HA NOI — Petro Mekong, a subsidiary of State-owned PetroVietnam Oil Corporation (PV Oil), is seeking approval from the Ministry of Industry and Trade to stop importing fuel next year.
The move followed a directive from PV Oil. This year, PV Oil will directly import fuel products and distribute to its subsidiaries. Among them will be PV Mekong, which currently operates as a business directly importing fuel, according to the company.
Garco 10 targets turnover of $75m
HA NOI — Garment 10 Corporation (GARCO 10) expected to gain a turnover of VND1.58 trillion ($75.9 million) in 2012, of which exports will reach VND1.4 trillion ($67.2 million).
To achieve this goal, the corporation will apply modern technology to improve production capacity, in addition to seizing opportunities to boost exports right after the global market shows signs of recovery.
The corporation last year achieved a turnover of VND1.3 trillion ($63.2 million), up 30 per cent from last year. Of this number, exports reached $50 million, up 40 per cent over the previous year.
Da Nang port plans to be 11% busier
DA NANG — Da Nang port will strive to reach 4.2 million tonnes of cargo in 2012, up 11 per cent from 2011.
To achieve this goal, Da Nang has developed specific plans for each member unit, which focus on continued investments in infrastructure.
In 2011, Da Nang port reached 3.85 million tonnes of cargo, up 16.6 per cent from the previous year, of which container cargo reached 114,000 TEU (twenty-foot equivalent unit), up 28 per cent.
VAT exempted on advance securities payments
HA NOI — A new decree has been issued amending the Law on value added tax. From March, advance payments on securities will no longer be subject to VAT. In addition, VAT will also be exempted on loans for margin trading.
It is hoped the regulation will end the dispute between the securities watchdog and securities companies about the tax.
Eximbank to pay 14% cash dividend in February
HCM CITY — Eximbank (EIB) plans to pay a cash dividend to its shareholders at a rate of 14 per cent on February 29, the Viet Nam Securities Depository announced.
The local bank expects to spend VND1.73 trillion (US$82.4 million) on the payout.
January 16 will be the last day for shareholders to register to participate in the payment.
Property firm earns $23.8m through bond issue
HCM CITY — Property developer Hoang Anh Gia Lai Co (HAG) successfully issued 500 million corporate bonds late last month, raising VND500 billion (US$23.8 million), the company announced last week.
The three-year bonds will pay an interest rate of 18 per cent in the first year and flexible rates after that.
HAG chairman Doan Nguyen Duc ranked No 2 in the richest people on the Viet Nam stock market in 2011.
PetroVietnam Engineering subsidiary posts gains
HCM CITY — PetroVietnam Engineering Consultancy Co (PVE)‘s revenue in 2011 reached VND689.5 billion (US$32.8 million), 2 per cent over its target. Its gross profit reached VND78.5 billion ($3.7 million), up 10.6 per cent.
Its contribution to the State budget was VND58 billion ($2.8 million).
PVE expects to earn VND860 billion ($41 million) in revenue and VND95.7 billion ($4.5 million) in profit this year, contributing VND63 billion ($3 million) to the State coffer. — VNS