.

Mekong Aviation JSC (AirMekong) is offering over 220 discounted tickets on its domestic routes each day from now to October 14, the carrier announced last week. The routes included in the promotion are from HCM City to Buon Me Thuot, Pleiku, Phu Quoc, Con Dao and Quy Nhon as well as from Ha Noi to Da Lat, HCM City, Buon Me Thuot, Pleiku, Con Dao and Phu Quoc. During the period, the carrier will also increase flights on some domestic routes to meet anticipated demand.

The Property & Management Company (MPC) was appointed by real estate developer Novaland to manage the Sunrise City residential complex, which recently made its debut in HCM City’s District 7. The US$500 million complex, which includes 12 sky-high buildings ranging from 30 to 35 floors, was built by international contractors including Bureau Veritas, Surbana and Kumho E&C. Headquartered in Ha Noi, PMC currently manages a number of property projects nation-wide with total area of 500,000 sq.m.

(Source:Agencies)

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