Thread: Latest news on the Dong!

Vietnam develops like "asceding dragon": Japanese PM
12:09' 21/11/2006 (GMT+7)
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The Japanese and Vietnamese Prime Ministers.

VietNamNet Bridge - Japanese Prime Minister Shinzo Abe has affirmed that Vietnam is developing like "Thang Long" (ascending dragon) - the former name of capital city of Hanoi.

PM Shinzo Abe, who is on a two-day official visit to Vietnam, made his remark at the Vietnam-Japan economic seminar held in Hanoi on Nov. 20.

"Together with Vietnam's economic growth, the economic relations between Japan and Vietnam have seen rapid development," said PM Abe.

The Japanese PM said over the past four-years, two-way trade value quadrupled, reaching 8.5 billion USD in 2005. Japan is a country with the largest disbursed investment capital in Vietnam. In the 2002-05 period, Japan's total investment capital in Vietnam rose by four times to around $4.7 billion by the end of 2005, said PM Abe.

PM Abe said that Japan and Vietnam will begin negotiations on a bilateral economic partnership agreement (EPA) in January 2007. He expressed his hope that both sides will strive to reach a significant agreement which helps further promote Japan's investment in Vietnam.

The Japanese PM said the fact that over 130 representatives of Japan's leading companies, led by the Chairman of the Japan Business Federation (Nippon Keidanren), accompanied him to Vietnam "reflects a special interest of the Japanese business circle" in the country.

Addressing the seminar, PM Nguyen Tan Dung urged Japanese investors to participate in Vietnam's three big projects, namely the North-South railway project, the highway construction project and the Hoa Lac hi-tech zone infrastructure development project.

"I would very much expect the Japanese investors to involve in these important projects, especially to invest the Hoa Lac hi-tech zone," said PM Dung.

The Vietnamese Government leader added that Vietnam's current investment and business environment had been improved with the implementation of the Enterprise Law and the Investment Law for both domestic and foreign businesses.

Administrative reform and an anti-corruption campaign are being carried out vigorously, thus contributing to creating a favourable, transparent and open investment and business environment, Dung said.

He added that Vietnam's admission to the World Trade Organisation (WTO) and the its commiments to open the market will bring about a new investment influx into Vietnam. Joining WTO is a clear message of Vietnam's determination for continued reform, thus wining investors' trust.

The Vietnamese PM also asked the two countries' businesses and relevant agencies to work closely to speed up the second stage of the Vietnam-Japan Joint Initiative to create a favourable business environment and new momentum for Japan's investment and trade in Vietnam.

The Vietnam-Japan economic seminar, jointly held by the Nippon Keidanren and Vietnam's Ministry of Planning and Investment, drew the participation of more than 130 entrepreneurs representing 100 of the biggest Japanese groups and around 400 Vietnamese businesses.

The participants discussed measures to enhance Japan's investment in Vietnam and the Vietnam-Japan bilateral economic cooperation.

(Source: VNA)

President Triet meets Japanese businesspeople
08:44' 21/11/2006 (GMT+7)

VietNamNet Bridge - A new wave of investment from Japan has helped Vietnam's industrialisation and modernisation process and improving the country's financial and technological capacity and managerial skills, President Nguyen Minh Triet said during a reception for businessmen of Japan's Nippon Keidanren in Ha Noi on Nov. 20.

The two countries have made strides in economic cooperation with Japan's direct investment in Vietnam listed in the top group and growing strongly, President Triet told Fujio Mitarai, Chairman of the Japanese Federation of Economic Organisations (Nippon Keidanren) and other members who accompanied Prime Minister Shinzo Abe during his official visit to Vietnam.

The Vietnamese President affirmed the Nippon Keidanren played a significant role in bringing big Japanese investors to Vietnam and made a considerable contribution to the investment and trade cooperation between Vietnam and Japan.

The President expressed desire for the federation's close cooperation with the Vietnamese relevant agencies to tap new potential and opportunities offered by the new context in investment and business.

Nippon Keidanren Chairman Fujio Mitarai told the Vietnamese State leader that the 130-strong business group accompanying PM Abe was the largest Keidanren had sent to Vietnam so far, which demonstrated Japanese business people's enthusiasm as well as special interests in investment and cooperation opportunities in Vietnam.

