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Archive for the ‘Vietnam Economy’ Category

Rice exports show optimistic signs

In Vietnam Economy on March 23, 2010 at 4:20 pm




Rice exports show optimistic signs


QĐND – Tuesday, March 23, 2010, 20:55 (GMT+7)

The world’s rice market in recent times has shown optimistic signs, announced by Pham Van Bay, Vice Chairman of the Vietnam Food Association (VFA) in Ho Chi Minh City on March 22.


As of mid-March, Vietnam has exported nearly 1 million tonnes of rice and earned over US$465 million, down 25.98 percent in volume and 12.87 percent in value year on year.


New export contracts worth over 2 million tonnes of rice have been signed.


According to the VFA, after many years of failure to the Iraqi market, the Vietnam Northern Food Corporation (Vinafood 1) and the Vietnam-Iraq Rice Processing Joint Venture recently won a contract to export 150,000 tonnes of rice.


Currently, as Indonesia has only 1.3 million tonnes of rice in stock, this is a good opportunity for rice exporters.


A new market, South America, has many prospects because of lean harvests. Vietnamese businesses need to keep close watch on the market and actively penetrate.


For many years, the Philippines has been Vietnam’s main export market. Right now it needs to buy more 800,000 tonnes of rice and is scheduled to open bidding for the import of 200,000 tonnes of rice from Vietnam.


Source: VOV


Source: QDND

Mobile phone firms face crackdown

In Vietnam Economy on March 22, 2010 at 4:08 pm




Mobile phone firms face crackdown


QĐND – Monday, March 22, 2010, 20:39 (GMT+7)

Mobile phone promotions are undercutting competition and leading to inactive phone numbers and a waste of digital resources, Government sources say.


The problem has led to the formation of a draft management plan by the Ministry of Information and Communications to control mobile phone promotions and reduce the “chaos” in the market.


The draft plan puts a limit of 90 days a year on which mobile phone promotions can be run and a limit of 45 days on each promotion.


In also mandates that mobile networks must maintain the quality of their services during promotions and the information given to subscribers must comply with regulations.


Under the draft plan, minimum charges set by the Government may not be reduced and any promotion reduction may not exceed 50 percent of the service’s total value.


The ministry has called for comment on the draft management plan which is expected to become the final plan by the end of the month.


Ministry telecom department head Pham Hong Hai said close management of mobile promotions aimed to create healthy completion.


While promotion programmes attracted users, Hai said, they were tending to be used to undercut competitors and had led to and crease in the number of inactive subscriptions, resulting in a waste of digital resources.


Changes had already been made to the promotions regulations. At the end of last year, mobile operators were limited to 50 percent promotions for pre-paid cards, instead of 100 percent or more before.


The Ministry of Industry and Trade said the country’s telecommunication market was in chaos because of promotion “races” to attract subscribers to domestic networks.


Source: VNA


Source: QDND

PTSC loaded biggest ever wellhead platform jacket in Vung Tau City

In Vietnam Economy on March 22, 2010 at 2:46 am




PTSC loaded biggest ever wellhead platform jacket in Vung Tau City


QĐND – Sunday, March 21, 2010, 21:33 (GMT+7)

At Petroleum Technical Services Corporation (PTSC) downstream port in the southern city of Vung Tau, on March 19, the Corporation loaded out the Chim Sao wellhead platform (WHP) jacket and the Su Tu Den (Black Lion) Northeast WHP topsides.


The 240 million USD- jacket, the biggest of its kind in Vietnam, is an important work in the first phase of a comprehensive development plan of Chim Sao and Dua Field owned by the Premier Oil Company at block 12W, basin Nam Con Son, offshore Vung Tau.


The project is the biggest engineering, procurement, construction and installation (EPCI ) one that PTSC Mechanical and Construction Company (PTSC MC) won at the international bidding. The almost 4,000 tonne jacket is set to be installed offshore on April 1.


