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BUSINESS IN BRIEF 17/3   2009-03-17 - VietNamNet/VNA, TN

Hanoi to spend almost 4.3 trillion VND on irrigation works

Hanoi plans to build 44 irrigation works and flood prevention projects at a total investment of 4.27 trillion VND between now and 2020.

Under a plan submitted to the Ministry of Agriculture and Rural Development, Hanoi will upgrade and repair 20 irrigation works at a cost of over 1.6 trillion VND from now till 2015. They include the upgrade and cementation of Huu Da, Huu Hong, Ta Day and Ta Huu Duong embankments.

The city will also carry out eight new projects, including pumping stations in Thuong Tin, Ung Hoa and Chuong My districts, at a cost of 1.72 trillion VND.

All river banks in the city will also be built under a unique irrigation project scheduled for 2015-2020.

Transport Ministry speeds up Japanese ODA projects

The Ministry of Transportation has confirmed that it will immediately break ground on several projects funded by Japanese ODA money, after signing an ODA lending agreement that will take effect late this month.

The projects include upgrading and building 59 bridges in 23 provinces and cities with a total investment capital of more than 3.5 trillion VND.

The Ministry also reported that two other projects capitalised through Japanese ODA will be launched in the second and third quarters. One is the construction of a 55km long express road in HCM City, with Japanese funds making up 40 percent of the 1.2 billion USD total investment. The other is a 8.1 trillion VND upgrade of the Hanoi-Thai Nguyen highway, of which Japan will contribute 2.3 trillion VND.

On March 7, the Nhat Tan suspension bridge, the largest of its kind so far in Vietnam, started construction on its span over the Red River in Hanoi. The 13.6 trillion VND project, expected to finish in 34 months, is also funded through Japanese ODA.

The ministry reported that 20 infrastructure projects funded by Japanese ODA are currently in progress. There have been a total of 99 projects in the transport area since 1994 at a total investment of 11.8 billion USD, of which Japanese ODA has made up some 55 percent.

Many of the projects, such as National Highway 5, the Haiphong Port, Tan Son Nhat airport and major bridges along National Highway 1 have been significant impacts on Vietnam’s socio-economic development, said the ministry.

The ministry expects that the upcoming projects will bring numerous opportunities in terms of employment, as well as greater capability to transport raw materials which will help bolster economic growth

Vietcombank issues certificates of deposit

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has issued certificates of deposit in 2009 with a minimum face value of VND 1 million, the bank has announced.

The issuance will last till May 8.

Holders of the certificates will enjoy interest rates of between 7.42-7.45%/year for a term of three months and 7.62-7.76%/year for a term of six months, depending on the total value of the certificates of deposit that one has bought.

The certificates of deposit can also be used as mortgages to borrow money from the bank.

Siemens says committed to doing business in Vietnam

German electrical and electronic giant Siemens has considerably expanded its presence in Vietnam in recent years and would remain committed to the country, its new president and CEO said on March 6.

Erdal Elver was on a one-day visit to Ho Chi Minh City to meet the southern media for the first time since taking over.

The company has built power plants together with local partners, including PetroVietnam, and reinforced the power transmission networks of two 500kV substations in Quang Ngai and Quang Ninh provinces and a 220kV gas insulated substation in Hanoi.

It has supplied advanced medical equipment to several hospitals, including the first 64-slice Computed Tomography (CT) scanner to Bach Mai Hospital in Hanoi and the first PET/CT and Cyclotron at Cho Ray Hospital in HCMC.

Siemens Mobility supplied 16 Diesel Electric type AR15 VR locomotives to Vietnam Railway.

Siemens, which came to Vietnam in 1993 with representative offices in HCMC and Hanoi, has participated in many infrastructure projects.

Siemens Vietnam Ltd. was then founded in 2002 to provide solutions and services related to the company’s products and systems.

In 2005, it set up Siemens Automation Systems Ltd.

The company’s business in Vietnam in 2007-2008 was worth around 477 million euros (US$600 million).

“It exceeded our target to grow at more than double Vietnam’s GDP growth rate and affirmed Siemens’ position as a leader in many backbone industries like energy, industry and healthcare,” Elver said.

Tan Tien Plastic says sales rose 10 percent

Tan Tien Plastic Packing Joint-Stock Co., a packaging maker partly owned by Citigroup Inc., said sales rose 10 percent in the first two months of the year on increased orders from its biggest customers.

Revenue rose to VND143.7 billion (US$8.2 million), company spokeswoman Truong Thi Thanh Huyen said Monday by phone.

“It was a surprise to us too, as our biggest customers including Procter & Gamble, Unilever, Vinamilk and Kinh Do Corp., have increased their orders for packaging amid the global economic crisis,” Huyen said from Ho Chi Minh City.

Tan Tien plans to increase the supply of packaging material to international consumer product makers in Southeast Asia, Huyen said, without elaborating.

Siemens gains traction in Vietnam’s healthcare

The German conglomerate Siemens announced Sunday it is making inroads in Vietnam’s healthcare sector by selling medical diagnostic systems to Cho Ray Hospital in Ho Chi Minh City.

The Biograph 64 PET.CT and Cyclotron machines are Siemens’ most advanced imaging systems, aiding the detection of cancer, neuron disorders, heart disease and other diseases, the company said.

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