Art & Entertainment News 25/11

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Israeli exhibition shows VN's beauty … [Read more...]

Multibillion-dollar property project in southern VN urged to speed up

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Authorities in the southern province of Long An have asked the investor of a multibillion-dollar complex project in the province to accelerate development as its progress has fallen behind schedule. The requirement came after an official inspection to review the progress of the $2.2 billion Happyland project implemented by Phu An Investment - Construction and Infrastructure Development. … [Read more...]

Social News Headlines 13/3

Forest fire in Ca Mau at alarming level There is an imminent risk that the entire U Minh Ha indigo forest may erupt in flames, said southernmost Ca Mau province's Agriculture and Rural Development Department Director Le Van Su. About 12,000 ha of the indigo forest are facing severe drought, raising the level of alert to 4 for forest fires. Nearly 3,000ha of nearby national forests are also suffering from a similar situation, Su reported. More than 500ha forest in Hon Khoai Island in Ca Mau is likely to catch fire soon if the prolonged drought is not eased. Once a fire forest breaks out,, the whole forest area of nearly 3,000 primary forest area could be destroyed as Hon Khoai Island is located about 35km from the mainland, Su concluded. Local authorities are closely coordinating with border guards and relevant agencies to intensify fire preventative measures on Hon Khoai Island. Rescue forces are also mobilising to cope with forest fires, should they occur, while … [Read more...]

Local estate developers hunt for foreign capital

The Hoa Binh Construction and Real Estate Trade JSC signed a series of contracts with foreign investors and contractors in the first eight months of the year.

VietNamNet Bridge - As the domestic financial sources are limited, Vietnamese real estate developers tend to seek capital foreign capital and look for their opportunities by cooperating with foreign firms. In July 2013, the company signed a VND400 billion contract on undertaking a part of the SORA gardens I in Binh Duong City new city project. This is a package deal belonging to the Japanese invested Tokyu Binh Duong Garden City, which has the total investment capital of $1.2 billion. At the end of the second quarter of 2013, Hoa Binh signed a contract on undertaking the management over GEMS, a high end house - shopping mall - hotel complex in Yangon, Myanmar. In May, Jesco Asia, the foreign partner in Hoa Binh, poured tens of billions of dong to upgrade the designing, the electro-mechanics and infrastructure execution. In late March 2013, PT Nikko Securities Indonesia spent over $10 million to buy HBC shares at the prices higher than the market price. Khang Thong, also a big … [Read more...]

BUSINESS IN BRIEF 13/8

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Domestic powdered milk firms buoyant Domestic milk companies have increased powdered milk production to meet a higher demand on the local market. Le Nguyen Hoa, deputy chairman of Dong Tam Nutrition Food Company (Nutifood), said the powdered milk market generated 2.36 trillion VND (111.3 million USD) in revenue in 2012, which included 300 trademarks, mostly foreign. However, Hoa said, imported powdered milk is costly and domestic products are up to 60 percent cheaper and producers have better distribution systems. That is why Nutrifood is building a powdered milk factory in the southern province of Binh Duong with an annual capacity of 50,000 tonnes, he said. Another domestic firm, Vietnam Dairy Company (Vinamilk) also seems to be reaping boom benefits. Vinamilk chairwoman Mai Kieu Lien said the company's powdered milk in Binh Duong province has a capacity of 54,000 tonnes a year, which include products for children and the elderly and hospital patients. It has won 25.8 percent of … [Read more...]

ODA and the Traffic Infrastructure in Hanoi

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Hanoi is considered an area that has effectively used the Official Development Assistance (ODA) fund, especially in the construction of the traffic infrastructure. Thanks to this, the image of the urban traffic infrastructure in Hanoi has had great changes and has become more modern and comprehensive. Opening the traffic bottlenecks The capital of Hanoi is the political, economic and cultural centre of Vietnam. In recent years it has attracted a large number of people from other areas coming to work and settle. According to the statistics of the General Office for Population Family Planning, in 2012 the population of Hanoi reached over seven million people. Its large population has caused many difficulties, such as in housing, the environment and employment and especially with traffic problems. Nearly 10 years ago, Hanoians endured traffic jams at some hot spots, such as the section from Phap Van Road to Giai Phong Road at the southern gate to the city, Kim Lien Crossroads, Nga Tu … [Read more...]

Tourism projects stand still over money issue

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A number of mega tourism projects across Vietnam have failed to begin production as investors are hurt by the economic malaise. "Investors flocked to buy land and launched flowery ads on their tourism centers in the future, but what can be seen at the venues now are abandoned construction sites and destroyed ad banners," said Ho Sy Huy, a local resident in Xuyen Moc District of the coastal province of Ba Ria - Vung Tau. A number of resort projects, namely Tien Thinh, Mat Troi Buoi Sang, and Cat Van, have received investment licenses and land plots from local authorities, but all they have done with the land so far is surround it with fences. The US$11.44 million Goldenwood Home project, for instance, broke ground years ago but no construction has ever been completed at the 40-hectare land plot zoned for what was expected to be a world-class tourism complex. Similarly, Hien Nga Co. Ltd., based in Ho Chi Minh City, has failed to start work at the construction site of its … [Read more...]

