VietNam Business: Joint Stock

Showing posts with label Joint Stock. Show all posts

Monday, February 7, 2011

Construction begins on Mikasa property project

An artist’s impression of Mikasa property project - Photo: Courtesy of C.T Group

HCMC – Nguyen Hong Joint Stock Co. on Wednesday started construction of its property project Mikasa on Nguyen Hong Street in HCMC’s Go Vap District, which once in place in early 2012 will supply the market with 156 apartments.

The company said in a statement on Wednesday that the 15-story building with total floor area of 29,000 square meters with use the first floor for commercial and service facilities.

The apartment building is designed by Malaysian company GDP Architect, which is also the designer for the Sheraton Hanoi Hotel in Vietnam.

The total investment of the project is about VND300 billion. CB Richard Ellis is in charge of marketing and sales for the apartment building expected to be opened in January 2012.

Nguyen Hong Joint Stock Co. is a joint venture between C.T Group and Malaysia-based Parkland.

The C.T Group has 36 member companies operating in six fields, including real estate, tourism, and financial investment.

The group said that three of its subsidiaries are expected to list stocks on bourse between now and 2012. They are C&T International Joint Stock Company, C.T Retail Joint Stock Company and Joint Stock Company, and Green Valley Minerals Joint Stock Company, with combined capital of VND1.663 billion.

Saturday, February 5, 2011

World Bank arm eyes stake in ABBank

The World Bank’s International Finance Corp said in its website that it is plans to invest in An Binh Commercial Joint Stock Bank.

It will buy convertible bonds for around US$50 million and provide a $25 million loan to the bank, including $5 million from its Clean Technology Fund.

The investment will help ABBank, as An Binh is known, ensure capital adequacy which has recently been raised to 9 percent of assets, the international norm for banks under the Basel II agreement.

The $25 million loan is meant to help businesses undertake environmental protection and energy saving activities, and is consistent with the World Bank’s goal of using the market mechanism to mitigate the impacts of climate change in Vietnam.

ABBank has a tie-up with the IFC for two programs -- consultancy for small and medium-sized enterprises and support for firms committed to environmental protection and energy saving.

IFC also pledged to provide supports on technique, customer consultancy and improve corporate management for the local bank.

ABBank has a chartered capital of VND3.5 trillion ($179.5 million) which is likely to rise to VND3.83 trillion following a proposed bonus issue at the end of this year at the rate of one share to every 10 held.

Its main shareholders include the Electricity of Vietnam Group with 24 percent, Malaysia’s Maybank (20 percent), and its chairman, Vu Van Tien (17 percent).

The bank has assets of VND36.26 trillion and outstanding loans of around VND18 trillion.

In the first nine months it reported a pretax profit of VND546.2 billion, a year-on-year rise of 94 percent.

Last week the IFC also signed a memorandum of understanding to invest in the Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank).

VietinBank said the IFC plans to buy a 10 percent stake for $190 million.

Monday, January 10, 2011

Ha Bac nitrogen fertilizer plant to be expanded

Ha Bac Nitrogen Fertilizers and Chemicals Company inked a contract for
the upgrading and expansion of Ha Bac Nitrogen Fertilizers Plant in
Hanoi on October 5.

The contractors include Ngu
Hoan Science, Technology Joint Stock Limited Company, China Machinery
Import-Export Company and Vietnam Chemical Industry Design Joint Stock
Company.

According to Nguyen Anh Dung, the company’s
Director General, the 42-month project will be carried out at a cost of
373 million USD, part of which will come from the Vietnam Development
Bank and several commercial banks.

The plant’s
headquarters, along with branches located in Tho Xuong Ward, Bac Giang
City and Xuan Huong commune, Lang Giang district, Bac Giang province
will be upgraded and expanded, using modern eco-friendly and
energy-saving technologies from the Netherlands, Germany and Italy, he
said.

Once the Engineering, Procurement and
Construction (EPC) contract becomes effective, the plant’s annual
capacity will increase from 180,000 tonnes to 500,000 tonnes of urea,
better meeting the demands of the agricultural sector and export
markets, Dung noted.

At the signing ceremony, Deputy
Minister of Industry and Trade Nguyen Nam Hai underlined the
significance of the project, calling on Vietnam Chemicals Group to
partner with banks to ensure a prompt disbursement process./.

