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BUSINESS IN BRIEF 25/1   2009-01-25 - VietNamNet/VNA

VN to export 750,000 tonnes of rubber in 2010

 
The Vietnam Rubber Association predicted that this year’s total rubber exports will hit 750,000 tonnes, valued at over 1.5 billion USD.

The association said that 2010 promises a growing year for the rubber industry as the price is forecast to increase by 30 percent.

At present, the price of Vietnam ’s natural rubber stands at 2,900USD per ton, the highest level since the third quarter of 2008.

Statistics from the Ministry of Industry and Trade showed that last year, Vietnam exported around 726,000 tonnes of rubber, worth 1.2 billion USD, of which 90 percent were natural rubber.

Embassy in Germany meets Vietnamese businesses

The Vietnamese Embassy in Germany held a meeting with nearly 100 outstanding Vietnamese businesses in the country on Jan. 23 on the occasion of the Tet (Lunar New Year) festival.

The meeting, the first of its kind held in Germany , offered an opportunity for Vietnamese businesses to look back on their results over the past year, exchange experiences and boost economic-trade cooperation and solidarity.

Addressing the event, Ambassador Do Hoa Binh affirmed that the Vietnamese community in Germany has developed in both quantity and quality, gradually setting their foothold in Germany in particular and in the European market in general

Businesses have sponsored many arts, sports and cultural activities towards the homeland as well as made important contributions to activities of the Vietnamese community in Germany , he said.

Ambassador Binh expressed his wish that the Vietnam Business Association will continue boosting solidarity and mutual assistance for development, becoming a strong and prestigious association in the Vietnamese community in Germany .

While affirming the Embassy’s support for businesses, he also called for their closer coordination with the Embassy to continue implementing diplomatic activities, including those to celebrate the 35 th anniversary of the Vietnam-Germany diplomatic ties in 2010.

According to the ambassador, the “Vietnam Year in Germany 2010” will be held with 17 events, including a ceremony to welcome the traditional Tet festival, a Vietnamese Cultural and Tourism Week, an exchange between youths of Vietnam and Germany ’s Hessen State , a Vietnam-Germany business forum and a photo exhibition on the Vietnam-Germany cooperation.

Hanoi to attract 180 million USD into IZs in 2010

Hanoi plans to attract around 180 million USD into its industrial zones (IZs) this year, according to the Hanoi IZs and Export-Processing Zones Management Board (HIEMB).

The city will facilitate businesses’ operation to help them post an increase of 11-13 percent in revenues and a rise of 12-13 percent in export value compared to last year.

To reach these goals, the HIEMB has been speeding up investment promotion to present Hanoi ’s industrial development potentials and its incentives to investors alongside simplifying administrative procedures and upgrading infrastructure.

In 2009, the HIEMB licensed and approved capital adjustments for 16 domestically-invested projects worth 728 billion VND and 27 foreign-invested projects with a total registered capital of 91.4 million USD.

Hanoi’s IZs have so far attracted 508 investment projects, including 240 foreign-invested investments with a total registered capital of over 3.5 billion USD and 268 domestically-invested investments worth over 11 trillion VND (595 million USD).

Dong Nai stirs up real estate market down south

Ten real estate projects in the southern province of Dong Nai near HCM City were opened to potential customers last week.

The introduction was part of a joint effort by property trading floors and the provincial natural resources and environment department.

The projects include the 4.7 ha Nhat Tuong Residential Project, the 6.9 ha Thong Nhat Market Street, 1.5 ha Trang Bom Residential Area, the 36 ha Tam An Residential Area, and the 1.4 ha Long Thanh Plaza complex which will soon be offered for purchase this quarter.

According to the real estate research and consulting firm VietRees, Dong Nai province, one of the localities in the Southern Key Economic Zone, has a large land acreage with population density.

With its strong economic development, attracting a large portion of the country’s foreign direct investment, the province receives flows of migrants who will need housing.

The province’s retail turnover grew in 2008 at more than 35 percent compared to its GDP growth of 15.5 percent. It has planned various trading centres, markets and convenience store chains.

To date 27 industrial parks has existed, with a combined area of 8,216ha. Another 18 are planned on a total of 7,826ha.

