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Posts Tagged ‘VN’s’

VN’s third private air carrier set for take-off

In Uncategorized on August 17, 2010 at 3:23 pm

VN’s third private air carrier set for take-off

QĐND – Tuesday, August 17, 2010, 22:4 (GMT+7)

Air Mekong, Vietnam’s third private air carrier, is scheduled to launch its first flights on October 10.

“The Civil Aviation Administration of Vietnam (CAAV) will finish its checks and appraisal to enable Air Mekong’s operation next month,” the company stated in a press release.

“Air Mekong is scheduled to begin selling tickets from mid-September and to launch its first flights on October 10 of this year,” the company said.

The airline is scheduled to fly from Hanoi and HCMCity to Da Nang , Nha Trang, Da Lat and Phu Quoc. In addition, it has also asked permission to fly from HCM City to Con Dao, Buon Me Thuot, Hai Phong and Vinh.

On August 15, the airline received delivery of four made-in-Canada Bombardier CRJ 900 aircraft owned by Skywest Leasing Inc of the US. Each aircraft has 95 business and economy-class seats.

Air Mekong was established in 2009 by Ha Long Investment and Development Company. It will be headquartered at PhuQuocAirport. The other two private carriers in Vietnam are Indochina Airlines and VietJet AirAsia.

The CAAV said there were a number of organisations and individuals planning to launch airlines. To qualify, private operators must have a charter capital of at least 500 billion VND (26.3 million USD) to fly internationally and 200 billion VND (10.5 million USD) to launch domestic flights. Airlines must also meet strict aviation and security standards.

Source: VNA

Source: QDND

BMI raises VN’s GDP growth forecast to 6 percent

In Uncategorized on August 12, 2010 at 7:23 pm

BMI raises VN’s GDP growth forecast to 6 percent

QĐND – Thursday, August 12, 2010, 20:32 (GMT+7)

With evidence of a consumer boom emerging, the Business Monitor International (BMI) boosted its GDP growth forecast for Vietnam this year to 6.0 percent, up from 4.4 percent earlier.

The BMI is predicting that the growth will come out at a vigorous annual average of 6.2 percent over the next five years.

In the “Vietnam Shipping Report Quarter 4 2010”, the BMI is projecting an increase in volume at the Port of Ho Chi Minh City (also known as SNP, SaigonNewPort), up by 6.2 percent, after the 5.2 percent contraction during the slump last year. At Da Nang Port (DNP) it sees this year’s volume gaining by 2.3 percent. Container throughput will also be in positive territory at both ports, up by 3.5 percent at SNP and by 6.2 percent at DNP (where container volumes are much smaller).

According to the BMI, Vietnam’s total imports and exports would see a recovery this year with 5.4 percent growth, followed by a slightly stronger pick-up in 2011, with 6.2 percent growth. Over the next five years, total foreign trade will expand at an annual average rate of 6.5 percent, the BMI calculated, adding that over this period, exports will grow at an average per annum rate of 7.3 percent, ahead of imports at 5.9 percent.

The BMI’s latest report on Vietnam wrote that though the possibility of the trade deficit and inflation both rising too sharply in the time to come, strong inflows of foreign direct investment would help as a counterweight on the foreign payments front, and also play a role in improving the country’s stretched infrastructure.

The BMI was in the opinion that in the second half of 2010 there are further signs of catch-up investment in Vietnam’s ports after a contract signed in June between the Gemalink Joint Stock Company and the Republic of Korea alliance Dealim-SAMWHA to develop the Gemalink Cai Mep Container Terminal and announcement in October 2009 by Japan’s largest shipping company, Mitsui OSK Line (MOL) of its plan to set up a terminal operation company to build and manage a new container terminal at Cai Mep.

Source: VNA

Photo: vinashinsoutheast

Source: QDND

Work begins on VN’s biggest cement project

In Uncategorized on May 20, 2010 at 5:12 pm

Work begins on VN’s biggest cement project

QĐND – Thursday, May 20, 2010, 21:1 (GMT+7)

Kinh Bac Urban Development Corp and its affiliate Sai Gon – Tan Ky Cement Joint Stock Co began construction of a 1.5 billion USD cement industrial zone on May 19 in the central province of Nghe An.

Occupying a 600ha area in Tan Long Commune, the Sai Gon – Tan Ky cement industrial zone will be the country’s largest of its kind and is expected to churn out 14 million tonnes of cement annually when fully operational.

The zone’s first phase, costing 1.5 trillion VND (78.9 million USD), will take six years to complete.

“The new zone will supply large quantities of cement for major construction projects, particularly in Laos . It will help the company reduce investment costs and become more competitive,” the company said in its latest press release.

According to the General Statistics Office, in March the country produced 4.09 million tonnes of cement. Cement production in the first quarter of the year hit 11.13 million tonnes, 1.15 million tonnes more than the same period last year. Meanwhile, demand increased by 6.4 percent against the same period last year, reaching 10.27 million tonnes.

The country now has 105 production lines with an annual capacity of more than 61 million tonnes.

However, domestic demand this year is expected to be between 48 million and 50 million tonnes, resulting in a huge surplus.

Industry experts said domestic cement firms would find it difficult to break into major markets such as the US and the EU, which have extensive high-tech infrastructure already in place and a lower demand for cement.

The US and the EU also have high quality standards that many Vietnamese cement firms are unable to meet.

Africa and developing countries with poor infrastructure offer the most potential for Vietnamese exporters, industry experts have said.

Source: VNA

Source: QDND