$2bln-property owner has IP project scrapped

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The developer of a mega-theme park has lost its license to develop an industrial park in the southern province of Tien Giang, according to local authorities. An artist's impression of the 212 ha Binh Dong Industrial Park, located in the southern province of Tien Giang, is seen in this image. Khang Thong Group has lost a license to build it because of tardy construction progress. Photo: http://www.khangthong.vn Vo Van Nam, chief of Tien Giang’s Industrial Park Authority, said that he signed last week a decision to withdraw an investment certificate that allowed Khang Thong Group, based in Ho Chi Minh City, to build the 212 ha Binh Dong Industrial Park in Go Cong Town. Khang Thong, which is developing a US$2 billion entertainment complex in neighbouring Long An Province, had earlier asked Tien Giang authorities for a return of the industrial project to the province, citing high land compensation expenses among the reasons. The Binh … [Read more...]

Super petrochemical project raises worries about capital source, feasibility

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VietNamNet Bridge - Vietnamese have not leaped for joy on the mammoth 28.7 billion dollar oil refinery project, because they still keep doubts about the feasibility of the project. The "petrochemistry ambition" The pre-feasibility study on the Nhon Hoi oil refinery registered by the Thai PTT Group got the approval from the Binh Dinh provincial authorities some days ago. This would be really a huge oil refinery to cover an area of 2000 hectares, have the capacity of 660,000 barrels per day and employ 15,000 workers. … [Read more...]

Work underway on Vietnam’s largest film studio

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The construction of Vietnam's biggest studio began Friday, Nov 11, in Long An Province's Ben Luc District. Part of Happyland Film Studio to be opened in Long An province by 2014. … [Read more...]

Michael Jackson’s father denies equity investment in Vietnam theme park

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Joseph Walter "Joe" Jackson, Michael Jackson's father, has told Vietnamese media he is not an investor in a US$2 billion theme park project in Vietnam. Joseph Walter "Joe" Jackson Jackson, 84, said in a statement Wednesday that after careful consideration and discussions with his wife, family and advisors, he had decided not to proceed with any further investment or involvement in project Happyland Vietnam. Happyland Vietnam, backed by the Khang Thong Group, is projected to be the largest theme park in South East Asia. It was to be inspired by the late Michael Jackson's Neverland Valley Ranch. The Khang Thong Group had said Jackson is an investor in the 1,000-room hotel planned in Happyland, which would be located in the Mekong Delta province of Long An. However, Jackson said he had only inked an agreement to promote the project around the world and attract big foreign investors into Happyland. "I signed an agreement to promote the project around the world and further assist … [Read more...]

Workers break ground on Vietnam’s mega-theme park

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Investors in Vietnam's largest tourism project to date broke ground in Long An Province's Ben Luc District on February 14. The US$2 billion project, named Khang Thong Entertainment Complex (Happyland Vietnam) is scheduled to be built in 39 months on a 338-hectare plot in the district and is scheduled to open to the public in 2014. … [Read more...]

Jackson’s dad tells project in VN: beat it

The module of the $2bn project.—File Photo

HA NOI - (VNS) The King of Pop's father, Joseph Walter Jackson has mysteriously pulled the plug on his involvement with southern province Long An's Happyland Project, the largest tourism project in Southeast Asia. The former manager of the Jackson 5 claimed he had been attached to the US$2bn project in an investment and consultancy role, but an announcement on his family's website said he was cutting his ties to the scheme. "Mr Jackson has decided not to proceed with any further investment or involvement in Project Happyland Viet Nam," the statement said. No reason was given for his withdrawal. However, Nguyen Huu Viet, PR deputy director of project owner Khang Thong Group said Joseph had not invested any money and acted only as a consultant, persuading foreign investors to back the construction of a five-star hotel with 1,000 rooms. "Joseph signed a Memorandum of Understanding to become our consultant; he is not our investor," said Viet . "Through Joseph's efforts, two American … [Read more...]

Michael Jackson’s dad tells Viet Nam project to ‘Beat It’

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HA NOI - (VNS)The King of Pop's father, Joseph Walter Jackson has mysteriously pulled the plug on his involvement with southern Viet Nam's Project Happyland, the largest tourism project in Southeast Asia. The former manager of the Jackson 5 claimed he had been attached to the US$2bn project in an investment and consultancy role, but an announcement on his family's website said he was cutting his ties to the scheme. "Mr. Jackson has decided not to proceed with any further investment or involvement in Project Happyland Vietnam," the statement said. No reason was given for his withdrawal. However, Phan Thi Phuong Thao, chairwoman of project owners Khang Thong Group said Joseph had not invested any money and acted only as a consultant, persuading foreign investors to back the construction of a five-star hotel with 1,000 rooms. "Joseph signed a Memorandum of Understanding to become our consultant; he is not our investor", said Thao. "Through Joseph's efforts, two American … [Read more...]

