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BUSINESS IN BRIEF 28/9   0000-00-00 - VNA, SGGP, VNS, ND, LD

Suppliers reduce pork prices

Vissan and Sagrifood have cut pork prices by around VND1,000 per kilogram with effect from today.

The prices at supermarkets are now VND70,000, VND68,000, and VND75,000 per kilogram for thigh, shoulder lean, and lean meat respectively.

The companies’ price cuts have taken the total reduction in the past 10 days to VND2,000.

The price of pork on the hoof has been declining since June and is now VND35,000 per kilogram, the Saigon Agricultural Corporation said.

Vietnam boosts agricultural cooperation with Netherlands

Vietnam and the Netherlands agreed to expand cooperation in agriculture and climate change prevention during Minister of Agriculture and Rural Development Cao Duc Phat’s recent visit, the first of its kind, to the European country.

During the three-day visit concluding September 25, Minister Phat held talks with Dutch Minister of Agriculture, Nature and Food Quality Gerda Verburg and worked with the Netherlands ’ Ministries of Economics, Transport, Public Works and Water Management, and Foreign Affairs.

The two sides reached agreements on expanding cooperation in preventing and adapting to the global climate change, firstly coping with waterlogging in Ho Chi Minh City and the Mekong River Delta.

They also agreed to speed up “State-Private” partnership programmes in the agricultural sector, boost cooperation in food quality and safety, veterinary, plant and animal quarantine, submerged forest development and protection, and set up a flora reserve in Vietnam.

Dutch company builds Da Nang resort

A US$25 million resort will be built in Da Nang after an agreement between Hoang Tra Tourism Company and Life Resorts of the Netherlands.

The 4.5ha resort, scheduled to open next autumn, will include 10 suites, 182 rooms, 15 villas and a 500-seat convention centre. This will be one of the largest projects that Life Resorts manages in Viet Nam.

FPT and Nokia sign strategic agreement

The Corporation for Financing and Promoting Technology (FPT) and Nokia signed a strategic co-operative agreement on Thursday to develop a Nokia mobile phone network in Viet Nam.

Under the agreement, the two companies have also made commitments to expand Wifi service supply and co-operate to develop better digital telecommunication in the country.

MobiFone awards 21 millionth subscriber

MobiFone yesterday awarded VND100 million to its 21 millionth subscriber, even though the Vietnamese network operator now has almost 23 million subscribers.

The belated award, comes as Mobifone announced it now has about 40 per cent of mobile phone subscription market share and expects the number of subscribers to rise further to 30 million by the end of this year.

Le Ngoc Minh Director of Mobifone said the company has stepped up installation of 10,000 base receiver stations by the end of this year.

FedEx Viet Nam multiplies transport

FedEx, the world’s leading courier provider, introduced a new Airbus A310 flight service into the Vietnamese market on Wednesday.

This will increase its local transport capacity five-fold to 30 tonnes a day, and help reduce the transit time into and out of Ha Noi by one day.

"The service enhancement reinforces FedEx commitments to provide greater access for customers doing business with Viet Nam," said David L Cunningham Jr, president of FedEx – Asia Pacific Region.

Thanh Hoa Beer to list shares

The Ha Noi Securities Trading Centre has approved in principle an application by Thanh Hoa Beer JSC to list 11,424,570 shares.

The company, which is based in Thanh Hoa City, has a charter capital of VND114.24 billion (US$6.9 million), 55 per cent of which is owned by the State. It specialises in the production of soft drinks, non-alcoholic drinks, beer and wine.

PPG to pay dividend in November

Phu Phong Production, Trading and Service JSC (PPG) will pay its first dividend of 6 per cent in November, said the Ha Noi Securities Trading Centre.

The HaSTC has stated that October 10 is the last day to list shareholders and pay dividends for the first stage.

SPP lists 3.5m shares at HaSTC

Sai Gon Plastic Packaging JSC (SPP) on Thursday listed 3.5 million shares at the Ha Noi Securities Trading Centre (HaSTC) worth VND35 billion ($2.12 million).

In the first trading day, 98,100 shares changed hand, worth VND5.6 billion, at an average price of VND57,300 per share. Foreign investors bought 27,200 shares.

ITA pays dividends for 2007

The Tan Tao Investment and Industrial Joint Stock Company (ITA) will pay dividends of 15 per cent for the second half of 2007 on October 30.

In October, the company will collect opinions on percentages of the dividend for 2008 from shareholders.

DXP hits annual business target

Doan Xa Seaport Joint Stock Company (DXP) has reached its business target for this year, the company said on Wednesday.

It estimated revenues of VND69.3 billion (US$5.79 million), or 102 per cent of 2008 targets, 30 per cent higher than that in 2007, and a pre-tax profit of VND22 billion ($1.3 million), or 200 per cent of the target, an increase of 100 per cent compared with that in 2007.

Construction of largest foreign-invested resort in Haiphong starts

Construction of US$580 million Song Gia resort, the biggest ever foreign-invested project in services and tourism sector in the northern port city of Haiphong, kicked off on September 29.


The 100% foreign invested project covers 637 hectares in Thuy Nguyen district. Amco-Mibaek Vietnam Ltd Company, established by Amco company, a subsidiary of the Hyundai Motors Group, and Mibaek Industry Company from the Republic of Korea, is the investor of the project.


Construction of the resort will be carried out in phases. The first phase will be completed by July 2010 and the whole project is due to be completed by 2015.


Vietnamese depositors at Chinfon Bank Vietnam branches guaranteed of their rights

Taiwan’s Financial Supervisory Commission (FSC) has guaranteed that all rights of individual and organisation depositors at the two branches of Chinfon Bank in Vietnam will be protected to ensure the trading activities of these two branches, so as not to interrupt or cause any damage to the interest of customers.

Chinfon Commercial Bank Taiwan was officially taken over by Taiwan’s Central Deposit Insurance Corp (CDIC) at 4pm September 26 (Hanoi hour) on instructions from the FSC.

Accordingly, FSC guarantee that the bank depositors can be at ease since their rights are fully protected

FSC, after taking over Chinfon Bank, has plans to maintain stable operations of the two branches of Chinfon Bank in Vietnam that are performing well.

The government and State Bank of Vietnam have also committed to fully support the successful implementation of the plan. Thus, individual and organisation depositors at two Chinfon Bank branches in Hanoi and Ho Chi Minh City can totally feel secured of their deposits.

Chinfon Commercial Bank Taiwan is established under Taiwanese laws and has been allowed to open two branches in Hanoi and Ho Chi Minh City by the State Bank of Vietnam.

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