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BUSINESS IN BRIEF 22/9   2008-09-22 - VNA

Rubber exports likely to earn 1.5 billion USD this year

The rubber industry post an export revenue of over 600 million USD in the first six months of 2008 and expected to earn 1.5 billion USD for the entire year.

The expectation is well grounded on increasing prices of Vietnamese rubber in the world market and bumper harvests in large growing regions such as the Central Highlands , the southeast and central are enjoying.

Vietnam , the world’s fourth biggest rubber exporter, is selling its products at between 2,800 and 3,000 USD per tonne, bringing hopes for high incomes to farmers.

Eximbank offers credit support for importers, exporters

The Vietnam Import-Export Bank (Eximbank) has decided to pour an additional 3 trillion VND in providing credit support for importers and exporters.

Eximbank will cut its US dollar lending interest rates to 6.6 percent from 8.4 percent per annum for exporters and for importers to 6.6 percent for six-month and shorter terms.

The rates will be applied nationwide, said the bank.

The bank has provided almost 2 trillion VND to assist local import and export businesses over the past two months.

Eximbank is currently the largest commercial joint stock bank in Vietnam with a capital of more than 12.6 trillion VND.

PetroVietnam to build ethanol plant in Quang Ngai

A bio-ethanol plant will be built at the Dung Quat Economic Zone in central Quang Ngai province next year with investment from three subsidiaries of the Vietnam National Oil and Gas Group (PetroVietnam).

The 120-million-USD factory is expected to use 220,000 tonnes of cassava every year as the main feedstock to turn out annually 100 million tonnes of ethanol to be used as a biofuel alternative to gasoline.

The factory, scheduled for completion by 2010, is an investment of the Central Oil and Gas Biofuel Joint Stock Company, jointly set up by PetroVietnam Tourism and Service Company (Petrosetco), the Binh Son Refining and Petrochemical Company and the PetroVietnam Finance Company.

Over 100 contracts signed at Techmart Hanoi 2008

More than 100 contracts and memorandums of understanding worth 500 billion VND (30 million USD) in total were inked during the Hanoi Technology and Equipment Fair 2008, which concluded in Hanoi on September 21.

According to Le Xuan Rao, Director of the Hanoi Department of Science and Technology, the four-day event attracted around 100,000 visitors.

Techmart Hanoi 2008, the third of its kind, covered a wide range of areas, including mechanical manufacturing, automation, IT, electronics, telecoms, food processing, agriculture, chemicals, pharmaceuticals, tourism, health care, education and banking services.

The fair attracted 285 businesses from Vietnam and abroad who showcased 1,200 technologies, equipment and software solutions at 300 booths.

Urban architectural planning, public transport, energy saving and environment solutions and traditional crafts were also introduced at the event.

VN, Uzebekistan boost cooperation in oil and gas

Vietnam and Uzbekistan have reached an agreement under which the latter will consider the possibility to allow the former to explore and exploit oil and gas in its territory.

The agreement was signed by the Vietnam National Oil and Gas Group (PetroVietnam) and the state-owned Uzbekneftegaz of Uzbekistan during PetroVietnam General Director Tran Ngoc Canh’s visit to the oil-rich Central Asian state on September 17-18.

The deal also mentions a possibility for the two sides to jointly explore and exploit oil and gas in each other’s territories and in third countries.

During the visit, General Director Canh also met with Uzbekistan First Deputy Minister of Foreign Economic Relations, Investments and Trade Nasriddin Najimov and Deputy Foreign Minister Anvar Saidovich Salikhbaev.

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