VietNam Business: billion million

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Tuesday, February 22, 2011

Volume up, shares off in HCM City

The Wall Street rally overnight could not prevent the VN-Index from shedding 0.73 percent on Oct. 19 to close at 454.25.

About 198 of 268 listed stocks on the HCM City Stock Exchange declined
will – 22 hitting the floor price. They were Hari Hamico Mineral (KSS),
down 1.5 percent to 29,400 VND; Sao Vang Rubber (SVR) and Tai Nguyen
Corp (TNT), each down 1.2 percent to 24,300 VND and 23,500 VND,
respectively.

Only three blue chips managed to gain,
including property trader Vincom (VIC), up 3.17 percent; Masan Group
(MSN), up 0.9 percent; and Bao Viet Holdings (BVH), up 0.79 percent.
Foreigners were the main force behind stock rallies, buying 187,190 BVH
shares, 97,250 VIC shares and 23,630 MSN shares.

Total volume on the day's trade on the southern market rose to 32 million shares, worth 880.2 billion VND (45.1 million USD).

In Hanoi , the HNX-Index surged 1.96 percent to 116.56 points, with decliners outnumbering advancers by 253 to 39.

No blue chips gained, while only two stocks hit the ceiling – Hanoi
Textbooks Printing (TPH), up 0.5 percent to 8,700 VND; and PetroVietnam
Southern Gas (PGS), up 2.5 percent to 38,300 VND.

Volume
of trade reached 27.8 million shares, up from 17.3 million on October
18, posting a turnover of 587.5 billion VND (44 million USD).

Wednesday, February 9, 2011

Foreign investors drive market

Active trading by foreign investors helped the VN-Index register a
second day of gains, closing the day's trade at 458.66 points.

The index rose 0.21 percent, with 84 of the 267 listed stocks on the southern market advancing.

Many blue chips continued to rally thanks to consolidation by foreign
investors, such as Phu My Fertilisers (DPM), up 0.6 percent; Bao Viet
Holdings (BVH), 1 percent; the Corporation for Financing and Promoting
Technology (FPT), 0.5 percent ; and VietinBank (CTG), 1.06 percent.

Foreign investors on Oct. 14 pumped 114.96 billion VND (5.9 million
USD) into the southern market to own 3.03 million shares, including
144,350 BVH shares, 221,380 DPM shares and 188,120 REE shares.

Yet, the total trading volume stayed low at 23 million shares, down
3.7 percent from on Oct.13, for a meagre value of 594.4 billion VND
(30.5 million USD).

The Hanoi Stock Exchange's
HNX-Index inched up 0.05 percent to close at 120.45 points, helped by
rallies of banking and securities stocks.

They
included Asia Commercial Bank (ACB), up 0.36 percent; APEC Securities,
3.20 percent; Bao Viet Securities (BVS), 1.60 percent; Kim Long
Securities, 0.72 percent; and Sai Gon-Hanoi Bank (SHB), 0.88 percent.

Trading volume reached only 19.5 million shares, worth a total of 421.6 billion VND (21.6 million USD)./.

Saturday, February 5, 2011

Indexes rebound on low volume

The VN-Index gained 0.74 percent to close on Oct. 13 session at 457.7 points.

Blue chips had an impact, with Bao Viet Holding (BVH) up 4.20 percent,
VietinBank (CTG) 0.53 percent, the Corporation for Financing and
Promoting Technology (FPT) 1.40 percent, Hoa Sen Group (HSG) 0.1 percent
and the most daily active stock, Ocean Group (OGC), 2.03 percent,
despite a meagre volume of 1.2 million shares.

Meanwhile, the trading volume of the market stayed low at 24.2 million
shares worth 637.1 billion VND (32.7 million USD).

BVH was the highlight on Oct. 13. Foreigners bought 151,890 BVH shares, accounting for 85 percent of the share's trading.

The HNX-Index on the Hanoi Stock Exchange inched up 0.48 percent to
120.39 points, on a total volume of 16.9 million shares.

Trading remained lacklustre with only 370.1 billion VND (18.9 million
USD) changing hands. PetroVietnam Construction (PVX) saw the biggest
volume traded, with 2.05 million shares.

The
Government late on Oct. 12 asked the State Bank to draw up a plan for
commercial banks that would tighten money circulation, which would help
ease inflation pressure and stabilise the economy by the end of the
year./.

Tuesday, February 1, 2011

Stock indices continue to decline

Blue chips tumbled on Oct. 12 on the HCM Stock Exchange, despite a rise
overnight in the US stock market, dragging the VN-Index down 1.09
percent to close at 454.32.

The volume rose 28.5
percent over the previous day to 28.3 million shares while the value
increased by 22 percent against Oct. 11 to 683.8 billion VND (35.1
million USD).

