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Exchange rate fluctuation influences pharmaceutical companies

In Uncategorized on December 16, 2010 at 9:59 am

Due to the big fluctuations in exchange rates, many domestic pharmaceutical enterprises are in despairs because they cannot import materials and an adjuvant, a pharmacological or immunological agent that modifies the effect of other agents.

Employees are packaging drugs at the Pharmaceuticals and Medicinal Laboratories (Photo: SGGP)

Some production contracts might be cancelled or some pharmaceutical companies have to pay fines for the delays in production. Furthermore, Vietnam would face the risk of a shortage of medications.

Being one of the biggest pharmaceutical companies in the country, Vietnam Medical Products Import-Export Joint Stock Company (VIMEDIMEX) in Ho Chi Minh City, were extremely concerned about the high exchange rates and the soaring prices of imported materials.

The company’s general manager, Nguyen Tien Hung, said the company has stopped production of rutin-extraction, from Vietnamese flower bud of Sophora Japomica L (Hoe buds). This is because it takes US$50 to make one kilogram of the rutin ingredient, but sells at only US$12 in the marketplace.

Mr. Hung said one kilogram of the flower sold at VND25, 000 last year, but now it has soared by over VND200, 000 per kilogram and crocus has increased from VND9, 000 to VND100, 000 a kilogram this year. For years, VIMEDIMEX has focused on growing herbs, but has failed to satisfy home demand.

Due to high prices of saffron, these companies use the curcumin extract from the herb. This is causing distress to the medical companies, as they may force to pay a compensation fee, if they did not complete the contract on time.

According to the Ministry of Health, Vietnam has three factories to make antibiotic materials, but only Mekophar Chemical Pharmaceutical Joint Stock Company is still in production. Furthermore, the company directors are considering fewer contracts and are negotiating with its partners about the prices.

Moreover, imported materials from China, India and some countries in Europe, have quadrupled during the year.

Truong Duc Vong, director of the OPC Pharmaceutical JSC has, said he has just sent a petition to the city’s Department of Health (DOH) to raise some prices of the medications. While other pharmaceutical companies have now followed suit.

In addition, certain medical enterprises now face difficulties buying foreign currencies. They purchase at even higher prices or sometimes purchase imported materials from the ‘black market’.

The Boston Pharma JSC’s general manager said it needs to encourage consumption of local-made medications in the aid to reduce pressures for local enterprises.

Boston Pharma management said at a meeting, DOH should resolve registration formalities and other bureaucratic red tape as well as lead medical staffs to pharmaceutical factories to see technologies to make drugs in order to make them believe in home methodologies.

Many companies have filed a petition for preferential policies to special goods, to cease the drugs protective policies and to enforce strictly the anti-dumping law.

Source: SGGP

Companies show wares at ExpoCuba

In Uncategorized on November 5, 2010 at 11:22 am

Greenpeace names, shames companies over deforestation

In Uncategorized on July 6, 2010 at 12:14 pm

JAKARTA (AFP) – Greenpeace on Tuesday accused foreign firms like Walmart, Carrefour and Tesco of contributing to forest destruction and species loss in Indonesia by buying from paper and palm oil giant Sinar Mas.

The environmental group said Sinar Mas subsidiary Asia Pulp and Paper (APP) was “relentlessly trashing rainforests”, spewing carbon into the atmosphere and driving species to extinction in the Southeast Asian archipelago.

“Sinar Mas’s ‘sustainability commitments’ are not worth the paper they are written on and some of the world’s best known brands are literally pulping the planet by buying from them,” Greenpeace Southeast Asia forest campaigner Bustar Maitar said in a statement.

A Greenpeace report titled “How Sinar Mas is Pulping the Planet” accuses major international companies of being complicit in the rampant destruction of Indonesia’s rainforests and carbon-rich peatlands by buying from APP.

Greenpeace has said major foreign firms like Walmart and KFC are contributing to forest destruction and the loss of species like Sumatran tigers by buying from Indonesian tigers by buying from Indonesian paper giant Sinar Mas. (AFP file)

Companies listed as Sinar Mas customers include French supermarket chains Carrefour and Auchan, US retail giant Walmart, British supermarket Tesco, British retail group WH Smith, US electronics giant Hewlett Packard, US fast-food chain KFC, Dutch Office supplies company Corporate Express and Australian global paper supplier PaperlinX.

