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Hung Yen attracts 141 FDI projects

Statistics by relevant government agencies show that Hung Yen Province attracted 668 projects by the end of August 2008, including 527 projects having domestic investment capital worth VND 30.2 trillion VND and 141 projects having FDI capital worth USD 739 million.

In the first eight months of this year, Hung Yen Province had 78 projects, including 47 projects invested with domestic capital and 31 projects invested with FDI capital.

Of 668 projects in Hung Yen Province, nearly 350 projects are operational, creating jobs for about 70,000 workers.

Some businesses are operating effectively and creating stable jobs for workers, including Northern Kinh Do Food Processing Co., Lifan Motor Spare Parts Joint-Venture Co., VAP Motor Spare Parts Assembling Co., and LG Electronics Vietnam Ltd., Co.

ACB lifts export loans to US$50 million

Asia Commercial Bank (ACB) will increase its loans to exporters from US$20 million to $50 million. However, while the loans will be in dong, interest will still be paid in US dollars.

The bank will also decrease the post-export and pre-export interest rates paid in Viet Nam dong to 7.3-8.5 per cent and 9-10 per cent a year respectively.

ACB has backed rice, aquatic, rubber, textile, garment and wood furniture exporters. It also gives loans for preferential and established businesses without mortgages.

Bank signs loans deal with car maker

DongA Bank has signed a deal with local car maker Truong Hai to offer customer loans.

The loans, which will have a maximum term of five years, will cover between 70 to 95 per cent of a car’s value. The interest rate will not exceed 150 per cent of the official interest rate.

Customers will be required to hold a DongA Bank account.

In an unrelated development, HCM Stock Exchange-listed Sacombank has allocated VND300 billion (US$18 million) for loans to securities investors. Customers of its affiliate Sacombank Securities may get credit of up to VND5 billion for a maximum of two months.

CNG factory opens in south

The Viet Nam Compressed Natural Gas Joint Stock Company opened a compressed natural gas (CNG) production factory in Phu My Industrial Zone, Ba Ria-Vung Tau, last week.

The VND85 billion (US$5.15 million) factory will produce 30 million cubic metres of natural gas a year. Its capacity will be later increased to 250 million cu.m.

CNG is used to power engines and for cooking.

VNPT promotes ADSL

Viet Nam Post and Telecommunications Group(VNPT) has launched a campaign to promote ADSL MegaVNN and fixed-telephone users. It is called "Speed up with MegaVNN." (ADSL enables rapid transfer of digital information through telephone cables).

The promotion, stretching from September 16 to October 30 will offer free ADSL modem and registration fees for new MegaVNN users and customers who shift their indirect internet services to MegaVNN on fixed phone lines.

Users will also be given free internet accounts of VND100,000 (US$6) for two months. Customers using both MegaVNN service and fixed phones will get three months free.

VSP wants to issue more shares

September 22 will be the deadline for Vinashin Petroleum Investment and Transport Joint Stock Company (VSP) to gather shareholder’s input and pay dividends in cash and shares.

The company will ask its shareholders via a written document for permission to issue additional shares on October 1 of this year.

The company will pay a dividend of 30 per cent. Of that dividend, 15 per cent will be in shares and the remaining 15 per cent in cash. The Viet Nam Depository Centre will not deposit shares of VSP on September 19, 22 and 23 of this year.

SIMCO issues 2.1 million shares

Song Da International Manpower Supply and Trading Joint Stock Company (SIMCO) with code SDA has received official permission from the State Securities Commission to issue 2.1 million additional shares to pay dividends and bonus shares to its existing shareholders.

SIMCO was given permission on the condition that it issue shares in accordance with resolutions of shareholders and executive boards to ensure the interests of shareholders.

The company was also told to publicise information in the mass media within 10 days prior to issuance.

After successfully issuing shares, the company has to report the results to the State Securities Commission.

VPBank to issue 12 million shares

The State Securities Commission has given permission to VPBank to issue nearly 12 million shares to its strategic partner Overseas-Chinese Banking Corporation (OCBC).

It was granted on the condition that VBBank issue shares in line with written documents from its annual shareholders’ meeting in 2007 and documents from the State Bank of Viet Nam.

VPBank was also told to publicise its information on the securities market, including information on share volume, price and time. Within 10 days after the issuance, VPBank was told to report to the State Securities Commission about the results of the issuance.

Vinaconex revenue hits $240 million

The Viet Nam Construction Import-Export Corporation (Vinaconex) has announced its revenue for the first six months of the year was more than VND4 trillion (US$240 million), an increase of 16 per cent on the same period last year.

The corporation’s profit also rose 25 per cent to VND241 billion ($14 million).

Yesterday, Vinaconex with code VCG closed at VND39.1 per share.

Vinavico earns VND197.8b in total revenue in July

Vinavico, the construction joint stock company, earned VND197.8 billion(US$11.2 million) in total revenue in July and had an after-tax profit of VND3.04 billion ($181,000)

Gross revenue in the first seven months reached VND1.6 trillion; after-tax profit was nearly VND19 billion.

Vinavico specialises in real estate business, industrial production and construction materials.

Song Da 2 allowed to issue 1.6 million more shares

The State Securities Commission has given permission to Song Da 2 to issue 1.6 million shares.

Permission was granted only on the condition that Song Da 2 take certain actions to comply with securities laws, as the company detailed it would in written documents from this years’ annual shareholders meeting.

In addition, the company is required to make public, company information before issuing shares, which must include among other things share volume, prices and collected money.

Other news

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The true costs of a cash-driven workforce   2008-09-14

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Vietnam banking sector after two years of joining WTO   2008-09-14

Vietnam to monitor hot apparel exports to US   2008-09-14

Vietnam resumes 5 percent import tax on gasoline   2008-09-14

Taiwanese bank to invest $17.5 million in Vietnam   2008-09-14

Gold to fall to VND16 million per tael, analyst expects   2008-09-14

Electricity shortage may recur in 2009   2008-09-13

New Government website to support exporters   2008-09-13

BUSINESS IN BRIEF 12/9   2008-09-12

Anti-dumping tax makes Vietnamese shrimp less competitive   2008-09-12