Decliners outnumbered advancers by
185-30, with nine out of the 10 largest capitalised shares declined.
Only insurer Bao Viet Holdings (BVH) remained unchanged.

The vast majority of the gainers were mid-cap and penny stocks,
including Ben Tre Aquaproduct Import and Export (ABT), Cuu Long Fish
(ACL), Godaco Seafood (AGD), Agribank Securities (AGR), logistics
Gemadept (GMD), HCM City Metal (HMC) and Tay Bac Minerals Investment
(KTB).

Ocean Group (OGC) reclaimed the position of
most active stock with 1.46 million shares changing hands, but it slid
nearly 2 percent to close at 29,500 VND (1.51 USD) per share.

On the Hanoi Stock Exchange, the HNX-Index fell by 1.2 percent to close at 119.81, a fourth successive day of loss.

Market volume advanced by 25 percent over Oct. 11 to 23.1 million
shares worth 526.1 billion VND (27 million USD), but losers still
largely outnumbered gainers by 238-51.

Blue-chips tumbled and of the 10 leading shares by capitalisation, only Asia Commercial Bank (ACB) closed unchanged.

PetroVietnam Construction (PVX) was still the most active with 2.4
million shares changing hands, closing down 1.35 percent to an average
of 21,900 VND (1.12 USD) per share.

Foreign investors picked up a net buy of 35 billion VND (1.8 million USD) worth of shares on Oct. 12 on both exchanges./.

Saturday, January 29, 2011

Tax changes to save firms money

The General Department of Taxation (GDT) is mulling a tax reform
programme that will help small- and medium-sized enterprises (SMEs) pay
dues more easily while saving time and money by reducing the amount of
paper work required.

Under the programme, the GDT will
set a tax threshold. Firms whose revenue turnover is below the stated
threshold will be exempted from paying value-added tax.

The taxes levied, which include value-added and special consumption
taxes, will be declared and paid every quarter instead of once a month,
as is the case now.

Businesses whose earnings are above
the exemption level but below the VAT threshold, will have two ways of
calculating the tax owed.

They will be able to declare
value-added and income taxes on a defined percentage of their revenue or
they will be allowed to pay a fixed rate for the entire year.

The GDT expects to submit the new tax procedures to the Government and
Ministry of Finance for approval next year as part of a general tax
reform administrative programme.

If approved, the new
policies will directly affect more than 290,000 companies, 1.8 million
family-run businesses and millions of workers who pay income tax, while
helping to save about 600 billion VND (30.7 million USD) per year.

According to the GDT, SMEs have a total turnover of less than 300
billion VND (15.4 million USD) each. SMEs account for 92 percent of all
Vietnamese companies, but pay just 24 percent of the total corporate
income tax amount.

The GDT has simplified 271 out of 330
administrative tax procedures, which has helped to save 1.9 trillion VND
per year (97.4 million USD). One of the most significant changes was to
allow companies to print and use their own invoices, which alone helped
to save 400 billion VND (20.5 million USD) per year.

Meanwhile, the GDT is modifying 24 new draft amendments and supplements to Circular 130 relating to corporate income tax.

The GDT said that under the current Corporate Income Tax Law, companies
were allowed to deduct losses caused by natural disasters, epidemics
and force majeure from their tax bills if they do not receive
compensation.

The new draft circular requires businesses
who lose property to contact the tax office directly about losses
incurred. Companies must state their property's value and the value of
the goods lost according to the valuation council.

They must also state what insurance compensation they had received or were likely to receive and the insurance companies used.

Those records must be certified by commune-level police or the ward or commune people's committee chairman.

The draft states that a firm must state what losses have been incurred
from fines or breach of contract. These costs will be tax deductible./.

Tax changes to save firms money

A worker operates a paper rolling machine at Xuan Duc Joint Stock Company, considered a small- and medium-sized business. — VNA/VNS Photo Pham Do

HA NOI — The General Department of Taxation (GDT) is mulling a tax reform programme that will help small- and medium-sized enterprises (SMEs) pay dues more easily while saving time and money by reducing the amount of paper work required.

Under the programme, the GDT will set a tax threshold. Firms whose revenue turnover is below the stated threshold will be exempted from paying value-added tax.

The taxes levied, which include value-added and special consumption taxes, will be declared and paid every quarter instead of once a month, as is the case now.

Businesses whose earnings are above the exemption level but below the VAT threshold, will have two ways of calculating the tax owed.

They will be able to declare value-added and income taxes on a defined percentage of their revenue or they will be allowed to pay a fixed rate for the entire year.

The GDT expects to submit the new tax procedures to the Government and Ministry of Finance for approval next year as part of a general tax reform administrative programme.

