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The Ministry of Information and Telecommunications said Thursday local wireless carriers are not allowed to lower rates before Tet, the Lunar New Year festival starting next weekend. According to the ministry’s Telecommunications Department, any rate cut by large companies at this point would trigger a price war, negatively impacting the domestic market and hurting small players. With the announcement, the ministry has rejected proposals to lower mobile phone rates made by three local telecom giants Viettel, MobiFone and Vinaphone. Viettel on January 27 asked for government’s consent to cut rates by up to 20 percent. Two days later Vinaphone and MobiFone proposed similar rate cuts. Viettel proceeded with its plan on February 1 without approval and sources from the ministry said the company would have to face penalties.
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Khaisilk Corporation on Thursday announced it would begin construction of a boutique resort, the Royal Residence, early next month in HCM City’s District 7. Project investor Hoang Khai said at a press conference that the resort would cover a 4,300sq.m area on Tran Van Tra Street, within walking distance from the Crescent Lake in the new urban area of Phu My Hung. Khai said the corporation would invest around VND17 billion (US$920,000) to develop the resort, which is expected to start operation by February next year. The resort focuses on Indian architecture with both interiors and exteriors reflecting the atmosphere of the ancient Indian Maharaja palaces. It will include 15 individually designed and spacious suites, with amenities including a cinema, a private viewing room in the east wing, and in the west wing, a spacious spa and gym with an outdoor swimming pool.
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Construction giant Vinaconex (VCG), listed on the Ha Noi Stock Exchange, beat its earnings target for last year by 11.2%, with combined revenue from all units totaling VND13.12 trillion (US$697.9 million). Net profit grew 41.8% year-on-year to VND460.5 billion ($24.5 million). Vinaconex is one four listed companies which earned VND10 trillion ($555 million) or more last year, joining a select club that consists of software giant FPT, PetroVietnam Technical Services (PVS), and Phu Nhuan Jewelry (PNJ). Construction, the sector generating the biggest chunk of Vinaconex revenue, accounted for 55% of the company’s earnings in 2009, but the company was also active in the production of industrial and construction materials, as well as real estate development. In 2010, Vinaconex is planning to issue VND2 trillion ($106.4 million) worth of corporate bonds and carry out a stock split that would enable it to increase its charter capital.
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The ParkCity Hanoi New Township is getting closer to seeing the light of day, as bankers have agreed to finance the project. The Vietnam International Township Development JSC (VIDC), the developer of the ParkCity Hanoi New Township and Vietinbank last week signed a credit agreement to provide VND846 billion ($45.7 million) for the project’s two initial development phases. To cover 77.4 hectares at the junction of extended Le Van Luong and Le Trong Tan roads in Ha Dong district, about 13 kilometers from the city centre, the ParkCity Hanoi will have an overall investment capital of VND1.5 trillion ($81 million). The project aims to provide mixed density housing, neighborhood shops, schools, a park and other recreational facilities.
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The largest Vietnamese trade show in water and wastewater industry, the VIETWATER 2010 - 2nd Vietwater Expo & Forum will be held from 10-12 November 2010 in Ho Chi Minh City. It is organized by AMB Exhibitions Sdn Bhd in cooperation with the Vietnam Water Supply Association. MEREBO Messe Marketing based in Hamburg/Germany is in charge of the "Europe, North America and Australia Pavilion" dedicated to companies, associations, chambers and trade press of these regions. 148 exhibitors from 21 countries and 5500 delegates and trade visitors attended VIETWATER 2008 in Hanoi. Concurrently held with VIETWATER 2010 Expo & Forum at the Saigon Exhibition and Convention Centre, Ho Chi Minh City are VIETSTOCK, VIETBREW and VIETPHARM 2010.
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January's auto sales in Vietnam soared 76 percent from the same month a year ago to 6,961 units, accelerating from an annual rise of 59 percent in December, an industry report said Friday. Japan's Toyota Motor Corp, the top seller, sold 2,212 vehicles last month, a rise of 31.8 percent from a year earlier, the Vietnam Automobile Manufacturers Association said in its monthly report. Last year sales by 16 auto makers in Vietnam rose 7 percent from 2008 to 119,460 vehicles.
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The Ministry of Industry and Trade said Monday that it has decided to privatize Vietnam National Petroleum Corp., or Petrolimex. The government will retain a stake of at least 75% in the company when it is privatized, the ministry said. The decision comes a month after Prime Minister Nguyen Tan Dung said he agreed in principle to privatize the company. Petrolimex, which holds a 60% share of Vietnam's retail oil products market, said last week that it aims to complete its privatization process this year.
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Berjaya Corp, a Malaysian property, betting and insurance group, rose to its highest level in two weeks in Kuala Lumpur trading after a report stated that it may receive a Vietnam gaming license. Its stock jumped 4.9 per cent to RM1.28 at 9:04 a.m. local time, set for its highest close since Jan. 20.
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Vietnam Oil & Gas Group produced almost 1.22 million metric tons of crude oil in January, Thoi Bao Kinh Te Vietnam newspaper reported, citing the state-owned company. The company, known as PetroVietnam, also pumped 770 million cubic meters of gas, Thoi Bao said. Oil and gas output was 5 percent more than its target for the month. The oil producer’s total revenue reached 30 trillion dong ($1.6 billion) last month, a 15 percent increase compared with its plan, according to the paper. PetroVietnam’s production was 16 million tons of oil equivalent last year, and it expects 2010 output at 15 million tons, with 14.41 million tons of crude to be produced domestically, the company said in November.
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