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US probes innerspring dumping allegations against Vietnam makers
2008-01-26 11:45:00
The US Department of Commerce (DOC) will begin investigating antidumping allegations against Vietnam ese makers of uncovered innersprings for mattresses.US competitors allege Vietnamese innerspring exporters are selling their products at less than fair value in the US.The US department said Wednesday its investigation would also examine uncovered innersprings from China and South Africa.The probe follows complaints lodged in late 2007.The investigation will look at the prices of a range of different-sized innersprings for mattresses.The DOC said Vietnamese innerspring exporters were accused of cutting selling prices by 116 percent, while Chinese inner-spring makers had slashed the price of their product by between 56 and 235 percent.South African innerspring exporters were alleged to have dropped their prices by 121 percent.In early January, an official from Vietnam’s Ministry of Industry and Trade (MOIT) said 11 Vietnamese exporters, mostly from the south, were likely to be invest...
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Dong drops, headed for first weekly decline this year
2008-01-26 11:41:00
Vietnam’s dong fell, headed for the first five-day decline since the week ended December 21.Benchmark bonds gained Friday.The dong dropped 0.01 percent to 15,986 against the US dollar in Hanoi, according to prices compiled by Bloomberg.The currency has weakened 0.02 percent this week.Government bonds advanced Friday, with the yield on the benchmark five-year note falling 1 basis point to 8.56 percent, according to a daily fixing price from 10 banks compiled by Bloomberg.The State Treasury will auction VND1 trillion (US$62.6 million) of three and five-year bonds Friday at the Hanoi Securities Trading Center, according to a statement on the center’s website. (Reuters)
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Haiphong grants investment licenses to IZs
2008-01-26 11:40:00
Haiphong Export Processing and Industrial Zones Authority (HEPIZA) on January 23 granted two investment licenses to industrial zones in the city.The Tien Hung Company Limited has been licensed to invest US $14 million in Dinh Vu Industrial Zone to produce flour while the Oread Fasteners Vietnam Company Limited invests US $10 million in a project in Do Son Industrial Zone.In addition, the Synztec Vietnam Company Limited in Nomura Industrial Zone has been licensed to increase their investment capital from US $6.65 million to US $25 million.Thus, within the first month of 2008, IZs in the northern port city of Haiphong have attracted a total of two newly-licensed projects and one asks to increase their investment capital.HEPIZA has undergone administrative reforms to shorten the time for granting an investment license, thus facilitating investors to the city.
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Gold Price Sets New Record
2008-01-26 11:38:00
Yesterday, Saigon Jewelry Company’s (SJC) gold set a new record with the price of VND17.7 million (US$1,100) per ounce; up VND380,000 (US$23) from the previous day.In addition, the total trading volume at the Saigon Gold Trading Floor reached an all-time record with 170,850 ounces of gold worth around US$188 million.The gold market had a hectic day; investors bought and sold early in the day and by the end, many had made impressive profits.On an international scale, the gold price surged to a new record high as South African miners halted operations due to severe power shortages in the country, this fuelled a further increase in precious metal prices.The gold price hit $923.60 per ounce for the first time yesterday and traders began discussing the prospect of the predicted US$1,000 level being reached in the coming weeks. (Saigon GP)
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Hoi An tailor shop listed in world best
2008-01-26 07:33:00
A tailor shop in the ancient town of Hoi An in Quang Nam central province was voted second in the world’s 25 best shops, according to the British Sunday Times magazine.The Bao Khanh tailor shop, 101 Tran Hung Dao Street, was also voted best quality goods and service in Vietnam.The prices are reasonable and sales people are friendly and hospitable, the Sunday Times said.“I am more than surprised to know about this. It’s not only a great honor for me but also the town for the coming Tet holidays,” the shop owner Trieu Quoc Binh said.The ancient town was also recognized recently as one of Vietnam’s most charming towns by the Belgium Le Soir newspaper.The tailor shop is very close to Hoi An’s office, shopping and entertainment area.It started business in the early 1990’s specializing in western style clothing and traditional costumes for local customers.Its name and trademark has become well-known throughout Vietnam and among international tourists. (SGGP)
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Vietnam’s airlines get nod to raise airfare
2008-01-26 07:30:00
Vietnam’s finance ministry Thursday allowed Vietnam Airlines and Pacific Airlines to increase the maximum one-way domestic fare to VND1.7 million (US$106) in an effort to diversify airfares, an official said.Vu Cong Chinh, deputy manager of the ministry’s Prices Management Department, said the higher fare would be effective from March.Vietnam Airlines and Pacific Airlines, the country’s biggest carriers, have been trying for years to raise of the current fare ceiling of VND1.5 million ($94).The airlines said the rise would help them diversify fares to meet the demands of various passengers.Pacific Airlines already has 11 different airfares and Vietnam Airline has 30.Meanwhile, Vietnam Airlines announced Friday it had added 212 domestic flights, with more than 28,000 extra seats, between Jan 21 to Feb 21 to meet increased demand for travel during the Tet holiday.Under the Tet schedule, the airline will offer two extra Ho Chi Minh City-Hanoi flights a day and one extra Ho Chi Mi...
