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Fertiliser giant to stabilise prices

Update: July, 25/2011 - 10:36

HA NOI — Deputy Prime Minister Hoang Trung Hai called on PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo) to stabilise fertiliser prices and maintain reserves as required by the Government last Wednesday.

Reportedly, selling prices of urea fertiliser increased by VND1.6 million (US$77) per tonne.

PVFC Co plans to save input costs and balance the quantity of fertiliser imported.

Seven-month pepper exports hit record

HA NOI — Viet Nam exported 78,000 tonnes of pepper during the first seven months of this year, earning US$420 million, equal to the value of the whole year in 2010, according to the Viet Nam Pepper Association (VPA).

The US and Germany are the two largest importers of Vietnamese pepper, while the Netherlands, the United Arab Emirates and Egypt also bought large volumes.

The country expects to earn pepper revenues of over $766 million this year, $346 million more than the figure last year.

Vinashin builds ship for Taiwan investor

HA NOI — The Sai Gon Shipbuilding Industry Company (SSIC), a member of Vinashin, handed over the New Lucky VII ship to its owner, Franbo Lines Corporation (Taiwan), last Wednesday.

The 6,850-tonne cargo ship, designed by the two Japanese companies of Kitada and AZ and built with advanced technology from Spain, the Republic of Korea and the US, will be used to transport timber products.

The 102m-long and 17m-wide ship was built at a cost of US$7.27 million.

On the same day, SSIC also inaugurated a dry dock to launch new ships and repair damaged vessels. It is considered the largest dry dock in southern Viet Nam and can handle ships with a capacity of up to 25,000DWT.

Vinalines to erect $310m shipyard

BA RIA — VUNG TAU – Viet Nam National Shipping Lines (Vinalines) broke ground on the Vinalines South ship repair yard in Tan Thanh District, Ba Ria – Vung Tau Province, on Tuesday.

With a design capacity of 100,000DWT, the dockyard costs almost VND6.5 trillion (US$310 million). The investment comes from Vinalines's capital and commercial loans.

Reportedly, existing Vietnamese yards currently serve only 20 per cent of demand for ship repairs.

PetroVietam, ministry join hands

HA NOI — The Viet Nam National Oil and Gas Group (Petrovietnam) signed a contract to establish a venture with the Materials of Defence Industry Company (GAET) under the Ministry of Defence to produce ammonia and ammonium nitrite, which are commonly used as fertilisers, from natural gas.

The venture, 60 per cent owned by PVN and the rest by GAET, aims to produce 450,000 tonnes of ammonia and 200,000 tonnes of ammonium nitrite per year.

Natural gas and crude oil for production are taken from offshore fields in the Cuu Long and Nam Con Son basins.

Military Bank, Deloitte sign deal

HA NOI — The Military Bank (MB) on Thursday signed a strategic contract with Deloitte Viet Nam to seek support in corporate governance and minimise business risks.

The Ha Noi-based bank expected that such co-operation will help the MB ensure the necessary conditions to meet the State Bank of Viet Nam's requirements and gradually approach global banking standards.

Bank launches interbank ATM service

HA NOI — A Chau Bank (ACB) has officially launched an interbank transaction service that can be used via clients' automated teller machine (ATM) cards.

The service's implementation is divided into three phases. The first phase enables clients to make payment transactions through cards issued by the Sacombank only. By early August, cardholders can perform transactions with Vietcombank and by year-end, they will be able to use their cards at any ATM. — VNS

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