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BUSINESS
IN BRIEF 19/4
According to the
city’s Customs Department, the sum was claimed by more than 8,000 foreigners
for their goods paid at a total of nearly 390 billion VND (18.6 million USD).
A majority of the
goods were eye glasses, cosmetics, clothes, footwear, watches, computers,
wallets and jewellery.
However, some
problems have been mentioned, including the processing time for tax refund
and inadequate information printed on tax returns.
This prompted the
Customs Department to ask the Ministry of Finance to standardise the
processing time, define concrete responsibilities of goods sellers, and
organise regular training courses for customs staff.
It has also
proposed the application of a single tax refund solution across the country
to make the refund processing easier.-
VAMC
announces interest rate for purchased bad debts
Vietnam Asset
Management Company (VAMC) will adjust annual interest rates for purchased bad
debts at 10.7, 5.2 and 5.7 per cent for the Vietnamese dong, US dollar and
Euro, respectively.
The interest rates
will be applicable to purchased bad debts, which the VAMC had approved to
adjust the rate from April 15 to June 30.
The move is a
response to Circular 19/2013/TT-NHNN issued by the State Bank of
The VAMC will
announce the interest rate every quarter.
The VAMC reported
that in the first quarter of this year, the company bought bad debts worth
VND3.9 trillion ($185.7 million) – much lower than its target of VND10
trillion ($476.2 million).
The VAMC has so far
purchased nearly VND43 trillion ($2.05 billion) of bad debts through its
bonds. However, it has recovered more than VND300 billion ($14.3 million)
worth of debts.
Imports of
under-9-seat-cars soar
The imported cars
were worth 26.3 million USD, up nearly 80 percent due to a rise in the
imports of luxury vehicles.
The report also
shows that the country imported a total 10,377 units worth 188 million USD in
the reviewed period, up 49.8 percent in volume and 54 percent in value.
The high import
contributed 1.46 trillion VND (68.62 million USD) to the State budget.
In addition,
components and spare parts of imported cars also soared 30.9 percent and were
valued at 385 million USD.
An Giang
introduces strength in rice production to Chinese market
The southern
Addressing the
event, Director of the provincial Department of Industry and Trade (DIT) Mai
Thi Anh Tuyet stressed her province leads localities in the Mekong Delta in
terms of rice production with an annual yield of 4 milion tonnes.
An Giang always
attaches importance to applying advanced techniques in rice production, which
helps improve the quality of the grain, said Tuyet, adding that the province
annually exports over 600,000 tonnes of rice to more than 70 countries and
territories around the world, mainly Asian and European markets. It is eyeing
on the American market.
At the conference,
Zong Danfei, Vice President and General Secretary of the China National
Association of Grain Sector (CAGS) briefed Vietnamese guests of his country’s
rice import and export, noting that
Other Chinese
representatives asserted that the conference is a good opportunity for An
Giang’s rice processing enterprises and exporters to learn about the
Earlier, the
delegation from the DIT held talks with representatives from the Rice Branch
of the CAGS.
At the function,
CAGS Vice President and President of the branch Shi Jianwei said although the
quality of Vietnam’s rice has been improved, Vietnamese businesses need to
pay more attention to the selection of rice varieties and limit the use of
chemical fertilisers to ensure food safety and hygiene, issues which draw
much concern among Chinese consumers.-
Top officials of
the southern
Secretary of Tien
Giang provincial Party Committee Tran The Ngoc informed his guest that the
locality is situated in a key southern economic zone which is calling for
investment in order to facilitate trade.
Tien Giang is well
on road to renewal and integration, he said.
Ngoc and his
counterpart Hu Chunhua said they pin high hopes on bilateral economic - trade
cooperation.
They expressed
their expectation that Hu’s visit will create momentum for future
coordination between the two localities.
Toyota Viet Nam
(TMV) on Monday expanded its recall campaign to include the Hilux pickup
truck due to similar airbag technical failure for which Fortuner and Innova
were recently recalled.
The recall, which
is applicable to 265 Hilux units produced between 1st Sept 2009 and 8th Dec
2009, followed last week's recall of 42,772 units of Innova and Fortuner for
checking and replacing the spiral cable of the driver's airbag.
