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Emirates to fly to HCM City in June

Update: January, 07/2012 - 09:29

HA NOI – Middle eastern airline Emirates will continue its expansion into Southeast Asia, adding HCM City to its global network from June 4 this year.

Emirates will use an Airbus 330-200 in a two-class configuration on the route to HCM City, which will be the airline's 124th destination.

In late October a Boeing 777-300 ER will then be operated along the route.

Trade between the UAE and Viet Nam exceeded US$24 million last year and Emirates, through their cargo arm SkyCargo, will allow air freight for imports - which are largely automotive parts and raw materials - and exports consisting of garments, footwear and seafood.

FDI projects pump capital into Hai Phong

HAI PHONG — The northern port city of Hai Phong has licensed 319 foreign direct investment (FDI) projects valued at US$5.3 billion to date, with $2.6 billion in dispersed capital, equivalent to 49.3 per cent of the total.

Big projects in the city include the $187.5 million Kyocera Mita and the $321 million wharfs at the Hai Phong Port.

Steel exports down by 4% over last year

HA NOI — The Viet Nam Steel Association forecast that the country would consume roughly 5.6 million tonnes of steel this year

It also reported that 5.2 million tonnes of steel were exported last year, down 4 per cent from the previous year due to economic difficulties.

First heat-resistance glass factory opens

BA RIA-VUNG TAU — Lock&Lock Co Ltd announced that it completed construction of a heat-resistant glass factory in the southern province of Ba Ria-Vung Tau, the first of its kind in the country.

Construction of the 150,000-sq.m factory in the My Xuan A2 Industrial Zone began last January.

It was designed to produce 22 million glass products annually, equivalent to 10,000 tonnes.

Number of phone subscribers drops

HCM CITY — The total number of phone subscribers in HCM City last year was estimated to reach 20.72 million, a year-on-year decrease of 1 per cent.

Phone density (both mobile and fixed line phones) was estimated at 218 subscribers per 100 people, reported the municipal People's Committee.

The Committee has recently tightened the management of mobile phone subscribers in the city, including the deletion of nearly 40,000 dormant SIM cards last month.

Meanwhile, the number of phone subscribers in the country last year reached 133.1 million, a year-on-year increase of 3.9 per cent, including 15.5 million fixed lines and 117.6 million mobile numbers.

Steelmaker pays dividends in shares

HA NOI — Steelmaker Hoa Phat (HPG) will implement its dividend payout for the second phase of last year in shares at 10 per cent. Ex-date is fixed at January 30. The company has also estimated that its main steel-producing operation earned a VND700 billion (US$33.3 million) profit last year.

Closing yesterday's session, HPG lost 3.1 per cent to VND15,600 per share.

Securities firm reports net profit of $8.1 million

HA NOI — Kim Long Securities Co (KLS) said its profit last year could fully make up for the losses in its undistributed profit fund. Accordingly, net profit reached around VND170 billion (US$8.1 million).

Ending the third quarter last year, KLS had a total cash equivalent to VND1.6 trillion ($76.2 million), VND252.2 billion ($12 million) of short-term securities investment and VND246 billion ($11.7 million) of long-term financial investment.

Fund to become FPT's major shareholder

HA NOI — Orchid Fund Private has completed the purchase of nearly 4.3 million shares of software giant FPT (FPT). The fund also registered to buy nearly 6.4 million FPT shares. The transaction will take place between January 10 and March 10.

After the purchase, Orchid Fund will be holding a 14.9-per-cent stake in FPT.

Vegetable Oil Packing Co aims to boost profit

HCM CITY — Vegetable Oil Packing Co (VPK) targets VND285 billion (US$13.6 million) in revenue and VND18 billion ($857,100) in profit this year, increasing 24 and 44 per cent respectively compared to last year.

It closed yesterday's session down 1.4 per cent to VND6,800 per share.

ANZ gets green light to sell stake in local bank

HCM CITY — ANZ Banking Group announced on Thursday that it had received State Bank of Viet Nam approval to sell its 9.6 per cent stake in the Sai Gon Thuong Tin Commercial Joint Stock Bank, or Sacombank, to the Viet Nam Export-Import Commercial Joint Stock Bank (EIB).

The sale is expected to be completed early this month, but the terms have not been disclosed by any of the parties.

The Australian bank had bought the stake in 2005.

Alex Thursby, ANZ CEO, Asia Pacific Europe and America, said his bank was selling the stake to focus more on its own business in Viet Nam.

ANZ's business in Viet Nam was now significantly larger following local incorporation in 2008 and the purchase of the Royal Bank of Scotland's institutional business in Viet Nam in 2009, he said.

The bank recently expanded its ATM network, opened a 24/7 call centre, and launched internet banking. — VNS

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