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Korean Firms in Vietnam Facing Rough Ride 2008-03-12 19:09:00 Korean companies that made inroads into Vietnam
are facing a bumpy ride. Their experience flies in the face of an earlier rosy outlook of launching a broad network in the high-growth country and Korea's top ranking in terms of overseas direct investment into the Southeast Asian economy.
Experts warn that three major hurdles -- illegal strikes, skyrocketing labor costs and lack of manpower -- are Read more:Korean
, Facing
, Rough
Hanoi to have 3rd airport by 2020 2008-03-12 10:30:00 Hanoi by 2020 will have an additional airport
, apart from the two existing ones of Noi Bai international airport and Gia Lam airport, according to a plan on the capital’s traffic and transport development by 2020 recently submitted for the Prime Minister’s approval by the Ministry of Construction.
Under the plan, road, waterway and airway systems will be comprehensively developed with modern Read more:Hanoi
Numerous handicraft products sold 2008-03-12 10:26:00 Numerous handicraft products made by local ethnic people have been bought by a large number of tourists visiting Sa Pa district, Lao Cai province during special holidays and events.
Brocaded and embroidered products such as clothes, bags and towels as well as wooden souvenirs have been selling the best. Others are fruits, vegetables and medicinal plants grown by ethnic people.
At present, there
Meeting standards to penetrate US market 2008-03-12 07:22:00 To avoid problems from the start with the US Government (the US Customs and the US Consumer Product Safety Commission (CPSC), producers should follow both mandatory and voluntary standards.
Vietnamese exporters to the US market gathered at a forum held by the Trade Promotion Department in Hanoi on March 12 to discuss measures to boost export activities in the US.
Participants focused their
Wind power turbine plant to be built in Nhon Hoi IZ 2008-03-12 07:21:00 Germany’s Fuhrlaender AG plans to build a wind power
turbine plant in the B zone of the Nhon Hoi Industrial Zone, said the company’s representative at a meeting with the Nhon Hoi Economic Zone (Nhon Hoi EZ)’s management board on March 11.
The US$23 million plant is expected to be built on an area of between 7 – 10 ha and able to manufacture both 1.5MW turbine and 2.5MW turbine types with
Canadian enterprises eye Vietnamese market 2008-03-12 07:20:00 At a recent meeting of the Viet Nam-Canada Business Council, representatives from Canadian
companies wished to promote trade ties with Vietnamese
enterprises.
A large number of Canadian companies such as TD Canada Trust Bank, Real Estate and Infrastructure Development Company ACDL, and Canada’s Travel and Entertainment Company DSL said they were very interested in projects on mineral exploration
Vietnam to launch first satellite next month 2008-03-12 06:57:00 Viet Nam is scheduled to launch its first satellite on April 12, helping the country offer better domestic and international communication services at lower cost.
This launch will make Vietnam
the sixth Southeast Asian nation to secure space sovereignty and interests, Nguyen Ba Thuoc, vice president of the Viet Nam Posts and Telecommunications Group (VNPT),the satellite project's investor,
Viet Nam’s toy exports to be closely monitored by US 2008-03-12 06:56:00 An official from the US Commercial Service in Viet Nam announced Monday that the US would strictly monitor safety standards of toys imported into the US after millions were recalled last year over safety concerns.
A statement read Monday at the Toy Industry Seminar in Ho Chi Minh City declared that more than 18 million toys were recalled in the US last year for violating federal lead paint Read more:exports
China-based foreign firms contemplating move to Viet Nam: study 2008-03-12 06:54:00 Nearly one in five foreign-owned or invested manufacturers in China
have firm plans to relocate or expand operations outside China, with low-labor-cost Viet Nam a top alternative, a study of 66 firms
in China has found.
The study, jointly conducted by management consulting firm Booz Allen Hamilton and the American Chamber of Commerce in Shanghai (AmCham Shanghai) and released last week, said
Fishing vessels docked due to rough seas, fuel prices 2008-03-12 06:54:00 Nearly 7,000 fishing vessels
in the two central areas of Quang Nam and Da Nang are docked due to rough seas and an inability to bear high diesel costs.