The malfunctioning
spiral cable may prevent the airbag from opening up in the event of a crash.
Last Thursday , the
Japanese car manufacturer announced that it was planning to recall 40,241
Innova units produced between Jan 7, 2006 and Jan 19, 2010, and 2,531
Fortuner units produced between Feb 1, 2009 and Jan 19, 2010.
The move follows a
global recall of vehicles, due to faulty airbags, by Toyota Motor Corporation
(TMC) that affected 3.5 million vehicles produced in North America, Europe,
Under detailed
guidelines issued by the TMC, the TMV will check and replace the spiral cable
of the driver's airbag free of cost.
Savills to
hold property show
Savills Viet
The real estate
partners are Phu My Hung, VinaCapital,
The projects, which
will be introduced, include Chateau Palace Villas, Star Hill,
VNA offers
more discounts
The national
carrier Vietnam Airlines (VNA) has launched its promotional programme called
"Golden Moments" for the ninth time on some domestic routes.
Accordingly, from
April 15 to 29, travellers can buy cheap one-way flight tickets from HCM City
to Buon Ma Thuot City for VND499,000 (US$23.7); from HCM City to Da Lat for
VND599,000 ($28.5); from HCM City to Vinh City for VND999,000 ($47.5); and
from Ha Noi to Da Lat City for VND999,000 ($47.5).
Travellers can fly
with this promotion between April 15 to May 19.
Japanese
investors inspect delta
Executives from 40
leading Japanese enterprises will visit the Cuu Long (
This was revealed
at a working session between the Steering Committee for the Southwestern
Region and regional authorities in Can Tho on April 15.
Nguyen Phong Quang,
deputy head of the steering committee, said the visit is a good opportunity
for localities to introduce their potential and incentives to lure Japanese
investors to the region, which has so far recorded the lowest foreign direct
investment in the country.
Dung Quat
celebrates 600 days
The Dung Quat Oil
Refinery, the first of its kind in
A ceremony was held
on Tuesday in the central
Since it became
operational in 2009, the plant has sold 26.7 million tonnes of products,
earning VND543 trillion, or US$25.5 billion, in revenue, and contributing
VND86 trillion, or $4.03 billion, to the State budget. In the first three
months of 2014, it marketed nearly 1.7 million tonnes of products, gaining
over VND37 trillion, or $1.7 billion.
It contributed over
VND7 trillion ($333 million), to the State budget.
Customs
goes electronic
Binh Duong Customs
has launched the Japanese-funded electronic customs system known as Viet Nam
Automated Cargo and Port Consolidated System and the Viet Nam Customs
Information System (VNACCS/VCIS).
According to the
Binh Duong online newspaper, the system is based on
The VNACCS/VCIS is
part of the non-refundable customs modernisation project to build and launch
an e-customs programme and a national one-door customs mechanism.
Land
rentals likely to rise
The Finance
Ministry has proposed increasing land rental rates as part of a draft decree
on land rental, water surface rental and land use fees that will likely be
submitted to the Prime Minister next month.
The land rental
rate currently ranges from 0.25 to two per cent of the land price, depending
on what the land is used for and any investor incentives that the province or
city offers.
However, under the
proposal, the rent would start at one per cent of the land price. Rates in
urban areas, commercial or transport hubs and crowded residential areas could
reach three per cent of land prices.
At a meeting in the
capital on Monday, representatives from Ha Noi and northern
At a similar
meeting in
The minimum rent
increased from 0.25 per cent in 2005 to 0.75 per cent in 2010, and the land
price went up 10-15 times as a result, they pointed out.
Chairman of HCM
City Real Estate Association Le Hoang Chau said that land prices in the city
were so high that they depressed investors.
"To get land
for operations, investors mostly pay compensation based on market prices,
which are much higher than those imposed by local authorities. They also have
to pay land rental based on future land prices, meaning they pay twice for
the same land plot," he said.
Deputy director of
the HCM City Finance Department Ta Quang Vinh suggested that rental rates be
based on what the land was used for.
It should also be
made clear when the land rental rate was based on the land price frame and
when it was lowered by the provincial People's Committee as an incentive, he
added.
