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BUSINESS IN BRIEF 2/11   2008-11-02 - VNA

FPT to issue 47mln bonus shares to existing shareholders

The Corporation for Financing and Promoting Technology (FPT) will issue 47 million bonus shares to exiting shareholders at a ratio of 2:1.

November 11 will be the deadline for registration.

The date for transaction is planned for December 15.

Re-insurer expects 1 trillion VND revenue this year

Vietnam National Reinsurance Corporation (VNR) expects revenues to near or exceed 1 trillion VND this year.

Early this year, VNR raised its charter capaital from 343 billion VND to more than 672 billion VND.

Swiss Re of Switzerland has become a strategic partner and holds a 25 percent stake of VNR’s charter capital. Swiss Re paid 10 million USD for the stake.

RoK investors spell out their needs to Vietnam

The Ambassador of the Republic of Korea (RoK) to Vietnam Im Hong Jae on Oct. 31 said it was important to create the most favourable business climate for foreign investors especially during current economic difficulties.

The ambassador said foreign investors made a big contribution to Vietnam’s socio-economic development by transferring the latest technology, increasing export turnover, and creating more jobs.

He said there were many business opportunities awaiting RoK enterprises in Vietnam.

Among those attending the meeting were representatives from ministries and sectors, the Korea Trade and Investment Promotion Agency, and the Advisory Council of Administrative Procedure Reform Secretariat (ACAPR).

ACAPR chairman Nguyen Xuan Phuc said Vietnam had given priority to enhancing administrative reforms and improved State management to fulfil WTO commitments.

He said the seminar was a chance for RoK firms to air any difficulties in completing administrative procedures, adding that they could then offer the State suggestions on perfecting the Vietnamese business climate.

During the event, RoK investors said administrative procedures, especially in tax and customs, the shortage of skilled workers, insufficient support industries created difficulties in investing in Vietnam.

A representative from the Vietnam Daewoo Motor Co (Vidamco) suggested the Vietnamese Government consider setting up an office handling administrative procedures and government’s policies.

Hermes group opens branch in Hanoi

The Hermes group, which sells watches, leather products and home décor among other products, inaugurated their first branch in Hanoi on Oct. 31.

Founded in 1837, Hermes now manages more than 300 stores in Europe, Asia, America and Oceania, employing about 7,500 staff.

Hermes earned a total revenue of more than 1.6 billion euros (2.07 billion USD) last year.

Other news

HASTC sells 27.3 bn USD in Gov’t bonds   2008-11-02

VN-Index rises for third straight day   2008-11-02

Record rainfall inundates Hanoi   2008-11-01

Financial crisis cuts into tourism targets   2008-10-31

Capital in excess, but businesses not ’interest’-ed   2008-10-31

Foreigners selling stakes but not hitting the road: SSC   2008-10-31

Vietnam and WTO: Close and distant after two years   2008-10-30

BUSINESS IN BRIEF 30/10   2008-10-30

Stocks hit roof of trading bands, helping to prop up VN-Index   2008-10-30

Foreign investors want power projects   2008-10-30

Big steel projects raise big worries   2008-10-30

Millionaires losing billions in VND due to falls in stock price   2008-10-30

BUSINESS IN BRIEF 29/10   2008-10-29

Animal feed prices cut into farmers’ profits   2008-10-29