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BUSINESS IN BRIEF 3/3   2009-03-03 - VietNamNet/ND/VOV/VNA

Gold prices up again

The domestic gold price is standing at VND19,600,000/tael, while the exchange rate of the US dollar on the global market is experiencing strong fluctuations.

Being affected  by surging prices in the global market, the domestic gold price on March 2 rose by VND100,000/tael compared to last weekend to reach between VND19,500,000-VND19,650,000/tael

SJC gold was trade at between VND19,530,000-VND19,600,000/tael, while the Bao Tin Minh Chau product was sold at VND19,630,000/tael.

On the global market, gold prices surpassed the VND20,000,000/tael mark, or VND400,000/tael higher than the domestic price. Most transactions were related to selling.

Meanwhile, the price of crude oil is falling on the global market.

Foreign firm supplies equipment to A Luoi power plant

Dongfang Electric Corporation of China and Voith Siemens of Germany will provide equipment and technical service for the A Luoi hydro-electric power project under a VND685.5 billion contract, which will be implemented in 32 months from March 2009.

The A Luoi hydro-electric power plant is built on the A Sap river, about 70 km from the former imperial city of Hue, with a total investment of more that VND3.23 trillion.

Construction work for the 170MW two-turbine plant started in June 2007. It will produce 686.5 million kWh annually.

New project to beef up rice storage capacity

The Prime Minister has assigned the Ministry of Agriculture and Rural Development to draft a project to renovate and expand the existing system of rice storage depots to reach a total storage capacity of 4 million tonnes.

The project will be carried out in two phases: the restoration of old depots capable of holding 1.2 million tonnes of rice, and the construction of new depots to accommodate an additional 2.8 million tonnes.

These depots will be located in areas which have convenient transport and seaports, such as Long An, Dong Thap, An Giang, Can Tho and Ho Chi Minh City.

Total investment for the project is VND7,000 billion, which is expected to be completed in three years until 2011.

US suspends the import of Vietnamese dragon fruits

Tien Giang exports nearly 7,500 tonnes of rice

The southern province of Tien Giang has exported nearly 7,500 tonnes of rice so far this year, up 72% compared to the same period last year, at an average price of US$400 a tonne.

The locality targets to earn US$90-100 million from rice exports this year.

The local authorities have urged local rice traders to expand their markets, along with increasing the purchase of rice for local farmers.

Currently, local farmers are harvesting their winter-spring crop with a total output of over 520,000 tonnes of unhusked rice.

Local company licensed to exploit Thach Khe iron ore mine

Thach Khe Iron Joint Stock Company has been licensed by the Ministry of Natural Resources and the Environment to explore iron ore at the Thach Khe iron ore mine in three communes in Thach Ha district, Ha Tinh province.

Accordingly, the company is allowed to explore iron ore on a total area of 527 hectares at a depth of 550 metres underground for 30 years. The first four years will be for basic construction. From the fifth to the tenth year, the company is permitted to explore 5 million tonnes of iron ore a year and double the output from the 11th year onward.

The exploited iron ore will be supplied to the processing plant with a capacity of 2-4 million tonnes of steel billet a year, which has also been invested by the Thach Khe Iron Joint Stock Company.

Other news

The inter-banking interest rate increaes slightly   2009-03-03

HSBC to Raise $17.7 Billion as Subprime Cuts Profit   2009-03-03

UK firms eye port projects   2009-03-03

Hanoi hosts Vietnam-Japan economic forum   2009-03-03

HCMC stocks move up for two days   2009-03-03

Processing workshops cry for shrimp, farmers cry for capita   2009-03-03

Lacking electricity, EVN blames gas supply   2009-03-03

Businesses prefer loans with higher interest rates, why?   2009-03-03

Banks give $4.6bil in subsidised loans   2009-03-03

February exports up 25.1%   2009-03-03

Suppliers slashing prices, clearing stocks for women’s day   2009-03-03

Real estate market remains uncertain in 2009   2009-03-03

Office market shaken by economic crisis   2009-03-03

Japanese entrepreneurs arrive to talk trade, investment   2009-03-03