Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates

Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

BUSINESS IN BRIEF 10/9   2009-09-10 - VNA

Vietnam’s salted duck eggs sell well in regional nations

Salted Vietnamese duck’s eggs sell well both in the domestic market and in other countries in the Southeast Asian region. They are especially popular with bakeries for making cakes for the Mid-Autumn festival.

The Mekong delta region, the country’s egg basket, is extremely busy fulfilling many export contracts.

Nguyen Huu Phuoc, Director of the Nguyen Phan Company, a salted duck egg factory in Can Tho City, said that his business won orders to supply 9 million eggs a year to Singapore and 800,000 eggs a year to Hong Kong .

Salted duck eggs are also shipped to Cambodia under the cross-border agreement. Nguyen Phan and another company in Vinh Long province export about 50 million eggs a year to this country.

Phuoc added that “despite the global financial crisis, the demand has not dropped as they are an essential ingredient in the making of moon cakes, a special dish in many Asian countries during the Autumn.”

Many salted duck eggs factories in the Mekong delta region have reported that they could not keep up with the demand and their export volume has increased by 30 percent over the same period last year.

The domestic market also has big demand for these eggs. According to Nguyen Phan, the country’s largest bakers, the Kinh Do Joint Stock Company, ordered 12 million salted duck eggs from Nguyen Phan, a 20 percent increase over 2008.

Since last year’s Mid-Autumn festival, right after the bird flu epidemic was finally under control, duck flocks in the Mekong Delta have constantly grown, supplying many of the eggs for export.

The region now has about 33 million ducks, which are raised following strict quarantine regulations, monitored by local veterinary agencies.

As a result, Vietnamese duck eggs are safe and are consumed in many restaurants and hotels abroad. In Singapore , the prices of Vietnamese duck eggs are 20 percent higher than those from other countries.

HCM City to host 1st int’l tourism investment meeting

Ho Chi Minh City will host the first ever international tourism investment meeting between September 30 and October 1 in an effort to introduce tourism development potentials of Cambodia , Laos and Vietnam.

Entitled “Three nations, one destination,” the meeting will be attended by ranking government delegations from the three countries, international partners and travel agents around the world, according to the municipal Department of Culture, Sports and Tourism.

It will also discusses activities related to investment and tourism development in the three focal countries.

Held against the backdrop of the world’s economic recession and the decrease of tourism demand, and thereby limited tourism investment, the event is expected to help tourism promotion agents of all levels in the three countries to introduce their latest development strategies to international investors and travel agents.

The meeting is part of the 5 th International Tourism Exhibition scheduled to be held from October 1-3 in the city.

The show is expected to attract 150 international travel agents from 15 countries and territories in the world.

HCM City hotel and apartment towers open

InterContinental Hotels Group (IHG) inaugurated the Intercontinental Asiana Sai Gon hotel and InterContinental Asiana Sai Gon Residences in HCM City on Sept. 9.

They are, the first international luxury hotels to open in the city in the last four years and the first residential property under the InterContinental brand in Asia Pacific.

The two towers are part of the Republic of Korea-invested complex project Kumho Asiana Plaza , which is located on the downtown land lot bordering Le Duan, Hai Ba Trung, Nguyen Du and Le Van Huu streets in District 1.

The complex contains an up-market commercial accommodation and shopping arcade, and several restaurants and bars – which will include a Hard Rock Cafe.

The hotel features 305 rooms and suites. It also has extensive meeting facilities, including eight meeting rooms and the largest Grand Ballroom in the downtown area, which can cater up to 600 persons, with indoor and outdoor pre-function spaces.

The hotel ahs a spa and a health club featuring a 20m outdoor swimming pool.

The hotel’s sister property of InterContinental Asiana Sai gon Residences offers 260 fully furnished, serviced apartments for lease, ranging from one-bedroom at 78sq.m to three-bedroom at 204sq.m.

