|
BUSINESS IN BRIEF 23/1
The
consumer price index (CPI) in
Official
statistics also report that large supermarkets, such as Big C and Coop mart,
are reporting only modest increases in merchandise sales, with minimal
increases in sales of non-food goods and home appliances.
Food
prices saw only a modest increase of 0.16% month on month, while the prices
of export rice remained stable thanks to market stabilization measures.
Nearly
7,800 stalls, which focused on providing basic necessities, such as eggs,
cooking oil, sugar, and processed meat, were established throughout the city
to ensure an adequate supply for Tet.
A
recent adjustment in the retail price of oil and gas drove up the price of
transport services and a number of Tet goods.
Other
items in the CPI goods basket that saw modest rises include transport,
housing, construction material, garments and textiles, footwear, and
services.
Healthcare
services, the only item in the CPI basket that declined 0.12% when compared
to the previous month.
Meanwhile,
the prices of domestic gold dropped by 1.37% and the exchange rate of US
dollar (US$) and
Vietnam-Singapore
trade volume at record highs
Two-way
trade turnover between
The
value of
The
country mainly exports to
The
According
to the Darwin-based South East Asian Livestock Services (SEAL),
The
company credited the ranking to the country’s capacity to meet requirements
of the Exporter Supply Chain Assurance System (ESCAS).
Plastic
industry targets higher export growth in 2014
The
Vietnam Plastic Association (VPA) has reported 2013’s plastic exports earned
US$1.808 billion, a 13.3% annual improvement.
VPA
Chairman Ho Duc Lam highlighted the efforts of local plastic producers in
pushing plastic input material exports up 57% to a 2013 revenue exceeding
US$407 million.
Lam
said producing the input material for plastics involves advanced technology,
generating higher-value exports than common plastic products.
The
VPA Chairman noted
Plastics
turnover was estimated at US$2.2 billion in 2013, 13% higher than a year
earlier.
Lam
said six of the 20 plastic categories exported to foreign markets generated
more than US$100 million in turnover. Plastic bags, film, and garbage bags
earned over US$150 million.
Plastic
bag exports were up 27%, an improvement almost equalled by plastic interior
decorations and furnishings’ 26.4% rise.
Out of
the 151 countries and territories importing
Lam
urged local plastic producers and exporters to deepen their understanding of
domestic and international markets, expand where possible and prudent, and
guarantee the quality levels that lead to sustainable export growth.
Long-term
strategy is essential to negotiating trade barriers and securing success
abroad, he noted.
The
VPA leader identified
Cooperation
in personnel training dominated a meeting between leaders of the National
Bank of Cambodia (NBC) and the Banking University of Ho Chi Minh City (BUH)
on January 21.
The
Cambodian delegation is on a working visit to
At the
Since
the signing of a memorandum of understanding on training cooperation between
the BUH and the NBC’s Training Centre in March 2012, the Vietnamese
university has launched four courses for Cambodian banking officials in the
country.
Another
programme on training finance-banking graduates is scheduled to be
implemented for NBC staff in the near future, he said.
Earlier
on January 17, NBC Governor Chea Chanto and Binh devoted a lot of time during
their talks in
The
two sides exchanged experience in supervising the banking system, managing
the monetary policy and preventing dollarisation.
Vinataba
targets 36,000 tonnes of sweets in 2014
The
Vietnam National Tobacco Corporation (Vinataba) plans to produce 36,000
tonnes of confectionery this year in a bid to increase its market share in
the domestic market.
Vinataba
General Director Tran Son Chau made the statement at a conference on
implementing the corporation’s 2014 production and business tasks in
At the
event, Chau asserted that Vinataba targets more than US$56.4 million in
profit, up 9 percent from 2013, and spares no effort to contribute US$390
million to the national budget this year, a year-on-year increase of 1.9
percent.
Together
with holding its market share steady and shifting towards high-grade
products, the business will continue to promote the brand names of its
confectionery products and other foodstuff, he added.
Mentioning
the confectionery sector’s restructuring, Minister of Industry and Trade Vu
Huy Hoang required Vinataba to reduce competition between its subsidiaries
and avoid the dispersion of resources, with the view to raising the member
companies’ effectiveness.
The
corporation needs to invest in new production equipment and technologies to
create quality products with higher added value.
