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BUSINESS IN BRIEF 19/2   2009-02-19 - VietNamNet, ND, TN

Dung Quat refinery to start official operation on February 22

The Dung Quat Oil Refinery in the central province of Quang Ngai will start official operation on February 22, according to the project management board.

So far, construction of the refinery has basically completed and 72.6% of the test runs have been carried out.

To prepare for the official run, 160,000 tonnes of Bach Ho crude oil, 1,500 tonnes of LPG, over 52,500 tonnes of diesel and 2,800 cubic metre of hydro have been transported to the plant.

The first commercial product line will be available at a ceremony on February 22.

Export and investment credit interest rate stands at 6.9% per annum

The State’s export and investment credit interest rate in Vietnam dong is set at 6.9% per annum and in freely convertible foreign currencies is 5.4% per annum from February 2.

This is according to a Decision signed on the same day by the Minister of Finance.

The interest rate difference to be supported after investment for those projects with loans in Vietnamese dong is 2.1% per annum and in foreign currency is 0.6% per annum.

Construction of Inax shower equipment kicked off

Shimizu Construction Company on February 16 kicked off the construction of Inax Shower Equipment Plant at the Dien Nam-Dien Ngoc Industrial Park in central Quang Nam province.

The plant covers 70,000 square metres with a total investment of US$18 million. It has a capacity of 1 million products a year.

Construction is scheduled to be completed in late 2009. Upon its operation, the plant will provide jobs for some 500 local workers.

BIDV finances VND 1.6 trillion for expansion of national highway No 51

The Bank for Industrial and Development of Vietnam (BIBV) has committed to providing credits worth totalling VND 1.6 trillion for the expansion of the National Highway No 51.

A credit agreement to this effect was signed on February 16 in Dong Nai province between Bien Hoa-Vung Tau Expressway Development Joint Stock Company and BIDV’s Dong Nai branch.

The total investment for National Highway No 51 expansion project is put at nearly VND 2.1 trillion.

The project will be carried out in different phases. In the first phase, BIDV will provide a loan worth VND 400 billion. Construction will be started in the second quarter of 2009 and finished in two and a half years later.

The Bien Hoa-Vung Tau Expressway Development Joint Stock Company with shareholders including the Vietnam Industrial Zone and Urban Development and Investment Corporation (IDICO), Song Da Corporation and the Bank for Investment and Development of Vietnam (BIDV). The company is assigned by the Prime Minister to carry out the project to expand National Highway No 51 and the Bien Hoa - Vung Tau Expressway.

The Bien Hoa - Vung Tau Expressway project has a total investment of VND 15.5 trillion and is currently under assessment by the Ministry of Transport.

DHL’s green program leads climate scores

DHL’s GoGreen program is leading other logistic companies in an independent carbon footprint study, the company said in a statement Sunday.

Climate Counts, a non-profit organization that assesses corporations on their efforts toward mitigating climate change, has

placed DHL well ahead in its carbon footprint ratings, with 67 out of 100 possible points, of other major players in the logistics industry on their environmental scoreboard.

“Indeed, the GoGreen program has been in action in Vietnam since June 2008, and we hope that it will prove popular with businesses in Vietnam keen to minimize the carbon footprint of their shipments,” Tim Baxter, general director of DHL– VNPT Express Ltd said.

The GoGreen program aims to achieve a 30 percent improvement in the DHL Group's carbon efficiency by 2020, DHL said.

DHL said Climate Counts scores companies on 22 criteria in four main categories such as review, reduction, policy stance and reporting.

The transport group has been operating in a joint-venture with Vietnam Post and Telecommunications Group since January 2007.

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