Quang Ninh welcomes new Chinese investor

A Chinese company has been licensed to build a wood processing plant in the Viet Hung industrial zone, in northern Quang Ninh province.

The $1.1 million joint venture between the China-based wood company and its Vietnamese partner, will specialise in producing processed timbers and pulp products.

The plant will have a production capacity of 70,000 tonnes of products per year.

Japanese invested aluminium hydroxide plant to be built

Japanese and domestic partners submitted a project license for approval to the Ba Ria - Vung Tau provincial People's Committee in order to build a $300 million aluminium hydroxide plant, on April 9.

The joint-venture between Sojitz corporation, the Nippon Light Metal Company, the Vietnam National Chemical Corporation and the South Basic Chemical Company, will use $200 million in credits granted by the Japan Bank for International Cooperation (JBIC).

Covering 100 hectares, the plant will house a 40-ha factory and a 60-ha waste treatment facility.

Its raw materials will be sourced from a bauxite-mining site in Bao Loc district, in the Central Highlands province of Lam Dong.

The provincial authorities plan to conduct research next week to help the investors find an appropriate location for the plant.

The Nippon Light Metal Company is the biggest in Japan that specialises in producing high-quality aluminium products. Sojitz is, meanwhile, one of largest Japanese trading company.

Coal group’s finance company makes debut

The Vietnam Coal and Mineral Industry Group (Vinacomin) launched a financial subsidiary company, in Ha Noi, on April 9.

The Vinacomin Finance Company, which operates as a one-member limited liability, has a chartered capital of 300 billion VND and an operating license for 50 years.

Director, Tran Van Hoi, said his company would act as a bridge between Vinacomin and financial markets inside and outside the country to secure loans for its parent company.

He also said that between now and 2010, Vinacomin will look to secure between 8-10 trillion VND in financing annually.

Exports of suitcases, bags, hats fetch $130 million 

Vietnam earned around $130 million by exporting suitcases, bags, hats and umbrellas in the first quarter of this year, a year-on-year increase of 12 percent.

In February alone, the export of these products fetched nearly $38.5 million, up 37 percent over the same period last year, according to the Ministry of Trade.

Canvas bags and knapsacks saw the largest increases in both volume and value, at 497.3 and 210.6 percent respectively, compared with beginning of the year. They were followed by protective gloves with respective rises of 64.2 percent and 54 percent.

The Unite States, the European Union and Japan remained Vietnam’s largest markets for the products.

HCM City bourse welcomes new members

The Ho Chi Minh City Securities Trading Centre (HoSTC) welcomed four more stock brokerages as members on April 9.

Tam Ninh , Sao Viet, Bien Viet and VP Bank all work in the financial services field and became the 40th, 41st, 42nd and 43rd members of the centre respectively.

Businesses have say about trade agreement

The Trade Ministry has decided to consult with business leaders on how best to proceed with a plan that would incorporate Australia and New Zealand into a Free Trade Agreement (FTA) with ASEAN member countries.

On Mar. 7, Vietnam received Australia and New Zealand 's market requests for the fields of minerals exploration, telecommunications, finance, education, travel and tourism, legal sector, agricultural subsidies and the environment.

The requests put forth by the Australasian neighbours are seen by observers to be more rigid than those required by the World Trade Organisation (WTO).

Source: VNA