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Ministry declares war on inflation 2008-03-18 23:09:00 The Ministry
of Industry and Trade (MoIT) has proposed a series of measures aimed at stabilising the market amid unusual price volatility, both here and abroad.
Under the ministry’s proposal, enterprises trading in goods deemed necessary such as oil, gas, steel, and iron will be allowed to set their own prices, on the condition that they commit to stabilising prices at least in one quarter to
Energy saving equipment to be produced in Viet Nam 2008-03-18 23:07:00 Singapore’s BAP Energy
Group will invest 30 million USD in building a plant to manufacture energy saving equipment in the Hoa Lac Hi-Tech Park.
To this end, BAP Group has signed a memorandum of understanding. It is expected to fulfill investment dossiers and start its construction project this year.
The group specialises in supplying alternative energy solutions such as LED tubes, dried Read more:produced
Domestic carriers prepare for competition 2008-03-18 23:07:00 Viet Nam Airlines and Pacific Airlines will soon face new competition
in it domestic routes from three new airlines.
VietJet Air, which received a license for operation late last year, is in the process of leasing a Boeing 737-800 with 200 seats to run flights from Ho Chi Minh City – Da Nang – Ha Noi in December.
AirSpeed Up will obtain its license this month. It has already leased three Boeing Read more:carriers
, Domestic
Standardised real-estate exchange to be set up 2008-03-18 23:06:00 The Ministry of Construction has all wed the Sai Gon Cho Lon Investment and Real Estate Company and the Phat Hung Real Estate Company to establish a standardized real-estate exchange.
Nguyen Tran Nam , Deputy Minister of Construction, said the floor would be crucial for restructuring the property market in Viet Nam . The model will be applied in other provinces and cities. (VNA)
New 700TEU container ship launched 2008-03-18 23:04:00 Nam Trieu Shipbuilding Industry Corporation on March 19 launched a 700TEU container ship.
The 133.6 m long and 19.4 m wide ship is the largest launched by the shipyard. The ship has a capacity of 7,200 KW and can average 17.5 nautical miles an hour.
It is one of eight ships ordered by Germany ’s Horizont mBH.
Viet Nam to Host ASEAN Bank Governors Meeting Late March 2008-03-21 12:07:00 The State Bank of Viet Nam (SBV), the country's central bank, will organize ASEAN
Central Bank Governors
Meeting (ACGM) and ASEAN Central Bank Deputies Meeting (ACDM) in central Danang city late this month.
Central bank deputy governors from ASEAN member countries will convene prior to the fourth ACGM to prepare contents for their leaders' conference, said the SBV on its website yesterday.
The Read more:March
Deutsche Bank to Provide Banking Services to Vinashin, Vinatex 2008-03-21 11:57:00 Deutsche Bank has signed memorandums of understanding with two Viet Nam economic groups, including Vinashin and Vinatex, to provide banking services to these firms.
Under the agreements, Deutsche Bank will help Vinashin and Vinatex with risk management, cash management, commercial financing and other banking services.
Juergen Fitschen, chairman of Deutsche Bank, said during meeting with Vietnam Read more:Deutsche
, Services
Commercial significance and the beyond of VINASAT-1 2008-03-21 11:48:00 Issues involving the VINASAT-1 satellite have recently drawn much attention from competent bodies and the public.
VINASAT-1 is Viet Nam’s first procured commercial satellite built by Lockheed Martin, a powerful US telecom company with 45 years of experience in satellite production.
From idea to reality
In 1996 a number of telecommunications experts raised the idea of Vietnam possessing and Read more:Commercial
, beyond
VND 6,000 billion air-road No4 to cross Sai Gon River 2008-03-21 11:45:00 The MOU for the construction of the flyover No 4 at the cost of about VND 6,000 billion
on March 19 was inked by Ho Chi Minh City’s Traffic and Public Work Department and General Construction Company No 1 (Ministry of Construction).
Under the plan, the overpass starting from Binh Phuoc cross-road (Thu Duc district) will run along highway 13 and cross the Sai Gon River
, and then join flyover N. 1
Viet Nam, RoK businesses make deals in Seoul 2008-03-21 11:34:00 Businesses of Viet Nam and the Republic of Korea (RoK) signed four deals worth totally at 1.15 billion USD at the two countries’ Business Forum in Seoul
on March 21.
