Saturday, December 13, 2008

Tokyo Electric wins $1.03 million consulting contract

Tokyo Electric Power Co., Asia’s biggest utility, has won an Asian Development Bank (ADB) contract to draft a plan to build transmission lines linking Cambodia, Laos and Vietnam.

The contract is worth about US$1.03 million, the utility said in a statement in Tokyo Thursday. A team of five employees, including engineers specializing in transmission, would work on the plan, company spokesman Hiroshi Itagaki said by telephone Thursday.

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City earmarks $104 million for new apartment blocks

Trillions of dong will be earmarked for overhauling dilapidated apartment buildings in Ho Chi Minh City and relocating thousands of affected households, the municipal administration announced Friday.

HCMC Deputy Mayor Nguyen Thanh Tai instructed the Department of Construction to oversee the demolition of 20 ramshackle apartment buildings between now and 2010.

Under the overhaul blueprint, around 2,000 households will be relocated and offered compensation of around VND1.78 trillion (US$104.4 million), Tai’s dispatch said.


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Vietnam – the most attractive newly-emerged market

VietNamNet Bridge – In a report on future markets of the UK Trade and Investment Agency (UKTI), Vietnam is regarded as the most attractive newly-emerged market, even more so than Brazil, Russia, India and China (BRICs).

The report says that in the past decade, Vietnam’s economic growth ranked only behind China. The country has not been greatly affected by the recent global crisis thanks to its young and low-level integrated finance sector.

The second meeting of the Joint Economic and Trade Committee of Vietnam and the UK (JETCO) was held recently in London, chaired by the General Director of the UKTI, Andrew Cahn. The Vietnamese delegation was led by Deputy Minister of Industry and Trade Le Danh Vinh.


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HCM City requires 1 billion USD each year for infrastructure

Ho Chi Minh City needs at least 1 billion USD a year to develop its infrastructure from now to 2015 and is calling for investors into the field.

In such a bid, the municipal authorities organised a conference on Dec. 11 introducing projects in need of investment, including the upgrade of six sections of national highways and the construction of seven inter-region expressways and four urban expressways.

The economic hub also plans to develop six metro routes with 107 km in total length plus three tram routes with 35 km in length and build about 10 waste water treatment plants and several water supply stations.


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Deputy PM launches construction of Da Lat complex

Deputy Prime Minister Hoang Trung Hai ceremonially broke the ground to begin construction of the Da Lat cultural and urban complex in the resort city of Da Lat on Dec. 12.

The project, with investment capital of approximately 3.5 trillion VND (205.8 million USD) will cover 19.7 ha of land in a valley next to Xuan Huong lake in central Da Lat.

The complex will contain a park, three, four and five-star hotels, an office building, apartments, villas and other facilities.


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First oil refinery to sell all products

VietNamNet Bridge - The PetroVietnam Corporation (PV Oil) has announced that it is building oil storage facilities and a distribution network to enable the sale of 3.2 million tonnes of products from the Dung Quat oil refinery.

The nation’s first oil refinery in the central province of Quang Ngai is scheduled to commence operations by the end of next year.

PV Oil said that its storage system will include oil tanks with total volume exceeding 780,000 cu.m., as well as an international transit and reserve warehouse with a capacity of 1.8 million cu.m.


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ADB grants highway construction loans to Vietnam

VietNamNet Bridge - The Asian Development Bank (ADB) signed agreements with the State Bank of Viet Nam (SBV) on Dec. 12, granting a 26 million USD loan to Vietnam for the implementation of three highway construction projects.

The three highway projects include a 120-kilometre highway from Hanoi to Lang Son, a 120-kilometre highway from Ha Long to Mong Cai and the 60-kilometre Ben Luc – Long Thanh highway, an integral section of the Eastern Economic Corridor of the Greater Mekong Subregion (GMS).

The loan also aims to help Vietnam Highway Investment and Development Company, that will be responsible for carrying out the projects, to enhance its operational and management capacities.


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Friday, December 12, 2008

PM approves foreign-funded projects

The Prime Minister gave his approval to a project to build and upgrade the drainage and sewerage treatment systems in Quang Tri town, Quang Tri province on December 10.

The project requires total investment capital of 6 million EUR, including over 5 million EUR in preferential credits from the Norwegian Government.

The PM also approved another project to develop the urban transport network in Hai Phong city, which is to be financed by the World Bank.


