Vietnam Business and Financial News

BUSINESS IN BRIEF 5/11   2009-11-05 - VietNamNet/TN, VNA

VTC Online opens representative office in Lao

VTC Online, a sub-company of the Vietnam Multimedia Corporation (VTC), has opened its representative office in Vientiane, Lao.

Minister of Information and Communications Minister Le Doan Hop, who is leading a delegation to the ASEAN information ministerial meeting and ASEAN+3, cut the ribbon to inaugurate the office.

Representatives from Lao National Television and Vietnam’s offices and businesses operating in Vientiane also attended the ceremony.

Earlier, VTC Online opened its branches in the Republic of Korea and Cambodia.

2 bln USD Malaysian urban scheme gets go-ahead

Malaysian property developer Berjaya on Nov. 4 received the licence to build the Nhon Trach New Urban Area in southern Dong Nai province.

To cost around 2 billion USD, the urban area will be developed on an area of 600ha spread over the three communes of Long Tan, Vinh Thanh, and Phuoc An.

“This will be a modern, multifunctional urban area with adequate infrastructure,” said Le Hoai Nam , chief executive officer of Berjaya Leisure (Cayman) Ltd, a subsidiary of the Malaysia-based Berjaya Land Bhd (B-Land).

The area will have an administrative centre on 29ha, a trade centre (69ha), a cultural centre (23ha), and residential facilities (252ha).

Construction will be done in four stages – by 2013 planning and land-related tasks will be completed, in 2013-15 medium-density residential facilities built along Road 25C; by 2018 high – and medium-density residential facilities built; and by 2020 the remaining work done.

The Prime Minister approved the project last month and entrusted the Dong Nai province People’s Committee with wrapping up the nitty-gritty related to its licensing.

This is the biggest foreign direct investment project licensed in Dong Nai this year, and is the company’s second there.

Vietnam spotlighted at Havana international fair

‘Vietnamese Day’ was held in the Cuban capital on Nov. 4 within the framework of the Havana International Fair 2009, drawing the participation of a large number of companies from Vietnam, Cuba and South American nations.

On display at Vietnam ’s booth is a range of products, including light trucks, foodstuff, garments, leather footwear, electronic and home appliances, construction materials, handicraft items and rattan and bamboo-based furniture.

Vietnamese Ambassador to Cuba Vu Chi Cong said at the event that State President Nguyen Minh Triet’s recent visit to Cuba marked a milestone in friendly and cooperative relations between the two countries.

The diplomat revealed that Vietnam has posted steady growth rates in recent years with its exports and influx of investment kept increasing. The country has also integrated deeper in the world and regional economies, he said.

Cuban Deputy Minister of Foreign Trade and Foreign Investment Ramon Ripoll said Vietnam is one of Cuba ’s leading trade partners in Asia and its largest supplier of rice.

The deputy minister affirmed that Cuba and Vietnam are possessing huge potential for further expansion and diversification of economic and trade relations.

More than 30 Vietnamese companies have joined 600 other firms from 54 countries and territories around the world at the fair, with the aim of beefing up commercial ties with the host country and introducing products to the South American market.

On the same day, Vietnamese and Cuban partners signed contracts regarding the assembling of coaches and light trucks in the Caribbean island country and boosting the export of Cuban goods to Vietnam.

Nam Roi grapefruit set to penetrate the US

Foreigners can own apartments for 50 years

Foreigners are allowed to own one apartment in Vietnam for up to 50 years, according to a recent Ho Chi Minh City Construction Department note cited in a Tuoi Tre article.

Foreigners that qualify include investors, those who contribute to national development, experts in various fields, those with a Vietnamese spouse, and non-real estate companies, the department said in the note, which aimed to provide guidance and clarification to a regulation allowing foreign ownership effective early this year.

They are allowed to buy one apartment at commercial residential projects that do not prohibit foreign ownership, according to the note. When the ownership term ends, the foreign owners will have to sell or transfer the house.

Foreigners will receive their ownership tittles within 30 days of submitting applications to the construction department, according to the note.

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