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BUSINESS IN BRIEF 15/12   2008-12-15 - VNA

Japanese company builds auto part factory in Ben Tre

Japan ’s Fukukawa Automotive Systyne Co, Ltd will invest 16 million USD in a factory producing electric wires for automobiles in the Mekong Delta province of Ben Tre .

Located at the Giao Long Industrial Park in Chau Thanh district, the 3.5 ha factory is designed to have an annual capacity of 3.6 million units, mainly for export.

Once operational in late 2009, the factory is expected to generate 2,900 jobs.

The company now runs a similar factory at the Tan Thuan Export Processing Zone in Ho Chi Minh City.

Vietnam yet to open up oil retail market

Vietnam is yet to open up its petrol, oil, medicine and print publication retail markets as of Jan 1, 2009, a senior government official said on Dec. 14.

Deputy Minister of Industry and Trade Le Danh Vinh told young entrepreneurs at a dialogue in Hanoi that the steel, cement and fertiliser retail markets will not open within the next three years.

According to the deputy minister, foreign retailers are required to get permits from the Ministry of Industry and Trade to open their second sales agents in Vietnam .

Vietnam is supposed to open up its domestic retail market as of early 2009 as part of its WTO commitments.

Vietnam, Poland to prioritise maritime cooperation

Deputy Prime Minister Nguyen Thien Nhan and his Polish counterpart, W. Pawlak agreed that Vietnam and Poland should give priority to projects on shipbuilding, including training personnel in this industry and opening a maritime school in Vietnam .

The two deputy PMs also held that both countries should carry out negotiations discussing detailed conditions regarding the efficient use of Poland ’s credits worth hundreds of millions of USD for Vietnam .

The deputy PMs shared their same views that economic and trade ties between Vietnam and Poland have witnessed a dynamic development over recent years.

This year’s bilateral trade is expected to surpass 500 million USD, fulfilling the target set for 2010 by the two PMs during PM Nguyen Tan Dung’s visit to Poland in late 2007.

They also said that more focus should be placed on the sectors of traditional cooperation, such as scientific research, relic restoration, mining and environmental protection.

While in Poland to attend the 14 th United Nations Conference on Climate Change in Poznan between Dec. 9-14, deputy PM Nguyen Thien Nhan visited the Poznan University , the sole university in Poland offers Vietnamese language training.

The deputy PM also met with nearly 100 representatives of the Vietnamese community in Poland , which numbers nearly 30,000.

Deputy PM Nhan wrapped up his visit to Poland on Dec. 14.

Deputy PM hails young entrepreneurs’ contributions

Permanent Deputy Prime Minister Nguyen Sinh Hung has hailed young entrepreneurs as the main force in the country’s international economic integration process.

At a dialogue with businessmen as part of the Vietnam Young Entrepreneurs’ Organisation (VYEO) congress that opened on Dec. 13, the deputy PM also stressed that the Government would accelerate administrative reform to facilitate the operation of businesses, including small- and medium-sized and young enterprises.

He said the government has recently lowered bank loan interest rates for four times to help enterprises cut their production costs.

During the event, young entrepreneurs spoke of their difficulties in taking bank loans, the State’s support for overseas investment and measures to increase their businesses’ competitive edge.
The VYEO has so far developed a network of its chapters in 52 provinces and cities, with a membership of more than 7,000, which generate an annual revenue of over 20 billion USD and more than 1.2 million jobs. 

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