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BUSINESS IN BRIEF 7/8   2010-08-07 - VNN

US increases tariffs on Vietnamese shrimps

The US Department of Commerce (DoC) has announced final results of the fourth administrative review on Vietnamese shrimps exported to the US, which was conducted from February 1, 2008 to January 31, 2009.

According to the final results, only one Vietnamese shrimp exporter enjoyed tax reduction while the remaining companies must pay higher duties compared to the preliminary results announced in March this year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said one of the two compulsory defendants in the anti-dumping lawsuit, the Minh Phu Seafood Company, will pay a lower duty, from 3.27 percent to 2.96 percent, while the second, the Nha Trang Seafood Joint Stock Company, will have its tariff increased to 5.58 percent from the current 2.5 percent.

The anti-dumping duties on shrimp products from 29 companies which are not compulsory defendants will be raised from 2.89 percent to 4.27 percent while those imposed for companies out of the review will still remain at 25.76 percent.

Vietnamese companies are subject to higher duties than Indian exporters. The highest duty imposed on an Indian company is 4.44 percent while the rate for Vietnamese is 5.58 percent. Other Indian companies also pay lower duties than Vietnamese exporters, at only 2.67 percent.

In April this year, Vietnam asked the World Trade Organisation (WTO) Dispute Settlement Body to set up a panel to review US anti-dumping measures imposed on frozen warm water shrimp from Vietnam.

Recently, WTO General Director Pascal Lamy appointed three members to the panel. Normally, after six months, the panel board will make its final report on the lawsuit for concerned parties.

This is the first time Vietnam has launched a trade lawsuit since against a WTO member it joined the WTO in January 2007.

2010 Techmart opens in Quang Ninh

The Red River Delta Technology and Equipment Fair (Techmart) opened in Quang Ninh province on August 6.

The fair attracted 40 research institutes, scientific and technological centres and universities, and 20 provincial departments of science and technology as well as 86 businesses, showcasing 841 technologies and equipment. It also has 18 stalls introducing 35 technologies and equipment from China, Ukraine and Israel.

On display are products and services in high-tech fields, such as electric and electronic technology, automation, mechanics, mechanical manufacturing, information technology, technologies and equipment in agriculture, forestry, fisheries and food processing, and desalination technology.

During the fair, there will be three seminars on science and technology to support socio-economic development in the Red River Delta region; applying radiation and radio-active isotopes in socio-economic development; and disseminating information about aquaculture technology. The seminars will provide a forum for managers, scientists and businesses to exchange experiences in dealing with difficulties and seek measures to promote the potential and strengths of the Red River Delta.

The fair will run until August 9.

Banks told to report on loans

The State Bank of Viet Nam has issued an official dispatch 5851/NHNN-TD requiring four banks to report their loans on infrastructure development projects.

The banks are the Bank for Foreign Trade of Viet Nam (Vietcombank), the Bank for Industry and Trade of Viet Nam (Vietinbank), the Bank for Agriculture and Rural Development of Viet Nam (Agribank), the Bank for Investment and Development of Viet Nam (BIDV).

The central bank has asked the four banks to report the situation of lending for infrastructure projects in the fields of electricity, industrial zones, economic zones, transport, water and others, based on indicators of bad debts and outstanding loans.

The State Bank also requires commercial banks to assess the effectiveness and financial risk in providing loans to infrastructure projects and propose recommendations to the SBV and the Government.

APEC Securities partners with grocer

APEC Securities has bought 393,000 shares in grocery store owner Tong Bach Hoa Co, giving it a 12.6 per cent stake.

The stockholding allowed APEC Securities to invest in the company’s real estate projects, including the construction of a housing estate over an area of 24,882sq.m.

The project is expected to start in early 2011 and once in operation, it is estimated to generate a profit of VND300 billion (US$15.4 million).

APEC Securities was already rated as one of top 10 listed companies holding the largest proportion of brokerage provision on the Ha Noi Stock Exchange in the second quarter.

BIDV Insurance makes IPO in Ha Noi

The BIDV Insurance Company sold all 11.5 million shares offered in the initial public offering which opened on Thursday, said the Ha Noi Stock Exchange.

The shares were bought at an average price of VND11,225 a piece, while the highest subscribed price was VND16,500 and the lowest VND10,900.

The company earned a total turnover of VND129.2 billion ($6.6 million) through the auction. BIDV Insurance achieved a turnover of VND346.1 billion ($17.7 million) in the first half this year, representing a year-on-year increase of 62 per cent.

The company posted a pre-tax profit of VND36.3 billion ($1.9 million) over the same period.

Foreign investors receive licences to trade

The Viet Nam Securities Depository in July issued securities trading licences for 123 new foreign investors, including 14 institutions and 109 individuals.

From January-July, 187 foreign institutions and 620 foreign individuals received licences to trade in the domestic stock market, raising the total number of foreign investors to 4,396.

Foreign investors bought a net VND555 billion (US$29.2 million) worth of stock on the HCM City Stock Exchange in July, a fall of nearly 40 per cent from June. Their total net buys reached VND6.7 trillion ($352.6 million) in the first seven months of this year.

ITA posts high profit in first half

Tan Tao Investment Industry Corp (ITA) posted a net revenue of over VND795 billion (US$41.8 million) in the second quarter, raising the first half revenue to over VND1.17 trillion ($62 million), a year-on-year increase of 98 per cent.

Its net profit reached over VND111 billion ($5.9 million) in April-June, totalling the first-half net profit to over VND203 billion ($10.7 million), up 118 per cent from the same period of last year.

However, the firm has completed only 40 per cent of this year’s revenue plan and 30 per cent of its after-tax profit plan.

PVX earns $201m revenue in first half

PetroVietnam Construction Co (PVX) announced a total revenue of VND3.82 trillion (US$201 million) in the first half of the year and a pre-tax profit of VND577 billion ($30.4 million), up 824 per cent from the same period of last year. Its first-half net profit reached VND442 billion ($23.2 million), a year-on-year increase of 685 per cent.

In the first six months, the company bid for 18 tenders of 11 projects and won 14 of them worth a total of VND4.5 trillion ($236.8 million). It also signed 63 business contracts worth over VND3.7 trillion ($194.7 million) during the period.

PVX targets to gain nearly VND4.68 trillion ($246.3 million) in revenue and VND327 billion ($17.2 million) in post-tax profit in the remaining six months of this year.

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