Japanese textile businesses select Vietnam

The Ministry of Industry and Trade reported that Vietnam’s garment and textile exports to Japan fetched $1.2 billion, making up 11 per cent of the nation’s total in 2010. At present, Japan is Vietnam’s third largest garment and textile importer, after the US and the European Union (EU).

Vietnam-Cambodia sign many MoUs on investment cooperation

At the conference, Vietnamese Ministry of Planning and Investment (MoPI) and Cambodian Development Committee signed a memorandum of understanding (MoU) on investment management and promotion, another MoU on investment license granting for Se San 2 hydropower project between Vietnamese Ministry of Industry and Trade (MoIT) and Cambodian Ministry of Industry, Mining and Energy and a MoU on investment license granting for projects such as cassava trading and production, sugarcane production, rubber growing and fertilizer production.

Petrol business - a burning issue

At a recent online conference held by the Ministry of Industry and Trade (MoIT), many petrol wholesalers across the country mentioned a host of difficulties in petrol business management. The Director of the Ba Ria-Vung Tau Department of Industry and Trade, Tran Thi Huong said during the time of adjusting petrol prices, several petrol stations had to close, leading to a drop of 70 percent in petrol supply.

Las Vegas Sands wants to build casino in Vietnam

When asked whether he had met with the Vietnamese government to proceed with the plan, Adelson said, “About a year and a half ago, during a real estate survey, some representatives of Vietnam’s Ministry of Finance and Ministry of Industry and Trade asked me if I had any plan to open a casino in Vietnam. I told them that I really wanted to.” However, Adelson said, “The problem is that Vietnam does not allow its citizens to access the casino. We have been told that if we set up a casino in Vietnam, the customer base for our casino is limited to the foreigners in Vietnam only.”

Free trade deals cut both ways, says expert

According to the Ministry of Industry and Trade, Viet Nam’s total export turnover reached nearly US$63 billion in 2008, doubling the figure of 2005, and increased to over $71.6 billion in 2010.

Cement producers face market glut

Figures from the Ministry of Industry and Trade show that the country produced 50.85 million tonnes of cement last year, equalling 101 per cent of the year’s target. However, domestic demand last year was about 48.5 million tonnes, resulting in an excess of about 2 million tonnes. As at least seven more cement plants will be put into operation this year, the cement surplus is expected to be higher this year, between 5 to 10 million tonnes.

The “Sony effect” among foreign invested enterprises?

Now people talk more about the “Sony effect”. More and more foreign investors have been importing goods and selling them on the domestic market. According to the Ministry of Industry and Trade, in 2010, 525 foreign invested projects were put on the table of management agencies. Of these projects, the ministry estimates that 235 projects can meet the legal requirements, including 175 projects which applied for trading goods as an additional business activity, and 60 projects which applied for investment licenses for the first time.

MoIT grants 140,000 tons of sugar quota to 7 July 2011

The Ministry of Industry and Trade (MoIT) has granted a quota of 140,000 tons of refined and crude sugar to 24 local sugar importers until 7 July 2011, the local Saigontimes reported on Jan 11, citing MoIT.

Nation’s trade deficit continues to head north

According to the Ministry of Industry and Trade (MoIT), while the Vietnamese enterprises’ imports were in line with its early year projection, the FDI sector’s expansion in imports surpassed the forecasted $26 billion. The recovery of the Vietnamese and world economies was a decisive factor promoting FDI firms’ manufacturing activities in Vietnam, which accelerated imports of raw materials, machinery and equipment for their local production.

VN, Russia target US $3 billion in trade in 2012.

Speaking at a workshop on supporting exporters to the Russian market held recently in Hồ Chí Minh City, Nguyễn Ngọc Quân from the European Market Department under the Ministry of Industry and Trade said that to support businesses which conduct import-export activities with Russia, the ministry will strengthen the organization of seminars, dialogues and information exchange between the two countries’ localities and businesses, as well as build financial support policies for trade promotion program in Russia.

New tools to counter a rising power crisis

The Ministry of Industry and Trade (MoIT) last week reported that power consumption grew 1.8 times from 2005, to 981 kilowatt hours per person per year in late 2010. Power generation increased an average of 13.7 per cent per year during 2006-2010, doubling the country’s gross domestic product (GDP) growth rate in the meantime.

First Forestry Festival to be held in Vietnam

The information was released at a press briefing in Quy Nhon City on December 20 by the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the Ministry of Information and Communications, the Ministry of Culture, Sports and Tourism, the Vietnam Timber and Forest Product Association, the Binh Dinh provincial People’s Committee and the Dat Vo Media and Advertising Company.

New draft proposal may create investment barriers in Vietnam

Last week, the Ministry of Industry and Trade floated its draft in an effort to generate feedback before submitting a final proposal to government.  Wholly foreign-owned firms (WFOEs), which have been able to operate in Vietnam since 2009, anticipate sweeping changes in the country’s regulatory framework.

Viet Nam hopes to rely less on fossil fuel

According to the Ministry of Industry and Trade, the country’s power consumption is five times higher than that of the 1990 – 2004 period, with a surge of about 11.7 per cent per year. Many kinds of fossil fuel used to generate electricity like coal and oil have been exhausted.

Power shortages loom as projects behind schedule

According to the Ministry of Industry and Trade, Prime Minister Nguyen Tan Dung had approved an electricity target of 4,960 MW for 2010, but all power plants nation-wide have only been able to produce 2,272 MW. The shortage in output is the main reason for the serious power shortages of recent times, and portends great difficulties in ensuring power supplies in the future.

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