Inox Phuoc An Ltd.Co on Dec 17 brought glass factory into operation in Tinh Phong Industrial Park, Son Tinh district, Quang Ngai.
The factory is the first one in the central Viet Nam to produce interior decoration products and safe glass products.
Located on an area of 1.5ha, the factory was completed at the cost of VND 31.5 billion with two workshops producing massive glass products and one workshop producing inox decoration products.
In the first phase of operation, the factory is capable of producing 70,000 inox products and 40,000m2 of glass each year.
Source: vnbusinessnews
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The government has agreed in principle to allow the Vietnam National Petroleum Corporation (Petrolimex) to build a new oil refinery in central Khanh Hoa Province, a company official told Thanh Nien Daily Friday.
The refinery, with a designed capacity of processing 6-7 million tons of crude oil a year, will have a total investment of about US$5 billion, said Petrolimex Vice General Director Vuong Thai Dung. “We are preparing a feasibility study for the project,” he said.
Petrolimex is considering inviting foreign partners to cooperate in implementing the project, he said. “Besides contributing capital to the project, they will have to arrange a stable supply of crude oil for it.”
Covering 600 hectares in Khanh Hoa, the refinery, which is scheduled to start operations in 2013, will turn out products for both local consumption and export, he said.
“However, we will prioritize using the refinery’s products to serve our country’s socio economic development, local consumption, and national security,” Dung said.
Vietnam, Southeast Asia’s third-largest crude oil producer, plans to build seven refinery projects with a combined capacity of 60-70 million tons of crude oil a year.
The Nghi Son refinery in central Thanh Hoa Province is under construction, while the $2.5 billion Dung Quat plant in Quang Ngai Province capable of processing 6.5 million tons a year is scheduled to start operations next February. The rest of the projects are either in the planning stage or have been deferred.
The country imported over 11.8 million tons of petroleum products worth $10.6 billion in the first 11 months of this year, up 3.1 percent in volume and 58.3 percent in value over the same period last year, according to the General Statistics Office.
Source: thanhnien
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Vietnamese prime minister issued an Official Letter No 8607/VPCP-QHQ allowing the joint venture of Keppel Land Watco I Co to continue to carry out construction on the highest twin tower including an 88-storey building and a 66-storey building in HCM City's Dist 1.
However, Keppel Land Watco I has to be restructured.
In the joint venture with Keppel Land, Vietnamese partner will have to transfer their rights and responsibilities to the foreign partner according to the market principle. Keppel Land will sign a land renting contract to continue with the property project as a 100% foreign investment.
The project covers a site of 2 hectares.
Source: vnbusinessnews
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Tan Tao Group (ITA), Vietnam's leading industrial zone infrastructure developer, yesterday on December 10 offered a competitive bidding invitation for Kien Luong seaport and electricity centre project.
The first phase of the project with a total investment of US$2.5 billion will be invested by ITA. The total investment capital for the whole project could be some US$6 billion. However, according to Dang Thi Hoang Yen, ITA's chair, the exact total investment capital for the project will be determined after the tender and work appraisal.
A representative from ITA said that there are at least six foreign and domestic contractors keen on this tender package such as Black & Veatch, SEI, FHDI, PECC 2 and strategic partners, UK-based International Power, Japan-based Sojitz & Kuyshu and other international contractors.
Kien Luong seaport and thermo power centre is Vietnam's biggest thermo power project invested by a private firm.
The project is located in Kien Luong District in the southern province of Kien Giang will be completed in three phases from 2009 to 2018. The thermo power centre will have an estimated capacity of 4,400-5,200 MW including three thermo power plants namely Kien Luong I thermo power plant with a capacity of 1,200 MW, the Kien Luong plant II with a capacity of 1,200-2000 MW and the Kien Luong thermo power plant III with a capacity of 2,000 MW.
Under Dispatch No 1385 issued by the Prime Minister, the first Kien Luong thermo power plant will be put into operation by 2013-2014 and the second one will start operations by 2015-2016.
Source: VNE
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The State Capital Investment Corporation (SCIC) has been approved to invest in electric-power projects by the Electricity of Viet Nam (EVN).
According to a document issued by the Governmental Office, Deputy Prime Minister Nguyen Sinh Hung has approved that SCIC can use its capital to join-invest in electric-power plants by EVN on the principle that EVN and SCIC must hold at least 51% stake in these projects.
SCIC has to be responsible for its selection of ways of investment, investment projects and efficiency as well as.
Source: vnbusinessnews
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The Venezuelan government has ratified the establishment a joint venture between the Venezuelan Petroleum Corporation (CVP), a branch of Petroleos de Venezuela S.A (PDVSA), and the National Oil and Gas Group of Vietnam (PetroVietnam) in seeking and exploiting petroleum in this South American country.
