Labour export market shows positive signs

The Air Service and Trading Joint Stock Company (Airseco) has just signed a contract to provide 100 ground keepers for golf courses in Japan over the next three years, according to General Director Nguyen Xuan Vui. The workers are scheduled to be sent to Japan by the end of the first quarter this year. They will receive a monthly salary of between 36-40 million dong (US$1,800-2,000) in the first year. The salary will be adjusted over the next two years.

No immediate plans to pull capital from Bao Viet: SCIC

Nguyen Minh Hai, a securities analyst with a Ha Noi-based securities company, said that it was clearly an unusual event for an insurance stock, especially when taken in comparison to its business earnings. “The insurance industry is characterised by stability with no profit mutations,” Hai said, adding that the abnormal behaviour of the stock had distorted the VN-Index.

Is Vietnam the next China?

Investors often make the mistake of lumping all emerging markets together. Just like every company listed on the NYSE is different from all the others, the same goes for emerging markets.

Reservoirs opened for drought-hit farmers

Deputy general director of Electricity of Viet Nam (EVN) Dang Hoang An said on Monday afternoon that the company had complied with a request from the Ministry of Agriculture and Rural Development (MARD) to make two releases of water from its reservoirs at the end of this month and in February to save crops. Deputy director of MARD's Irrigation Department Dang Duy Hien said that the survival of two-thirds of the rice crop under plantation in the north and north centre of the nation depended on water from the reservoirs.

Oil giant earns $2.1b in January

"The group produced 100 million tonnes of crude oil, 104,000 tonnes of fertiliser, 112 billion Kwh and 116,000 tonnes of various kinds of petrol products," said Le Minh Hong, PetroVietnam deputy director general. The group is expected to pay VND11 trillion in taxes in January, a year-on-year increase of 35 per cent. The company is aiming to earn VND486 trillion (US$23.1 billion) in total revenue by the end of this year.

Ha Noi snake village lures visitors for spring festival

It plans to host the first Australian tourists groups this June, following a co-operation between Ha Noi-based Focus Travel Company and the Australia Pacific Touring agency.

Books sales rev up ahead of holidays

Nha Nam Company released Nhung Nga Tu va Nhung Cot Den (Crossroads and Lampposts) by Tran Dan last week. The detective story published 44 years after Dan wrote it and 20 years after his death has received a warm reception from readers. "I read the 344-page book in night. I liked the story and the detailed writing style," literary critic, Lai Nguyen An said.

Japanese investors praise Vietnam’s renovation achievements

Susumu Igarashi, Director of the Social Innovation Company, dealing in securities and financial investment in Vietnam and other ASEAN countries, said he first heard of Vietnam’s renovation in 1995 when the first wave of Japanese investment hit Vietnam.

Garment sector looks to boost world export standing

Vinatex is preparing to establish a raw-materials manufacturing joint stock company with its member firms to work with provinces to earmark farmland for cotton growing. It will be looking for farms of 50ha to 100ha. Despite a number of difficulties, the garment sector still generated $11.2 billion from exports last year, up 23 per cent year-on-year. The localisation ratio rose from 46-49 per cent.

Chinese firm rents debt-laden Vinashin cruise ship

The contract will cost the Lianyungang CK Ferry Ltd Company $16,500 per day to use Vinashinlines’ Hoa Sen cruise ship, which was designed to be a three-star floating hotel following European Union standards.

Office rent is escalating, businesses relocate offices to suburb areas

Representatives from a company that provides translation services, that was located at the corner of To Hien Thanh and Nguyen Binh Khiem streets in Hai Ba Trung district, related that several years ago, the company signed a contract to lease 20 square meters of the building at a stable rent of $700 a month (11.5 million dong). In the third quarter of 2010, the building’s owner raised the rent to 15.4 million dong a month ($800). The company accepted the new rent. However, the decision could not help the company stay at the place. It had to leave the building after a perfume company agreed to pay $1400 a month to lease the premises.

Dairy firm to pay farmers more

The increase on Tuesday was its third time this year, and the company said it was meant to help farmers cope with high raw material costs and encourage them to sell more milk of better quality.

Vietnam’s financial company opens rep. office in Laos

Addressing the opening ceremony, HGCI’s General Director Nguyen Doan Thang thanked Vientiane authorities for their favourable conditions and support for the company to set up shop in Laos.

Jewellery trade makes strong rise despite high gold price

Phu Nhuan Jewellery Co. (PNJ) said its 2010 revenue surged by one-third compared with its 2009 revenue of VND2.55 trillion, while its net profit also increased 19 percent. Jewellery trade made up more than 55 percent of the company’s revenue last year. Nguyen Thi Cuc, deputy general director of PNJ, said higher gold prices discouraged buyers, so her company managed to design delicate jewellery items with little gold used. Therefore, the increased gold price affected the company’s profit just little

Businesses facing difficulty in borrowing from both inside and outside sources

The difficult situation forced HAGL to hire two credit rating agencies including Moody’s and Standard & Poor’s to make evaluation on the group. However, even being confident that the evaluation results, which will be published early next month, might help the company borrow capital, Duc still predicted that borrowing costs would be much higher than that of the foreign companies in the same sector.

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