National Geographic was named as among the magazine publishers that used Sinar Mas paper, along with CNN Traveller, Cosmo Girl, ELLE, Esquire and Marie Claire.

In addition to timber and paper products, Sinar Mas also allegedly uses unsustainable logging practices to make way for palm oil plantations that are seen as a major threat to Indonesian biodiversity.

Greenpeace said buyers of Sinar Mas palm oil included commodity traders Cargill of the United States and Wilmar of Singapore, as well as Japanese cosmetics producer Shiseido and US firms Campbell Soup Company, Burger King, Dunkin Donuts and Pizza Hut.

“Greenpeace urges all companies still doing business with APP to stop their business with them. By not doing business with APP, those companies help in stopping destruction of forests and peatlands in Indonesia,” Maitar said.

He praised Unilever, Kraft and Nestle for dropping palm oil supplies from Sinar Mas affiliates, but said Carrefour still sold Sinar Mas palm oil products in its Indonesia stores.

Carrefour, Staples, Office Depot and Woolworths (Australia) had stopped buying or selling paper products connected to APP, while companies including Kimberly Clark, Kraft, Nestle and Unilever were reviewing contracts with APP.

One of the APP logging areas studied in the Greenpeace report was the Bukit Tigapuluh Forest Landscape, home to endangered Sumatran tigers and orangutans.

Another area, Kerumutan, was covered in peatlands that lock in carbon that causes global warming when it enters the atmosphere as a result of logging and clearing.

The destruction of rainforests and peatlands is the main reason Indonesia is considered the world’s third-largest emitter of greenhouse gases blamed for global warming.

“Some of the (Kerumutan) forest’s peat is deeper than three metres (10 feet) and thus illegal to clear under Indonesian law,” Greenpeace said in a statement.

President Susilo Bambang Yudhoyono recently announced a moratorium on new forest concessions in exchange for a billion dollars in aid from Norway, conditional on verifiable cuts to greenhouse emissions.

But Greenpeace has joined other concerned groups in questioning the value of such commitments from a country that freely acknowledges massive corruption across its forestry sector leading to rampant illegal logging.

“Millions of hectares (acres) of forests including hundreds of thousands of hectares under Sinar Mas control are not part of the deal with Norway. This loophole will undermine all attempts to reduce Indonesia?s emissions,” Maitar said.

Sinar Mas and APP insist they are committed to sustainability but Greenpeace accuses them of breaking promises to source all pulpwood from timber plantations after 2009.

Source: SGGP

Looser regulations for companies issuing bonds

In Uncategorized on June 25, 2010 at 4:46 pm

Looser regulations for companies issuing bonds

QĐND – Friday, June 25, 2010, 20:7 (GMT+7)

Businesses issuing bonds in the near future will find the regulations easier to negotiate, under a draft decree drawn up by the Finance Ministry.

Under it, enterprises that issue bonds before April 1 will still have to show a financial report of the previous year but can do so without providing an audit.
Under the current decree, business is required to show audited financial report.
Additionally, the draft decree covers looser regulations on the jurisdiction over licensing state-owned enterprises’ plan to issue bonds.

According to financial analysts, in the future the bond market is likely to be fairly eventful.

The Electricity of Vietnam (EVN) has announced that it plans to issue two trillion VND bonds in Vietnamese dong. Meanwhile, the Thot Not Food Processing and Trade Joint Stock Company (Gentraco) has approved a plan to issue bonds worth 50 billion VND.

At present, bonds issued by businesses make up 10 percent of the total bond market, with the Vietnam Development Bank making up 33 percent and the remainder Government or local bonds.

However, experts say that corporate bonds are expected to raise high amounts of capital thanks to a recovery in the global economy.

The number of businesses raising capital by issuing bonds has increased sharply. In 2008, only three enterprises had issued bonds and in 2009 the number increased to 15, with a total value of 20 trillion VND, three times as much as 2008.

Do Ngoc Quynh, General Secretary of the Bond Market Association, recommended that the Government sets up a committee to manage and develop the bond market and give priority to reviewing how bonds work.