In
2013, the three Vinataba subsidiaries of Huu Nghi, Hai Ha and Hai Ha-Kotobuki
saw a growth rate of three, six and eight percent respectively, providing
over 32,600 tonnes of confectionery for the domestic market and shipping more
than 3,000 tonnes abroad.
The
HCM City Investment and Trade Promotion Centre (ITPC) agreed to partner with
Mitsui Vietnam Limited Company to develop high-tech industries and
information technology at a ceremony on January 21.
Addressing
the function, Vice Chairman of the municipal People’s Committee Le Manh Ha
expressed his hope that the partnership will help increase Mitsui as well as
Japanese investment in the city.
According
to the official,
By the
end of 2013, the city attracted nearly US$33 billion in foreign direct
investment, US$11 billion of which was in the industrial sector.
Economic
prospects linked to macroeconomic policies
Central
Institute for Economic Management (CIEM) and the World Bank (WB) co-hosted a
January 21 seminar in
Addressing
the seminar, CIEM Deputy Director Vo Tri Thanh said 2014–2015 economic
orientations should reflect macroeconomic stability, economic restructuring,
and climate change amelioration.
International
experts predict the global economy will gradually recover during 2014 despite
slower growth in the
WB
leading economist Andrew Burns said Asia-Pacific regional economic growth
will proceed at a rate of 7.2% in 2014 before slipping back to 7.1% in 2015
and 2016.
Other
economists noted economic prospects depend on both internal and external
risks. If international sources of finance are suddenly tightened, regional
economies will suffer repercussions.
Mr
Burns said economic recovery in high-income nations will promote economic
growth in developing nations. But reforms are still needed to increase labour
productivity.
2013
trade turnover surpasses US$264 billion
Vietnam
Customs has reported the nation’s 2013 trade turnover totalled an estimated
US$264.26 billion, a 15.7% rise year-on-year.
Export
earnings contributed US$132.135 billion of the figure, up 15.4%, while import
value increased 16.1% to reach US$132.125 billion.
The
foreign direct investment (FDI) sector earned US$80.91 billion from exports
(up 26.3%), and spent US$74.43 billion on imports (up 24.2%).
State-owned
enterprises’ US$108.92 billion trade turnover was 4.4% higher than 2012’s
figure, comprised of US$51.22 billion in exports and US$57.7 billion in
imports.
Other
impressive export earnings also came from footwear; machines, equipment and
accessories; seafood; timber products; rubber; rice; cashew nuts; and coal.
Traditional
markets in the
Deputy
Prime Minister Nguyen Xuan Phuc formalised the goal during January 21 talks
with the Republic of
The
two leaders discussed specific measures to strengthen the Vietnam-RoK
relationship and expressed their delight at the rapid and effective
development of friendship and cooperation since the official establishment of
their strategic partnership in 2009.
They
agreed to promote reciprocal delegation exchanges to deepen mutual
understanding and trust; bolster strategic dialogues on diplomacy, defence,
and security; and boost investment and trade links in a balanced manner.
Hyun
Oh-seok said the RoK will consider facilitating Vietnamese exports to the
Korean market and step up cooperation with
He
noted the RoK considers
The
RoK will continue offering Vietnam ODA funding for green growth,
infrastructure development, and human resource training.
Deputy
Phuc outlined how the Vietnamese Government used the Korean Government’s
US$100 million preferential to improve its e-government capacity.
He
also asked the Korean Government to support key projects and cooperation programmes
such as a Vietnam-Korea Institute of Science and Technology (VKIST), a
national counter-terrorism training centre, and the third phase of a project
upgrading a national drug control coordination agency.
The
two sides agreed to facilitate people-to-people exchanges in the interests of
both citizenries’ legitimate rights.
Deputy
PM Phuc applauded the two labour ministries for signing a Memorandum of
Understanding (MoU) on labour cooperation and suggested the RoK provide
quotas easing Vietnamese guest worker access to employment in the RoK.
