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BUSINESS IN BRIEF 6/4   2010-04-04 - VietNamNet/VNA

Dung Quat oil refinery officially inaugurates this month


The Dung Quat Oil Refinery, the country’s first oil refinery, is likely to be officially handed over to the Vietnam National Oil and Gas Group (PetroVietnam) by the Technip contractor this month.


At a press briefing held on April 5 in Hanoi , PetroVietnam representatives said that at present Technip is putting final touches on the refinery, fixing several minor technical errors which are said not to affect much the refinery’s stable operation.


PetroVietnam confirmed that the refinery had to stop operation for four hours on March 28 after an electricity problem and it resumed operation on the next day.


According to PetroVietnam, the refinery is expected to run at full capacity late this week.


US firm plans to expand operations in Vietnam


The Texas-based NewMarket Technology, Inc. has announced plans to expand operations into Vietnam and conducted a Greenfield Partnership Programme Trade Mission to the country this week.


NewMarket’s Greenfield Programme was introduced last year with the aims to accelerate and enhance the introduction of new technology innovations into new markets, including Vietnam .


The trade mission headed by NewMarket Director of Worldwide Business Operations Paul Danner began its trip in Ho Chi Minh City to present their combined capabilities to multiple potential local partners.


NewMarket provides systems integration services, including technology reseller, customization, integration, outsourcing and support services, in Southeast Asia, Latin America and North America, as well as China, and is actively expanding its business services into the growing markets of East Africa.


The firm has a focus on providing technology and support services to rapidly growing economies where technology purchasing is on the rise.


State President urges Vinh Long to develop infrastructure


The southern province of Vinh Long needs to increase its infrastructure system and measures to attract more investors to the province’s industrial zones, State President Nguyen Minh Triet has said.


While meeting with the province’s key officials during his working visit on April 5, President Triet urged Vinh Long to pay more attention to boosting connectivity with other cities and provinces in the major economic hubs while implementing policies to attract more scientists and students to work for the province.


He also praised the province for tapping its strengths in agricultural production, including the cultivation of cash crops, the growing of specialty fruits, the development of aquaculture for exports and its traditional handicraft villages.


The State leader urged core officials at both grassroots and provincial levels to hold weekly discussions with the public to more democratically shape orientations and measures serving socio-economic development.


Measures to ensure macro-economic stability discussed


Measures to manage interest rates and keep prices under control were the two main topics discussed at an online conference chaired by Permanent Deputy Prime Minister Nguyen Sinh Hung on April 5.


At the conference, Deputy PM Hung asked localities and agencies to create specific plans and foster a consensus among the people--a decisive factor in the success of the government’s solutions.


Relating to prices, he said that in 2010 the government will try its best to reduce petrol price fluctuations and keep electricity prices unchanged.


The government also urged authorised agencies to cut banking interest rates to 8-9 percent for mobilising and 11-12 percent for lending through flexible domestic and foreign currency management measures, he said.


The Deputy PM instructed localities and agencies to balance the supply and demand of goods in their areas and increase their budget collection by at least 10 percent.


Authorised agencies were asked to keep a close watch on and ensure the absolute safety of the stock, real estate and insurance markets.


Hung urged nationwide thrift practice and a limit to ineffective programmes and projects. “Public projects and works should give priority to using domestically-made products,” he said.


Deputy PM Hung also asked localities, ministries and agencies to closely coordinate with economic sectors, mass organisations and the people to effectively implement the government’s measures, which focus on ensuring macro-economic stability, preventing high inflation and achieving a GDP growth rate of 6.5 percent in 2010.

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