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BUSINESS IN BRIEF 20/7   2008-07-20 - VNA, CPV, ND, SGGP

PVFC to list shares in Singapore

PetroVietnam Financial JSC (PVFC) plans to open its representative office in Singapore in the second half of the year, and will also list its shares on the Singapore Stock Exchange.

On July 17, the company announced its business results for the first half of the year. During this period, it gained revenues of 1.77 trillion VND, 37.7 percent higher than the same period last year, along with a pre-tax profit of 198 billion VND. By June 30, PVFC had a total capital of 40.59 trillion VND and outstanding loans of 16.39 trillion VND. They also had investments worth 10.79 trillion VND.

Taiwanese group builds hi-tech plant in Binh Duong

Construction of a 50 million USD hi-tech plant started by the TECO group of Taiwan in My Phuoc industrial park in the southern province of Binh Duong on July 19.

The plant covering 50 ha will produce electrical and electronic products for exports.

President of the TECO group Huang Mao Xiong said TECO Vietnam Technology Co. Ltd shows the group’s commitment for a long-term business in Vietnam .

Established in 1956, TECO involves in industrial and household electricity, electronics, information data, construction and financial investment. TECO has partners in the US , Japan , Sweden , and Germany in production of hi-tech product.

Thai newspaper: Vietnam suitable for long-term investment

Vietnam’s environment for industrial growth is still very conducive, Thailand’s Bangkok Post on July 19 cited Singapore’s AP Oil International, a lubricant and chemical specialist, as saying.

Although Vietnam is facing economic difficulties due to high inflation and world economic slowdown, inflows of foreign direct investment (FDI) into the country continued to be strong, which amounted to 31.6 billion USD in the first half of 2008, the Singaporean company’s CEO Ho Leng Woon said.

The weaker currency should not be a deterrent to firms with “solid plans to invest in Vietnam, ” as the cost of investment is now lower, in Sing-dollar terms, the official added.

In fact, AP Oil has just established a new joint stock company, AP Saigon Petro JSC, with a local state-owned oil company, as it continues to see opportunities in Vietnam, Bangkok Post said.

Jonathan Speight, Hong Kong-Shanghai Banking Corporation Singapore's head of trade and supply chains, was also quoted by the paper as saying that if any business invests in Vietnam, it have to be in it for the long haul.

“Vietnam is still an opportunity for Singapore business people with patience and vision,” the official noted.

According to Bangkok Post, there are also significant opportunities for retail and service companies in Vietnam.

UK partner wins deal for designing major oil refinery in Vietnam

The Foster Wheeler Nergy Limited of the UK has signed a contract to design the entire Nghi Son refinery and petrochemical (RP) project for the Nghi Son RP Company.

Under the contract, the UK partner will finish the designing in 16 months from the day the contract came into force on July 18. Foster Wheeler Energy Limited was one of the designers for the Dung Quat oil refinery.

The Nghi Son RP project with an investment of 6 billion USD is the biggest of its kind in Vietnam . Its capacity of producing 200,000 barrels a day is equivalent to 10 million tonnes a year or 1.5 fold over the design capacity of Dung Quat refinery.

Nghi Son project will import crude oil from Kuwait to produce high quality products including gas A92, A95, A98 and even fuel for jet planes.

Once put into operation scheduled for 2013, the project is expected to meet 60 percent of the national demand for oil and gas, thus contributing to the national energy security.

Commodities decrease, dumex’s products climb

The price of essential commodities went down slightly on 18 July. At Binh Tay Market, the price of Nang Huong Cho Dao rice continued to slip from VND 17,000 per kg down to VND 14,000/kg. The price of RE sugar also went down VND 9.500/kg. At Pham Van Hai market, the retail price of pork meat was down from VND 7.000 to 5.000/kg when compared with last month.

From 19 July, Vissan’s products are being sold at local markets and supermarkets will continue to slip.

The price of Vinamilk being sold at Binh Tay Market raised VND 300. According to retail agencies, from 19 July, 21 products of Dumex, distributed by Trung Thong Com.Ltd would increase between 7 to 10 percent compared with early March.

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