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BUSINESS
IN BRIEF 8/4
Industrial
zones attract more FDI
The HCM City Export
Processing and Industrial Zones Authority (Hepza) granted investment licences
to 12 new FDI projects with total registered capital of $223.2 million during
the period, up more than eight times from the same period last year.
Meanwhile, nine
ongoing projects raised their existing capital by $20.3 million and the city
granted investment licences to eight new projects.
Internal capital
inflow to the zones reached almost VND713.3 billion ($33.91 million), a
year-on-year increase of nearly 65 per cent.
Hepza has licensed
1,293 projects with total capital of over $8 billion to date, of which 514
are FDI projects worth $4.9 billion.
In the second
quarter, Hepza plans to assist the
This year, the
southern economic and business hub aims to attract $2.5 billion in FDI, 20
per cent higher than last year's figure.
Survey
suggests an employment increase
The figure was
unveiled on Thursday as part of the 2014 Flash Survey conducted by Towers
Watson Viet
As per the survey
results, 67 per cent of the 163 respondents forecast an increase in hiring
especially in sales and manufacturing functions.
The survey also
reflects a positive sign in compensation budget planning with a median budget
increase at 9.6 per cent. On the other hand, 90 per cent of the respondents
plan to control costs in human resources activities, including learning and
development, compensation, recruitment, and benefits.
More than a half of
the respondents have a formal written human resource strategy and 79 per cent
of respondents currently focus on optimising, streaming, and improving human
resource processes. Among these only 51 per cent respondents linked their
talent development programme to their rewards programme.
Huynh Thu Huong,
the managing director of Towers Watson Viet
"Human
resource strategy should support business strategy and human resources should
drive talent and reward programmes that provide a competitive edge to
companies. Human resources should also effectively analyse data to optimise
their processes and transform the human resource function in their
organisations," Huong stated.
Meanwhile, Towers
Watson Viet
More than 500
companies from 22 countries will take part in Sai Gon
The four-day event
will include displays of machinery and accessories used in the garment
industry, and provide Vietnamese firms with an opportunity to seek out new
partners.
The exhibition at
the Tan Binh Exhibition and Convention Centre in Tan Binh District has
attracted companies from many countries and territories including mainland
Can Tho
refinery asked for land clearance funds
The municipal
People's Committee has required the Can Tho oil refinery project to deposit
VND11 billion (US$524,000), which is equivalent to 5 per cent of the
compensation for land clearance.
If this deposit is
not delivered, the city will revoke the refinery's investment licence,
according to Bui Ngoc Vy, Deputy Director of the Can Tho Planning and
Investment Department.
Licensed in May
2008, the $538 million project was a joint venture between
Foreign
firms prepare for cosmetics conference
Cosmobeaute Viet
To be held in
CP Saw, managing
director of ECMI ITE Asia Sdn Bhd, one of the event's organisers, said the
exhibition would also include seminars on beauty and healthcare, as well as a
nail-art contest and business matchmaking programme.
The exhibition will
run from April 24-26 at the Sai Gon Exhibition and Convention Centre.
Apartment
prices set to increase
The price per
square metre (sq.m) of residential apartments in Ha Noi is set to increase as
a new circular reduces their area by setting a new calculation method,
industry insiders say.
Taking effect on
April 8, the new circular (Circular 03/2014/TT-BXD) issued by the Ministry of
Construction says that the value of an apartment would henceforth be
calculated based on the net useable area.
Currently, the area
of an apartment is calculated from the centre of its walls, while the new
regulation would require that is measured from the walls' edges.
Developers have
reacted to the circular by saying they will increase their per sq.m prices by
three to 10 per cent, but hastened to add this will have minimal or no effect
on the total price.
The investor for
the Thang Long Number One Residential Building Project has said their prices
will increase by three to five per cent starting this month. Currently, the
average price for an apartment in this project is VND30 million (US$1,400)
per sq.m.
Meanwhile, the Hoa
Binh Green City Project on
Le Kim Khanh,
Director of the Infoland Real Estate Trading Floor, said the total value of
the project would remain the same despite this increase.