If approved, the new policies will directly affect more than 290,000 companies, 1.8 million family-run businesses and millions of workers who pay income tax, while helping to save about VND600 billion (US$30.7 million) per year.

According to the GDT, SMEs have a total turnover of less than VND300 billion ($15.4 million) each. SMEs account for 92 per cent of all Vietnamese companies, but pay just 24 per cent of the total corporate income tax amount.

The GDT has simplified 271 out of 330 administrative tax procedures, which has helped to save VND1.9 trillion per year ($97.4 million). One of the most significant changes was to allow companies to print and use their own invoices, which alone helped to save VND400 billion ($20.5 million) per year.

Corporate income tax

Meanwhile, the GDT is modifying 24 new draft amendments and supplements to Circular 130 relating to corporate income tax.

The GDT said that under the current Corporate Income Tax Law, companies were allowed to deduct losses caused by natural disasters, epidemics and force majeure from their tax bills if they do not receive compensation.

The new draft circular requires businesses who lose property to contact the tax office directly about losses incurred. Companies must state their property's value and the value of the goods lost according to the valuation council.

They must also state what insurance compensation they had received or were likely to receive and the insurance companies used.

Those records must be certified by commune-level police or the ward or commune people's committee chairman.

The draft states that a firm must state what losses have been incurred from fines or breach of contract. These costs will be tax deductible. — VNS

Wednesday, January 26, 2011

Third private carrier flies Vietnam's skies

Air Mekong, Vietnam's third private airline, received its Air Operator's Certificate from the Civil Aviation Administration of Vietnam (CAAV) in southern Kien Giang Province on Friday.

On the same day, the carrier also launched its first two routes, Hanoi – Phu Quoc and Ho Chi Minh City – Phu Quoc.

"The Vietnamese aviation market is dramatically developing. The aviation demand, especially for domestic flights, will increase considerably in the next few years," said CAAV deputy director Dinh Viet Thang.

"The introduction of Air Mekong is essential to meeting market demand, diversifying aviation services and increasing competitiveness," Thang said.

"The CAAV's certificate will open up a new page for our development", said Air Mekong chairman Doan Quoc Viet.

Air Mekong would start commercial operations since Saturday with eight flights from Hanoi and HCMC to Phu Quoc, Con Dao, Buon Me Thuot, Pleiku, Viet said, adding that they would expand operations to 10 flights from November including destinations of Dalat in the Central Highlands and Danang City.

The airline has launched a promotional offer until November 9 with 1,000 tickets at prices ranging from VND400,000 to VND1.2 million (US$20.50-61.50) for flights on all its domestic routes. Tickets are on sale at travel agents and via Air Mekong's website and customer care centers.

Air Mekong was established in 2009 by Ha Long Investment and Development Co and is based at Phu Quoc Airport. The existing two private carriers operating in Vietnam are Indochina Airlines and VietJet AirAsia.

The CAAV said there were also a number of other organisations and individuals planning to launch airlines. To qualify, private operators must have a charter capital of at least VND500 billion ($26.3 million) to fly internationally and VND200 billion ($10.5 million) to launch domestic flights. They must also meet strict aviation and security standards.

Third private carrier flies Vietnam's skies

Air Mekong, Vietnam's third private airline, received its Air Operator's
Certificate from the Civil Aviation Administration of Vietnam (CAAV) in
southern Kien Giang province on Oct.8.

On the same day, the carrier also launched its first two routes, Hanoi – Phu Quoc and HCM City – Phu Quoc.

"The Vietnamese aviation market is dramatically developing. The
aviation demand, especially for domestic flights, will increase
considerably in the next few years," said CAAV deputy director Dinh Viet
Thang.

"The introduction of Air Mekong is essential
to meeting market demand, diversifying aviation services and increasing
competitiveness," Thang said.

"The CAAV's certificate will open up a new page for our development", said Air Mekong chairman Doan Quoc Viet.

Air Mekong would start commercial operations since Oct.9 with eight
flights from Ha Noi and HCM City to Phu Quoc, Con Dao, Buon Me Thuot,
Pleiku, Viet said, adding that they would expand operations to 10
flights from November including destinations of Da Lat in the Central
Highlands and Da Nang city.

The airline has launched
a promotional offer until November 9 with 1,000 tickets at prices
ranging from 400,000 VND to 1.2 million VND (20.50-61.50 USD) for
flights on all its domestic routes. Tickets are on sale at travel agents
and via Air Mekong's website and customer care centres.

Air Mekong was establish in 2009 by Ha Long Investment and Development
Company and is based at Phu Quoc Airport. The existing two private
carriers operating in Vietnam are Indochina Airlines and VietJet
AirAsia.

