QTSC aims to become major IT park By Nhan Tam - The Saigon Times Daily HCMC - Quang Trung Software City (QTSC) in HCMC will be developed into a giant information technology park, said Chu Tien Dung, general director of Quang Trung Software City Development Co. Speaking at an event held at the White Palace Convention Center in HCMC last Friday to meet partners and investors, and honor the best enterprises at QTSC, Dung said the company would make use of experiences and advantages acquired over the past nine years to map out a long-term development strategy. "Our three main goals are to attract the biggest enterprises and nurture small ones to turn the park into Vietnam's biggest software producer; supply high-quality human resources to help the sector take off; and create a favorable business environment to help firms thrive," Dung said. One of the activities to carry out the plans is to boost promotion programs toward both domestic and foreign enterprises. At the ceremony, QTSC … [Read more...] about QTSC aims to become major IT park
Giant city state park
Vietnam textile giant to expand production, distribution
Vietnam's state-owned textile and garment corporation Vinatex plans to invest VND16 trillion (US$1 billion) by 2010 in a bid to expand its production and distribution. This investment is for 24 key projects in all segments of the industry including feedstock, distribution network, fashion research and design, and infrastructure. An outlet for garment and textile and two centers for trading raw materials will be built in Hanoi and Ho Chi Minh City. Vinatex revealed in February a plan to open two fashion centers in the country's hubs, as well as an additional 28 superstores in other major cities and provinces across the nation Besides, the corporation will form association with local governments and foreign and private firms to set up a 1,000-hactare cotton farm in the central region, a 140,000-tons-per-year thread plant, and high quality yarn plants in industrial parks across the country. Source: Fibre2Fashion … [Read more...] about Vietnam textile giant to expand production, distribution
State bank goes into business with plastics maker
State-run Vietnam Bank for Investment and Development (BIDV) entered into a strategic partnership with the Dong A Plastics Group to support mutual development. Following the deal sealed recently, BIDV will become a major investor in the giant home appliance and plastic producer's projects through providing credit terms at preferential rates. In turn, the Dong A Plastic Group will use only the BIDV's banking and financial products and services The deal will also enable joint venture activities in real estate and finance business by the two parties. The Dong A Plastic Group has opened two new home decor product-manufacturing plants in Hanoi and the northern province of Ha Nam. The Hanoi factory in the Ngoc Hoi Industrial Park (IP) was built at an estimated cost of VND80 billion (US$5 million) and the second facility in the Chau Son IP is capitalized at VND20 billion ($1.25 million). The group is set to start construction of a VND30 billion plant at Ho Chi Minh … [Read more...] about State bank goes into business with plastics maker
World’s tallest Ferris wheel to turn above New York City
A plan to build the world's tallest Ferris wheel on New York's Staten Island, offering sweeping views of the Manhattan skyline, could hold the answer to a long-elusive goal: putting the most-overlooked of the city's five boroughs on the tourist map. Photo: Reuters The giant Ferris wheel, at 625 feet, will be about half the height of the Empire State Building and taller than Singapore's 541-foot (165-metre) Flyer and the planned "High Roller" wheel in Las Vegas, the city said. Similar to the London Eye, visitors will ride in thirty-six capsules, each capable of carrying up to 40 passengers - or 1,440 people per ride. The city estimates the observation wheel - which will stay open every day of the year except during severe weather - will attract 30,000 riders a day during the peak season and 4.5 million visitors per year. To be constructed at a cost of an estimated $230 million, it is expected to open in 2015. The wheel will stand near the Richmond County Bank Ballpark and … [Read more...] about World’s tallest Ferris wheel to turn above New York City
PetroVietnam causes $874 mln state budget loss
The state-run Vietnam National Oil and Gas Group, or PetroVietnam (PVN), has made several wrongdoings in capital and asset management, as well as investing in non-core businesses, which cost the state budget a huge sum of VND18.2 trillion, or $873.6 million, the Vietnam State Inspectorate (VSI) told a press briefing yesterday. >> Wrongdoings at Song Da Corp cost state $512 mln The total capital of PVN at the end of 2010 was some VND466 trillion, and revenues it reaped in the 2006 – 2010 period topped nearly VND689.5 trillion, VSI said, citing figures from PVN’s audited financial report. “With such a massive sum of capital and asset in hands, PVN has made a lot of mistaken investments and capital allocations,” said a VSI representative, while petitioning that VND18.2 trillion be returned to the state budget. PVN has defied the laws to earmark more than VND15.6 trillion from the profits earned from selling oil and gas for financial activities that are … [Read more...] about PetroVietnam causes $874 mln state budget loss