In 2007 and 2008, Dong Nai attracted from both domestic and foreign investors total registered investment capital of 3.5 billion USD in real estate projects, with foreign sources representing 64 percent.

“Under the housing development strategy by the end of 2010, the province will have built 7.23 million square metres,” saif VietRees General Director Vu Quoc Thai.

Its provincial city, Bien Hoa, has only a few small office buildings, he said, adding that commercial banks had shown interest in acquiring land to build their branches. There is only one international four-star hotel in Bien Hoa.

The apartment sector is still at its initial development stage, and in three years, most of those on offer will be targeted for resettlement or low-and average income earners.

Tin Nghia, HUD, Sonadezi and D2D companies are considered prestigious developers in the province, according to Viet Rees’s Dong Nai real estate report for 2010-11.

DongA Bank launched VI Banking office

The joint- stock DongA Bank last week launched its first VIP Banking transaction office in HCM City’s District 1, the first of its kind in Vietnam.

Individual VIP customers have saving deposits of 2 billion VND (112,000 USD) or card payment turnover of 50 million VND and more over a six-month period.

Shareholders of 2 billion VND in face value or with a monthly income of 70 million VND are also VIP customers.

Cambodian rice venture formed

A rice joint venture specialising in rice processing and export has been reached between Cambodian and Vietnamese companies, according to Vietnam Food Association.

The Cambodia-Vietnam Foods Company (Cavifoods) is a joint venture between the Investment and Development Company of Cambodian (IDCC), with 33 percent stake, Vietnam’s Southern Food Corporation (Vinafood II), with a 37 percent stake, and Cambodia’s Green Trade Co, with a 30 percent stake, said the association’s chairman, Truong Thanh Phong.

With registered capital of 8 million USD, the Phnom Penh-based Cavifoods specialises in the investment, processing, storage and exportation of rice.

The joint venture contract for Cavifoods, the first cooperation in rice production between the two ASEAN countries, was signed in October 2009, with a licensed period of 99 years.

The rice cooperation was approved by the government of Cambodia and Vietnam, said Phong.

He said the company had been building a rice processing plant, warehouses, instant noodle and bread plants, and a rice purchasing nerwork.

HCM City fair promotes non-pirated discs

The country’s first fair for audio and video CDs and DVDs has opened in Ho Chi Minh City with organisers hoping it will promote consumption of original, copyrighted products.

Phan Mong Thuy, director of Phuong Nam Film Co, said the fair was a good opportunity to introduce audio and visual products made by Vietnamese recording companies to audiences.

“Through the fair, we expect to encourage customers to care more about copyright and not use illegal products,” she added.

The three-day fair offers a wide collection of music instruments, traditional folks as well as music for children performed by local and international composers, musicians and singers.

It has two series by pianist Ricard Clayderman, hugely popular nationwide, the latest albums of singers like Duc Tuan and Quang Dung, as well as works of composers like Trinh Cong Son and Pham Duy.

Music CDs and English learning and entertainment programmes for children imported from Singapore are also expected to be popular draws at the fair as summer gifts.

High-quality movie DVDs with Vietnamese subtitles distributed by two major Hollywood producers of Warners Bros and 20 th Century Fox including I Am Legend, Music and Lyrics and The X-Files, will also be on sale for the first time in the country.

Phan Duc Luan, visiting from the Central Highlands Province of Kon Tum, said “The fair helps music lovers access wonderful songs from international and local composers.”

All new audio and video products are being sold at a 10 percent discount, while old, used ones are being sold for between 5,000 – 10,000 VND.

The fair also provides fans with the opportunity to meet in person their favourite singers.

The fair, organised by Phuong Nam and the Recording Industry Association of Vietnam, has attracted the participation of the country’s major recording companies including Rang Dong, Ben Thanh Audio-Video, Sai Gon Vafaco and Music Face.

Apartment project posts high occupancy rates

The InterContinental Asiana Saigon Residences announced last week it had rented half of its total 260 serviced apartments, after more than three months in operation.

Deputy General Director Tash Tobias said strong interest as well as contracts in the pipeline from potential tenants were expected to lead to full occupancy by the year end.

The serviced apartment tower, which is part of the Kumho Asiana complex, offers a free swimming pool, fitness center and sauna.

The complex includes an office and hotel tower, shopping mall restaurants and bars.



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