VietNam Business: company

Showing posts with label company. Show all posts

Wednesday, February 16, 2011

BP sells Vietnam energy assets to Russian group

Russia’s third largest oil and gas company TNK-BP announced on
October 18 that the company had reached an agreement to buy assets worth
about 1.8 billion USD from British oil company BP in Vietnam and
Venezuela.

The deal is part of a series of sales BP is making to help pay for oil
spill damages in the Gulf of Mexico. It will be financed entirely by
TNK-BP, which is owned 50-50 by BP and a group of Russian tycoons.

Under the deal, in Venezuela, TNK-BP will buy BP’s 16.7 percent stake
of PetroMonagas SA and 26.7 percent stake of Boqueron SA.

In Vietnam, the company will acquire BP’s 35 percent of stake in a
upstream offshore gas project including Lan Tay and Lan Do gas fields, a
32.7 percent stake in Nam Con Son Pipeline and Terminal, and a 33.3
percent stake in Phu My 3 power plant.

“The
acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP's
strategic expansion in the global energy market,” TNK-BP CEO Mikhail
Fridman said. He also expressed his company’s interest in buying BP
assets in Algeria./.

Sunday, February 6, 2011

Japanese company set to serve Vietnamese agriculture

The Japanese multinational Sumitomo Corporation on October 14 officially
opened a company in Ho Chi Minh City to provide products that serve
the agricultural sector.

The corporation’s
chairman Ray Nishimoto, representatives of the Japanese Consulate
General and others from relevant Vietnamese agencies and institutions
attended the event.

Currently, the company is
producing pesticides such as Padan 95SP, 50 SP, Validacin 3L, 5L, Sumi
Eight 12.5 WP, Dantotsu 16 WDG, 50 WDG, and Starner 20 WP, which
annihilates bacteria that cause rotten fruit and vegetables. These
products help farmers increase productivity, ensure product quality for
domestic and export markets, and contribute to building an advanced
agricultural sector.

According to Kimitoshi Umeda,
the corporation’s global marketing director, the Sumitomo Vietnam has
worked out policies on researching and developing products and waste
treatment that do not harm the environment.

In addition, the product price is suitable for Vietnamese farmers, he said./.

Wednesday, February 2, 2011

Green Workplace For A Green Environment

They do not want to become a pathfinder or a trendsetter in environment protection, but many foreign-invested enterprises in Vietnam have come to the forefront, initiating their own ways of fostering green production and green workplace

Facing with huge risks posed by global warming, these enterprises understand that if they do not contribute their part to solving the problem, they are part of the problem. This simple philosophy is echoed by Tim Baxter, when asked why he rallied 400 of his staff at DHL-VNPT Express to join a green campaign in Can Gio Biosphere Reserve in the city’s outlying district and Tam Dao National Park in northern Vietnam ten days ago. DHL staff on the day planted 12,000 trees in these two locales, says Tim Baxter, general director of the joint venture between DHL and Vietnam’s VNPT Group.

“This year’s DHL Volunteer Day in Vietnam will raise further awareness about climate protection among the company’s employees and make them understand why their contribution is crucial,” remarks the CEO, who plainly says a better environment will benefit all people in Vietnam as well as the company itself.

The campaign is not theatrical, however, as DHL-VNPT Express has also painstakingly built schemes to turn its workplace into a green environment, not only in Vietnam but elsewhere in the world. The company is making strides in reducing its carbon dioxide emissions and aiding customers in achieving a greener footprint.

DHL staff are now working on ways of increasing resource efficiency. To further strengthen its commitment to environmental protection, the company has fully fitted most of its facilities in Vietnam, including HCM City Gateway and Hanoi Service Center with energy-saving light bulbs.

Certainly, saving energy is good for both the environment and DHL, as this was proved in the financial year 2009 when DHL Express across Asia Pacific achieved the carbon dioxide emission reduction by 13,000 tons and 10 million euro savings from overall energy and ground vehicular fuel costs.

Riding on the achievements, DHL has set itself the goal of improving carbon efficiency by 10% by 2012 and 30% by 2020 for the company and its subcontractors as well.