Source: VNA

Source: QDND

City pharmaceutical companies receive fines for violations

In Uncategorized on April 12, 2010 at 9:00 am

Several pharmaceutical companies and pharmacies have recently been fined for violating laws, Ho Chi Minh City’s Department of Market Management has said.

An inspector is checking drugs at Minh Phuc Pharmaceutical Company’s warehouse

The department has been investigating pharmaceutical enterprises in the city for the past three months and says it found some drugstores of the My Chau pharmaceutical chain and Minh Phuc Pharmaceutical Joint-Stock Company selling expired medicines and drugs without Vietnamese labels.

The department has fined Minh Phuc VND17.5 million and revoked the business registration certificate of one of My Chau’s drugstores at 73 Thuan Kieu Street in District 5.

The city market management department also penalized the Dong Phuong Pharmaceutical Company VND20 million for similar offenses and withdrew its business registration papers.

The Saigon Pharmaceutical Company, meanwhile, was fined VND12.5 million when market management officials discovered the enterprise didn’t keep written records after inspecting the company’s warehouse in an industrial area of HCMC’s Hoc Mon District.

Source: SGGP

Waste treatment fees skyrocket as more companies suspended

In Uncategorized on March 27, 2010 at 2:18 pm

Waste treatment fees skyrocket as more companies suspended

QĐND – Saturday, March 27, 2010, 21:6 (GMT+7)

Numerous waste treatment companies in Ho Chi Minh City have been suspended or had their licenses withdrawn for infringing on environmental regulations, causing a further shortage of treatment plants and thus leading other companies to hike their treatment fees sharply.

The city and other provinces, which are home to many polluting factories, have not invested much in waste treatment systems and are now facing a severe lack of options when it comes to treating waste.

HCMC has over 30,000 enterprises that produce 300 tons of dangerous waste a day, while it has only 20 companies to collect and treat the waste at a capacity of 20-30 tons per day.

Worse yet, Dong Nai, Binh Duong, Long An and Vinh Long provinces have no treatment facilities at all. Therefore, HCMC companies treat factory waste from these localities as well, even though some are not licensed to do so.

The city’s Natural Resource and Environment Department has recently begun suspending several waste transport and treatment businesses that continually violate environmental regulations.

Tan Phuong Dong Environment Treatment, Trade and Service Company, for instance, has just had its license withdrawn and was fined VND25 million for unscrupulously obtaining a waste treatment license from the department and for treating waste from factories in other provinces while it was only licensed to treat HCMC waste.

But the suspensions have led to a more serious shortage of treatment plants and thus other companies, who are still licensed to operate, have taken advantage of the situation to raise treatment fees.

The fees have soared twofold in HCMC and threefold in provinces to VND4-12 million per ton of waste.

Huynh Minh Nhut, director of the HCMC Urban Environment Company, one of the city’s leading waste treatment enterprises, said that since the company has delayed putting its treatment plant into operation until May, treatment fees at other facilities have skyrocketed.

Since many businesses can’t afford the price hike, they have resorted to dumping their waste in open spaces on the city’s outskirts or stashing it in their factories until a convenient time to dispose of it elsewhere.

The Natural Resource and Environment Department recently convened a meeting with local waste treatment companies to ask them to increase their capacities for collecting and treating waste. The meeting also discussed setting a price cap for treatment fees.

Many enterprises opposed the idea, saying that the price hike merely reflects the law of supply and demand.

A representative of Tung Nguyen treatment company said his enterprise can’t expand its current treatment factory in Le Minh Xuan Industrial Park due to the limited space.

He said the company bought 2,000 square meters of land in Binh Chanh District to build a new treatment facility but the district People’s Committee hasn’t allowed  construction to go ahead as it doesn’t fall in line with the district’s urban planning.

Other companies said they too have faced difficulties in finding space to build further treatment plants since local authorities have refused to license construction projects.

Source: SGGP

Source: QDND

Inspectors uncover 27 polluting companies in HCMC

In Uncategorized on March 24, 2010 at 5:34 am

Twenty-seven companies were found causing serious environmental pollution in 2009, the Ho Chi Minh City Export Processing Zone and Industrial Park Authority (HEPZA) announced March 4.

A company at Tan Binh Industrial Park in HCMC’s Tan Binh District emits black smoke into the air.