On the same day, the Corporation conducted a keel laying for PTSC-03 vessel. Once completed, the 4,750HP vessel will be used to cope with oil spills (if any) for the Dung Quat Oil Refinery.


The vessel is part of a 22 million USD project to build and operate PTSC-02 and -03 vessels to serve the operation of the Dung Quat Oil Refinery.


Source: CPV


Source: QDND

Hoa Lu Border Economic Zone realized

In Vietnam Economy on March 22, 2010 at 2:45 am




Hoa Lu Border Economic Zone realized


QĐND – Sunday, March 21, 2010, 21:36 (GMT+7)


A grand ceremony was held on March 20th by the Binh Phuoc authorities to announce the Prime Minister’s Decision regarding the master plan of the Hoa Lu Border Economic Zone, as well as to put the combined checking station in Loc Ninh, Binh Phuoc.

Present at the ceremony were the State President, Nguyen Minh Triet, Deputy Prime Minister Truong Vinh Trong, former Vice State President Truong My Hoa, Cambodian Permanent Deputy Prime Minister Men Sam Om and a high-ranking Lao delegation.


The Hoa Lu Border Economic Zone is seen as an important economic hub, as, it lies on the national and international urban economic corridor. It is the junction of national and international communications for both present and future use, such as the Trans-Asia Railway, that is hoped to link together Vietnam, Laos, Cambodia and Thailand.


Under the development direction, the zone will include a series of functional sections: trade management, border gate services, duty free, a border town, and agricultural sector. The combined checking station which is projected to cost  VND 19 billion is considered a pilot sub-project.


At the ceremony, Deputy Prime Minister Truong Vinh Trong said that the creation  of the zone will open potential opportunities for cooperation and exchange in socio-economic development, along with fostering friendly ties among the Vietnamese locality, the north-eastern Cambodian provinces, southern Laos and Thailand, in particular, as well as Vietnam with other regional nations, in general.


The Deputy Prime Minister noted that Binh Phuoc, involved units and entrepreneurs should immediately implement the scheduled sub-projects to quickly put it into operation in order to tap into the future potential of the zone.     


Source: TT – Photo: thesaigontimes

Translated by Thu Nguyen

Source: QDND

An upmarket office tower to take shape in Hanoi

In Vietnam Economy on March 22, 2010 at 2:44 am




An upmarket office tower to take shape in Hanoi


QĐND – Sunday, March 21, 2010, 21:38 (GMT+7)

The Housing and Urban Developmennt Corporation (HUD) on March 21 began construction of a high-class Office Block (HUD Tower) in Thanh Xuan district, Hanoi with a total investment capital of VND1,900 billion.


HUD Tower, designed by the Singapore-based KYTA Company, includes two office blocks of 32 and 28 floors.


The Tower, a project to recognize the establishment of the HUD Holdings, scheduled for March 24, will have a total floor area of 89,000 sq.m with modern equipment that meets the international standard for grade A office space.


The six lowest floors will be reserved for commercial and banking services and the three basements will be used as parking lots. The tower will offer added services for ideal working and relaxing environment.


HUD Vice CEO Duong Van Phuc said the tower has the advantage of its strategic position located near the road connecting the city centre with the development area to the west, where many other big projects are located.


When it is completed in 2012, the tower is expected to offer 56,000 sq.m of the office space for lease.


HUD plans to start signing leasing contract as soon as the construction of the foundation and infrastructure is completed in 2010.


Source: VOV

 


Source: QDND

Cashew industry discusses development strategy through 2020

In Vietnam Economy on March 22, 2010 at 2:44 am




Cashew industry discusses development strategy through 2020


QĐND – Sunday, March 21, 2010, 21:34 (GMT+7)

More than 400 domestic and foreign delegates discussed ways to develop Vietnam’s cashew industry through 2020 at a workshop in the southern province of Binh Phuoc on March 21.


Speakers examined the current production, processing and sales of cashew products and made recommendations to increase production efficiency and growers’ incomes, and sharpen the competitive edge of Vietnamese cashew products in the global market.


