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A delegation representing 40 businesses from Macao (China) began a working visit to HCM City on March 13 to seek partners and strengthen economic and trade ties between the two countries. The businesses are mainly operating in the food and beverage, retail, environment, financial investment and real estate management fields. The Vietnamese Deputy Consulate General and Trade Counselor to Hong Kong and Macao, Pham Van Cong, said that economic ties between Vietnam and Macao remains modest with two-way trade reaching US$34 million in 2011. Vietnam exports seafood, coffee, cashew nuts, vegetables and consumer goods to Macao, and imports primarily equipment and plastics.
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Hundreds of businesses from 19 nations across the world have gathered at the 27th International Exhibition for Food, Food Processing, Hotel and Restaurant Equipment and Supplies (AAHAR 2012) being held in New Delhi, India from March 12-16. This is one of Asia’s major events to provide business opportunities for Indian and foreign partners. Vu Tien Dung, Marketing Director of Viet Hung Food Industry Co, Ltd - the first Vietnamese company attending the event, said that the company has spent six months conducting survey on the Indian market. He said India, with a population of 1.2 billion, is likely to become a potential market for his company to seek partners and launch new products which suits Indian customer tastes. The event was organized by the India Trade Promotion Organization (ITPO) under the Ministry of Trade and Industry.
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The Bank for Investment and Development of Vietnam (BIDV) has officially revealed its business plan at the first shareholders’ meeting last Thursday. This year, the bank has targeted 18 per cent growth in total deposits. The total outstanding loans are expected to increase by 17 per cent and the pre-tax profit to increase by 36 per cent compared with 2011. Accordingly, bad debts are estimated to remain below 2.8 per cent and the return on equity to reach 17 per cent.
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South Korea's SK Innovation Co. is considering investing in Vietnam's Dung Quat refinery, but no final decision has been made, company spokesman Eom Ik-hoon said Wednesday. SK Innovation's comments follow news Friday that state-run Vietnam Oil and Gas Group, or PetroVietnam, is in talks to sell a combined 49% of its Dung Quat oil refinery to three foreign companies.
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Da Nang has licensed 5 foreign direct investment (FDI) projects with a total registered capital of over $10.4 million in the first two months of this year. Among the licensed projects, two are of American investors and the remaining three from Belgium, the Republic of Korea and Japan, according to the Da Nang Investment Promotion Center. The city currently has 213 valid FDI projects totaling nearly $3.2 billion, mostly in tourism, service, real estates and industry. It is taking drastic measures to lure bigger FDI this year.
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Quoc Viet Seafood Processing's export turnover in the first two months surged by 15 per cent over the same period last year, posting a profit of US$16 million. The company's exports to Europe remain stable at present. General director Ngo Van Nga said the company's shrimp exports to the US accounted for 30 per cent of the total value of all shrimp exports. Quoc Viet Company is the country's second largest shrimp exporter after Minh Phu Seafood Corporation and is the country's fourth largest fisheries exporter.
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The Western Commercial Bank (WesternBank) has announced its 2011 pre-tax profit of VND161 billion (US$7.6 million), a 148 per cent year-on-year increase. Total asset value reached VND20.5 trillion ($979.7 million), up 118 per cent on 2010. The bank hopes to expand credit growth by 15 per cent this year, along with a total asset value increase of 15-20 per cent. It also expects profits to jump by 14 per cent during the year.
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Vietnamese businesses have a strong presence at the Thai-ASEAN Trade Fair in the Thai province of Ubon Ratchathani. Enterprises from Ha Noi, Hue and the central province of Quang Nam have introduced high quality products at the fair, which ended yesterday, along with others from Cambodia, Laos, China and host Thailand.
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Citibank Vietnam won the Best-in-Class award for its Citibank PremierMiles World MasterCard at the 2011 MasterCard Hall of Fame Marketing Awards held on March 1 in Phuket, Thailand. "MasterCard's Hall of Fame Marketing Awards recognize Southeast Asia's most innovative and strategic card marketing campaigns," said Matthew Driver, South East Asia division president of MasterCard Worldwide. Campaigns were judged on four key criteria: strategy, creativity, media strategy and quantitative results.
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The Vietnam Prosperity Commercial Joint Stock Bank (VP Bank) last year won a prize for the strength of its brand from Thoi bao kinh te Vietnam (Vietnam Economics Times) co-operating with the Trade Promotion Department under the Ministry of Industry and Trade. VP Bank was evaluated in seven categories: trademark protection, products and services, business results, management ability, human resources, renovation ability and the stability of the bank. Last year, VP Bank earned a pre-tax profit of VND1.06 trillion (US$50.7 million). Its charter capital surged to VND5.05 trillion ($240.5 million) with a grid of nearly 200 transaction sites nationwide.
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The southern province of Dong Nai has initiated the proceedings to grant a project permit to Japan's Lixil Corp with investment totaling US$414 million. The project will produce construction materials mainly for export and is divided into two phases, the first of which has a total investment value of $280 million and will be implemented in two years.
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Vietnam’s finance ministry will ask Prime Minister Nguyen Tan Dung to give “some tax preference” to businesses that have energy conservation plans or use so-called green energy, Nguyen Van Phung, deputy director of tax policy at the finance ministry, said today at a conference in Hanoi.
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