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BUSINESS IN BRIEF 7/9   2010-09-07 - Thanh nien, VNA

2bln USD entertainment complex planned in Long An

 

 
Construction on a 2 billion USD entertainment complex is scheduled to commence in Ben Luc commune, the Mekong Delta province of Long An in January, 2011.

 

The Vietnam Chamber of Commerce and Industry and the Khang Thong Group held a press briefing on the Vietnam Happyland on September 6 in Hanoi.

 

The complex will be a combination of local and modern features along with an exhibition centre, large-scale trade centre, 3-5 star hotels, water park, dance hall, indoor and outdoor theatres, cultural centre, art museum and urban area. It is designed to receive 14 million visitors a year.

 

Pham Van Tran, Director of Long An provincial Culture, Sport and Tourism Department said the project will boost the service industry in the province to 36 percent by 2020 and generate about 10,000 jobs.

 

The complex is scheduled to open on April 24, 2014.

 

Manulife Vietnam reports profits

 

Manulife Vietnam continued to experience significant sales growth in the second quarter of this year, reaching 195 billion VND (10 million USD).

 

The growth represents an increase of 46 percent in comparison with the same period last year.

 

Total premiums and deposits rose to 666.4 billion VND in the first half of the year, an increase of 18 percent against the same period in 2009. The Manpower Agency experienced a record second quarter with 3,000 agents recruited for a total force of more than 8,400 agents by quarter’s end, an increase of 51 percent against the same period last year.

 

Total assets under management grew by 11 percent year-to-date.

 

Dairy firms push up prices while they can

 

Dairy consumers have been angered as some producers jump to increase their prices before a new pricing law takes effect next month.

 

Under Circular No 122 that applies from October 1, dairy firms must register the price of milk for infants under six with the Ministry of Finance’s Price Management Department or the provincial departments of finance. The agreed price would be calculated from the cost of materials and production.

 

Since the end of last month, some milk brands have increased prices by as much as 10 percent to get in before the new law that aims to stabilise the price of dehydrated children’s milk and prevent unreasonable price hikes, Lao Dong (Labour) reports.

 

For instance, Abbot has adjusted prices on three of its products by 7 percent.

 

Anmum brand put its price up by 10 percent a few days ago. The price of Abbot’s Ensure Gold for adults has jumped by 8 percent to 470,000 VND (24.7 USD) each 900g tin.

 

Milk shops on Nguyen Thong Street , district 3, said within a week Abbot’s Pediasure brand would also have a price adjustment.

 

Nguyen Thi Hanh, general director of Sai Gon Co.op, said among the dozens of imported powered milk brands, only Mead Johnson had made a commitment not to boost prices.

 

For domestic dairy firms, only Hancofood has confirmed not to alter its price tag.

 

The dairy firms blamed the price increases on high production costs brought on by higher material costs and the changed USD/VND exchange rate.

 

Experts said, however, that dairy firms spent too much on advertising and sales commissions and passed the added cost to the consumers.

 

A woman shopping for milk, Thuy Oanh, on Nguyen Du street , Go Vap District was concerned that the circular only applied to powdered milk for six-year-olds so she expected price increases for milk for pregnant women and the elderly.

 

Apart from the regulations, the Consumer Right Protection Association needs to coordinate with retailers and boycott milk brands that always increase their prices.

 

53,000 DWT cargo ship launched in Quang Ninh

 

The Ha Long Shipbuilding Company, an affiliate of the Vietnam Shipbuilding Industry Group, launched a cargo ship in Ha Long city, the northern province of Quang Ninh, on September 6.

 

The 53,000 DWT ship, Red Diamond HL 09, is the seventh under a deal the company has signed with the UK ’s Graig group.

 

The ship, which measures 190m in length, 32.26m in width and 17.50 m in height, is equipped with an automatic control system that meets the International Maritime Organisation (IMO)’s latest standards on groceries transportation.

 

PetroVietnam Gas to raise $301 mln in share sale 

Last updated: 9/6/2010 16:05 

 

  

PetroVietnam Gas Corp., a unit of Vietnam Oil & Gas Group, plans to raise at least VND5.87 trillion (US$301 million) in an initial share sale that may take place next month, General Director Do Khang Ninh said in an interview.

 

The company will sell 189.5 million shares, or a 10 percent stake, with a minimum bid of VND31,000 a share, Ninh said in a telephone interview Monday. Ho Chi Minh City-based PetroVietnam Gas will also sell a stake of about 15 percent to strategic investors, Ninh said. The company is still in the process of finding these partners, Ninh said.

 

“After the share sale we will gauge how the stock market is doing and choose a timing for the listing that is beneficial to shareholders,” Ninh said. PetroVietnam Gas will probably be listed on the Ho Chi Minh City Stock Exchange, the country’s main bourse, a year after the share sale, according to a statement filed on the company’s website.

 

The benchmark VN Index gained 1.6 percent to 466 at the 11 a.m. close, the highest since Aug. 9. The gauge dropped as much as 23 percent from its May 6 peak through Aug. 25, exceeding the 20 percent drop which analysts define as a bear market, as the third devaluation of the dong since November spurred concern the government would add to measures to plug the nation’s deficit.

 

PetroVietnam Gas, which supplies fuel to produce 40 percent of Vietnam’s electrical output and 30 percent of the nation’s fertilizer, expects revenue to reach VND31 trillion this year from VND28.3 trillion in 2009, according to the statement on its website. Net income will be about VND3 trillion, down from last year’s profit of VND3.2 trillion.


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