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BUSINESS IN BRIEF 2/9   2008-09-02 - CPV, VOV, ND, NLD, VNS, VNA


An industrial zone in Dong Nai Province

Seminar reviews Quang Nam’s ten years of development

The central province of Quang Nam has attracted US$130 million in ODA and VND 14 trillion worth of domestic investment, plus 73 foreign invested projects with a total registered capital of US$690 billion during the past decade.

The figures were released at a seminar held on August 31 in Hoi An town in the central province of Quang Nam entitled “Quang Nam – ten years of development.”

The province is now home to the Chu Lai Open Economic Zone, plus seven other industrial parks which have attracted more than 250 industiral factories, ten hydro-power plants and more than 180 hotels and tourism areas.

The domestic and foreign invested projects have had positive impacts to the local shifting of economic structure, contributing to promoting Quang Nam’s rural industrialisation and modernisation.

The projects have created jobs for over 271,000 workers, helping reduce the number of poor households to 24% and increase per capita income from VND 2.1 million a year in 1997 to VND 8.6 million a year ten years later.

Ha Giang Management Board of Industrial Parks established

The Prime Minister has just signed a decision on the establishment of the Management Board of Industrial Parks in the northern mountainous province of Ha Giang.

The board is responsible for carrying out direct State management of industrial parks in the province. It is also responsible for manage and organise the implementation of functions including providing public administrative services and other supporting services related to investment, production and trading activities for investors in the industrial parks in Ha Giang.

Da Nang’s FDI attraction up eight times

Central Da Nang city has attracted a total of US$743 million worth of foreign direct investment in the first eight months of this year, up eight times compared to the same period last year.

Since 2006, the city has granted investment licences to 48 FDI projects with total registered capital of over US$1.7 billion.

Most of the projects are in the fields of industrial production, agricultural-forestry and fisheries processing and tourism services.

So far, 130 FDI projects are operational in the city, creating jobs for more than 30,000 local workers.

Last year, FDI enterprises in Da Nang exported US$94 million worth of products, accounting for 20% of the city’s total export turnover.

Sa Dec IZ achieves land lease target

The Sa Dec Industrial Zone (IZ) in the Mekong Delta province of Dong Thap has to date had all of its 132 ha area leased with 43 projects totalling 178.5 million USD.

Of the projects, which focus on seafood and aquaculture feed processing, 24 projects have become operational, employing 7,336 workers and posting 2 trillion VND (121.2 million USD) in revenue.

To attract investors, the IZ poured 41 billion VND (2.5 million USD) into building the Sa Dec port capable of receiving 5,000 DWT ships and a road for 30-tonne trucks.

The IZ built a waste water treatment plant with a capacity of 3,000 cu.m a day, alongside with waterworks and stores.

Local authorities have also provided investment incentives such as corporate income tax exemption and reduction for both domestic and foreign investors.

Investors are offered 1-5 percent discounts for land rents if they lease more than 3 hectares or pay once for all the project duration. Businesses at the IZ also receive financial support to provide vocational training for workers.

Investment boosts completion of first IZ in the Plain of Reed

Tien Giang province is investing 20 billion VND and 2.2 million USD as the final step to complete the traffic system for the Long Giang industrial zone, the first of its kind so far in the Plain of Reed.

The sum of 20 billion VND is invested in upgrading two major roads leading into the industrial zone. Meanwhile, 2.2 million USD is spent on dredging three canals in service of construction material transport and moving earths and stones for ground leveling.

Deputy Head of the provincial Industrial Zones Management Board Nguyen Xuan Truong said the Long Giang industrial zone has great potential in drawing hi-tech, clean and environmentally-friendly projects.

He cited its geographic advantages such as nearby national 1A highway and the Ho Chi Minh City-Trung Luong Expressway to support his statement.

The zone now has one client from China who rents 17 ha of land to build an export-oriented brass pipe factory.

Taiwan brokerage opens in Ho Chi Minh City

Taiwan-based Polaris Securities Co has received approval from the State Securities Commission to open a representative office in Ho Chi Minh City.

The office will focus on researching the Vietnamese stock market, as well as promoting cooperation contracts between its parent company and Vietnamese partners.

New 199 million USD paper mill in Quang Ngai

Central Quang Ngai province has given the nod to the Tan Mai Paper Joint Stock Company to build a paper and pulp plant in Binh Long commune, Binh Son district.

The 199 million USD paper mill has a designed capacity of producing 200,000 tonnes of paper in addition to 130,000 tonnes of pulp per year.

The four-year project, which will last through 2011, aims to establish a strong paper and pulp production centre near the material zone.

Once operational, the project is expected to stabilise the domestic paper prices, boost forest planting in the region and generate jobs for local workers.

Traditional medication tours expected soon

The Bao Long Medical and Pharmaceutical Group has invited over 60 travel companies to inspect its traditional medication complex for tours in service of West Europeans and North Americans interested in Oriental medicines.

The complex consists of a traditional therapy hospital, a herbal drug production mill, a martial art school, a sports centre and a two-star boarding centre in Son Tay city of Hanoi .

The group’s President Nguyen Huu Khai, who is also a physician, said the company would employ sufficient staff with good command of foreign languages to show tourists around the company’s medicinal herbs garden and its drug mill where over 300 types of drugs are being processed from medicinal herbs.

“The products will be available for sale and clients will have careful instruction of the use of the medicines,” added the company’s chief.

Sacombank lists more shares

Sai Gon-Thuong Tin Commercial Bank (Sacombank) will list an additional 66.70 million STB shares in the HCM City Stock Exchange under the exchange’s approval.

The shares, valued at a total VND667.02 billion (US$40.43 million), will be used to pay dividends on 2007 earnings at a rate of 15 per cent.

The bank posted VND 850 billion ($51.52 million) of pre-tax profit in the first seven months of the year. On Friday STB closed down 4.92 per cent to VND30,900.

Kim Long Securities opens City branch

The State Securities Commission has approved Kim Long Securities to open a representative office in HCM City.

The office, locating at No 384 in Hoang Dieu Street, District 4, will provide southern customers with securities services, including brokering, underwriting and consulting.

The office will also conduct deposition in securities, as well as implement institutional trading.

Chemical firm to list 4.44m shares

Viet Tri Chemical Company will list 4.44 million shares in Ha Noi Securities Trading Centre, under its listing file received by the Ha Noi Centre on Thursday.

The company has a charter capital of VND44.39 billion (US$2.72 million), of which the State holds 67.2 per cent.

It focuses on manufacturing chemical products for daily use, such as washing-up liquid and sodium silicate (liquid glass).

Other news

Businesses pioneer renewal cause, Deputy PM   2008-09-02

Commercial banks reduce lending interest rates   2008-09-02

Low-cost imported food flooding HCM City   2008-09-02

Catfish prices surge as supply catches down with demand in Delta   2008-09-02

New ground of interest rates taking shape   2008-09-01

New ground of interest rates taking shape   2008-09-01

UK investment to climb in Viet Nam   2008-08-31

Ca Mau attracts major investment   2008-08-29

Korean transportation penetrates Vietnam market   2008-08-29

Deposit interest rates going down on good news   2008-08-29

Vietnamese trade union joins global network   2008-08-29

EU called to remove anti-dumping tax on Vietnam’s shoes   2008-08-29

After five upward sessions, VN-Index dips   2008-08-29

Auditor reveals success for four State-owned firms   2008-08-29