In the witness of the visiting Vietnamese National Assembly Chairman Nguyen Phu Trong, Viet Nam ’s Saigon Investment Group signed a 600 million USD contract to develop a residential area in Ho Chi Minh City with the RoK’s IDEA Read more:businesses
Taiwan's Shin Kong Life Insurance will launch Vietnam unit 2008-03-21 07:43:00 Shin Kong Financial Holding Co Ltd said its unit Shin Kong Life Insurance Co Ltd has won regulatory approval to launch a wholly-owned subsidiary in Viet Nam with an investment of TWD1.23 bln. Read more:Taiwan
, Vietnam
Petrolimex May Form JV To Build $2 Billion Oil Refinery 2008-03-21 07:41:00 Viet Nam National Petroleum Corp., or Petrolimex, the country's biggest petroleum trader, is considering forming a joint venture with a foreign company to build a $2 billion oil refinery in Khanh Hoa province, a company official said Friday.
The province is about 500 kilometers north of Ho Chi Minh City.
"Petrolimex is preparing plans to invest to build the refinery in the Van Phong Bay area," Read more:Build
, Refinery
POSCO Completes Vietnamese Processing Center 2008-03-21 07:37:00 South Korean steel giant POSCO completed Friday a 100,000-ton processing plant in Viet Nam, a strategic operation that will supply the growing regional demand for automotive and motorbike steel sheets.
The $13.8 million facility, which is an 80-20 joint venture with Mitsubishi's Metal One, will mainly cut and shape steel produced from POSCO's 1.2 million-ton cold-rolled steel plant currently Read more:Vietnamese
, Processing
, Center
Nation ranks sixth in attracting FDI 2008-03-21 07:32:00 Just over one year after joining the World Trade Organisation, Viet Nam ranks sixth in the list of countries attracting foreign investment, a business leadership forum heard yesterday.
Figures released at the 2008 Leap Forward Viet Nam Business Leadership Forum held in HCM City by the European Chamber of Commerce (EuroCham) showed Viet Nam to be only behind China, India, Russia, the US and
Steel factory opens gates in Binh Duong 2008-03-21 07:14:00 An aluminium-zinc corrugated-iron factory opened in Song Than Industrial Zone, Binh Duong Province, yesterday, said Le Phuoc Vu, chairman of Hoa Sen Group.
The group invested $30 million in the project and expects to make 150,000 tonnes a year.
Hoa Sen, which has revenues of VND2 trillion a year, specialises in steel construction materials, real estate, finance and investment. (VNS) Read more:Steel
Fertiliser factory receives loan approval 2008-03-21 07:11:00 Viet Nam Development Bank (VDB) has agreed to loan Viet Nam National Chemical Corporation (Vinachem) money to build a nitrogenous fertiliser production factory.
The factory will be constructed in Ninh Phuc Industrial Zone, Ninh Binh, with total investment capital of $667 million, of which the VDB will lend $215 million over 15 years with an interest rate of 9 per cent a year.
Other capital will
Vietnamese, Czech businesses sign US$300 million deals 2008-03-21 07:08:00 The business circles of Viet Nam and the Czech
Republic signed cooperation deals worth more than US$300 million
at a joint business forum in Hanoi on March 21.
Addressing the forum, Prime Minister Mirek Topolanek who has been in Hanoi for an official visit, stressed that the Czech Republic is willing to share its economic development experiences with Viet Nam. He said that the Vietnamese
economy Read more:businesses
Comprehensive and synchronous measures required to fight inflation 2008-03-21 07:03:00 From the beginning of this year, the domestic economic situation has developed in a complicated manner, especially the monetary and financial markets, which have greatly affected import and export activities. In order to make clear the government’s measures to control inflation, price increases and promote exports, Nhan Dan correspondents have had an interview with Minister of Industry and Trade Read more:Comprehensive
, fight
Made - in - Viet Nam steam boilers exported 2008-03-21 07:01:00 Aalborg Industries Viet Nam is set to export a steam boiler to the Republic of Korea.
This is the 100th steam boiler made by the company, a joint-venture between the Viet Nam Shipbuilding Industry Group (Vinashin) and Denmark’s Aalborg Industries.
The production of steam boilers in Viet Nam is hoped to help develop the local shipbuilding industry, and the company plans to produce 120 steam
Gold Investors Should Understand World Markets 2008-03-21 06:59:00 A recent fluctuation in domestic gold prices triggered a rush to buy gold among investors who hoped to turn a quick profit. A Sai Gon Giai Phong reporter talked to Mr. Huynh Trung Khanh, an advisor to the World
Business Council, with the hope of providing information to investors.
