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BUSINESS IN BRIEF 26/3   2010-03-26 - VietNamNet/VNA

Prime interest rate to remain at 8 percent

 

The State Bank of Vietnam on March 25 announced that it would keep the prime rate unchanged at 8 percent for a fifth month, surprising experts who had expected an increase as part of the Government’s efforts to reduce inflationary pressures.

 

The decision came one day after the General Statistics Office released data showing inflation had risen by 0.75 percent in one month in March and 9.46 percent over the same period last year. The consumer price index increased by an unexpectedly high 4.12 percent in the first quarter alone.

 

Vietnam’s inflation had reached “worryingly high” levels, as the Southeast Asian region overall began to see resurgent price pressures amid the economic recovery, HSBC Holdings Plc said in a report released on Wednesday. The report had predicted that the inflationary pressures would force the central bank to add a percentage point to the prime rate.

 

In response to concerns that inflation in 2010 might surpass the National Assembly’s target of 7 percent, Minister of Finance Vu Van Ninh said that the Government would implement measures to curb inflation while ensuring economic growth, and that these measures would include consistent market pricing policies to avoid irrational pricing.

 

Some stock investors cheered the central bank decision and expected a market rally.

 

Bonsai pine trees exported to Japan

 

The Rung Hoa Biotechnology Joint Stock Company in the Central Highlands province of Lam Dong will export an average of 2,500 bonsai pine trees to Japan each month since April.

 

This is the result of a research project using Japan’s biotechnology.

 

Vietnam sees birth of large construction group

 

A large construction group was inaugurated and started operation in the country on March 25 under the Prime Minister’s Decision dated January 12.

 

The Vietnam Construction Group, with controlling shares belonging to the state, includes leading domestic construction firms namely the Song Da Corporation, the Lilama Corporation, the Infrastructure Development and Construction Corporation and the Song Hong Construction JSC.

 

The group, which is tasked with taking over hydro-electric power, irrigation, transport, industrial, manufacturing and engineering projects has a statutory capital of about 60 trillion VND and a manpower of 81,000 engineers and workers.

 

The group’s members are famous for large constructions in the country, including the Hoa Binh Hydro-electric Power Plant, the Tri An Hydro-electric Power Plant, the Bim Son Cement Mill and the Dung Quat Oil Refinery.

 

Lai Van Que is chairman of the group’s management board while Duong Khanh Toan is taking on the post of general director.

 

City hosts livestock, aquaculture expo

 

An international exhibition to help boost the capacity of sectors involved in meat, fish and animal products - ILDEX Vietnam 2010 - kicked off in HCM City on March 25.

 

The expo drew over 180 enterprises from 27 countries and territories to show off their latest products and technologies in the area of livestock, dairy, meat processing and aquaculture.

 

Within its timeframe, which will lasts until March 27, there will be various activities, including networking events, workshops, and meetings among enterprises to share experience.

 

ILDEX Vietnam 2010 is expected to be a good occasion to promote the image of Vietnamese people and the fast-developing livestock and aquaculture industries of Vietnam .

 

It is also hoped to help foreign investors better understand Vietnam ’s policies on developing farming and aquaculture, find appropriate partners and make better-informed investment decisions.

 

Addressing the opening ceremony, Ladda Mongkolchaivivat, CEO of the Thailand-based event organiser N.C.C, said Vietnam is one of the largest meat processors in Southeast Asia .

 

Annual meat consumption in the country is around 40 kg per person, which she said is above Asia ’s average level, and is likely to increase to 57 kg by 2020.

 

The expo is expected to attract more than 15,000 visitors over the course of the event.

 

President meets with HUD Holdings executives

 

The Vietnam Housing and Urban Development Holdings Group (HUD Holdings) must develop faster than the nation’s growth rate, State President Nguyen Minh Triet said at his meeting with the group’s executives in Hanoi on March 25.

 

HUD Holdings, comprised of the Housing and Urban Development Corp, the Hanoi Construction Corporation (Hancorp), the Vietnam Building Glass and Ceramics Corp (Viglacera), the Bach Dang Construction Corp, and the Vietnam Water Supply Sewerage and Environment Construction Investment Corp (Viwaseen), made its debut in Hanoi on March 24.

 

“The establishment of HUD Holdings is the affirmation of the Party and State’s sound policy on restructuring, developing and enhancing the effectiveness of the operations of State enterprises,” President Triet said.

 

HUD Holdings also indicates the robust growth of Vietnamese construction enterprises, the President emphasised, referring the reality that enterprises should work together to meet requirements for fast and sustainable development and assist the country in narrowing the development gap with other developed countries in the region and the world.

 

According to Nguyen Hiep, Chairman of the HUD Holdings Executive Council, HUD Holding plays the core role in deploying the country’s orientations on housing development to 2020 and directing the national urban development strategy in the field to 2025.

 

With the goal of helping to stabilize and regulate the real estate market, the group has formulated a development strategy with 40 projects, eying to build 8-10 million sq. m of residential housing by 2015.

 

 
US firm helps boost tra, basa exports to US

 

Representatives from the US Mazzetta company and the Vietnam-France Animal Feed Production Joint Stock Company (Proconco) have worked with the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade in an effort to boost the export of tra and basa fish to the US.

 

During the working trip from March 24-26, the representatives also discussed issues such as fish origins and sustainable development in the aquaculture sector with officials at the An Giang provincial Department of Agriculture and Rural Development and the provincial Association of Fisheries.

 

The representatives visited local fish farms and advised Vietnamese fish exporters on the standards and requirements of the US seafood market, in which feed plays an important role in ensuring seafood quality.

 

Proconco has agreed to invest in research and development to produce quality feed for tra and basa fish and provide Vietnamese farmers with technical support to ensure that their products meet the North American standards.

 

Mazzetta company is one of the world’s leading seafood importers and distributor.


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BUSINESS IN BRIEF 24/3   2010-03-24

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