Sunday, January 2, 2011

Fruit and vegetable export prices rise

HA NOI — Fruit and vegetable export prices increased by 0.9 per cent against August, this year. Prices of fruit and vegetables saw a 7.8 per cent year-on-year increase according to Viet Nam Fruit and Vegetables Association (Vinafruit). Prices of some food items, such as fresh chilli, dry garlic, and dragon fruit all registered significant increases.

Vinamilk ups purchase price of milk

HCM CITY — The Viet Nam Dairy Products Joint Stock Company (Vinamilk) on September 30 increased its purchase price of milk from farmers by VND1,000 per kilogramme.

The move aims to help farmers overcome difficulties due to rising animal feed costs while encouraging them to improve both yield and quality of milk from their herds, the company said.

The company will now buy milk for between VND9,250 and VND10,250 per kilo depending on the location, it said.

$1.8 million Oolong tea factory inaugurated

LAM DONG — The foreign invested Haiyih Ltd Co on Thursday put into operation an Oolong tea processing factory.

The factory has a total investment capital of VND35 billion (US$1.8 million), covering an area of 12,000sq.m. The modern factory has a design capacity of 4,300 tonnes of tea per year.

General Director of Haiyih, Ha Thuy Linh, said the factory includes a cold storage, drying and processing areas, quality test room, modern processing line. The plant is expected to hit revenue of $7 million per year.

Air Mekong test flies City to Phu Quoc route

HA NOI — The Mekong Airlines Joint Stock Company (Air Mekong) ran a test flight to carry 60 passengers from HCM City to Phu Quoc Island on Tuesday.

Following the trial, the carrier will officially launch flights from Ha Noi-HCM City-Phu Quoc three times a day from October 8. It is expected to open two additional direct flights between Ha Noi-Phu Quoc and HCM City-Phu Quoc in November.

VDB invests $62m in Phuoc Dong

HCM CITY — Sai Gon Investment Holding Corporation (SVI), (a member of Viet Nam Rubber Group – VRG) and Viet Nam Development Bank (VDB) signed a contract on Wednesday to provide VND1.2 trillion (US$62 million) for the Phuoc Dong service-urban-industry complex zone in the southern province of Tay Ninh.

The VDB will provide VND1 trillion ($51.28 million) for industrial zone infrastructure construction, covering an area of 3,200 ha with total capital of $1 billion.

23-storey Capital Tower opens in Ha Noi

HA NOI — The 23-storey Capital Tower opened its doors on Wednesday on Ha Noi'ls Tran Hung Dao Street, announced project investor Thu Do Tourism, Trading and Investment Joint Stock Company.

The VND500 billion (US$26.3 million) building covers 30,000sq.m. It is expected to help meet the growing demand for international standard office space .

Savills to act as Hapro's exclusive leasing agent

HA NOI — Savills Viet Nam Ltd Company was officially appointed as exclusive leasing agent for the Hapro Centre retail mall and offices which are owned by Ha Noi Trade Corporation (Hapro).

The Hapro Centre complex, located on Cat Linh Street, Ha Noi, is currently under development with an estimated investment capital of VND293 billion (US$15 million).

It comprises five retail floors and nine floors of grade B office space. Each floor includes more than 1,000sqm of space.

Upon completion, which is expected in late 2011, the centre will provide a total gross area of 17,730sqm and nearly 5,000sqm of parking space.

New Ana Mandara beach resort opens in Hue

Hue — The Ana Mandara Hue Resort officially opened yesterday on Thuan An Beach, a 20 minute drive from the centre of Hue.

This is the first project managed by Hotel Collection Indochine, a new Vietnamese hotel management company.

The company plans to inaugurate its second resort, Ana Mandara Ninh Binh, south of Ha Noi, in January.

Novaland begins Central Plaza construction

HCM CITY — Property developer Novaland recently began construction of its Central Plaza, which will be comprised of four 31-and 35-storey towers in District 7.

The US$500 million project is the second phase of the larger Sunrise City project.

Upon its completion, Sunrise City will include 12 towers with 1,800 apartments, and a 70,000 sq.m shopping centre. The company has already completed 70 per cent of the first six towers, comprising 752 apartments and 21,000 sq.m of retail space. The second phase is scheduled for completion in 2012.

