Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates

Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

BUSINESS IN BRIEF 25/12   2008-12-25 - VNA

PM urges resumption of PCI-related projects

The Prime Minister has asked the Ministry of Planning and Investment (MPI) to boost negotiations with representatives from the Japanese Government and implement activities of the joint committee for preventing ODA corruption so as to quickly resume projects related to Pacific Consultants International (PCI).

PM Nguyen Tan Dung’s request also aims to urge Japan to resume its provision of official development assistance (ODA) for Vietnam .

The PM also assigned the MPI to coordinate with the World Bank and donors to prepare for the Mid-term Consultative Group (CG) Meeting 2009 in the Central Highlands.

Petrolimex plans to equities entire firm

The State-owned Vietnam National Petroleum Corporation (Petrolimex) and 41 subsidiary petrol companies have asked the Government to equitie the whole corporation, according to Petrolimex board chairman Vu Ngoc Hai.

He said that Ministry of Industry and Trade (MoIT) agreed with the proposal, but that Petrolimex must wait for the Government’s official green light to carry out equitisation plans.

The corporation equitised 26 non-petrol enterprises three years ago and handed over a detailed outline for its latest equitisation plans.

Deputy Minister of Industry and Trade Bui Xuan Khu told the meeting between MoIT and Petrolimex last Friday that Petrolimex needed to weigh the models of a holding or one-member limited company, while it waited for the Government’s decision.

Ca Mau Power Plant No 2 opens

Ca Mau Power Plant No 2 began to generate electricity for the national grid on Dec. 23, according to the PetroVietnam Ca Mau Power Company.

The Ca Mau 2 and Ca Mau 1 power plants, which began operating in March, will together have a maximum capacity of 1,500 MW and generate over 34 million kWh each day for the national grid.

This will significantly reduce the electricity shortage at the end of the year and the beginning of next year’s dry season.

The two power plants have so far produced a total 3,545 billion kWh for the national grid and a turnover of 4,038 billion VND (238 million USD).

Gov’t hopes diesel cuts will stimulate economy

The retail price of diesel oil fell by 1,000 VND per litre nationwide on Dec. 24, according to the Ministry of Finance’s Price Management Department.

A litre of diesel oil now costs 11,000 VND.

The plan for the price cut was submitted by the Vietnam National Petroleum Corporation (Petrolimex) and approved by the Price Management Department.

The new price of diesel oil is in force at all Petrolimex distributors and agents in the country.

“The price decrease for diesel oil reflects efforts to stimulate production, contributing to implementing the Government’s five key solutions to boost economic growth and prevent an economic slowdown,” said Petrolimex deputy general director Vuong Thai Dung.

“This also proves Petrolimex’s market-oriented price mechanism,” added Dung.

Toshiba establishes new manufacturing base

Toshiba Corp. announced on Dec. 24 that it would meet the growing demand for high-efficiency motors in the global market by establishing a new manufacturing and sales base in Vietnam.

Toshiba said it selected Vietnam as home to the new motor manufacturing base for reasons of the ability to secure talented human resources, and advantageous logistics to the worldwide market, particularly North America and Asia .

The new company, Toshiba Industrial Products Asia Co. Ltd., will be located in southern Dong Nai province and will manufacture high-efficiency industrial motors rated at under 100 horsepower, plus their parts.

The company will construct a factory on 8ha in Amata Industrial Park . Work is scheduled to begin in April 2009. Operation is expected to start in September 2010.

Total investment in facilities construction and manufacturing equipment is around 77 million USD.

When the new facility reaches full capacity in 2015, it will be able to manufacture up to 1.2 million high-efficiency industrial motors a year, including key components, as required by the market.

As the new company ramps up its business, its initial product line will include parts for export to North America .

It will subsequently start exports to China , Southeast Asia and Japan , toward achieving a 210 million USD sales target by 2015.

Beverage makers launch product lines

Beverage enterprises have begun launching a raft of new products for the domestic market ahead of the Tet (lunar New Year) festival.

Coca Cola and Minute Maid introduced Minute Maid Slash orange juice.

The deputy general director of Tribeco, Nguyen Tri Bong, said that prices of beverages during the Tet festival would increase by 10-15 percent against the previous year due to changes in the foreign currency exchange rates.

Other news

Vietnam’s economy in 2009: how to fly in bad weather?   2008-12-25

Real estate 2008: hot at first, cold at close   2008-12-25

Black market’s exchange rate soars to VND17,520/US$1   2008-12-25

Electronic sector grows since joining WTO playground   2008-12-25

Vietnam, Japan ink economic partnership deal   2008-12-25

Exports reach nearly $63 billion in 2008   2008-12-25

Christmas eve slows trading in HCM City   2008-12-25

Economic growth topped 6 percent in 2008   2008-12-25

Formosa gets tax discount for steel mill   2008-12-25

Official calls for delay in personal income tax law   2008-12-25

HCMC market edges up as investors remain wary   2008-12-25

2009 to be difficult year, but will still offer opportunities: economists   2008-12-24

More advantages for small and medium enterprises in 2009   2008-12-24

Vietnam to put rules on gold trading floors   2008-12-24