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BUSINESS IN BRIEF 20/8   2008-08-20 - VNA

Hue eyes air connection with to Japan

The authorities of central Thua Thien-Hue province and Japan’s Shizuoka city have met in Hue city to discuss a plan to open flights connecting the two cities.

They hope to conduct the first flight from Hue city’s Phu Bai International Airport to Shizuoka city on the occasion of the inauguration of Shizuoka’s Fujisan ( Fuji Mountain ) International Airport in early March 2009.

Regular flights connecting two cities are expected to attract more Japanese tourists to Hue city and vice versa, as well as facilitate the travel of overseas Vietnamese students and the two countries’ businessmen.

The cooperation in opening the new air route is part of the two cities’ cooperation programme signed in April 2005, which has been also extended to various fields, particularly urban and environmental management, and cultural exchange.

Laos pledges help to Vietnamese banks

The Bank of Laos will create the most favourable conditions for Sacombank and other Vietnamese commercial banks to expand their operation networks in Laos in the future, said its Deputy Governor Bounsong Sommalavong.

Deputy Governor Sommalavong, who is in Vietnam from August 18-22 to explore Vietnam’s banking and securities market activities, made the pledge during his working session with the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

Earlier, the State Bank of Vietnam gave the nod to Sacombank to open its branch in Laos and Cambodia. The bank is striving to put its branch in Laos into operation by the end of this year.

The opening of Sacombank branch in Laos is expected to facilitate trade between the two countries.

Vietnam currently ranks fourth among foreign investors in Laos.

FPT Telecom links up with PCCW Global

FPT Telecom Joint Stock Co, the second-largest telecommunications services provider in Vietnam, said on August 18 that it had signed an agreement with PCCW Global to link their networks.

The deal will allow the companies to meet increasing demand for domestic as well as international communications services, FPT Telecom said.

“The strategic alliance with PCCW Global marks an important milestone for us,” said Nguyen Dinh Hung, deputy general director of FPT Telecom. “With this move, we will benefit from each other’s strengths.”

PCCW Global Chief Network Office, Bret Rehart, said the cooperation will help in offering more comprehensive network management between Vietnam and other countries covered by PCCW’s network.

“In addition, value services, such as on-demand-band-width and IP multicasts, can be offered in the future to meet our customers’ requirements.”

FPT Telecom, a member of the FPT Corporation, currently holds 33 percent of the domestic broadband internet market, with around 330,000 subscriber. Early this year, it contributed 10 million USD to the development of the 560 million USD Asia-America Gateway (AAG), an international optical cable project running through the Pacific Ocean .

PCCW Global, a subsidiary of PPCW Ltd, is the premier telecommunications services provider in Hong Kong and among Asia’s leading players in the Information and Communications Technologies (ICT) area. Its network has reached 80 countries and 850 cities across the world.

Sai Gon Cosmetics signs sweet-smelling contract

Sai Gon Cosmetics Corporation (SCC) has signed a contract worth 150,000 USD with Musketeers (Japan) to export 50,000 bottles of perfume named Heart by Heart to Japan.

This is the company’s biggest export contract to Japan after several trial exports, said the company’s deputy general director Le Thi Kim Hoang.

Musketeers will retain the name SCC when selling the products, which will include perfumes for men called Zeus and Alex.

Tuyen Quang province licenses Australian milk project

Northern mountainous Tuyen Quang province on Aug. 19 licensed a 19.83 million USD milk project of Australia ’s Jonvest Co. Ltd.

The 50-year project will include hi-tech milch cow farming, milk processing and milk products producing, and animal feed production. During 2008-2017, the project will develop a herd of 5,350 milch cows.

Tuyen Quang province will provide investment incentives for the project, such as preferential enterprise income, export, import and value added tax rates, and preferential land rents.

Geoff Morri, head of the representative delegation of the Australian Centre for International Agricultural Research in Vietnam , pledged to take responsibility for the investment’s efficiency.

He said he hoped that with Australia ’s modern breeding and milk processing technology, Jonvest company would actively contribute to economic development in Tuyen Quang province.

Both VN-Index, HaSTC-Index enjoy gains

Both the VN-Index and HaSTC-Index enjoyed gains on August 19, closing 0.68 percent and 1 percent up at 511.53 points and 159.514 points, respectively, despite massive sales.

The Ho Chi Minh Stock Exchange (HOSE) saw a record turnover of over 1.33 trillion VND for weeks due to profit-taking with top shares sold in large volumes.

With 62 shares gaining, 84 declining and 14 remaining unchanged, the VN-Index managed to climb 3.48 points.

The Hanoi Securities Trading Centre (HaSTC) also saw a strong surge in liquidity, limiting the rising trend to 1.58 points.

Phu Quoc island draws 1.72 billion USD in investment

Southern Kien Giang province has so far licensed 21 investment projects worth 1.72 billion USD in the resort island of Phu Quoc , including two wholly foreign-owned projects and two joint ventures.

In all, those projects cover 1,000 ha along the island’s eastern and western coastline. Several of them have been put into operation, contributing to the island’s growth rate of 16 percent for the past three consecutive years.

Another 154 projects worth 889.75 million USD have also received permission to conduct detailed planning.

The province is speeding up construction of An Thoi port, an international airport and a road network on the island to facilitate tourism development.

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