VietNam Business: capital billion

Showing posts with label capital billion. Show all posts

Friday, February 18, 2011

Province lures investors

Zinc-plated corrugated steel is rolled at the Hoa Sen Group factory in the southern province of Ba Ria – Vung Tau. — VNA/VNS Photo The Anh

HCM CITY — Southern coastal Ba Ria – Vung Tau Province has attracted an increasing number of investment projects over the last five years, according to the province's Department of Planning and Investment.

From 2006 through 2010, the province issued 196 new investment licences with total committed capital of US$24.26 billion.

The investment projects now number at 280, with total committed capital of $27 billion.

Most investment projects are in the tourism and industry sectors.

The number of projects has doubled, while committed capital has increased 10 times compared to the target set for the 2006-10 period, according to the department.

Implemented capital reached $3.39 billion, a rise of 1.5 times compared to the 2001 – 05 period, about $650 million higher than the target.

According to the department, foreign investment projects, mostly in the tourism sector, have accounted for 60 per cent of total investment capital and 50 per cent of export turnover.

During the 2006-10 period, foreign-invested projects made up 20 – 30 per cent of the total budget and created more than 20,000 jobs.

Local investors have focused on projects to develop seaports, residential areas and other infrastructure projects.

They include projects to develop Long Son Oil and Gas Industrial Park ($169.7 million), An Phu shipbuilding factory ($144.1 million), Chau Duc residential area ($63.43 million) and Nui Lon – Nui Nho tourist resort ($71.79 million).

Tan Thanh District in the province has attracted 127 projects with total investment capital of VND86,357 billion ($4.4 million).

Vung Tau City ranked second in the number of projects, with 76, and a total investment capital of VND24,099 billion ($1.2 million).

Viet Nam's membership in the World Trade Organisation (WTO) in 2007 has helped spur foreign investment growth, especially in Ba Ria – Vung Tau Province.

In 2007, the province attracted investment capital of only $1.4 billion, but capital rose to $11.6 billion in 2008.

Le Kim Huong, director of the province's Department of Planning and Investment, said the province wanted to create the most favourable conditions for both local and foreign businesses to invest.

The executive director of Ho Tram Beach Resort, Le Ngoc Quynh, noted that when his company invested in tourism in Phuoc Thuan Commune in Xuyen Moc District, local authorities supported them by improving infrastructure, such as power and telephone lines.

Because of the global recession, investors have also faced challenges in luring capital, particularly for large projects.

In addition, frequent changes in Government policies about land-use have postponed site clearance work because of lawsuits on compensation for displaced residents. This, in turn, has delayed progress on large projects.

Located in the major southern economic zone more than 100 kilometres from HCM City to the southeast, Ba Ria – Vung Tau Province is a major tourism site, favoured by nature with a long, beautiful coast.

The coastal province is also the country's only site for the offshore oil and gas industry. — VNS

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

Saturday, October 16, 2010

Vietnam orders status report on large FDI projects

Vietnam orders status report on large FDI projects The Ministry of Planning and Investment has ordered foreign investors of projects with capital of more than US$1 billion to submit a progress report by next Thursday.

The status of real estate projects that cover more than 50 hectares of land as well as mining projects will also need to be reported, the ministry’s Foreign Investment Agency said.

The reports are expected to cover important issues concerning financing, labor and environmental impacts.

According to the agency, the ministerial order was necessitated by the slow pace of most major foreign-invested projects.

Among the 100 largest projects that have been registered, 16 have a capital of more than $1 billion.

Some provinces have taken strong action against delayed projects this year.

The central province of Quang Nam, for instance, in May canceled a $4.15 billion resort project as the investor had failed to complete the required investment formalities.

A $200 million real estate project invested by South Korea’s AJ Vietstar Co has also been revoked by the southern province of Ba Ria-Vung Tau due to lack of capital.

Foreign direct investment to Vietnam totaled $11.57 billion in the first eight months, down 12.3 percent from a year ago, according to official statistics.