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Archive for September 18th, 2008|Daily archive page

Banks facilitate connection for move of securities accounts

In Uncategorized on September 18, 2008 at 6:05 pm

To facilitate connection for the move of investors’ accounts from securities firms to banks under the Finance Ministry’s decision, many banks have offered solution packages to securities companies.

The Bank for Investment and Development of Vietnam (BIDV) have launched BIDV@Securities solution that enables it to connect to 10 securities companies, namely Bao Viet, Artex, Gia Phat, Euro Capital, Thien Viet, BSC, Ban Viet, Dai Viet, Cho Lon and Dong A.

Meanwhile, MobiVi Securities solution deployed by VPBS and VP Bank allows one securities company to connect to investors’ accounts at different banks of the same system.

The connection solutions aim to speed up the shift of securities accounts to banks before the deadline of Oct. 1.

So far, only 20 out of 80 securities companies have shifted investors’ accounts to banks for management, according to initial statistics.

The slowness is attributed to the incompatibility between the systems of banks and securities companies. Another reason is the lack of specific regulations defining related parties’ responsibilities to investors in case of incidents.

Some experts say securities companies delay the move since they do not want to lose a huge profit earned from investors’ accounts.

At a seminar held in late August in Hanoi, representatives from the Hanoi Stock Trading Centre and the State Securities Commission said that moving investors’ accounts to banks for better management is necessary for the protection of investors’ interests and urged the enforcement of the regulation.

Securities companies which succeeded in connecting to banks said thanks to advanced technology solutions, connection failures rarely happened and if happening, they were solved quickly.

Connection to banks has opened up new investment opportunities and increased the competitive edge of securities companies, they said.-

Temasek Holdings licensed to open Hanoi rep. office

In Uncategorized on September 18, 2008 at 6:04 pm

Singapore’s Temasek Holdings (Private) Limited has been officially licensed to operate its representative office in Hanoi.

The new office will enable the corporation to foster closer working ties with Vietnamese businesses and reinforce its commitment to Vietnam as a key market in Southeast Asia.

Temasek first established its presence in Vietnam in 2005 through a representative office in Ho Chi Minh City.

The two rep. offices function as offices for communication and market research and promote cooperative projects on securities and stock market in Vietnam.

They also supervise the execution of signed agreements between Temasek and Vietnamese economic organisations and Temasek funding projects in Vietnam.

With the Hanoi new office and increased staff strength, the corporation can now further tap on the advantages of having a presence in Vietnam’s two important business centres, said its Chief Representative in Vietnam, Derek Lau.

He added that the corporation is in a strategic position to reach out to existing and potential partners to explore partnerships and investment opportunities in Vietnam.

Temasek Holdings has invested in some companies in Vietnam such as Minh Phu Seafood Joint Stock Company, Vinasun Taxi Company and Binh Chanh Construction and Investment Company.-

Container shipping firm list shares on HOSE

In Uncategorized on September 18, 2008 at 6:04 pm

The South Vietnam Container Shipping Joint Stock Company (Viconship Saigon) on Sept. 18 listed more than 11 million shares on the Ho Chi Minh Stock Exchange (HOSE).

The shares, coded VSG, were traded at 20,000 VND (around 1.2 USD) per unit on the first trading session.

Viconship Saigon is the stock exchange’s 160th member, right after the Cuu Long pharmaceutical company (Pharimexco) that went on bourse on Sept. 17.

Viconship Saigon has a charter capital of 110.44 billion VND (6.7 million USD), 30 percent of which is owned by the State represented by the Vietnam Shipping Corporation (Vinalines).

HOSE Deputy General Director Le Nhi Nang said all 160 firms listed at the bourse are currently valued at 200 trillion VND (over 12 billion USD).-

Dung Quat oil refinery to sell propylene to Japan

In Uncategorized on September 18, 2008 at 6:03 pm

Quang Ngai (VNA) – Vietnam ’s Dung Quat oil refinery will sell between 75,000-150,000 tonnes of propylene per year to Japanese company Marubeni until 2010.

According to the contract, which was signed in Quang Ngai on September 18, the prices will be determined on the basis of Singapore ’s market. The delivery will be made at the refinery’s port.

The Dung Quat oil refinery, built at an estimated cost of 2.5 billion USD, is expected to be put into operation in February 2009.-

Second Vietnam economic forum to focus on growth

In Uncategorized on September 18, 2008 at 6:03 pm

Hanoi (VNA) – As many as 500 delegates have registered to attend the second Vietnam Economic Forum (VEF), scheduled to open in Hanoi on Sept. 19.

According to the organising board, one third of the delegates are from abroad.

The forum, themed “Maintaining Economic Growth,” will focus on infrastructure, human resource and financial market.

Participants in the forum including policy makers and representatives of giant groups and national companies will discuss how to maintain Vietnam ’s economic growth as well as prospect of the Asian continent.

They will visit Dai An industrial park and Chi Linh golf course in Red River delta Hai Duong province.

Permanent Deputy Prime Minister Nguyen Sinh Hung is expected to deliver the opening speech at the forum, which is jointly held by the Ministry of Planning and Investment, the Vietnam News Agency, the Asia News Network and other agencies.-

VTC joins foreign partners to build software park

In Uncategorized on September 18, 2008 at 6:02 pm

Hanoi (VNA) – The VTC Online Telecommunications Company (VTC) is cooperating with several foreign investors to build a 83.8 million USD software park of 5.1 ha in central Nghe An province.

