News November 2003

Intel names local OEM partner – SGTW 15.11.2003

Intel Vietnam has signed agreements to recognize CMS and FPT as its Original Equipment Manufacture (OEM) for Intel products in computers and servers manufactured by these two companies. Under the agreement, Intel will assist to approach its new technology and products, improve product quality and expand market at home and abroad.

Ho Chi Minh City (HCMC) plans a metro system – SGTW 15.11.2003

HCMC authorities have asked the government to approve plans to build two metro routes in the city with a total investment of USD 795 million. The funds are expected to come from German ODA, the city’s budget and foreign loans arranged by the German KfW. Work is to start next year and to be completed in 2008. Siemens has helped to conduct the feasibility study.

Germany service company to invest in Binh Duong – SGTW 15.11.2003

P.Duessmann will build a laundry factory with an investment of EUR 3.5 million in Binh Duong to supply laundry service for hospitals in Ho Chi Minh City and neighboring provinces. The Company also plans to invest USD 10 million in an elderly people care center.

Government budget for 2004 – SGTW 8.11.2003

The Government budget for 2004 is estimated a US 10 billion, main income source are local taxes, import-export taxes and crude oil. Meanwhile, government spending next year is predicted to be USD 12 billion.

Second largest oilfield starts production – SGTW 8.11.2003

The first flow of crude oil was pumped from Black Lion oilfield off the southern coast last week. The operator of the oil field expects to produce 132,000 tons this year and 1.58 million tons next year. The oilfield has estimated reserves of 500 million barrels and is the second largest in Vietnam.

Water purification plant in Hoa Binh planned – SGTW 8.11.2003

The construction of a water purification plant in Hoa Binh is planned for next year. The USD 159 million project to be completed in 2006 will supply 300,000 cu.m per day for Hanoi, Hoa Binh and Ha Tay.

IDG to form USD 80 million venture fund – SGTW 1.11.2003

The International Data Group (IDG), the worlds leading technology media, will establish a USD 80 million venture capital fund in Vietnam, which is part of its plan to invest USD 100 million in the country by 2010. IDG will buy into strong and profitable local and foreign invested companies, especially those in the information and communication technology sector.

Canon Vietnam has high exports – SGTW 1.11.2003

Canon Vietnam has so far this year exported USD 140 million worth of inkjet printers. The company has invested USD 76 million in a factory in Hanoi, which turns out 200,000 printers monthly.

Enterprise Law boost private sector – SGTW 1.11.2003

72,600 new businesses have been established under the Enterprise Law since it took effect on Jan.1, 2000. The new businesses have a total registered capital of US 9.5 billion. They contribute to nearly half of the export turnover.