Canal Park development project building progresses

HA NOi — The new Canal Park development project will include two 11-storey towers with apartments ranging in size from 86 sq.m to 272 sq.m. Construction is estimated to be completed at the end of 2011, according to investor Berjaya-Handico 12.

Phase one of the project, the underground portions of the complex, have already been completed. — VNS

Wednesday, December 15, 2010

Securities companies do extra work to survive

Securities companies have chosen to gear their operation to other businesses such as real estate development, financial services or overseas investment to survive amidst the prolonged gloomy situation.

The President of the Trang An Securities Co Executive Council, Le Ho Khoi, explained the company’s investment of almost 15 percent of a property project as an extra source of incomes from 2012 when it is inaugurated.

Project “Complex Building of services, trade and electronic assembly workshop”, consisting of 15 stories on a compound of over 5,000 square meters, has a total investment of VND200 billion (US$10.2 million). It is mainly invested by the Fortika Joint Stock Co.

Another giant, the An Binh Securities Co, together with two other affiliates of the An Binh holding company, has signed an agreement on strategic cooperation with the Vietnam Aviation Insurance Joint Stock Co (VNI) to develop new financial services.

Some other leading companies in this field have decided to try their chances abroad with a plan to open overseas branches.

The Sacombank Securities Joint Stock Co (SBS) is preparing a plan to enter into a joint venture with the Lao Development Bank (LDB) to set up a securities company in Laos named Lanexang Securities Public Co Limited, or SBS-Laos.

SBS said the establishment of the SBS-Laos, scheduled for the fourth quarter of this year, would offer an opportunity for investors from the two countries and contribute to economic development in both countries, especially Laos, which is making great efforts to open their market.

After reaching its peak of 1,300 points in late 2007, the stock market in Vietnam began the falling trend due to the negative impacts of the global economic crisis and domestic difficulties.

Despite great efforts made by the State Securities Commission, the market has still been painting a dim picture with VN-Index fluctuating between 400 and 450 points. The situation has forced a number of securities companies to gear to other businesses for survival.

Experts remain pessimistic about the market fate, saying there were no signs of taking off for the market in the near future.

Saturday, December 11, 2010

Securities companies do extra work to survive

Securities companies have chosen to gear their operation to other
businesses such as real estate development, financial services or
overseas investment to survive amidst the prolonged gloomy situation.

The President of the Trang An Securities Company Executive Council, Le
Ho Khoi, explained the company’s investment of almost 15 percent of a
property project as an extra source of incomes from 2012 when it is
inaugurated.

Project “Complex Building of services,
trade and electronic assembly workshop”, consisting of 15 storeys on a
compound of over 5,000 sq. m., has a total investment of 200 billion VND
(10.2 million USD). It is mainly invested by the Fortika Joint-stock
Company.

Another giant, the An Binh Securities
Company, together with two other affiliates of the An Binh holding
company, has signed an agreement on strategic cooperation with the
Vietnam Aviation Insurance Joint-stock Company (VNI) to develop new
financial services.

Some other leading companies in this field have decided to try their chances abroad with a plan to open overseas branches.

The Sacombank Securities Joint-stock Company (SBS) is preparing a plan
to enter into a joint venture with the Lao Development Bank (LDB) to
set up a securities company in Laos named Lanexang Securities Public
Company Limited, or SBS-Laos.

SBS said the
establishment of the SBS-Laos, scheduled for the fourth quarter of this
year, would offer an opportunity for investors from the two countries
and contribute to economic development in both countries, especially
Laos, which is making great efforts to open their market.

After reaching its peak of 1,300 points in late 2007, the stock market
in Vietnam began the falling trend due to the negative impacts of the
global economic crisis and domestic difficulties.

Despite great efforts made by the State Securities Commission, the
market has still been painting a dim picture with VN-Index fluctuating
between 400 and 450 points. The situation has forced a number of
securities companies to gear to other businesses for survival.

Experts remain pessimistic about the market fate, saying there were no signs of taking off for the market in the near future./.

Thursday, December 2, 2010

MobiFone tops list of biggest tax contributors

A customer trials Mobifone 3G Mobile Internet service

Photo: Tuoi Tre

MobiFone, a mobile service operator under the Vietnam Post and Telecommunications Group, has topped the list of 1,000 largest corporate income tax payers in Vietnam, according to a report released Wednesday by Vietnam Report Co and newswire VietnamNet.