"The cost of
building an apartment project includes spending on the frame, the falls, the
elevator, the stairs, common and private spaces, so while the per sq.m price
will increase when the new method is applied, the total price of the project
would remain the same," she said.
It was not clear
immediately by how much the area of an apartment would reduce under the new
calculation method and whether buyers would end up paying more or less at the
new, higher per sq.m prices.
The new Circular is
said to be an attempt to address problems with the old one, Circular 16, that
had led to some conflict between buyers and investors on what the former were
being charged for when they purchased an apartment.
Domestic
coal inventory reaches 8 million tonnes
The coal industry
continued to face difficulties in consumption in the early months of 2014,
with coal inventories reaching 8.42 million tonnes.
The amount of coal
mined during the first three months of 2014 was expected to reach 10.07
million tonnes, meeting 26.7 per cent of the yearly plan and a 95.92 per cent
increase over the same period last year, reports Viet Nam National Coal –
Mineral Industries Holding Corporation (Vinacomin).
Further, coal
consumption in the first quarter was expected to reach 9.43 million tonnes,
26.95 per cent of the yearly plan or 97.5 per cent compared to the first
quarter last year. Of this figure, coal exports stood at 2.34 million tonnes,
while 7.09 million tonnes was sold within the country.
Dong Nai
cancels 78 FDI projects since 2010
The southern
Among them, Dong
Nai stripped 51 projects of their licences for failure to make sufficient
progress. Most of these were operated by investors from Asia, such as
To ensure a
productive investment environment, the agency conducts annual inspections to
remove ill-performing investors so as to give opportunities for more capable
ones.
At present, some 10
other FDI projects are under inspection for failing to start construction
more than one year after receiving a licence.
Statistics show
that 430 million USD has been poured into 30 new and existing projects in the
province over the first quarter of 2014, up 7 projects and nearly 200 million
USD from a year before.
Most of the finance
came from Japanese investors and flowed into support industries.-
Malaysian media on
April 5 quoted Minister of Agriculture and Industry Ismail Sabri Yaakob as
saying his country preferred Vietnamese rice due to its reasonable prices and
high quality.
He told Malaysian
reporters in
To realise this
goal, the Malaysian ministry will focus on improving domestic rice quality
through applying effective farming techniques, putting forth incentives for
farmers to produce rice at a large scale, and encouraging them to contribute
resources and money to the national manufacturing.
The State needs to
provide support to cooperatives, without interfering too much in their
operations, German experts argued at a seminar on developing the collective
economic sector in the Mekong Delta
Andreas Kappes,
General Director in charge of international cooperation programmes at the
German Cooperative and Raiffeisen Confederation (DGRV), also emphasised that
competent managers and a professional business administration are key factors
ensuring cooperatives’ success.
Participants shared
views on the role of cooperatives in a market economy and the weaknesses of
the cooperative sector in
Over the past 10
years, the DGRV has assisted Tien Giang province in developing cooperatives
by offering advice and sharing experiences in their organisation and business
activities. It also sent experts to the province to train local cooperative
managers in business administration.
According to Nguyen
Van Hong, Chairman of the Cooperative Alliance in Tien Giang, the province is
home to 102 cooperatives and 1,433 informal cooperative groups, with more
than 50,000 members and total assets of over 1.9 trillion VND (around 91
million USD).
Information
technology firms raise investment in Ha Noi
The capital city
attracted more than 300 IT projects with a total investment of US$1.8 billion
in 2013.
This represented an
increase of 13 per cent in the number of projects and 21 per cent in terms of
value. Of this, $1.6 billion went into 43 projects in centralised information
technology zones, according to Ha Noi's Department of Information and
Communication.
Meanwhile, the
remaining investment of $200 million was from small projects undertaken by
local IT companies.
According to the
department, Ha Noi currently has around 5,000 IT businesses, of which 1,200
are software companies, 800 digital content providers and almost 3,000
businesses operating in hardware, distribution and retails.
The city's IT
sector last year earned a revenue of $3.3 billion, an increase of 20 per cent
over 2012.
Ha Noi, in February
this year, decided to invest VND30 billion, or $1.4 million, to improve the
infrastructure of its Cau Giay Centralised Information Technology Zone.