Phuc
invited his Korean interlocutor to visit
Big
deals still reached despite real estate downturn
A
number of well-heeled developers have cashed in on the downturn of the real
estate market last year to acquire properties. Report by the
The
Vietnam Infrastructure and Property Development Group Corporation (VIPD)
struck the biggest deal last year, spending 470 million USD on the acquisition
of Vincom Centre A from the Vingroup. Vinaconex - Hoang Thanh reached a deal
to sell the ParkCity residential project in
Many
other domestic developers have taken over projects, such as the FLC Group
which spent nearly 300 billion VND (14 million USD) for acquisition of
Several
deals involved investors from
Lotte
Hotels & Resorts Group purchased 70 percent of the Legend Hotel in
Maple
Tree successfully closed the purchase of the CentrePoint office building,
located in
Experts
have predicted that many other transactions could well have taken place
without public fanfare. These transactions immensely influenced the real
estate market, and have prompted a shake-out of less financially capable
investors.
Foreign
investors, especially those from
The
financial portal Stoxplus predicted the real estate market would continue to
see more dynamic transactions, with foreign investors remaining interested in
the retail sector. Projects with good locations, transparent legal situations
and competitive prices will remain top targets.
According
to CBRE associate director of investment Adam Bury, whilst the increase in
investment enquiries and activities may sound like a silver lining to a
particularly grey cloud for some active within the market, it is worth
remembering that investors were also looking to
“To
generate such opportunistic returns, of over 25 percent IRR for a project,
the price at which an investor enters a project is key,” Bury asserted.
In
addition to valuations, there are three other major hurdles which domestic
groups must overcome if they are to secure foreign investment. Those projects
must have a proven track record, prudent and efficient structuring and
transparency to incoming groups.-
More
efforts needed to make progress in forestry restructuring
Despite
many efforts in restructuring the forestry sector, management, efficiency and
quality control have still been poor, requiring more drastic measures to
generate practical progress.
In
2013,
The
surge was seen in major markets including the
However,
except for wood, export of other forestry products reduced sharply to 227
million USD, equivalent to only 75.7 percent of the target.
Meanwhile,
the total wood imports were 1.567 billion USD, a 14.6 percent rise year on
year.
By the
end of 2013,
During
the whole year, 9,528 hectares of forest in 37 provinces was used for other
purposes such as mining, hydropower, irrigation, road construction, tourism,
industrial parks, agriculture and national security and defence.
According
to Nguyen Ba Ngai, Deputy Head of the Vietnam Administration of Forestry,
there is a long way for the sector to go to fulfil all of its targets.
He
said that currently the country has fulfilled only 88 percent of its
forestation goals and the results of some key areas such as the
Meanwhile,
forest quality has been poor with low economic efficiency and there has been
an increase in the deforestation of some preservation areas, he added.
He
said practical progress has not been seen in forestry restructuring and
proposed that it is crucial to enhance forest’ quality and productivity by
cultivating high-quality plant varieties in at least 60 percent of total
areas.
Meanwhile,
Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said many
drastic measures will be applied this year to take forwards reform of the
sector.
The
ministry will continue reviewing 16.245 million hectares of forest and
forestry areas to apply stricter management and make timely adjustments in planning,
he said.
At the
same time, more forests will be assigned to organisations, communities,
families and individuals to encourage them engage in the forestry management
and investment and receive more benefits from local forest.
The
ministry will also implement better policies for forest environmental service
payment, he added.
The
Prime Minister has instructed that the exploitation of wood in natural
forests will be ceased in 2014, while reforms will be stepped up in the
management of forestry products to ensure their origins are legal. Meanwhile,
comprehensive measures will be deployed to boost wood processing, generating
high-value products.-
Price,
quality of rice exports to
According
to the Vietnam Food Association (VFA), in 2013,
Thanks
to competitive prices and high quality, Vietnamese rice has won the trust of
a growing number of consumers from African countries. The price of Vietnamese
fragrant rice exports to
These
difficulties have been, to some extent, reduced through the signing of a number
of memoranda of understanding (MOUs) between
Nhuan
added that
To
help businesses increase rice exports to Africa, in 2014, the Ministry of
Industry and Trade will send trade promotion teams to
Through
its departments and overseas Vietnamese trade offices, the ministry will help
domestic businesses verify information about African partners and provide
them with consultancy so that they can avoid risks when exporting to
The
four-storey shopping mall sits on an area of over 22,000 square metres, with
total investment of more than 200 billion VND (9.4 million USD).