Following a decision issued in an official gazette on December 15, the joint venture will drill for and exploit crude oil on bloc Junin covering 2,247 km2, in the state of Anzoategui.
With CVP holding 60% of stake and PetroVietnam, the remainder, the joint venture will be in operation for 25 years.
Sorce: vnbusinessnews
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The Vietnamese government has agreed in principle to allow the Viet Nam National Petroleum Corp., or Petrolimex, to invest $4.4 billion-$4.8 billion in a new oil refinery, the government said Thursday.
Deputy Prime Minister Hoang Trung Hai Thursday assigned Petrolimex to prepare a feasibility study into the project, the government said on its Web site.
The refinery, with a designed processing capacity of 200,000 barrels of crude oil a day, is expected to cover 600 hectares in Khanh Hoa province, 1,200 kilometers south of Hanoi, it said.
The refinery is scheduled to start operations by 2013, the government said.
The government said it would hold a stake of less than 30% in the refinery. (Dow Jones)
Source: vnbusinessnews
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More than 10,000 engineers and workers on the construction site of the Dung Quat Oil Refinery are hard at work for the first flow of commercial petrol products in two months’ time.
Visitors to the Dung Quat Economic Zone in the central province of Quang Ngai during these days are filled with pride at the sight of a modern oil refinery – the first of its kind in Vietnam – taking shape.
The refinery has just received 80,000 tonnes of crude oil from Bach Ho (White Tiger) oilfield and imported more than 52,000 tonnes of diesel oil for a test run.
The plant is in its final stage, with 98 percent of the work completed. Several components such as boilers and cooling towers are undergoing a trial period. Engineers are also testing the oil pipeline system, which is thousands of metres long, to ensure its safety.
Currently, more than 100 domestic and international contractors and more than 10,000 engineers and workers are working on the site. About 300 Vietnamese engineers are testing control equipment and accessories together with international contractors in the hope that all the equipment will be ready for use when the refinery is up and running.
The project management unit is putting the final touches on a floating port for petroleum export and a power generator, and will import liquefied gas to run the refinery.
The refinery is scheduled to churn out the first flow of commercial petrol products on February 25. Its major products are diesel, petrol, kerosene, aircraft fuel and liquefied petroleum gas (LPG). With a design capacity of 6.5 million tonnes a year, it is expected to meet one third of the country’s fuel demand.
Source: vnbusinessnews
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The Central Highlands province of Lam Dong has sought approval to open some overseas and domestic air routes, which are expected to boost local tourism and fruit and flower exports.
The provincial People’s Committee has asked that flight routes are permitted between Da Lat Town and nearby countries, including Cambodia, Laos, Singapore and South Korea.
It also suggested flight routes be opened between Da Lat and the central city of Da Nang and the Mekong Delta city of Can Tho, and that the number of flights from the town to Ho Chi Minh City be raised from two to three or four per day.
There is only one airport, Lien Khuong, in Lam Dong Province, which has two flights a day between Da Lat and HCMC, and one between the resort town and Hanoi.
Source: thanhnien
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More than 30 years after independence, it seems we haven’t been able to build a truly national highway.
We don’t have a highway that directly links the nation’s most northerly point in Lang Son Province to its most southeasterly point in Ca Mau Province.
Our neighbor China was able to develop a massive 4,000-kilometer highway system when its per capita gross domestic product was US$1,000.
Why aren’t we able to do the same?
The need for such a highway is critical. At a recent conference in Hanoi to discuss the development of Vietnam’s highways, experts warned that without a national road network, the country’s economy might begin going backwards.
There is no doubt that our road system desperately needs upgrading.
A deputy minister from the Ministry of Public Transportation says the ministry has submitted a plan to revamp the system by 2020.
Under the plan, Vietnam would end up with 20 highway sections totaling 5,873 kilometers that would connect most of the country’s vital areas.
The question is where do we get the money to fund such vital infrastructure?
Experts estimate we need $45 billion.
International agencies, such as the World Bank and the Asian Development Bank, have committed to helping Vietnam.
But an official from the Ministry of Public Transportation says international donors can only afford to allocate one third of the money required.
Vietnam will have to develop policies to encourage private investment – not just aid funding – for roads.
If not, the dream of a national highway will remain just a dream.
Source: thanhnien
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Sotheby’s International Realty Affiliates LLC, the US-based luxury real estate network, has opened its first office in Vietnam to service Vietnam, Cambodia and Laos.
Vietnam Sotheby’s International Realty will sell and lease luxury residential properties in Vietnam and around the world.
Michael R. Good, President and CEO of Sotheby’s International Realty said Vietnam was “a very important market” for the company.
