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BUSINESS IN BRIEF 6/3   2009-03-06 - VietNamNet/ND/VOV/SGGP/CPV

HCMC to host int’l furniture fair


Nearly 150 domestic and foreign enterprises will showcase their products at the Vietnam International Furniture and Home Accessories Fair (VIFA 2009), said the fair’s organisers.

About 40 percent of the businesses come from Singapore, France, Malaysia, the UK, Germany, China, Finland, Italy, Thailand, Japan and Norway.

VIFA 2009 is expected to welcome 600 international delegations from 57 countries and territories such as the US, Canada, the UK, the Netherlands and Japan.

Being held in the current economic crisis, the fair will help to retain ongoing export markets and is an opportunity to stimulate the domestic market. 

VIFA 2009 will be held on March 11-14 at the Saigon International Exhibition Centre, Ho Chi Minh City.

Overseas Vietnamese entrepreneurs in Australia seek opportunities 

More than 50 overseas Vietnamese businesses gathered at a forum in Sydney, Australia, on March 3 to examine business and investment opportunities in Vietnam. 

The forum, the second of its kind, helped entrepreneurs to learn more about Vietnam’s new policies in the current international economic integration process.

The Vietnamese Consul General to Sydney, Vu Hong Nam, acknowledged the entrepreneurs’ role and contributions to national economic development, saying they help boost trade ties between Vietnam and Australia.

Mr Nam said that the Vietnamese government will continue to create favourable conditions for Vietnamese businessmen in Australia to invest back in the country by providing them with visa exemptions and allowing them to buy houses in Vietnam.

Vu Van Quang, an official from the Ministry of Industry and Trade (MoIT), called on the Vietnamese community in Australia to expand its investment and business activities in Vietnam. He confirmed that the MoIT is willing to help Vietnamese enterprises abroad to fully tap into their resident country’s advantages to contribute to Vietnam’s overall development.

A similar forum will be held in Melbourne on March 6.

AIG Life Vietnam remains AIA subordinate 

The AIG Life Insurance Vietnam (AIG Life Vietnam) company has announced that it will remain a subsidiary of the American International Assurance (AIA) Co Ltd despite AIG’s move to restructure its business operations.

The American International Group, known as AIG, has decided to separate the Asia-based AIA into an independent business component in an effort to reinstate its position in the Asian region amid the world financial crunch.

AIG Life Vietnam is a 100 percent foreign-owned life insurance company, the first American life insurer to operate in Vietnam since August 2000, offering a wide range of life insurance products and services.

BIDV approved to issue long-term valuable papers

The State Bank of Vietnam on March 2 signed a decision to allow the Bank for Investment and Development of Vietnam to issue long-term valuable papers including bonds and deposit certificates in 2009.

Under this decision, the total value of long term valuable papers that the bank is allowed to issue this year is VND 9 trillion.

The central bank also asks that BIDV realises all the regulations relating to the issuance of bonds which have been agreed upon by the State Bank of Vietnam.

BIDV is responsible for using the capital mobilised from issuance of long-term bonds deposit certificates in an effective and safe manner.

February industrial production up 14.9%

Vietnam’s industrial production value in February is estimated at VND 58.2 trillion, up 21.6% against January and up 14.9% against the same period last year, according to the Ministry of Industry and Trade.

Some localities registered fairly high industrial production growths, including Thanh Hoa, up 47.6%; Binh Duong, up 40.4%; Can Tho, up 32.1%; Hanoi, up 20.7%, Haiphong, up 20%; Ho Chi Minh City and Da Nang, up 19%.

However, industrial production value of the country in the first two months of the year is estimated at VND 106 trillion, up only 2.5% against the same period last year, the lowest growth over the past many years. This is due to the direct impacts of the global economic recession, forcing some enterprises to temporarily stop operation or operate moderately due to large stockpile, especially enterprises producing products for exports.

