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BUSINESS IN BRIEF 20/3   2010-03-20 - Viet Nam News

Vietnam, Japan ink ODA loan agreements

Photo: VNA
Vietnam and Japan on March 18 signed five agreements on official development assistance (ODA) loans worth 25.822 billion JPY for the second package in the 2009 fiscal year.

Under the agreements signed by Deputy Finance Minister Tran Xuan Ha and Chief Representative of the Japan International Cooperation Agency (JICA) Monotori Tsuno, the funds are go to projects on construction of a terminal at Noi Bai International Airport, Nhat Tan bridge in Hanoi, Cuu Long bridge in the Mekong Delta city of Can Tho, the upgrading of bridges on National Highway 1 (phase III), and the development of the Hoa Lac hi-tech park.

Japan has been Vietnam’s ODA largest donor with a total commitment of over 1.39 trillion JPY to date since 1992.

This second package for the five agreements has raised the total Japanese ODA commitment to the country for the year to a record high of over 145.6 billion JPY.

Hyundai prepares to hand over polypropylene plant

A polypropylene plant in central Quang Ngai Province, one of the country's biggest petro-chemical projects, is expected to be handed over to the investor PetroVietnam by the end of May.

Main plant contractor Hyundai's director, Hyeon Sung Hong, said 99.45 per cent of the construction had been completed and a trial production of polypropylene products was scheduled to begin by the end of April.

With an annual capacity of 150,000 tonnes, the VND3 trillion (US$166 million) hi-tech plant is located in the Dung Quat oil refinery complex.

It is expected the refinery will supply the plant with 260,000 tonnes of propylene to produce polypropylene.

Polypropylene is used in a wide variety of applications, including packaging, textiles (ropes, thermal underwear and carpets), stationery, plastic parts and reusable containers of various types, laboratory equipment, loudspeakers, automotive components, and polymer bank notes.

Construction of the factory started in December 2007.

VN firms urged to attend Chinese fair

Vietnamese businesses are urged to participate in an annual China import and export fair in Guangzhou City from Arpil 15 to May 5.

China Foreign Trade Centre deputy director Ren Xiangdong said yesterday the fair would enhance bilateral trade between the two countries, which reached over US$21 billion last year, an increase of 8.2 per cent despite the global downturn.

Of the total, $4.75 billion came from Vietnamese exports, up 9.3 per cent over the previous year, with the remainder from Chinese exports, a rise of 8 per cent.

More than 22,000 domestic and overseas enterprises were expected to participate, displaying machinery and equipment, vehicles and spare parts, construction materials, household electrical equipment, electronics, IT and consumer goods, he said.

Insurer announces additional increase in charter capital

AIA Viet Nam Life Insurance Co Ltd announced on Thursday that it had increased its charter capital from VND970 billion (US$50.7 million) to VND1.4 trillion ($54.2 million).

This increase, approved by the Ministry of Finance on February 11, is the company's fifth since it began operations in Viet Nam in 2000.

It is part of AIA Viet Nam's strategy to strengthen its financial capability and expand its business, says a company press release.

Over recent years, AIA Viet Nam had been focusing on enhancing its customer service quality by bettering its claim and underwriting procedures, developing distribution channels in order to introduce diversified and innovative products, it said.

"This increase in charter capital is part of our commitment to grow the value of the AIA business. We believe it will facilitate our business investment in order for us to better compete in the marketplace and better serve our customers," said Jamie Rains, AIA Viet Nam's CEO.

Established in 2000 as a 100 per cent foreign-owned company, this year AIA Viet Nam marks the 10th anniversary of its operations in the country.

Bankers discuss IT applications

The three-day Banking Viet Nam 2010 workshop and expo on computer programme (ICT) applications will run from May 26-28 in Ha Noi featuring the main theme of banking modernisation on the verge of economic recovery.

Banking Viet Nam 2010 Ha Noi discusses the three hot issues of information management and business intelligence, business process re-engineering, and corporate governance and risk management.

Other usual topics continue to draw attention at Banking Viet Nam 2010 Ha Noi such as core banking transformation, online transaction security, advanced payment facilitation, and multi-channel servicing.

This is an essential ICT investment in information management systems, IT-based risk management and business process re-engineering at the State Bank of Viet Nam, and Credit Information Centre and Deposit Insurance Viet Nam. The project is expected to transform agency performance and best practice for similar planning at commercial banks.

Banking Viet Nam is seen as an event to promote the latest in banking technology and solutions as well as best practice and experiences world-wide. The conference and expo are expected to gather leading technology providers, financial experts and IT consultants from Viet Nam and internationally.

The expo part of Banking Viet Nam 2010, hosted by the central bank's Information Technology Department and the International Data Group, is also expected to attract 3,500 financial sector visitors to review the latest banking technology and services.



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