Deputy PM draws Macau businesspeople' attention to Vietnam
Deputy Prime Minister Pham Gia Khiem has called on Macau businesspeople to increase investment in Vietnam and pledged to secure them every favourable condition.
"As the Vietnam-China and Vietnam-Macau relations are growing, numerous opportunities are being offered to the businesspeople of both sides," Deputy PM Khiem said at a seminar held in the Macau Trade Promotion Centre on Mar. 29.
He added, "We welcome you ( Macau businesspeople) to learn more about our country and seek business and investment opportunities. We will provide you with conditions in order to help you succeed, thus contributing to promoting the relationship between the two sides in the interest of the two peoples."
Introducing the country's economic achievements after 20 years of renovation, particularly in export and foreign capital investment attraction, the Deputy PM affirmed that these successes demonstrate Vietnam 's open economy.
He also drew Macau businesspeople's attentions to the Vietnamese tourism sector, which is becoming an important industry, while making the country an attractive destination for foreign visitors.
Deputy Minister of Planning and Investment Cao Viet Sinh, Deputy Trade Minister Nguyen Thi Kim Ngan and Deputy Industry Minister Do Huu Hao also took the floor to present Vietnam 's latest policies and guidelines on business and investment as well as answer questions.
At the seminar, Acting Chief of the Macau Investment and Trade Promotion Department Chen Jinghong said Macau 's economy has recently experienced fast and stable growth. He expressed his hope that both sides will capitalise on their strength to create more opportunities for mutual cooperation.
Vietnam-Australia maritime agreement in the pipeline
Vietnamese Transport Minister Ho Nghia Dung has talked Australian officials regarding a bilateral maritime agreement and the increase in the number of flights between the two countries.
During the talks held concurrently with the APEC Transport Ministers’ Meeting opening on Mar. 28 in Adelaide city, Australia , Minister Dung also called on Australian authorities to help develop transport infrastructure in the Mekong Delta region and train officials working in the field.
At the meeting, APEC Ministers discussed the three major issues of transport safety, security and liberalisation.
Addressing the opening ceremony, the Deputy Prime Minister and Minister for Transport and Regional Services of Australia, Mark Vaile, said that the meeting is designed to build the capacity of all APEC member economies to create an environment for the safe and efficient movement of passengers and freight across the region.
The World Bank’s recent report described maritime services as an important market, accounting for 3-5 percent of the APEC economies’ gross domestic product (GDP) in 2004.
Vietnam, RoK seek cooperation in farm machinery manufacturing
Investors from the Republic of Korea (RoK) showed their interest in exploring Vietnam's market for farm machines at a workshop in Hanoi on March 29.
Deputy Minister of Agriculture and Rural Development Diep Kinh Tan said this is a good opportunity for the two countries' farm machine manufacturers to boost business ties.
He told the participants that Vietnam has fulfilled big achievements in agricultural production with an annual growth rate of around 3.5 percent and an annual 30 percent growth in farm produce export revenues.
However, domestic farm machines makers can meet only 50 percent of demand, leaving a great part of the market to foreign products.
The deputy minister said of around 300,000 farm machines in the country, most are imported from China, Japan and the Republic of Korea.
Pipe maker to market shares
The Vietnam Germany Steel Pipe Joint Stock Company (VG Pipe) plans to issue 3.5 million shares with book building on April 2-12, said Le Minh Hai, company general director.
The capital raised will go toward new facilities, including a $2 million steel mill to produce construction material such as bolts. The company also plans to erect a trade centre, investing $1.87 million in the first phase of the project.
The VG Pipe has selected Seabank Securities JSC as the financial advisor and underwriter for the share issuance.
In 2006, the company reported VND 297.52 billion ($18.59 million) in revenue and has VND 35 billion ($2.18 million) in equity, which is expected to increase to VND 70 billion after listing on the stock market.
VG Pipe plans to issue a second lot of shares in the second quarter of 2008, said Hai.
VG-Pipe specialises in producing steel pipe and other steel products for industrial construction. Currently, the company has a 25 percent stake in the local market.
Dak Drinh power plant celebrated
Representatives from the company building the Dak Drinh Hydro-power Plant celebrated commencement of construction at a ground breaking ceremony on Mar. 28 in central Quang Ngai province.
The plant, which is set to produce 125MW of electricity, is being built 70km west of Quang Ngai City where the Dak Drinh River runs through the Son Tan Commune.
The Dak Drink Hydro-power Plant Joint-Stock Company project has an estimated price tag of more than 3 trillion VND (187 million USD). The Vietnam Oil and Gas Group, along with the Vietnam Bank of Investment Development, the Infrastructure Development and Construction Corporation and the Song Da Construction Corporation are all sharing the costs.
The plant's main function will be to provide electricity for Vietnam's central region while improving infrastructure in Quang Ngai's Son Tay district and Central Highlands Kon Tum province's Kon Plong District.
Both are considered underdeveloped by the State.
In addition, the plant's reservoir will provide water for Thach Nham Irrigation Construction and the Dung Quat Economic Zone during the dry season as well as reduce flooding along the river in the rainy season.
The plant's first turbine is expected to be operational by 2011.
Vietnam’s distribution group makes official debut
A distribution group officially made its debut on Mar. 28 with a 1,500-strong-contingent staff and a system of some 50,000 sales agents.
Since its establishment in 1993, the Phu Thai Joint-stock Company has spared no efforts in developing into a model of distribution and investment. The Company aims to increase its registered capital to 1.1 trillion VND in early 2008.
On the same day, the group signed an agreement on credit and banking services with the Bank for Investment and Development of Vietnam (BIDV).
Seminar focuses on efficiency of deposit insurance operations
The promulgation of a law on deposit insurance is important in helping to better protect depositors, enhancing public trust and stabilising the financial and banking system in Vietnam.
The remark was made by Bui Khac Son, General Director of Deposit Insurance of Vietnam (DIV), which together with the Asian Development Bank (ADB) co-hosted an international seminar on improving deposit insurance efficiency in Hanoi on Mar. 28-29.
Experts from the International Associations of Deposit Insurers and Asian countries made presentations on current challenges to deposit insurance operations, experience in dealing with risks and the process of handling bankrupt banks.
They agreed that countries should build their own systems as well as establish a regional network in order to assist each other if financial crises occur.
Participants also discussed issues related to the improvement of legal foundations for deposit insurance operations, ways to avoid risks amidst increasingly animated financial activities, and making the whole process more transparent.
(Source: VNA)
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