Thursday, 3 January 2008

BUSINESS IN BRIEF 2/1

02/01/2008

Argentina increases export to Viet NamArgentina earned more than 230 million USD from export of more than 995,000 tonnes of animal- and plant-related products to Viet Nam in the first 11 months of 2007.

The figures showed year-on-year increases of 56 percent in terms of revenue and 22 percent in terms of volume.

According to Argentina’s official statistics, export items obtaining high increases were sunflower oil with 572,000 million USD; tobacco, 477,000 million USD; and mandarin orange, 424,000 million USD.Meanwhile, soybean powder was Viet Nam’s largest import item from Argentina in the review period with over 650,000 tonnes worth 135.7 million USD as compared to 555,000 tonnes in 2006.

Viet Nam, Laos, Cambodia sign energy dealCambodia, Laos and Viet Nam have signed an energy cooperation agreement, aiming to facilitate the construction of two World Bank-funded power transmission lines from Viet Nam and Laos to Cambodia.

The construction of the two projects, estimated at 18 million USD, will start in 2008 and is expected to be completed in 2010.

One power line will stretch from Tay Ninh province in southern Viet Nam to Kampong Cham province of Cambodia and the other from Champasak province in Laos will reach Cambodia’s Stung Treng province.

Mohinder Gulati, a World Bank energy expert, said that the lines are expected to greatly reduce the electricity production cost in those areas.Thanks to the projects, Cambodia will directly use electricity from Laos in addition to the supply from Viet Nam.

Both bourses fall in New Year’s first session

The first securities trading session in 2008 felt short of expectations of many investors as both Ha Noi and Ho Chi Minh City bourses experienced decline.

The VN-Index fell by 5.95 points to 921.07 points on January 2 at the Ho Chi Minh City Stock Exchange, where 4.7 million shares valued at more than 444 billion VND were traded.

Blue-chippers which registered the sharpest fall of all included DHG of Hau Giang Pharmaceuticals (7,000 VND per share), ITA of Tan Tao Investment and Industry (4,000 VND per share) and FPT of Corporation for Financing and Promoting Technology (4,000 VND per share).

At the Ha Noi Securities Trading Centre, the HaSTC-Index decreased by 1.21 points to 322.34 points. More than 1.8 million shares, worth 192 billion VND, changed hands.

State President Nguyen Minh Triet visited the Ha Noi Securities Trading Centre on the morning of January 2 and beat the gong to open 2008’s first trading session.

The President asked the Ministry of Finance and the State Securities Commission to map out strategy to ensure that stock exchanges develop in a sustainable manner.

He also asserted that the state always creates favourable conditions for the financial market in general and the securities market in particular to develop safely, healthily, sustainably and in accordance with law.

Statistics released by the SSC showed that around 210 companies are listed on the stock exchanges, which mobilized nearly 90 trillion VND last year.

No comments: