Real estate trading inspections begin

HA NOI — A delegation led by officials from the ministries of Public Security and Construction has started to inspect the operation of real-estate transaction floors in Ha Noi and HCM City.

The main subjects of the inspection are floors managed by groups, corporations and companies that are carrying out the construction of new urban areas.

The inspection would focus on the opening and operation of property transaction floors, said Pham Gia Yen, chief inspector of the Ministry of Construction.

"The inspection will be carried out according to a plan which was ratified at the beginning of this year and will take 30 days to complete," said an official from the inspectorate.

"At this time, only floors in Ha Noi and HCM City will be investigated," he said.

Based on a report to be compiled following the investigation, the Ministry of Construction and relevant authorities will plan for better conditions and more information to amend policies to manage the real estate market and transaction floors.

Difficulties that are encountered during trading will also be reported and solutions will be found.

"The investigation is necessary. It will make the market more transparent," said To Chi Cong, director of Asia Real, a member of Asia Invest Group.

"I think the investigation will help policymarkers re-appraise the criteria needed to set up a transaction floor and will also play an important roll in managing them," Cong said.

Recently, around 4,000 floors have been set up across the country but following appraisals, many have been found to operate ineffectively. — VNS

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Work starts on Ocean Window development

KHANH HOA — Eurowindow Nha Trang Investment and Tourism Joint Stock Co broke ground on the Ocean Window Spa and Resort on Wednesday. The 34.2-ha project has VND1 trillion (US$51.28 million) in investment capital. It will include a five-star hotel, spa, restaurant and bar, shopping centre, events' centre, sports centre and beaches. The resort, in central Khanh Hoa Province, is expected open for business in 2013.

New urban area projects invested

HA NOI — Housing and Urban Development Holdings (HUD) has made plans to invest in four new urban area projects in the capital. The projects include expansion of the Nam An Khanh new urban project, a new urban project around Linh Dam Lake, the Mai Trai - Nghia Phu new urban project, and the 55ha Thanh Lam - Dai Thinh 2 project.

Courtyard's second phase begins

HCM CITY — Sai Gon-Ham Tan Tourism Corporation began the second phase of its Courtyard project for Marriott – Ham Tan. Sai Gon Invest Group has invested VND81 billion (US$4.2 million) in the project. The hotel will occupy a 6ha area and include a restaurant, an entertainment area, a swimming pool, a kids' club, and a spa and massage parlour. It is slated for completion in 2012. — VNS

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Higher quality lifts tea exports in July

Thirty four Vietnamese provinces cultivate tea over 131,500 ha with a yield of about 6.5 ton per hectare

Vietnam exported 10,000 tons of tea last month, earning export revenue of US$14 million, according to the Vietnam Tea Association.

With the money earned in July, total tea export turnover in the first seven months of the year stood at $91 million, a year-on-year increase of 6 percent, the association said.

The association attributed the increase to higher tea prices compared with last year, when tea was strongly affected by the world recession.

The association added that thanks to higher quality and better hygiene, Vietnamese tea was fetching higher prices on the world market.

Russia recently became the largest importer of Vietnamese tea. Other markets included Pakistan , Taiwan , China and Afghanistan .

Although the price of Vietnamese tea this year is higher than last year thanks to improved quality, it still remains low compared to rival products.

In the last decade, the price of domestically produced tea has not significantly increased.

In 1998, the price of Vietnamese tea stood at $1.52 per kilo, while prices abroad averaged about $2.01 per kilo.

In 2009, while tea prices on transaction floors on the world market climbed to $2.43 kilo, Vietnamese tea fell in price to $1.23 per kilo.

"This situation is caused by unhealthy competition among domestic companies," said Doan Anh Tuan, chairman of the association.

"Many companies produce and export low-quality tea, which has strongly affected the prestige of the national tea industry," he added.

Manufacturers have not invested in developing technology and cultivation practices.