The city has also
asked its departments to carry out research on reasonable mechanisms and
policies for its centralised technology zones.
French-speaking
countries eye economic cooperation strategy
A forum of
French-speaking countries in the Asia-Pacific region concluded in
More than 150
delegates at the two-day event submitted proposals for the building of the
strategy, ensuring that it suits the specific situation of each country and
benefits all parties.
They highlighted
the specific characteristics of Francophone countries in different regions of
the world, and considered the needs and expectations of each region regarding
the Francophone bloc’s economic cooperation strategy.
Participants also
shared experiences on the completion of Millennium Development Goals and the
implementation of effective partnership models, as well as the increasing
role of women and the youth in economic development.
In his opening
speech, Deputy Foreign Minister Ha Kim Ngoc lauded the determination of the
International Organisation of the Francophonie (OIF) as well as member
countries in forming the strategy.
He expressed his
belief that after it is approved at the 15 th Francophone Summit in October
in
Anissa Barrak, OIF
Regional Director for
She also pointed
out challenges and key areas that they should focus on in order to further
foster their affiliation.
Within the forum’s
framework, Vietnamese and foreign businesses also met and explored the
possibility of setting up partnerships.-VNA
The delegates
visited the Hanoi Trade Corporation headquarters where they were introduced
the cooperation model between the firm and Francophone partners.
Earlier on April 2,
OIF and
They discussed the
drafting of important documents for the community including a framework
strategy on medium term cooperation for the 2015-2022 period.
They also sought
ways to enhance coordination among members of each network, between networks
of different regions and between the networks and the OIF, with a view of
enhancing such networks’ role in the collaboration activities in the
Francophone community as a whole.
Buyers'
faith restored in property market
The improving
economy together with significant progress in infrastructure has revived
buyers' confidence in the residential sector of the property market,
according to real estate services provider CBRE Vietnam.
The
US-headquartered firm's research and consulting associate director Duong Thuy
Dung told the media yesterday that the further reductions in bank deposit
rates in March could lead to lower lending rates which might encourage people
to put their money in other assets like property.
The positive
economic factors include a GDP growth rate of 4.96 per cent, slightly higher
than the rates in the last three years.
"Although
strong signs of recovery have not been seen, there were certain positive
economic indicators, with the Viet Nam Asset Management Company (VAMC) and
the VND30 trillion (US$1.43 billion) credit package showing good
progress," Dung said.
"The VAMC
planned to buy up to VND100 trillion ($4.76 billion) worth of bad debts by
issuing special bonds in Q1 and also drafted a plan to sell bad debts at
market rates to interested investors."
The government
housing package for social housing has seen VND1.32 trillion ($63 million)
disbursed to 3,023 customers, a 64 per cent rise since December.
Moreover, a credit
package worth VND50 trillion ($2.4 billion) based on a partnership between
investors, contractors, building material suppliers, and four local banks
with support from the State Bank of Viet Nam will be available to the sector
very soon.
She also cited the
improving stock market as a supportive factor in the growth of the
residential sector.
Those positive
signs translated into a sales increase of 9.8 per cent quarter-on-quarter and
92.2 per cent year-on-year to approximately 2,600 units in
The affordable and
high-end segments made up the largest proportion with 40.5 and 36.2 per cent
of the sales respectively. This suggests that buyers are returning to the
market in both the high and lower ends of the market.
The quarter also
saw a strong increase in the number of new launches.
Interestingly, all
the new projects are in the high-end and mid-level segments. The high-end
segment accounted for 42.4 per cent of the newly launched units and achieved
a good sales rate (80 per cent at
"For the first
time after many quarters, the market again witnessed popular pre-launch
activities," Dung said.
"Developers
have introduced their projects one or even two months before the official
launch. This is a way to market the projects and test the market's reaction.
Q1 2014 witnessed the pre-launch of Galaxy 9,
Secondary market
prices have continued to trend down since 2011. The high-end segment recorded
the strongest decrease at 2 per cent quarter-on-quarter and 5 per cent
year-on-year.
Incentives on new
properties such as long payment schedules (up to two years) combined with
promotions (gold, car, waiver of management fees) have forced re-sellers to
cut prices to stay competitive.
