Nissan: Leading Sales Growth in China Among Japanese Automakers

(VEN) - Nissan (China) Investment Co., Ltd. (NCIC) on January 10, 2011 announced its sales performance including Infiniti for the whole year of 2010: altogether 1,023,638 units sold in the China market, a 35.5 percent sales growth compared to a year before. Infiniti division sales doubled with 11,513 units sold. In the year of 2010 Nissan's sales in China became the largest over those in US and Japan.  "This has been a productive year for Nissan in China." said Takashi Nishibayashi, president of Nissan (China) Investment Co., Ltd, "With the product lineup expanding continuously and our increasing investment in China, Nissan will manage to keep our strong momentum in this booming market." Dongfeng Nissan Passenger Vehicle Company (DFL PV), under the management of Dongfeng Motor Co., Ltd. (DFL), Nissan's joint venture in China, set a record sales at 660,610 units, a 27.3 percent increase compared to the year of 2009. Zhengzhou Nissan Motor Co., Ltd. (ZNA), also under the management of … [Read more...]

Car importers look to beat road block

Local car importers are trying to continue business in the face of Circular 20/2011/TT-BCT restricting car imports. Most recently, Kars Haiphong International Company Limited, a wholly foreign owned subsidiary of Kars Motor Group in Vietnam, sent to Ministry of Industry and Trade (MoIT) a record relevant to import of less-than-nine seat Nissan automobiles made in Taiwan into Vietnam. The record carries a proxy given by Yushin Motor Company Limited, a unit having the right to distribute Nissan brand automobiles in Vietnam which is also a subsidiary of Yulon Nissan Motor Group, a legitimate manufacturer and owner of Nissan brand vehicles in Taiwan. It also contains a certification proving Kars Haiphong is a licenced automobile maintenance unit by the Vietnam Register. The company is now awaiting an official response from the MoIT about whether it could import and distribute Nissan automobiles made in Taiwan into Vietnam. Earlier in January 20, 2012 the MoIT responded to a Nghe An … [Read more...]

Hoang Huy cuts deal with Dongfeng to assemble trucks

HCMC - Haiphong-based Hoang Huy Financial Services Investment JS Co. on Thursday signed a comprehensive investment and cooperation agreement with China's Dongfeng Motor Co., Ltd in HCMC to assemble Chinese-branded trucks in Vietnam. The local company will become the sole partner in Vietnam of the Chinese vehicle manufacturer, and is authorized to import, assemble and distribute heavy trucks and dump trucks in the local market. Do Huu Ha (R), general director and chairman of Hoang Huy Co., exchanges the signed agreement with Hu Jianguo representing China's Dongfeng Motor Company - Photo: Quoc Hung In the short term, Hoang Huy will import and distribute Dongfeng's trucks from China for sale on the local market. Then, the Chinese partner will transfer technology to the local partner to assemble Dongfeng vehicles in Vietnam. Dongfeng has more than 40 years' experience in the auto industry. The company has exported its products to more than 58 countries and territories. … [Read more...]

Stocks end mixed in early trading

Stocks opened lower this morning on the two exchanges, despite a long-awaited announcement being made that the government had raised the limit for foreign holdings in listed companies. On the HCM Stock Exchange, the growth of blue chips helped to lift the VN-Index by 1.06 per cent to close the morning at 587.94 points. Photo stox On the HCM Stock Exchange, the growth of blue chips helped to lift the VN-Index by 1.06 per cent to close the morning at 587.94 points. The VN30, which tracks the top 30 shares by market value and liquidity, also added 1.4 per cent to end at 617.47 points. Bank stocks were the largest gainers in the morning, as most of the lenders made gains between one and two per cent. FLC Group (FLC) was leading the trading here, with 5.4 million of its shares being exchanged, but they declined 2.3 per cent to stand at VND8,700 each. The overall liquidity was positive, with 65.5 million shares worth VND1.24 trillion (US$57 million) being traded by the end of the … [Read more...]

Interest on bank deposits starts to rise

Compiled by Le Hung Vong After a long time banks have increased deposit interest rates, which have gone up by 0.1-0.5 per cent. Phuong Nam Bank pays interest of 6.5 per cent for short-term deposits and 7.1 per cent for deposits of over one year. OceanBank, which has become State-owned, offers 7 per cent for deposits of less than 12 months. Giant public lender Agribank has hiked the interest rate by half a percentage point (from 6.3 per cent to 6.8 per cent) for 24-month deposits while another State-owned bank, BIDV, has increased rates by 0.2-0.3 per cent. Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam's HCM City office, said short-term deposits account for over 70 per cent of deposits while outstanding loans make up 55 per cent of total deposits. To ensure liquidity, banks have had to increase rates on long-term deposits to narrow the gap between them and loans, especially since, in the past few months, demand for medium- and long-term credit has shot up in HCM … [Read more...]

