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BUSINESS IN BRIEF 26/4   2009-04-26 - VietNamNet

Malaysia boosts trade with VN

Malaysia’s Hyrax Oil Sdn Bhd (Hyrax) and Viet Nam’s Electrical Equipment Manufacturing Joint Stock Company (EEMC) inked a memorandum of understanding in the capital on Thursday.

Under the document, Hyrax will supply at least 5.1 million litres of transformer oil worth US$7 million over a period of three years to the EEMC.

The deal was among a number of agreements signed between businesses of the two countries following recent trade promotion programmes implemented by the Malaysian trade office in Viet Nam.

In a move to boost trade ties between the two countries, the Malaysian trade office said it would organise trips to help Malaysian businesses to take part in two large expos in Viet Nam, including the HCM City International Fair and Healthcare Equipment and Service Fair.

The office said it was also preparing to invite Vietnamese businesses to join in two exhibitions in Malaysia.

Trade between Malaysia and Viet Nam topped $4 billion in 2008, a year-on-year increase of 22 per cent.

Malaysia now ranks second among 60 countries and territories investing in Viet Nam, with more than 300 projects capitalised at roughly $18 billion. Malaysian businesses are interested in construction of residential and urban areas, bridge, water treatment, power plant, port, highway and airport in Viet Nam.

New property trading floor opens in City

The International Real Estate Trading Co, an arm of Khanh Thong Construction, Trade and Service Corp, will open its real estate trading floor in HCM City tomorrow to take advantage of opportunities in the recovering market.

" Even though the real estate market is still having to cope with several difficulties caused by the international economic downturn, we remain optimistic caused that the market is rallying," said Khanh Thong Corp CEO cum General Director Phan Thi Phuong Thao.

" We expect that our move will support market development in HCM City and across Viet Nam," she said, adding that the trading floor is expected to be a bridge linking property developers with Vietnamese and foreign buyers and investors.

Besides serving as a place for real estate transactions, the trading floor would provide advice on the real estate market and investments, as well as offering marketing services, she added.

The Government’s latest decree outlined strict administrative sanctions including monetary penalties and withdrawal of business licences for violations in the field of construction and real estate; these regulations are hoped to help real estate floors operate more effectively and contribute to enhancing the transparency of the market.

Thao emphasised the importance of marketing programmes to raise awareness of the new decree for enterprises and customers.

Developers eye low-cost housing

The growing demand for low-priced apartments in HCM City is attracting developers .

Apartments measuring 50-60sq.m and costing VND500-600 million are sold out as soon as they are launched, as recently witnessed during two projects — E Home apartments in District 9 and an apartment block built by Linh Phong-Conic Construction Investment & Development Company.

VietRees, a property consulting company, said low-cost apartments affordable to people with medium incomes and in actual need of housing would help the property market revive.

While there was a shortage of low- and medium-priced apartments, there was a worry about excessive supply of high-end apartments, analysts said.

Index falls on investor caution

Continued profit-taking and returned investor caution pushed share prices down further yesterday on the HCM City Stock Exchange, as the VN-Index dropped another 5.3 points to close at just below 310, a loss of 1.68 per cent.

Decliners outnumbered advancers by 135 to 31, while large sales in blue chips caused most major stocks to hit the floor of the regulated trading band.

Hoang Anh Gia Lai Group (HAG), Vinpearl Tourism and Trading (VPL) and FPT bucked the trend, helping prevent the Index from falling even more deeply.

Trading volume was moderate, at 26.8 million shares and a total value of nearly VND614 billion (US$34.1 million). Sacombank led the market with 5.8 million shares traded.

Foreign investors transactions were minimal yesterday with only around 2.9 million shares changing hands. Foreigners were net buyers of just 17,600 shares, worth a mere VND3.9 billion ($216,700).

Pressure from profit-taking remained quite great, while demand was weak for investors were worried that the market would continue to fall, said VNDirect Securities Co analysts.

"Slight gains in the last trading session on the US stock market could not generate enough motivation for the domestic exchange to rebound, as market trends are proving rather uncertain," said a report from Au Viet Securities Co.

The report quoted Fiachra Mac Cana, head of the HCM City Securities Co analysis department, as saying that, while the domestic bourse was being influenced by the world market, recent short rallies on global markets seemed to have ended. The market would need more good news to rebound further in the next few weeks, Mac Cana said.

In Ha Noi yesterday, the HASTC-Index slid 3 per cent to end the day at 110.2, a fall of 3.41 points. Trading volume reached 13.4 million shares, with a total value of VND312.6 billion ($17.4 million).

Bank shares proved the most active on the northern bourse, as Asia Commercial Bank (ACB) led the market with more than 3 million shares, followed by new-comer Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB) with around 2.4 million.

Vietnam’s first annual real estate expo planned 

Vietnam’s first property expo will be held in HCM City next December.

Le Hoang Chau, chairman of the HCM City Real Estate Association (HoREA), said the event will take place at the Saigon Exhibition and Convention centre from December 17-20.

“PROTEX Vietnam 2009 will be a business-to-business and business-to-customer conference and exhibition on the property industry in Vietnam and other Asia-Pacific countries, Chau added.

The exhibition, expected to become an annual event in future, will showcase the latest property projects in the city, urban development achievements, industrial parks, residential areas, services apartments hotels, resorts, office buildings and shopping malls.

The conference will discuss the property industry’s opportunities and challenges, Government policies and market trends.


Construction of Handico Tower begins in Hanoi  

Construction of 33-storey Handico Tower began on April 25 on an area of 5,400 sq. m in Me Tri Ha urban centre, Tu Liem district, western Hanoi.

The project, an office and trade complex, will be built with an investment capital of 732 billion VND (43 million USD).

The project will have 35,750 sq.m of floor area for offices and retail, and over 9,000 sq.m of basement for parking.

The tower lies on Pham Hung street, close to the country’s tallest building – Keangnam’s Hanoi Landmark Tower.


Laos President calls for more HCMC investors


Lao General Secretary and State President Choummaly Sayasone said that he wants more projects from Ho Chi Minh City’s businesses and investors to be launched in his country.

While meeting with the city’s mayors Le Hoang Quan and municipal party committee secretary Le Thanh Hai on April 24, President Sayasone expressed his hope that his visit to Vietnam this time will help to strengthen the comprehensive cooperation and mutual understanding between the two parties, states and peoples.

He said the two sides had come to an agreement on almost all the important issues and both governments will continue to find ways to solve them effectively.

For his part, secretary Hai highlighted the Ho Chi Minh City authorities’ concern about the neighbouring country. He spoke highly of Laos’ achievements in socio-economic development and its efforts to overcome the economic recession.

He affirmed that local businesses and investors will link up with their Lao partners to successfully launch their projects and agreements.

Ho Chi Minh City is one of the localities which takes the lead in implementing agreements signed between the two Parties and governments. Its cooperation with the Laos province of Champasak has been developing a lot in the fields of economics, education and training and culture.

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City supermarkets offer big holiday discounts   2009-04-25

HCM City economy sees positives in April   2009-04-25

BUSINESS IN BRIEF 25/4   2009-04-25

Service industry attracts most FDI   2009-04-25

Banks are slow going with stimulus packages   2009-04-25

Vietnam earns US$18.63 billion from exports in four months   2009-04-25

Real estate warming up, expected to get hot   2009-04-24

BUSINESS IN BRIEF 24/4   2009-04-24

HCM City market stays schizophrenic   2009-04-24