Dung expected
primary prices to remain stable and secondary ones to further decrease.
AmCham
helps promote Vietnam-US economic ties
Deputy Prime
Minister Hoang Trung Hai has highly commended the American Chamber of
Commerce (AmCham) and the
At an April
5ceremony in
He expressed his
hope that the chamber will continue to fulfill their role for the success of
the
Last year witnessed
an important landmark in Vietnam-US relations as leaders from two countries
agreed to lift their ties to the level of a comprehensive partnership,
brightening the horizon for future bilateral relations.
Hai proposed AmCham
expand its role and serve as a diplomatic bridge linking the
He emphasized that
the Vietnamese Government always creates the best possible conditions for the
two business communities to cooperate by accelerating reforms, economic restructuring,
improving transparency, and simplifying administration procedures.
Over the past 20
years, AmCham has made a significant contribution to promoting bilateral ties
in spheres ranging from normalizing relations, signing trade agreements, to
approving the permanent normal trade relations (PNTR) and
The chamber is
working hard to accelerate the two countries’ continued negotiations to
complete the Trans-Pacific Partnership (TPP) Agreement.
Malaysian
PM encourages business expansion in
Malaysian PM Najib
Tun Razak has called on Malaysian businesses investing in
Addressing a
meeting with representatives of Vietnamese and Malaysian businesses in
He said
He told Malaysian
reporters after the meeting that
The PM asked
Malaysian businesses to thoroughly study
He revealed that
given positive signs in bilateral relations,
Vietnam
largest importer of soybean meal from Argentina
The website
valorsoja.com reported
Other Southeast
Asian countries importing soybean meal from
Soybeans and
bi-products were also major Argentinean export items to
They will work to
strengthen economic and trade exchanges, develop raw materials for the
industrial and agricultural processing sectors, and create outlets for each
other's products.
They will exchange
information and experience related to making plans and policies for
developing industry and trade, raw materials, human resources, and others.
Can Tho will
regularly provide information about its plans to develop industrial parks and
clusters as well as projects seeking investors and incentives offered to
investors to attract investments from
The two sides will
step up co-operation in investment, technology transfer, human-resource
training, tourism, IT, and medicine among others.
They would organise
annual reviews to assess the progress made in co-operation and resolve
difficulties, Re said.
Speaking at the
meeting, Le Thanh Hai, secretary of the Party Committee of HCM City, said:
"The co-operation between the two cities in the past eight years has
yielded encouraging results, but [they] remain modest compared to the
potential."
The two sides must
work to overcome shortcomings to enhance the results, he said.
He urged
authorities in the two cities to pay attention to developing in a green and
sustainable manner.
They should step up
the use of technology in agriculture and industry and share their experiences
in administrative reform, he added.
Fifteen
Besides, 34 others
have invested $278.3 million in nearly 40 projects in Can Tho industrial
parks.
Five potential
bidders, including
The
LG International
Corp, Vietnam Southern Food Corp (Vinafood 2) and the shipping unit of the
French group Louie Dreyfus Co. officially are participatingin the
biddingprocess held in Quezon on April 3.
Two other Thai
companies including Thai Hua Co. Ltd and Asia Golden Rice Co. Ltd have
expressed an interest in submitting a bid for the contract. The deadline for
the submission of bids is April 15.
Ludovico Jarina,
who heads the bids and award committee, said that the Vietnamese bidders have
bought documents for all four lots while the others are targeting only one or
two lots.
HCM City
trade volume falls in Q1
The trade turnover
of
Si reported that
He attributed the
decline largely to a temporary reduction in world demand for computers,
electronic spare parts, and garment and textile products and optimistically
revealed that the city forecasts total trade turnover to increase 10% over
last year to US$29 billion.
HCM City Mayor Le
Hoang Quan has called on agencies to provide incentive policies and to
facilitate businesses’ market expansion.
He also stressed
the need to increase State management on import-export activities, boost
trade promotion overseas, and conduct market study and forecast.