The CAAV said there were also a number of
other organisations and individuals planning to launch airlines. To
qualify, private operators must have a charter capital of at least 500
billion VND (26.3 million USD) to fly internationally and 200 billion
VND (10.5 million USD) to launch domestic flights. They must also meet
strict aviation and security standards./.

Tuesday, January 25, 2011

Third private carrier flies Viet Nam's skies

KIEN GIANG — Air Mekong, Viet Nam's third private airline, received its Air Operator's Certificate from the Civil Aviation Administration of Viet Nam (CAAV) in southern Kien Giang Province on Friday.

On the same day, the carrier also launched its first two routes, Ha Noi – Phu Quoc and HCM City – Phu Quoc.

"The introduction of Air Mekong is essential to meeting market demand, diversifying aviation services and increasing competitiveness," Th¨¨ang said.

"The CAAV's certificate will open up a new page for our development", said Air Mekong chairman Doan Quoc Viet.

Air Mekong would start commercial operations since Saturday with eight flights from Ha Noi and HCM City to Phu Quoc, Con Dao, Buon Me Thuot, Pleiku, Viet said, adding that they would expand operations to 10 flights from November including destinations of Da Lat in the Central Highlands and Da Nang City.

The airline has launched a promotional offer until November 9 with 1,000 tickets at prices ranging from VND400,000 to VND1.2 million (US$20.50-$61.50) for flights on all its domestic routes. Tickets are on sale at travel agents and via Air Mekong's website and customer care centres.

Air Mekong was establish in 2009 by Ha Long Investment and Development Company and is based at Phu Quoc Airport. The existing two private carriers operating in Viet Nam are Indochina Airlines and VietJet AirAsia.

Thursday, January 20, 2011

Foreign investors boost City shares

Shares made only modest gains on the HCM Stock Exchange Oct. 7, on
sluggish trading totalling just 36.5 million shares, worth only 977
billion VND (50 million USD).

The VN-Index closed up just 0.29 percent to 462.05 points after reaching as high as 467 points earlier in the session.

Heavy purchases by foreign investors in many blue chips helped lift
some shares, such as software giant FPT, developers Hoang Anh Gia Lai
(HAG), Masan Group (MSN) and Vincom (VIC), insurer Bao Viet Holdings
(BVH) and Phu My Fertilisers (DPM), but decliners outnumbered advancers
overall by 163-58.

Foreign investors accounted for over
half of overall market value on Oct. 7, responsible for transactions
totalling nearly 11.5 million shares and worth about 473.5 billion VND
(24.3 million USD). They were net buyers by a volume of nearly 6.7
million shares and a value of 301.2 billion VND (15.4 million USD).

Beta Securities Co analysts commented that Oct. 7's market gains were
entirely due to heavy foreign buys in blue chips and were not
sustainable.

Strong fluctuations on the foreign currency
market drove several institutional investors to increase securities
investments to disperse risk, added analysts from Saigon Securities Inc.

On the Hanoi Stock Exchange, which saw less impact from
foreign investors, the HNX-Index declined 1.78 percent on the day to
close at 122.62.

The volume of trades dropped by 20
percent from Oct. 6's session to about 23 million shares, with a value
of nearly 539 billion VND (27.6 million USD).

Losers
outnumbered gainers by 208-76, with PetroVietnam Construction (PVX)
again being the most-active share on a volume of 2.7 million. PVX closed
down 0.44 percent to 22,700 VND (1.15 USD).

Of the 10
leading shares by capitalisation on the northern bourse, Bao Viet
Securities (BVS), Tien Phong Plastics (NTP), PetroVietnam Insurance
(PVI) and PetroVietnam Technical Services (PVS) rallied.

Dramatic hikes in gold prices and the rising value of the US dollar on
the black market has spooked many domestic investors over the stability
of the economy, said Bao Viet Securities Co analyst Nguyen Duc Thi.

"There is no positive news currently supporting investor psychology,
and the market has not given any signs of a stable uptrend," Thi said./.

Saturday, December 25, 2010

Investors remain skittish about economy

Stock indices fell on both of the nation’s stock exchanges on Wednesday despite the State Bank of Vietnam’s announcement this week resolving investor uncertainty about Circular No 13, as well as economic growth announced by the General Statistics Office (GSO) at a healthy 6.52 percent in the first nine months of the year.

On the HCM Stock Exchange, the VN-Index closed down 0.48 percent to 452.94 points, despite rising throughout most of Sept. 29’s session. Over 33 million shares were exchanged, worth VND896.1 billion (US$46 million) – a decline of 15 percent in volume and 10 percent in value.

Decliners outnumbered advancers by 173-42.

Ocean Group continued as the most-active share on the southern bourse on a volume of just around a million shares, closing unchanged at VND32,200 ($1.65).

