Vietnam Business Finance



Lion, Vinashin to Build $3 Billion Vietnam Plant (Jul 24)
A unit of Malaysia's Lion Group and Vietnam's Shipbuilding Industry Group (Vinashin) is seeking permission from the Vietnamese government to build a $3 billion steel plant. The mill, planned in the southern coastal province of Ninh Thuan, will have an initial capacity of 4.5 million tons a year, which will be increased to 10 million tons by 2025. Vinashin, as Shipbuilding Industry is known,


Backlog fees hit enterprises (Jul 24)
Import and export companies are fiercely resisting the increase in backlog fees being imposed on them by shipping companies who say they are doing so to deal with container backlog at ports. Ships could now face a rise in charges from between US$50 to $100. Taiwan’s Wan Hai Lines was the first company to apply the new fee. A representative of the firm said that it consulted other shipping


Vietsovpetro to tap 7.65 million tonnes of crude oil in 2008 (Jul 24)
The Vietnam-Russia oil and gas joint venture (Vietsovpetro) is striving to tap 7.65 million tonnes of crude oil in 2008, 550,000 tonnes more than its yearly plan. The target was announced at a ceremony held in the southern province of Ba Ria-Vung Tau on July 24. To reach the target, the joint venture plans to raise its output by putting four more wells into operation and fix the Ba Vi oil


Japanese architects to design national historical museum (Jul 24)
A Japanese architectural firm has been selected as the contractor to design the proposed National Museum of History, the Government announced on July 23. Prime Minister Nguyen Tan Dung gave the green light to the Ministries of Construction, Culture, Sports and Tourism’s selection of the architectural plan by Nikken Sekkei and their nomination of the company to design the new museum. The Prime


US to help Vietnam develop economy in long-run (Jul 24)
A US official has affirmed his country will give long-term assistance to Vietnam’s economic development. The US Trade Development Agency (USTDA) General Director Larry Walther told Vietnamese Deputy Prime Minister Hoang Trung Hai on July 22 the US is eager to help Viet Nam in aviation safety control and provide technical assistance in building airports and seaports. The USTDA official also said


Vietnam’s policies may prevent economy from deteriorating: ADB (Jul 24)
Viet Nam may have prevented a further deterioration of the economy by raising interest rates and slowing credit growth, the Asian Development Bank (ADB) said. The State Bank of Viet Nam has increased its benchmark interest rate three times this year to the highest in Asia, capped credit growth for the year, and is requiring banks to set aside more money for reserves. Other Vietnamese government


MODEC FSO sets sail for Vietnam (Jul 24)
MODEC has announced that the newly-built FSO RANG DONG MV17 has set sail for final installation offshore Viet Nam. The FSO is one of six floating production projects that MODEC is currently managing. It is the first project MODEC has completed with COSCO (Zhoushan) Shipyard Co., Ltd., and set an important milestone for COSCO, as the FSO is the first offshore facility the company has delivered.


Vietnam Not to Raise Electricity, Water, Coal Prices This Year (Jul 24)
The Vietnamese government has instructed sectors and enterprises not to increase charges of electricity, running water and coal before the end of this year. The government also asked them to maintain stable prices of other important goods, regardless of their smaller profits, the newspaper quoted Vietnamese Finance Minister Vu Van Ninh as saying. If they want to raise prices of certain products


Vietnam’s apparel exports to US rise (Jul 24)
Vietnam’s apparel exports to the US rose in the first six months of the year even though selling prices also increased, according to the Viet Nam Textile and Apparel Association. An official said the average price of Vietnam’s apparel was about US$2.93 a square meter, 26% higher than at the same time last year. The average price of apparel from other exporters to the US was about $1.79 per


RPG-group company to set up plants in Gujrat, Vietnam (Jul 24)
RPG group company Philips Carbon Black Ltd (PCBL) has proposed to set up new plants at Mundra in Gujrat and Vietnam, and expand capacity of its city-based plant, at a total investment of Rs 650 crore. "The company plans to set up new plants at Mundra with a capacity of 80,000 tons which is likely to be commissioned by March next year," company's Kochi unit Chief of Operations S K Ghosh said,