Vietnam: In briefs

Viet Nam signs cashew agreement with India

HCM CITY — Viet Nam Cashew Association and the Cashew Export Promotion Council of India signed a memorandum of understanding last Thursday. Under the terms of the agreement the association and the council will exchange information such as trade prices for cashew.

Agribank invests in new power plant in Dac Lac

DAC LAC — The Bank for Agriculture and Rural Development of Viet Nam (Agribank) and the Housing and Industrial Zone Development Investment Corporation have signed a credit agreement for a VND900 billion (US$56.3 million) which will go towards a new power station.

The Dac My 4 power station will have a total investment capital of VND4.1 trillion ($259.3 million) and be able to generate 190MW.

Sai Gon-Ha Noi Bank releases financial report

HA NOI — Sai Gon-Ha Noi Bank last Friday announced it has a chartered capital of VND500 billion (US$31.3 million) and expects it to rise to VND2.1 trillion ($134.3 million) by the end of the year.

The bank also said its total revenue last year was VND54.5 billion ($3.4 million) and that it had VND492.9 billion ($30.8 million) in outstanding loans. The bank also opened a new branch in Thai Ha Street last Wednesday and raised its annual interest rate to 10.68 per cent.

An Binh Bank to issue bonds worth $93.8 million

HA NOI — An Binh Bank (Abbank) plans to issue convertible bonds worth VND1.5 trillion (US$93.8 million) next month.

Bonds will have a face value of VND10,000 and a term of 12-18 months. The interest rate on the bonds may be lower than the interest paid to savings account holders.

Abbank shares were recently said to be the best in Asia by AsiaMoney Magazine.

Bond market forum created by banks, insurers

HA NOI — Viet Nam Bond Market Forum was established last Friday by 25 members that included commercial banks and domestic and overseas insurance companies.

The forum will standardise transaction procedures in the country and support Vietnamese businessmen in the global marketplace.

Da Nang Securities Co makes debut

HCM CITY — Da Nang Securities received bourse approval last Friday to trade on the HCM City Securities Trading Centre.

The company, headquatered at 414 Nguyen Thi Minh Khai, has VND22 billion (US$1.38 million) in chartered capital and offers brokerage, constancy, underwriting and portfolio management services.

The company expects to increase its chartered capital to VND200 billion by the end of the year through issuing shares to foreign and local strategic investors.

Entertainment park to be built in Binh Dinh

BINH DINH — Optivest Investment Pte Ltd Co, a branch of Singaporean Boustead group was granted licence to build the Vinh Hang Quy Nhon Park, announced the People’s Committee of the southern province of Binh Dinh.

The US$5 million park covering a 12 ha area is scheduled to kick off construction in February and come into operation by January next year.

Country’s tourism sector to keep growing

HA NOI — The Viet Nam National Tourism Administration estimates that 370,000 foreigners visited the country in January.

Officials expect the figure to climb next month with foreigners and Vietnamese living abroad arriving for Tet in mid-February.

Viet Nam has inked a co-operation agreement with Italian officials to facilitate tourism this year, and has agreed in principle on the contents of transport agreements with Laos and Thailand to carry travellers between the three countries.

Dongfan wins US$31.4m hydroelectric plant contract

HA NOI – Chinese firm Dongfan won a US$31.4 million contract to install and operate equipment for the An Khe-Kanack hydroelectric plant, which borders Binh Dinh and Gia Lai Province. An Khe-Kanack, with VND3.8 trillion ($237.5 million) in capital, will have a capacity of 160MW when fully operational.

The plant is scheduled to begin generating electricity in March 2009.

Source: vietnamnews.vnagency.com.vn