The country is “an emerging international tourist destination with rapid urbanization,” Good said in a statement issued on Monday.
The office, located at 6 Thai Van Lung Sreet in Ho Chi Minh City’s District 1, is owned by Indochina Land, a real estate subsidiary of Indochina Capital, according to the press release.
Sotheby’s International Realty and Indochina Land signed an exclusive 25-year licensing agreement for Vietnam in January.
Source: thanhnien
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VietNamNet Bridge - The people’s committees of Ha Noi and HCM City have recently decided to rebuild some residential buildings that face being condemned, beginning in 2010.
These efforts aim to urgently remove households from the seriously degraded buildings, to ensure their safety, according to the committees.
Under the decision by the Ha Noi People’s Committee, I1-I2-I3 buildings of Thanh Cong Residential Quarter and C7-B6 buildings of Giang Vo Residential Quarter in Dong Da District, E6-E7 buildings of Quynh Mai Residential Quarter and Nguyen Cong Tru Residential Quarter in Hai Ba Trung District will be demolished and rebuilt in January.
According to the decision, the removed households will be granted favourable compensation, trying to move them to the same floor, and the same or larger living area as their previous apartments.
After the apartments are finished, residents will then be moved back to a larger living area.
"The city is creating favourable conditions for us to move from the old flats to ensure our safety. It’s nice," said Pham Tung Anh in I1 Building of Thanh Cong Residential Area who plans to stay with her parents while the work is being done.
Compensation
The People’s Committee of HCM City also asked 2,000 households from 289 Tran Hung Dao Street, 74 Ho Hao Hon Street of District 1, 727 Tran Hung Dao Street of District 5 and the residential quarter on 505/12 Binh Dong Street of District 8 to move from their old and degraded buildings, offering them total compensation of up to VND1,780 billion (US$111.2 million).
According to the committee, from now to 2010, the city will have finished upgrading these buildings to offer accommodation for 3,700 households.
After 2010, the city plans to rebuild 156 old residential buildings, needing to move more than 14,000 households.
The committee has entrusted the municipal construction department to supervise and keep an eye on the relocation of residents, and the construction work.
The chairmen of district-level people’s committees will be responsible for implementing the projects on schedule.
"I hope that after the new buildings are finished, the city will continue to offer good conditions with reasonable prices for us to buy the new flats because most of us living in the old buildings are low-paid workers," said Tung Anh.
Source: VNS
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VietNamNet Bridge - The flood-tide water on 15 December rose to the highest level in the past 50 years in Ho Chi Minh City, submerging many areas in the city.
The water level measured at the Phu An station at 5am was 1.55 metres, at the Nha Be station at 4am, 1.52 metres and is forecast to stay high in a few days to come.
Some areas in Thanh Xuan, Thanh Loc, An Phu Dong wards (district 12), Hiep Binh Chanh ward (Thu Duc district) and some such roads as Nguyen Huu Canh, Phu My, Xo Viet – Nghe Tinh (Binh Thanh district), Nguyen Van Luong, Hau Giang (district 6) and An Duong Vuong (Binh Tay district) were submerged 0.5 metres below the water level.
The water overflowed into the locals’ houses, flooding many apricot gardens. Many transport vehicles were dead, affecting local travel.
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VietNamNet Bridge – An annual investment of more than US$1 billion is required for infrastructure projects in HCM City that will build and upgrade a network of national highways and regional speedways by 2025.
A conference on infrastructure development held by the HCM City Investment and Trade Promotion Centre on Thursday was told that the city plans to upgrade stretches of six national highways passing through its territory including No.1A and IK, and to speed up construction of seven regional speedways, four urban highways and the city’s belt-lines by 2025.
Six metro routes with a combined length of 107km and three urban railroad routes with a total of 35km need to be completed in the same period, the conference was told.
Deputy chairman of HCM City People’s Committee Nguyen Trung Tin remarked that: "Roads are being developed by two per cent while the number of vehicles grows by 10 per cent per year, leading to the overload on HCM City’s infrastructure facilities."
Six more water supply projects and 10 wastewater treatment plants will be also completed by 2025, the conference heard.
All these projects in HCM City require a total investment of $15 billion. Duong Hong Thanh, deputy director of the city’s Department of Transport and Public Works, said these infrastructure projects could apply different forms of investment – BOT (Build-Operate-Transfer), BO (Build-Operate) or land-infrastructure exchange.
"What is most important is that the investment forms should help attract capital from local and foreign companies into these projects," he said.
Specific investment forms suitable for each infrastructure development project will be identified, Thanh added.
Source: Viet Nam News
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VietNamNet Bridge – The European Chamber of Commerce in Vietnam (EuroCham) will give further assistance to Vietnam in boosting its economic development, according to a EuroCham executive.
