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BUSINESS IN BRIEF 18/4   2009-04-18 - VietNamNet/VOV, SGGP, VNA

Catfish prices recover sharply 

 

 
Catfish prices have rebounded to record levels in the Mekong Delta after shrugging off last year’s demand crisis.

 

Top quality fish now fetches VND17,000 a kilogram and second grade stuff VND16,000-16,200. At these prices farmers are expected to make a profit of VND1,000-2,000 a kilogram.

 

The Mekong Delta Seafood Association said the prices have recovered because production has fallen sharply since many farmers are in debt or broke, while demand is on the rise.

 

Hong Kong investors keen to invest in Vietnam

 

A number of Hong Kong investors have registered to attend the Vietnam Global Investment Forum to be held on the island on April 20.

 

The forum, to be organised by the Vietnam Chamber of Commerce and Industry, will be broadcast live to Hanoi, Ho Chi Minh City, London, Zurich in Switzerland, Tokyo, and Singapore.

 

Prime Minister Nguyen Tan Dung will chair the forum.

 

Vietnam continues to be seen as one of Asia’s fastest growing economies despite the financial turmoil gripping global developed economies.

 

Online advertising to remain hot, communications firm says

 

Online marketing could attract big bucks in Vietnam despite the economic downturn

Spending on online advertising in Vietnam is expected to be US$45.4 million this year, 20 per cent up year on year, according to technology and communications company EQ.

 

EQ predicts online marketing to continue its dramatic expansion for the next few years despite the global economic gloom.

 

It listed its advantages as being low cost, allowing focus on a targeted group of customers and direct contact with clients, and having no space or time limits.

 

Revenues from online advertisements are expected to rise to US$60 million by 2011, or a third higher than this year.

 

Vietnam - an attractive destination for investors: Grant Thornton

 

More than half of investors surveyed by the Grant Thornton Vietnam said that Vietnam would be more attractive than other destinations in 2009.

 

The survey has shown that 67 percent of 169 domestic and foreign businesses were optimistic about their investments in Vietnam, particularly in unlisted companies.

 

Forty-two percent of the surveyed investors that have been pouring their money into more than one country said they planned to increase their investments in Vietnam.

 

Regarding Vietnam’s 2009 economic outlook, 37 percent of the surveyed businesses said it might worsen while 36 percent shared a rose-coloured view and the remaining 27 percent said it might be unchanged.

 

Vietnam’s economic growth remained strong in 2008 despite starting to down in 2007.

 

Grant Thornton Vietnam is a member of the Grant Thornton International Ltd, an organisation of independently owned and managed accounting and consulting firms. It started operating in Vietnam in 1993.

 

PetroVietnam to explore oil and gas in Peru

 

The Vietnam National Oil and Gas Group (PetroVietnam) signed a deal with its Peruvian partner, PeruPetro, to explore and exploit oil and gas in the South America country on April 16.

PetroVietnam was among 18 enterprises from Asia, Europe, America and Australia, which signed investment contracts worth US$650 million with PeruPetro.

 

Despite its huge potential for oil and gas, Peru still has to import petroleum. The country is calling for more foreign investments in this sector with the aim of becoming a major petroleum exporter.

 

During its visit to Latin America last month, PetroVietnam signed memoranda of understanding to establish partnership relations with the national oil and gas groups of Nicaragua, Bolivia and Argentina.

 

Gold prices fall by VND170,000 per tael

 

The price of gold on Vietnam’s trading floors dropped sharply on April 17 by VND170,000 per tael due to a decline in world gold prices.

 

At 9am on April 17, on Hanoi’s trading floor, gold was transacted at VND19.480 million per tael, down VND135,000 per tael compared to the price on April 16.

 

On Ho Chi Minh City’s trading floor, the gold price on April 17 stood at VND18.749 million per tael, a drop of VND107,000 per tael against the price at the close on April 16.

 

At jewelry stores, gold prices dropped by VND170,000 per tael with SJC gold in Hanoi traded at VND19.40-19.50 million per tael and SJC gold in Ho Chi Minh at VND19.40-19.48 million per tael.

 

The drop in domestic gold prices is in tandem with world gold prices falling by US$4 per ounce to US$874 per ounce.

 

Cement industry turns to foreign markets

 

The cement industry is turning to foreign markets as the local one is facing a future over supply. It is estimated that by 2020 the industry’s producing capacity will be 115 million tonnes per year, meaning 30-35 million tonnes of redundancy.

 

Since early this year, Ha Tien Joint Stock Company exported 16,000 tonnes of cement to Cambodia, while Cam Pha Joint Stock Company shipped 12,500 tonnes to Mozambique in late March.

 

Cam Pha company has also introduced its product to several European, Middle-east, African and Latin American countries.

 

Meanwhile, Hoang Mai company plans to soon export cement to African and Middle-east countries. 

 

However, experts warn exporters of high shipment fees and consideration for reduction of domestic expenses because no country in the world produce cement for export. They export the product only incase of oversupply in the domestic market, according to experts.



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