“Human Resource- A Key to Success”

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This affirmation is made by Mr Nguyen Van Toan, Chairman and CEO of Dung Lac International Trade JSC. This is a core value of the company to overcome difficulties and build its brand name 17 years after establishment and 4 years since becoming the authorised agent of Hyundai Thanh Cong Vietnam (HTC) in Nghe An. The precursor of the Dung Lac International Trade JSC and the authorized agent of Hyundai Vinh is Dung Lac Trade and Service Ltd.,Co, which was founded as an auto repair shop on June 16, 1996. With the growth of the company, recognised by customers, in 2008, Hyundai Vinh JSC, and then known as Dung Lac International Trade JSC, was established. After 17 years of establishment and development, experiencing many difficulties and challenges, the company has consolidated its position and gained its reputation in the automotive market in Nghe An. With the philosophy of "Hyundai Vinh - Your Confidence on the Roads", the company has continued investing in new technology, modern … [Read more...]

BUSINESS IN BRIEF 21/6

Tonkin Gulf oil exploration accord signed The fourth amended agreement for the Viet Nam-China Joint Exploration Accord for the Bac Bo (Tonkin) Gulf, signed by PetroVietnam and the China National Offshore Oil Corporation (CNOOC) yesterday expanded the Defined Area, crossed by the demarcation line, for joint exploration to 4,076sq km from 1,541sq km, covering two equal parts on each side, and extended the validity of the Joint Exploration Accord to the end of 2016. The Viet Nam-China Joint Exploration Accord was reached by PetroVietnam and CNOOC on November 6, 2006, and came into force on January 2, 2007. The Joint Exploration Accord in the Bac Bo (Tonkin) Gulf is carried out by both sides with expenses divided equally. In case commercial oil and gas are found at the Defined Area, the two sides will discuss to move to a joint exploitation stage in line with international practice and each country's law with a view to respecting sovereignty and the sovereign rights of each country in … [Read more...]

BUSINESS IN BRIEF 16/6

Revitalising the property market Local and foreign experts discussed prospects for revitalizing the suffering property market at a seminar in HCM City on June 13. Deputy Minister of Planning and Investment Dang Huy Dong reiterated the government's policy of developing the real estate market as part and parcel of the country's market economy and an important investment channel. To meet its socio-economic development goals for 2013, the government has introduced a number of solutions to stabilise the real estate market and secure its future. Despite the efforts, the property market remains in a tight spot, Dong admitted. Dau Tu (Vietnam Investment Review) Editor-in-Chief Dr Nguyen Anh Tuan highlighted a range of recent introduced policies designed to alleviate some of the difficulties besetting the VND135,000 billion market. Professor Nguyen Mai, former deputy chairman of the State Committee for Cooperation and Investment (SCCI), analysed the real estate market's prospects in a … [Read more...]

Hiring foreign managers now in fashion

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VietNamNet Bridge - The appointment of foreigners into the key posts at Vietnamese businesses has always been the "hot news" for the public. However, foreign CEOs do not always bring the things businesses expect. The wave of hiring foreign CEOs A foreigner, David Alexander Newbigging, has been nominated for the post of the member of the board of directors of REE (Refrigeration Engineering Enterprise). He does not hold REE shares now, but has been nominated by the big shareholder who holds 27.65 million REE shares, Platium Victory Pte Ltd. More and more foreign businessmen have been assigned important positions at Vietnamese businesses recently. The wave of hiring foreign CEOs began 3 years ago, when Techcombank, one of the biggest joint stock banks in Vietnam, replaced the then CEO Nguyen Duc Vinh, who had been on the post for 12 years by that time, with a British CEO, Simon Morris. Though Vinh very succeeded on his post, Techcombank still believed that it needs a new CEO for … [Read more...]