In another success story, Cyprus-based PEB Steel Buildings Co., which came to Vietnam in 1994, has adapted its production to the trend of environment protection, turning out green products and promoting green development altogether.

In fact, PEB Steel has become the first pre-engineered steel building company in Vietnam to become a member of the U.S. Green Building Council. The firm’s commitment to the environment takes many forms in the design and use of materials for its projects.

Although the company has previously provided green pre-engineered buildings which help save on energy, it last year started to promote the green values of its products after winning a contract to build green industrial projects for a Nike shoe subcontractor in Tay Ninh Province. The 220,000-square-meter factory is invested by Taekwang Vina, which demanded that Environment Conditions be satisfied by using materials which meet the Leadership in Energy and Environmental Design (LEED) requirements.

To meet LEED requirements, PEB Steel chooses environmentally friendly products and materials, including spangle galvanized lead-free purlins, non-chromate steel sheet for roofing and wall system, or wall system with high solar reflectance and recycle content. These buildings are designed to ensure fullness of natural lights, and little heat to limit usage of electric lighting and air conditioners, thus saving on energy.

“Last year, after winning the contract for the green projects, we realized that our products could meet the environmental requirements, so why don’t we promote the green values of them,” says Vo Hoang Dung, marketing manager of the company.

Nabil Khalaf, plant manager of PEB Steel Building factory in Ba Ria-Vung Tau Province, says the company saves on over 20% of energy cost by reducing energy consumption through the use of energy-efficient lighting, high-performance exterior walls with improved insulation, and high-efficiency mechanical system.

Tuesday, February 1, 2011

Top mining company to de-list shares

Sai Gon Quy Nhon Mining Co (SQC) will seek shareholder approval to
suspend its listing on the Hanoi Stock Exchange due to unfavourable
business conditions.

The company's general director,
Tran Trieu Thanh, told a press conference on Oct. 11 that production
at the plant has been suspended due to the imposition of high export
taxes.

The company operates the Sai Gon Quy Nhon
titanium slag plant, the first plant in Vietnam to produce titanium
slag at a purity of 93 percent.

The export tax
levied on titanium slag is currently 15 percent – down from an earlier
18 percent but still too high for the company's exports to remain
competitive.

To cope with the high tarriff and
attempt to cut its losses, Sai Gon Quy Nhon Mining Co began reducing
capacity at the plant in July this year, Thanh said.

Suspending the loss-making slag production operations entirely actually
would improve the company's bottom line, Thanh said, hinting that
production could resume in the first quarter of 2011, when tarriff
changes could be possible.

Meanwhile, the suspended
operations are having a negative impact on share value, prompting the
management's decision to de-list, pending shareholder approval.

The company's leading shareholder, Dang Thanh Tam, said the blue-chip
shares had a large impact on movements of the HNX-Index.

In response to the concerns of small shareholders, Tam said, the
company's management board plans to buy back shares from any investors
that no longer wish to invest in the company.

Changes in tarriff policies would be decisive as to how long the listing would be suspended, Thanh said.

"I believe the State will soon realise our difficulties and make proper changes to support our production," he added./.

Monday, January 31, 2011

Int’l arrivals in high season recover in uncertainties

Foreign tourists join an outdoor activity to make artistic articles from clay in a tour in Vietnam arranged by Saigontourist Travel Service Co. - Photo: Hoang Long

HCMC – Local travel firms have reported recovery in international tourists in the high season of the inbound tourism, but most still refrain from predicting business outcome for the rest of the year, saying uncertainties are still ahead.

Saigontourist Travel Service Co. has reported a good number of foreign travelers in the January-September period at 180,000, up 11% year-on-year. The company’s deputy director Hoang Huu Loc said that it was still very difficult to talk about any estimate for the high season and the whole year.

“So far, we have some bookings for the whole year, but the majority of travelers tend to purchase tours some weeks or one month in advance. Based on current figures we can say the business is increasing at the moment but we can’t say about this year’s growth rate,” he said.

The company names France and Germany among the major source markets with good growth rates.

Normally, travel companies who receive tourists from long-haul destinations such as Europe and North America often close the tours in November or December, but now the companies are still open to requests from customers.