Stagnant
production likely to push CPI down further
The consumer price
index (CPI) in April may dip further on the back of low purchasing power,
noted the Price Management Department under the Ministry of Finance.
However, the
decline will happen at a slower pace as compared to that in March.
The department has
forecast that certain price pressures were in a state of stagnation.
Epidemics that have affected livestock and poultry, for instance, are not
under control in the central region, highland, and southern provinces.
Agribusiness and production are therefore still stagnant.
The prices of some
essentials and utility services are expected to stay unchanged or decrease.
The prices of diesel, mazut, oil, and gas have already been lowered in the
end of March and early April.
The country's CPI
in March dropped 0.44 per cent against the previous month, the lowest level
recorded during the past decade. The prices of food commodities and products
posted the steepest fall of 0.96 per cent this month. Housing and
construction materials, including rent, electricity, water, fuel, and
construction supplies ranked second with a decline of 0.74 per cent.
The CPI's slide
during March was attributed to a sharp decline in consumption demand after
the country's most important holiday of the Lunar New Year in February. The
key reasons for the decline were decreased spending by the local consumers
due to economic difficulties and stagnant production. However, the CPI in
March still rose 0.8 per cent over December 2013.
Speaking at a forum
meant to boost economic co-operation between
Since 2009 the city
and
Vo Tan Thanh,
director of the Viet Nam Chamber of Commerce and Industry's
The city's exports
accounted for more than $2.6 billion, a year-on-year decline of 17 per cent.
Its imports rose by 19 per cent.
Executives from
more than 30 companies from Zhongshan and Chaozhou attended the forum. Their
firms are mostly in strongly developing sectors like gas stove manufacture,
chemicals, decorative lights, wooden furniture, pottery, and steel.
They were apprised
about the city's potential and investment opportunities and met local
entrepreneurs.
The Chinese cities
did the same and promised all support to Vietnamese companies investing
there.
Several contracts
were signed between companies from the two countries.
MICs should play
greater role in global partnership:
Middle-income countries
(MICs) should play a greater role in the global partnership by sharing their
development experience, Deputy Minister of Planning and Investment Nguyen Chi
Dung has said.
He made the remark
at a discussion of the first high-level meeting of the Global Partnership for
Effective Development in
The official
further said that
Dung said the
country is now facing issues arising during the transition from low- to
middle-income status, for example those relating to infrastructure,
competitiveness, workforce quality, income gap and climate change. He added
that
The official noted
the country aims to raise the gross domestic product per capita income to
3,000 USD by 2020. To that end, the Vietnamese Government focuses on
completing the market mechanism, building a comprehensive and modern
infrastructure, developing human resources and restructuring the economy.
Within the
meeting’s framework, the Deputy Minister attended bilateral meetings, plenary
sessions and discussions.
AEC – key
to bridging
Nguyen Thanh Hai,
Deputy Head of the Import-Export Department under the Ministry of Industry
and Trade (MoIT), made the statement at an export forum in
Boosting exports to
big economies such as the
Pham Thi Hong
Thanh, Deputy Head of the MoIT’s Asia-Pacific Department, said bilateral
trade ties between
She forecast that
exports to these markets will continue to grow steadily as more than 99% of
tax lines of six ASEAN countries –
This will provide
plenty of opportunity for
She also pointed
out challenges for Vietnamese products in the context of fierce competition,
especially when barriers to protect domestic products no longer exist.
Thanh suggested
domestic businesses should accelerate exports of key products to ASEAN, such
as mobile phone handsets and components, computers, electronics and components,
means of transport, tools, machinery, equipment, steel and rice in the short
term. They should also devise long-term business strategies to take full
advantage of incentives post 2015.
MoIT Deputy
Minister Do Thang Hai said ASEAN is one of
AEC and free trade
agreements (FTAs) have helped promote
Bridge linking
Chairwoman of the
Tay Ninh provincial People’s Committee Nguyen Thi Thu Thuy revealed the
opening date during her April 17 reception for the visiting Governor of
Cambodia’s Prey Veng province, Has Saren.
Construction on the
bridge, connecting Tay Ninh with Cambodia’s Prey Veng and Kampong Cham
provinces, began on March last year with a total investment of VND44.3
billion (US$2 million) sourced from the Vietnamese locality’s budget.