Vietnam
trade office opens in Milan
The statement was
made by Vice President of Lombardy Industrial Federation (Assolombarda)
Alessandro Spada at an April 4 inauguration ceremony of a Vietnamese trade
office in
The opening of the
trade office coincided with a seminar on Vietnam-Italy investment promotion
held on the same day.
At the seminar,
President of the Lombardy Investment Promotion Agency Riccardo Maria Monti
pointed out the fact that
He said
For his part,
Vietnamese Minister of Planning and Investment Bui Quang Vinh briefed the
audience on the country’s Renewal achievements and its specific policies
designed to attract foreign investors.
He emphasized that
in the context of global economic integration,
Vinh affirmed that
During the seminar,
Vinh and Lombardy business officials cut a ribbon to open the Vietnamese
trade and economic office in
Earlier, on April
3, a similar investment promotion forum was successfully held in
Emilia Romagna is
famous for the automobile and motorbike manufacturing industry with renowned
trademarks of Lamborghini, Ferrari, Maserati, Ducati and Pagani Zonda.
Currently,
Two-way trade
turnover hit US$3.1 billion in 2013.
By the end of last
year, nearly 52 Italian businesses had invested in
Vietnam
enjoys high trade surplus with Malaysia
Two-way trade
turnover between
Of the figure,
During the reviewed
period, Vietnamese key exports to
Crude oil took the
lead with turnover of US$186.6 million, followed by telephones and components
(nearly US$95 million), computers, electronics and components (US$93.2
million) and rubber (US$35.3 million).
Meanwhile,
Vietnam-Malaysia
trade ties showed positive signs in the 2011-2013 period with trade turnover
increasing by 24% on average per year.
Last year’s two-way
trade turnover capped out at US$9.1 billion with
Both nations are
striving to bring two-way trade to an all time record setting high of US$10
billion by 2015 as agreed during State President Truong Tan Sang’s visit to
The garment sector
made up 85% of the total investment capital
Statistics show
these IPs and EPZs lured more than US$277 million in domestic and foreign
investment in the past three months, a year-on-year increase of 92%.
Of the total,
US$243 million was worth of foreign investment, representing a rise of 97%
from a year ago.
The high-end
textiles sector was the largest foreign investment attractor in the reviewed
period. Some of the large investment projects include US$140 million Worldon
Vietnam Co., Ltd.,and US$50 million Sheico VN Co., Ltd.
Seafood
processing dominates domestic business rankings
The seafood sector
tops the list of 500 businesses with the fastest growth rates for the
2009-2012 period (FAST 500), followed by construction, construction materials
and real estate, Vietnam Report announced on April 4.
The report said
that the FAST 500 in 2013 had the lowest average compounded annual growth
rate (CAGR) in the past few years.
An average CAGR of
FAST 500 was 44.7% in the 2009-12 period, much lower than 62.2% in the 2008-11
period.
Average CAGR of top
five FAST businesses in 2013 grew by 158%, much lower than the previous
year’s figure of 374%, reflecting the long-term impact of the global economic
downturn on most countries in the world, including
The food and drink
sector had the highest number of businesses on the list, accounting for 18%,
followed by the construction, construction materials and real estate sector
(16%), mineral, petrol and oil (9%), finance (8%) and the chemical industry
(7%).
However, in terms
of CAGR, the seafood sector had the highest growth (over 65.1%), followed by
construction, construction materials and real estate (59.2%) and transport
(58.6%).
Regarding
favourable conditions for business growth, Danang achieved the highest growth
index (GI), then came Dong Thap and Long An.
Other top ten
provinces and cities with the best GI included Binh Dinh, Hanoi, Thua
Thien-Hue, Can Tho, Nghe An, Dak Lak and Dong Thap.
The report said
that total property of listed businesses increased by more than 210% against
a year earlier.
Intellectual
property rights discussed at business seminar
Intellectual
property has been identified as an instrument for boosting reform and
creativity in businesses at a seminar held in
Nguyen Van Bay,
Director of the Centre for Research and Training under the National Office of
Intellectual Property of Vietnam (NOIP), said that the protection provided by
property rights helps stimulate trade and investment activities and creates a
sound competitive environment.
Hoang Van Tan,
another NOIP official, noted
However, it is
necessary to handle shortcomings in utilising protected IP rights, especially
patents, Tan stated.