The Fisheries Department of Quang Nam Province has sought assistance from the provincial People’s Committee to provide radio equipment and monetary aid to the fishing community to cover bank interest rates and vessel maintenance, director Vo Van Read more:Fishing
Automobile import tariff rose to 70% 2008-03-12 06:49:00 On March 11, Deputy Minister of Finance Truong Chi Trung decided to increase the new automobile import tax from 60% to 70%. The absolute tax imposed on imported used automobiles will rise by 10% on average.
The tax increase was urged by the Government in order to help curb traffic as imported automobiles are flooding to the market.
According to figures released by the Customs Bureau, nearly Read more:Automobile
, tariff
PetroVietnam boost implementation of ten key projects 2008-03-12 06:47:00 The Viet Nam Oil and Gas Group (PetroVietnam
) announces that it has pooled efforts to boost the implementation of ten key national oil and gas projects from the beginning of 2008.
These include the Ca Mau 2 Electric Power Plant project, the Phu My-Nhon Trach gas pipeline project; the Nhon Trach Electric Power Plants No 1 and No 2; the Block B-Omon Pipeline project; the Dung Quat Oil Refinery;
Vinacomin sets production target 2008-03-12 06:44:00 The Viet Nam National Coal-Mineral Industries Group (Vinacomin) expects to produce 60 million tonnes of coal per year by 2015, 150% more than at present, said Vinacomin general director Tran Xuan Hoa.
To reach its goal, Vinacomin plans to open seven to 10 new coal mines, adding 1.5-2 million tonnes to capacity each year between 2008-15, even though exploratory costs are high.
The company’s
Viettel trims off-peak hour call charges 2008-03-12 06:43:00 Viettel Mobile yesterday slashed its off-peak hour call charges by a staggering 75% in a bid to ignite demand and attract more users.
The Military-run mobile carrier said the new charges were down to VND500 a minute for calls between Viettel subscribers and VND1,000 for calls to other networks - the lowest rates in what is a very competitive market.
The carrier defined non-peak hours as being
Hwa Seung Group to make sports shoes 2008-03-12 06:41:00 South Korea’s Hwa SeungGroup
has invested US$90 million to set up Hwa Seung Vina Co which will specialise in manufacturing sport shoes
in Nhon Trach 1 Industry Zone, in the southern province of Dong Nai.
The company has also invested $5 million into its partnering company – the Long Hung Trade Manufacturing JSC to strengthen its production line, raising 2-2.4 million of shoes per year in 2008-
Koreans to manufacture electronics in Hai Duong 2008-03-12 06:40:00 The northern province of Hai Duong Export Processing and Industrial Zones Authority has granted an investment licence to South Korean firm Namae Vina Electronics to build Namae electronic parts manufacture in the Dai An Industrial Zone.
The project is set to be made fully operational in November this year.
This project has a total capital of US$10 million, covers a site of 35,000sq.m and has a Read more:Koreans
, electronics
Coffee price decrease catches industry off guard 2008-03-12 06:34:00 On March 11, the coffee price
in Dak Lak Province, Viet Nam’s coffee capital, unexpectedly dropped to VND35,500/kg, down by VND5,000/kg from the highest peak of VND40,500/kg reached on March 5.
Le Ba, a farmer in Buon Ho town, Krong Buk district in Dak Lak, related that his family harvested 10 tons from their cultivated 5 ha.
Before Tet, Ba sold half of his 10 tons of coffee for VND30,000/kg to Read more:Coffee
, catches
, industry
Dollar devaluation dealing blow to exporters 2008-03-12 06:28:00 Seafood exporters on March 4 sent a dispatch to relevant ministries, crying for help, as the dollar devaluation has driven them into a corner. Local automobile assemblers complain that they are losing tens of millions of VND on every car sold. The dollar devaluation has been making exporters and producers weep.
Director of Tien Giang-based Song Tien Seafood Company Nguyen Thi Anh is like a cat Read more:Dollar
Airport authorities reorganise as new firms 2008-03-12 06:27:00 Pernament Deputy Prime Minister Nguyen Sinh Hung has agreed in principle to the setting up of three new aviation corporations, according to a report issued by the Ministry of Transport on March 10.
The new corporations – the Northern Aviation Corp, the Central Aviation Corp and the Viet Nam Flight Operation Corp – will be established after the restructuring of the business divisions of the Read more:firms
, authorities
Property companies proliferate 2008-03-12 06:27:00 New property companies are popping up nationwide, reflecting a strong domestic real-estate market but some experts argue that such rapid growth is risky without Government management.