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Malaysia's Berjaya company drops Vietnam project
2008-01-26 06:34:00
Berjaya Land Bhd (BJLand) has decided not to proceed with a development project in Vietnam 's Dong Nai province, the firm said Friday. The decision was based on the findings of a feasibility study on the project, it told Bursa Malays ia in a statement.The project is not related to a contract signed by BJLand in December last year, but involved a memorandum of understanding (MoU) that was signed on Nov 11, 2006.The MoU, which has now lapsed, was for BJLand to undertake the co-development of the district of Nhon Trach in the Dong Nai Province with Tin Nghia Co Ltd, including its transportation infrastructure network.The MoU was extended for six months on May 17 last year.
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Viettel has VNPT in its gun sights
2008-01-26 06:33:00
The country’s leading telco VNPT could be knocked off its top spot by Viettel within two years. Bui Thien Minh, general deputy director of VNPT Group, said his firm must reform its management and step up its marketing to see off Viettel’s challenge.“Viettel may take the leading position in the mobile market off VNPT Group’s arm VMS-MobiFone,” said Minh.VMS posted a 32 per cent growth rate in 2007 compared with Viettel’s staggering 100 per cent growth. VMS earned around VND13.4 trillion ($842.8 million) with 6.4 mobile subscribers last year compared to Viettel’s VND12 trillion ($750 million) in revenue with more than six million customers.VMS-MobiFone’s total BTSs [base transceiver stations] was equal to half of Viettel’s last year. Both of firms plan to install 5,000 BTSs this year.“It is easier for Viettel to execute its plan to set up new 5,000 BTSs this year and Viettel may double its revenue and will hold the top position while it is still a big question for ...
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Foreigners Interested In Vietnam's Investment Market
2008-01-26 06:28:00
Representatives of many international organisations and businesses have expressed their keen interest in Vietnam and continued to consider the nation an attractive investment market, VNA quoted the Vietnam Investment newspaper's special issue as saying.The special issue reviewed foreign investment activities in Vietnam for the past 20 years.Both Executive Director of the American Chamber of Commerce (AmCham) in Hanoi Adam Sitkoff and Chief Representative of the Hanoi-based Japan External Trade Organisation (JETRO) Kenjiro Ishiwata said that their member businesses are paying special importance to Vietnam."Vietnam's strategic position in the region has brought Japanese investors in," said JETRO Chief Representative.Meanwhile, AmCham Director Sitkoff said that many US businesses consider Vietnam the world's most attractive emerging market.World Bank Country Director Ajay Chhibber also admitted that more and more foreign companies consider Viet Nam an attractive investment destinati...
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Construction on APEX Tower to start
2008-01-26 06:26:00
Cavico Vietnam Building Joint Stock Co and Housing Development and Building Joint Stock Co planed to start construction on building APEX Tower in southwest Hanoi on January 27.The APEX Tower project with the total investment capital of US$31.5 million covering on a precinct area of 2,780 square metres and a floor area of 44,000 square metres is 100 metres in height with 27 floors and three basements.As estimated, APEX Tower will provide an office area of over 24,300 square metres along with modern and convenient trade centre in southwest Hanoi.
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Covesco 6 builds 470b dong cement plant in central
2008-01-26 06:22:00
Covesco 6 Joint Stock Co yesterday January 24 began construction on building a cement plant valued at 472.6 billion dong with an estimated capacity of 1,000 tonnes clinker a day in Ang Son area, Quang Ninh district in the central province of Quang Binh.The plant, which equipped with European modern technology, will produce all kinds of common cement like PCB 30, PCB 40 and clinker commodities.
