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BUSINESS IN BRIEF 9/10   2008-10-09 - VNA

Small- and medium-sized enterprises honoured

SMEs contribute around 40 percent to the country’s annual GDP and attract over 50 percent of the nation’s workers.

A seminar will be held in Hanoi on October 10 to honour small- and medium-sized enterprises (SMEs) nationwide on the occasion of the Vietnamese Entrepreneurs’ Day (Oct. 13).

The seminar, entitled “SMEs: Roles, Challenges and Prospects”, will also propose measures to help SMEs address difficulties, limit the impacts of national inflation and increase their competitiveness, said the organising board.

According to the Ministry of Investment and Planning, SMEs which have a registered capital of under 10 billion VND or less than 300 employees account for 94 percent of the country’s total of 349,305 enterprises, with a combined registered capital of 1,389 trillion VND (84 billion USD).

SMEs contribute around 40 percent to the country’s annual GDP and attract over 50 percent of the nation’s workers.

Vietnam’s locomotive industry on the right tracks

Vietnam’s railway industry now possesses the capacity for the local manufacture and assembly of locomotives, allowing the nation to meet domestic transport demands and move towards exporting the Vietnamese-built engines to other regional countries.

This statement was made by Nguyen Huu Bang, CEO and General Secretary of the Vietnam Railway Corporation (VRC), at a conference held in Hanoi on Oct. 9.

The conference reviewed a project to manufacture and assemble 20 diesel engines using loans from the Development Fund, which was considered the first step in the development of Vietnam’s fledgling locomotive-manufacturing industry.

The project’s total investment capital stands at 261 billion VND, 70 percent of which was funded by loans from the Development Fund, 15 percent from the Bank for Agriculture and Rural Development, and the remaining 15 percent from the VRC’s coffers.

The first locomotive under the project, which has a design capacity of 1,900 horsepower and a maximum speed of 120 km/h, was assembled in China , with the remaining 19 engines manufactured in Vietnam using technical assistance from Chinese engineers.

RoK to import seafood from Bac Lieu

The Republic of Korea’s SAJO-Daerin Company has signed a memorandum of understanding on seafood import-export with the Bac Lieu Fisheries Joint Stock Company (BacLieufis), according to the Vietnam Seafood Exporters and Processors’ Association (VASEP).

Under the MoU, SAJO-Daerin will annually import around 2,000 tonnes of fried fish from BacLieufis between 2009 and 2011 and cooperate with the company in processing canned seafood and constructing a storage facility in Vietnam.

The RoK company will provide BacLieufis with a 30 billion VND loan, with an annual interest rate of 18 percent. After one year, the loan will be converted to the company’s share capital in the form of convertible bonds.

SAJO-Daerin is an affiliate of SAJO Industries, one of the leading seafood group in the RoK.

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