At the end of last year when the domestic real-estate market was developing particularly quickly, many new property companies were set up to meet market demand. Sub-companies were also born of this trend, working
Viet Nam faces widening Q1 trade gap as exports slowb 2008-03-14 23:23:00 Viet Nam's trade deficit in the first three months of this year is forecast to rise 67% from a year ago to $7.5 billion, while exports
are slowing due to a weak U.S. dollar and rising costs.
Exports in the first quarter would grow 23.7% from a year earlier to $13.2 billion, slowing from a 29.2% rise in the first two months from a year ago, Pham The Dung, a manager at the Industry and Trade Read more:faces
Dong not more beneficial than US dollar 2008-03-14 22:58:00 Although the State Bank of Viet Nam has increased the US dollar interest rate to 6% a year, many people still sell this foreign currency to make deposits. However selling US dollars for dong to deposit into banks is not surely more beneficial
than deposits in US dollars.
On March 12, Chau Thy went to the Bank for Foreign Trade of Viet Nam (Vietcombank) -HCM City branch to sell US$1,000.
Limitation on US dollar lending 2008-03-14 22:55:00 The US dollar lending activity recently started to overheat, according to a banking specialist, a high growth of US dollar lending could cause many potential risks for the whole banking system. Is it right time for regulators to tighten up foreign currency lending more?
Based on the initial statistics, during the first 11 months of 2007, US dollar lending growth did not exceed 4% a month. But
Gold prices again exceed VND19 million/tael 2008-03-14 13:50:00 Gold prices continued to increase on the morning of March 14. Gold was traded at more than VND19 million
per tael at most shops in Hanoi on the day, up VND150,000 - 250,000/tael compared to the previous day.
SJC gold was purchased at VND18.9 billion/tael and sold at VND19.1 million/tael, an increase of nearly VND200,000/tael compared to the previous day.
At 10am, 99.99-percent gold surged to
Asian Banker 2008 to be held in Viet Nam 2008-03-14 13:48:00 The ninth AsianBanker
Summit will be held in Hanoi on March 16-17 with the participation of 500 CEOs, chairmen, executive vice presidents and other senior executives from financial institutions, as well as senior regulators, analysts and investors from countries across the world.
This is the first time Asia’s most prestigious event will be held in Viet Nam and participants will focus their
Fruit and vegetable exports to China sharply increase 2008-03-14 11:17:00 The export of Vietnamese fruits and vegetables to China
has increased sharply in both quantity and in export value.
In February alone, the export value of Vietnamese vegetables sent to the Chinese market reached nearly 430,800 USD, 15 times higher than the figure of January.
According to the General Custom Department’s statistics, vegetable exports
to China earned 430,000 USD at the end of Read more:Fruit
Taiwan's Yang Ming to buy Viet Nam firm 2008-03-14 10:48:00 Yang Ming Marine Transport Corp announced that its board has approved a proposal to acquire a Vietnam firm, Vung Tau Paradise Resort World. Details of the proposed acquisition were not immediately available. Read more:Taiwan
Ministry recommends measures to help exporters 2008-03-14 10:34:00 Deputy Minister of Industry and Trade Nguyen Thanh Bien has asked enterprises to expand outlets and diversify foreign currencies structure in an effort to gain the government’s target of 25% rise in export revenues.
At a conference held in Ho Chi Minh City on March 14 to seek urgent measures to remove difficulties for export businesses in 2008, Deputy Minister Bien also asked them to improve Read more:Ministry
International furniture fair opens in Ho Chi Minh City 2008-03-14 08:03:00 The Viet Nam International
Furniture and Home Accessories Fair 2008 opened at the Phu Tho Indoor Sport Stadium in Ho Chi Minh City on March 14.
Over 550 booths of 150 local and foreign companies from 44 countries and territories display their indoor and outdoor furniture, wood fine art articles, china and machinery and equipment for wood manufacturing and processing.
Workshops on the woodwork
Falling dollar robs exporters of revenue 2008-03-14 06:12:00 The continued strengthening of the Vietnamese dong against the US dollar is costing Viet Nam’s exporters dear.
Garment and textile enterprises are a prime example.
Viet Nam Garment and Textile Group (Vinatex) managing director Le Tien Truong estimates an export revenue drop of 4-5% since the Viet Nam Government allowed the trading band for exchange rate between the dong and the US dollar to
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