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BUSINESS IN BRIEF 18/3   2010-03-18 - VietNamNet/VNA, ND, TN

Tourism sector brings Russian market into focus


The Vietnam National Administration of Tourism (VNAT) will focus its promotion programme in 2010 on the Russian market, said a VNAT official at the opening ceremony of the 2010 Moscow International Tourism Expo on Mar. 17.


According to Deputy Director of VNAT Market Department Nguyen Thanh Vuong, Vietnam received 50,000 Russian visitors in 2009 and expects to welcome 100,000 in 2010.


The 2010 Moscow International Tourism Expo attracted 130 tourism and travel businesses from 77 countries. Vietnam sent representatives of 24 enterprises and two local tourism management departments to the event.


Vietnam ’s booth at the expo named “ Vietnam , the Hidden Charm” attracted crowds on the opening day, who queued up to get brochures and souvenirs as well as to try the country’s traditional dishes on offer.


Deputy Director of the Culture, Sports and Tourism Department of the southern coastal province of Binh Thuan was busy receiving visitors. She said that Mui Ne sand dunes and beaches as well as other resorts in the province have become popular among Russian travellers.


In 2009, Binh Thuan welcomed 40,000 Russian tourists and the number has reached 25,000 so far this year.


Hanoi to host int’l electronics manufacturing fair


Hanoi will host an international exhibition of electronics and manufacturing technologies called “The Vietnam Manufacturing Expo and NEPCON Vietnam 2010” from May 20-22.


On display at the fair will be the latest innovations in the fields of manufacturing, automation, electronics, plastic and rubber and car parts of some 450 enterprises from 25 countries and territories.


Speaking at a press conference in Hanoi on March 18, a representative of the event organiser - Reed Tradex – said the return of a huge number of foreign enterprises that once joined in previous exhibitions indicates the huge potentials of doing business in Vietnam .


“With the current priorities in its development strategy, Vietnam ’s electronics industry has various opportunities for growth, especially in the north,” said Nichapa Yoswee, Reed Tradex CEO.


The Deputy General Director of Mitsuba M-Tech Vietnam, Ito Yasuhito, said Vietnam is a perfect investment destination for foreign companies thanks to rapid developments in the recent past.


Reed Tradex, a world leading event organiser, said it is planning exhibitions in a number of different areas in Vietnam with a view to promote the industry of Vietnam and ASEAN.


ANZ seeks buyer for 10 pct stake in Vietnam bank 


Australia and New Zealand Banking Group Ltd is looking for a buyer for its 10 percent stake in Vietnam's Sacombank, an executive at the Vietnamese bank said, becoming the first foreign bank to sell its stake in a domestic lender.


The move follows ANZ's Vietnamese unit obtaining permission to operate as a fully foreign-owned bank in October 2008. ANZ is one of 10 foreign banks to have bought shares in Vietnamese lenders.


Sacombank has worked with ANZ on the issue, the Vietnamese bank's chairman Dang Van Thanh said in a statement issued after its annual shareholder meeting on Monday. He added that ANZ was looking for a buyer for its stake.


Thanh did not say who might buy the stake, but local media reported that a Singaporean bank could be picked, though it did not mention names.


United Overseas Bank holds 15 percent of Phuong Nam Bank, and Oversea-Chinese Banking Corp Ltd owns 15 percent of VPBank.


Shareholders approved Sacombank's targets for this year to raise total assets by almost half to VND146 trillion ($7.65 billion), registered capital by 37 percent to VND9.18 trillion and annual gross profit by 26 percent to VND2.4 trillion.


Sacombank, also known as Saigon Thuong Tin Commercial Bank, has also targeted annual credit growth of 45 percent to around VND87 trillion and aims to increase deposits by 50 percent to VND129 trillion.


Sacombank has said its gross profit jumped 35 percent to $15.7 million in the first two months of this year.


Dien Bien Petrovietnam Mineral Investment Company makes its debut


The Dien Bien Petrovietnam Mineral Investment Joint Stock Company (PMI) made its debut in Dien Bien city, Dien Bien province yesterday.


It aims to carry out the mineral exploration, exploitation and processing project in Xa Nhe – Hang Cho, Tuan Giao Tua Chua in the province.


Dinh Tien Dung, Chairman of the People’s Committee of Dien Bien province said that the company would make a contribution to creating jobs and increasing incomes for locals as well as promoting the socio-economic development and eliminating hunger and reducing poverty in the province.


The founding shareholders of the company with a charter capital of VND 80 billion are the Petrovietnam Financial Investment and Consultancy Joint Stock Company (PVFC Invest), the Northwest Mineral and Construction Investment Joint Stock Company, the Natural Resources Joint Stock Company and the Electric – Mechanical Joint Stock Company.


The same day, the Vietnam National Oil and Gas Group (Petrovietnam) provided VND 10 billion fund for Muong Nhe district, Dien Bien province to assist local poor households in eradicating dilapidated houses.


Yen 15 billion for small and medium sized enterprises


A framework agreement on relending the Small and Medium-Sized Enterprise Financing Project in its third phase (SMEFP III) with a total credit capital of Yen 15 billion was signed between the Management Board for ODA International Credit Projects under the State Bank of Vietnam (SBV) and 17 financial institutions yesterday.


These financial institutions include state commercial banks and private commercial banks.


The key goal of the project is that through the above-said financial institutions, medium and long-term loan capital will be provided for small and medium-sized enterprises, creating favourable conditions for these enterprises to get easy access to capital source.


The SMEFP, sponsored by the Japanese Government through the Japan Bank for International Co-operation (JBIC), has been deployed since 2003 in two phases with the medium and long-term credit capital of over Yen 9 billion.

Other news

Gold traders scramble to diversify business interests   2010-03-18

How much seafood will Vietnam export in 2010?   2010-03-18

Banks deny lending at ‘abnormally high’ interest rates   2010-03-18

Vietnamese consumer goods makers go after niche markets   2010-03-18

Construction materials’ prices trouble contractors   2010-03-18

First private petrol company officially launches   2010-03-18

Benefiting Vietnam farmers and U.S. consumers   2010-03-18

BUSINESS IN BRIEF 17/3   2010-03-17

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