It’ll take 10 years to treat HVS’ nix particles

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VietNamNet Bridge - It will take Khanh Hoa province at least 10 years to treat the "mountain" of one ton of nix particles - the waste from the Hyundai - Vinashin (HVS) shipyard. How to treat the nix particles generated during the ship repairing process has caused a headache to the Khanh Hoa provincial authorities. The local authorities were once convinced that the nix particles, or copper slag, would be wholly treated once the Ninh Thuy nix particle treatment factory with the estimated huge investment capital of VND1.5 trillion dong becomes operational. However, the project, initially planned to be located in Ninh Hoa town, has had the license revoked after a long time at the "pending" status. Most recently, the Van Phong Economic Zone has granted the investment registration certificate to the Thach Anh Van Phong JSC to run a factory making unburned materials using nix particles. It is expected that the factory would consumer 75,000 tons of nix particles a … [Read more...]

Pulled project leaves piles of nix waste behind

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The management board of Khanh Hoa-based Van Phong Economic Zone says they do not know what to do with a million tons of nix waste left behind after the plug was pulled on the construction of a plant to treat the waste. "It’s easy to cancel a project, but how to handle the mountain of nix waste is a big headache," said Mai Van Thang, deputy director of the province’s Department of Natural Resources and Environment, referring to the license withdrawal of the nix waste treatment plant of Hyundai Vinashin Shipyard Company (HVS). Nix wastes are those dumped by HVS, which uses nix grains, a type of copper slag, for cleaning the ship. Breaking ground in early December 2009, the VND1.49 trillion (US$74.6 million) plant, which was aimed to treat 800,000 tons of waste nix dumped by HVS every year, was supposed to reach completion in 15 months. But in April 2011, no work seemed to have been carried out at its construction site. The project was eventually canceled as its investor, … [Read more...]

BUSINESS IN BRIEF 14/12

PM: Restructuring improves State businesses efficiency Restructuring will help State-owned businesses better perform their role in the socialist-oriented market economy and operate effectively with assigned financial resources, said Prime Minister Nguyen Tan Dung. PM Dung made the statement at a conference to review the arrangement and renovation of State-owned enterprises (SOEs)during the 2001-2010 period, in Hanoi on Dec. 8. He said relevant agencies have, over the decade, built an institutional system, including the State management of SOEs, owners' management institution and the institution to ensure for SOEs' operations. Through rearrangement, businesses have been expanded in scale and the efficiency of their operation and their workers' income have also been raised, said the PM. The equitization has created a multi-ownership mechanism and a new dynamic and management mechanism for businesses, which, he said, have helped businesses operate more effectively and be managed … [Read more...]

BUSINESS IN BRIEF 2/11

Vietnam-Cambodia Enterprises Club boosts bilateral trade The Standing Committee of the Vietnam-Cambodia Friendship Association convened a conference in Hanoi on October 22 to discuss the activities of the Executive Committee of the Vietnam-Cambodia Club of Enterprises. The club has grown considerably over the past three years, from 60 members to nearly 200 at present, Secretary General of the Vietnam-Cambodia Friendship Association Ly Quang Bich told the conference. The club has become a valuable source of information for Vietnamese businesses interested in Cambodian trade and investment policies, Mr Bich added. The Club's managing board has coordinated with the leadership of the Vietnam-Cambodia Friendship Association to send Vietnamese business delegations to Cambodia to explore the current market situation in the country. As a result of these trips and advice from the club, many Vietnamese businesses have established partnerships and are operating successful import - … [Read more...]

The Social Economic Report in 2008

1. Industrial production The value of industrial production (constant prices in 1994) estimated annual 12,890 billion VND, up 13.8% over 2007, in which the central industrial state 551 billion, up 40.98%, State Governmental Industrial 2886 billion decreased by 7%, industrial foreign-invested 2903 billion, up 16.13%, non-state industry 6550 billion, up 22.84%. Because prices of input raw materials are rising, interest rates on bank loans to many businesses reduce production or manufacturing slowdown: Road density 92.5 thousand tons of all kinds rose 1.95%, water 32.8 million liters of mineral increased 1%, ready-made garments increased 6.58% 7.3 million children, 23 million meters of zippers down 4.9%, other 12 million liters of beer down 30.23% .. ., own three key industrial products: cigarettes captive power, smuggled cigarettes were competing hard to consume should be produced only 635.6 million bags down 9.43%, fishery 53,577 tons of frozen products increased 8.23% due to lack … [Read more...]

