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Archive for August 21st, 2008|Daily archive page

Cambodia mulls foreign ownership of buildings, offices

In Uncategorized on August 21, 2008 at 1:46 pm

Phnom Penh (VNA) – The Cambodian government is mulling to allow foreigners to own condominiums and office buildings, local media reported.

The move aims to prevent a possible downturn in property values and boost long-term investment, the Cambodia Daily said on August 20.

At present in Cambodia, foreigners are prohibited from owning land or fixed assets such as buildings, apartments or office space, according to the paper. –

Malaysia to announce new fuel price

In Uncategorized on August 21, 2008 at 1:46 pm

Kuala Lumpur (VNA) – The Malaysian government will announce the new fuel prices on Aug 31, which will take effect on September 1, local media reported.

The new price would be based on the average fuel prices throughout the month of August and after deducting the 30-sen subsidy per litre, Malaysia’s Bernama news agency cited Prime Minister Abdullah Ahmad Badawi as saying on August 20.

However, it was still too early to predict how far the prices of petrol and diesel could be lowered, the PM said.

If the current downward trend continued, the price of fuel at the pump would definitely be lower than the prevailing rate, he added.

The Malaysian government increased the price of petrol to 2.70 RM (0.81 USD) per litre and diesel to 2.58 RM (0.77 USD) per litre in June, according to Bernama. –

Indonesia to expand rubber plantation

In Uncategorized on August 21, 2008 at 1:45 pm

Jakarta (VNA) – The Indonesian government has adopted a policy to develop the country’s national rubber industry through revitalisation of plantations to benefit from the current favourable international price of rubber.

The main target of the programme was to expand the rubber-growing area from 60,000 to 85,000 hectares, and by the end of 2010 the country could have 300,000 hectares of rubber plantations, according to Indonesia news agency (Antara).

Indonesia’s natural rubber exports in 2007 reached a total value of 4.6 billion USD, accounting for 40 percent of the overall amount the country earned from export of farm produce, Antara said. –

UN agency sends more food to southern Philippines

In Uncategorized on August 21, 2008 at 1:44 pm

– The UN World Food Programme (WFP) said on August 20 that it will deliver additional food aid to about 60,000 people displaced by a recent flare-up of violence in the southern Philippines between government forces and Muslim rebels.

Internally displaced people in the provinces of Lanao del Sur and Lanao del Norte will receive 250 tonnes of rice.

Earlier the WFP had airlifted 400 tonnes of rice for about 160,000 people who were displaced in North Cotabato province. –

VN-Index tumbles on big sales

In Uncategorized on August 21, 2008 at 1:41 pm

Hanoi (VNA) – Huge sales pushed the VN-Index down on Aug. 20 with the index closing at 508.47 after sliding 2.06 points, or 0.6 percent, although market liquidity and trading value remained high.

Trading volume reached 32.38 million shares and fund certificates for a turnover of 1.2 trillion VND (72.7 million USD). The HCM Stock Exchange (HOSE) saw 49 winners and 100 losers at the end of the day.

Huge sales were seen on the day, with investors likely cashing in their profits after 10 straight days of increases leading up to August 19, and the daily trading band loosened for the domestic stock market on August 18.

Experts expected the move late last week, saying the expanded trading band, now 5 percent for HOSE and 7 percent for the Ha Noi bourse, would enable investors to reach expected profits.

Foreign investor transactions slowed on August 20, with more than 3 million shares bought and about 2 million units sold. The figures were 5.88 million and 2.67 million on Tuesday.

At the Hanoi Securities Trading Centre, the HASTC-Index slipped 2.73 points or 1.71 percent to end at 156.78. Trading volume fell by 18 percent to 13.95 million shares with a total value of 601.8 billion VND (36.47 million USD).

Asia Commercial Bank (ACB) continued to lead the market in terms of trading volume with around 2 million shares changing hands, followed by Kim Long Securities (KLS) with 1.35 million units.

Tien Phong Plastic (NTP), Petroleum Technical Services Corp (PVS) and Song Da No 10 Joint Stock Co (SDT) were also active with about 750,000 shares traded of each.-

HAGL hires assets experts before listing

In Uncategorized on August 21, 2008 at 1:40 pm

Hanoi (VNA) – Hoang Anh Gia Lai Joint Stock Co (HAGL) has signed contracts with KPMG, CB Rechard Ellis and Ernst&Young in order to evaluate assets before its planned share listing in October.

Under the contracts, KPMG will assess HAGL’s assets in several fields, including rubber, hydro-electricity, mining and the company’s hotel business, while CB Rechard Ellis will assess HAGL’s 30 real estate projects across the nation and Ernst&Young will audit the accounts for the company

Chairman of HAGL, Doan Nguyen Duc, said that the company still had to carry out a comprehensive evaluation of assets after having changed from a private enterprise to a joint-stock company in June of 2006.

That has left HAGL with only an estimate of its total asset value, said Duc, who added that company assets are probably much higher than the old estimates. Now the new auditing contract will provide for a full evaluation.

A professional audit by international standard auditors will help HAGL’s managing board to control and improve managing and accounting systems and internal control.

Detailed, precise and reliable information is also needed to build investor confidence and gain strategic shareholders.

According to the plan, the asset valuation will be completed by the end of September, before the listing of shares on the Ho Chi Minh Stock Exchange in October.

Hoang Anh Gia Lai posted pre-tax profit of approximately 915.7 billion VND (55.5 million USD) during the first six months of this year, accounting for 36.6 percent of annual target, equivalent to 2.5 trillion VND (151.5 million USD).

The company targets an annual growth rate of between 30 and 50 percent from now until 2012, said Duc.