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Thursday, December 11, 2008

WB, ADB to lend $110 mln to Vietnam

The World Bank (WB) and the Asian Development Bank (ADB) will offer a combined credit of US$110.3 million to help Vietnam improve its agriculture, reduce poverty and rebuild rural infrastructure damaged by typhoons.

According to an agreement signed in Hanoi Tuesday, the WB will loan $59.8 million to help Vietnam improve its agricultural competitiveness.

The loan, funded by the International Development Association (IDA) – the WB’s concessional lending arm for low-income countries – will be used to help smallholding farmers in eight central Vietnamese provinces through the Agriculture Competitiveness Project.


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Tan Tao seeks contractors for $7.7 bln power plant

Tan Tao Investment Industry Corp. Wednesday opened up the bidding for construction engineers for a US$7.7 billion power plant and seaport in the southern province of Kien Giang.

The Ho Chi Minh City-based industrial park builder and operator, also known as ITA Group, said the complex will be located in Kien Luong Town and comprise Kien Luong 1 and Kien Luong 2 power plants and the Nam Du deep seaport.

Construction of Kien Luong 1 plant will begin next year at an investment of $2.5 billion, said Tan Tao’s vice president Nguyen Tuan Minh. Its capacity will be between 1,200-2,000 megawatts with initial generation of 600 megawatts by late 2013.


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New grade-A building for HCMC

Centec Tower, the first new grade-A office building in Ho Chi Minh City since 1999, will open in April next year, Sao Phuong Nam (Southern Star) Corporation said in a statement.

Space in the 23-story building, at 72-74 Nguyen Thi Minh Khai Street in HCMC’s District 1, will be leased for US$57-65 a square meter a month, according to Chris Currie, head landlord representative of CBRE Vietnam.


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Vietnam joins efforts to ensure human rights, president says

Vietnam, as a member of the international community, has been participating in concerted efforts to ensure and enforce human rights, President Nguyen Minh Triet said Wednesday.

President Triet made the statement as he gave a message of congratulations to UN Secretary General Ban Ki-moon during a ceremony marking the 60th anniversary of the adoption of the Universal Declaration of Human Rights.

Vietnam, Triet said, believes that the lofty values contained within the Universal Declaration of Human Rights would continue to be a foundation for cooperation, mutual understanding and trust among countries in the 21st century and beyond.


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Vietnam to spend $143.6 mln on climate change program

Vietnam will set aside VND2.37 trillion (US$143.6 million) between 2009 and 2015 to address climate change, according to the Ministry of Natural Resources and Environment.

Under a national target program recently approved by Prime Minister Nguyen Tan Dung, the money, half from foreign funds, will be spent on assessing climate change impacts in Vietnam, identifying response strategies and developing a science technology program on the issue.

It will also be used to increase the capacity of organizations and institutions, raise awareness and develop human resources and action plans.

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China, Vietnam consolidate investment links

The Chinese government attaches great importance to increasing its investment ties with Vietnam , particularly with regard to turnkey projects, a representative of the Chinese Embassy in Vietnam said during a press briefing in Hanoi on Dec. 10.

Sharing this view, Chinese Trade Counsellor Hu Suo Jin pointed out that, since the two countries established diplomatic ties in 1991, Vietnam and China have recorded a total of 10 billion USD in turnkey contracts. Vietnam is now China ’s second largest turnkey project market, he said.

The Chinese Ministry of Trade will organise an exhibition featuring mechanical engineering technology in Hanoi between Dec. 11-13, he added, saying he hoped that the exhibition would offer opportunities for businesses from both countries to stimulate investment cooperation and coordination to help cope with the global financial crisis.


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Govt approves additional central hub

The Prime Minister has signed off a project regarding Chan May-Lang Co economic park, in the central province of Thua Thien-Hue , adding an additional economic hub to the central region to join the Dung Quat economic zone in Danang city.

Once completed in 2025, the 27,108 ha economic park will serve as a major port city to provide deep-water seaport services and handle shipments of cargo for the key central economic zone.

The Chan May urban area and other key centres, such as those involved in commerce, financing, information, healthcare and training, will eventually occupy more than 1,500 ha near the banks of the Bu Lu and Thua Luu rivers and at the foot of Phuoc Tuong mountain.


