Sunday, December 12, 2010

Novaland starts second phase of high-rise condo

Novaland starts the second phase of Sunrise City project in HCMC’s District 7 - Photo: Mai Huong
HCMC - Nova Real Estate Investment Corporation (Novaland), owner of the Sunrise City project, has commenced work on the second phase of a property project worth half a billion U.S. dollars in southern HCMC.

The company in this phase will develop four towers from 31 to 35 stories each with some 632 high-end apartments, and a large luxury department store, all in the complex named Central Plaza.

Besides, the company also is developing the V-block of Sunrise City, a residential complex in HCMC’s District 7. V-plot consists of six towers ranging from 31 to 34 floors with 752 high-end apartments, a commercial center of four floors and a public utility area of more than 21,000 square meters.

The first phase of the project is expected to be completed in early 2012, with six apartment towers.

Sunrise City is a huge project with a total land area of 5.12 hectares. The project consists of three main blocks, namely V, W, and X, with 14 apartment towers from 31-35 floors.

Upon completion, the project will offer over 1,800 high-end apartments, penthouses and over 70,000 square meters of business and shopping centers. Total investment of the project is more than US$500 million.

The project is located on Nguyen Huu Tho Street close to Phu My Hung town in District 7. To ensure construction quality, Novaland has selected Kumho E&C, one of the three most prestigious contractors in Korea, to build the complex.

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Work starts on tourism property project in Vung Tau

Ho Van Nien (2rd, R), vice chairman of the People’s Committee of Ba Ria-Vung Tau Province, celebrates the ground breaking ceremony of the Oceanami Resort & Luxury Home over the weekend - Photo: Dinh Dung
HCMC - Hoa Anh Dao Tourist JSC held a ground breaking ceremony for a tourism complex project in the southern coast province of Ba Ria-Vung Tau over the weekend, adding to the province’s growing list of resorts under construction.

The developer said it invested some VND1,150 billion to develop the Oceanami Resort & Luxury Home project in Phuoc Hai Town in Dat Do District, near historic  Minh Dam mountain, where the Vietnamese military base used to be.

The project, covering 21 hectares on nearly one kilometer of beach, is designed with a five-star hotel with 200 guest rooms, 28 bungalows, two blocks of five-story buildings with 100 apartments and some 180 luxury villas. The plans include a convention center, restaurant, spa, swimming pool and marina.

Speaking at the event, Ho Van Nien, vice chairman of the province, elaborated on Ba Ria-Vung Tau’s plan, saying the province has done everything possible to exploit its 100km coastline.

Nien said the investment environment has improved with a lot on offer to attract international investors to the province. There about 100 tourism property projects underway in the province, including the Oceanami Resort & Luxury Home.

The project is scheduled for completion by 2012, with villas priced between US$364,000 to US$1.3 million per unit.

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Saturday, December 11, 2010

Taiwan, Vietnam move to increase trade ties

A trade exchange to promote trade for Taiwanese businesses in Vietnam
market and other ASEAN markets opened in Ho Chi Minh City on September
27.


The event was held by the Taiwan External Trade Development Council
(TAITRA) and the Vietnam Chamber of Commerce and Industry in Ho Chi Minh
City (VCCI-HCMC).


Attending the event were 63
leading Taiwanese businses in cosmetics, household appliances, trade,
electricity, energy and environment along with 100 Vietnamese
businesses. They said it is a good opportunity for the two sides to
share experiences and seek out partners.


At the
event, Wayne Wu, deputy chairman of the TAITRA and Vo Tan Thanh,
director of the VCCI-HCMC, spoke highly of bilateral trade ties between
Taiwan and Vietnam over the past time and expressed their belief that
the relationship will continue to develop in the near future.


Wayne Wu said that Vietnam is Taiwan’s important trade partner and
largest importer, followed by mainland China and Hong Kong. So far, the
Taiwanese total investment in Vietnam has reached 21,700 million USD and
in the first eight months of the year, two-way trade reached 5,633
million USD.


VCCI-HCMC’s director Vo Tan Thanh said
that at present, Taiwan (China) is the largest investor in Vietnam, both
in registered capital and the number of projects./.

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Vietnam’s GDP grows 6.52 percent in nine months

Vietnam’s GDP grows 6.52 percent in nine months

Vietnam ’s economy grew 6.52 percent in the past nine months, the
Ministry of Planning and Investment (MPI) reported on Sept. 27.


The growth was hugely supported by industrial production value, which
hit 574 trillion VND or a rise of 13.8 percent compared with the same
period last year and exports, which rose 20 percent to 51.5 billion USD.