Thua Thien-Hue wants casino at Chan May-Lang Co

The Saigon Times Daily In its recent document submitted to the Government, the central province said Chan May-Lang Co is one of the country’s key coastal economic zones having many advantages to become international centers for trade, residential areas and resorts. Therefore, Chan May-Lang Co can be developed into a tourism center consisting of casino business. The province said a number of foreign investors are keen to invest in a major recreational complex having a casino in Thua Thien-Hue Province. These investors include a Hong Kong firm having a project at Lang Co with an investment of some US$2 billion and a member company of a Singaporean group with a project worth nearly US$900 million and plans to inject an additional US$300 million into this project. The Chan May-Lang Co Economic Zone Authority said infrastructure facilities at the zone have been developed well to serve big investors. Companies have registered a total of more than VND34 trillion (some US$1.55 … [Read more...]

Part of Hanoi-Haiphong expy opened to traffic

Le Anh Hanoi-Haiphong Expressway in Haiphong City, which was opened to traffic over the weekend - PHOTO: MINISTRY OF TRANSPORT According to the Ministry of Transport, the section starts from the intersection with National Highway 10 and ends at the intersection with Pham Van Dong Street in the northern city. The ministry said the expressway section would help reduce traffic on national highways 5 and 10 as well as provincial roads to the northern city. The expressway section from Pham Van Dong Street to the intersection with National Highway 39 in Hung Yen Province will be put into use in August this year. The ministry hopes the remaining sections of the 105.5-kilometer road would be finished by the year-end. Built under the build-operate-transfer (BOT) format, the expressway is designed to stretch from Hanoi’s Ring Road 3 to Dinh Vu Port in Hai An District in Haiphong City. The project had initial capital of VND24.56 trillion, but the investor later sought … [Read more...]

PM builds solidarity during Myanmar summit talks

Prime Minister Nguyen Tan Dung will lead a Vietnamese delegation to Myanmar to attend two important conferences during June 22-23. Prime Minister Nguyen Tan Dung According to Vietnam’s Ministry of Foreign Affairs (MoFA), the delegation’s attendance at the events, the seventh Cambodia-Laos-Myanmar-Vietnam Summit (CLMV 7) and the sixth Ayeyawady-Chao Phraya-Mekong Economic Co-operation Strategy Summit (AMECS 6), is aimed to further boost regional trade and investment co-operation, connectivity, and protection of water resources. It also aims to further promote Vietnam’s leading role in the Mekong co-operation, while strengthening bilateral relations with regional countries. At the CLMV 7 on June 22, Dung will highlight Vietnam’s contributions to the CLMV co-operation in particular, and the Mekong sub-region’s socio-economic development. He will also stress the need for strengthening solidarity among the four nations, in order to bridge the development … [Read more...]

PM attends ACMECS in Myanmar

Prime Minister Nguyen Tan Dung NDO – Prime Minister Nguyen Tan Dung is leading a Vietnamese delegation to attend the 7th Cambodia-Laos-Myanmar-Vietnam (CLMV) Summit and the 6th Ayeyawady-Chao Phraya-Mekong Economic Co-operation Strategy Summit (ACMECS 6) at the invitation of President Thein Sein of Myanmar. The two summits are taking place in the capital city of Naypyitaw from June 22-23. PM Dung is accompanied by Minister and head of the Government Office Nguyen Van Nen, Deputy Foreign Minister Bui Thanh Son and Vietnamese Ambassador to Myanmar Pham Thanh Dung. The participation of the Vietnamese delegation at the summits aims to promote trade and investment co-operation, regional connectivity, protection of water resources as well as boost the position of Vietnam and strengthen relations between Vietnam and other countries in the region. … [Read more...]

Deputy PM proposes ways of boosting Viet Nam-China ties

BEIJING (VNS) — Deputy Prime Minister Hoang Trung Hai has proposed to Chinese Vice President Li Yuanchao a number of measures to expand the partnership between Viet Nam and China in the future. He said that together with maintaining high-level meetings, both sides should effectively implement agreements and shared perceptions, while boosting cooperation in all fields, especially in economics, trade and investments. Both countries should also promote ties among local communities, especially along their common borders, while increasing people-to-people exchanges, suggested the Deputy PM, who is in China 's Yunnan province from June 11-13 for the opening of the third China-South Asia Expo and 23rd Kunming Fair. He also said that Viet Nam pursued a foreign policy of peace, independence, self-control, multilateralism and diversification, and always valued its comprehensive strategic cooperative partnership with China. On the East Sea issue, Deputy PM Hai stressed that both sides … [Read more...]