They heard growers and processors talk about their difficulties concerning varieties of cashews, capital, technology transfer, sales and the building of brand names, as well as proposals to managers. 


“We need financial and technical support from the government and scientists to maintain production and fight new types of insects which have appeared recently because of the unusual weather,” said Nguyen Van Thi, a cashew farmer in Tan Hung commune. “In addition, the government should control market prices to ensure farmers make a profit.”


Scientists put forward proposals for mechanisms and policies to help the cashew industry meet its target of earning US$1 billion from exports this year and maintaining its position as the No1 cashew exporter in the world.


To this end, Deputy Minister of Agriculture and Rural Development Diep Kinh Tan said the industry should apply modern scientific and technological advances to farming, and modernise production lines. He also proposed that the government offer incentives to farmers, because cashew trees are mostly cultivated in the highland and remote areas.


Currently, Vietnam has approximately 400,000ha of cashew, mostly grown in south-eastern, central highland and south-central coastal provinces. 


Source: VOV


Source: QDND

Multi-national private oil & gas consortium debuts

In Vietnam Economy on March 17, 2010 at 4:45 pm




Multi-national private oil & gas consortium debuts


QĐND – Wednesday, March 17, 2010, 21:11 (GMT+7)

Some high-profile financial and technological foreign groups working in the oil and gas industry officially joined a private oil and gas consortium (SAONAM PETRO), the first of its kind in Vietnam, in Hanoi on March 16.


They include DSME of the Republic of Korea, AGR of Norway, and Longbeach Oil and Otto Energy of Australia.


Addressing the event, Vice Chairman of the National Assembly Nguyen Duc Kien said Vietnam is pursuing an energy development policy and that the inception of SAONAM consortium will create a change in the development of energy resources and the implementation of energy security policy in service of the country’s socio-economic development.


He asked the consortium to early carry out specific oil and gas projects in Vietnam.


According to SAONAM CEO Pham Van Quang, the group looks forward to participating in the search, exploration, exploitation and development of oil and gas fields offshore.


The consortium plans to invest in infrastructure of the energy sector in Vietnam, including a system of storage facilities, a trans-national gas pipeline, and a network of central gas storage facilities and stations for industrial zones and new urban areas.


Source: VNA


Source: QDND

VND8 trillion to invest in developing 211 fishing ports

In Vietnam Economy on March 17, 2010 at 4:44 pm




VND8 trillion to invest in developing 211 fishing ports


QĐND – Wednesday, March 17, 2010, 21:13 (GMT+7)

Prime Minister Nguyen Tan Dung has approved an VND8 trillion project designed to build a total of 211 fishing ports in 28 coastal provinces and cities throughout the country from now until 2020.


Of those, 178 fishing ports capable of handling over 2.1 million tonnes of seafood each year will be constructed along the coast of the targeted localities and the remainder will be built on islands, which are capable of unloading 215,000 tonnes of seafood per annum.


In the first phase running to 2012, the project will prioritise the construction of key fishing ports as well as those, which are also used as shelters for fishing boats.


From 2013 onwards, it will build key fishing ports in line with the country’s overall planning and upgrade a number of fishing ports accessible to international ones.


Funding for the project will be sourced from state and local budgets, domestic economic sectors, and foreign investment inflows.


Source: VOV


Source: QDND

US slashes anti-dumping duties on Vietnamese seafood

In Vietnam Economy on March 17, 2010 at 4:43 pm




US slashes anti-dumping duties on Vietnamese seafood


QĐND – Wednesday, March 17, 2010, 21:13 (GMT+7)

The US Department of Commerce (DOC) has announced that the average anti-dumping tariff applied to shrimp products exported by 29 Vietnamese companies will decrease from 4.57 percent to 2.89 percent.


The anti-dumping duty reduction result from the fourth administrative review conducted by the DOC from February 1, 2008 to January 31, 2009.


