Business in brief 11/02/2008
Re-insurer expects 1 trillion VND revenue this year
Vietnam National Reinsurance Corporation (VNR) expects revenues to near or exceed 1 trillion VND this year.
Early this year, VNR raised its charter capaital from 343 billion VND to more than 672 billion VND.
Swiss Re of Switzerland has become a strategic partner and holds a 25 percent stake of VNR’s charter capital. Swiss Re paid 10 million USD for the stake.
RoK investors spell out their needs to Vietnam
The Ambassador of the Republic of Korea (RoK) to Vietnam Im Hong Jae on Oct. 31 said it was important to create the most favourable business climate for foreign investors especially during current economic difficulties.
The ambassador said foreign investors made a big contribution to Vietnam’s socio-economic development by transferring the latest technology, increasing export turnover, and creating more jobs.
He said there were many business opportunities awaiting RoK enterprises in Vietnam.
Among those attending the meeting were representatives from ministries and sectors, the Korea Trade and Investment Promotion Agency, and the Advisory Council of Administrative Procedure Reform Secretariat (ACAPR).
ACAPR chairman Nguyen Xuan Phuc said Vietnam had given priority to enhancing administrative reforms and improved State management to fulfil WTO commitments.
He said the seminar was a chance for RoK firms to air any difficulties in completing administrative procedures, adding that they could then offer the State suggestions on perfecting the Vietnamese business climate.
During the event, RoK investors said administrative procedures, especially in tax and customs, the shortage of skilled workers, insufficient support industries created difficulties in investing in Vietnam.
A representative from the Vietnam Daewoo Motor Co (Vidamco) suggested the Vietnamese Government consider setting up an office handling administrative procedures and government’s policies.
Hermes group opens branch in Hanoi
The Hermes group, which sells watches, leather products and home décor among other products, inaugurated their first branch in Hanoi on Oct. 31.
Founded in 1837, Hermes now manages more than 300 stores in Europe, Asia, America and Oceania, employing about 7,500 staff.
Hermes earned a total revenue of more than 1.6 billion euros (2.07 billion USD) last year.