Of the 10 leading shares by capitalization, insurer Bao Viet Holdings (BVH), Eximbank (EIB) and real estate developer Vincom (VIC) posted gains, while software giant FPT (FPT), Sacombank (STB), and developers Hoang Anh Gia Lai (HAG) and Masan Group (MSN) declined.

On the Hanoi Stock Exchange, the HNX-Index fell by an even more substantial 2.12 percent to close the day at just 127.41 points. Market value declined by 14 percent to VND842.7 billion ($43.2 million) on a volume of 33.54 million shares, while losers outnumbered gainers by an overwhelming 264-38.

PetroVietnam Construction (PVX) resumed its role as the most-active share nationwide with 2.57 million shares traded, but the shares closed down 2.9 percent to VND23,300 ($1.95).

VNDirect Securities Co analyst Pham Vu Dong on Wednesday told financial information website cafef.vn that, excluding growth, all other economic indicators were unfavorable. He noted high inflation in September and a trade deficit that could reach $13.5 billion by year’s end, along with sluggish credit growth.

“The domestic economy is unlikely to undergo a sudden turnaround in the remaining months of the year,” Dong said.

Gold prices continued to lure investors away from stocks, as well, with domestic gold prices hitting another record high on the same day at over VND31 million ($1,590) per tael. A tael is equal to 1.2 troy ounces.

ACB Securities Co analysts also noted that Circular No 19, which supplements Circular No 13, retained the risk coefficient ratio for securities at 250 percent, a level unlikely to encourage banks to loan further funds for securities investment.

Foreign investors continued as net buyers on both exchanges on the same day, picking up VND38.5 billion ($2 million) worth of shares.

Investors remain skittish about economy

Stock indices fell on both of the nation’s stock exchanges on Sept. 29
despite the State Bank of Vietnam’s announcement this week resolving
investor uncertainly about Circular No 13, as well as economic growth
announced by the General Statistics Office (GSO) at a healthy 6.52
percent in the first nine months of the year.

On the HCM Stock
Exchange, the VN-Index closed down 0.48 percent to 452.94 points,
despite rising throughout most of Sept. 29’s session. Over 33 million
shares were exchanged, worth 896.1 billion VND (46 million USD) – a
decline of 15 percent in volume and 10 percent in value.

Decliners outnumbered advancers by 173-42.

Ocean
Group continued as the most-active share on the southern bourse on a
volume of just around a million shares, closing unchanged at 32,200 VND
(1.65 USD).

Of the 10 leading shares by
capitalisation, insurer Bao Viet Holdings (BVH), Eximbank (EIB) and real
estate developer Vincom (VIC) posted gains, while software giant FPT
(FPT), Sacombank (STB), and developers Hoang Anh Gia Lai (HAG) and Masan
Group (MSN) declined.

On the Hanoi Stock Exchange, the HNX-Index
fell by an even more substantial 2.12 percent to close the day at just
127.41 points. Market value declined by 14 percent to 842.7 billion VND
(43.2 million USD) on a volume of 33.54 million shares, while losers
outnumbered gainers by an overwhelming 264-38.

PetroVietnam
Construction (PVX) resumed its role as the most-active share nationwide
with 2.57 million shares traded, but the shares closed down 2.9 percent
to 23,300 VND (1.95 USD).

VNDirect Securities Co
analyst Pham Vu Dong on Sept. 29 told financial information website
cafef.vn that, excluding growth, all other economic indicators were
unfavourable. He noted high inflation in September and a trade deficit
that could reach 13.5 billion USD by year’s end, along with sluggish
credit growth.

“The domestic economy is unlikely to undergo a sudden turna-round in the remaining months of the year,” Dong said.

Gold
prices continued to lure investors away from stocks, as well, with
domestic gold prices hitting another record high on Sept. 29 at over 31
million VND (1,590 USD) per tael. (A tael is equal to 1.2 troy ounces).

ACB
Securities Co analysts also noted that Circular No 19, which
supplements Circular No 13, retained the risk coefficient ratio for
securities at 250 percent, a level unlikely to encourage banks to loan
further funds for securities investment.

Foreign investors
continued as net buyers on both exchanges on Sept. 29, picking up 38.5
billion VND (2 million USD) worth of shares./.

Wednesday, December 1, 2010

Shares stall on sluggish volumes

The VN-Index closed up a modest 0.13 percent Sept. 22 to 453.9 points,
while the volume of trade on the HCM Stock Exchange declined by a
whopping 42 percent from the previous day's level to just 33.3 million
shares, worth a combined 907 billion VND (46.5 million USD).