According to the MPI, the export figure was mainly contributed
by the foreign direct investment sector and the rising prices of rubber,
pepper, cassava, cashew nut, tea, rice and seafood in the world market.


In
the past nine months, retail and service sales raked in 1,146 trillion
VND, a rise of 25 percent compared to the equivalent period in 2009.


The
ministry reported that the State had collected 360 trillion VND for its
budget, which represented 78.2 percent of the yearly estimate.


Despite
gains, the national economy still faced a high trade deficit, the MPI
said, citing an import value of 60.08 billion USD, which represented a
rise of 22.7 percent compared with the corresponding period last year.


The
MPI predicted that prices of consumer goods would go up in the
remaining three months because of the rising prices of input materials
and commodities in the world market.


It asked relevant ministries and sectors to introduce detailed plans to retain the prices./.

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ADB backs State-owned enterprises reform

The State Bank of Vietnam and the Asian Development Bank (ADB) on Sept.
27 signed a plan to disburse a 630 million USD loan for the State-owned
enterprise reform and corporate governance facilitation programme.


The loan aims to assist Vietnam in reforming a number of State-owned
enterprises (SOEs) and their affiliated companies, improve corporate
governance via financial restructuring and renewing corporate
operations.


The first sum of 130 million USD will be
re-lent to the Song Da Group, the Southern Waterborne Transport
Corporation and the Debt and Asset Trading Company.


Speaking at the signing ceremony, SBV Governor Nguyen Van Giau said the
ADB’s loan affirms its commitment to supporting the Vietnamese
Government in effectively tapping resources of State-owned enterprises
and enhancing their competitiveness and operations.


The loan will also help Vietnam spur socio-economic development, speed
up hunger eradication and poverty reduction, and improve the quality of
growth.


By the end of 2008, 4,979 SOEs had been
restructured, of which 3,369 were equitised. During 2008-2010 period, an
additional 1,535 small and medium-sized enterprises are planned for
restructuring, including 948 businesses undergoing equitisation./.

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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./.

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Agro-forestry-seafood exports continue soaring

Agro-forestry-seafood exports continue soaring

The agro-forestry-seafood sector earned 1.75 billion USD from exports in
September, raising its total export turnover in the first nine months
of the year to 13.93 billion USD, a year-on-year increase of 22.3
percent.


Of the total, agricultural products
brought home 7.32 billion USD, up 21 percent and seafood, 3.47 billion
USD, up 14.2 percent.


Rice topped the
list of agro-forestry products in terms of both export volume and value
with 5.55 million tonnes worth 2.56 billion USD in the nine-month
period, representing respective increases of nearly 12 percent and over
14 percent. The prices of Vietnamese rice have come close to those of
Thailand , the world’s largest rice exporter.


Several other agricultural products also recorded increases in both
export volume and value, including coffee with 925,000 tonnes, earning
over 1.3 billion USD, up 4.2 percent in volume and nearly 1 percent in
value. Germany was Vietnam ’s largest coffee consumer with 13.5
percent of the country’s total export volume, followed by the US
with 12.7 percent.


Rubber exports rose only 10.9
percent in volume but saw a double growth in value compared to the same
period last year thanks to an 86-percent increase in price. In the first
nine months, Vietnam shipped 531,000 tonnes of rubber, earning 1.45
billion USD. China was Vietnam ’s biggest rubber importer that
accounted for over 57 percent of the country’s total export value.


The country’s tea export turnover reached 146 million USD, soaring
16.7 percent year-on-year while the export volume increased only 4
percent with 100,000 tonnes. Pakistan was the largest importer of
Vietnam ’s tea products, followed by Taiwan and Russia .


Vietnam remained the number one cashew nut exporter in the
world. In the reviewed period, the country exported 143,000 tonnes worth
780 million USD, up 10 percent in volume and 30 percent in value.
Vietnamese cashew nuts were shipped to 50 countries and territories
worldwide with the US being the largest consumer, accounting for
nearly 34 percent of the country’s total export value.


Pepper saw a decrease of 5.6 percent on volume but its export value
was up over 30 percent over last year’s correspondent period with
102,000 tonnes and 345 million USD respectively.


Forest products and timber recorded a high export turnover of 2.6
billion USD. However, the nine-month import turnover of timber material
still reached 827 million USD despite a year-on-year drop of up to 30.9
percent.


Seafood continued to affirm itself as the
country’s strategic export item with 3.5 billion USD in nine-month
export turnover. Japan and the US were the two largest consumers
of Vietnamese seafood with respective proportions of 18.4 percent and 18
percent.


In the nine-month period, Vietnam
imported 9.5 billion USD worth of materials for agro-forestry-seafood
production, up over 27 percent year-on-year./.

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