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VNSteel to build US$300m steel rolling mill in south
2008-01-26 06:19:00
Vietnam Steel Corp (VNSteel) on January 23 worked with authorities in the southern province of Can Tho to invest US$300 million in building a steel refinery mill in Can Tho with an yearly estimated capacity of 1.05 million tonnes and one million tonnes of steel roll and building a port with an estimated capacity of two million tonnes a year.As the plan, the mill will be started construction within this year and slated for completion by 2011.The mill when put into operation will provide kinds of steel for the Mekong Delta and south area.
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US dollar deposit rate could slip for US FED's interest rate cut
2008-01-26 06:16:00
US dollar deposit rates at domestic banks recently were continuously reduced after the US Federal Reserve Department (FED) cut the basic interest rate of US dollar for the third time of 2007. However, that is not the final stop of foreign currency deposit rates to counter with US Federal Reserve's interest rate cuts.Due to the move that US FED lately reduced the basic interest rate of US dollar down to 3.5%, domestic commercial joint stock banks said they could reduce US dollar deposit rate following US Federal Reserve instead of maintaining.Particularly, VietA Bank's US dollar deposit rate now remains 5.55% per annum for a term of 12 months if customers send less than US$20,000 and 5.56% per annum for deposits worth over US$50,000. In comparison with the last quarter of 2007 when US Federal Reserve announced the third interest rate cut, VietA Bank's deposit rate declined 0.2% per annum. Similarly, the current US dollar deposit rate at An Binh Bank and Nam A Bank also is down to ...
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Thailand's CP looks to expand 7-Eleven to Vietnam
2008-01-25 22:22:00
CP All, the Thailand's largest convenience store operator, said yesterday that it was seeking a licence from 7-Eleven Inc to expand into Vietnam . Two other companies are also seeking the Vietnam licence, which 7-Eleven is expected to issue this year, said CP All chief financial officer Kriengchai Boonpoapichart.The SET-listed affiliate of the CP Group expected to open an initial 30 stores in Vietnam, which has a population of 85 million and is Southeast Asia's fastest growing economy, he said.''If we do get a licence, then we'll start thinking about the investment money,'' Mr Kriengchai said.Hong Kong's Dairy Farm International Holdings Ltd and Taiwan's President Chain Stores Corp were also competing for the licence, he said.CP All had no acquisition plans this year and no worries about selling by its foreign shareholders, American International Assurance Co Ltd, with an 8.9% stake, and the Government of Singapore Investment Corp, which holds 3.12%, he said.''Our sharehol...
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Vietnam, Turkey, Promise Growth, Mitsubishi Chief Says
2008-01-25 19:55:00
Vietnam, Turkey and Mexico are among the most promising new emerging countries for investors, Mitsubishi Corp. Chief Executive Officer Yorihiko Kojima said.The three countries may succeed the so-called BRIC countries -- Brazil, Russia, Indian and China, he said. BRICs, according to the 2003 Goldman Sachs Group report that popularized the acronym, will have combined economies larger than those of the top six nations today in U.S. dollar terms in 40 years.``Recently I visited those countries and I was very impressed with the developing situation,'' Kojima said today in an interview in Davos, Switzerland, where the World Economic Forum's annual meeting is being held. ``I am very optimistic about emerging countries.''Tokyo-based Mitsubishi, founded in 1950, has divisions in food, chemicals, machinery, metals and energy. The company has 200 operations in 80 countries. Kojima declined to give specific expansion plans for those markets. (Bloomberg)
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PetroVietnam targets 16 million tonnes of crude oil in 2008
2008-01-25 17:11:00
The Viet Nam Oil and Gas Group (PetroVietnam) target to tap 16 million tonnes of crude oil and 7.5 billion cu.m of gas this year. The figures were released at a press briefing held by PetroVietnam in Ha Noi on January 25.The group also set a target of attaining a 15 per cent growth against last year.To reach these goals, PetroVietnam will try to sign 5-10 new contracts with domestic partners, buy two oil and gas fields abroad and increase its oil reserves to 35 million tonnes.It will put four more oil fields into exploitation, safely run the Ca Mau 1 and 2 and Nhon Trach 1 Electricity Plants to turn out an annual output of over 7,800 million kWh and produce 740,000 tonnes of fertiliser.After one year of operating under the group model, PetroVietnam reached a record revenue of over 200 trillion VND (12.5 billion USD) in 2007, accounting for 19 per cent of the country’s GDP.
