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BUSINESS IN BRIEF 22/1   2009-01-22 - VNA

Rubber firm deflates profit target for ‘09

The Vietnam Rubber Group has set a target of earning a pre-tax profit of 3.2 trillion VND (188 million USD) this year, according to the General Director of the group, Le Quang Thung.

This year’s target is lower than last year’s 3.9 trillion VND (229.4 million USD) because of falling demand and lower prices brought on by the global financial crisis.

The world’s economic slowdown has made a significant dent in the global rubber industry. It has caused a slash in demand for rubber tires at a time when declining crude oil prices have reduced the cost of synthetic rubber.

The price of a tonne of rubber has dropped by 50 percent in the last few months, from 2,645 USD to about 1,300 USD.

The entire domestic rubber industry now expects to cut rubber exports this year.

According to the Vietnam Rubber Association, the country will cut exports of rubber by 31 percent for 2009.

Last year, the country exported 645,000 tonnes of rubber, or 97 percent of its total output, down 9.8 percent from a year earlier.

Vietnam’s main rubber buyers are mainland China, South Korea, Taiwan, Singapore, Germany, the US and Japan.

Experts forecast that the rubber market will bounce back in 2010. Vietnam has set targets to export 900,000 tonnes of rubber, worth roughly 2 billion USD. This would result in an annual growth rate of 13.4 percent by 2010.

Real-estate developer increases investments

Huu Lien A Chau Joint Stock Co general director Tran Tuan Nghiep said the company had increased its investment in real-estate projects.

The projects include a retail and residential apartment complex planned to accommodate 7,200 residents living in Binh Tan District with a price tag of 2.5 trillion VND (147 million USD).

HLAC has raised its capital from 30 billion VND (1.7 million USD) in 2002 to 190 billion VND (12 million USD) in 2007.

In 29008, HLAC estimates to earn a revenue of 1.17 trillion VND and a profit of 52 billion VND.

SBV assures of enough cash in circulation

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State Bank of Vietnam (SBV) made an announcement on January 21 to affirm that SBV is committed to providing adequate cash to meet the demands of credit organisations and the State Treasury on the occasion of the upcoming Tet (Lunar New Year).

The affirmation was made following recent rumors that there is a shortage of VND cash in circulation.

The SBV is committed to supplying enough cash to credit institutions and the State Treasury on the occasion of the Lunar New Year and the coming months of 2009.

Quang Ninh licenses first three investment projects in 2009

The management board of industrial parks in Quang Ninh province has licensed the first three investment projects in January 2009, including two domestic and a foreign ones.

The three projects have a total investment capital of VND 50 billion and US$4 million, ranging from electric wire and cable production and beverage production to metal components manufacturing and processing.

All the three projects have 30-year operation duration and are expected to create jobs for hundreds of locals and neighbouring residents.



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