At the reception, the Keidanren chairman offered several recommendations on the trade of commodities and intellectual property rights, the two areas scheduled to be added to the Vietnam-Japan Economic Integration Initiative.

(Source: VNA)

Japanese businesses to make investment in electronics and cement
16:52' 20/11/2006 (GMT+7)

VietNamNet Bridge - Japanese businesses said that they will pour a total of 85 billion yen investment in Vietnam's electronic and cement industries in the coming year.

The statement was made at a meeting between Prime Minister Nguyen Tan Dung, his Japanese counter part Shinzo Abe and businesses of the two countries after the two PMs' talks in Ha Noi on Nov. 19. The meeting aimed to discuss measures to increase Japan's investment in Vietnam in the interest of both countries.

PM Shinzo Abe said that Japan will continue to support Vietnam's economic reform, poverty reduction and encourage Japanese businesses to invest in Vietnam. He said that 130 leading businesses of Japan have come to Vietnam this week to explore opportunities for investment.

PM Shinzo Abe supported investment projects in infrastructure construction in Vietnam, including those in Ha Noi and Ho Chi Minh City, the North-South railway and highway and the Hoa Lac high-tech zone.

He said he hope that the meeting would help accelerate investment and trade between the two countries.

Fujio Mitarai, Chairman of the Japan Business Federation (Keidanren) and representative of Japanese businesses, affirmed they will continue to promote investment in Vietnam and suggested Vietnam reduce import tax rates on electric, electronic, auto parts and increase protection of intellectual property. He said that the Japanese were conducting surveys to invest in the Hoa Lac high-tech zone. They held that the North-South railway and highway will benefit not only Vietnam but also Japanese investors.

PM Dung affirmed that the governments of the two countries will create favourable conditions for Japanese businesses to effectively do business in Vietnam. The two countries will set up a joint committee at the ministerial level to promote relations in all areas, particularly improving the investment environment.

Japan's effective cooperation and assistance to Vietnam, including investment, has markedly contributed to Vietnam's socio-economic development over the recent past, PM Dung said.

(Source: VNA)

Biggest Aussie factory in Vietnam opens
12:42' 22/11/2006 (GMT+7)

VietNamNet Bridge – A flat-steel metallic coating and painting factory, capitalized at US$101mil by Australia's BlueScope Steel Vietnam, opened on Monday in Ba Ria-Vung Tau Province's Phu My 1 Industrial Park.
Australian Prime Minister John Howard (L) and Vietnamese Minister of Industry Hoang Trung Hai shake hands after unveiling the name plate of BlueScope Steel's factory in Ba Ria -Vung Tau on Monday.

Australia's biggest manufacturing project in Vietnam was officially put to use under the witness of Australian Prime Minister John Howard, who joined the ribbon-cutting ceremony, hinting at stronger investment flow from Down Under "I am pleased to officially open the Phu My plant.

It is indicative of the increasing economic linkages and complimentarily between Australia and Vietnam. I commend BlueScope Steel for its vision in establishing its plant at Phu My, which will augment Australia's economic relations with Vietnam."

The factory in Phu My I Industrial Zone, about 80 kilometers from HCMC, is able to turn out 125,000 tons of metallic coating steel, 50,000 tons of paint steel and 15,000 tons of combination slitting steel a year.

The state-of-the-art manufacturing facility is part of BlueScope Steel's investment program worth some US$1.45bil in Asia and North America, said Kathryn Fagg, President of Asian Building and Manufacturing Markets BlueScope Steel.

She said the program comprises 20 projects in eight countries and is part of the company's strategy to expand into high value-added branded steel building solutions.

BlueScope Steel managing director and CEO Kirby Adams said BlueScope Steel's products "will enable us to produce high-quality, tailored steel building products to respond even more quickly to Vietnamese customers' needs."

Vietnam's commitment to opening its markets to international trade under the WTO is a positive signal that the building and construction industry will further grow as a result of more trade activities and economic development, he said.

The Australian company entered Vietnam in 1994 under the original name of BHP Steel.

The first plant was set up that year in Dong Nai Province's Bien Hoa City, and the second in 1996 in Chuong My of HaTay Province. Both plants produce pre-engineered steel building systems.

(Source: SGT)

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Originally Posted by fsndirector

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Originally Posted by Vipor

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JoeDinar, any updates?

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Originally Posted by JoeDinar

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Originally Posted by jsfletcher

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NamMoney - Vietnam Currency

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