It is
a complex of fashion, cosmetic and household goods shops and a 4000-square
metre entertainment zone, as well as a multi-regional food court.
A
cinema complex screening 2D and 3D movies belonging to the Megastar Media
Company has also been launched for the first time in the region at the new
centre.
Shoppers
coming to Sense City Can Tho can enjoy a discount of up to 50 percent on
various products such as fashion, cosmetics, jewellery and accessories.
The
trading centre, run by Saigon Co.op Distribution Co., Ltd, is expected to
cater the demand for shopping and entertainment of families, youth and
visitors in Can Tho city and the Mekong Delta region at large.-
In
2014, Mekong Delta provinces will enlarge their aquaculture zone to 800,000
ha, up 5,000 ha compared to last year’s size to raise the region’s aquatic
products to 2.4 million tonnes, an increase of 400,000 tonnes against last
year’s figure.
To
reach the goal, the provinces will focus on expanding prawn, freshwater,
shrimp and tra fish hatching areas to 690,000 ha as well as promoting the
raising of brackish aquarium fish species.
The
region plans to upgrade its irrigation system for aquaculture activities,
especially the breeding of prawn, intensify the inspection of wastewater
treatment in aquaculture areas, and disseminate breeding techniques to local
aquaculturists.
Meanwhile,
the provinces will deploy food safety management systems and check the origin
of aquatic products as required by the world market. Trade promotion and
demand forecasting will be boosted while aquaculture certificates will be
granted for the region’s farming areas.
They
will help their aquaculturists better access loans to improve their
aquaculture activities and facilitate processing businesses’ purchase of
aquatic products. These localities strive to put an area of 5,500-6,000 ha to
tra fish farming, which is expected to raise the output of tra fish to 1.2
million tonnes.
Last
year, the region reached 2.2 million tonnes of aquaculture products,
equivalent to 92.5 percent of the total output of southern provinces,
including 310,000 tonnes of prawn and over 1 million tonnes of tra
fish.
Competition
to force
Vietnam
Airlines, which has announced a pre-tax profit of 533 billion VND (25.3
million USD) for 2013, said it would cut fares since it is faced with tough
competition.
In a
press release the carrier said despite the difficult global economic
situation its profits exceeded the target by 34 percent.
Its
revenues were 72.6 trillion VND (3.4 billion USD).
The
airline transported 15 million passengers at a flight load factor of 79.5
percent, its highest ever.
Among
the difficulties it faced last year were lower demand for air travel and a
depreciation of certain currencies like the Japanese yen and Australian
dollar against the US dollar, affecting revenues.
In an
online conference organised by the Ministry of Transport on January 9, Pham
Viet Thanh, Chairman of Vietnam Airlines, said the carrier suffered negative
impact last year as Middle Eastern airlines began to fly on many routes,
exerting great pressure on European and Asian airlines. As a result, some
European airlines have suspended services to
In the
domestic market, low-cost air carriers have expanded their services and
fleets, making the competition more intense, Thanh said.
It
would seek to cut costs to compete with local and international airlines,
Thanh said.
The
airline is also set to start the equitisation process this year and
streamline its workforce to cut costs while hoping that the global economic
situation will improve in 2014, helping boost travel demand.
The
International Air Transport Association (IATA) has forecast the global
aviation sector to continue to grow in the next five years.-
Kien
Giang gains 3 bln USD in FDI capital
The
southern
They
include two projects licensed in 2013 with a total capital of 76.3 million
USD. The amount of FDI capital disbursed during the year stood at 17 million
USD, equal to 74 percent of the disbursement in 2012.
Meanwhile,
the province licensed 40 investment projects by domestic businesses with a
registered capital of over 4.2 trillion VND (197 million USD).
Kien
Giang emerged as an economic spotlight on the Mekong Delta region in 2013.
The
province’s economic growth rate struck 9.4 percent by the end of 2013, ranked
fourth among the 13 provinces of the Mekong Delta region.
Rice
production and shrimp farming were the main driving forces behind the
development of the province’s socio–economy.
The
2013 rice output reached nearly 4.5 million tonnes, up 4.3 percent from
2012.-
Chan
May-Lang Co economic zone strives for 1.5 trln investment
The
Chan May-Lang Co economic zone in the central
To
realise this, the province has invested more than 1.9 trillion VND in
infrastructure in transport, electricity, water and telecommunications in
order to lure more investors to the area.
