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...]

Round-up

The Saigon Times Daily PVN chairman suspended Nguyen Xuan Son, chairman of Vietnam National Oil and Gas Group (PVN), has been suspended under the Prime Minister’s Decision 1105/QD-TTg signed on Sunday with immediate effect. Son would take up a new post at the Ministry of Industry and Trade. Nguyen Quoc Khanh, general director at PVN, temporarily chairs the board of the State-run group. VND480 trillion for power projects Vietnam Electricity Group (EVN) has spent nearly VND480 trillion developing power plants and transmission lines in the 2011-2015 period, according to VietnamPlus. In the past five years, the group has commissioned 34 power generators with a total capacity of 9,852 MW and broken ground for ten power projects nationwide. Besides, as many as 865 transformer stations and transmission lines were connected to the national grid in the period. In the next five years, EVN will complete 11 power plants with a combined generation capacity is 5,819 MW. Murder … [Read more...]

Vietnam, Thailand seek 20 billion USD in trade turn-over

(VOVworld) – The Vietnam-Thailand joint committee on bilateral trade will meet in Bangkok next Monday to discuss ways to boost agricultural trade.The Thai Ministry of Commerce has said that the two countries are targeting two-way trade turnover of 20 billion USD by 2020. Vietnamese customers in front of a Thai pavilion in a trade exhibition in Ho Chi Minh City. (Photo: Vinexad) Thailand is planning to strengthen transportation co-operation with Vietnam through Laos, increase investment in Vietnamese commercial banks, enhance co-operation in intellectual property, and outline an action plan on trade and investment co-operation. During the 3-day meeting, Thailand will ask Vietnam to open its fruit market before the ASEAN Economic Community is formed. The meeting will be held on the eve of a visit to Thailand by Vietnamese Prime Minister Nguyen Tan Dung, who will co-chair the 3rd Vietnam-Thailand joint cabinet meeting next Thursday. Xuan Son, VOV Correspondent in … [Read more...]

Thailand, Vietnam target US$20 billion in trade volume

(VOV) -The Vietnam-Thailand joint committee on bilateral trade will meet in Bangkok on July 20 to discuss ways to boost agricultural trade. The Thai Ministry of Commerce has said that the two countries are aiming for US$20 billion in two-way trade turnover by 2020. Thailand is planning to step up transportation co-operation with Vietnam through Laos, increase investment in Vietnamese commercial banks, enhance co-operation in intellectual property, and outline an action plan on trade and investment co-operation. During the 3-day meeting, Thailand will ask Vietnam to open its fruit market before the ASEAN Economic Community is established. The meeting will be held on the eve of a visit to Thailand by Vietnamese Prime Minister Nguyen Tan Dung, who will co-chair the 3rd Vietnam-Thailand joint cabinet meeting on July 23. … [Read more...]

Markets go into correction as blue chips slide after surge

HA NOI (VNS) — Both markets went into correction mode yesterday after blue chip stocks lost their shine after recent thriving days. On the HCM Stock Exchange, the VN-Index lost nearly 8 points, 1.22 per cent, to close the session at 630.89 points. The VN30, which tracks the top 30 shares by market value and liquidity, also dropped over 1 per cent to end at 651.45 points. Banks, insurers and securities stocks, which were behind the positive momentum in previous rallies, tumbled yesterday. Led by Bao Viet Holdings (BVH), down over 6 per cent, financial stocks like Vietcombank (VCB), Vietinbank (CTG), Eximbank (EIB), Military Bank (MBB), BIDV (BID) and Saigon Securities Inc (SSI) followed, falling between 1-3 per cent. Few large-cap shares maintained growth. Masan Group (MSN) managed to climb almost 5 per cent and Phu My Fertiliser added 2.5 per cent. According to analysts at KIS Vietnam Securities Co, profit-taking sales rose substantially, especially in blue chip stocks as the … [Read more...]