Asian Trails Co., Ltd., another major travel firm in the city, is also reserved about the year’s business.

“It’s hard to assess the market. It’s changing so fast. At my company, the number of tourists still has not recovered to the same level of 2007 or 2008,” said Bui Viet Thuy Tien, director of the company.

The Vietnam National Administration of Tourism has reported more than 3.7 million foreign visitor arrivals to the country during the January-September period, a staggering increase of 34.2% year-on-year.

HCMC as the country’s biggest tourism center said it has welcomed 2.2 million international visitors in the period, up 13% over the same period of last year.

However, local travel firms have reported a lower growth rate of real foreign arrivals, not only from long-haul but also short-haul markets like Japan and South Korea.

“At my company, Singapore, Philippines and China markets take the lead in the growth rate, but the growth rate is still lower than in the good year of 2007,” said Tran Vinh Loc, director of Lac Hong Voyages.

“We are still selling packaged tours as traditional tours to foreign travelers but we are following new trends of travel to make new products in the coming times,” Loc said.

Travel companies have found travelers tending to travel on free and easy tours as well as budget and short-day tours.

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./.

Monday, January 3, 2011

EVN Telecom speeds up privatization

EVN Telecom speeds up privatization EVN Telecom, a subsidiary of state-owned Electricity of Vietnam, plans to complete its share selloff this year as the company is facing financial difficulties, news website VnExpress reported Friday.

The phone company will sell up to 30 percent of its shares in an initial public offering and at least 20 percent to foreign strategic partners, the report said. Foreign candidates have to meet certain requirements including experience in operating 3G networks.

VnExpress said two foreign institutional investors and two local companies have offered to become EVN Telecom’s partners.

The report cited an unnamed source as saying that EVN Telecom has had to speed up the process of equitization (the term for privatization in Vietnam) because the company faces financial difficulties and increased competition from other mobile phone carriers.

Vo Quang Lam, deputy general director at EVN Telecom, said the plan to sell shares to foreign investors has been approved by the government.

As negotiations are ongoing, the names of the prospective investors cannot be announced now, Lam said.

Three local telecom companies have partnered with foreign firms – Hanoi Telecom, S-Fone and Gtel. However, the partnerships are unstable and likely to fail, VnExpress noted.

EVN Telecom speeds up privatization

HCMC-based company signs Japan partner deal

The Japan Pile Corp has entered a strategic partnership with local firm Phan Vu Investment Corp, concluding its contract in Ho Chi Minh City.

The deal value, however, was not disclosed.

Under the contract, the Japanese company, which is listed on the Tokyo Stock Exchange, will become a shareholder in Phan Vu (PVI) with a 5-percent stake. It will be the first foreign institutional investor of PVI.

According to PVI's deputy general director Vo Thi Hien, her company has a charter capital of VND150 billion (US$75.5 million).

Last year it earned a net profit of almost VND60 billion from a turnover of VND690 billion.

As PVI's operations also include the pile foundation business, the Japanese partner will cooperate to create new pile products for the Vietnam market, including those with an anti-earthquake feature.

It will also assist in the management of the holding company model.

In the fourth quarter, Japan Pile Corp will organize training courses for PVI staff in Vietnam and receive trainees in Japan as well.

The Phan Vu Investment Corp is expected to list in the HCM Stock Exchange in the fourth quarter this year.

Sunday, January 2, 2011

Vietnamese company expands business in Laos

Hanoi Liquor Joint Stock Co (HALICO) has opened its representative office in the Lao capital city of Vientiane.

Lao Minister of Industry and Trade Nam Viyaketh, Deputy Minister of Planning and Investment Thongmy Phomvisay, senior officials and Vietnamese Ambassador Ta Minh Chau along with 200 guests were present at the opening ceremony.

Addressing the event, HALICO Director Ho Van Hai underlined the company’s prestigious trade mark which has developed both at home and abroad over the past 100 years.

He said the company desires to introduce high-quality products to Lao customers and build a factory in the country in order to boost two-way trade between the two nations, generate more jobs for local people and contribute to the two countries’ state budgets.

