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BUSINESS IN BRIEF 15/10   2008-10-15 - VNA

RoK firm to build environmentally-friendly resort in Hue

Lang Co Beach. (Photo:

Leaders of the central province of Thua Thien-Hue signed an agreement on Oct. 14 permitting RoK’s Dream Palace company to invest in the construction of a resort bearing its name in Chan May-Lang Co EZ.

The 32 million USD resort will occupy 26-27 ha of land and will include 130 villa apartments, all sea-facing, plus a number of other service and recreation areas.

The resort’s design complements its natural surroundings, and is environment-friendly, according to a statement issued by the company.

The construction project will be launched in the near future and is planned to be completed in 18 months time.

100 foreign businesses to attend industrial products fair

Almost 100 businesses from 10 countries and territories around the world will participate in the 17th Vietnam International Industrial Fair in Hanoi from Oct. 17 to 21.

Joining businesses from Russia, India, the Czech Republic, Taiwan, the Republic of Korea, Japan, Iran, China, Malaysia and Singapore are 250 local firms operating in the field of industrial machinery.

This year’s event will focus on machine products, mechanical-metal equipment, industrial tools and new technologies. High on the agenda at the fair is a wide range of top-quality domestic products with competitive prices.

Businesses from Russia and Taiwan will also hold seminars and discussions with local businesses attending the fair.

The management board said that, since its establishment 17 years ago, the fair has helped to forge trade links between Vietnamese and foreign businesses and has successfully promoted the country’s international economic integration.

Singaporean firm to invest in technology park in Binh Duong

Singapore’s Mapletree real estate corp. on Oct. 14 signed a land lease agreement with Becamex Investment and Development Trading company to build a technological park in southern Binh Duong Province.

The 400 million USD project will take up 75 ha of land and is Mapletree’s first trading and production complex in Vietnam which aims to serve local companies operating in software development, software outsourcing and goods production.

Apart from the hi-tech park, Mapletree has inaugurated a 110 million USD storage facility in the Vietnam – Singapore II industrial zone.

The provincial People’s Committee chairman Nguyen Hoang Son promised that the province will create the most favourable conditions for the Singaporean investor to implement the project smoothly.

Vietnam-Russia business council to set up

The Vietnam Chamber of Commerce and Industry (VCCI) will set up a Vietnam-Russia business council in a bid to increase the efficiency of its assistance to Vietnamese businesses at home and in Russia.

The council is expected to help expand cooperation between Vietnamese and Russian businesses in trade and investment, as well as sci-technological, tourism and cultural exchanges.

The council will serve as a link between businesses and relevant government agencies, as well as between businesses and Vietnamese diplomatic and commercial agencies abroad.

Experts said Russia is a promising market for Vietnamese exporters, especially seafood businesses, with their seafood exports to the market having increased by 35 percent year-on-year to around 120 million USD so far this year.

FPT announces big revenue boost for year

The Financing and Promoting Technology Corporation (FPT) on Oct. 13 announced total revenue of more than 12.4 trillion VND (754.5 million USD) for the first nine months of this year, a year-on-year increase of 36.7 percent, or 83.3 percent of the 2008 target.

Of the total, pre-tax profit hit over 843 billion VND (51 million USD), increasing 27.9 percent against the same period last year. The third quarter alone saw revenue of more than 3.7 trillion VND (228.6 million USD), a year-on-year rise of 17.5 percent.

Speaking at a press conference on Oct. 13, the corporation deputy chief executive officer, Bui Quang Ngoc said FPT planned to reach total revenue of 1 billion USD this year despite the spreading global financial crisis. “The corporation plans to increase its charter capital by 50 percent by issuing bonus shares for existing shareholders from the surplus capital with the ratio 2:1.”

FPT, formerly known as FPT Joint Stock Company, officially established two software companies in the USA and Australia, named FPT USA Corp and FPT Australia Ltd in order to promote its service providers and software’s processors in two potential markets. The planned revenue of both companies next year will reach 13 million USD.

SBI Holdings (SBI) officially became a new shareholder of FPT Capital on September 20 with 8.17 percent of stakes in the firm. SBI said it aims to raise its shares to just under 49 percent under domestic law.

Habubank launches consulting service

Hanoi Building Joint Stock Commercial Bank (Habubank) on Oct. 13 launched a personal financial consulting service aimed at mid-to-high income earners in urban areas.

Titled Wealth Advisory, the consulting service will initially be available at 10 branches in the capital and on the telephone through a 24-hour phone line.

Habubank on Oct. 13 also introduced products combining life-insurance and banking services with 5 to 15-year terms. ‘Bancassurance’ products will be offered with interest rates at the level of normal deposits.

ITC to hold anti-dumping review

The US International Trade Commission (ITC) is now conducting a full review to determine whether to continue anti-dumping duties imposed from 2003-2008 on certain frozen fish fillets from Vietnam.

The review, according to the Vietnam Association of Seafood Exporters and Processors (VASEP), will determine whether revoking these tariffs would likely lead to a continuation or recurrence of material injury to US interests. Currently, anti-dumping tariffs for Vietnamese catfish exporters are set at an average of 64 percent.

The US Department of Commerce (DoC) is required by law to revoke an anti-dumping order or terminate a suspension agreement after five years, unless the DoC and the ITC determine that doing so would cause harm in the foreseeable future.

Interested parties in the US must provide the commission their responses to the likely effects of revoking the order under review.

In September, the DoC exempted three Vietnamese tra catfish export and processing companies from anti-dumping tariffs, because it found they had not devalued catfish to sell in the US during the period of August 2006 to July 2007.

These companies were Anvifish Company Ltd, QDV Food Company Ltd and Binh An Seafood Joint Stock Company.

Malaysia’s Supportive to set up toy plant in Vietnam

Malaysia’s Supportive International Holdings Bhd will expand its toy manufacturing business to Vietnam early next year, local media reported.

The company would initially lease a 10,000-sq-ft plant (929 sq metres) in Ho Chi Minh City , Group executive chairman Lee Kuang Shing said, adding that about 5 million USD will be injected into the facility, which will create 300 to 400 jobs.

“The rationale for going into Vietnam is that we are finalising a deal with IKEA, the Swedish-based toy and furniture retailer, to obtain a three-year, 15 million USD contract to manufacture wood and plastic-based toy products,’’ the Star online quoted Chairman Lee as saying.

“The move will also bring us close to IKEA’s operations in Vietnam,” he added.

Other news

Electronics imports begin flocking to Vietnam   2008-10-15

Orders waning, garment companies suffering   2008-10-15

Rice exports aim high for Q4   2008-10-15

EU seeks FTA with Vietnam   2008-10-15

Fears fade for global investors; VN-Index up   2008-10-15

City’s industrial output hits $7.4bil   2008-10-15

VND deposits preferred to US$   2008-10-15

Foreign currency market: supply increasing, demand decreasing   2008-10-14

International port begun in Ba Ria-Vung Tau   2008-10-14

SSC submits draft rules for securities companies   2008-10-13

VN-Index follows falling global market   2008-10-13

Deputy PM urges acceleration of refinery project   2008-10-13

Hanoi to prioritise agricultural, new-technological products   2008-10-13

100 outstanding entrepreneurs honoured   2008-10-13