This is the first profile ever compiled for publication of Vietnam's top corporate income tax contributors. The ranking aims to recognize and honor enterprises for their good business performance and for their significant contributions to the country's budget over three consecutive years.

Information to compile the business profiles was collected from business results and individual data by the Vietnam Report Company in co-ordination with Taxation magazine of the General Department of Taxation, and domestic and foreign consultants.

Rankings are based on the total corporate income tax paid over three consecutive financial years between 2007 and 2009.

The following are the top 10 corporate income tax contributors:

* Vietnam Mobile Telecom Services Co (Mobifone)

* Military-run Viettel Corp (Viettel)

* PetroVietnam Gas Corp (PVG)

* Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)

* Petrovietnam Oil and Gas Group (PetroVietnam)

* Vietnam National Coal and Mineral Industries Group (Vinacomin)

* Vietnam Bank for Agriculture and Rural Development (Agribank)

* Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)

* Prudential Vietnam

* Phu My Hung Corp

Thursday, November 25, 2010

Vinamilk to build 3 plants for $270 mln

Vinamilk's existing plant in Bien Hoa 1 Industrial Park in Dong Nai Province

Photo: Tuoi Tre

Vietnam Dairy Product Joint Stock Co, or Vinamilk, is building three processing plants at a cost of US$270 million that will become operational one by one late next year and in early 2012.

They include two plants worth $120 million each in Binh Duong Province near Ho Chi Minh City and a $23 million plant in the central city of Danang.

One of the Binh Duong plants, being built in the My Phuoc Industrial Park, will produce 800 million liters of milk a year. The other, a milk powder plant in the Vietnam-Singapore Industrial Park, will have an annual capacity of 52,000 tons, or four times the capacity of Vinamilk’s existing plant in neighboring Dong Nai Province.

The Danang plant will make ready-to-eat yoghurt.

Vinamilk recently sold its Saigon Coffee Plant in My Phuoc Industrial Park to Trung Nguyen Joint Stock Co for $40 million.

Also recently it received the green light from the Ministry of Planning and Investment to make its first foreign foray, a $23.35 million investment to buy a 19.3 percent stake in the New Zealand-based dairy firm Miraka Co Ltd.

Earlier this month Vinamilk became the first Vietnamese firm to be ranked by Forbes Asia as among the region’s best businesses in terms of profits, prospects, and other criteria.

With revenues of just under $1 billion, it has a domestic dairy market share of 39 percent.

Friday, November 5, 2010

Apparel makers expand production

Domestic garment makers are expanding production to meet rising domestic and global demands. A production line at Minh Dao Garment Company in Ninh Binh Province. — VNA/VNS Photo Tran Viet

HA NOI — Ten companies under the Viet Nam National Textile and Garment Group (Vinatex) have made production expansion investments to meet increasing orders from foreign partners and rising domestic demand.

The Dap Cau Garment Joint Stock Co invested nearly VND100 billion (US$5.13 million) in a new factory in the northern province of Bac Ninh. It was put into operation in February and has the capacity to produce 9 million products annually.

Nguyen Dang Luan, chairman of Dap Cau Co said the new facility would help the firm meet the rising number of export contracts.

"When the factory was prepared to begin operating the first 16 production lines the firm had already signed export deals for the whole year with three partners, generating 1,800 jobs," Luan said.

The TNG Trade and Investment Co in the northern province of Thai Nguyen recently invested around VND210 billion to construct its fourth facility. The new TNG Phu Binh garment factory has a design capacity for 10 million products annually and the potential for 4,000 jobs.

The company expects the mill to be operational by the first quarter next year with 64 production lines which will bring the company's total number of lines to 172, making it one of the largest textile and garment makers in the country.

The chairman and director general of TNG Co, Nguyen Van Thoi, said textile and garment orders had shifted from China to Viet Nam. Trends have also shown orders shifting from the South to the North of the country due to more advantages in terms of labour forces.

The firm made the decision to build the new factory because its customers were well-known brands from the US and Canada such as Columbia Sportswear, The Children's Place and Capital. These partners had committed to signing long-term contracts and asked TNG to increase production, Thoi said.

"TNG plans to intensively bolster its investment so that it can produce various kinds of products from raw materials to final products in order to meet higher overseas contract requirements by 2015," he said.

