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Avoiding “shower month”, businesses rush to begin projects   2010-07-21 - Dan tri

Many big business projects kicked off over the last few days to avoid avoid mua ngau (prolonged shower) month, an unlucky time to do big things.


On July 20, the Vietnam National Oil and Gas Group (PetroVietnam) organized a ceremony to open the PetroVietnam Institute building in Hanoi.

In the minds of Vietnamese people, the mua ngau month, or the seventh month of the lunar year, which is also called the co hon (forsaken spirits), is an unlucky month.  No one wants to do big things, like getting married, building houses, starting businesses or kicking off large projects during this month.


This explains why many businesspeople will kick off their investment projects in the next two weeks, just before the seventh month begins.


On July 19, the Bank for Investment and Development of Vietnam (BIDV) opened its Hoan Kiem branch in Hanoi. This is the 109th branch of the BIDV bank’s system and the 20th branch of the bank in Hanoi. The bank has total assets of two trillion dong, outstanding loans of 675 billion dong and an initial staff of 106 people.


On the same day, PetroVietnam Securities Incorporated (PSI) organized a workshop introducing the opportunity to invest in PSI shares. This is the only unit of PetroVietnam’s system that operates in the securities field with chartered capital of 485 billion dong as of June 30, 2010. The company provides all kinds of services, including securities brokerage, investment consultancy and guaranteeing for securities issuance. It can also trade securities.


One day later, PSI listed 48.5 million PSI shares on the Hanoi Stock Exchange with the face value of 10,000 dong per share, a total of 485 billion dong in listed shares.


In Nghe An, on July 19, SeABank officially opened its first branch in the northern central region – SeABank Nghe An. This is its 23rd branch and 80th transaction point nationwide.


On July 20, the Vietnam National Oil and Gas Group (PetroVietnam) organized a ceremony to open the PetroVietnam Institute building in Hanoi. The institute aims to upgrade scientific research and training for member units of PetroVietnam.


The building has the total investment capital of 937 billion dong with 17 floors and two ground floors, fit for 3000 working officers. This is also one of the 10 most outstanding architectural works, inaugurated to celebrate the 1000th anniversary of Thang Long – Hanoi.


On the morning of July 20, Vietinbank cooperated with the Hanoi People’s Committee and Tay Ho District People’s Committee to organize the ground-breaking ceremony for a project on improving the environment of Sen Lake.


The lake is located in Nhat Tan ward, Tay Ho district in Hanoi and the project on environmental improvement is one held to celebrate the 1000th anniversary of Thang Long-Hanoi and is also a part of the larger plan to upgrade lakes in Hanoi. The lake has the total area of 1.15 hectares and upgrades are estimated to cost 15 billion dong.


Many think that more big projects will be opened in the coming days, before the seventh month of the lunar year starts, which falls on August 10.

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