Decliners outnumbered advancers by 105-80, but a number of blue chips
managed gains, including Bao Viet Holdings (BVH), Vietcombank (VCB), Phu
My Fertiliser (DPM), Hoa Phat Group (HPG), Kinh Bac City Development
(KBC), Kinh Do Corp (KDC) and PetroVietnam Finance (PVF).

Ocean Group (OGC) continued as the most-active share on the exchange,
although volume retreated to just 2.33 million shares, a decrease of
nearly 84 percent. OGC shares, meanwhile, dropped to their floor price
of 35,800 VND (1.85 USD)) per share.

On the Hanoi Stock Exchange, the HNX-Index closed largely unchanged at 131.53.

About 26 million shares changed hands, worth 655 billion VND (33.6
million USD) – a decrease of about 35 percent in both volume and value
from the previous day's levels, while losers outnumbers advancers by
176-99.

PetroVietnam Construction (PVX) continued as the most-active share on the northern bourse, with 2.1 million traded.

The gold market continued to draw investor attention, with the
domestic gold price hitting a new record high of 30.26 million VND
(1,552 USD) per tael on on Sept. 22, up 180,000 VND from a day earlier
(a tael is equivalent to 1.2 ounces). The world gold price, meanwhile,
topped 1,290 USD) per ounce overnight.

Foreign investors were net buyers on both bourses on Sept. 22, picking up 65.7 billion VND (3.4 million USD) worth of shares./.

Monday, November 22, 2010

More garment businesses expand scale

A dozen of garment and textile enterprises, mostly in northern region,
have been investing in expanding production since 2009 in a trend that
is forecast to be continued, said experts from the Vietnam Garment and
Textile Group (Vinatex).

Analysing the positive trend, Nguyen Van Thoi, General Director of the
Thai Nguyen Investment and Trade Company (TNG), said the world’s garment
and textile suppliers are shifting their attention from China to
Vietnam and in the country, the market is moving from the south to the
north due to more labour competitiveness.

In addition, customers
now tend to directly connect to suppliers instead of through
intermediaries such as international contractors and retail groups, thus
creating opportunities for development for Vietnamese garment firms,
including TNG.

Recently, TNG invested 210 billion VND (11 million
USD) in building its fourth plant, which is scheduled to be put into
operation in the first quarter of 2011, bringing the company’s total
sewing chains to 172, making it one of the country’s leading garment
suppliers.

The TNG leader said that the investment was based on
long-term and stable commitments and orders from its customers,
including those from the US and Canada like Columbia ,
Sportswear, The Children’s Place and Capital.

After this project,
TNG plans to invest further in its equipment with the aim of taking on
more steps of international garment orders by 2015, Thoi said.

Earlier,
the Nha Be Garment Joint Stock Corporation, which has 22 garment
factories and eight trading companies, invested trillions of VND in
nearly 10 projects despite fluctuation in the market. Two of them, with a
combined investment capital of over 200 billion VND (over 10 million
USD) will become operational late this month.

The new investment
is expected to raise the company’s export turnover by between 20-25
percent this year, said Duong Thi Ngoc Dung, President of the Board of
Directors of Nha Be.

According to experts, increasing investment
in expand production is necessary at a time when Vietnam still has
many advantages in sub-contracting. However, for sustainable
development, enterprises should invest in supporting industries like
materials processing, textile and dying in order to switch from
sub-contracting to selling products of their owned designs.

Garment
and textile have been Vietnam ’s leading export items with turnover
hitting nearly 10 billion USD a year for the past two years.

In
the first eight months of the year, the garment and textile sector
earned almost 6.9 billion USD from exports, a 17.8 percent increase over
the same period last year and is expected to earn 10.5 billion USD for
the whole year./.

Sunday, November 21, 2010

More garment businesses expand scale

A dozen of garment and textile enterprises, mostly in northern region, have been investing in expanding production since 2009 in a trend that is forecast to be continued, said experts from the Vietnam Garment and Textile Group (Vinatex).

Analysing the positive trend, Nguyen Van Thoi, General Director of the Thai Nguyen Investment and Trade Company (TNG), said the world’s garment and textile suppliers are shifting their attention from China to Vietnam and in the country, the market is moving from the south to the north due to more labour competitiveness.

In addition, customers now tend to directly connect to suppliers instead of through intermediaries such as international contractors and retail groups, thus creating opportunities for development for Vietnamese garment firms, including TNG.

Recently, TNG invested VND210 billion (US$11 million) in building its fourth plant, which is scheduled to be put into operation in the first quarter of 2011, bringing the company’s total sewing chains to 172, making it one of the country’s leading garment suppliers.

The TNG leader said that the investment was based on long-term and stable commitments and orders from its customers, including those from the US and Canada like Columbia , Sportswear, The Children’s Place and Capital.