The whole project
includes the bridge - 67 metres long and 8 metres wide - and a 1.5 kilometre
section of road connecting the border belt.
Once operational,
the bridge is expected to encourage cross-border trade between people along
the border, contributing to the region’s economic development and cultural
growth, as well as maintaining security and defence in the area.
At the meeting, the
two sides’ leaders also agreed to propose to their governments about
upgrading the Tan Nam-Mon Chey auxiliary border gate to international level
in the future.
With an annual GDP
per capita of over US$11,000,
Statistics show
However, the Trade
Office said Brazilian businesses lack in information about
To fully tap into
this South American market, the Trade Office suggested Vietnamese businesses
increase trade promotion, seize opportunity and expand export outlets.
Two-way trade
turnover between
Key exports to
Its key imports are
maize, footwear and garment accessories, animal food and other raw materials.
Businesses
urged to grasp benefits from ASEAN Economic Community
Domestic businesses
have been told to promptly recognise the expected benefits brought by the
ASEAN Economic Community (AEC) in 2015 and beyond so that they can connect
with other countries from the bloc and the wider region.
Participants made
the suggestion at a forum in
Deputy Minister of
Industry and Trade (MIT) Do Thang Hai said the trade turnover between
Last year,
The export turnover
was estimated at 4.7 billion USD in the first quarter of this year, a
year-on-year increase of 6.4 percent. However, the figure has tended to
remain steady, and even slowed down on occasion, as domestic enterprises have
not yet taken full advantage of the close geographical distance and
incentives offered by the ASEAN Trade in Goods Agreement (ATIGA).
Tran Thanh Hai,
Deputy Director of the MIT Import-Export Department, said local firms need to
raise the competitiveness of their exports through quality improvement,
especially by following regulations related to origin certification (OC) of
products, if they want to fully utilise the opportunities the AEC will
provide.
He proposed that
domestic businesses should set up their development strategies to enlarge the
production scale to meet larger orders in the near future.
They also need to
specify the contents of the strategies and measures to further boost their
exports to the ASEAN market, participants suggested.
Vietnamese,
Chinese businesses seek cooperation
Vietnamese and
Chinese businesses gathered at a seminar in
As part of the
Vietnam-China Business Forum 2014, the conference will help the two
countries’ businesses form initial orientations for their future investment
plans, said Pham Quang Thinh, deputy head of the International Relations
Department under the Vietnam Chamber of Commerce and Industry.
A Chinese representative
said his country’s businesses are always encouraged to invest in
He expressed his
hope that via collaborations set up during the event, the multi-faceted
cooperation between
By the end of
February,
Work starts
on Tuy Phong IZ
The construction of
the Tuy Phong Industrial Zone was kicked off in the central
The zone, spread
over 150ha in the Vinh Hao Commune, Tuy Phong District, has been funded by
the Tan Dai Tien Company at a cost of VND370 billion, or US$17.6 million.
It aims to have
facilities for salt production, chemical production and logistics industries
for the local farming, forest and seafood sectors.
According to the
investor, the industrial zone is located next to the
The industrial
zone's investor plans to complete the project by 2017.
Standard
Chartered inks coffee deal
Standard Chartered
Bank
Quach Van Duc,
general director of Tin Nghia, said: "Tin Nghia Corporation has
continuously grown for many years and secured a place among
"Now, with the
support of Standard Chartered coupled with our almost 20 years' experience in
the coffee export sector, we are confident that we will be able to continue
adding value to Viet Nam's coffee industry and bring more benefits to local
coffee growers."
Nirukt Sapru,
general director of Standard Chartered Bank (
US firm
opens new feed plant
American Feeds Co.,
an affiliate of Gold Coin Group, has inaugurated its second animal feed plant
in the
With an investment
of VND260 billion (US$12.4 million), the new plant will provide 300,000
tonnes of animal feed each year, in order to meet the demands of the northern
and central regions.
Ha Noi to
host support industry meet
The 9th Viet Nam
Support Industry Forum will kick off in the capital on May 8 promoting the
development of businesses supplying parts and components to the manufacturing
sector.