Lao Minister Nam Viyaketh hailed the establishment of the office and pledged to create favorable conditions for the company to effectively run business and invest in his country.

He extended his wish that HALICO would soon open a factory in Laos to provide good-quality products for the country and other laboring markets, contributing to bolstering bilateral comprehensive cooperation.

On behalf of the Lao government, Deputy Minister of Planning and Investment Thongmy Phomvisay granted investment license to the company’s director.

Vietnamese company expands business in Laos

Hanoi Liquor Joint Stock Co (HALICO) has opened its representative office in the Lao capital city of Vientiane.

Addressing the event, HALICO Director Ho Van Hai underlined the company’s prestigious trade mark which has developed both at home and abroad over the past 100 years.

Lao Minister Nam Viyaketh hailed the establishment of the office and pledged to create favorable conditions for the company to effectively run business and invest in his country.

On behalf of the Lao government, Deputy Minister of Planning and Investment Thongmy Phomvisay granted investment license to the company’s director.

Wednesday, December 29, 2010

Vietnamese company expands business in Laos

Hanoi Liquor Joint Stock Company (HALICO) opened its representative
office in the Lao capital city of Vientiane on September 30.

Lao Minister of Industry and Trade Nam Viyaketh, Deputy Minister of
Planning and Investment Thongmy Phomvisay, senior officials and
Vietnamese Ambassador Ta Minh Chau along with 200 guests were present at
the opening ceremony.

Addressing the event, HALICO
Director Ho Van Hai underlined the company’s prestigious trade mark
which has developed both at home and abroad over the past 100 years.

He said the company desires to introduce high-quality
products to Lao customers and build a factory in the country in order to
boost two-way trade between the two nations, generate more jobs for
local people and contribute to the two countries’ state budgets.

Lao Minister Nam Viyaketh hailed the establishment of the office and
pledged to create favourable conditions for the company to effectively
run business and invest in his country.

He extended
his wish that HALICO would soon open a factory in Laos to provide
good-quality products for the country and other labouring markets,
contributing to bolstering bilateral comprehensive cooperation.

On behalf of the Lao government, Deputy Minister of Planning and
Investment Thongmy Phomvisay granted investment licence to the company’s
director./.

City company signs Japan partner deal

The Japan Pile Corporation has entered a strategic partnership with
local firm Phan Vu Investment Corporation, concluding its contract on
Sept. 30 in HCM City.

Under the contract, the
Japanese company, which is listed on the Tokyo Stock Exchange, will
become a shareholder in Phan Vu. (PVI) with a 5-per- cent stake. It will
be the first foreign institutional investor of PVI.

The deal value, however, was not disclosed.

According to PVI's deputy general director Vo Thi Hien, her company
has a charter capital of 150 billion VND (75.5 million USD).

Last year it earned a net profit of almost 60 billion VND from a turnover of 690 billion VND.

As PVI's operations also include the pile foundation business, the
Japanese partner will cooperate to create new pile products for the
Vietnam market, including those with an anti-earthquake feature.

It will also assist in the management of the holding company model.

In the fourth quarter, Japan Pile Corp will organise training courses
for PVI staff in Vietnam and receive trainees in Japan as well.

The Phan Vu Investman Corp is expected to list in the HCM City bourse in the fourth quarter this year./.

Monday, December 20, 2010

Tour company to list on Hanoi exchange

The Hanoi Stock Exchange has given the green light to Ocean Hospitality
and Service Joint Stock Company to list 100 million shares.

The shares, which will be listed under the code OCH, will debut on October 1, 2010.

"The share listing will enhance our financial capacity to implement
large-scale real estate projects nationwide," said the company's general
director Ta Thanh Thuy.

"Many foreign and domestic
investors have shown their interest in investing in our company. We are
on the way to choose suitable strategic partners," Thuy said.

Top priority will be given to investors with strong financial capacity
and rich management experience in the hotel and tourism industry, she
added.

The company, a subsidiary of Ocean Group, has
a charter capital of 1 trillion VND (52.6 million USD). Its business
interests include hospitality, hotels, restaurants, real estate,
infrastructure, housing and food processing.

