BUSINESS IN BRIEF 30/9
Viet Thanh securities company joins HOSE; State President praises garment businesses; Pixel Media expands operations in Vietnam; Gas prices continue to drop as demand falls
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| Thi Vai LPG depot of PVGas |
Over the past several months, prices have dropped from 300,000 VND (18 USD) per 12 kg canister to 255,000 VND (15.5 USD). In October prices are poised to drop to 250,000 VND (15 USD).
The price on the world market is 795 USD per tonne, a drop of 25 USD per tonne compared to early September last year.
Costs for gas, however, were still higher than last year, which has led to reduced demand, said Hoang Anh, director of Petrolimex Gas Joint Stock Co., adding that many companies had switched to coal.
The consumption of gas in the industrial sector has fallen from 50 percent to 40 percent and in the trading and service sector from 30 percent to 25 percent.
Lai Duc Nam , sales manager of Petronas Vietnam Co. Ltd, said the volume of inventories was still higher, even though the total amount of gas imports had declined.
Many gas traders say prices are expected to drop further in the remaining months of the year.
ODA prioritised for strategic construction projects
The Ministry of Construction has given high priority in the disbursement of foreign official development assistance (ODA) grants to strategic projects such as State management and administrative reforms.
Minister Nguyen Hong Quan said that high priority is also to be placed on strengthening the relevant legal system, urban planning and development, developing liquid and solid waste treatment facilities, environmental hygiene, water supply and drainage, housing management and real estate development, housing for low income earners and the research and transfer of advanced technology and major projects with long-term returns.
The above were clarified in a regulation issued recently by the ministry addressing the management and use of foreign ODA including grants and soft loans by international donors.
AirAsia increases flights to Vietnam
Asia’s largest low cost carrier AirAsia has announced additional flights to Ho Chi Minh City, Vietnam from its hubs in Malaysia’s capital of Kuala Lumpur and Thailand’s capital of Bangkok.
The decision to increase the flight frequency was in response to an increasingly strong demand for air travel between Ho Chi Minh City and the Malaysian, Thai markets, NAM News Network quoted AirAsia as saying in a statement.
Effective Octorber 26, the frequency of flights from Kuala Lumpur will increase from seven to 11 flights every week.
Meanwhile, there will be seven weekly flights from Bangkok to Ho Chi Minh City from the current four.
Malaysian property firm sets sight on Vietnam
Malaysian property firm, Golden Plus Holdings Bhd (GPlus), is set to expand its overseas ventures to Vietnam and India by the first quarter of next year.
Its independent non-executive director Jeyaraj Ratnaswamy was quoted by Bernama as saying that the Malaysian market is a bit saturated more at the top end and his firm has already started a market study in the two countries.
“Because of the kind of population you have in India and Vietnam , we think the uptake for this kind of project on the development pitch that we have will be accepted quite favourably,” he added.
At the moment, GPlus is concentrating on its Chinese venture where it has launched its Royal Gardens phase two project, comprising 10 luxury condominium blocks in Shanghai.
PetroVietnam, Bac Kan sign agreement
The National Oil and Gas Group (PVN) will examine the investment possibilities offered by Ba Be lake in the northern mountainous province of Bac Kan as part of a move to increase socio-economic development in the province.
Under the terms of an agreement signed between PVN and Bac Kan authorities in Hanoi on Sept. 29, PVN will further invest in a number of suitable projects recommended by the province as part of its future investment strategy.
Despite being rich in natural resources and forests, and possessing great potential for the development of its tourist industry, Bac Kan remains one of the country’s poorest provinces.
The agreement between PVN and the province will help to improve local residents’ living conditions, said the Chairman of the Bac Kan People’s Committee, Truong Chi Trung.
PVN also donated 1 billion VND in aid to the people of Bac Kan province to help in the fight to reduce levels of poverty in the region.
(Source: VNA)
Update from: http://english.vietnamnet.vn//biz/2008/09/806299/
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