Thousands of Imported Cars Stuck at Ports

The Border Customs Office of Cai Mep Port under Ba Ria - Vung Tau province said as many as 1,700 automobiles are being parked at Cai Mep Port. The vehicles were imported by Hyundai - Thanh Cong Company in March 2012 but remained unsold. Other companies in Ninh Binh, Haiphong and Hanoi are stockpiling over 1,000 cars because of slow sales. Growing inventories are burdening car companies across the nation. According to the Vietnam Automobile Manufacturers Association (VAMA), car sales sharply dropped this year. Thinh Hien … [Read more...]

Authorized automobile importers puzzled with new regulations

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VietNamNet Bridge - The newly-issued Circular 20, which is thought to kill private car dealers and bring benefits to authorized automobile importers, turns out to be not welcomed by the authorized importers. Right after the Circular 20 was issued, private car dealers voiced their concern that they would have to shut down business because of the overly complicated procedures. If so, the car market would be dominated by authorized importers, who would control the market and raise the prices to the levels they want. … [Read more...]

Mid-Autumn Festival for patients

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Hyundai Thanh Cong Vietnam, the National Institute of Hematology and Blood Transfusion and National Hospital of Acupuncture hosted events to present gifts to around 500 patients during the Mid-Autumn Festival. On September 17, Hyundai Thanh Cong Vietnam were present at the National Institute of Hematology and Blood Transfusion and the National Hospital of Acupuncture to organise the "Mid-Autumn Festival for children" contributed to the patients at two national hospitals with the intention to bring joy and to relieve the pain of their illness. 466 gifts were given to the patients there. This is the second year Hyundai Thanh Cong has coordinated with National Hospital of Acupuncture to organide the "Mid-Autumn Festival for children" event. On the same day, Hyundai Thanh Cong's staff also went the National Institute of Hematology and Blood Transfusion to continue their volunteer programmes. Source vir.com.vn … [Read more...]

Hyundai Thanh Cong Vietnam Auto JSC

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For many years, Hyundai Thanh Cong Vietnam Auto Joint-Stock Company has been well known nationwide in the field of manufacturing and assembling modern motorcars of Hyundai Motor Company, the largest car manufacturer in South Korea Established in June 2009, Hyundai Thanh Cong Vietnam Auto JSC has become the official distributor of tourist, commercial and sports motorcars of the Hyundai Motor Company in Vietnam. Inside the manufacturing plant of Hyundai Thanh Cong Vietnam Auto JSC in Ninh Binh Province. Story: Ngan Ha - Photo: Cong Dat … [Read more...]

8 businesses got car import licenses, more cars arriving

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At least eight businesses have got the car import licenses. A lot of businesses are nearly completing necessary procedures, ready to carry cars to Vietnam. The car market is expected to heat up again after two years of quietness. The Hai Phong Customs Agency has sent to the General Department of Customs and the Ministry of Industry and Trade (MOIT) the list of eight enterprises which can meet the requirements set up by MOIT in the Circular 20. Prior to that, the legal document was thought to kill a lot of car dealers, because the circular requires importers to show the documents which they would never be able to obtain, especially the manufacturers' import procuration. The 8 enterprises include five importers that import products from production bases of the same groups, and three trade companies. Toyota Motor Vietnam has been authorized by Toyota Motor Corporation to distribute Toyota Landcruiser Prado and Landcruiser models until March 30, 2014. Meanwhile, Toyota Vietnam … [Read more...]

Dong fall sends car prices up

Vietnam Daewoo Motor Co. (Vidamco) and Ford Vietnam announced on Thursday to adjust up their prices following the shocking dong devaluation, two days after Toyota Vietnam as the market leader marked up their products. The State Bank of Vietnam (SBV) last week devalued the local currency by 9.3%. Vidamco has introduced higher prices of most of GM Daewoo auto brands including Spark, Gentra, Lacetii, Cruze, Vivant and Captiva. The highest price increase of over VND53 million goes to Captiva LTZ that now sells for VND792 million per unit, while GM Daewoo Spark Van has the smallest price hike, at over VND14 million per unit, which sends its price rising to VND213 million. … [Read more...]

