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BUSINESS IN BRIEF 17/3   2010-03-17 - VietNamNet/VNA

8 trillion VND earmarked for 211 fishing ports


Prime Minister Nguyen Tan Dung has approved an 8 trillion VND project designed to build a total of 211 fishing ports in 28 coastal cities and provinces throughout the country from now until 2020.


Of those, 178 fishing ports capable of handling over 2.1 million tonnes of seafood each year will be constructed along the coast of the targeted localities and the remainder will be built on islands, which are able to unload 215,000 tonnes of seafood per annum.


In the first phase running to 2012, the project will prioritise the construction of grade-1 and underway fishing ports as well as those which are also used as shelters for fishing boats.


From 2013 onwards, it will build key fishing ports in line with the country’s overall planning and upgrade a number of fishing ports that have favourable locations to international ones.


Funding for the project will be sourced from state and local budgets, capital of domestic economic sectors, and foreign investment and aid.


Energy expo kicks off in Hanoi


A number of large groups from nine countries and territories worldwide are showcasing their products at Enerexpo 2010, the first international exhibition on renewable and decentralised energy solutions, in Hanoi.


The countries and territories participating at the three-day event, that started on March 17, include China, Demark, France, Germany, Hong Kong, Singapore, Switzerland, the US and Vietnam.


The event mainly introduces technologies and equipment on solar energy, wind energy, hydro-electricity power, bio energy, geothermal energy and the conversion and transmission of renewable energy.


Addressing the opening ceremony, Minister of Science and Technology Hoang Van Phong said Enerexpo 2010 is part of activities to implement Vietnam’s climate change commitment at the Copenhagen conference.


Vietnam is one of the largest energy consumers with an annual increase of 17 percent, he said, adding that therefore the country pays special attention to renewable energy development.


Several symposiums on renewable energy technologies and related issues will also take place within the framework of the event.


Finland willing to help Vietnam in global integration


Finland is willing to support Vietnam with technological solutions, helping the country better integrate into the global economy as well as deal with difficulties after joining the World Trade Organisation (WTO), said Finnish Ambassador to Vietnam Pekka Hyvonen.


Addressing the “Trade Support” forum on March 17 in Hanoi, which drew the participation of 150 businesses of the two countries, Ambassador Pekka Hyvonen said his country’s support for Vietnam is part of the commitment to the global trade support Finland has made as a member of the European Union (EU).


The Finnish government will provide practical assistance for Vietnam such as trade promotion, creating favourable conditions for the country to access several European markets, increasing sustainable forestry development and building information and initiative systems in Vietnam, the ambassador said.


Vietnam Chamber of Commerce and Industry (VCCI)’s vice president Hoang Van Dung spoke highly of Finland’s move to include Vietnam in its long-term partners lists for bilateral development cooperation. He said he hopes Finland will continue its support for Vietnam in its relations with the EU, especially in the negotiations on the recognization of the market economy in the Southeast Asian country.


According to the VCCI, the growth rate of trade between the two countries has reached 20 percent in recent years. In 2009, two-way trade turnover stood at nearly 230 million USD, with Vietnam enjoying a trade surplus.


In term of investment, Finland ranks 51st out of 89 countries and territories investing in Vietnam with five projects worth a total of 33.4 million USD.


Exchanges, depository centre reorganised


The Ministry of Finance has issued Circular No 29/2010/TT-BTC, reorganising the nation’s two stock exchanges and the Vietnam Securities Depository Centre as single-member limited companies under the ownership of the State, with the ministry acting as the owner’s representative.


The capital structure of these companies will be similar to commercial companies but under stricter requirements, e.g., certain assets such as transaction and information systems, buildings and equipments must be insured.


The management board will report to the ministry, which will decide on the mortgaging, transfer or liquidation of any assets with a value of 20 percent or more of total assets.


Vietinbank seeks joint venture bank with Qatar


The Vietnam Commercial Bank for Industry and Trade (Vietinbank) seeks to establish a joint venture bank with Qatar and open its branch in that country.


Vietinbank Chairman Pham Huy Hung expressed the wish while receiving Qatar ’s Acting Minister of Business and Trade Khalid Bin Mohamed Al-Attiyah in Hanoi on March 15.


This is a step forward to implement agreements signed between Vietinbank and several Qatari banks during Prime Minister Nguyen Tan Dung’s visit in March 2009, said Hung.


The Qatari minister said he hoped such a joint venture between Vietinbank and Qatar will be established soon.


According to Minister Al-Attiyah, the two sides should step up cooperation in money e-transfer in order to serve not only more than 10,000 Vietnamese guest workers in Qatar but also those working in other Middle East countries.


During PM Dung’s 2009 visit, Vietinbank signed an agreement on money e-transfer with Qatar’s Doha Bank, which was the first step for the establishment of a comprehensive strategic cooperation between the two banks with the aim of seizing cooperative opportunities in commercial aid and global banking services.


Japan firm joins fiber-optic cable business in Vietnam

NTT East corp, an affiliate of the Nippon Telegraph and Telephone Corp. (NTT)-affiliated NTT East Corp. will install fiber-optic communications cables at the Nomura Hai Phong Industrial Park in northern Vietnam.


The Japanese economic daily of Nikkei reported that the 153-hectare industrial park in Vietnam's third-largest city is occupied by 53 companies, including Yazaki Corp., Toyoda Gosei Co. and Oji Paper Co., and is expected to grow to around 100. NTT East will lay a total of 15km of cable there at a projected cost of several tens of millions of yen.


The fiber-optic cables will provide high-speed Internet access and VPN (virtual private network) capabilities to the park's denizens, smoothing the way for teleconferencing and video transmission between Vietnam and foreign sites.


The Vietnam Posts and Telecommunications Corp., the company's Vietnamese partner, will lay the cables, with NTT East Corp. providing technology for connections, responding to failures and assisting with operations and maintenance.


According to the daily, since 2007, NTT East has provided fiber-optic cables at Vietnam's Thang Long Industrial Park, where Canon Inc. and Panasonic Corp. both have plants.

Other news

Turkey keeps tariffs on Vietnamese shoes   2010-03-17

Bank liquidity crisis passes   2010-03-17

HCM City launches own investment fund   2010-03-17

As lending interest reaches new heights, some firms borrow from employees   2010-03-17

High costs pressure cement makers   2010-03-17

Hanoi home prices out of reach   2010-03-17

Finland willing to help Vietnam in global integration   2010-03-17

Energy expo kicks off in Hanoi   2010-03-17

US businesses to visit Vietnam   2010-03-17

Mystery consignments clog port system   2010-03-16

Brokerage issues 2010 stock market forecast   2010-03-16

Drought may cause power cuts worries   2010-03-16

Petrolimex reports loss, which means possible petrol price increase   2010-03-16

Ministry probes rising prices of basic commodities   2010-03-16