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Vietnamese businesses in Germany look home for opportunities

The Association of Vietnamese Businesses in Germany met with a visiting delegation from the Bank for Investment and Development (BIDV), led by its Vice General Director Hoang Huy Ha in Berlin on Dec. 9.

The two sides exchanged views on the future prospects for 8,000 businesses run by overseas Vietnamese in Germany , including 200 companies that specialise in import-export.

They discussed avenues of opportunity for cooperation between Vietnamese businesses in Germany and BIDV and other businesses in Vietnam .


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Provincial Competitiveness Index 2008: Da Nang ranks first

VietNamNet Bridge – The Provincial Competitiveness Index 2008 (PCI 2008), which was announced this morning in Hanoi, partly reflects the dull economic panorama this year.

The number of provinces which are listed as having very good economic management quality is less than last year while the number of localities with low economic management quality is higher. The two provinces of Binh Dinh and Vinh Long have been ousted from the very good group while the group of provinces with low competitiveness indexes has increased from 4 to 6 members.


Reductions of points occurred most often in the two fields of labour training and policies to develop the private economic sector, reflecting businesses’ displeasure with public service quality and the administration of local leaders.

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FDI – implemented and registered figures

VietNamNet Bridge – By early November 2008, registered foreign direct investment (FDI) in Vietnam had hit $61 billion. According to the Foreign Investment Agency under the Ministry of Planning and Investment, the figure may reach $65 billion for the whole year. However, FDI forecast for 2009 is merely $30 billion.

Will the FDI in Vietnam in 2009 fall due to the world economic slowdown, Vietnam being less attractive, or Vietnam refusing FDI projects?

First of all, it has to be remembered that Vietnam’s conception of FDI is different from the rest of the world’s. While Vietnam talks about registered and implemented FDI, the world prefers realised FDI.

Registered FDI is the total FDI registered in investment licences, including equity capital and credits. Equity capital includes foreign capital and capital contributed by domestic partners. Credits include loans from foreign and local banks.

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Vietnam economy in good shape

VietNamNet Bridge – Speaking at a ceremony, held in Tokyo on Wednesday, to release a new World Bank report about East Asian economies, Vikram Nehru, the WB’s chief economist for East Asia and the Pacific, advised the economies that have a strong reliance on foreign investment to be cautious to avoid risks.

Nehru said the world is now in the most serious financial crisis in history, which is affecting even countries with good management capability. However, Vietnam has taken suitable measures to deal with difficulties and stabilize its economy.

While East Asian countries have entered the current crisis substantially better prepared than they were for the 1997 Asian financial crisis, none have been spared the full fury of the global economic storm, says the WB’s latest six-month assessment of the East Asia and Pacific region’s economic health.


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Wednesday, December 10, 2008

Hanoi flooding a construction lesson: official

Hanoi authorities and urban planners often “ignore the infrastructure factor when approving the city’s urban projects” and floods due to heavy rains are the consequence.

The argument was put forward by Ngo Trung Hai, deputy head of the Institute for Urban and Rural Zoning under the Ministry of Construction.

How do you evaluate Hanoi’s urban planning given the recent flooding?

( From Attirily: Attirily would like to seek advices from worldwide readers how to prevent such case of flood due to rainfall because Hochiminh city is also same. SMART-Technology Solution was applied in Kuala Lumpur city and it is really good. Any other method? )


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Foreign investment should focus on effective sectors, academics advise

VietNamNet Bridge - Vietnam needs to ensure foreign investment is directed to sustainable industries and the country needs to do more to train rural workers.

These are some of opinions voiced by international and local scholars at a three-day conference on Vietnamese studies, “Vietnam: Integration and Development”, which ended in Ha Noi on December 7.

At the opening ceremony, Vietnamese Vice President Nguyen Thi Doan said the Vietnamese government required in-depth studies to scientifically map its strategies and policies


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Japan suspends ODA grant, Hanoi cuts investments

VietNamNetBridge – Director of the Hanoi Department of Planning and Investment Nguyen Van Suu talked about the difficulties ODA-funded projects would face when Japan suspended its ODA pledges.


Japan has announced the suspension of its ODA projects in Vietnam, including projects for Hanoi. Did the Hanoi Department of Planning and Investment anticipate this situation?


We have not officially been informed about the suspension of Japanese ODA-funded projects in Hanoi.

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Seminar discusses urbanisation in Southeast Asian

An international seminar took place in Ho Chi Minh City on December 9, focusing its discussion on urbanisation trends in Southeast Asia ’s big cities and their environs.