State budget investment in transport infrastructure to increase 

The State will spend 3.5% - 4.5% of GDP to invest in transport infrastructure a year, according to the Transport Development Strategy by 2020, vision 2030 which was approved by the Prime Minister on March 3.

Accordingly, by 2020, the country’s transport system will basically meet the domestic demands with fast growth, high quality, reasonable costs while containing and reducing traffic accidents and environmental pollution.

All economic sectors are encouraged to take part in transport trading services, the strategy says.

Import tax for automobile components down 2-5%

The preferential import tariff for automobile components will be reduced by 2-5%, according to a decision by the Ministry of Finance.

Under the new decision, import tariff for combustion engines of different types will enjoy a reduction of 2%-5% while the import tariff for parts used mostly for engines belonging to the 84.09 group is down by 5% to 15%.

The new tariff will be effective from March 9.

Hai Duong improves investment environment

Authorities of the northern province of Hai Duong, in an effort to improve the investment environment, has held a meeting with foreign-invested enterprises in the locality to listen to the foreign businessmen’s opinions and proposals in order to help them solve difficulties for effective business operations.

Currently, there are 200 FDI projects with a total registered capital of over US$2.3 billion in Hai Duong. Of this, US$1.2 billion has been implemented. The foreign investors have come from 23 countries and territories.

Over 30 foreign investors, representing the 200 FDI enterprises in Hai Duong made proposals relating to corporate income tax, natural resources exploitation tax, land rents and environmental issues, to the local leaders.

The local authorities answered the investors’ questions and pledged to settle the difficulties put forward by the investors.

Japanese enterprises promote investment in Vietnam

The third Vietnam-Japan Economic Forum was held in Hanoi on March 3 by the Vietnam Chamber of Commerce and Industry and the Japan External Trade Organisation (JETRO) and the Kansai Economic Federation (Kankeiren).

Around 350 businessmen, including over 80 Japanese, participated in the event to seek for investment and business opportunities.

Delegates to the forum focussed their discussion on economic partnership and human resources training in Vietnam-Japan co-operation, especially with the Kansai region, and changes in the business environment due to the economic crisis.

In 2008, bilateral trade turnover between Vietnam and Japan hit US$17 billion. Japanese investors also registered to invest US$17 billion in Vietnam. The two countries signed a economic partnership agreement in 2008.

Rubber Association recommends reduced export

The Vietnam Rubber Association has advised local firms to reduce export if rubber prices fall below $1,350 per ton.

It has also recommended them to increase their rubber reserves to around 100,000 – 200,000 tons if the price is lower than $1,000 per ton.

The country is expected to harvest about 650,000 tons of rubber and will export 600,000 tons this year, three percent lower than last year.

Vietnam exported 54,000 tons of rubber in the first two months of this year, which brought in $70.6 million.

The three countries, whose exports of rubber account for 72 percent of the global market, Indonesia, Thailand and Malaysia at a conference, held March 3 in Ho Chi Minh City, said that they would also cut export by one million tons this year.

The International Rubber Study Group forecast that global demand for rubber this year would fall by 6.4 percent compared with last year but would recover in the following years.

Other news

Japanese seminar focuses on investing in Vietnam   2009-03-06

SACOM denies ’baseless’ bankruptcy rumour   2009-03-06

Both bourses tumble Mar 06   2009-03-06

Government plans to sell dollar bonds to fund important project   2009-03-06

Monthly Information on Banking Activities (February, 2009)   2009-03-06

VN-Index enjoys two-day mini-rally   2009-03-06

Japanese seminar focuses on investing in Vietnam   2009-03-06

HCMC garment firms cannot find workers from hordes of unemployed   2009-03-06

The springtime of real estate trading floors   2009-03-06

Import taxes on dairy products up, but prices stable   2009-03-06

Seminar proposes measures to stabilise stock market   2009-03-05

Vietnam increases tarfiss on dairy imports   2009-03-05

Gold price slips to 19.24 mln dong/oz, US dollar up to 17,730 dong   2009-03-05

AIG Vietnam maintains is solvent   2009-03-05