Co-organised by
Vietnam
textile and garment exports soar in Q1
A positive forecast
for the garment and textile industry has gradually become a reality. In the
first three months of this year, the industry recorded impressive growths in
terms of production and exports, creating good impetus for the next quarter,
according to the Vietnam Economic News.
In the first
quarter of this year, the garment and textile industry ranked second in total
export turnover with 4.5 billion USD, an increase of 21.9 percent compared to
the same period last year. Exports to foreign markets recorded a fairly good
growth.
According to Deputy
General Director of the Vietnam National Textile and Garment Group (Vinatex)
Pham Duy Hanh, traditional markets for
A strong growth in
exports of
In the first
quarter of this year, fiber export turnover also increased 18.7 percent
compared to the same period last year, reaching 540 million USD thanks to an
increase in supply of domestic raw materials. Some projects were put into
operation in 2013 such as the Phu Bai 2 Fiber Plant, Vinatex-Hong Linh Fiber
Plant and Phu An Fiber Plant.
Pham Duy Hanh also
said that in the first quarter of this year, Vinatex deployed 29 projects,
including 6 fiber, 7 textile and 11 garment projects, 1 project on the
construction of infrastructure, 3 projects on the construction of plant and 1
project on the development of cotton materials.
Vinatex Investment
Joint Stock Company and two
The Deputy General
Director of Vinatex Pham Duy Hanh also predicted that Vinatex would continue
its good business performances in the second quarter of this yea.-
BIDV-funded
social facilities built on Ly Son
The Bank for
Investment and Development of Vietnam (BIDV)’s branch in central Quang Ngai
province handed several new social facilities to Ly Son island district on
April 15, aiming to reduce difficulties facing local people.
A total sum of 11
billion VND (517,000 USD) was spent on the new facilities, including six
classrooms in the An Hai Secondary School, four kindergarten classrooms and
the 1.7 billion VND (79,900 USD) Ly Son health centre.
The bank also
funded the construction of 20 houses worth 50 million VND (2,350 USD) each
for the poor in the locality.
Last year, the BIDV
donated nearly 500 billion VND (23.5 million USD) to national target
programmes, focusing on the healthcare, education, the upgrade of temporary
houses, and emergency relief aid to compatriots affected by natural
disasters. It also presented 70,000 Tet (Lunar New Year) gifts to poor
people, totally valued at 22 billion VND (1.034 million USD).-
Key ODA
transport projects to receive reciprocal capital
Seven urgent
transport projects funded by official development assistance will receive
capital injections totalling 2-2.5 trillion VND (95-119 million USD) in
2014’s first round of advancing reciprocal capital for projects, probably
soon after April 30, the Vietnam Investment Review (VIR) reported on April
15.
The decision has
made at a recent meeting among the misnitries of transport and finance, the
State Bank of
These seven
projects include a road linking Noi Bai international airport to Nhat Tan
port in Hanoi, the Da Nang-Quang Ngai expressway, the Ben Luc-Long Thanh
expressway, Hanoi’s urban railway section from Cat Linh to Ha Dong, Mekong
Delta transport infrastructure development (WB5), upgrading the northern
sub-Mekong region transport network (national highway 217) and the Lo Te-Rach
Soi highway (Delta region).
“This list is
temporary as they will only see capital injections once developers show that
they have finalised disbursement of 70 percent of this year’s reciprocal
capital before April 30 and have land acquisition plans approved by local
governments,” said Deputy Head of the Ministry of Planning and Investment
(MPI)’s Infrastructure Department Tran Duc Toan.
Of these above
listed projects, two highways developed by the Vietnam Expressway Corporation
(VEC) are reportedly in position 15 days ahead of the deadline.
“We will disburse
nearly 900 billion VND (42.8 million USD) in reciprocal capital to the Da
Nang-Quang Ngai and Ben Luc-Long Thanh expressway projects no later than
mid-April,” said VEC General Director Mai Tuan Anh.
According to
sources, additional reciprocal capital demands for the two projects are
somewhere in the area of 2.3 trillion VND (110 million USD) this year, with
1.5 trillion VND (71.4 million USD) needed just by the latter. Construction
of the Ben Luc-Long Thanh expressway is slated to kick off in June.
