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BUSINESS IN BRIEF 29/10   2009-10-29 - VNA

Garments machinery, accessories on show in HCM City

Over 60 companies from 14 countries and territories worldwide are displaying their machinery and accessories that are used in the garments and textiles industry at an exhibition in Ho Chi Minh City.

The exhibition, known as AAMA-TEX Vietnam2009, is being held from October 29 to November 1 sponsored by the Singapore based Association of Aircraft Traders.

The exhibition features advanced technologies and modern equipment from many famous brand names including Hikari, Mitsuyin and Yueming from China; Optitiex from Israel; Cutex, Kobest, Rabbitchalk and Silverstar from the Republic of Korea; Schmetz from Singapore; UZU from Thailand and PlotterTech from the UK.

Noteworthy are automatic systems made by companies from Canada and Japan; clothes-cutting equipment and sewing technology from Italian companies and designing technology from Israel, the United Kingdom and the US.

The exhibition is expected to welcome over 2,500 visitors including, importers, exporters, producers, distributors, traders and consultants.

Sacombank Securities prepares for IPO

Sacombank Securities, an affiliate of the HCM Stock Exchange-listed Sacombank, will make its initial public offering (IPO) next month, offering 38.3 million shares.

Of the figure, 20.7 million will be sourced from its existing shares, while the remaining 17.6 million will be new shares.

It is planned that almost 9.7 million equities will go to key persons in Sacombank and Sacombank Securities at the price of 15,000 VND (0.8 USD) compared to the 10,000 VND at par.

Auction of 17.6 million equities is expected in November or December at the initial price of 15,000 VND.
Early next year, strategic partners will be able acquire 11 million shares at 20,000 VND at minimum.

Surplus from sales of the 20.7 million shares will come to Sacombank while that of the new shares will be retained by Sacombank Securities.

After the sales, the company’s charter capital is expected to rise to 1.276 trillion VND, with the bank still holding a 70 percent stake. Currently the securities company has a charter capital of 1.1 trillion VND, the third largest of its kind in Vietnam .

The company had a net profit of over 113 billion VND for the first half of the year.

Vietnam, France entrepreneurs boost cooperation

The Young Vietnamese Entrepreneurs’ Association and the French Chamber of Commerce and Industry in Vietnam have agreed to provide information to each other’s members and organise meetings to offer them chances to seek partners.

The two sides reached an agreement to this effect at their meeting in Hanoi on Oct. 27.

Recently, the Vietnamese association has implemented a number of international cooperation activities and trade promotion campaigns to help their members seek opportunities abroad.

The association has also facilitated foreign enterprises’ efforts to seek investment chances in Vietnam.

French company makes gas for south

The French based industrial gas manufacturer Air Liquide Vietnam has recently opened two new air separation units (ASU) in the south.

The first ASU, based in HCM City’s Sai Gon High Tech Park, will supply gaseous nitrogen to one of the world’s leaders in the semi-conductor industry. The unit will be able to product 100 tonnes of liquid oxygen, nitrogen and argon per day.

The second ASU, located in the southern coastal province of Ba Ria – Vung Tau’s Phu My Industrial Park, supplies gases and hydrogen by pipeline to steel making customers. This ASU has a production capacity of 190 tonnes a day.

Total investment for these ASUs is around 30 million EUR (46.65 million USD).

In addition, the company is building another facility in the northern province of Ninh Binh with a total capacity of 1,200 tonnes a day and plans to open by 2012.

Air Liquide is one of the biggest global companies that produce gases for industry, health and the environment and is present in more than 75 countries with 43,000 employees.

Auto tax incentives won’t be extended

The Ministry of Finance has turned down a proposal by the Vietnam Automobile Manufacturers Association (VAMA) to extend the expiration date of tax incentives on automobiles until the end of next year, a ministry official has said.

In an effort to stimulate the economy, the Government halved value-added tax on automobiles in February and the automobile registration fee in May.

Speaking at a meeting with VAMA on Oct. 27, a representative of the ministry said that preferential tax policies for domestic car manufacturers could not be extended because car buyers were already on long waiting lists at automobile dealers.

VAMA had asked the ministry to maintain the current tax and fee rates, saying that the domestic automobile market had yet to recover and would slow down sharply if tax incentives were not continued.

Vietnam’s first rice festival to be held in November

Vietnam’s first Rice Festival will take place in the Mekong Delta province of Hau Giang on November 28, two days later than initially planned.

The festival’s organising board said that by October 27 hundreds of enterprises from 30 provinces and cities nationwide had registered to open more than 400 stands at the event.

Apart from a central exhibition area, a number of areas will showcase rice growing models from three Vietnamese regions, agricultural and fishing equipment, engines and agricultural machinery and seed plants.

A number of concerts, competitions and seminars, such as performances of southern traditional “tai tu” music by artists from 18 southern provinces, a culinary festival and a contest to encourage agricultural expansion will take place.

Several seminars on Vietnamese rice exports and the promotion of agricultural investment will also be held, co-organised by several ministries and Hau Giang province.

The event will last until December 2.

Banks continue with interest subsidies

The State Bank of Vietnam (SBV) announced on October 28 that it would continue to subsidise lending interest rates for the rest of the year.

The state bank said that the decision was made after the Prime Minister had reported to the National Assembly at the on-going meeting.

The SBV added it that it would help commercial banks with direct funding by buying foreign currencies from them just in case.

It also promised to provide cash for a number of credit institutions in special need, adding that it will set up a team of observers and take strict measures to ensure the system's security and retain stability in the monetary market.

The SBV reiterated its determination to keep the rate of basic interest stable for the rest of the year.

It also pledged to handle the exchange rates in relation to banking interest rates, the consumer price index and the balance of international payment.

The inter-bank exchange rate will be adjusted flexibly in line with market demand in an effort to stabilise the value of the Vietnamese dong, said the SBV in its latest review on interest subsidies.

The Government’s decision on this came after the SBV reported on the positive results the policy had recorded.

Subsidies on bank interest rates have proved to be helpful for enterprises and farmers to maintain production, expand investments, reduce production costs and generate jobs, which makes a considerable contribution to curbing economic downturns, the SBV reported.

PM attends Samsung mobile factory inauguration

Prime Minister Nguyen Tan Dung attended the inaugural ceremony of the Samsung mobile phone factory in the Yen Phong industrial zone in northern Bac Ninh province on Oct. 28.

The facility is among seven factories built by the Samsung group with the world’s most advanced technology and closed production lines. The factory is designed to have a monthly production capacity of 1.5 million pieces in 2009 and create jobs for 2,500 workers.

Its capacity is expected to increase to 6 million pieces and 8,000 jobs in 2010 and then to 9 million pieces and 12,000 jobs in 2011.

The factory’s operation will contribute to socio-economic development in Bac Ninh province as well as the country as a whole, PM Dung said at the ceremony.

He affirmed that the government will create favourable conditions for the Samsung Vietnam Electronics Co. to manufacture products and successfully operate in Vietnam.

He urged the company to carry out the localisation programme to which it has committed.

The Yen Phong industrial zone covers an area of 340 hectares with a total investment capital of 990 billion VND by the Vietnam Glass and Ceramics for Construction Company (Viglacera). Thanks to synchronous infrastructure system, 25 domestic and foreign investors have rented 180 out of 220 industrial land, reaching an occupancy rate of 82 percent.

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