Reports presented at the seminar introduced a number of urbanisation models in Southeast Asia, including those of the region’s biggest cities, including Bangkok ( Thailand ), Manila (the Philippines ), Jakarta ( Indonesia ) and Ho Chi Minh City ( Vietnam ).

They said big cities play a key role in and have made great contributions to the development of national economy.


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Construction exhibition opens in Hanoi

More than 100 businesses and management agencies are taking part in the Vietnam Construction, Building Materials and Real Estate Exhibition (Consmat 2008), which opened in Hanoi on Dec. 10.

Deputy Minister of Construction Nguyen Tran Nam said Consmat 2008 is a chance for producers and traders in the sector to introduce new products and technologies and to seek partners.

At 200 pavilions of Consmat, businesses show their products and services, including urban plans; housing, office building, hotel and industrial zone projects; construction technology, and a wide range of building materials.

Source: VNA

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Tuesday, December 9, 2008

Concern about quality of traffic construction consulting services

VietNamNet Bridge – A shortage of qualified labour, combined with the low quality of services, supplied by traffic construction consulting companies is of great concern to transportation authorities.

There are more than 80 companies supplying transport consulting services, according to the Transport Construction and Services Management Department (TCSMD). Despite the large number of companies, however, there are only about 6,000 employees – equivalent to the workforce of a medium-sized traffic construction company – working in this field. The number of professional engineers accounts for 60 per cent of that figure.

Currently, Transport Engineering Design Inc (TEDI) is the country’s only company operating under the parent-subsidiary model with 10 subsidiaries and 1,500 workers and engineers. Another few companies have 100-200 employees.


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Japan road firm opens rep office in Viet Nam

VietNamNet Bridge – Major domestic roads will be built in Viet Nam by a leading Japanese company, Central Nexco Expressway Ltd Co, according to speakers at the opening ceremony of the company's first Viet Nam office yesterday.

Speaking at the opening ceremony, Deputy Minister of Transport Ngo Thinh Duc said: "The Vietnamese Government is prioritising transport infrastructure, especially expressways, which are still poor and out of date."

Duc added: "The government is encouraging the building of road traffic systems on highways to attract investors' attention."


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New Phu Quoc airport holds key to island’s future

VietNamNet Bridge – Construction of the Phu Quoc International Airport which began last month is vital to the island’s development, local authorities have said.

Bui Ngoc Suong, People’s Committee chairman of Kien Giang Province – of which the island is a part – said he expected the new airport would help develop the local economy and tourism industry.

The airport is being built by the Southern Airports Corporation at a cost of 970 million USD. When completed in mid-2012, it will be able to handle B767 and B747-400 aircraft and up to 7 million passengers and 27,600 tonnes of cargo a year.


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Monday, December 8, 2008

HCMC infrastructure projects powering on

Work is continuing on two major Japan-funded infrastructure projects in the city, contrary to rumors sweeping the city that the projects had been halted by the suspension of Japanese aid loans to Vietnam.

Work was continuing on both the East-West Highway and HCMC Water Environment projects, HCMC Transport Department Deputy Director Le Toan said.

“I have not been informed by related authorities to halt the two projects,” said Toan, who was last month assigned to oversee the two projects. “I don’t think the situation is dire enough to stop the two projects but if it happened, it would be really bad for us.”


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Vietnamese businessman honoured by Laos

VietNamNet Bridge - Le Van Kiem, General Director of the Long Thanh Golf Company in Ho Chi Minh City was awarded the Labour Order, first class, of Laos on Dec. 5 in recognition of his contribution to assistance to the Lao War Veterans’ Association (LWVA).

Lieutenant General Nakhone Sisanom, President of the LWVA; and Lieutenant General Somphet Thipmala, Vice Minister of Defence attended the award ceremony in Vientiane .

In 2008, Mr. Kiem, who is also Vice President of the HCM City War Veterans Association, has spent hundreds of thousands of US dollars to build the LWVA office and houses for Lao war veterans and contribute to Lao fund for support of the poor.


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More investment in construction to prevent economic downturn

VietNamNet Bridge - The industrial production value has increased by 15.8-16 percent, but the construction industry has decreased by 2 percent.

The key task for 2009 that Prime Minister Nguyen Tan Dung urged ministries and departments to implement is to prevent economic depression. The solution is investment encouragement.