Eurocham’s director Nicholas Greenfield made this pledge on the 10 th anniversary of EuroCham operations in Vietnam on December 16, adding that the best way to develop the Vietnamese economy is its commitment to create an equal playing field for both domestic and foreign enterprises.
Together with helping EuroCham’s associates to develop and promote their operations in Vietnam , the chamber will create optimal policies to help develop the country’s economy, based on the experiences of EU member countries and European businesses, he said.
It will also provide the knowledge of leading European enterprises to the Vietnamese private economic sector, he added.
EuroCham is a representative of more than 600 businesses operating in Vietnam . It has actively supported the private economic sector, which serves European investors’ interests, promoted business cooperation between Vietnamese and European businesses, as well as raised the country’s competitive capacity within the global market.
During 2008, the chamber organised many events and chaired meetings attended by Vietnamese government officials.
It also published a book, entitled “Commercial issues and recommendations”, which has collected the opinions of leading European investors and introduced recommendations to develop 13 key economic sectors, such as banking, infrastructure and distribution and retail.
Source: VNA
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The Saigon Asset Management Corporation (SAM) signed strategic cooperation agreements on Dec. 16 with three local companies to increase the efficiency of investments in real estate projects.
Under the terms of a deal inked with the Phu My BOT Joint Stock Company (PMC), the two firms will join forces to provide consultancy services and encourage investors to pour investment into other businesses.
SAM and the Thanh Danh Trade and Construction Co. Ltd, one of the major stakeholders of PMC, agreed to work as consultants and arrange investment for the 120 million USD Sai Gon II bridge project, the 250 million USD No. 1 tramcar route in Ho Chi Minh City , and the 800 million USD Ca Pass tunnel project.
SAM, which now manages two funds listed on the German stock market - Vietnam Equity Holding and Vietnam Property Holding, also agreed upon a deal with the SAVIMEX Joint Stock Company (SAV) to jointly develop real estate projects funded by SAV investment.
Source: VNA
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Ho Chi Minh City will offer tax breaks and land plots to developers investing money in infrastructure, officials have said.
The city’s infrastructure, including roads, drainage and wastewater treatment utilities, most of which are decades old, is unable to meet the needs of eight million people, said Lu Thanh Phong, deputy director of the Department of Planning and Investment.
For infrastructure developers, corporate tax would be waived for the first four years and it would later be just 10 percent instead of the normal 25 percent, he said.
If, after completing their infrastructure projects, they want to invest in non-infrastructure projects, the city would give them priority in land allotment, he added.
Ly Chung Dan, deputy general director of the public utility Saigon Water Corp., said non-state businesses investing in water supply could even be subsidized.
The city water supply system needs an investment of around VND5.85 trillion (US$344 million), he said.
The transport department has said it needs $15 billion through to 2020 for building and expanding roads and developing subways and railways.
Source: thanhnien
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Japan ’s Fukukawa Automotive Systyne Co, Ltd will invest 16 million USD in a factory producing electric wires for automobiles in the Mekong Delta province of Ben Tre .
Located at the Giao Long Industrial Park in Chau Thanh district, the 3.5 ha factory is designed to have an annual capacity of 3.6 million units, mainly for export.
Once operational in late 2009, the factory is expected to generate 2,900 jobs.
The company now runs a similar factory at the Tan Thuan Export Processing Zone in Ho Chi Minh City.
Source: VNA
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Just after the Ministry of Finance adjusted import tariffs on structural steel, steel producers have increased steel prices by VND0.8m (US$48) per ton compared with prices in November.
Structural steel is currently sold at about VND12m (US$717) per ton in the market. However, prices are still 50 percent lower than peak prices in August.
Steel retailers say that demand for structural steel has increased toward the end of the year, contributing an increase in steel prices.
Vietnam Steel Association says that steel output grew to 300,000 tons in November, double the previous three months.
It is predicted that output will continue to rise by 300,000 tons by December and January, as builders try to finish construction before the Tet holidays.
Steel prices have also been affected by the sharp rise in prices of steel ingots. A ton of steel ingots costs between US$400-450, up from November by US$100-150.
Source: VNN
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The Central Highland Province of Lam Dong needed to quicken its economic restructuring, Deputy Prime Minister Hoang Trung Hai said during a meeting with its senior officials yesterday.
The province had not fully explored, or exploited, its potential for the processing of agricultural produce or small thermal power generation, he said.
The deputy prime minister asked participants at the meeting to focus on the implementation of group solutions, the exploration of comparative and potential advantage and sustainable socio-economic development.
Proposals to seek Government help in basic transport and irrigation construction, the support of economic groups and co-ordinated investment for major projects were all approved at the meeting.
Source: VNN
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