It
will now focus on untangling knots for businesses while creating favourable
conditions for investors and businesses to implement projects.
A
total of 76 administrative procedures will be applied in the economic zone,
covering areas such as employment, construction, environment, planning and
land management.
The
Chan May-Lang Co economic zone has, so far, attracted 32 projects with a
total registered capital of more than 35.4 trillion VND, including 10 foreign
direct investment projects worth 21 trillion VND.
Most
worthy of note is the 875 million USD resort complex of Laguna Lang Co
invested by the Banyan Tree Group of
The
first phase of the 280 ha project, which houses 427 rooms and a 18-hole golf
course, has been put into service, helping generate jobs for about 600
people.
The
economic zone’s management board has reclaimed five projects with a combined
capital of more than 4.5 trillion VND because of their low progress. Another
four projects are under consideration.
Bank
rates lead to swaps
Some
banks have complained that clients take loans and chase higher interest
accounts at other banks.
As
borrowing rates have reduced sharply, dropping as low as 6-7 per cent for
good enterprises and enterprises benefiting from state preferential
treatment, firms have made the most of their cheap loans to exploit short and
long-term deposit rates of around 7 and 10 per cent respectively.
According
to Nguyen Duc Vinh, general director of VPBank, due to the pressure to
increase credit growth and reduce interest rates, many banks lowered their
lending rates to 6 per cent. However, he said, some enterprises had just used
such low-cost loans to deposit the cash at other banks to benefit from the 7
per cent interest, rather than investing in economic growth.
Another
bank executive said “Enterprises that can take such low interest loans are
often carefully scrutinised by banks and would have to show evidence of the
projects they required the loans for.”
However,
he admitted it could be possible. “Banks are generally only capable of
tracing 10 per cent of their capital after releasing it to their clients.”
Economist
Bui Kien Thanh said such speculative instances had been reported in 2009-2010
when the government launched the bailout credit package at a 4 per cent rate.
“At that time, many enterprises that had access to low cost capital lent it
at higher rates to other businesses or deposited the loans at banks to gain
from the much higher interest rates,” Thanh said.
“To
ensure cheap capital flows into production, we have to manage cash flow.
Banks ought to keep track of where their capital is being invested, otherwise
nobody will know whether low-cost capital is actually being used for
something useful.”
Thanh
also complained that a reason for the problem was that the loans were based
only on collateral. “Banks only need collateral to grant loans without
requiring enterprises to show invoices, business contracts or feasible
projects.”
Tokyo-based
Okasan Information Systems has signed a contract with Mekong Housing Bank
Securities (MHBS) to provide the Vietnamese brokerage with a software and
management system.
The
system is called VGaia, a local version of the Gaia used in a number of Asian
markets including
MHBS
and Okasan did not disclose the value of the contract but the latter did say they
want to build a long-term partnership to jointly develop financial services.
Okasan
Information Systems is in charge of system development for the Okasan
Securities Group, its parent corporation.
Dragon
Capital fund enters solar energy market
Vietnam-based
investment manager Dragon Capital’s clean development fund MBCDF has
completed its fourth investment, a solar photovoltaic project in
MBCDF,
or Mekong Brahmaputra Clean Development Fund, has taken a stake in Symbior
Elements Holding, directing the investment into the P.P. Solar (Nongno) plant
in Khon Kaen, which generates up to 6.6 megawatts of electricity per day,
Dragon Capital announced on January 17.
MBCDF
and Symbior Solar, as well as other investors, will co-invest in six separate
solar PV projects to be developed in Thailand from 2014-2015 with a total
capacity of 30MW, added the fund manager.
Renewable
energy currently accounts for 8 per cent of
MBCDF
director Joseph Hoess said, “This is an important milestone for MBCDF as it
completes our set of investments in
MBCDF
is a closed end limited partnership registered in Guernsey, the
Truong
Hai face Hyundai Motor withdrawal
The
proposal was sent to the largest Vietnamese car-maker Truong Hai and Quang
Nam People’s Committee, where the Chu Lai-Truong Hai engine manufacturing
project is situated, early this month.