"Vietnamese tea is cheaper than that of other countries because it has not caught up with changing global tastes," said Nguyen Thu Hang, representative of Estate Agencies, a regular Vietnamese tea industry customer.

"Another reason for the poor prices is the lack of an identifiable global trademark," she said.

Hang also affirmed that her company would be ready to import Vietnamese tea at higher prices if manufacturers could ensure hygiene and better quality.

Thirty four Vietnamese provinces currently cultivate tea over 131,500 ha with a yield of about 6.5 ton per hectare.

 

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German quality-testing firm offers services

Germany-based quality-testing firm TUV SUD says it can guide Vietnamese apparel, footwear, leather goods and textiles exporters to prosper in EU markets, avoiding several legal pitfalls.

The company said in a statement Thursday that its guidance would be useful for companies to deal with EU regulations, especially those relating to REACH – registration, evaluation, authorisation and restriction of chemical substances.

This would allow suppliers to expand their market share, access key EU markets and reaffirm their global industry standing, the company statement said.

"Local suppliers will have significant competitive advantages over their competitors to access the EU market when they fully understand stringent EU regulations," said Suresh Somou, general director of TUV SUD Vietnam.

With TUV SUD's expertise, complying with REACH requirements would become a simple, step-by-step approach. By understanding the regulations and requirements, suppliers can easily classify their products and determine individual obligations regarding product type, place of manufacture and role in the supply chain.

Failure to comply with the EU's regulatory requirements would lead to costly product recalls and damage brand reputation.

Hence EU brands, retailers and importers are under great pressure to ensure that their products meet the necessary regulatory requirements. Their non-EU suppliers are also required to ensure full REACH compliance.

TUV SUD provides solutions for product quality and safety testing and inspection, engineering support, management system certification, and training.

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Insurers see non-life premiums climb

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

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

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

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

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

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

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

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

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

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

 

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Insurers see non-life premiums climb

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

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

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

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

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

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

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

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

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

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

 

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Toshiba, MHI to join Japan nuclear mission to Vietnam

Toshiba Corp., Hitachi Ltd. Mitsubishi Heavy Industries Ltd., and Tokyo Electric Power Co. will send representatives on a government-led mission to Vietnam to sell nuclear technology.

Trade Minister Masayuki Naoshima plans to meet Vietnamese Prime Minister Nguyen Tan Dung and other officials during the three-day visit, according to a ministry statement released in Tokyo Friday. The delegation will also include Kansai Electric Power Co. and Chubu Electric Power Co.

Japan, which lost out to South Korea in December on a $20 billion atomic contract with the United Arab Emirates, is competing in the expanding global reactor market with France, Russia, Canada, and the US. Prime Minister Naoto Kan is due to meet Dung at an Association of Southeast Asian Nations summit in Hanoi in October as he seeks buyers for Japan’s infrastructure and technology exports.

“By going with all the executives, the Vietnamese government would understand how serious we are,” Tomoyoshi Yahagi, director of international nuclear energy cooperation office at the trade ministry, told reporters in Tokyo. “It may help to produce some results at the bilateral meeting.”

Russia’s state-run Rosatom Corp. has been selected to build the first of as many as 13 atomic plants planned in Vietnam by 2030.

Tokyo Electric and Toshiba together with other companies set up an office last month ahead of forming a joint nuclear export venture this autumn. Japan has begun preliminary talks with Vietnam for a atomic cooperation treaty, which would allow Japanese companies to export technology.

The delegation will include Tokyo Electric Chairman Tsunehisa Katsumata, Toshiba President Norio Sasaki, Hitachi President Hiroaki Nakanishi, Mitsubishi Heavy Industry Chiarman Kazuo Tsukuda, Kansai Electric President Makoto Yagi, Chubu Electric President Akihisa Mizuno, Japan Atomic Power Co. President Hiroshi Morimoto, and Ichiro Takekuro, who will be a president of the joint venture, according to the statement.

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