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ADB President to visit Vietnam for the first time
2008-01-25 16:17:00
President of the Asian Development Bank (ADB) Haruhiko Kuroda is about to pay an official visit to Vietnam at the end of February 2008 at the invitation of the Vietnamese Prime Minister, according to ADB and the International Cooperation Office under the Vietnam State Bank.Under the schedule, Vietnam’s Party General Secretary Nong Duc Manh and Prime Minister Nguyen Tan Dzung will receive ADB President Haruhiko Kuroda.The top ADB official will then work with Vietnamese officials from the State Bank, Ministries of Finance and Investment-Planning.The visit is reportedly aimed at discussions of issues related to Vietnam’s economy, measures to strengthen ties between ADB and Vietnam and other issues of concern.The visit is also seen as a good chance for both sides to exchange ideas prior to the third GMS summit to be held in Laos on March 30-31.This is the first visit by ADB President Haruhiko Kuroda since he took office on February 1, 2005. (Hanoi Moi)
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Additional high-standard hotel to be built
2008-01-25 16:12:00
A four-star hotel named Sammy Dalat will be officialy put into operation in Lam Dong province early next month, said Tran Tuan Viet, Director of the Vungtau Tourist Joint Stock Company.The hotel has been built on an area of 5,600 square meters on 1 Le Hong Phong road, Da Lat city with an investment of 138 billion VND.The 6-storey hotel has 120 rooms and convenient entertainment areas. The hotel’s design is based on French classical architecture.This new hotel will bring the number of high-standard hotels in Da Lat to 8, meeting the increasing demand of domestic and foreign visitors. (NLD)
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Xerium Technologies Breaks Ground for New Paper Machine Clothing Plant in V
2008-01-25 15:22:00
Xerium Technologies , Inc., a leading global manufacturer of clothing and roll covers used primarily in the paper production process, announced today that the official groundbreaking ceremony for its state-of-the-art paper machine clothing factory had taken place in Ho Chi Minh City, Vietnam.At the event, which was attended by more than 100 dignitaries from throughout the region, Cheryl Diuguid, President of Xerium Asia, said, "With this new facility, Xerium is building on a long, successful history of conducting business in the Asia region. Our investment in this facility, and specifically in Vietnam, is an important step in our efforts to build on this history and increase our participation in this important and growing paper market. Xerium has been a leading participant and valued paper machine clothing supplier to Asian paper producers for decades. In addition to this Huyck. Wangner facility we are building, we have also expanded our roll covers business to pursue additional grow...
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Chu Lai Economic Zone aims to attract $500m in investment
2008-01-25 15:12:00
The Chu Lai Open Economic Zone (EZ) aims to attract combined investment capital of US$500 million this year, up 26 per cent from the corresponding period in 2007, head of the zone management board Le Phuoc Thanh said."The goal is within reach as four investors to date have registered to pump investment in infrastructure construction and tourism sectors in the zone," Thanh said without revealing the total level of investment capital so far.During the coming year, top priorities will be given to projects specialising in tourism, services,transport infrastructure such as road and wharves, and construction of industrial zones and free trade areas."In order to cope with competition from new coastal economic zones, Chu Lai need to find new measures to attract more strategic investors as well as continue to solve difficulties facing investors in land clearance. Resettling people in areas targeted for development will also be a top priority for us," Thanh said.The Chu Lai EZ Management Boar...
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Farmers rake in the dollars as melon shortage drives up price
2008-01-25 15:07:00
A shortage of watermelons is forcing families to pay up to twice the normal price in the run up to the Tet holiday.Watermelons from the southern provinces of Long An and Tien Giang, the main producers in the country, currently cost between VND3,000-5,000 (US$0.18-0.30) a kilo – against the usual price of VND1,800 ($0.11) a kilogram, said Le Minh Son, from Long An Province’s Agriculture and Rural Development Department.After taking into account transport and labour costs, the wholesale melon price is VND3,700-4,000 ($0.23-0.25) per kilo, according to Ba Dung, one of the largest melon distributors in Long An Province’s Thu Thua District."At the moment, I have to spend VND12,000 ($0.75) on a 2kg melon," said Pham Lai Giang, a buyer in HCM City, adding that yellow melons have also risen to between VND7,000-8,000 ($0.4-0.5) per kilo."The price of melons continues to go up as Tet nears. The price is much higher than last Tet when the average price reached VND5,000 ($0.3) per kg," sa...
