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BUSINESS IN BRIEF 17/12   2009-12-17 - VietNamNet/VNA

PetroVietnam Oil Corp. to buy Shell Laos

The PetroVietnam Oil (PV Oil) Corporation will own 100 percent of Shell Laos as part of PV Oil’s strategy to develop its market to regional countries, including Cambodia and Laos.

A contract of transfer is to be signed on Dec. 17 and PV Oil plans to carry out business activities right after the conveyance.

The shares include 0.06 percent owned by individuals that were committed by Shell group and not to be influenced to business management of PV if those individuals do not transfer their shares.

PV Oil was established in June 2008 by merging the PetroVietnam Trading Corporation (Petechim) and the Oil Processing and Distribution Company (PDC), both were subsidiaries of the Vietnam National Oil and Gas Group (PetroVietnam).

Can Tho to host first ever seafood festival

The Mekong Delta city of Can Tho will hold the nation’s first ever seafood festival from April 22-25, 2010, said the organisers in a press conference on December 17.

The festival entitled “Potential, Cooperation and Development” includes a seminar and several trade promotions which will hopefully create a range of business opportunities for local and overseas seafood companies.

The seminar will focus on five topics including aquatic farming in Vietnam , future development plans, seafood exports, building up brand names and logistical services and solutions for the sector. It is expected that numerous scientists, trade analysts and entrepreneurs will attend.

A seafood fair exhibiting seafoods from all over the country will also be held during the festival.

Property exhibition & conference begins in HCM City

The 2009 Vietnam Property Exhibition & Conference (Propex Vietnam 2009) opened in Ho Chi Minh City on December 17.

This is the first international property exhibition to be hosted by the HCM City Real Estate Association (HoREA) and the Nha Vui Architecture and Construction Joint Stock Company.

The exhibition has attracted more than 70 domestic and overseas businesses in real estate and other sectors including architects, construction consultants and building materials suppliers.

More than 250 real estate projects, mostly residential housing and apartments, are also on offer to individual members of the public.

Propex Vietnam 2009 was selected as the venue for showcasing the future plans for central HCM City and other key new urban areas.

Along with the two-day exhibition, the 2009 International Property Conference, with the theme “solutions for the sustainable development of the Vietnamese real estate market” is also being held.

Seminar focuses on audit reform in Vietnam

A seminar to strengthen capacity in planning and managing reforms in Vietnam’s audit sector took place in the capital city of Hanoi on December 16.

The conference was jointly held by the State Audit Office (SAO) of Vietnam and the UK Department for International Development (DFID).

At the conference, Deputy State Auditor General Le Minh Khai stressed that the reforms are part of a strategy to develop Vietnam ’s state audit sector by 2020. He said SAO had worked with DFID and the UK State Audit Office to prepare a detailed action plan to implement the strategy. The strategy–which takes into account the legal status, human resources, facilities and other working conditions–will help the auditing department perform well, Khai affirmed.

By 2020, SAO will have secured audit capacity equal to the regional level, the official added.

SAO conducted financial audits of 133 major State-owned enterprises during 2006-08 and unearthed nearly 6.6 trillion VND (365 million USD) in misappropriated State subsidies or wrongful expenditures.

Tokyo seminar calls for investors to Hanoi

A seminar calling for Japanese investors to the Vietnamese capital of Hanoi was held in Tokyo on Dec. 16, attracting 150 representatives from numerous local enterprises.

When addressing the event, the Vietnamese Ambassador Nguyen Phu Binh said that Vietnam is expected to post an economic growth rate of 5.2 percent this year despite the adverse impacts of the global financial crisis.

Japan has been one of the leading foreign investors and largest providers of official development assistance to Vietnam in recent years, said the ambassador.

However, he underlined that the country needs access to capital and new technologies from other countries, including Japan, to accelerate its economic recovery and development.

The diplomat said he hoped that the seminar will provide Japanese investors with information that will help them to understand Hanoi’s investment environment and to draw up definite plans to invest in the city.

The chief of Hanoi’s representative office in Tokyo, Nguyen Thi Thuy Van, presented the city’s advantages such as its location, infrastructure, security, and abundant workforce.

Van confirmed that Japanese investors are offered various incentives in terms of leasing land, workshops and tax breaks if they invest in Hanoi.

At the seminar, Asano Eiji, a financial analyst with the Mizuho Bank, gave a run down of Vietnam ’s economic situation and the major contents of the Vietnam-Japan Economic Partnership Agreement.

Eiji said that Vietnam is considered a huge potential market, with a population of more than 86 million, a young and abundant workforce and an improved investment environment.

Vietnam’s move to sign free trade agreements with other nations has opened up many opportunities for foreign investors, including those from Japan, stated the expert.

Japanese businesses which currently operate in Vietnam share their investment experiences in the country in general and in Hanoi in particular.

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BUSINESS IN BRIEF 16/12   2009-12-16

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