Business in brief 28 Oct 2011
Disbursement of ODA was $2.3 billion in the first 10 months of this year, accounting for 97% the whole year plan, of which $2.14 billion loans, $190 million non-refundable assistance, the Ministry of Plan and Investment said. Vietnam attracted in total of $4.7 billion Official Development Assistance (ODA) in the period, of which $4.6 billion loans and $45.81 million non-refundable aids. However, the ministry did not give comparative figures. The country collected a total state budget revenue of VND530 trillion, meanwhile it spent VND574.56 trillion, resulting a budget deficit of VND4.56 trillion in Jan- Mid Oct.
The ninth Vietnam Oil and Gas Expo, hosted by the Vietnam Oil and Gas Group (PetroVietnam), took place at the Giang Vo Exhibition Centre in Ha Noi yesterday. PetroVietnam has hosted the international biennial exhibition since 1991 in efforts to create opportunities for regional and international investors, petroleum companies, equipment manufacturers and service suppliers to co-operate. Covering an area of 7,000sq.m, the expo has drawn 194 exhibitors from 21 countries including France, Russia, Singapore, Norway and the Netherlands. Compared to previous occasions, this year’s expo is the largest one, taking place at a critical time when the whole industry is busy implementing strategies to accelerate exploration and production in Vietnam, as well as in other parts of the world. The expo is set to run until Saturday.
Saigontourist Travel Services Co. yesterday opened an information and consulting service center to provide international tourists with free travel information and consulting services in Chinese, English and French. Saigontourist’s center provides essential information such as tourist attractions and accommodation, and offers free maps of HCMC and travel brochures. It is open from 7:30 a.m to 7:30 p.m. daily. Large numbers of overseas visitors often ask for further information about their trips in Vietnam at Saigontourist’s headquarters, which prompted the firm to set up the center. Besides information, Saigontourist aims to attract curious foreigners to book tour packages at the center. HCMC welcomes over three million visitors annually but the city has only a few high-quality travel information centers operated by local travel agencies.
The Danang Management Board for Industrial and Export Processing Zones has decided to revoke the industrial licenses of 17 projects, because of slow project implementation since they were signed in 2010. The 17 projects include eight foreign-investment projects and nine domestic-investment projects. The investors of 15 other projects have also been asked to send in a report on project implementation to the Danang authorities. The report must categorically state all reasons for delay in project implementation. Currently there are six industrial and export processing zones in Danang, covering a total area of 1,106 hectares. The city has attracted investments for 333 projects, of which 69 are foreign-investment projects worth $618.5 million and 264 are domestic-investment projects worth VND10,234 ($5,117 million).
The General Statistics Office has estimated that Vietnam imported about 3,000 autos in October worth a total US$46 million. If this figure was correct, the country imported significantly fewer vehicles this month than in September, the office said. Car dealers affirmed that the decline in import value was difficult, particularly in the last months of the year. Last month, about 4,000 units were imported valued at $69 million.
Vietnam rebounded to earn $8.3 billion worth of goods from exports, increasing 4.5% on month in October, after 3 straight months of decline, the General Statistical Office said in its website. In Jan-Oct, Vietnam run a trade deficit of $8.4 billion, decreasing 16 percent on year, and equivalent to 10.7% export value. In details, the country reaped $78 billion from exporting goods, up 34.6% on-year and it spent $86 billion for importing goods, up 27.2% on year. Vietnam’s 3 key export sectors in the first 10 months of the year were: Garment and textiles ($11.7 billion, up 29.4% on year), footwear ($5.1 billion, up 25.8% on year), seafood ($2.92 billion, up 22.8%). Following by wooden furniture, machinery and equipment, electronics and computers. The US remained the top importer of Vietnam’s garments and textiles, followed by the EU and Japan.
Steel sales in October 2011 are estimated to have reached 300,000 tons, down over 80,000 tons from previous month, according to Nguyen Tien Nghi, vice chair of Vietnam Steel Association. Although steel manufacturers still maintained high discount rate for distributors, the weak purchase power caused high stockpiled steel and steel billet, estimating at 900,000 tons, Nghi said.
