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BUSINESS IN BRIEF 3/2   2009-02-03 - VNA

Work starts on PVN hotel complex in Hanoi

Work started on Feb. 3 on the construction of a hotel complex at Me Tri commune, Tu Liem district, Hanoi , by the Vietnam National Oil and Gas Group (PVN).

The project has an investment capital of 7,500 billion VND (441.1 million USD) with 29 percent contributed by the PVN and the remainder by foreign partners.

The 3.82ha complex will house an apartment building, a 30-storey hotel, and a 24-storey office building, which is expected to ease the shortage of quality office space and hotel rooms in the city.

It is scheduled to be put into operation in the fourth quarter of 2011.

Taiwanese corp. invests in Bac Giang IZ

The People’s Committee of northern Bac Giang province granted an investment certificate to UMEC Vietnam on Feb. 3 to construct a high-tech factory in the province’s Quang Chau Industrial Zone.

The company, a subsidiary of the Taiwanese electronic group UMEC,
will spend an initial capital of 16 million USD on the factory, designed to manufature electronic accessories and communication equipment.

The construction is planned to begin in the first quarter of 2009 on an area of over 40,000sq.m. Once operational, the factory will employ more than 2,000 workers to generate an estimated annual revenue of over 30 million USD from export.

Quang Chau Industrial Zone has been built and managed by the Vietnam-based KinhbacCity Group, which plans to invest another 2 trillion VND to expand a number of industrial zones in northern provinces , such as Que Vo (300ha), Quang Chau (426ha), Yen Phong (500ha) and Trang Cat-Hai Phong (500ha).

The group has also been taking part in several other major projects, including the 800-million-USD Bac Giang Thermo-electric Plant in cooperation with the Vietnam National Coal and Mineral Industries Group.

Construction of Hanoi-Hai Phong highway begins

Work began on Feb. 2 on the Hanoi-Hai Phong highway, which will also run through Hung Yen and Hai Duong provinces.

The highway will be built at an investment capital of 35,000 billion VND (more than 2 billion USD), contributed by the Vietnam Infrastructure Development and Financial Investment Corporation, the Bank for Investment and Development of Vietnam, the Bank for Foreign Trade of Vietnam and other sources.

This is the first highway in Vietnam built without State budget.

The 105.5 km highway was designed for vehicles to run at a speed of 120km/h.

The project, which will include nine large bridges, 21 medium-sized bridges and 22 flyovers, is expected to be completed in 2012.

One trillion VND steel mill to be built in Long An

An one trillion VND steel mill will be built at the Bac An Thanh industrial zone (IZ) in the Mekong Delta Long An province.

The factory, which will be constructed by the Asia Huu Lien Joint Stock Company, will manufacture steel pipes, zinc-coated steel pipes and other steel products. It is scheduled to start running by 2014.

Asia Huu Lien Company, one of the largest steel pipe manufacturers in Southern Vietnam , is the first investor in the Bac An Thanh IZ.

Imports of consumer goods, motorbikes kept under control

The Ministry of Industry and Trade (MIT) said this year, it will continue to implement measures to limit the imports of materials for cigarette production, consumer goods, cars of less than 12 seats, motorbikes and spare parts.

According to MIT, the import value of these products is estimated at 6.5 billion USD this year and 7.2 billion USD in 2010, with an average annual growth rate of 23.5 percent in the 2008-2010 period.

The ministry will also continue to control the import of steel and crude oil products, gas, and specious stones and metals, which represents 16 percent of the country’s total import value.

The import growth of these products is expected to decrease to 12.9 percent by 2010, with the import value of about 17.5 billion USD.

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