Reporter: What makes investors rush to buy gold instead share certificates?
Mr. Huynh Trung Khanh:
Vietnamese Read more:Investors
, Understand
, Markets
US remains Vietnam’s woodworks major market 2008-03-21 06:54:00 The US is still a major market for Viet Nam’s woodworks with an expected export value of 1.3 billion USD in 2008, Secretary General of the Viet Nam Wood and Forestry Product Association Nguyen Ton Quyen affirmed.
Despite signals of economic recession in the world’s biggest economy, local exporters have no difficulties in signing contracts with US partners. Some of them have signed contracts for Read more:Vietnam
Businesses successful in integration and development awarded 2008-03-21 06:51:00 As many as 119 businesses were awarded the “Integration and Development Business” prize at a ceremony in Ha Noi on March 20.
The prizes are set to be presented to winners in the four business groups – industry; food, agriculture and consultancy service; insurance, banking, securities; and services at awards ceremony held annually in March.
Speaking at the event, Permanent Deputy Prime Minister Read more:integration
Building trademarks for craft villages 2008-03-21 06:50:00 Functional agencies and local authorities have been called on to assist handicraft villages to attend trade fairs to build their trademarks and improve the quality and competitiveness of the products.
According to the Viet Nam Association of Craft Villages (Vicrafts) Vice Chairman, Luu Duy Dan, it is important for Vietnamese craft villages to build trademarks because most handicraft products are Read more:Building
PM consults WB, IMF about inflation reduction 2008-03-21 06:45:00 Prime Minister Nguyen Tan Dung on March 20 consulted senior experts from the World Bank (WB), the International Monetary Fund (IMF), the Asian Development Bank (ADB) and the United Nations (UN) about solutions to curb inflation.
The PM said the experts’ opinions were useful and appropriate with the Vietnamese Government’s points of view in the management of the macro economy, particularly at a Read more:reduction
15 measures to rescue real estate market 2008-03-21 06:43:00 The HCM City Real Estate Association (HOREA) has sent a dispatch to the HCM City People’s Committee, the Government Office and relevant ministries, suggesting 15 measures to rescue the stock market and ensure the sustainable development of the market.
According to Le Hoang Chau, Deputy Chairman of HOREA, the real estate market is worsening as a result of monetary policies and tentative tax
Exporters cautioned about using non-dollar currencies in payment 2008-03-21 06:41:00 The government has recommended that exporters use non-dollar currencies in export deals in order to minimise the risks brought about by the dollar’s devaluation. However, experts say that this cannot be done overnight.
The director of Saigon-Dak Lak Company (Sadaco), specialising in woodwork exports, Tran Quoc Manh, said that while negotiating with the company’s partners on using Japanese yen Read more:Exporters
Taxation bodies looking into auto manufacturers’ tax evasion tricks 2008-03-21 06:32:00 Domestic automobile manufacturers are facing an inspection tour from taxation bodies
, who are trying to find out if enterprises are following the current tax laws.
An official of the Ministry of Finance said that the taxation bodies have discovered some methods automobile manufacturers use to evade taxes.
In fact, according to the official, the inspection is being carried out regularly in order Read more:Taxation
, evasion
, tricks
, tax evasion
Time to be nervous: Credit Suisse 2008-03-21 06:29:00 The Swiss bank Credit Suisse
has released an analysis of Viet Nam’s economic prospects in its survey about emerging markets – it emphasises the difficulties Vietnam is facing.
‘Viet Nam: Time to be nervous’ is the heading of the part in the survey that talks about Viet Nam.
High inflation is the first challenge the report mentions. Record foreign capital inflow and high economic growth have
More houses needed as recent property rush snatches up supply 2008-03-21 06:21:00 Deputy Minister of Construction Nguyen Tran Nam spoke to Thoi bao Kinh te Sai Gon on the Government’s new instruction to boost management and growth of the property
market.
What are the reasons behind the frenzy to own property in cities like Hanoi and HCM City?
It is mainly due to the wide gap between demand and supply and the sharp increase in construction material prices.
In addition, Read more:houses
Vietnam central bank may lift curb on dollar/dong trade 2008-03-21 00:25:00 Vietnam's central bank is considering allowing banks to exchange dollars from non-export sources into dong on negotiable basis, a central bank official said on Friday.
"We are still in the process of collecting opinions from commercial banks about this issue so the mechanism and date of enforcement is not clear yet," a foreign exchange official from the bank said.
She said the dollars eligible Read more:Vietnam
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