The
company has co-operated with leading global design and hospitality
management groups in constructing 4-5 star hotels under the StarCity
trademark. Among these are the StarCity Westlake Hanoi, Novotel StarCity
Hoi An Resort, StarCity Nha Trang Hotel, StarCity Nha Trang Hotel,
StarCity Sai Gon Hotel and StarCity Airport Hotel.

Novotel StarCity Hoi An Resort and StarCity Sai Gon Hotel are scheduled to open this year.

The group posted a pre-tax profit of 86.7 billion VND (4.6 million
USD) in the first half of this year and is targeting a pre-tax profit of
163 billion VND (8.6 million USD) by the year-end.

In response to the huge potential of the real estate and tourism sectors
the company plans to continue pumping investment in these key areas,
Thuy said./.

Sunday, December 19, 2010

Vinashin's new motorcycle product sparks debate

Vinashin's new motorcycle product sparks debate A new motorcycle put out this month by a subsidiary of state-owned shipbuilder Vinashin has set off a heated debate regarding design patent and the origin of its engine.

Vu Manh Ha, general director of Vinashinmotor, said that the Diamond Blue scooters use a modern engine produced by the Sundiro Honda Motorcycle Co in China.

Honda Vietnam insisted that the engine was not manufactured by any branches of the Japanese company around the world, and not by Sundiro Honda specifically. Honda Vietnam also said it is the only company that has the right to produce and distribute Honda engines and motorcycles in the country.

Speaking to local news website VTCNews, Ha said Honda was trying to “mess up” with his company and inspire doubts in consumers. He said local authorities verified the origin of the engines when they were imported.

But the engine is not the only question that comes up in the ongoing controversy surrounding the Diamond Blue. There have also been concerns over design patent infringement as the scooter is a definite look-alike of the popular Vespa LX model.

Diamond Blue retails at around VND50 million (US$2,560) while a Vespa LX costs around $4,000.

Ha said the design was provided by a Chinese company and Vinashinmotor has not violated any regulation.

The Italian scooter company, Piaggio, issued a press release saying it has known about “a motorcycle that is similar, in design, to the Vespa LX”.

“Many companies have made products based on the design of Vespa but they all failed because their products lack the same design quality and high-tech value as Vespa,” the company said in its statement.

Piaggio, however, did not mention Diamond Blue or any intention to take legal action to protect its product. It said “Vietnamese consumers are wise enough to tell the difference between genuine products and copycats.”

Analysts say this response is a smart move considering Piaggio has not patented the design of Vespa LX in Vietnam.

To Duc Long, an official at the Vietnam Register, a government body responsible for technical supervision of vehicles, said both Piaggio and the National Office of Intellectual Property of Vietnam had been alerted about the similarities in design. However, both of them confirmed that Piaggio did not have a local patent on the design of the Vespa LX.

The controversy has not affected Diamond Blue sales. Analysts say the bike's reasonable price and the engine claimed to be made by Honda have caught the attention of many consumers.

According to a sales representative for Vinashinmotor, around 300 scooters have been sold over the past three weeks in the northern region. The company’s assembly plant will continue to supply 50-70 scooters for the market every day, he said.

Monday, December 13, 2010

Interbank Forex eyes Vietnam market

HCMC – The U.S.-based broker of off-exchange retail foreign currency, Interbank Forex, has unveiled its plans to seeks partners in Vietnam through its Private Label Forex Trading Tools and Education.

Speaking at a press conference held in HCMC on Friday, an executive of the company said that it is looking for opening a representative office as soon as possible to expand its operation in Asia, after Korea. Its aim is to examine the market and provide information to Vietnam’s leading financial and banking executives, said Abigail DeGraff, Interbank Forex’s Global Public Relations.

She said that the company is looking for some five to ten local partners from banks, investment firms, securities brokerage houses and financial institutions.

In a press release sent to the Daily earlier, Peg Reed, Interbank FX managing director of global partnerships, said: “This is our first step in partnering with Vietnamese financial institutions. Our track record demonstrates that in countries where banks readily adapt our private-label Forex products, we soon follow with investments and staffing.”