VTC Director Phan Sao Nam said the partners include SK Telecom, Dreamline, UniOne and Redman from the Republic of Korea .

Each company will be responsible for one of the fields such as production, distribution, sale, training and marketing, he said, adding that the enterprises will both provide initial investment capital and participate in the park’s operation when it is running.

Besides software production and human resource training, the Vinh city-based software park will cover a complex serving the production and sale of digital content services such as software, graphics, telecommunications and communication.
With an area of nearly 150,000sq.m, the VTC complex will include a data centre, an office building, a training centre, an apartment building for staff and a multi-functional gymnasium.

The complex is expected to house a large number of digital content businesses and television programme, software and online game producers.

According to Nam , the hi-tech park is expected to generate 10,000 jobs and fetch around 13-20 million USD in sales revenue once it becomes operational in 2011-

HCM City sets plans for traffic revolution

In Uncategorized on September 18, 2008 at 6:01 pm

Suburban rail services and a better bus system will be the main means of means of transport for Ho Chi Minh City’s 10 million people in years to come, largely replacing the use of motor cycles.

The huge turnaround is necessary it the city is to cope with the big increase in traffic jams, according to a traffic project approved by the Prime Minister.

According to statistics, 79 percent of travelers in the city prefer to use motorbikes and only a few percent opt to use public transport.

The city’s 3,2000 buses now carry one million passengers on 151 routes each day but the system will be built to eventually handle 17 million passengers daily.

Associate Professor Pham Xuan Mai from the University of Technology’s Faculty of Traffic Technology said when the city’s lane-dividing project was completed the bus network would only meet one third of demand.

The Department of Transport estimates bus passengers at present comprise only 6-7 percent of the total city population. This is way behind the 2010 goal of 25-30 percent.

However, many people still refuse to use buses because of the low quality of service. According to many citizens, some routes have too many buses, while others have few – or none at all.

The new trafficwill take until 2020 to complete. It will include a bus network with 48 main routes and 210 secondary routes serving 18 percent of total demand while metro and suburban rail systems will handle most of the passenger traffic. The long-term strategy maps out six metro routes, three suburban routes and four cable-car routes.

Construction has now begun on the first cable-car route along East-West avenue and the Ben Thanh-Suoi Tien metro route.-

Dutch company funds schools’ water systems

In Uncategorized on September 18, 2008 at 6:01 pm

The Netherlands-based Akzo Nobel’s Community Programme has helped build clean water systems in 22 rural primary schools that enroll a total of 5,000 students in six central provinces.

The new systems, built in the provinces of Quang Tri, Thua Thien-Hue, Quang Nam, Quang Ngai, Phu Yen, and Binh Dinh, are valued at over 28,000 USD.

Akzo Nobel also conducted training sessions for school staff on how to use the UV- and ozone-treated water systems.

The funding of clean water systems is part of Akzo Nobel’s goals to improve primary and secondary education in Vietnam.

In 2007 the company gave 35,000 USD to Que Chau Kindergarten in Quang Nam province for a water supply system as part of the early childhood care and education programme of the East Meets West Foundation.

“We are proud to continue our partnership with East Meets West to build clean and encouraging learning environments for Vietnam’s most disadvantaged students, with the hope that they will be able to improve their lives and the country’s future,” said Nguyen Thi Lac Huyen, senior technical advisor for Akzo Nobel Coatings Vietnam-

Trade union exchange on labour agreements

In Uncategorized on September 18, 2008 at 6:00 pm

Hanoi (VNA) – The Vietnam General Confederation of Labour (VGCL) exchanged experiences in negotiating and signing collective labour agreements with trade union representatives from Singapore, the Republic of Korea, Japan and Malaysia at an int’l workshop held in Hanoi on Sept. 18.

VGCL Vice Chairman Mai Duc Chinh highlighted the important role of collective labour agreements in protecting labourers’ legal and legitimate rights and interests, saying the good agreements help set up a harmonious and stable working relations in businesses.

The workshop, jointly held by VGCL and Germany’s FES institute, is also a chance for the Vietnam trade union to learn different models of collective agreements introduced by international trade unions and trade unions of other countries.

According to Chinh, regulations on negotiating and signing collective labour agreements for Vietnam’s businesses were stipulated in the 1995 Labour Code. However, they have not yet meet the current requirements.

There should be a suitable model for collective labour agreement signing to meet labourers’ requirements as well as reduce working disputes and strikes, Chinh said.

At the workshop, FES country director Jorg Bergstermann said FES considers VGCL as its important partner for close cooperation.

The two-day workshop will also touch upon challenges and solutions for the negotiations of collective labour agreements in foreign-invested enterprises operating in Vietnam.-

HCMC invests in vocational training for poor people

In Uncategorized on September 18, 2008 at 6:00 pm

HCM City (VNA) – Ho Chi Minh City has so far this year provided vocational training to over 1,500 poor people and approved 225 business and production projects with a total investment capital of 24.2 billion VND sourced from the National Fund for Job Generation.

As a result, 1,526 poor households were given financial assistance to set up business which created jobs for over others.

At present, the city has 17,000 poor households and 210,000 people out of work. Most of them are in Nha Be, Can Gio and district 2.

In order to help unemployed people to find jobs, the city People’s Committee guided relevant agencies and organisations to give 1.2 million VND per person for vocational training from now to 2010.-