All of the companies were discovered discharging untreated wastewater and industrial smoke causing damaging health effects for locals. In addition, all had installed non-working or fake wastewater treatment systems and failed to adhere to their environmental protection pledges, said the authority.

Inspector of the HEPZA fined the 27 companies a total of VND200 million (US$11,000).

In the future, HEPZA will reinvestigate sources of local pollution including wastewater, exhaust fumes, and industrial waste; and invest in more infrastructures to protect the environment.

HEPZA will also ask infrastructure development companies to build automatic wastewater monitoring systems.


Source: SGGP Bookmark & Share

Government honors best ICT companies

In Uncategorized on March 24, 2010 at 4:49 am

The Ministry of Information and Communications March 20 in Hanoi gave a total of 31 awards to local businesses that made outstanding contributions to the development of the information and communication technology (ICT) industry in 2009.

Recipients of the Vietnam ICT Awards 2009 stand on stage March 20 in Hanoi (Photo: ICT News)

The Vietnam ICT Awards 2009, which was held for the first time by the Government, aimed to honor the best companies in the ICT field as well as organizations that efficiently applied IT in management activities.

Vietnam Posts & Telecommunications (VNPT) was awarded the best telephone company, while military-owned Viettel was recognized as the most outstanding mobile service provider.

The best after-payment service award went to the Vietnam Telecom Services Company (Vinaphone), while the Vietnam Mobile Telecom Services Company (MobiPhone) was named the best customer-care service enterprise.

The best Internet service provider award was given to the Vietnam Data Communication Company (VDC) and the best software provider award went to FPT Software.

Speaking at the awards ceremony, National Assembly Deputy Chairman Nguyen Duc Kien said that information and communications companies had made great contributions to the economic growth rate of 5.3 percent in 2009.

The wide application of IT in State-owned agencies and companies together with the popularization and promotion of IT and telecommunications has significantly contributed to the country’s economic development.

Source: SGGP Bookmark & Share

Government to restructure State companies

In Uncategorized on March 24, 2010 at 4:46 am

A new eight-point government resolution following a National Assembly decree will crack down on badly managed State owned companies.

Workers build a ship at the Vietnam Shipping Industry Corporation (Vinashin). Government will restructure State groups and corporations that have operated inefficiently (Photo: Thanh Nien)

State economic groups and corporations that have operated inefficiently, or have consistently suffered annual losses will be restructured while those found guilty of mismanagement could face prosecution.

The Government will review and revise all documents on the management of capital, land and other properties of the State and documents regarding privatization of State owned companies.

The third point of the resolution is to map the important fields of business and decide which corporations the State will keep a 100 percent stake in.

The fifth point will ensure that State ventures do not stray far from their key business while they branch out into other areas.

The sixth point is on openness and public reporting of business results and human resources policies.

A mechanism to renovate the salary and bonus management in groups and corporations is outlined in the seventh point.

Finally, the Government will manage the State Capital Investment Corporation (SCIC)’s structure and operation.

In related news, the Ho Chi Minh City People’s Committee has ordered the city and districts’ taxation departments to investigate companies suspected of tax evasion, and companies that have announced losses for two or more consecutive years or not issued proper invoices. Restaurants and bars that have not been audited for many years will also be investigated.

Source: SGGP Bookmark & Share

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157 companies to participate in Vietnam Oil and Gas Expo 2009

In Vietnam Economy on October 25, 2009 at 5:33 pm

157 companies to participate in Vietnam Oil and Gas Expo 2009

QĐND – Sunday, October 25, 2009, 20:49 (GMT+7)

Vietnam Oil and Gas Expo 2009 will be held from October 29-31 in the Sai Gon Exhibition and Fair Center, Ho Chi Minh City.

According to the organising board, the expo will draw the participation of 157 companies from 20 countries and territories across the world, including large groups like Mitsubishi of Japan, Petronas of Malaysia and Galperti from Italy.

Officials said that a large number of advanced machines, equipment and technology in the oil industry will be brought to the expo by companies. In addition, the organising board will create conditions for companies to exchange information, sign contracts and deals during the event.

The event is co-organised by the Vietnam Oil and Gas Group (PVN), the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Exhibition, Event and Advertisement Company (VCCI Expo and Exhibition of Hong Kong).

Source: DDDN

Translated by Thu Nguyen 


Source: QDND Bookmark & Share

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