Hyundai opens agency, launches car

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HCMC - Hyundai Ben Thanh, a dealer of the South Korean automaker's distributor Hyundai Thanh Cong Vietnam Auto Company, on Wednesday opened a 3S-standard showroom in District 4 in HCMC. The 1,500-square-meter showroom at 360D Ben Van Don Street meets Hyundai's standards for sales, services and spare parts. This is the 20th dealer of Hyundai Thanh Cong Vietnam Auto Company and the biggest showroom of Hyundai in the downtown. Visitors view a Hyundai Genesis at the Hyundai Ben Thanh Showroom in HCMC on Wednesday - Photo: Quoc Hung … [Read more...]

Hyundai opens 3S agency in Can Tho

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HCMC - Saigon Can Tho Auto Joint Stock Co., a dealer of the Korean automaker's distributor Hyundai Thanh Cong Vietnam Auto Company, has opened a 3S-standard showroom in the Mekong Delta city of Can Tho. The showroom covering 5,000 square meters on Cach Mang Thang Tam Street, 2km from the city downtown, meets Hyundai's standards for sales, services and spare parts. This is the 16th dealer of Hyundai Thanh Cong Vietnam Auto Company, and the biggest showroom of Hyundai in the Mekong Delta. A model poses next to a Hyundai car at the new showroom in Can Tho City - Photo: Viet Anh … [Read more...]

Hyundai Thanh Cong Vietnam to have a new auto factory

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The Thanh Cong Group's Hyundai Thanh Cong Vietnam Joint Stock Company, an importer of Hyundai compact cars, has completed the construction of an auto factory in the northern province of Ninh Binh. Located on an area of 68 hectares in the Gian Khau Industrial Zone, in Gia Vien District, Ninh Binh Province, the plant was built at a cost of US$80 million, said Nguyen Minh Phu, Hyundai Thanh Cong Vietnam's Deputy General Director, at an opening ceremony for the Vietnam Auto Expo 2010 in Ho Chi Minh City on October 21 st. Expected to be put into full operation by late December this year to make around 80,000 cars of all kinds per year, Hyundai Thanh Cong Ninh Binh will be capable of assembling Hyundai cars and other brand names of the world, as part of its plan to phase out the import of CBU (Completed-Built-Unit) cars. Hyundai Thanh Cong has developed its distribution channel with the Hyundai Global Standards, and has planned to bring its total number of 3S agencies to 24 nationwide … [Read more...]

Hyundai opens 3S agency in city

HCMC - Through the exclusive distributor of Hyundai Thanh Cong Vietnam Auto JSC, the Korean automaker of Hyundai has recognized Tien Phong Auto Co. Ltd. as the first agency in the southern region that meets its 3S standards on sales, services and spare parts. Speaking at the inauguration ceremony of the showroom and maintenance workshop at 66 Pho Quang Street in Tan Binh District, director of Tien Phong Auto Nguyen Thi Phong Lan said she expected the company to sell about 360 imported cars this year. A model poses besides a luxurious Hyundai sedan showcased at the Tien Phong Auto showroom - Photo: Kinh Luan Talking to the Daily, Tran Hai Nam, CEO of Hyundai Thanh Cong Vietnam Auto Co., revealed that the Korean automaker would have an assembling factory in Gian Khau Industrial Complex in northern Ninh Binh Province. Located on a 64-hectare area, this factory will assemble cars, and the first units will come onto the local market in June or July this year, he said. … [Read more...]

Luxury car makers foresee good signs in 2013

The car sales in 2008-2012 and the estimates in 2013

VietNamNet Bridge - Luxury car brand owners have been trying to expand their distribution networks in Vietnam, which means that they believe in the prosperity of the market in 2013. Meanwhile, domestic manufacturers believe that "after the rain in 2012 comes, the fine weather in 2013". A news showroom of Audi's products has been inaugurated on Pham Hung road which is near My Dinh, An Khanh, The Manor and Keangnam, the high grade residential quarters in Hanoi. The business premises on the advantageous position would provide the outstanding opportunities to advertise Audi's products. With the total investment capital of two million dollars, the new showroom of Audi is capable to display 12 car models at the same times. There are also seven specific car repair areas to satisfy the increasingly high demand. The representative of Audi said the percentage of Vietnamese possessing cars remains modest, which means great opportunities have been left for car manufacturers to exploit. … [Read more...]