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Nichirei Foods, a subsidiary of Japan’s Nichirei Group, has joint-ventured with HCM City’s Cholimex Food JSC to penetrate the Vietnamese market. Nichirei Foods has already bought 19 percent of the Vietnamese company’s stock, costing JPY500 million (US$6.25 million). Cholimex is one of big companies in Vietnam, providing spicy products to domestic market and exporting frozen food to the Europe Union. It earns just US$25 million in revenue a year, but obtains an annual growth rate of 30 percent. In the coming time, Nichirei Foods will send its technicians to Cholimex to transfer technology and diversify frozen food in Vietnam. If the cooperation model succeeds, the Japanese company will increase its capital in Cholimex in the next two years to turn Vietnam into a key production base in the Southeast Asian region.
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Timbalink Vietnam Company on March 14 inaugurated a timber processing factory using light organic solvent preservatives (LOSP) and Tan E technology. The factory, located in Bien Hoa City, Dong Nai province, will be officially put into operation in early April 2012. LOSP-treated timber is produced in a dry state in its final form, and usually therefore the wood will not be cut, machined or further processed on site. Using LOSP technology increases the longevity of timber, reaching 25 years, by preventing rot and termite damage. LOSP products are favored in architecture and construction. Timbalink Vietnam Company is a joint venture between Vietnam and New Zealand.
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One million Vietnamese coconuts will be introduced at the final rounds of the 2012 European football championship (Euro 2012) in Poland and Ukraine, announced the European Coconut Import Export Trade Joint Stock Company (Eurococo) in Hanoi on March 14. The program aims to advertise Vietnam’s coconuts to the international community. Coconuts will be present in hotels, restaurants and outdoor areas to serve football fans. Eurococo CEO Pham Quoc Toan said 700,000 of those coconuts will be sold, and the rest will be offered as gifts to sports officials and fans during 30-day Euro 2012. Each coconut will carry a label saying “Come to Vietnam to explore its culture and products”, detailing the company’s telephone, website and email address. Coconuts are expected to be sold at around US$2.50 each in Poland and Ukraine.
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Up to 60% of small- and medium-sized enterprises in HCMC are likely to shut down in the near future with only 20% capable of surviving the current economic woes, according to the latest report conducted by a local business association. Around 3,000 enterprises in the city had suspended their operations in the first two months, Thanh Nien reports.
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The HCMC Investment and Trade Promotion Center has announced that the 2012 Vietnam-Cambodia trade fair will take place in Phnom Penh from March 28 to April 1, according to Sai Gon Giai Phong. The event will feature 300 stalls in fields such as food processing, plastics, furniture, footwear, and apparels. The fair is expected to boost the presence of Vietnamese products on the Cambodian market.
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The price of cashew in Binh Phuoc Province has fallen to VND19,000 a kilo, a decrease of VND1,500-2,000 against last week as the world price of cashew fell to US$3.2 a pound from last week’s US$3.27. The Vietnam Cashew Association has previously proposed the central bank to arrange long-term loans with preferential rates to purchase the material from farmers at the price of VND30,000-35,000 a kilo.
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Fitch Ratings has downgraded the outlook of Hoang Anh Gia Lai Joint Stock Company (HAGL) to ‘negative’ from ‘stable’. Accordingly, the company’s long-term foreign and local currency issuer default ratings (IDRs) have been affirmed at ‘B’. The rating agency has also lowered HAGL’s senior unsecured rating to ‘B-‘ from ‘B’. Besides, the Recovery Rating of the company has been revised to ‘RR5’ from ‘RR4’. Located in the Central Highland province of Gia Lai, the Vietnamese company specializes in such major fields as rubber plantation, mining, real estate, hydropower and wood product processing. Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through objective and balanced credit opinions, research and data.
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The central city of Danang has attracted five new projects worth US$26.4 million in foreign investment so far this year. They include a 2.5MW solar energy plant costing US$9.1 million to be built by Methis Environmental Vietnam Ltd of Belgium, according to Le Canh Duong, deputy director of the Investment Promotion Centre. Last week authorities permitted Korean company Daewon Engineering & Construction Co Ltd to increase its investment by US$16 million in its Danang project. The city now has 213 foreign-invested projects with a total capitalization of over US$3.1 billion, mostly in the tourism, services, property, and manufacturing industries.
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The 2012 Pacific Energy Summit will take place in Hanoi City from March 20-23 with the participation of top-level policy makers, energy industry specialists, government leaders and analysts. Under the theme 'Innovative Generation: Powering a Prosperous Asia! the annual event aims to map out future energy policy and market orientation in a bid to deal with rising energy demands and climate change.
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Local coffee price fell by VND800,000 to VND39.1 million a ton since the global price of robusta coffee on Tuesday was quoted at US$1,982 and US$1,986 a ton for deliveries in March and May, a drop of US$68 and US$64 respectively against last week, according to Nguoi Lao Dong.
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WPP PLC, a provider of marketing communications services, said Wednesday that Burson-Marsteller, its global public relations and public affairs firm, is to launch Burson-Marsteller Vietnam, subject to obtaining regulatory approvals. -Burson-Marsteller will take a majority stake in the joint venture with local partner Chu Thi Company Ltd. WPP shares closed Tuesday at 835 pence, valuing the company at GBP10.51 billion.
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A delegation of Vietnam Rubber Group led by Le Xuan Ho, deputy director, and Nguyen Ngoc Bich, director, Technology Centre, Vietnam Rubber Research Institute has visited the Rubber Board, press note said. The twenty member delegation consisting of officials of the VRG, researches from Vietnam University and various rubber companies also paid a visit to the Rubber Research Institute of India, the TSR factory and the Rubber Wood Lab at Manganam. The delegation is scheduled to visit Elavampadom Rubber Producers Society in Palakkad to study the anaerobic technology developed by RRII for treatment of sheet processing effluents, biogas generation and its effective utilization in drying of sheets.
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