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BUSINESS IN BRIEF 18/3   2009-03-18 - VietNamNet/TN, VNA

Vietnam, Russia firms to set up joint venture

A Vietnam-Russia joint venture will be set up on April 20 to export Vietnamese garment, farm produce and seafood to Russia and build a garment and wood furniture factories in the European country.

An agreement to this effect was signed by Khang Thong Construction, Trade and Services Joint Stock Company of Vietnam, Tvoi Stroi Construction and Investment Company and ALT group of Russia.

Under the deal, the JV will also build infrastructure for a non-tariff area in central Binh Dinh province, an industrial zone in southern Long An province and a sport complex in Ho Chi Minh City in preparations for the Asian Games in Vietnam in 2018.

The JV also considers setting up an oriental traditional medicine hospital in Russia, along side exporting Russian construction steel, cranes and aircraft spare parts to Vietnam.

Khang Thong’s subsidiary, the Sai Gon-Moscow Company, has operated in Moscow since December 2008.

German-Vietnamese logistics center opens in Binh Duong

A logistics center developed by Germany’s Schenker Corporation and Gemadept, Vietnam’s largest shipping agency, opened Tuesday in Binh Duong Province.

The center, built on a 10,000- square-meter site in Song Than Industrial Park, will serve businesses in the high-technology, electronic, chemical, garment and consumer-products industries.

The center will provide them space to process, package and label imported goods before distribution in the local market.

The two partners last year set up the US$5.5 million Schenker Gemadept Logistics Vietnam that specializes in warehousing, contract logistics and other related activities, with the German firm holding a 51 percent stake.

Committee to facilitate catfish export to Russia

The Ministry of Agriculture and Rural Development Monday said it will establish a steering committee to handle the export of tra and basa catfish (pangasius) to Russia.

The committee will represent Vietnamese enterprises that process and export the catfish when negotiating with Russian partners about quantity, quality and prices.

It will also hold meetings with concerned parties to ensure farmers, processors and exporting enterprises all benefit from the trade.

The ministry has directed the Department of Agro-Forestry-Fishery Product Processing, Trading and Salt Industry to work with the National Agro-Forestry and Fisheries Quality Assurance Department to suggest ways to penalize enterprises who violate trade rules.

Israeli business delegation visits Vietnam

A delegation of 15 Israeli leading telecom businesses will visit Vietnam from March 18-20 to seek cooperation and opportunity in its emerging market.

According to the Israeli Embassy in Hanoi, this will be the biggest business delegation to visit Vietnam thus far. It includes telecom companies operating in various fields such as infrastructure, network equipment, IP solutions, software and technology consulting.

During their stay in Vietnam, the Israeli delegation will work with the Ministry of Information and telecommunication, and introduce their products and technologies to Vietnam’s telecom operators.

Many participating businesses are already operating in Vietnam, including RAD, ECI Telecom, Vocal Tec and Gilat

LPG storage and tank truck station built in Dung Quat

Work started for the construction of a LPG storage and tank truck station in the Dung Quat economic zone’s Eastern Industrial Zone on Mar. 16 with a total initial investment of 226.6 billion VND.

The project, invested by the PetroVietnam Gas Corp of the Oil and Gas Group, covers 6.3 ha, which will house two tanks capable of storing 2,000 tonnes of liquefied petroleum gas (LPG) and other equipment meeting the international and Vietnamese standards.

The storage depot will undertake the delivery of LPG from the Dung Quat refinery in the southern central coastal region and Central Highlands helping stabilise domestic LPG market.

The project, expected to be completed in the first quarter of 2010, will contributed to Quang Ngai province’s socio-economic development.

The Dung Quat LPG storage project, together with existing facilities of PV Gas North and PV Gas South nationwide as well as a cold LPG storage depot to be build in Ba Ria-Vung Tau by the year end, will form a complete infrastructure system for LPG distribution, to contribute to ensuring the national energy security

Construction firm lists on HOSE

On March 16, Binh Chanh Construction and Investment Joint Stock Company (BCCI) listed 54.2 million shares on the Ho Chi Minh City Stock Exchange (HOSE).

The shares, under the ticker code BCI, were trade at 24,000 VND (1.4 USD) per unit at their first session.

BCCI is the stock exchange’s 175th listed company, with charter capital of 542 billion VND, operating in construction, trading of property, and services.

In 2008, BCCI reported net profits of 128.7 billion VND (7.5 million USD), a year-on-year increase of 87 percent

Coffee export company expands

The September 2 Import-Export Company in the Central Highlands province of Dak Lak, one of the countries leading exporters of coffee, is expecting gross turnover of 130 million USD this year, an year-on-year increase of 30 percent.

The company exports coffee to 45 countries and territories, with reported revenues exceeding 100 million USD each year. It accounts for 10 percent of Vietnam’s coffee exports, and 30 percent of Dak Lak’s coffee exports.

The company employs 363 workers, with an average monthly income of 5 million VND, and provided more than 18 billion VND to the State budget each year.

The company is striving to expand its export base to new markets, and from the next harvest it intends to purchase at least 60,000 tonnes of coffee beans.

Other news

Domestic market – a power base for locally-made products   2009-03-18

Vietnam 2009 growth seen at 0.3% percent - analyst   2009-03-18

Domestic investment a must amidst global crisis   2009-03-18

Exchange rate cannot please everyone   2009-03-18

HCM City: Fast food shops mushrooming   2009-03-18

Consumers don’t bite on bank loan bait   2009-03-18

Russian market to open up for Vietnam’s catfish again   2009-03-18

Rising catfish prices fail to lure farmers   2009-03-18

Fishermen have to swim alone with ocean tuna   2009-03-18

Power transmission projects slow because capital short   2009-03-18

Vietnamese shunning domestic goods   2009-03-18

Dong Nai signs deal for livestock industry   2009-03-18

Banks need green loan guidelines   2009-03-18

No worries in US$ bond issuance: expert   2009-03-18