Participants also
emphasised the role of the press in raising the awareness of IP rights among
the public, State-run agencies, enterprises and universities.
At the event, a
representative from the Japan International Cooperation Agency (JICA) said
that
Quang Binh
hosts investment promotion conference
Nearly 200
officials and businesspeople attended an investment promotion conference in
the central
Quang Binh
currently has 276 registered investment projects with a combined
capitalization of nearly VND100,000 billion, of which 158 projects worth
VND78,900 billion have been licensed.
Nguyen Huu Hoai,
Chairman of the Quang Binh People’s Committee, spoke about the province’s
abundant potential for future economic growth and its strengths for enticing
additional investment in the time to come.
Conference
participants offered up a number of proposals to incentivise investment and
commented on various alternative policies, assessing their strong and weak
points.
At the conference,
the provincial People’s Committee approved investment licences for 13
projects valued at more than VND8,5 trillion and signed 8 cooperation
agreements with pledged investment of VND10.8 trillion.
The committee also
presented certificates of merit to the Bank for Investment and Development of
Vietnam (BIDV) for its contribution to provincial poverty reduction and
socio-economic development.
Attending the
event, Deputy Prime Minister Nguyen Xuan Phuc asked the province to timely
carry out investment projects to promote local socio-economic development.
Vinamilk
tops payout value
Investors received
dividends worth almost VND3 trillion (US$142.8 million) in cash from the
beginning of this year to date from 88 listed companies on both national
stock exchanges, according to statistics of Vietstock.vn.
Vinamilk (VNM) led
in dividend payout by value in the first three months of this year, reaching
VND667 billion ($317.6 million) at a ratio of 8 per cent.
This was the second
payout advanced for the total dividend of 2013. Previously, the first
dividend advance was paid at a ratio of 20 per cent and the company's
management board recently agreed to increase the ratio of the rest to 12 per
cent from 6 per cent. REE Corporation (REE) came second with the amount of
nearly VND422 billion ($20 million) in the first quarter of this year at a
ratio of 16 per cent. Besides, PetroVietnam Insurance Holdings (PVI), HCM
City Infrastructure Investment Corporation (CII), Hung Vuong Corporation
(HVG) and Viet Nam National Reinsurance Corporation (VNR) also paid dividends
of more than VND100 billion ($4.8 million).
Ha Giang
firm leads amidst high dividend payout ratios
Many companies
announced the payment of dividends at high ratios at this shareholders'
meeting season.
Ha Giang Mineral
Mechanics Joint Stock Company (HGM) is now the company with the highest dividend
payment ratio, which stands at 70 per cent. The shareholders' meeting also
agreed on the ratio of 50 per cent for 2014.
Dam Sen Water Park
(DSN), Ben Tre Aquaproduct Import and Export Joint Stock Company (ABT) and
Vinh Plastics and Bags Jsc. (VBC) were also among those with high dividend
payout ratios, ranging from 50 per cent to 60 per cent, for 2013.
Viet Nam Container
Shipping Corporation (VSC) recently announced the payment of dividend at a
ratio ranging between 20 and 30 per cent. The company's general shareholders
assembly approved the turnover and after-tax profit target for this year, at
VND785 billion ($37.3 million) and VND187.5 billion ($8.5 million)
respectively.
Hoa Phat Group
(HPG), giant steel maker, agreed to a dividend payout ratio of 30 per cent,
half of which was in cash and half in shares.
Hoa Phat Group
targeted a turnover of VND23 trillion ($1.09 billion) and VND2.2 trillion
($104.7 million) in after-tax profit in 2014, after reporting VND19.2
trillion ($914 million) in turnover and VND2.01 trillion ($95.7 million) in
profit last year.
In this
shareholders' meeting season, many companies decided to pay dividends in
shares, besides cash or instead of cash, given the recovery of the stock
market. Vietcombank (VCB) planned to pay dividend for 2013 at a ratio of 12
per cent in shares.
Besides Hoa Phat
and Vietcombank, technology giant FPT Group (FPT) also paid dividends at 55
per cent for 2013, 30 per cent of which was in cash and 25 per cent in
shares.