HAGL set an annual dividend payout ratio of 49 percent on July 20 for last year’s shares, meaning that investors will receive an additional 49 shares for every 100 shares they hold.

With more than 7,000 employees, the company is one of the nation’s largest private firms, operating in a range of fields including processing and exporting wood furniture, rubber and granite production as will as owning a football team bearing the company’s name.-

Engineering sector urged to increase int’l cooperation

In Uncategorized on August 21, 2008 at 1:40 pm

Hanoi (VNA) – A party politburo member has asked the engineering industry to increase technological transferring and international cooperation in personnel training and scientific research to boost its development.

Truong Tan Sang, who is also standing member of the Communist Party of Vietnam Central Committee’s Secretariat, made the request while working with the Vietnam Association of Mechanical Engineering (VAMI) in Hanoi on August 20.

He said manufacturing engineering should be the priority in the sector’s development strategy in order to rise above the “sub-contractor” status.

Shipbuilding, automobile and construction engineering businesses play an important role and take a big responsibility for the country’s industrial sector, Sang said.

The party politburo member also said in order to develop the industry, the government should perfect its policies on engineering and further its assistance to the sector, which is the core of the national industrialisation.

A report made by VAMI President, Nguyen Van Thu, showed that the industry has posted an annual growth of nearly 22 percent since 2001.

Export of engineering products earned more than 2 billion USD last year and the figure is estimated at 900 million USD in the first six months of this year.

However, local engineering businesses still mainly involve in subcontracting and command only 40 percent of the local market.-

Medi-Pharm Expo 2008 opens in HCM City

In Uncategorized on August 21, 2008 at 1:39 pm

HCM City (VNA) – Local companies join foreign businesses from 20 countries and territories to showcase their medical and pharmaceutical products at an exhibition that opened in Ho Chi Minh City on August 21.

The organisers of the Saigon Medi-Pharm Expo 2008 – the Vietnam Medical Products Import and Export Joint Stock Company and the Vietnam National Trade Fair and Advertising Company (Vinexad) – will hold symposiums on medical and pharmaceutical products and health care services during the four-day event.
Executives from exhibiting companies will be taken on fact-finding tours to a number of hospitals and drug companies in the city.-

Mobile phone market attractive to foreign investors

In Uncategorized on August 21, 2008 at 1:38 pm

Hanoi (VNA) – With growth rate of 60-70 percent a year, the highest in Asia , the Vietnamese mobile phone market has become an attractive destination for foreign telecom groups.

In addition to telecom companies which have run businesses profitably in Vietnam for a long time like Ericsson, Motorola, Siemens and Nokia, the coming of many new trademarks including Telenor of Norway, NTT DocoMo of Japan, Vodafone of Britain and Lucent Technologies of the US in the country has shown foreign investors’ keen interest in this market.

Foreign businesses have not only developed marketing in Vietnam but also planed to establish joint ventures and took part in the equitisation of domestic telecom companies.

Recently, Vimpel Com, a large mobile phone company of Russia , has signed an agreement to set up a joint venture with the Global Telecom Corporation with the aim of providing all kinds of telecom services in Vietnam .

VimpelCom has committed 1 billion USD investment in Vietnam and technical supply for development of Vietnam ’s GSM network.

The equitisation of MobiFone, the largest mobile phone firm in Vietnam , has selected Credit Suisse from Switzerland from ten foreign companies which were interested in providing consultation.

Holding that Vietnam ’s demand for mobile communications is increasing, many foreign companies are willing to take part in the equitisation of State-owned mobile phone companies.

Ola Ree, chief of Norway ’s Telenor representative office in Vietnam , said that the domestic mobile telecom market has seen spectacular progress and his company is eager to expand its investment in the market.

As one of the seven largest mobile phone service providers in the world, Telenor came in Vietnam in 2005, is planning to become a strategic partner of a Vietnamese mobile phone provider.

Roger de Bazelaire, Vice President of Russia’s Altimo Group, praised the development of Vietnam ’s telecom industry in the recent past. He said he considered Vietnam as a strategic investment market.

Deputy Minister of Information and Telecommunications Nguyen Thanh Hung said that even though foreign businesses are interested in Vietnam ’s mobile phone market, Vietnam should continue improving the investment environment to make full use of this source of capital. He urged domestic businesses to actively cooperate with foreign partners.

According to statistics, by the end of July 2008, Vietnam has more than 48 million mobile phone subscribers with four largest national providers, namely MobiFone, VinaPhone, Viettel and S-Fone.-

Vietnam Auto Show 2008 features hybrid cars

In Uncategorized on August 21, 2008 at 1:37 pm

Hanoi (VNA) – Vietnam Auto Show 2008, the biggest of its kind so far, opened in Hanoi on August 21 with hybrid cars on show for the first time.

It is also remarkable that the local supporting industry is well represented at the event, an encouraging sign of the industry’s growth.

World-renowned makers such as Honda, Toyota , Ford, GM Daewoo and Mercedes-Benz have brought to the event their environmental friendly and energy-saving models such as FTHS ( Toyota ) and B Concept (Ford).

Opening the five-day show, Deputy Minister of Industry and Trade Do Huu Hao said the Government and relevant ministries and sectors will continue to work out solutions and long-term strategies to facilitate the automobile industry’s development.

The show, entitled “A true dream”, jointly organised by the Vietnam Automobile Manufactures’ Association (VAMA) and the Asia Trade Fair and Business Promotion Joint Stock Company, is expected to receive around 120,000 visitors.

VAMA, a non-profit organisation, has 17 members, including 11 joint venture and foreign-invested firms. Making its debut in 2000, the association has made considerable contributions to Vietnam ’s automobile industry and created more than 65,000 jobs for local workers.-