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BUSINESS IN BRIEF 22/7   2009-07-22 - VietNamNet/VNA, TN

RoK retailer plans to open supermarket in Vietnam

 
The Republic of Korea’s leading retailer the Lotte Shopping Company, on July 22 announced plans to set up its first supermarket in Vietnam in 2013.

Lotte has signed a contract with the Coralis SA Company, worth 55.7 million USD, to buy a licence to build a trade centre in Hanoi .

The supermarket, which will be housed in a 65-storey building, is estimated to cost 350 billion won (roughly 280 million USD).

This will be the group’s fourth overseas supermarket, after one in Russia and two in China .

According to the Lotte representative, Park Geum-soo, the group will speed up its penetration into emerging markets like Vietnam , Russia and India.

Vietnam, Indonesia work together in fisheries

Officials from the Vietnamese and Indonesian fisheries sectors will discuss maritime-related issues including law enforcement in the fisheries sector and how to monitor and solve illegal fishing at an upcoming workshop in Ho Chi Minh City .

Both countries will also focus their discussions on policies and opportunities to develop the fishing industry and investment in the fisheries sector.

The July 31 and August 1 workshop on cooperation in the fishing industry between Vietnam and Indonesia will be a good chance for Vietnamese fishery businesses and fishermen to share experiences in the field.

It is also an opportunity for both countries to look at the possibility of working together in the fishing industry, which would serve as a foundation for the two nations to conduct research and draw up policies for bilateral cooperation in accordance with international regulations and the laws of both countries.

Vietnamese banks target foreign markets

The State Bank of Vietnam has allowed the Bank for Investment and Development of Vietnam (BIDV) to open a representative office in Phnom Penh, Cambodia, for four years.

Last month, the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) also inaugurated its Phnom Penh branch after opening one in Laos and a representative office in China .

By 2010, Sacombank will open two more transaction offices in Phnom Penh and branches in a number of Cambodian provinces between 2010-2011.

Other commercial banks, such as the Bank for Foreign Trade of Vietnam (Vietcombank), the Technical and Commercial Joint-Stock Bank (Techcombank) and the Asia Commercial Joint-Stock Bank (ACB) all have plans to expand their overseas operations.

Vietcombank has already opened a representative office in the US and intends to set up a money transfer company, making remittances from the US to Vietnam much more easier and convenient, said its Deputy General Director Nguyen Thu Ha.

For its part, Techcombank signed a trade border payment agreement with the International Commercial Bank of China (ICBC) in April.

Meanwhile BIDV, in cooperation with the Ministry of Planning and Investment, organised an investment promotion campaign in five northern provinces in Laos . The bank hopes to become the main place for Vietnamese enterprises to conduct their investment and trade activities in these areas.

According to financial analysts, the banks’ foreign-oriented strategy will help increase their market share while contributing to promoting trade exchanges between Vietnamese and foreign businesses.

VN develops outlets, investment projects in Laos

A Vietnam-Laos trade fair will be held in Vientiane , Laos , from Oct. 7-11 as part of Vietnam ’s national trade promotion programme for 2009, the Trade Promotions Department under the Ministry of Industry and Trade has announced.

The event aims to advertise Vietnamese trademarks and businesses, increase the export of made-in-Vietnam products and develop export markets in Laos and the northeastern region of Thailand . It will also help to develop Vietnam ’s investment projects in Laos .

With space for around 200 businesses to display their goods and products in 300 stands, including half for Vietnam, the fair is expected to attract businesses from all economic sectors, especially processed foods, consumer goods, agro-forestry-fisheries, wood, handicrafts, medical and pharmaceutical and tourism products.

It is also expected to attract businesses that have the capacity to export and produce products that are suitable for the Laotian market.

According to the department, participants will enjoy financial assistance from the State for their stands at the fair, including 70 percent of the costs for advertising through the media.

Local Robusta coffee price hits six-month record high

The purchasing price for Robusta coffee in the Central Highlands has sharply increased to hit the record high since Feb. 2009.

One tonne of Robusta coffee was traded at 26.1 million VND, up 900,000 VND, in Dak Lak and Lam Dong provinces and at 26 million VND, up 800,000 VND, in Gia Lai and Kon Tum provinces.

The domestic price increase is resulted from the coffee price hike on the London market.

Robusta for September delivery climbed from 1,456 USD to 1,513 USD per tonne on the London International Financial Futures and Option Exchange (LIFFE).

GE joins hands with Thibidi to sell green technology

General Electric Consumer & Industrial said at a customer conference on July 21 it had formed a strategic partnership with the Vietnam’s major electric equipment manufacturer, Thiet Bi Dien (Thibidi).

Under a partnership agreement between the companies, GE will supply core components to Thibidi’s new cast resin transfer and bring a series of environmentally friendly products and technologies to the Vietnamese market.

”GE views Vietnam as a strong growth region and is committed to increasing our participation in this emerging market,” said Wong Wai Hong, the regional manager of GE Consumer and Industrial Southeast Asia. Thibidi has long been known for its oil-filled transformers in Vietnam and its neighbouring markets during the past 30 years.

BIDV allowed to open Cambodia representative office

The State Bank of Vietnam said Tuesday it gave approval to the Bank for Investment and Development of Vietnam (BIDV) to open a representative office in Cambodia.

The office, to be located in Phnom Penh, will be open for a four-year term, the central bank said in a statement on its website.

“This will be our first office abroad,” Tran Phuong, Hanoi-based BIDV’s deputy chief executive officer told Bloomberg Tuesday.

The Vietnam news agency said earlier this month that BIDV, the country’s second-biggest bank by assets, plans to invest US$50 million in Cambodia.

The agency quoted BIDV Chairman Tran Bac Ha as saying the Vietnamese bank was negotiating to acquire a Cambodian bank and the purchase would likely be completed this month.

BIDV also planned to invest in property and other businesses in Cambodia, Ha said.

He was also quoted as saying that BIDV was investing $15 million in Laos and Singapore.

Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam’s second-largest listed bank, last month opened a branch in Cambodia, which plans to open a stock market this year.



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