Party leader holds historic talks with Obama

US President Barack Obama welcomes Party General Secretary Nguyen Phu Trong during what is viewed by both sides as a historic visit in the relationship between the two nations. Obama expressed his hope for stronger bilateral ties during their talks. — VNA/VNS Photo Tri Dung WASHINGTON (VNS) — The President of the United States, Barack Obama, and the Party General Secretary of Viet Nam, Nguyen Phu Trong, on Tuesday had talks at the White House at a meeting described as "a historic visit in the relationship of the two nations". The two sides had wide-ranging talks that were "constructive, straightforward and sincere" on issues such as sovereignty, the East Sea, Trans Pacific Trade, and human rights. The President later told the press that in the 20th century, there were painful chapters in the history of the two countries, adding that there were also differences over political philosophy and systems. "But," he added, "US and Vietnamese leaders have worked together for … [Read more...]

Blue chips mixed as stocks lose gains

Investors follow transactions at FPT Securities Company in Ha Noi. Trading slowed down as both market volume and value decreased 30 per cent from Tuesday on the Ha Noi Stock Exchange. — VNS Photo Thai Ha HA NOI (VNS) — Stocks failed to sustain morning gains, with the benchmark VN-Index falling 0.26 per cent to close the session at 591.5 points. Blue chips were mixed. The VN30, which tracks the top 30 shares by market value and liquidity on the HCM City Stock Exchange, inched up just 0.08 per cent to end at 622.91 points. Bank stocks led the downturn here as most of large-cap lenders posted losses. Vietinbank (CTG) was the biggest loser, down 3.65 per cent, followed by Vietcombank (VCB) with a decrease of 3.07 per cent. VCB is the biggest stock in term of market capitalisation so its slump substantially weighed down the southern market. Other banks like Military Bank (MBB), Eximbank (EIB) and BIDV (BID) also dropped 1.5 to 2 per cent. "Many investors decided to take … [Read more...]

Selling pressure ends early gains

HANOI (VNS) — Market rallies slowed down towards the end of yesterday's session on growing profit-taking pressure. On the HCM Stock Exchange, growth of large-cap shares helped sustain the VN-Index's gain of just 0.22 per cent to finish the session at 593.05 points. Several blue chips closed in the green, including Vietcombank (VCB), VinGroup (VIC), Masan Group (MSN), Bao Viet Holdings (BVH), Phu My Fertiliser (DPM), Hoa Phat Group (HPG) and Hoang Anh Gia Lai Co (HAG). Others declined. The VN30, which tracks the top 30 shares by market value and liquidity, inched up just 0.36 per cent to end at 622.43 points. Overall, the market condition was negative with decliners outnumbering advancers 135-86, while 83 others closed unchanged. Warnings of a possible bull-trap issued by securities companies in previous days seemed realistic as the growth of blue chips was used to boost demand in the morning, only for heavy selling pressure to push the market down strongly in the … [Read more...]

Blue chips lift both markets

Shares improved this morning on the two exchanges, helped by blue chips again. On the HCM Stock Exchange, the VN-Index gained 0.91 per cent to close at 597.12 points. Photo 24h.com.vn On the HCM Stock Exchange, the VN-Index gained 0.91 per cent to close at 597.12 points, while the VN30, which tracks the top 30 shares by market value and liquidity, was up 0.82 per cent to end at 625.33 points. Bank stocks and other blue chips such as VinGroup (VIC), Hoang Anh Gia Lai Co (HAG), Hoa Phat Group (HPG) and Bao Viet Holdings (BVH), as well as Masan Group (MSN) extended their gains, thanks to the raised foreign ownership ceiling. Ocean Group (OGC) was leading the trading here with 6.7 million of its shares being exchanged, closing flat at VND2,700 per share. The overall liquidity declined slightly, with more than 70 million shares worth VND1.133 trillion (US$52 million) changing hands by the end of the morning. On the Ha Noi Stock Exchange, the HNX-Index added 0.69 per cent to … [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...]