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BUSINESS IN BRIEF 9/9   2008-09-09 - VNA

German interest in Vietnam renewed

Vietnam ’s high economic growth rate has encouraged German enterprises, especially those from the Federal State of Hessen, to show more interest in trade and investment in Vietnam .

This was the view of Klauss-Peter Guettler, head of a visiting German trade delegation, on Sept. 8. Guettler who is Secretary of Hessen’s Ministry of Economy, Transportation and Development, was speaking to Chamber of Commerce and Industry vice chairman Doan Duy Khuong.

He said that Hessen, one of the fastest developing economies in Germany , would be an effective gateway for Vietnamese enterprises to penetrate German and European markets.

He said great opportunities for cooperation had been opened since Vietnam ’s accession into the WTO.

At present, Germany is Vietnam ’s largest European Union trading partner. In the past seven months of this year, Vietnam exported 1.3 billion USD worth of goods to Germany .

Key export items included footwear, textiles and garments, seafood, handicrafts, computers, coffee, tea and rice.

By June this year, German businesses had pumped more than 599 million USD into 105 Vietnamese projects. This made Germany 20 th among 81 countries and territories investing in Vietnam .

Carola Terpe, sales manager for Guldi Moden Co, which specialises in clothing for medical and hospital staff, said the company was looking for manufacturers and exporters in Vietnam .

About 30 German firms attended a seminar in Hanoi on September 8. They are involved in waste and waste-water treatment, bicycles and bicycle parts, packing machines, air conditioners for vehicles, bottle moulds and parts, mental alloys, IT, finance and banking, trade consulting, laboratory equipment, garments and textiles and communications security systems.

Sacombank selected Vietnam’s best bank in 2008

Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) was awarded Vietnam Best Bank 2008 title by Finance Asia magazine.

This is the first time the magazine includes Vietnamese banks in its annual awards, which select winners based on brand value, financial performance, revenue sustainability, strategy, marketing, risk management, product development, market penetration, human resource and growth potential.

In 2007, Sacombank was chosen the “Best Bank-Vietnam 2007” and “Vietnam Retail Bank of The Year 2007” by Euromoney and Asian Banking & Finance magazines respectively.

Vietnam, Russia to expand oil and gas exploration

A meeting took place in Hanoi on Sept. 8, to consider proposals by the Vietnam Oil and Gas Group (PVN) and its Russian partner OAO Zarubezhneft on conditions, form and the roadmap of a new cooperation based on Vietsovpetro joint venture after 2010.

The Vietnamese delegation attending the third session of the Vietnam-Russia Intergovernmental Committee for Oil and Gas was led by Deputy Minister of Industry and Trade Do Huu Hao while his counterpart V.V. Salamatov headed the Russian team.

The two sides affirmed that Vietsovpetro has made important achievements which contributed a lot to the development of the Vietnam oil and gas industry and the two countries’ economy.

The committee plans to ask the two governments to examine a possible Vietnam-Russia agreement on VSP-based cooperation on geological survey and oil and gas exploitation.

UK bank attaches importance to Vietnam's market

The United Kingdom’s leading bank, Standard Chartered, considers Vietnam a key growth market in Asia, Regional CEO for Southeast Asia Ray Ferguson said.

“Standard Chartered believes it [ Vietnam ] will have an increasingly powerful economic role in the region,” Ferguson said at the bank’s ceremony to launch its online internet banking service in Hanoi on September 8.

He said the bank is strongly committed to growing its business in Vietnam by combining the deep understanding of the local market with its experience in more than 70 countries to meet the diversified needs of its Vietnamese clients.

The world class online internet banking service will make banking and managing finances much more convenient for individual customers and also help to protect the environment by reducing the use of paper, according to the Standard Chartered.

Standard Chartered and another UK bank, HSBC, are expected to receive Local Incorporation licences in the attendance of visiting Prince Andrew, the Duke of York, in Ho Chi Minh City on September 9.

Prince Andrew, the UK Special Representative for International Trade and Investment, is on a five-day visit to Vietnam from September 6 at the invitation of Vietnamese Deputy Prime Minister and Foreign Minister Pham Gia Khiem.

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