After this project, TNG plans to invest further in its equipment with the aim of taking on more steps of international garment orders by 2015, Thoi said.

Earlier, the Nha Be Garment Joint Stock Corporation, which has 22 garment factories and eight trading companies, invested in nearly 10 projects despite fluctuation in the market. Two of them, with a combined investment capital of over VND200 billion (over $10 million) will become operational late this month.

The new investment is expected to raise the company’s export turnover by between 20-25 percent this year, said Duong Thi Ngoc Dung, President of the Board of Directors of Nha Be.

According to experts, increasing investment in expand production is necessary at a time when Vietnam still has many advantages in sub-contracting. However, for sustainable development, enterprises should invest in supporting industries like materials processing, textile and dying in order to switch from sub-contracting to selling products of their owned designs.

Garment and textile have been Vietnam’s leading export items with turnover hitting nearly $10 billion a year for the past two years.

In the first eight months of the year, the garment and textile sector earned almost $6.9 billion from exports, a 17.8 percent increase over the same period last year and is expected to earn $10.5 billion for the whole year.

Monday, November 15, 2010

Markets wrestle with bears

The VN-Index closed essentially flat Sept. 15 at 448.72 points, saved
from a decline by a steady performance by major shares late in the
session on the HCM Stock Exchange.

Advancing blue
chips included Bao Viet Holdings (BVH), up 1.9 percent, and Ocean Group
(OGC) – Sept. 15's most-active share, with 2.7 million traded – up 1.3
percent

The volume of trades rose 3.7 percent over
Sept. 14's session, to 38.4 million shares, worth just over 1 trillion
VND (52 million USD).

Foreign investors returned to
being net buyers on both of the nation's stock exchanges, picking up a
net of 3.8 million shares worth 134.3 billion VND (6.9 million USD).

On the Hanoi Stock Exchange Sept. 15, the HNX-Index plunged by nearly
2.1 percent to close at 127.21 points, whiping out Sept. 14's 's gains.

About 222 codes declined, while only 59 listed stocks rallying and 30 shares closing unchanged.

Volume remained meagre, with 27.8 million shares changing hands,
generating a turnover of just 665.8 billion VND (34.1 million USD)./.

Sunday, November 7, 2010

Tobacco firm ordered to pay over $18.2 mil in overdue tax, fines

Tobacco firm ordered to pay over $18.2 mil in overdue tax, fines The Dong Nai Tax Agency has ordered British American Tobacco - Vinataba (BATVJ) to pay over VND263 billion (US$13.5 million) worth of overdue taxes from 2005-2008.

The joint venture between the London-headquartered British American Tobacco and Vietnam Tobacco Corporation, set up in 2002, was also fined over VND91 billion ($4.7 million), the agency said.

According to Dong Nai Tax Agency, BATJV was allowed to enjoy income tax exemption for the first two years of operation and pay 50 percent of income tax for three years thereafter, if they met certain conditions.

The conditions were that the company should be using at least 40 percent of locally grown tobacco plants for operations by 2009.

They were required to set up contracts to buy from Vietnamese tobacco farmers, according to the agency.

However, an agency investigation last month found that the company did not buy tobacco leaves from farmers but from local companies.

In 2008, the company spent VND126 billion out of VND2.8 trillion on locally grown tobacco. This amounted to 4.4 percent instead of the committed 40 percent, it said.

BATJV also failed to teach farmers modern techniques for growing tobacco as committed, except for a VND2.7 billion ($143,737) project in 2008 to train farmers and technicians, the agency said.

The tax agency has reported the case to the Dong Nai People’s Committee. A source told Thanh Nien that BATJV has also lodged a complaint with the provincial authorities about the agency’s decision.

Saturday, November 6, 2010

New shares debut on Hanoi bourse

The Hanoi Stock Exchange on Sept. 13 welcomed new listings by Nam Viet
Bank (NVB), IDJ International Financial Investment and Enterprise
Development Co (IDJ) and Asia Pacific Investment Co (API).

Nam Viet Bank (NVB), which became the third bank listed on the northern
bourse, issued 100 million shares, representing its entire charter
capital of 1 trillion VND (51.3 million USD). NVB closed up 8 percent
from its opening price to 11,900 VND per share (0.61 USD), with 69,700
changing hands.

This year, NVB targets earnings of
2.67 trillion VND (136.9 million USD) and a net profit of at least 350
billion VND (18 million USD). It has also set a goal of total assets
reaching 27 trillion VND (1.4 billion USD) by year's end and outstanding
loans of 17 trillion VND (871.8 million USD).

The bank also plans to increase its charter capital to 3 trillion VND (153.8 million USD).