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Celebrating Tet on Phu Quoc Island
2008-01-25 11:49:00
Tet is the most important holiday in Vietnam. During this time of the year, families unite for relaxation, entertainment and travel.Located in Kien Giang Province, Phu Quoc Island is a great destination for those looking to leave the city during the holiday. Phu Quoc Island boasts beautiful, white sandy beaches, untouched forests, unique cultural activities and top-notch amenities. Saigontourist has designed several special programs for travelers to explore various Tet traditions with all guests staying at the Saigon-Phu Quoc Resort.The first tour will include a number of cultural activities including a cooking class on glutinous rice cakes. After learning how to prepare the cakes, visitors will receive a special cake-making certificate and be photographed. The tour package is priced at VND999,000 for two persons. The tour begins on February 6 and runs until February 29.In another tour, the company will transport guests to an old fishing village where they will celebrate Tet with lo...

Vietravel to organize mass underwater wedding
2008-01-25 11:47:00
Tour operator Vietravel will organize a mass underwater wedding for 10 couples this Valentine’s Day in the city of Nha Trang in the central coast province of Khanh Hoa.Le Hong Viet Thao of Vietravel said the company had had prior experience in arranging underwater weddings. Last summer, Vietravel arranged their first one for an Australian couple in Nha Trang Bay.For this year’s event, a few overseas Vietnamese couples have expressed interest in participating. The company is currently searching for local couples interested in tying the knot in the ceremony.“We want to have a special event for the couples on Valentine’s Day,” said Thao. “The wedding will require extra safety precautions, so we only expect to wed 10 couples.”During the three-day wedding ceremony, each couple will spend a day prior to the wedding learning scuba diving skills on Mun Island, 10 kilometers off the coast of mainland Khanh Hoa.During the actual ceremony, couples will don traditional Vietnamese ...
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Malaysia's Berjaya Land scraps Vietnam project
2008-01-25 11:30:00
Malaysian builder Berjaya Land Bhd has decided not to proceed with a development project in Vietnam 's Dong Nai province, the firm said on Friday.The decision was based on the findings of a feasibility study on the project, it said in a stock exchange statement. (Reuters)
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Foreign investors in a jungle of laws
2008-01-25 11:26:00
At the conference reviewing 20 years since the passing of the Foreign Investment Law, Minister of Justice Ha Hung Cuong warned that foreign investors are now stuck in a ‘jungle of laws’.At the conference, held by the Ministry of Planning and Investment on January 24, Cuong said that Vietnam currently has dozens of acts governing investment in general and foreign investment in particular and if by-law documents are calculated, foreign investors must then obey a huge number of regulations. Resultantly, it is difficult for foreign investors to weave their way through this ‘jungle’; also, many regulations contradict one another.According to Dr. Nick J. Freeman, senior advisor to Vietnam Holding Asset Management Ltd., when foreign investors are asked what they want most from the host country, they say they want to be treated the same as domestic investors.“In the past two decades, Vietnam has achieved great progress to create a healthy, fair and attractive investment environmen...
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Property sector still sizzling
2008-01-20 20:52:00
The property market is showing no signs of cooling off despite concerns that a speculative bubble has been built which could prove unsustainable. Housing prices, particularly in Hanoi and Ho Chi Minh... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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A post WTO deluge in FDI is forecasted
2008-01-20 20:50:00
Economists have predicted that at least $20 billion in foreign direct investment will flow into Vietnam this year as the country opens its market after its World Trade Organization accession. At the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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Keidanren commits to boosting Japan-Vietnam ties
2008-01-20 20:46:00
President of the Japan Business Federation (Keidanren) Fujio Mitarai has confirmed that Keidanren will do its best to contribute to boosting bilateral ties between Japan and Vietnam . Mr Fujio made... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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Vietnamese entrepreneurs in Russia hold congress
2008-01-20 15:28:00
The Association of Vietnamese Entrepreneurs in Russia (VINAENTRASSCO) held its fifth congress in Moscow on January 19. Delegates to the congress worked out plan for the coming period, which aimed at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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HCM City hosts construction and security exhibitions
2008-01-20 15:19:00
More than 300 domestic and foreign businesses are showcasing their products at the two exhibitions namely the Build AsiaPac Vietnam 2008 and the Security & Safety Vietnam 2008 at the Saigon... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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