According to the
Government Office, the National Assembly has approved only 8 trillion VND
(381 million USD) in reciprocal capital for the whole country for
implementing ODA projects this year.
The transport
sector is likely to be the biggest recipient with an expected 35 percent of
the approved figure.
In a document sent
to the Prime Minister this March, the MoT proposed an additional allocation
of 8.2 trillion VND (392 million USD) in reciprocal capital for ODA projects
this year.
This figure did not
include 2.5 trillion VND (121 million USD) to be sourced from government
bonds, already ratified by the Prime Minister earlier this year.
“To achieve the
full reciprocal capital demand for this year, ODA projects would have to
disburse 35 trillion VND (1.66 billion USD) to complete 245km of highways,
12km of key urban roads, upgrade 167km of highway, complete the construction
of the T2 terminal at Noi Bai Airport, and more,” said the head of MoT’s
Planning and Investment Department Nguyen Hoang.
Concerning ODA
transport projects, the role of reciprocal capital is essential as it links
with compensation and land acquisition, decisive factors in construction and
general disbursement.
“Key transport
projects have a huge demand for reciprocal capital this year and a slow
disbursement pace could make their targets unrealisable,” said Toan from the
MPI.
Phu Yen
seamen gain big tuna catch
Fishermen in
central Phu Yen province are enjoying a productive spell, with 70 percent of
tuna fishing boats bringing back 1.5-3 tonnes of ocean tuna each voyage.
According to
Captain Nguyen Ngoc Ry from the Tuy Hoa border post, more than 80 trawlers of
fishermen living in Ward 6 and Phu Dong Ward have anchored and enjoyed higher
yields of the fish than that on the first days of this year.
Phan Thuan,
chairman of the Ward 6’s Fishing Union, said 70 percent of tuna fishing
vessels made profits of 70-80 million VND (3,290-3,760 USD) from each
offshore fishing voyage.
Although the price
of tuna dropped to 135,000 VND (6.34 USD) per kilogram from 170,000 VND (7.99
USD), local fishermen still made a profit thanks to their additional catches
of other fishes to make up costs for the fishing voyages, which normally last
for 20-25 days.
According to the
provincial Department of Agriculture and Rural Development, Phu Yen’s catch
of ocean tuna has reached 1,900 tonnes since the beginning of the fishing
crop.-
Hai Duong
attracts 320 million USD of foreign investment
The northern
province of Hai Duong has so far this year granted licences to nine foreign
investment projects with a combined capital of 248 million USD, and allowed
six on-going ones to add 71.4 million USD to their capital.
Nguyen Danh Tu, an
official from the provincial Department of Planning and Investment, further
said this marks an increase of 116 percent over the figure the same period
last year.
The new projects
are mainly in producing moulds, electronic components, garment and health
care, with the 225-million-USD Vietnam - Canada international hospital being
the most noteworthy.
Hai Duong aims to
attract another 450 million USD of foreign investment from now to the end of
this year, with 300 million from new projects and 150 million from existing
ones.
To this end, the
province will accelerate its investment promotion with major groups and
trans-national corporations, along with removing red tape.
Currently Hai Duong
counts 264 foreign investment projects from 23 countries and territories with
a combined capital of over 6.15 billion USD. The projects provide jobs for
more than 130,000 workers and thousands of labourers.-
Legislature’s
role in FTA negotiations considered
A close connection
with National Assembly deputies and businesses will efficiently help
negotiators make progress in the country’s future Free Trade Agreements
(FTAs), a conference in Hanoi has heard.
The discussion,
exploring in depth the law-making body’s role in negotiating, ratifying and
implementing FTAs, was jointly organised on April 15 by the National
Assembly’s Committee for External Relations and the US Agency for
International Development (USAID).
Participants voiced
that as the highest-level people-elected agency, the National Assembly needs
to promptly reflect opinions and aspirations of parties involved in various
stages of FTA negotiations and enactment.
Chairman of the
NA’s Committee for External Relations Tran Van Hang reported that Vietnam has
so far signed eight FTAs, mainly with its partners in ASEAN, the EU, and
China. It is working on different bilateral and regional FTAs.
During the event,
the participants, including economic experts, made forecasts on the factual
impacts of FTAs on Vietnam’s economy, while identifying major bottlenecks
during the negotiating and implementing process of FTAs.
