Apparel association fights for removal of US’s supervision mechanism

The Vietnam Textile and Apparel Association (VITAS) will continue their fight for the US’s removal of its supervision mechanism on Vietnam’s apparel products, said the association’s chairman Le Quoc An.

Vietnamese garment businesses do not dump their exports on the US market nor obstruct the US garment enterprises, the chairman affirmed.

"We have informed the US of the Vietnamese government’s halt of assistances, including those within the WTO’s permission to the garment sector," An said, adding that VITAS will send this message to the US.

US Trade Representatives will hold the first hearing on the imposition of a supervision mechanism to be applied to Vietnamese garment products on April 22.

US business delegation visits Hanoi

IFC assists state-owned company in institution development

The International Finance Corporation (IFC)’s Mekong Private Sector Development Facility (MPDF) will assist Vietnam’s State Capital Investment Corporation (SCIC) in strategy and institutional development, the IFC said in a press release.

Under an agreement signed in Hanoi, on Apr. 17, the IFC-MPDF will assist the SCIC to review and strengthen its charter and corporate governance structure to align to international standards, refine its corporate strategy as well as develop criteria for classifying enterprises in its portfolio.

Sin Foong Wong, IFC’s Country Manager for Vietnam, said that a well functioning SCIC would contribute to a more developed capital market and galvanise further growth of the private sector and the economy as a whole.

Meanwhile, Dr. Le Thi Bang Tam, SCIC Board Management Chairwoman, said that the cooperation with IFC-MPDF will allow the SCIC to better exercise its ownership role in companies it manages and also achieve its goal of becoming a professional state capital investment corporation operating with international standards of corporate governance.

The SCIC was established in August 2006. According to its Charter, the SCIC is mandated to represent the state’s stake in equitised enterprises, invest state capital effectively, and mobilise state funds from domestic and international markets.

Vietnam-a promising IT market for Danish companies

Rene Dines Hermand, managing director of the esoft systems a/s-a Danish company operating in the information and technology (IT) sector, said that IT potential in Vietnam is huge.

The Danish businessman made the remark at a seminar called “Vietnam and Demark to share the sizzle of information technology and electronics” held in Hanoi on Apr. 16.

Esoft systems a/s has been operating in Vietnam for almost one year and is now establishing a partnership with a local Vietnamese company to produce software. The company plans to triple its production capacity in the future, he said.

At the seminar, Peter Lysholt Hansen, Danish Ambassador to Vietnam, said that Vietnam has achieved impressive results in socio-economic growth and the Vietnamese IT and Electronics sectors have huge potential to further boost this positive trend. Therefore, it is Denmark’s wish to develop strong and long-lasting business partnerships with Vietnamese companies for their mutual benefit.

Danish companies are known worldwide for their expertise in and commitment to innovation in IT and electronics.

The ambassador said he hoped that Danish companies will contribute to the development of the Vietnamese IT and electronic sectors, and make the IT-brand “Made in Vietnam” a well-known competitive advantage in the global marketplace.

The seminar is part of a working visit to Vietnam by a delegation of about 30 Danish companies in the IT and electronic industries with the aim of exploring business opportunities in the country.

Vietnamese, Japanese businesses get together

A Vietnam-Japan Economic Seminar kicked off in Hanoi, on April 17 on the heels of increased and burgeoning business relationships between the two countries. The event brought together representatives from 20 prominent Japanese companies in Vietnam and local businesses as well as the Kansai Economic Federation (Kankeiren) delegation that are currently in the country on a fact finding mission.

Japanese Ambassador to Vietnam Norio Hattori said the symposium helped Japanese investors gain a deeper understanding of Vietnam’s investment environment and its development prospects.

The event was organised by the Vietnam Chamber of Commerce and Industry (VCCI), the Vietnam Japan Business Forum (VJBF), and the Japan External Trade Organisation (JETRO).

According to the Ministry of Planning and Investment’s Foreign Investment Department , Japan presently tops the list of foreign investors in Vietnam , with 766 valid projects, accounting for 7.7 billion USD in registered capital by March this year.

In 2006 alone, Japanese investors registered 149 new projects at a cost of over 1 billion USD.

To date Vietnamese businesses have invested some 2 million USD in five projects in Japan .

HSBC to provide credit risk swap service on trial basis

The State Bank of Vietnam has given green light to the Hong Kong and Shanghai Banking Cooperation (HSBC) Vietnam to pilot a credit risk swap service in Apr. 2007.

Accordingly, HSBC branches in Hanoi and Ho Chi Minh City will be allowed to provide the service for a one year trial run.

The service will be applied only to bonds issued by the Vietnamese government or Vietnamese enterprises as well as long-term loans provided by credit institutions operating in Vietnam to local businesses.

Credit risks from Vietnamese credit institutions, who are customers of HSBC will be transferred by HSBC Vietnam to its branches in other countries.

Deputy PM Hung receives leaders of foreign garment groups

Deputy Prime Minister Nguyen Sinh Hung received leaders of world garment giants in Hanoi on April 17.

The garment bosses have been attending the 17th International Vietnam Fabric and Garment Accessories Expo 2007, in Hanoi.

The government official said he hoped that through the exhibition foreign firms will continue to increase cooperation with Vietnamese partners in the growing of cotton, machines and equipment production for the garment industry, the training of skilled garment workers and fashion design.

Andrew LK. Kay, General Director of the CP Exhibition Hong Kong Company and head of the delegation, said the expo has been held annually in Hanoi and Ho Chi Minh City since 1990.

This year, the exhibition is organised in both cities with the participation of hundreds of companies, he said, adding that this showed foreign garment groups’ increasing interest in the Vietnamese market.

Source: VNA