“ Vietnam has a huge potential as a destination for both business and leisure tourists from around the world and IHG is confident in the growth of InterContinental Asiana Sai Gon,” said Phil Riley, IHG Vietnam Regional General Manager.

“We are also very positive about premium residential market in HCM City and confident that our service residences will meet the growing needs of discerning, long-term residents of our city. We believe in the strong growth of this market in the medium- and long-term,” he said.

Located in the heart of the city, the properties are within walking distance of all major tourist attractions including the Notre Dame Cathedral, commercial buildings such as the Metropolitan or Diamond Plaza , and downtown entertainment facilities.

IHG owns, manages, leases or franchises, through various subsidiaries, more than 4,200 hotels and more than 620,000 guest rooms in nearly 100 countries and territories around the world. It owns brands including InterContinental Hotel&Resorts, Hotel Indigo, Holiday Inn Hotels and Resorts, Holiday Inn Express and Candlewood Suites.

Steel firm opens fabrication plant

PEB Steel Buildings opened a new plant at Dong Xuyen Industrial Park in southern Vung Tau City on Sept. 9.

The 4 million USD facility – PEB Steel’s fifth factory in Asia – will boost the company’s yearly production capacity in Vietnam by 18,000 tonnes of steel, bringing its total Asian capacity to more than 120,000 tones per year.

The new plant is equipped to produce both pre-engineered building structures and heavy structures, including those that are hot –rolled, for power and industrial plants, oil and gas facilities, and multi-storey and high rise buildings.

The factory will employ 150 workers.

PEB Steel, which has been in Vietnam for 15 years, specialises in the design, fabrication and erection of pre-engineered steel buildings for factories, warehouses, showrooms, commercial and trade centers, supermarkets, sport stadiums, exhibition halls and aircraft hangars.

The new plant upgrades the company’s technology from pre-engineered building fabrication to industrial-sector fabrication.
In addition to Vietnam , PEB Steel has fabrication facilities in India and Bangladesh , and regional offices in Thailand , Myanmar and Cambodia.

Vietnam attends Tokyo gift fair 2009

Twelve Vietnamese enterprises are joining nearly 2,300 other companies around the world in the Tokyo International Gift Show Autumn 2009.

Over 3 million products are on display at the four-day fair, the 68 th annual event, which will run until Sept. 11.

Vietnamese enterprises bring to the event fine arts and handicrafts items made of porcelain, rattan and bamboo, hand knittings and embroideries.

The fair, one of the world’s largest gifts and ornaments fair, is expected to welcome about 200,000 visitors.

ACE Life VN becomes HDBank’s strategic customer

ACE Life Vietnam insurer will become a strategic customer of the Ho Chi Minh City Housing Development Joint Stock Bank - HDBank under an agreement signed between the two sides on Sept. 9.

ACE Life Vietnam and HDBank will cooperate in providing banking products and services and implementing investment activities.

The two outfits will also cooperate in researching and developing banking products and services in combination with life insurance products to raise benefits for their customers.

Besides introducing HDBank’s products and services to ACE Life Vietnam, the insurer will help train the bank’s staffs in knowledge of financial insurance in order to create favourable conditions for developing banking-insurance products.

ACE Life Vietnam will receive preferential use of HDBank’s products and services, while the bank will be a partner to mange accounts, provide payment services and collect money from other partners of ACE Life Vietnam .

Established in 1990, HDBank has an operation network across major economic regions in the country and is viewed as a joint stock bank firmly based on modern technology with effective and diversified products and a sustainable development plan.

ACE Life Vietnam is a member of the US’s ACE group, which arrived in Vietnam in 2005. It is providing life insurance services nationwide and has registered steady growth over the past years.

ACB named best bank for fourth time this year

The Asian Commercial Bank (ACB) has been named the “Best Bank in Vietnam ” by the US-based Global Finance magazine.

