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BUSINESS IN BRIEF 8/12   2010-12-08 - Viet Nam Net

Gold prices drop by VND600,000 per tael


Gold prices fell by VND600,000 per tael on December 8 against the previous day, due to gold investors and fund managers’ efforts to reclaim their cash before the end of 2010.


By 9am, SJC gold was bought at VND36.04 million per tael and sold for VND36.17 million. Gold prices are currently hovering around VND36.02-36.1 million per tael.


In the meantime, gold prices in other Asian countries dropped by US$25 per ounce to  US$1,397-1,398.


VND500 billion in building Bac Hung Hai bridge


A ceremony to sign a contract has been held for the construction of a new bridge across the Bac Hung Hai River as part of the Hanoi-Hung Yen transport project at Van Giang Ecopark.


Representatives from the Viet Hung Urban Development and Investment Joint Stock Company (VIhajico), the main investor in the Ecopark project, Utracon Overseas from Singapore and the Ultracon Vietnam Company signed the VND500 billion contract.


The bridge will be a gateway to the modern urban area in the eastern part of the capital and to Van Giang district, Hung Yen province.


The 530.5 m long bridge will include two four-lane carriage ways. The construction of the bridge will start later this month and will be completed in two years.


Cua Lo deep water port under construction


A ground breaking ceremony of Cua Lo deep water port was held by the Nghe An provincial People’s Committee on December 7.


The port aims to meet the province’s demand for socio-economic development, the import and export of goods and the transport of goods to provinces in the northeastern provinces of Laos.


It will operate in conjunction with other ports such as Dong Hoi-Quynh Luu and Nghi Son in the northern province of Thanh Hoa to serve the Nam Thanh Bac Nghe economic zone.


The total investment capital for constructing the port is more than US$490 million and will be funded by local state budgets and other sources.


The construction of the port will be carried out in three phases with the first phase starting in 2005 to build one wharf for 30,000 tonne vessels and another for 50,000 tonne vessels.


The second phase including four wharfs for 30,000 tonne-vessels and two wharfs for 50,000 tonne vessels is scheduled for completion in 2010 and the third phase including eight wharfs for 30,000 tonne ships and three wharfs for 50,000 tonne-ships and another wharf for 100,000 tonne vessels will be completed in 2030.


Agricultural, forestry, aquatic exports rise by over 20 percent


The export of agricultural, forestry products and seafood saw a dramatic rise in 2010, boosting the country’s overall export turnover.


In the first 11 months of the year, the export of this group of products reached US$13.4 billion in revenue, a 20.8 percent rise compared to the same period last year. Except for cassava, all goods recorded a growth in export revenue. The rubber exports grew by 92.8 percent, followed by cashew nuts (32.5 percent), pepper (23 percent), seafood (16.3 percent), and rice (51.4 percent).


The country’s turnover from seafood exports is expected to hit US$4.7-4.8 billion this year, the highest level so far.


The agriculture-forestry-seafood sector is likely to enjoy favourable conditions in 2011 thanks to the recovery of the global economy and especially of Vietnam’s traditional markets.


Vietnamese, RoK securities firms reach deal 


Gia Quyen Securities Company (EPS) officially announced its strategic partnership with Korea Investment and Securities Co Ltd (KIS) in Ho Chi Minh City on December 7.


The Republic of Korea (RoK) firm has completed procedures to take a 49 percent stake in the Vietnamese company. Its investment will help EPS increase its charter capital to VND263 billion from the current VND135 billion.


KIS will transfer experience and management technologies and bring competitive stock services to Vietnamese investors. It will also improve its transaction system, develop new products and increase its customer base.


Oil refinery sells big this year 


The country’s first oil refinery plant, Dung Quat, has so far this year produced over 3.18 million tonnes of products and sold close to 3.1 million tonnes on the market.


In November the plant continued to run at full capacity and turn out high-quality products, according to the Binh Son Refinery and Petrochemical Co., Ltd, which operates the Dung Quat Oil Refinery.


At present, the Vietnam Oil and Gas Group (PetroVietnam) is working with the Ministry of Construction and contractors to complete the remaining work for the refinery under the Prime Minister’s instruction.


The group is also working with partners who are keen to buy Dung Quat Oil Refinery Plant shares and help raise its capacity from 6.5 million tonnes to 10 million tonnes.


Vietnam likely to meet economic growth target of nearly 7 percent


Vietnam has overcome the negative impacts of the global financial crisis and become one of the most effective economies in the Asia-Pacific region.


This statement was made by delegates at the Consultative Group Meeting which opened in Hanoi on December 7.


The event was attended by Deputy Prime Minister Pham Gia Khiem, Minister of Planning and Investment Vo Hong Phuc, and Director of the World Bank in Vietnam Victoria Kwakwa as well as representatives from bilateral, multilateral and non-government organizations (NGOs) in Vietnam.


Addressing the meeting, Minister Phuc emphasized that donors and international communities have effectively cooperated with the Vietnamese government and people to help the country overcome difficulties in its process of renewal and international economic integration.


Mr Phuc hoped that in the future, donors will continue to support Vietnam in implementing its ten-year strategy (2011-2020) and the socio-economic development plan (2011-2015) and help it make perfect the socialist-oriented market economy, and develop human resources, especially highly-qualified staff.


Participants agreed that Vietnam has overcome the impacts of the global financial crisis with a GDP growth rate of 6.5 percent in the first nine months, and 7.2 percent in the third quarter alone. Vietnam is likely to meet its economic growth rate target of nearly 7 percent this year.


Delegates also said that Vietnam should speed up reforms in state-owned enterprises and state investments as well as give priority to social, environmental and economic projects.


Calling for more investment into agriculture and rural development 


The Ministry of Agriculture and Rural Development held a conference in Quang Binh province on December 6 to call for more investment into agriculture and rural development in six north-central provinces from Thanh Hoa to Thua Thien-Hue.


In recent times, businesses felt reluctant to invest in agriculture in the north-central region, because the area is seriously affected by floods, storms and wind from Laos.


However, the Vietnam Rubber Group affirmed it is still safe to grow rubber there as only a few areas of rubber plantation were destroyed by storms in the region over the past 10 years.


At the conference, Minister of Agriculture and Rural Development, Cao Duc Phat said the north-central region has great agricultural potential for aquaculture because the region has 670km of coastal line, as well as 23 river mouths and lagoons. There is also has more than 1.6 million ha of forest land. It also has advantages in road, railway, sea and aviation transport, facilitating transportation of goods and abundant human. The region is frequently hit by natural disasters and floods, but it can be dealt with by applying advanced technologies and growing suitable plants, said Mr Phat.


In the 2011-2020 period, the six provinces will call on businesses to further invest in rubber plantations, raising cows and developing aquaculture and seafood processing. Investors in these fields will be granted incentives, such as exemption from land tax, financial support of 50-100 percent training fees for workers, 50-70 percent of advertising fees and 50 percent of transportation costs.


At the conference, businesses signed three projects for agriculture in the region. The Vietnam Rubber Group also donated VND500 million to central flood victims.

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