Deputy PM Hai endorses multifaceted co-operation with China.

Deputy PM Hoang Trung Hai addressing the fair. (Credit: VGP) NDO/VNA – Deputy Prime Minister Hoang Trung Hai encouraged multifaceted co-operation between Vietnam and China, and with Yunnan province in particular, whilst calling on Chinese enterprises to make long-term investments in Vietnam. He made the remarks while addressing the third China-South Asia Fair and the 23rd Kunming Export and Import Fair, both of which are being held in Kunming city, Yunnan province, China. He said the China-South Asia Fair bears an important significance and serves as a platform to promote trade and investment co-operation among Asian countries. He called on the region to solve disputes and disagreements through dialogues based on international laws in order to maintain a peaceful and stable environment for promoting connectivity and developing trade and investment. The economic, trade and investment co-operation between Vietnam and China has grown strongly, Hai said, adding that China … [Read more...]

Russia, Vietnam are tied together by friendship

To mark the national day of the Russian Federation on June 12, Vietnam News presents an article by Russian Ambassador Konstantin V. Vnukov. It is a great honour for me to present an article on the occasion of the National Day of my home country, the Russian Federation. This important date not only marks the anniversary of major political and economic reforms that were launched 25 years ago, but also reflects the centuries-old history of the Russian state. Russia has walked a long way full of bright victories and severe trials. Nowadays, it is confidently moving forward on the path of creative development. Currently, our main task is to build a powerful and stable state that provides favourable conditions for the life of people, their well-being and intellectual development. More economic growth, rise in living standards and large-scale modernisation are obviously impossible without multi-dimensional cooperation with other states, vigorous diplomatic activity both in the West and in … [Read more...]

Russia, Viet Nam are tied together by friendship

Arm in arm: Prime Minister of Russia Dmitry Medvedev visits the Cu Chi Memorial Complex in HCM City in April. — Photo courtesy of Russian Embassy To mark the national day of the Russian Federation tomorrow, Viet Nam News presents an article by Russian Ambassador Konstantin V. Vnukov. It is a great honour for me to present an article on the occasion of the National Day of my home country, the Russian Federation. This important date not only marks the anniversary of major political and economic reforms that were launched 25 years ago, but also reflects the centuries-old history of the Russian state. Russia has walked a long way full of bright victories and severe trials. Nowadays, it is confidently moving forward on the path of creative development. Currently, our main task is to build a powerful and stable state that provides favourable conditions for the life of people, their well-being and intellectual development. More economic growth, rise in living standards and … [Read more...]

Shares soar on cash injection

Shares soared on June 5 afternoon, driven by robust inflows on growing investor confidence. The benchmark VN-Index on the Hochiminh Stock Exchange climbed 1.6 percent to close the session at 578.07 points. The market condition was positive as the number of advancers doubled the gainers, led by banks and blue chips. The VN30 was up 0.81 percent to end at 592.22 points. Liquidity continued to build with the market volume rising 30 percent over the previous day to reach 147.7 million shares, while the value of trades also climbed around 20 percent, totalling 2.318 trillion VND (106.8 million USD). "Cash flows remained positive although market momentum showed signs of weakening in the previous session. We think stock gains are less meaningful than the solidity of liquidity," analysts at BIDV Securities Co wrote. Most analysts agreed investor confidence was strengthened by rising input, particularly strong rushes for hot stocks, and the market outlook is very optimistic. HCM City … [Read more...]

Focus on mid-cap shares lifts market

Blue chips continued to prop up the market although bank stocks extended losses on profit taking (Photo: apl.edu.vn) Growth weakened towards the end of June 4 session but liquidity climbed as traders focused money on mid-cap shares. On the HCM City Stock Exchange, the VN-Index inched up 0.19 percent to close at 568.99 points while the VN30 which tracks the top 30 shares by market value and liquidity rose by a more substantial 0.32 percent to end at 587.48 points. Blue chips continued to prop up the market although bank stocks extended losses on profit taking. Lenders like Vietinbank (CTG) and Sacombank (STB) lost ground but other large-cap stocks like VinGroup (VIC), Vinamilk (VNM), Bao Viet Holdings (BVH), and Hoang Anh Gia Lai Co (HAG), apart from FPT Corp (FPT), Hoa Phat Group (HPG) and Gemadept (GMD) increased strongly. "Investor confidence was heightened as cash flows continued to be channelled into the equity market," analysts at FPT Securities Co wrote on their website … [Read more...]

