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Business in brief 29 Jan 2013

Date: 1/30/2013 7:18:49 AM

(Sourced from various news agencies)

Business in brief 29 Jan 2013

Vietnam’s footwear exports rose 10.6% year-on year in 2012 to US$7.25bn, according to the Vietnam Leather and Shoes Association (Lefaso). Three major export markets remained the EU, the US and Japan. In 2013, the industry has set a target of US$8bn, with plans including 6% growth in the EU region, 20% growth in the US, and around 30% in Japan. It also intends to expand shipments to Eastern Europe and Australia.

Vietnam’s two leading partly private lenders Eximbank and Sacombank may merge in the next three to five years, a state-run newspaper said on Tuesday. The two banks, both based in Ho Chi Minh City, will seek approval for the plan from shareholders and government agencies, an online report of the Saigon Times newspaper(thesaigontimes.vn) quoted an Eximbank statement as saying. Eximbank, or the Vietnam Export-Import Commercial Joint Stock Bank, is 15.13 percent owned by Sumitomo Mitsui Financial Group.

Specimens of rhino and several other wild animals are now banned from being traded, exported or imported, according to a new directive signed by the government. Specifically, specimens of white and black rhinos and elephants, as well as products made from their horns are banned. The specimens described above can only be imported under three circumstances. First, the specimens serve diplomatic or scientific research purposes; are to be used for biodiversity conservation, to be displayed at a zoo, or exchanged amongst CITES authorities and its national members. Second, the specimens are non-commercial products that meet the import requirements set by CITES Vietnam and the CITES authority from the exporting country. Finally, specimens that acquired CITES permission for import prior to the release of this directive reserve the rights to be brought to the country.

The Vietnam International Travel Mart (VITM) Hanoi 2013, titled “Exploring the Red River Delta - The source of Vietnamese culture” will be held in the International Exhibition Centre in Hanoi from April 18th-21st, as part of the National Tourism Year 2013. According to Mr. Vu The Binh, Vice Chairman of the Vietnam Tourism Association, the Mart will serve as the opening event of the Tourism Promotion Program for 2013. The Mart will have 400 stalls, including 250 domestic and 150 foreign ones. The foreign enterprises to take part in the event will mainly come from South East Asia, North East Asia and Western Europe, including Vietnam’s major tourism markets such as the Republic of Korea, Thailand, Taiwan (China), Malaysia and Singapore. Organizers hope to hold VITM events annually starting from this year.

A seminar took place in Tokyo on January 28 to attract Japanese investment into Vietnam’s southern Long An province. Chairman of the provincial People’s Committee Do Huu Lam said Long An is located near Ho Chi Minh City – a major economic and trade hub of Vietnam. It has an abundance of human resources, and has to date secured 477 projects worth a total of US$3.7 billion. Long An province is striving to improve administrative procedures and perfect policies and infrastructure, Lam added. Long An’s investment environment, incentives for foreign investors, and businesses’ experience in production and trading were also introduced at the seminar.

Citibank Vietnam has been recently voted as the "Best Bank in Vietnam" and "Best Debt House in Vietnam" for 2012 by leading international financial magazine The Asset. This marks the second time it has been named as the best bank, following recognition in 2007. Citibank has also won the equivalent award in the Philippines, China, Indonesia, South Korea, Singapore, Taiwan and Thailand. The Asset Magazine selected the award winners according to bank products, service quality, strategies to attract and develop services as well as institutional contributions to society in general.

The Vietnam Chamber of Commerce and Industry (VCCI), OSB Investment and Technology JSC and the Alibaba.com Group are joining forces in a bid to support Vietnamese exporters to seek partners and expand their market through increased e-commerce. The project, which was launched last year, targets supporting 500 exporters in 2013. These companies will be given a discount on the member registration fee to become a Global Gold Supplier on Alibaba.com and be given opportunities to meet large exporters, share experiences and take part in training courses on e-commerce.

The Japanese Terumo Medical Corporation has been granted an investment license allowing it to build a medical equipment manufacturing factory in Long Duc Industrial Park in southern Dong Nai Province. Covering an area of 10 ha, the US$98.9 million factory is expected to open its doors in the second quarter of 2015. The factory will mainly produce products for blood preservation, with the aim of developing its market in Southeast Asia, Europe and America. This is the second Terumo-invested project in Vietnam, after the $19.5 million medical equipment factory in Ha Noi, which has been put into operation.

The Vietnam Chamber of Commerce and Industry, OSB Company and Alibaba Group this year will support 500 local companies to export products via e-commerce activities, Dau Tu reports. Besides being given member fee support for Global Gold Suppliers on Alibaba.com, local enterprises will be subject to many other incentives of the supporting package, including exchanges with foreign importers.

Prime Minister Nguyen Tan Dung has officially allowed Viettel Global Investment JSC to develop a telecom network in Cameroon and to transfer its investment capital abroad by taking out loans from shareholders, Dau Tu reports. Viettel Global so far has invested in Laos, Cambodia, Haiti and Mozambique and had remitted home profits of US$40 million in 2011 and some US$76 million in 2012.

This month’s agro-forestry-aquatic exports reached an estimatedUS$2.17 billion, marking up 39.7% year-on-year, Dau Tu reports, citing the Ministry of Agriculture and Rural Development. Export value of key farm produce was estimated at US$1.17 billion, jumping 46.6% over the same period last year with seafood and forestry products hitting US$376 million and US$447 million, up 3.5% and 46% respectively.

(Source:Agencies)

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