Minister of Planning and Investment, Vo Hong Phuc said that to prevent economic depression and achieve an industrial growth of 7.4 percent in 2009, Vietnam should directly encourage investment in construction and construction materials. It means that the country must consume all materials in stock and remove difficulties for businesses involved in the field.


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Vung Ro Oil Refinery plant plans postponed

VietNamNet Bridge – Construction of the Vung Ro Oil Refinery will be postponed, said Pham Ngoc Chi, Phu Yen Province People's Committee Chairman, at a recent provincial meeting.

Construction now would start at the beginning of 2009 instead of the end of this year as planned earlier, he said.

The postponement stems from a delay in the land clearance process. The province has yet to complete construction of the Phu Lac resettlement zone and the Hoa Tam New Administration Centre in order to provide housing for 5,100 displaced people.

Phu Yen People's Committee granted the investment licence for the Vung Ro Oil Refinery in November last year.


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Vietnam to offer market-driven air service charge

Vietnam will allow its aviation sector to adjust its air transport and service charges in line with market prices as part of its fulfillment of WTO commitments.

The move is expected to be implemented as from this month as proposed in a report the Government has submitted to the National Assembly Standing Committee.


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Business opportunities in Vietnam remain unchanged, says asset manager

Vietnamese-Canadian asset manager Don Lam, who is working in Ho Chi Minh City has said business opportunities in Vietnam have not changed in the context of the global economic downturn.

“There has been great volatility this year but our view of the opportunity in Vietnam has not changed, we still see significant value and potential across the economy,” Don Lam told the Canadian Financial Post in a recent interview.

Vietnam had an enormous inflow of foreign investment in 2007 and this, combined with relatively free local money supply, lead to an overheating of the economy. However, the government has imposed a fairly comprehensive set of policies to cool the economy and slow credit growth, he said.


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Malaysia to build ship hatch cover plant in Ben Tre

The Mekong Delta province of Ben Tre has licensed a Malaysian-invested project to build a ship hatch cover manufacturing plant at a total cost of 18 million USD in Chau Thanh district.

The plant, which will produce hatch covers for ships and other steel-based products at an annual capacity of 15,000 tonnes, is an investment of Vastalux-Anpha, a joint venture between Vastalux SDN-BHD of Malaysia and Anpha Trade and Service Co. Ltd of Ho Chi Minh City .


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Vietnamese enterprises receive Int’l Asia Pacific Quality Award

Deputy Prime Minister Nguyen Thien Nhan has expressed hope that more and more Vietnamese enterprises will participate in the Vietnam Quality Award and the International Asia Pacific Quality Award.

Addressing the awards ceremony held in Hanoi on December 7, Deputy Prime Minister Nguyen Thien Nhan highlighted efforts made by the Ministry of Science and Technology, the General Department of Standardisation, Measurement, and Quality and localities in supporting the Vietnam Quality Award.

Mr Nhan emphasised that over the past 13 years, the winning enterprises have established their position in both local and international markets by improving their quality and competitiveness.

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Sunday, December 7, 2008

Vietinbank to raise $65 million through IPO

The country’s fourth-largest lender by assets, state-run Vietinbank, said Friday it plans to raise at least US$65 million by selling 4 percent of its total capital in an initial public offering (IPO) later this month.

Vietnam Bank for Industry and Trade has set the minimum bid price at VND20,000 ($1.21) for each of its 53.6 million shares in the IPO on December 25 at the Ho Chi Minh Stock Exchange, it said in a statement.

Hanoi-based Vietinbank said the proceeds of its IPO would be used to raise its registered capital.

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Vietnam eyes construction projects for pump priming

The government will lend most of its proposed US$1 billion economic stimulus package to feasible construction projects, Tuoi Tre newspaper has reported, quoting Minister of Planning and Investment Vo Hong Phuc.

The loans may focus on low-income housing, student lodgings and electricity plants, Phuc said, according to the newspaper.


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Mekong fund closes US$5m investment

The Mekong Enterprise Fund II has completed an investment of US$5million in Digiworld Corporation, marking the eighth investment of the fund since it made its debut in June 2006.

"Viet Nam’s IT market has experienced impressive growth over recent years, and has strong long-term development potential. Digiworld is a leading distributor with an extensive distribution network and 10 years experience in the industry," Chris Freund, Managing Partner of Mekong Capital said.


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