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BUSINESS IN BRIEF 24/9   2008-09-24 - VNA

Vietnam eyes bigger share in Russia’s farm produce market

Russia is a very important market of Vietnamese farm produce, said Deputy Minister of Agriculture and Rural Development Luong Le Phuong while opening a seminar on the foothold of Vietnamese farm, forestry and seafood products in Russia held in Moscow on Sept. 23.

Vietnam earned 239 million USD from the export of the staple to Russia in 2007, of which 118.7 million USD was from seafood alone.

However, only 36 out of Vietnam ’s total 200 seafood processors and exporters have to date sold their products in Russia - a market with more than 142 million people.

Phuong attributed Vietnam ’s modest farm export earnings from Russia to both Vietnamese and Russian businesses’ failure to get to know each other’s demands and capacity.

“There was a time that Vietnamese businesses have concentrated only on the US and EU markets and forgotten the big and potential Russia ,” Phuong admitted.

He said Vietnam will hold a trade promotion seminar in Russia annually in addition to organising market research tours of Vietnam for Russian importers with a view to making the two countries’ businesses better understand their demands and reach deals.

Phuong believed that such efforts will be paid off and two-way trade value between Vietnam and Russia will reach 2-3 billion USD a year from 1 billion USD in 2007, with seafood, rice and tea remaining Vietnam ’s key export lines to Russia.

Nasdaq OMX helps develop Vietnamese securities market

Nasdaq OMX Group, Inc. of the US will support the development of the Vietnamese securities market under a Memorandum of Understanding (MoU) it signed with the Ho Chi Minh Stock Exchange (HOSE) in New York on Sept. 23.
Nasdaq OMX pledged to share its technology and market experience with HOSE and the Vietnamese capital market as a whole to help increase their capability, infrastructure, and liquidity.

HOSE Chairman Nguyen Doan Hung said that the agreement aims to establish a channel for information exchange in the areas of system operations, regulatory framework, cross-listing and product development. “This is an official and long-term commitment for further cooperation between the two exchanges and the two markets,'' Hung said.

Shoes and leather exhibition opens in HCMC

The 10 th International Shoes & Leather Exhibition – Vietnam 2008 opened in Ho Chi Minh City on Sept 24, attracting 115 companies from 18 countries and territories.

During the three-day event, a full range of exhibit products are displayed, including latest machinery and technologies in the field, materials, accessories and finished products.

In 2007, Vietnam earned 3.99 billion USD from footwear exports, a 10 per cent rise against the previous year. The figure is expected to reach 4.5 billion USD this year.

Long An to get 17.3 ml USD recycling facility

The People’s Committee of the Mekong Delta province of Long An on Sept. 22 granted a license to a local company that would enable it to convert rubbish from communities into compost for agriculture.

The Phuong Thao Construction and Development Company will invest 286 billion VND (17.3 million USD) in a factory, which can process between 300 and 450 tonnnes of garbage a day.

Ajinomoto Vietnam inaugurates second factory in Dong Nai

Ajinomoto Vietnam’s second factory manufacturing Aji-ngon flavour seasoning in Long Thanh industrial park, southern Dong Nai province commenced production on Sept. 23.

The company’s first factory is located in Bien Hoa industrial park, also in Dong Nai province.

Construction of the 11 million USD factory began in 2007 and it is equipped with brand-new, state-of-the-art machines, thanks to modern Japanese technology.

The new factory will produce 15,000 tonnes of product per year and create jobs for 240 local workers.

Established in 1991, the wholly Japanese-owned Ajinomoto Vietnam manufactures umami seasoning, flavour seasoning and other types of seasoning.

Sanitary ware factory commences operation in Hung Yen

A 25.7 million USD sanitary ware factory, with a capacity of 500 tonnes of products per month has officially commenced production in Pho Noi A Industrial Zone in northern Hung Yen province on September 23.

It is the fourth factory of the INAX Vietnam Sanitary Ware Company Ltd. which has raised the company’s total capacity of sanitary ware products to 2,300 tonnes per month after a ten-year investment period in Vietnam .

Addressing the opening ceremony, Vice chairman of the provincial People’s Committee, Nguyen Thanh Quan, said that INAX’s trademark and prestige have been recognised and its products have accrued the largest market share in Vietnam.

He expressed his hope that the new factory will be successful and continue to expand its operation in the locality to contribute to provincial socio-economic development.

An INAX representative added that the company believes in the development of Vietnam in the future and that plans are in the pipeline for a fifth factory.

The company’s registered capital in Vietnam is now 60 million USD, a 3.5 fold increase since 1998.

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