The company said that its research shows that the Vietnamese market is highly potential. An estimate from the World Bank, says the company, shows that Vietnamese people are keeping some US$9.7 billion in dollar notes at home.

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./.

Tuesday, November 9, 2010

Business tycoon sues province for taking back leased villas

Business tycoon sues province for taking back leased villas One of Vietnam’s richest businessmen on Monday filed a lawsuit against the Finance Department in Lam Dong Province for taking back 11 villas that he said his company had leased to build a resort.

Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Group, told local news website VnExpress that he was “shocked” when the authorities of the central highlands province made the decision.

“It’s funny because the 11 villas were taken back while my down payments for land clearance so far have been ignored,” he said.

According to Hoang Anh Gia Lai, the company began to pursue a plan to develop 20 old villas in the resort town of Da Lat into a four-star resort in 2002. It signed a contract with Lam Dong Province Finance Department to lease the properties, with a total area of nearly 46,000 square meters, for 50 years.

Fifteen of the villas were transferred to the company and construction work was finished on eight of them, Duc said.

The province, however, decided to take back 11 of the villas in September last year and assigned them to another company in Ho Chi Minh City.

Lawyer Le Thi Hoai Giang, legal representative for Hoang Anh Gia Lai, said the company demands that the Lam Dong Province's Finance Department fulfills its contract. In case the contract is terminated by the department, all financial obligations have to be paid, she said.

Director of the Finance Department, Nguyen Van Yen, told VnExpress that the decision to take back the villas was made “in accordance with legal regulations.”

Yen said the resort project was delayed and the conditions of the villas had deteriorated.

The villas were supposed to be put into business no later than 12 months after their transfer. However, some of them had been left untouched for nearly three years, Yen said.

Business tycoon sues province for taking back leased villas

Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Group, told local news website VnExpress that he was “shocked” when the authorities of the central highlands province made the decision.

“It’s funny because the 11 villas were taken back while my down payments for land clearance so far have been ignored,” he said.

Fifteen of the villas were transferred to the company and construction work was finished on eight of them, Duc said.

The province, however, decided to take back 11 of the villas in September last year and assigned them to another company in Ho Chi Minh City.

Director of the Finance Department, Nguyen Van Yen, told VnExpress that the decision to take back the villas was made “in accordance with legal regulations.”

Yen said the resort project was delayed and the conditions of the villas had deteriorated.

The villas were supposed to be put into business no later than 12 months after their transfer. However, some of them had been left untouched for nearly three years, Yen said.

Fish exporter flags U.S. court action on antidumping tariff

HCMC – Dong Thap-based Vinh Hoan Joint Stock Company said that it may file a lawsuit against the United States Department of Commerce (DOC) if the company’s tra fish exports to the US incur anti-dumping duties.

The Vietnamese company made the announcement on its website at www.vinhhoan.com.vn on Sunday, five days after DOC made a preliminary decision on anti-dumping tariffs on Vietnamese seafood shipped stateside.

According to the decision after the sixth administrative review, Vinh Hoan would incur anti-dumping duties on exports to the U.S. from August 1, 2008 to July 31, 2009. The company had, however, been exempt from anti-dumping duty in the fifth DOC review.

A source who requested anonymity told the Daily that anti-dumping tariffs imposed on products of some Vietnamese seafood exporters may range from 0% to 136%. The source said DOC, in this review, used third-country market Philippines instead of Bangladesh as a benchmark for determining the anti-dumping margins for Vietnamese tra fish, resulting in the increase in the tariffs.

Despite the bad news, Nguyen Ngo Vi Tam, deputy general director of the company, still seemed optimistic, saying there was still a chance for change because the decision was preliminary not final.

According to a representative of the Vietnam Competition Authority (VCA), an agency under the Ministry of Industry and Trade, the decision is made by DOC, so it’s legal for a company that is imposed an anti-dumping tariff to file a lawsuit against the authority to the US court.

Monday, November 8, 2010

Fish exporter flags U.S. court action on antidumping tariff

Despite the bad news, Nguyen Ngo Vi Tam, deputy general director of the company, still seemed optimistic, saying there was still a chance for change because the decision was preliminary not final.

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