Nha Be Garment Joint Stock Co has 33 affiliates and subsidiaries with $240 million in annual export turnover. Last year, despite being faced with many difficulties caused by the global economic crisis, Nha Be still approved a plan to inject trillions of dong in multiple projects.

Of the total, Nha Be invested more than VND200 billion to expand two projects – An Nhon Garment Joint Stock Co, which produces women's suits and sportswear, and Tam Quan Garment Joint Stock Co, which produces trousers, jackets, and T-shirts. Both expanded projects are expected to launch late this month.

Duong Thi Ngoc Dung, chairwoman of Nha Be, said the expansion would help her enterprise increase its export revenue by 20-25 per cent this year over last year and reach stronger export growth next year.

Nha Be will also begin construction of the Nha Be – Tam Quan clean industrial zone and the Phu Cat complex on production, trade and services later this month.

To ensure sustainable development of the textile and garment industry, large firms should closely co-ordinate with one another to make bold investments in weaving, dyeing and raw materials to shift from implementing sub-contracts to direct contracts, said experts.

In the first eight months of this year, the sector reached a total export value of $6.9 billion, a year-on-year increase of 17.8 per cent, making it the country's biggest foreign currency earner.

In addition, producers also managed to enhance sales in the domestic market. Le Quoc An, chairman of the Viet Nam Textile and Apparel Association said member companies had reached a 15-18 per cent growth domestically. — VNS

Wednesday, October 6, 2010

Outstanding Vietnamese businesses honored

Two hundred outstanding businesses received the Sao Vang Dat Viet (Vietnam Gold Star) Award at a ceremony held in Ho Chi Minh City on Thursday.

Deputy Prime Minister Truong Vinh Trong congratulated the awarded businesses, acknowledging and honoring their contributions to the country’s development.

He said he believed that Vietnamese entrepreneurs would further develop, making more contributions to the country and honoring Vietnam’s reputation in the world.

Vietnam is facing both opportunities and challenges in the context of integration and economic development, he said, urging the business circle to be active and creative and unite together.

On behalf of the government, Deputy PM Trong commended the Ho Chi Minh Communist Youth Union and the Vietnam Youth Federation, for their creative activities and organization of the award ceremony annually.

Since the annual event began in 2003, as many as 1,327 Vietnamese businesses have been honored.

The 200 businesses selected this year all had stable growth rates. Their combined turnover exceeded VND475 trillion (US$24.4 billion). They collectively contributed nearly VND44 trillion to the State budget, earned after-tax profits of more than VND48 trillion and created over 390,000 new jobs.

Top ten 2010 Vietnam Gold Star Awards go to FPT Telecom Joint Stock Co, Truong Hai Auto Corp, HANAKA Group, Tien Phong Plastic Joint Stock Co, PetroVietnam Construction Joint Stock Corp, Thai Nguyen Steel Joint Stock Co, Vietnam Garments Joint Stock Co, Trung Nguyen Coffee Group, Vietinbank and Vietnam Rubber Industry Group.

Tuesday, October 5, 2010

Outstanding Vietnamese businesses honoured

Two hundred outstanding businesses received the Sao Vang Dat Viet
(Vietnam Gold Star) Award at a ceremony held in Ho Chi Minh City on
September 2.

Deputy Prime Minister Truong Vinh Trong
congratulated the awarded businesses, acknowledging and honouring their
contributions to the country’s development.

He said he believed
that Vietnamese entrepreneurs would further develop, making more
contributions to the country and honouring Vietnam’s reputation in
the world.

Vietnam is facing both opportunities and
challenges in the context of integration and economic development, he
said, urging the business circle to be active and creative and unite
together.

On behalf of the government, Deputy PM Trong
commended the Ho Chi Minh Communist Youth Union and the Vietnam Youth
Federation, for their creative activities and organisation of the award
ceremony annually

Since the annual event began in 2003, as many as 1,327 Vietnamese businesses have been honoured.

The 200 businesses selected this year all had stable growth rates.
Their combined turnover exceeded 475 trillion VND. They collectively
contributed nearly 44 trillion VND to the State budget, earned after-tax
profits of more than 48 trillion VND and created over 390,000 new jobs.

