News October 2003

High export sales to U.S. – SGTW 25.10.2003

Vietnam’s exports to the U.S. this year are expected to increase to USD 4.5 billion, up 90% on last year. According to trade experts, after the signing of the bilateral trade agreement between the U.S., exports to the U.S. increased from USD 1.7 billion in 2001 to USD 2.4 billion in 2002, and USD 2.24 billion in the first half of this year.

Investment funds invest more in local businesses – SGTW 25.10.2003

Foreign investment fund companies are stepping up operations in Vietnam with investments in several local businesses. The fund management company Mekong Capital has invested USD 745,000 in Lac Viet informatics company to develop the company’s business strategy and improve its management. Mekong Capital plans to invest another USD 4 million in three or four Vietnamese businesses this year, especially export producers.

Binh Dinh Province invites property developers – SGTW 18.10.2003

Authorities in Binh Dinh Province are inviting local and foreign property developers to build hotels, resorts and recreation parks. The province has listed 18 tourism-related projects and incentives for investors such as tax breaks, support for infrastructure construction and simple procedures. More information about Binh Dinh ...

Government will spend USD 300 million for software – SGTW 18.10.2003

The Government will spend USD 300 million annually applying the latest software programs. According to the Ministry of Post and Telematics, half of the sum will go to the post and telecom industry, USD 50 million to finance, banking and customs agencies, and the rest to education and e-government.

USD 550 million power project gets nod – SGTW 18.10.2003

The Government has approved a USD 550 million thermo-power project in Quang Ninh Province. The 600MW station will be developed by a local company. The Ministry of Industry will guarantee the company’s offshore loans to buy equipment and materials.

Fresh FDI nears USD 1.2 billion – SGTW 11.10.2003

Figures from the Ministry of Planning and Investment show that 476 foreign invested projects with a combined capital of USD 1.2 billion were registered in the first nine months of the year. The Southern region with Ho Chi Minh City, Binh Duong and Dong Nai accounted for more than half of the total FDI capital (USD 670 million). Top 4 investors are Taiwan, South Korea, British Virgin Islands and Australia.

Government issues bonds to raise USD 300 million – SGTW 11.10.2003

The Government will issue bonds totaling USD 300 million with USD 200 million in local currency (Vietnamese Dong) and USD 100 million in foreign currency. The bonds with terms of five and ten years will have annual interest rates of 8.5% for Vietnamese Dong bonds and 3.5% for foreign currency bonds.

ACB offers homebanking – SGTW 11.10.2003

Asia Commercial Bank (ACB) has cooperated with VASC Software and Media to launch homebanking service allowing clients to pay bills and transfer money online. The service is confined to corporate clients and local currency transactions.

First cellphone plant in Vietnam – SGTW 4.10.2003

Construction of the first cellphone manufacturing plant in Vietnam will start in Danang this month. Danang Cellphone Manufacturing and Assembling Factory, capitalized at USD 3.7 million, will begin operation in February next year with an annual capacity of 300,000 phones.

New steel plant in Quang Ninh – SGTW 4.10.2003

The Ministry of Industry is seeking Government approval for a USD 120 million steel complex in Quang Ninh. The Project will replace outdated steel mills and reduce Vietnam’s dependence on steel ingot import. Vietnam Steel Corporation will be the investor.

IKEA increases furniture business in Vietnam – SGTW 4.10.2003

IKEA, a leading distributor of furniture and wooden furniture has decided to spend USD 110 Million buying goods from Vietnamese furniture companies this year. The figure makes Vietnam the third largest Asian supplier for IKEA behind China and India.

New Cement plant in Quang Nam – SGTW 4.10.2003

The Government has approved a USD 320 million cement project in Quang Nam. The plant will produce 3 million tons of cement per year. The investment capital comes from Switzerland and Vietnam Cement Corporation.