Investors prefer
cash when the market is down. However, shares are preferred when the market
rebounds as shareholders benefit when shares rise while companies can retain
money – which would otherwise have been paid to shareholders – for expanding
operation and businesses.
PVEP taps
first oil at latest Peru project
The PetroVietnam
Exploration and Production Corporation (PVEP) began producing oil
commercially from Block 67 off the coast of Peru on April 1, according to the
Vietnam National Oil and Gas Group (PVN).
Block 67 is PVN's
second project in Peru after nearby Block 39 and is PVEP's first overseas
property.
Previously PVEP
negotiated with oil exploration and production group Perenco to buy 52.6
percent of Perenco Peru Limited's shares. The holding permits PVEP to earn 50
percent of profits from Block 67.
Initial oil output
from Block 67 is 6,000 barrels a day, which will be sold at a station 600km
away.
At an April 1
ceremony in Peru's capital Lima , PVN General Director Do Van Hau said the
commercial exploitation of oil from Block 67 demonstrated the group's
increased penetration into key areas such as Russia, Southeast Asia, Northern
Africa, the Middle East and Latin America.
Luis Ortigas Cuneo,
chairman of Peru's national oil and gas group PeruPetro, said this was the
first time in 40 years a foreign joint venture had exploited oil fields in
Peru despite the geographical and geological difficulties.
Deputy PM
advises Quang Binh to draw up investment roadmap
Deputy Prime
Minister Nguyen Xuan Phuc has asked the central province of Quang Binh to
draw up a road map for creating registered projects to boost local economic
development.
He made his remarks
at the first conference promoting investment in the province in Dong Hoi
city, which opened on April 5. The event drew nearly 200 representatives from
Vietnamese and foreign businesses.
Chairman of the
provincial People's Committee Nguyen Huu Hoai spoke about local strengths and
investment conditions, as well as challenges, in order to suggest investment
directions for those attending.
He also pledged to
provide investors with the best policies regarding tax incentives for land
use and business incomes, and for the support of workforce training and
infrastructure building, among others.
There are currently
276 registered projects in the province, with a total capital of some VND100
trillion (US$4.8 billion), Hoai added.
At the conference,
the entrepreneurs mentioned Quang Binh's strengths and weakness and proposed
policies favouring investment, which could be acted upon by local
authorities.
During the
conference, the People's Committee granted investment licences to 13
projects, totalling over VND8.5 trillion ($404.8 million), and inked eight
investment memoranda of understanding worth VND10.8 trillion ($514.3
million).
Haiphong
Port’s strategic partner must be financially sound
Any investors who
want to become Haiphong Port’s strategic shareholders must have at least
VND1,000 billion worth of assets and at least VND700 billion of equity within
the fiscal year of 2013.
This is one of many
criteria issued by the port operator to select strategic partners in
preparation for its initial public offering (IPO) scheduled for next month.
The first condition
is that they must be domestic investors active in sea freight services,
export and import via Hai Phong Port, logistics, management and operation of
sea ports, finance and banking with at least five years in operation.
In terms of
finance, apart from criteria on total assets and equity, the investors must
also have enough capital sources as well as positive net profits for three
consecutive years prior to registration to become the port-strategic
shareholders.
In addition, they
must not have served as strategic partners, founding shareholders or
shareholders with more than 5% of charter capital in any other northern ports
at the time of registration with Haiphong Port.
Investors must
pledge not to transfer any shares purchased within at least five years upon
the port operator’s approved registration as a shareholding concern.
Furthermore, under no circumstances is the stake transferred to foreign
investors.
As planned, the
port is expected to complete its equitization scheme in mid-April. If it is
carried out ahead of schedule, the IPO then will take place between mid-April
and end-May.
It will hold the
first annual general meeting this June and officially become a shareholding
company starting the first of July.
According to
Vietnam National Shipping Lines, the state capital in Haiphong Port is valued
at nearly VND3.3 trillion.
Haiphong Port is
the largest in the northern region in respect of berths, vessel handling,
capacity and facilities. Its cargo throughput reached nearly 19 million tons
last year.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Hai, 7 tháng 4, 2014
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