Shares mixed as foreign buys weaken

The VN-Index ended lower on June 3 despite a high opening note in the morning, dragged down by blue chips. On the HCM Stock Exchange, the benchmark VN-Index edged down 0.42 percent to close the session at 567.90 points while the VN30, which tracks the 30 shares with the highest market value and liquidity, slumped 0.51 percent to end at 585.60 points. The positive development was that the number of gaining stocks doubled that of the losers. Blue chips were main drag in the market on June 3 as large-cap shares like Military Bank (MBB), Hoa Phat Group (HPG), FLC Group (FLC), Vietcombank (VCB) and Eximbank (EIB) lost substantial values. Analysts at the Investment Vietnam Securities Co. said buying power remained positive as bargain investors were waiting for further declines to purchase. In addition, continuous buys by foreign investors would continue to support the market. "The downward correction is expected to be modest and the landmark of 560 points should be the first … [Read more...]

Shares drop at close of session

Shares lost gains at the end of June 2 session, pulled down by selling pressure in the afternoon. On the HCM Stock Exchange, the VN-Index slid from a three-month high to end the June 2 session at 570.31 points, off 0.81 percent from previous day's close. Blue chips were the main losers, with the VN30 falling 0.84 percent to conclude at 588.63 points. Bank stocks also retreated after many days of substantial gains except Vietcombank (VCB), that posted modest growth of 0.4 percent. Other big lenders including Eximbank (EIB), Vietinbank (CTG) and Sacombank (STB) dived around 3 percent, while Military Bank (MBB) and BIDV (BID) lost 2 percent and 1.4 percent, respectively. "The market was largely backed by bank stocks on June 1. If you leave out this impact, the market is clearly undergoing a downward correction," analysts at Saigon-Hanoi Securities Co. wrote in a note. These analysts said many sales orders were put below their reference prices, while intra-day trading of blue … [Read more...]

Bank stocks prop up VN-Index

Profit-taking pressure increased in the afternoon session on June 1, but growth of large-cap stocks continued to prop up the market. On the HCM Stock Exchange, the benchmark VN-Index edged up 0.95 percent to close the session at 574.98 points, while the VN30, which tracks the top 30 shares by market value and liquidity, expanded 0.73 percent to end 593.61 points. (Photo for illustration) Bank stocks led the uptrend as most of this group saw strong development, including Vietcombank (VCB), BIDV (BID), Military Bank (MBB), Eximbank (EIB), as well as Vietinbank (CTG) and Sacombank (STB), with rises between 1 percent and 5.5 percent. With prices soaring 5.5 percent on June 1 to 45,800 VND (2.11 USD) a share, VCB surpassed PV Gas (GAS) to become the largest stock in market capitalisation on the HCM City's market, with a total market value of 122 trillion VND (5.62 billion USD). Other blue chips in the VN30 basket, such as Vinamilk (VNM), VinGroup (VIC), Phu My Fertiliser (DPM) and … [Read more...]

PM backs chip manufacturing project

Quoc Hung According to the Government website, the project of CNS will be able to enjoy policy incentives such as Vietnam Development Bank loans worth up to 60% of the total investment cost. The project will be exempt from import tax for five years and probably from value-added tax on equipment and supplies which are not produced locally to facilitate its research and development activities. Since it will apply high technology, the project will enjoy a preferential tax of 10% for a period of 30 years, a tax exemption for four years, and a 50% tax reduction for nine following years. In addition, it will get financial assistance under Decision 2457/QD-TTg on the national hi-tech development program until 2020. The Prime Minister assigned the HCMC government to appraise and approve the project, require the investor to implement the project in accordance with regulations and ensure its investment efficiency. As proposed previously by the city government and the investor, a chip … [Read more...]

Mexico urged to open Viet Nam trade office

Vietnamese Ambassador Le Linh Lan (blue dress) pose a group photo with Mexican business guests at an expo in Mexico. -- File Photo MEXICO (Biz Hub) — Vietnamese Ambassador to Mexico, Le Linh Lan, suggested Mexico would soon open a trade office in Viet Nam, while speaking during a business forum in Mexico City on Thursday. During the forum, held as part of a series of activities to mark the 40th anniversary of bilateral diplomatic ties, Lan briefed participating businesses on Viet Nam's national economic restructuring, its deep and wide integration into regional and global financial organisations, as well as socio-economic achievements, especially during the ongoing renewal process. Besides additional bilateral agreements, the two countries were pushing ahead with negotiations to establish a joint committee on economic, trade and investment co-operation, and to sign an agreement on fisheries and aquaculture, she said. She noted that two-way trade experienced a 40-per-cent … [Read more...]