They raised legal
issues that need to be revised for the country to sharpen its competitiveness
in the global trade.
Ben
Luc-Long Thanh expressway set to break ground in May
Work will start on
the 57-km Ben Luc-Long Thanh expressway section linking the southeastern and
southwestern regions next month as scheduled in a recent plan of the Ministry
of Transport.
The section, the
last component of an expressway connecting Long An, HCMC, Dong Nai and Ba
Ria-Vung Tau, will allow vehicles to travel at a maximum speed of 120 km per
hour and have up to eight lanes.
Given the soft
foundation along the expressway section, half of the route will be elevated.
Besides, two large bridges will be built on the expressway. Binh Khanh Bridge
will stretch over 3.7 km across Soai Rap River and Phuoc Khanh Bridge across
Long Tau River.
Total investment of
the expressway section amounts to some VND31.3 trillion, financed by Japanese
official development assistance and Asian Development Bank loans, and the
state budget.
Due to rising wages
and construction material prices, the total cost might be adjusted up by an
additional VND10 trillion compared to the amount approved earlier, Vietnam
Expressway Corporation (VEC) said.
Therefore, to keep
the already-approved cost unchanged, the Ministry of Transport has adjusted
the expressway’s design along with other parts, resulting in a cost reduction
of around VND8.5 trillion.
After completion, the
Ben Luc-Long Thanh expressway will connect southeastern and southwestern
provinces and create a direct route leading to Hiep Phuoc and Cai Mep-Thi Vai
ports and the planned Long Thanh International Airport in Dong Nai Province.
Also in the second
quarter of this year, the ministry plans to start construction of 15 projects
and complete 20 other schemes.
30 km of
Noi Bai-Lao Cai expressway opened to traffic
In a related
development, VEC has opened to traffic an extra 30 km of the Noi Bai-Lao Cai
expressway going through Vinh Phuc and Phu Tho provinces, thus shortening the
distance between Noi Bai and the Hung Kings Temple in Phu Tho to over 30
minutes instead of two hours before the section was put into use.
As such, nearly 110
km of the 245-km expressway has been finished and put into use temporarily.
The entire expressway is set for completion in June this year.
Maritime Bank-MDB
merger in the offing
The local banking
sector is looking to yet another merger – this time between Vietnam Maritime
Bank and Mekong Development Bank (MDB).
The merger deal has
obtained approval from relevant authorities and is expected to be done in
July, said an industry source.
The board of
directors of Maritime Bank will be presenting the merger plan at the bank’s
annual general meeting on April 19 in Hanoi City. If the scheme wins approval
from shareholders, the board will be assigned to map out a merger project and
contract, a charter for the new bank and a share issue plan for share swaps
and other documents as requested by administering agencies.
Maritime Bank has
total chartered capital of VND8 trillion and MDB over VND3.7 trillion.
Industry insiders
described the forthcoming merger between Maritime Bank and MDB as appropriate
since they share some major shareholders and by end-2013 had had similar bad
debt ratios, with Maritime Bank at 2.71% and MDB at 2.65%.
According to a
report by the board of directors, Maritime Bank has total assets of VND107
trillion and over 3,500 staff. Last year saw it obtaining nearly VND335 billion
in after-tax profit and having total retained earnings of nearly VND284
billion.
Meanwhile, MDB has
total assets of over VND6.4 trillion and nearly 1,100 staff. Last year, its
profit after tax totaled VND63.4 billion.
Prudential
Life insurer
Prudential Vietnam on April 10 announced 2013’s business results with total
income of around VND11 trillion, up 10% versus the previous year.
The total premium
income reached over VND7.6 trillion, up 16%, and new business sales hit
nearly VND1.8 trillion, a 21% improvement. Its retained profit at the end of
last year was VND2.6 trillion.
As of the end of
2013, Prudential had paid cumulative insurance benefits totaling VND15.7
trillion to around 1.7 million cases. Its total assets reached VND37.8
trillion, an increase of 15% from late 2012.
In 2014, Prudential
aims to improve the quality of its products and services to celebrate 15
years of its
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 18 tháng 4, 2014
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