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BUSINESS IN BRIEF 7/10   2008-10-07 - VNA

ACB accepts JCB cards

ACB is one of the leading commercial banks in Vietnam, including more than 5,000 units which accepts its cards.

The Asian Commercial Bank (ACB) has operated a network which accepts cards of JCB International (JCBI), a branch of Japanese Credit Bureau (JCB), announced the two sides in Ho Chi Minh on Oct. 7.

ACB plans to cooperate with around 4,000 agencies which will accept JBC card up to Jan. 2009. The agreement will provide more useful features for JCB card holders when travelling to Vietnam.

JCBI’s general director Kenji Seto said Vietnam is an important market of JCB in the field of credit card payment because more and more JCB’s card holders are coming to Vietnam.

He expressed his hope that the cooperation will bring further benefits for the two sides.

ACB’s general director Ly Xuan Hai said Vietnam currently receives a huge number of international and Japanese visitors and JCB cards will contribute to promote the bank’s business operation.

ACB is one of the leading commercial banks in Vietnam, including more than 5,000 units which accepts its cards.

JCB, a top credit card company in Japan, maintains the position as a leader in the Japanese card industry. More than 59.78 million of people in 19 countries and territories around the world are using its cards.

The company has cooperated with 350 reputable banks and financial institutions around the world.

Vietnam sees Middle East as potential export market

An official from the Trade Promotion Department has asserted that the Middle East will become one of Vietnam’s major export markets in the future.

Addressing a seminar on exports to the Middle Eastern market held in Hanoi on Oct. 7, Vice Head of the Trade Promotion Department Le Hoang Oanh said trade with Middle Eastern countries is progressing due to the increasing consumption demands of the locals.

Additionally, many Middle Eastern countries are shifting their trade and investment undertakings towards eastern markets, including Vietnam, thus helping to expand the doorway for Vietnamese goods into the market.

Seizing this opportunity, Vietnam has recently intensified political and diplomatic activities, signing trade agreements with a number of regional Middle Eastern countries to form a legal framework for cooperative activities.

As a result, Vietnam’s exports to Middle East have improved satisfactorily in terms of both market and trade balance.

The two largest importers of Vietnamese goods in the region are the United Arab Emirates and Turkey.

In 2007, Vietnam’s two-way trade with the Middle East reached 1.2 billion USD, including 700 million USD in exports, and is expected to increase by 30 percent this year. This figure did not include exports to the region via a third country.

Vietnam’s export staples to the Middle East are rice, coffee, textiles and garment products, computers and appliances, footwear and maritime products and woodwork, whilst imports to Vietnam from the region include petroleum, petrochemical products, fertilisers and steel.

At the seminar, businesses shared experiences in exporting to the Middle East.

Capital city expects 14 more luxury hotels

According to the municipal Service of Culture, Sports and Tourism, investors have pledged the completion of an additional 14 luxury hotels in Hanoi by 2010.

Currently, the capital city boasts eight 5-star hotels, as well as six 4-star hotels and 20 three-star hotels. With the upcoming millennium anniversary and the ongoing increase of Meeting, Incentive, Convention and Exposition (Mice) tourism, Hanoi is facing a rapidly growing demand of high-quality accommodations.

Over the last nine months alone, the municipal administration licensed 10 four- and five-star construction projects. It is considering six other applications for investment in this industry.

One trillion VND for largest fisheries logistics centre

An investment of almost 1 trillion VND in a logistics centre for the fishing industry has got licensed for construction in Quang Ngai Province, making it the biggest of its kind on the central coast.

The project has been designed to provide modern logistics services for the fishing industry, aquaculture and seafood processing in the region.

The project’s three main pillars consist of a seafood processing factory with an annual capacity of 5,000 tonnes, a shipyard capable of building 100 fishing ships per year as well as a ship maintenance yard.

Besides, the project includes several other facilities such as a gas station, a fishing net manufacture and a shopping centre.

Construction is supposed to take almost two years. Once finished in late 2011, the logistics centre will provide employment opportunities for as many as 500 local workers.

Steel billet export tariff cut by half

The Ministry of Finance on Oct. 6 reduced the export tariff levied on steel billets to 5 percent from the current level of 10 percent .

The decision is set to be effective on Oct. 7, according to the ministry.

This is the second tax cut on steel billet export over the past two week. Earlier, on Sept. 22, the steel billet export tax was halved from 20 percent to 10 percent.

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