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BUSINESS IN BRIEF 8/10   2008-10-08 - VNA

Vietnam-Russia Bank to open rep. office in Russia

The Governor of the State Bank of Vietnam has given the nod to the Vietnam-Russia Joint Venture Bank (VRB) to open its rep. office in Moscow, Russia.

The rep. office, which will be allowed to operate in three years to the longest, will act as the VRB’s representative in Russia. It will work to set up an affiliate of the VRB in Russia.

The SBV Governor’s decision also requires the VRB to seriously abide by regulations on overseas investment during its opening and operation of a rep. office in Russia.

The VRB, a joint venture between the Russia Foreign Trade Bank (VTB) and the Bank for Investment and Development of Vietnam (BIDV), was officially put into operation in Hanoi in November 2006. It has a total charter capital of 10 million USD with 51 percent contributed by the Vietnamese side.

The bank works as a bridge to facilitate the payment of Vietnamese and Russian business communities, thus helping boost the cooperation between the two countries.

Vietnam, Japan share project management experiences

Vietnamese and Japanese experts held a seminar on management of construction projects in Hanoi on Oct. 8.

The seminar was aimed at reviewing cooperation achievements between the two sides and sharing experiences to raise investment efficiency and boost cooperation between the two countries in the field.

Over the past years, the construction sector markedly contributed to the national industrialisation and modernisation, making up 10 percent of the Vietnam’s GDP.

Vietnam is a large recipient of Japan’s ODA, which increased from 835 million USD in 2006 to 890 million USD in 2007, and 1.1 billion USD in 2008. Big proportions of these accounts went to infrastructure development.

Addressing the seminar, Deputy Construction Minister Nguyen Tran Nam highly appreciated contributions of Japanese construction contractors, consultancy experts to projects in Vietnam. He mentioned Obayashi Corporation, Marubeni Corporation, Sumitomo, Kajima, and Taisei as big names in transferring modern technologies to Vietnam.

Participants exchanged experiences in management of construction projects, and recommended amendments to regulations of projects and put forth forecast for the local market.

Work start on automobile component factory

NICHIRIN Vietnam Co,.Ltd started work on the construction of a factory making automobile, motocycle components in Quang Chau industrial zone in northern Bac Giang Province on October 7.

The 8 million USD factory will specialise in automotive hoses including brake, air-conditioning, and power steering hoses.

When completed in mid-2009, the factory is expected to bring working opportunities for hundreds of local labourers.

NICHIRIN is a leading company in Japan ’s automotive hose industry.

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