IDJ, which operates in the fields of infrastructure and real estate
development, was founded in 2007 with domestic individuals contributing
about 90 percent of its charter capital.

This year,
it targets earnings of 550 billion VND (28.2 million USD) and a net
profit of 75 billion VND (3.8 million USD). It has also set plans in
place to increase its charter capital to 400 billion VND (20.5 million
USD)

IDJ shares closed down 12.5 percent on their
opening day to 17,500 VND (0.90 USD) per share, with nearly 1.1 million
traded.

Real estate developer API, established in
2007 with a charter capital of 264 billion VND (8.4 million USD), has
been listed on the unlisted public companies market (UPCoM) since
October of last year.

It moved its listing to the
primary exchange, and saw its shares plunge by 10 percent from their
opening price to a close of 15,500 VND (0.79 USD) per share. API shares
generated a volume of 273,500 on their opening day.

API has targeted earnings of 200 billion VND (10.3 million USD) this year and a profit of 50 billion VND (2.6 million USD)./.

Friday, November 5, 2010

Information management enhanced

HA NOI — Symantec Corp yesterday in Ha Noi announced the availability of Symantec Enterprise Vault 9.0 and Enterprises Vault Collector technology to help organisations store, manage and discover information across their enterprises.

Potential customers of those products were small and medium-sized enterprises who did not have the capital to develop private software for storing and managing information, Symantec's chief technology officer Mark Bregman said.

Enterprise Vault 9.0 and Enterprises Vault Collector would help enable enterprises to delete confidently and discover efficiently while protecting their information completely and reduplicating everywhere to eliminate redundant data.

Real estate expo planned for December

HCM CITY — Viet Nam International Real Estate Expo 2010 will be held at the Sai Gon Exhibition and Convention Center from December 9-12.

Vietreal 2010 is expected to attract 50 enterprises in real estate, building materials and architecture fields.

Steel price hits $805 per tonne

HCM CITY — The retail steel price rose to VND15.7 million ($805.12) per tonne, an increase of VND500,000 (US$25.6) per tonne over last week.

However, the Viet Nam Steel Association said about 200,000 tonnes of processed steel products and about 500,000 tonnes of pig iron are in stock at enterprises.

Pig iron prices in the international market have fallen to $600 per tonne.

Development bank signs credit contracts

HA NOI — Housing and Urban Development Group (HUD) and the Bank for Industry and Development of Viet Nam (BIDV) signed two credit contracts, including VND500 billion (US$25.6 million) of credit lines and VND200 billion ($10.3 million) of credit guarantees.

BIDV helped HUD to issue bonds, raising VND800 billion ($41million) for their projects. BIDV also loaned VND250 billion ($12.8 million) to HUD to accelerate certain construction projects.

Binh Minh leases pact with Regus business centre

HCM CITY — The Binh Minh Import Export Production and Trade Company (Bitexco) yesterday signed a leasing contract with Regus, a leading provider of workplace solutions.

Regus will rent the 16th floor of the 68-storey Bitexco Financial Tower, HCM City's highest building, that stands on the junction of Hai Trieu, Ngo Duc Ke and Ho Tung Mau streets in District 1. This will be its third business centre in HCM City.

Regus runs more than 1,100 business centres in 85 countries, including offices in the Petronas Towers in Kuala Lumpur and the Chrysler Building in New York. — VNS

Monday, October 25, 2010

Construction begins on Thien Phu project

DAK NONG — Housing Investment and Trading JSC (Intresco) began work on the Thien Phu Trade, Service and Residence project in the Central Highlands province of Dak Nong on Wednesday.

The project, which carries an investment capital of VND500 billion (US$25.64 million), will occupy a 44-ha area and include hotels, a trade centre, villas, offices and exhibition centre.

OCB reaches $12m in profits this year

HA NOI — Orient Commercial Joint Stock Bank (OCB) earned VND250 billion (US$12.82 million) profit in the first eight months this year, the company announced.

The State Bank of Viet Nam has allowed OCB, which has assets of VND13.5 trillion ($692.30 million) to raise its charter capital to VND3.1 trillion ($158.97 million) from VND2 trillion ($102.56 million).

Can Tho launchese-customs procedure

CAN THO — Can Tho Customs Department launched an e-custom procedure on Wednesday.As many as 29 enterprises are using the service.

The procedure will apply to export and processing enterprises in the province. The department will provide information about products to enterprises.

MoIT debuts ‘Viet Nam energy star'

HA NOI — The Ministry of Industry and Trade's Energy Efficiency Office launched the Viet Nam energy star label.

Deputy chief of Energy efficiency Office Phuong Hoang Kim said household electronics products producers would use the label to raise their competitiveness and develop a trademark for their businesses. — VNS

Tuesday, February 22, 2011

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