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BUSINESS IN BRIEF 17/2   2009-02-17 - VietNamNet/ND

Export and investment credit interest rate stands at 6.9% per annum

The State’s export and investment credit interest rate in Vietnam dong is set at 6.9% per annum and in freely convertible foreign currencies is 5.4% per annum from February 2.

This is according to a Decision signed on the same day by the Minister of Finance.

The interest rate difference to be supported after investment for those projects with loans in Vietnamese dong is 2.1% per annum and in foreign currency is 0.6% per annum.

Construction of Inax shower equipment kicked off

Shimizu Construction Company on February 16 kicked off the construction of Inax Shower Equipment Plant at the Dien Nam-Dien Ngoc Industrial Park in central Quang Nam province.

The plant covers 70,000 square metres with a total investment of US$18 million. It has a capacity of 1 million products a year.

Construction is scheduled to be completed in late 2009. Upon its operation, the plant will provide jobs for some 500 local workers.

BIDV finances VND 1.6 trillion for expansion of national highway No 51

The Bank for Industrial and Development of Vietnam (BIBV) has committed to providing credits worth totalling VND 1.6 trillion for the expansion of the National Highway No 51.

A credit agreement to this effect was signed on February 16 in Dong Nai province between Bien Hoa-Vung Tau Expressway Development Joint Stock Company and BIDV’s Dong Nai branch.

The total investment for National Highway No 51 expansion project is put at nearly VND 2.1 trillion.

The project will be carried out in different phases. In the first phase, BIDV will provide a loan worth VND 400 billion. Construction will be started in the second quarter of 2009 and finished in two and a half years later.

The Bien Hoa-Vung Tau Expressway Development Joint Stock Company with shareholders including the Vietnam Industrial Zone and Urban Development and Investment Corporation (IDICO), Song Da Corporation and the Bank for Investment and Development of Vietnam (BIDV). The company is assigned by the Prime Minister to carry out the project to expand National Highway No 51 and the Bien Hoa - Vung Tau Expressway.

The Bien Hoa - Vung Tau Expressway project has a total investment of VND 15.5 trillion and is currently under assessment by the Ministry of Transport.

Measures to help farmers sell products discussed

Measures to help local farmers expand markets and sell their products were discussed at a seminar held in Hanoi on February 16 by the Vietnam Farmers’ Association and the Asian Farmers’ Association (AFA).

At the Vietnam Agricultural Trade Consultancy Seminar, managers, scientists and experts from the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the Economic Research Institute and from the AFA exchanged opinions, shared information regarding the report on Vietnam agricultural trade as well as effective market-accessing and product selling experiences so as to work out solutions to help Vietnamese farmers solve their difficulties.

Delegates to the seminar stressed that the presence of many foreign agricultural and food products in the Vietnamese market had recently affected the consumption of domestically-produced agricultural products. Therefore, the government and relevant agencies and ministries should encourage farmers to expand production, diversify their products and pay attention to producing those products with high quality and productivity to meet the demands of an increasingly competitive market.

VietBank licensed to supply forex services

The Vietnam Thuong Tin Joint–Stock Commercial Bank (VietBank) has been approved to meet proper conditions to provide foreign exchange services to its customers.

This is according to a document signed on February 16 by the Governor of the State Bank of Vietnam (SBV).

Accordingly, VietBank is permitted to conduct foreign exchange services as spots, forwards, futures, options, and other types of FX transactions in line with international practice; mobilisation, lending and guaranty in foreign currencies in various forms set by the SBV; acting as issuer and issuing agent of international payment cards; domestic and international remittance and settlements; acceptance and payment of foreign currencies; discounting and rediscounting of valuable papers in foreign currencies; authorising other credit institutions and/or economic entities to act as agents to conduct money exchange, acceptance and payment of foreign currencies, and other services; providing trust and asset management services; and investment banking services (M&A, underwriting and issuing stocks in foreign currencies…); provision of forex consultancy to customers.

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