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Foreign firms look to invest in cotton sector

Update: January, 14/2012 - 09:08

HA NOI — Viet Nam Cotton and Spinning Association (Vcosa) said many foreign enterprises from Taiwan, mainland China, Korea and Japan have flocked to HCM City to look into investing in the domestic spinning industry for the past few months.

The companies felt they could benefit from tax exemptions or reductions as Viet Nam begins implementation of the Trans-Pacific Strategic Economic Partnership Agreement (TPP), said the association.

The agreement, which was signed last November, allows members to enjoy a zero tax rate by 2015.

Companies to open representative offices

HA NOI — Foreign enterprises must establish representative offices in Viet Nam to handle trade promotion, according to a new regulation draft in consideration by the Ministry of Industry and Trade.

After the legal file is submitted, the Department of Trade Promotion under the ministry will have 20 days to make a final decision on the licences for foreign trade promotion organisations.

If a representative wants to halt operations, the office in question must submit an application to the department at least 60 days before the expected closing date.

Hai Phong targets growth of up to 13%

HAI PHONG — Hai Phong's industry and trade sector plans to reach total export and import turnovers of US$2.78 billion and $2.79 billion this year, equivalent to an increase of 20 and 18 per cent, respectively.

The sector also aims to grow from 11.7 to 12.7 per cent in index-industry products (IIP).

Retail sale values are expected to reach VND52 trillion ($2.47 billion), a rise of 23 per cent.

Last year, many key industries experienced slow growth such as cement, iron and shoes, the Department of Hai Phong Industry and Trade added.

Deal inked for new thermo-power plant

HCM CITY — The Power Engineering Consulting Company No2 (PECC2) of Electricity of Viet Nam Group and Malaysia-based Toyo Ink Group signed a contract in HCM City on Wednesday to provide consultancy for drafting the Song Hau 2 Thermo-Power Plant project.

Its signing followed a Memorandum of Understanding between Toyo Ink and PECC2 in 2009.

The plant, located at Song Hau Power Centre in southern Hau Giang province, will have a capacity of 2,000 MW annually and will be operational by 2018.

HCM City apartment prices decrease by 10 per cent

HCM CITY — Prices for HCM City apartments have decreased by an average of 10 per cent compared to previous quarters, said Director of Price Evaluation and Consultancy at Knight Frank Colin Luff.

The reason for the decrease was low liquidity in the property market when investors were scheduled to repay their bank loans, Luff said.

The city's market offered 2,200 apartments last quarter with the middle market segment accounting for 66 per cent of the total.

Property centre to provide market information mooted

HCM CITY — The municipal Construction Department has submitted a proposal to the Ministry of Construction and relevant agencies to establish a central-level centre for property market information and forecasting.

Establishment of a central-level centre would provide a foundation for localities to set up their own centres.

The centre would be used to forecast the market situation and promulgate policies to manage and develop the market, the department said.

A lack of mainstream information was one of the causes of market speculation, so the centre would boost the health of the market and help avoid speculation, it said.

Ha Noi unlikely to reach low-income housing target

HA NOI — The municipal Construction Department said the capital would not reach its Government mandate of providing 15,000 apartments for low-income earners by 2015.

The situation was due to limited capital resources combined with the fact that the country had no established guidelines for low-income apartments in terms of design standards, technologies and scale, it said.

Department figures showed that approvals to construct 11 low-income projects with more than 11,700 apartments had already been given. When complete, the apartments will provide housing for nearly 40,000 people.

Insurer PetroVietnam Holdings sees profits rise 34% in 2011

HA NOI — Insurer PVI Holdings (PVI) has estimated last year's earning at VND5.2 trillion (US$247.6 million), a 15 per cent increase over 2010 and exceeding the 2011 target by 6 per cent. Profit last year rose 34 per cent to VND450 billion ($21.4 million). PVI aims this year to earn VND6.5 trillion ($309.5 million) and post a profit of VND700 billion ($33.3 million), with plans to pay a 15-per-cent dividend.

Japanese bank completes acquisition of 15% stake in Vietcombank

HA NOI — Vietcombank (VCB) has announced completion of its sale of a 15-per-cent stake to Japan's Mizuho Bank for a cost of over VND11.8 trillion (US$561.9 million). Nearly 348 million shares were sold at VND34,000 ($1.60) per share. Following the transaction, Vietcombank's charter capital was increased from VND19.7 trillion ($938 million) to nearly VND23.2 trillion ($1.1 billion).

The State Bank of Viet Nam still holds the major interest in Vietcombank, controlling over 77 per cent of equity in the lender.

Unlisted cement pile producer sells shares to Japanese investor

HA NOI — Cement pile producer Phan Vu Investment Co has filed to sell 5 million shares to Japan Pile Corporation, which operates in the cement and hydraulics sectors.

Phan Vu shares are traded on the unlisted public company market (UPCoM). The company has charter capital of VND150 billion (US$7 million). — VNS

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