According to associate professor, Dr. Tran Dinh Thien, the director of the Vietnam Institute of Economics, Ba Ria - Vung Tau needs to think outside of the box if it wants to become a seaport urban area. To do so, Ba Ria - Vung Tau will be built based on modern and international standards with advanced institutions. Ba Ria - Vung Tau currently has 52 seaports under construction, 24 of which have are operational with total capacity of 67.5 tons annually. In 2010, 37.1 million tons of goods were transported through seaports in Ba Ria - Vung Tau. Seaports such as SP PSA, Tan Cang and Cai Mep have the capacity for the largest cargo ships destined for seaports in the United States, the EU and other countries. Having a favorable geographic location with deep water seaports and bordering the large economic zones of the southern key economic region, Ba Ria - Vung Tau has the ideal conditions to become a modern seaport urban area. In order to exploit these advantages, Ba Ria - Vung Tau needs … [Read more...] about Ba Ria – Vung Tau To Become a Modern Seaport City
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BUSINESS IN BRIEF 4/3
VN targets $11 bln in FDI disbursement Vietnam will focus less on the amount of foreign direct investment (FDI) registered capital, but more on FDI disbursement next year, expecting to dole out US$10-11 billion, said an official. The country sets a target of attracting $15-16 billion of FDI registered capital in 2012, with a focus placed on improving the projects' quality and efficiency, and enhancing the State's management, said Do Nhat Hoang, Head of the Foreign Investment Agency under the Ministry of Planning and Investment at a press briefing in Hanoi on December 30. Areas for investment will also be carefully selected, with priorities to infrastructure, "green" industries that are friendly to the environment, supporting industries, and high-tech industries of highly global competitiveness. Meanwhile, limit will be in non-production areas that may increase the imports or pollution. In 2011, Vietnam attracted $14.7 billion in FDI, down 26 percent from the previous year, but … [Read more...] about BUSINESS IN BRIEF 4/3
BUSINESS IN BRIEF 9/11
Developers slash property prices With bank loans falling at the end of this year and losses from a gloomy domestic real estate market, many property developers have begun slashing prices of their apartments to boost revenue. On Monday, just three days after PetroVietnam Power Land announced a discount of 34 per cent on it's apartments, the Sai Gon Mekong Company reduced prices on 500 apartments in the An Tien urban area project in HCM City's District 7 from VND18 million (US$860) per square metre to VND14.5 million ($690) per square metre. Representative from the company's leaders Ho Van Tuyen said the move was an attempt to recoup capital for new business opportunities. Late last week, PetroVietnam Power Land Company cut off 34 per cent of the 85 apartments in its PetroVietnam Landmark project in District 2 to VND15.5 million ($738) per square metre from the earlier VND23.8 million ($1,130). The sell-off was aimed at resolving the difficulties of a frozen property market and … [Read more...] about BUSINESS IN BRIEF 9/11
BUSINESS IN BRIEF 11/10
Official predicts rally in Q4 A recovery in the Vietnamese stock market in the fourth quarter of this year and a strong rebound in July next year has been predicted by vice chairman of the National Financial Supervisory Commission Le Xuan Nghia. He told a conference in the capital yesterday the domestic market had recently been affected by negative information from the global market. "However, the European market will not collapse and a double crisis will not happen," Nghia said. Meanwhile, the Asian market would continue to be the economic centre of the world in the next 5-10 years, Nghia said. "The toughest period has passed, with inflation and interest rate having declined," he said, estimating inflation in October would increase by only 0.5-0.6 per cent against last month. Interest rates might also be reduced to 14-15 per cent next year, he said. Nghia noted that many potential foreign investors showed interest in the Vietnamese stock market but low corporate … [Read more...] about BUSINESS IN BRIEF 11/10
BUSINESS IN BRIEF 16/10
S Korean expert calls for collaboration in IT software products Developing high-skilled information technology manpower and a software sector were discussed among experts from South Korea and Viet Nam at a conference in Ha Noi yesterday. The Government wants revenue from the IT industry to reach US$16-18 billion per year by 2020, with local companies capable of making both hardware and software products to operate globally. However, Byeon Hwa Seong, deputy director of the Korean National IT Industry Promotion Agency, pushed for collaboration between IT companies and institutes to enhance the software sector. He also pointed out the Korean IT industry was still weak in core IT technology, semiconductors and software sectors. The industry in SKorea was still monopolised by large enterprises and by hardware products, he said. "Thus, to reach the new software convergence in the IT sector, there are two fundamentals, including strengthening IT human resource and the accompanying … [Read more...] about BUSINESS IN BRIEF 16/10