This is the fourth time this year that the ACB has received such an award, the others being presented by Asiamoney, FinanceAsia and Euromoney magazines.

ACB is one of the leading joint stock commercial bank in Vietnam . It currently has a total property of about 150 trillion VND and 206 branches and transaction offices nationwide.

Global Finance, with 180,000 readers in 150 countries and territories around the world, has for 16 years chosen the best banks in developing nations in Asia, the Middle East, Africa, Latin America, Middle Europe and East Europe .

The magazine presented the award to 20 banks in 20 countries this year.

Vietinbank launches eRemit service

Vietnam ’s first online remittance transference service has been launched by the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) under the name of Vietinbank eRemit.

Initially, the service, which is a cooperation programme between Vietinbank and the Bank of New York Mellon, will be applied in the US , where about 1.5 million Vietnamese are living.

Then it would be extended to other countries, including Canada , Australia , Germany and the UK .

In order to use the service, clients can access the bank’s website at , and follow instructions.

For recipients in Vietnam , who have a deposit or credit ATM account, the remittance is transferred directly into their account. Those without accounts can receive money at the bank’s offices.

With Vietinbank eRemit, Vietinbank provides a comfortable channel for Vietnamese living abroad to transfer money to their relatives.

VIB launches new business strategy

The Vietnam International Bank (VIB) has officially launched its business strategy for the period 2009-2013, by announcing a new strategy and a new logo with the slogan “a-dedicated bank” in Hanoi on September 9.

VIB General Director An Thanh Son said that the ongoing economic crisis is a good time for the bank to overhaul its operational system and analyse the markets advantages and disadvantages to formulate new strategies and develop further.

VIB began to search for a new brand name in the middle of last year with the support of Interbrand, a world leading branding consultancy group, to enable it to seek out new opportunities as the global economy gradually climbs out of the recent economic slump, said Son.

VIB has successfully drawn up a brand name strategy which aims to portray a different kind of service and grasp a bigger share of the market, he added.

The general director also said that the new slogan, is not only a message to the public but also a doctrine that VIB is targeting in the future.

The branding strategy is part of the bank’s overall business strategy which was completed at the beginning of this year by VIB and the Boston Consulting Group.

Accordingly, VIB will introduce its new products and services to customers, focusing on retail bank products and small and medium-sized enterprises.

The bank will also introduce a series of promotions programmes on the 13 th anniversary of its establishment.

For many years, business and branding strategies have contributed to VIB’s success. Since 2003, the bank has continued to exceed its growth rate and has recorded a success rate of 200 percent on all targets.

Although the banking and financial markets both in and outside of the country have met with difficulties due to the impacts of the global economic crisis, VIB has weathered the storm very well.

By the end of August this year, the bank had almost achieved its whole-year business plan, with property valued at 46.8 trillion VND, a year-on-year increase of 35 percent; a total mobilised capital of 42 trillion VND, up by 32 percent, lending of over 24 trillion VND, an increase of 21 percent, and a bad debt at a rate of 1.63 percent.

Other news

Vietnam sugar output drops 20 percent, pushing prices up   2009-09-10

Vietnam Railways, Japan agree contract for Hanoi track work   2009-09-10

HCMC stocks see 'correction'   2009-09-10

Banks want interest rate ceiling removed, central bank says ‘no’   2009-09-10

Vietnamese producers urged to cement position in Cambodia   2009-09-10

Ninh Thuan hosts investment forum   2009-09-10

Dollar price reaches highest peak in history   2009-09-10

Losing control over traditional markets, domestic products unsalable   2009-09-10

Vietnam protects rice export price   2009-09-10

Vietnam prices to rise 5.7 percent by December: report   2009-09-09

Local gold breaks VND22 million   2009-09-09

Nam Viet Commercial plans Hanoi stock listing by early 2010   2009-09-09

BUSINESS IN BRIEF 9/9   2009-09-09

Bankers say shifting to use chip cards unnecessary at present   2009-09-09