“After
negotiations, representatives of Hyundai said the effective time of the
technology transfer contract had expired and the delay of this project would
affect their production and sales plans for the ASEAN market. Representatives
from Hyundai had proposed to end the contract and informed that they would
ask their leaders to consider adjusting the technology transfer plans for
2016,” Quang Nam People’s Committee noted in a report.
The
decision appears to underline Hyundai’s opposition to continued co-operation
based on Truong Hai persisting in its manufacture of low-standard Euro 2 and
3 engines.
This
came just a month after Truong Hai obtained the government’s permission to
extend the timeline for the manufacture of Euro 2 and Euro 3-standard
engines, as it failed to keep pace with its own roadmap for
higher-environmental friendly Euro 4 engines.
In an
announcement sent to the company in late November, Deputy Prime Minister
Hoang Trung Hai stated the prime minister had agreed in-principle to allow
the Chu Lai-Truong Hai engine manufacturing factory to manufacture and sell
100,000 diesel automotive engines by the end of 2018. But if Hyundai ends the
contract, Truong Hai will lack the vital technology to complete the contract.
Chu
Lai-Truong Hai was the first automotive engine manufacturing project in
Vietnam. The project, situated in Chu Lai Economic Zone, Quang Nam province
cost some $182 million.
According
to Truong Hai, it signed a technology transfer contract with South Korea’s
Hyundai Motor Company to produce about 20,000 Euro 2 and 3 emission standard
engines a year.
Construction
of the factory began in 2011, but it has been delayed while the local car-maker
waited for permission from the government to extend the deadline for the sale
of Euro 2 and 3 type engines and has still yet to be finished.
Fecon
wins contract for Nghi Son oil refinery
Fecon
has won contract to become piling supplier to landmark Nghi Son complex
In
early 2014, Fecon Foundation Engineering and Underground Construction JSC has
received an approval notification letter from Construction Corporation 1 to
supply large volumes of pre-stressed high strength concrete (PHC) piles for
the landmark Nghi Son refinery and petrochemical plant project at Nghi Son
Economic Zone in north-central Thanh Hoa province. The contract, valued at
more than VND206 billion ($9.8 million), is expected to raise the company’s
annual profit.
Fecon
has continuously been the trusted choice for many investors. It won contracts
for PHC pile construction and provision to five large-scale foreign
investment projects including the $20 billion Formosa steel factory in Ha
Tinh province, the Samsung Electronics Vietnam Thai Nguyen (SEVT) hi-tech
complex, the Samsung Electro-Mechanics facility, the LG electronics factory
in Haiphong.
Limousine
service opens in Hanoi
Hanoi-based
Pacific Trade Services and Tourism JSC just launched a luxury car service
branded as Luxtrans with its office located in the five-star JW Marriott
Hotel Hanoi.
Luxtrans
worked with DCar, a leading company in ASEAN focused on upgrading cars to
limousine standards, to renovate 10 of the latest generation Ford Transit
vehicles with top-of-the-line furnishings to offer passengers an airy,
comfortable space.
The
cars were fitted with business-class seats as well as an LCD TV, a DVD
player, hi-fi music system, refrigerator, wine cabinet, 3G, and an internal
telephone line. They also have an electric partition allowing passengers to
separate themselves from the driver when necessary.
“We
have a team of professional drivers carefully selected and trained in both
driving skills and foreign languages who are totally committed to providing
the excellent service we guarantee for each trip. Whether for business or
holiday, we are in a position to satisfy every luxury transport need,” said
Luxtrans director Nguyen Hoang Anh.
Luxtrans
aims to increase its car fleet to 50 units of diverse models and types by
2015.
Cement
firms stuck
There
are likely to be few signs of improvements in the cement industry due to the
government’s policy of cutting public investment and the woeful real
estate market.
Vicem
general director Tran Viet Thang said, “We don’t expect strong growth and
have forecast profits similar to last year.”
State-run
Vicem is Vietnam’s largest cement maker.
In
2014 Vicem expects to reap VND500 billion ($23 million) in profits. Last
year, Vicem only completed 90 per cent of its target. Its pre-tax profit
dropped to VND528 billion ($25 million) in comparison with VND661 billion
($31 million) in 2012.
Besides
the narrowed output market, the cement industry suffered from high interest
rates and oversupply that dragged down profitability.