MJ’s dad withdraws from $2bn project in Vietnam

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Joseph Jackson, father of late pop king Michael Jackson, has pulled out of a massive entertainment complex in Vietnam where he signed a deal to be involved in the construction of a major hotel last year. His withdrawal from the development of the hotel which is part of the Happy Land project, a Disneyland-inspired amusement park, was posted on his official website in January, and confirmed Wednesday by Phan Thi Phuong Thao, board chairwoman of its developer Khang Thong Group. … [Read more...]

Vietnam-Russia Businesses Strengthening Cooperation in Various Fields

Cooperation agreement signed by Vietnamese and Russian businesses under the witness of President Truong Tan Sang and his Russian counterpart Vladimir Putin

In the framework of the official Russia visit by Vietnamese President Truong Tan Sang from July 26 to 30, businesses of the two countries had the opportunity to exchange information, explore markets and promote cooperation on potential areas. Business Forum: Opportunity for interaction and exchange To prepare an accompanying delegation, the Vietnam Chamber of Commerce and Industry (VCCI) gathered representatives of 43 companies. VCCI collaborated with its Russian counterpart and Moscow business associations to organise the "Business Forum in Moscow" on July 30. This forum brought together nearly 400 businesses in Moscow and neighbourhoods. Earlier, in Hanoi, VCCI collaborated with Moscow Entrepreneurs Association to organise "Vietnam - Russia Business Forum" for businesses of the two countries to learn about investment and trade environments and policies, seek cooperation opportunities, and boost bilateral development investment cooperation. At the Moscow forum, many important, … [Read more...]

New customer service launched to pay electric bills

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The Ho Chi Minh City Power Corporation has joined hands with Viet Union Online Services Corporation, a member of Saigon Investment Group, to launch a convenient Pay-U-Service for consumers to pay their electricity bills. Customers of the power company can now pay their electricity bills through retail shops in the city which provide Pay-U-Services. Currently, 36 retail stores are providing the service, including Vien Thong A, FPT, New Saigon, Cantavil and Phu Gia Khang. The service will also be available in supermarket chains such as Citimart, Foocosa and Coop-Food by March. Customers can now pay their electricity bills at more convenient times throughout the week and weekends in any of the retail stores which are normally open from morning to evening. … [Read more...]

BUSINESS IN BRIEF 12/2

Tuyen Quang miners to export barites The Government has allowed barites ore exploitation and processing enterprises in the northern province of Tuyen Quang to export about 70,000 tonnes of barites this year after meeting domestic demands, said Hoang Quoc Binh, director of the province's Department of Industry and Trade. Binh expected that exports of barites, used in petrol, chemical and glass production industries, would help the province meet its export target of US$15 million this year. The province currently has six barites ore producers, whose yearly total output reaches roughly 320,000 tonnes. Banks flirt with low interest rates Vietcombank announced on Thursday a reduction of up to 2 per cent in interest rates on loans made in Vietnamese dong, depending on terms. The bank is now posting lending rates ranging from 16 per cent per year for loans made to exporters and manufacturers to 20 per cent per year for loans made to enterprises in non-productive sectors, including … [Read more...]

Labour export market looks grim in 2012

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Vietnam's goal to send 90,000 workers abroad in 2012 poses a huge challenge as its labour export market remains unstable. Despite the global labour market being heavily affected by the economic and financial crises in 2011, Vietnam sent 88,298 guest workers abroad and achieved 101.5 percent of the set target. A VOV reporter interviewed the Deputy Head of the Overseas Labour Management Department under the Ministry of Labour, Invalids and Social Affairs (MOLISA), Dao Cong Hai. Reporter:Despite the impact of the global economic downturn, Vietnam still obtained such good results exporting labour. Could you please explain why we achieved this impressive figure? Mr Hai: The export of nearly 88,300 guest workers sent abroad to work in 2011 was a boon for Vietnam in the context of the sluggish global labour market and falling demand for guest workers. Also, due to the political crisis in Libya, Vietnam had to bring home a large number of guest workers from this lucrative labour … [Read more...]

Work kicks off on Vietnam’s largest ever film studio

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Khang Thong Group, investor of the Happyland Entertainment Complex project in southern Long An Province's Ben Luc District, began work yesterday on the country's largest studio. Speaking at the ground-breaking ceremony, Huynh Vinh Ai, deputy minister of Culture, Sports and Tourism, said that the ministry had listed the Happyland project as a major tourism area in the country's tourism master plan to be submitted to the Government for approval. In the context of the ongoing financial crisis and economic slowdown, the international-scale Happyland project was a bright spot that would attract tourists and investors, contributing to the country's cultural and economic development, Ai said. Apart from producing films, television programmes and music performances, the studios, built to international standards, will introduce to visitors the historical landmarks in the movie history, special effect techniques that have been used, and games for all ages. It is expected to be completed in … [Read more...]