Top ten 2010 Vietnam Gold Star Awards go to FPT Telecom
Joint Stock Company, Truong Hai Auto Corporation, HANAKA Group, Tien
Phong Plastic Joint Stock Company, PetroVietnam Construction Joint Stock
Corporation, Thai Nguyen Steel Joint Stock Company, Vietnam Garments
Joint Stock Company, Trung Nguyen Coffee Group, Vietinbank and Vietnam
Rubber Industry Group./.

Sunday, August 29, 2010

Insurers see non-life premiums climb

Non-life insurance revenue reached VND8.24 trillion (US$429.21 million) in the first six months of this year, according to the Association of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

All types of insurance saw growth in the first half of the year, with fire and explosion coverage reaching VND723 billion ($37.65 million), up 125 percent over the same period last year. Agricultural insurance followed with a surge of 109 percent and construction insurance increased by 68 percent.

PetroVietnam Insurance Joint Stock Corp earned the most in non-life insurance premiums during the period with VND1.97 billion ($102.86 million) in revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp, Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication Joint Stock Insurance Co (PTI).

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

BIDV Insurance Co (BIC) promoted its bancassurance products in co-operation with the Bank for Investment and Development of Vietnam (BIDV) with nearly VND30 billion ($1.56 million ) in revenue in the first six months of this year, making up 14 percent of the company's total revenue.

Pham Quang Tung, BIC's general director, said that "diversifying products and expanding our network with other banks is expected to help us develop bancassurance products."

In a phone interview, Phung Dac Loc, secretary general of the Association of Vietnamese Insurers said: "Strengthening our products also creates faith among our customers. Focusing on potential markets as well as developing product distribution channels through banks and post helps us save money and raise the effects of our trade activities."

Loc predicted that life and non-life insurance revenues would rise to 20 percent and 33 percent respectively in the final six months of the year.

The Ministry of Finance has recently given its approval in principle to two new companies, both from Taiwan : Cathay Insurance Vietnam and the life insurance firm Fubon Vietnam. The Cathay and Fubon brands will begin to offer both life and non-life insurance services to add to their services.

Insurers see non-life premiums climb

Non-life insurance revenue reached VND8.24 trillion (US$429.21 million) in the first six months of this year, according to the Association of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

Pham Quang Tung, BIC's general director, said that "diversifying products and expanding our network with other banks is expected to help us develop bancassurance products."

Loc predicted that life and non-life insurance revenues would rise to 20 percent and 33 percent respectively in the final six months of the year.

Friday, August 27, 2010

Insurers see Non-life premiums climb

Non-life insurance revenue reached 8.24 trillion VND (429.21 million
USD) in the first six months of this year, according to the Association
of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

All types of insurance saw growth in the first half of the year, with
fire and explosion coverage reaching 723 billion VND (37.65 million
USD), up 125 percent over the same period last year. Agricultural
insurance followed with a surge of 109 percent and construction
insurance increased by 68 percent.

PetroVietnam
Insurance Joint Stock Corp earned the most in non-life insurance
premiums during the period with 1.97 billion VND (102.86 million USD) in
revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp,
Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication
Joint Stock Insurance Co (PTI).

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

BIDV Insurance Co (BIC) promoted its bancassurance products in
co-operation with the Bank for Investment and Development of Vietnam
(BIDV) with nearly 30 billion VND (1.56 million USD) in revenue in the
first six months of this year, making up 14 percent of the company's
total revenue.

Pham Quang Tung, BIC's general
director, said that "diversifying products and expanding our network
with other banks is expected to help us develop bancassurance products."

In a phone interview, Phung Dac Loc, secretary
general of the Association of Vietnamese Insurers said: "Strengthening
our products also creates faith among our customers. Focusing on
potential markets as well as developing product distribution channels
through banks and post helps us save money and raise the effects of our
trade activities."

Loc predicted that life and
non-life insurance revenues would rise to 20 percent and 33 percent
respectively in the final six months of the year.

The Ministry of Finance has recently given its approval in principle to
two new companies, both from Taiwan : Cathay Insurance Vietnam and the
life insurance firm Fubon Vietnam . The Cathay and Fubon brands
will begin to offer both life and non-life insurance services to add to
their services./.

Monday, February 7, 2011

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Thursday, December 2, 2010

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Photo: Tuoi Tre

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Thursday, November 25, 2010

Vinamilk's existing plant in Bien Hoa 1 Industrial Park in Dong Nai Province

Photo: Tuoi Tre

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