“The
property market is stuck, new developments have already proved hard to sell
and interest rates aren’t helping,” said Thang.
General
director of Vicem But Son, Duong Dinh Hoi, said his company had invested
VND730 billion ($34.7 million) in its production site in 2011. At that time,
the company paid VND3,500 billion ($167 million) for the investment but it
also suffered a loss of VND100 billion ($4.7 million) due to interest rates.
Vietnam
is predicted to experience an oversupply of 8-12 million tonnes of cement
annually due to far too many cement plants being put into operation. At
present, Vietnam has 106 cement factories with total annual output capacity
of 63 million tonnes.
This
will worsen when the Vissai Cement Group’s new Vissai Ha Nam plant comes into
operation in 2014, bringing the group’s production to 7.8 million tonnes per
year.
In
2013, even if Vissai put consistent efforts into the export market and won
major real estate projects, the group’s consumption is forecast to increase
by only 5 per cent.
The
Ministry of Construction estimated cement consumption would reach 62-63
million tonnes in 2014, a mere 1.5-3 per cent increase in comparison with
2013. The sector will maintain exports of 14 million tonnes.
Huawei
announces its partnership with FPT Trading
Today,
Huawei, the world’s third largest handset provider, announced that the
company has signed a partnership agreement with FPT Trading JSC (FPT
Trading), part of FPT Corp, Vietnam’s leading group in information technology
and telecommunication.
According
to the agreement, FPT Trading will be the exclusive distributor for Huawei’s
smartphones and also distributer of Huawei’s tablet products in the local
market. This partnership marks an important milestone in Huawei’s strategic
plan for expansion in Vietnam.
To
start off this partnership term, in early 2014, through FPT distribution
channels, Huawei will introduce its three new products in Vietnam, including
smartphone G610, smartphone Y320 and mid-range tablet MediaPad 7 Youth. These
three items are all within middle & low range of products.
In
2013, Huawei was very active in local market with the launching of two
smartphone, Ascend P6, the world’s slimmest smart phone and Ascend G700, a
leading product in mid-range category.
To
continue the success that Huawei has accomplished in 2013, the company
believed that the partnership with FPT will build a stable platform for
Huawei to develop more projects in 2014.
Allen
Wang, director of the Consumption Commerce of Huawei Vietnam said: “While the
handset and tablet market is growing and competing strongly with one another,
by pairing up with FPT, a leading group in information technology and
telecommunication in Vietnam, Huawei will be able to make steady & solid
footsteps in order to possess a stable share in this great potential market.
We highly valuate this partnership and hope that it will bring new
opportunities for both parties in Vietnam mobile phone market.”
Cho
Ray Hospital’s offspring opens in Phnom Penh
Ho Chi
Minh City’s renowned Cho Ray Hospital has inaugurated its Cambodia offshoot
in a joint venture capitalised up to $42.3 million.
Cambodian
Prime Minister Hun Sen and his visiting Vietnamese counterpart Nguyen Tan
Dung, together with other VIPs, cut the ribbon last week for Cho Ray Phnom
Penh Hospital, the two countries’ first investment partnership in healthcare.
The
new general hospital sits on a 5-hectare plot in Meanchey district’s Niroth
commune, over 10 kilometres from Phnom Penh downtown. It operates as a sister
facility to Cho Ray, a leading hospital in Vietnam today and southern
Vietnam’s No.1 hospital before 1975.
Cho
Ray Phnom Penh, a 70-30 joint venture between Vietnamese company Saigon Medical
Investment and Cambodian multi-business group Sokimex, has 200 beds now and
will increase the number to 500 in the second stage. It also has the
paediatrics and obstetrics departments – ones Cho Ray in Ho Chi Minh City
does not have.
The
new facility, managed by the venture, is intended to reduce travel expenses
for thousands of patients who every year flock to Vietnam for medical
treatment. It now employs 75 Cambodian doctors and 20 Vietnamese doctors.
Cho
Ray Hospital will continue to provide training programmes for Cambodian
doctors, nurses and other medical workers to improve the quality of care and
treatment at the sister facility.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Tư, 22 tháng 1, 2014
Đăng ký:
Đăng Nhận xét (Atom)
Không có nhận xét nào:
Đăng nhận xét