The Vietnam Association of Seafood Exporters and Producers (VASEP) cited the DOC’s report as saying that the Minh Phu Seafood Company, one of the two compulsory defendants in the anti-dumping lawsuit, is subject to the highest tax of 3.27 percent, while the remainder, the Nha Trang Seafood Joint Stock Company, bears the lowest level, at 2.5 percent.


VASEP General Secretary Truong Dinh Hoe said the anti-dumping tariffs are adjusted every year based on the prices of shrimp exports to the US during that year and the dumping range applied to each company is calculated on the basis of the average dumping band of compulsory defendants.


According to the official, the anti-dumping tariffs will come into force when the US makes its final decision 90 days after the fourth review’s preliminary results were announced.


Director of the Nha Trang Seafood Company Ngo Van Ich said he hoped that the duties will be slashed to the lowest level, possibly to 0 percent, when the US makes its final decision, as the tariff already dropped 2.07 percentage points between the DOC’s third and fourth administrative reviews.


Meanwhile, four other seafood exporters – QVD, Vinh Hoan, SAMEFICO and Cadovimex II – are likely to enjoy a zero percent tariff for their frozen ‘tra’ fillet exports to the US.


The DOC made the decision after it conducted an administrative review, the fifth of its kind, of Vietnam’s ‘tra’ fillet exports to the US market from August 1, 2007 to July 31, 2008. VASEP Vice Chairman Nguyen Huu Dung said this is only a preliminary decision and the DOC will set out its final decision after four months.


Currently, the DOC is still imposing an average anti-dumping duty of US$0.02 per kg of ‘tra’ fillet exported by the An Giang Seafood Import-Export Company (Agifish) and East Sea (ESS JVC) and another 2.11 US$ per kg for the products shipped by other companies.


Source: VNA


Source: QDND

Farmers enjoy sugar rush

In Vietnam Economy on March 17, 2010 at 2:48 am




Farmers enjoy sugar rush


QĐND – Tuesday, March 16, 2010, 20:43 (GMT+7)

Farmers in the Mekong Delta provinces are rushing to plant sugarcane following the recent sharp increase in prices, and observers say it may lead to abundant supply this year.


From 850 VND-900VND per kilo in November 2009, the prices have shot up to 1,200-1,450 VND at present, as sugar mills struggle to get raw materials to meet their installed processing capacities.


The director of a sugar mill in the Mekong Delta said his factor had a processing capacity of 3,500 tonnes of sugarcane a day, but was only able to get 2,000 tonnes so far.


Nguyen Van Son, deputy director of the Can Tho Sugarcane and Sugar Company, said sugar mills had to compete with each other in buying sugarcane due to a shortage of the material, pushing up its price.


Several sugar mills had been forced to scale down production or even suspend operations due to a shortage of material, he said.


The situation has encouraged many farmers to return to sugarcane cultivation, after suffering losses in previous harvests.


Pham Thanh Son, head of Department of Cultivation in Soc Trang province, said as planned, Soc Trang would have 12,200ha devoted to sugarcane cultivation this crop.


But the current price hike had encouraged farmers to expand cultivation, Son said, noting that though the crop had just begun, as many as 7,000ha of land in the province had already been planted with sugarcane.


Nguyen Phuoc Hung, a farmer in Soc Trang province’s Cu Lao Dung district, said: “I have returned to sugarcane cultivation since its price has increased strongly in recent times.”


However, he was also worried that the current high prices would not stay for long. If the price drops, he will incur heavy losses as in previous years.


According to the An Giang Province’s Department of Agriculture and Rural Development, the province plans to have 15,000ha of sugarcane this year, an increase of 3,000ha over the last crop. But the real cultivation area this year could be much higher since farmers had tended to plant more areas with the crop, he added.


According to latest estimates, the sugarcane area in the Mekong Delta has increased by at least 30 percent over last year, when the region had 52,000ha under cultivation.


Source: VNA


Source: QDND