Vietnam News Network

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

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, Bitcoin and Cryptocurrencies

BUSINESS IN BRIEF 6/3   2010-03-06 - VietNamNet/VNA, TN, ND

776 businesses win top-product prizes 


The organizers of this year’s Vietnamese high- quality goods awards gave prizes to 776 businesses at the Rex hotel, Ho Chi Minh City on March 5.


Among them, 204 products won “The best Vietnamese products” awards and 136 businesses in 10 service categories were voted “best services” by consumers.


The choice was made based on a consumer survey in 2009 using the data from end users, distribution networks, business records and evaluations by administrative agencies.

At the ceremony, the organizing board also announced it had granted rights for 308 businesses to use the “Vietnamese high-quality goods” brandname for their products.


The organizing board at the event launched a ‘Vietnamese give priority to using Vietnamese goods’ campaign which was initiated by the Party in 2009.


The awards were organized by Sai Gon Tiep Thi Newspaper, with the participation of standing Deputy Chairman of the municipal People’s Committee Nguyen Thanh Tai.


After 14 years, the Vietnamese high quality goods program has supported many businesses to promote their products and distribution network. It recognizes the achievements of businesses which produce high quality goods at a fair price.


EuroCham calls for more tourist visa exemptions


The European Chamber of Commerce in Vietnam (EuroCham) has urged Vietnam to grant visa exemptions to more markets as a way of attracting foreign visitors in the context of the economic recovery of the global travel.

The organisation said expanding visa waivers could contribute greatly to Vietnam’s tourism industry.


Vietnam has allowed passport holders from Denmark, Norway, Finland, Sweden, Japan, the Republic of Korea and Russia to enter the country for a period of 15 days without a visa.

According to figures from the tourism authority, Vietnam welcomed 404,000 visitors from the US, more than 271,000 from Taiwan and more than 218,000 from Australia in 2009.


Coffee price down sharply


Coffee export price at the Ho Chi Minh City port decreased to US$1,175 a tonne from US$1,184 a tonne after the sharp reduction of US$44 a tonne to US$1,210 a tonne in the world price of coffee on the March 5 trading session.


The buying price for coffee in the domestic market has also been reduced by around VND 200 – 300 a kilogram. At present, coffee in Dak Lak province is bought at VND 23,100 a kilogram and in the remaining provinces in the Central Highlands, only VND 22,900 a kilogram.


To meet the diverse business demands of the coffee businesses and cut down the coffee supplying duration for exporters, the Buon Ma Thuot Coffee Trading Centre is taking necessary steps to deploy the scheduled coffee trading service in next April. This is a trading form similar to the coffee trading floors in London and New York.


First oil flow from Nam Rong-Doi Moi oilfield tapped


The first flow of oil from the Nam Rong-Doi Moi oilfield was tapped yesterday.


The Vietsovpetro joint venture and the Vietnam-Russia-Japan company invested more than US$342 million in drilling and installing rigs for 10 wells along with other facilities under a co-operation agreement signed last June.


With its four current wells, the oilfield has an output of 700 tonnes per day.


The same day, the Vietsovpetro started construction of the Rong-Doi Moi gas compressing rig with a total investment of US$149.6 million.


The project is scheduled to be put into operation late this year.


Vietsovpetro plans to tap 6-6.2 million tonnes of crude oil and 595 million cubic metres of gas next year. With an estimated average price of US$495 per tonne, its turnover is expected to be put into more than US$3 billion.


Positive outlook for Vietnam’s 2010 exports


Vietnamese exports are looking up this year, with many products seeing high growth and an increase in orders in the first two months.


Statistics released by the General Statistics Office show that garment exports earned US$1.5 billion in January and February - topping all other products in terms of value, and represent a year-on-year 16.8% increase.


Garments were followed by computers and electronics, with a year-on-year 30.6% rise.


Many garment and textile exporters said that US and EU orders have been up strongly. The Hung Yen Garment Joint Stock Company reported that it had received orders for deliveries through the end of September.


The company is planning to operate a new production line in the near future to produce garments for export to Japan, taking advantage of tariff incentives offered by the Vietnam-Japan Economic Partnership Agreement.


Its export revenues are expected to reach US$330 million in 2010, 65% of which will come from the US market, 20% from Japan, and 10% from the EU.


Handicraft enterprises have been favoured as well, receiving long-term orders from foreign partners.


Director of the Viet Tre (Bamboo) Company, Nguyen Ngoc Lien Hoa, said that since the beginning of this year, a number of businesses from Italy, Denmark and France have sought out her company’s products.


The Vietnam Handicraft Exporters’ Association said it plans to organise an exhibition in April to help local firms boost the sale of products both on domestic and overseas markets.


Vietnam’s export revenue reached US$56.6 billion in 2009, projected to hit almost US$60 billion this year.


Other news

Project disbursement a good news story   2010-03-06

FDI companies report losses to dodge tax   2010-03-06

Profit surcharge to scare oil firms   2010-03-06

VinaCapital sets up JV to manage realty projects   2010-03-05

Vietnam looks to send 12,500 labors to South Korea this year   2010-03-05

Vietnam to reserve 66,000 tons of latex this year   2010-03-05

Vietnam trade figures to aid currency, Citigroup says   2010-03-05

Vietnam’s bank credit rose 1.14 pct last month, central bank says   2010-03-05

Hoang Anh Gia Lai agrees to sell iron ore to China   2010-03-05

Vietnam fines Panamanian ship for smuggling electronics   2010-03-05

Central bank hints at curbing outlets   2010-03-05

BUSINESS IN BRIEF 5/3   2010-03-05

Vietnam best in region, say Japanese firms   2010-03-05

Banks avoid high expectations for 2010 profits   2010-03-05