VET : Chinese motorbikes flood the HCMC market ..

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Thursday, Sep 23, 1999 US$ 1.65 billion worth of export of garments in
1999

(VET)- Mr. Le Huy Con, Deputy Minister
of Industry said at a press conference that the export values of
garments in 1999 may reach US$1.65 billion, or up 20 percent over last
year.  He said the markets for Vietnamese garments have been encouraging
in the last few months, especially in the non- quota markets.  The total
export values of garments in the first 9 months of the year is estimated
at US$1.1 billion, US$ 673 million of which came from the none- quota
markets.  Con said that garment industry is projecting the target of
export values worth US$1.8 billion to US$ 1.9 billion in the year 2000. 
He disclosed that the Government is scheduled to hold talks with EU in
October this year with a hope of increasing the exports to the non-quota
markets. 



Handicraft become one of the Top Ten export items

(VET)- In the first 8 months of the
year the exports of handicrafts and fine art articles earned US$ 103
million, making the handicraft industry one of the Top Ten export items.

The industry has projected the target of US$ 120 million worth of its
export this year.  Handicraft and fine art articles have been exported
to nearly 40 foreign markets, in which Japan spent US$ 15 million on
Vietnamese handicraft in the first 8 months of the year; Taiwan came
second with US$ 11 million.  France, Belgium, Holland and Britain are
among the main importers of Vietnamese handicraft.  India, Portugal and
Brazil are expected to become new importers. 



2.5 million of steel needed in 2000

(VET)- Vietnam Steel Corporation
predicts that the demand for steel in the year 2000 will rise 9.65
percent over 1999 to 2.5 million tons, in which 1.4 million tons or up
7.7 percent from the domestic production and 1.1 million tons of steel
of various kinds from imports. 



Chinese motorbikes flood the HCMC market

(VET)- The owner of a motorbike shop in
HCM said that since the middle of September she has sold out 20 Huayu
motorbikes made in China, which look very much like Honda Dream of
Japan.  The price is quite low, just around VND 18.7 million each.  At
present there are three types of motorbikes competing among themselves. 
They include Huayu of China, City 100 of RoK at the price of VND22.2
million and Honda Dream manufactured in Vinh Phu province. 

Mr.  Nguyen Thanh Lam, director of Dong Nai Rubber Company said two tons
of rubber latex could buy a Chinese Dream at around VND 15.8 million. 



Government asked to subsidize garment exporters to US

(VET)- The Vietnam Textile and Garment
Corporation (Vinatex) has proposed to the Government that part of the
export assistance fund be used to subsidize local garment manufacturers
to export their products to the US market. 

Vietnam^Òs exports of garments to the US last year were insignificant and
amounted to US$26.4 million, and that local producers just exported
items subject to tariffs not much higher than those imposed on countries
with U.S.  preferences. 



The made - in - Vietnam commodities to be displayed in Cambodia

(VET)- About 60 Vietnamese companies
are reported to have registered to joint a six day fair to be held in
Phnom Penh between November 19 and November 24. 

The Fair will facilitate the Vietnamese entrepreneurs to expand and
explore their markets and clients and seek Cambodian partners to boost
the business cooperation. 



VN - RoK industrial School starts to be built

(VET)- Construction of the
Vietnam-Republic of Korea ( RoK) industrial school has started to be
built in the Vinh township of Nghe An province in central Vietnam.  The
school will be equipped with modern facilities and teaching aids and
staffed by qualified teachers from RoK. 

When completed the school can accommodate 600 students in 6 departments,
namely mechanics, machinery fitting, electricals, electronics,
information processing and auto repair. 

The cost for the construction of the school is estimated at VND 71.24
billion and VND 65 billion or equivalent to US$ 5 million of which will
be financed by the RoK as non-refundable aid to Vietnam. 



France to help boost VN - EU ties

(VET)- France is expected to be the
president of EU in Vietnam in January 2000, thus in a position to boost
the VN-France and Vietnam EU relations. 

French Ambassador Serge Degallaix announced a plan at a press briefing
of the upcoming France -Vietnam high power talks to seek ways to boost
the multi -sided cooperation between the two countries, including the
talks in preparation for the joint holding of a major festival in the
former imperial city of Hue in the year 2000.  France is ranked No 2
after Japan in terms of ODA commitments made at the Paris Donor Club
conferences. 



Stamping of cassette tapes and CDs to be extended

(VET)- Stamping of cassette tapes and
compact discs has failed to meet September 15 as the deadline, thus the
Ministry of Culture and Information has decided to extend it. 

According to the new rule, cassette tapes and CDs legally produced,
imported and distributed are not viewed as illegal, although they have
not been sealed with the stamps issued by the Performance Arts
Department, and retail outlets are now required to send the lists of
cassette tapes and CDs without stamps by October 30 at the latest to
city or provincial culture and information authorities. 

Some illegally imported cassette tapes and CDs of foreign music will be
destroyed, while others with "healthy contents" will be retained pending
a detailed guidance from the ministry. 



Dong Nai grants licenses to 7 FDI projects so far

(VET)- Six 100 percent foreign-owned
projects and one joint venture with Taiwan with the total capital of
US$20.1 million, mostly in manufacturing steel and plastic components in
precision mechanical engineering have been licensed so far this year by
the Dong Nai IZ Authority. 

Four of the seven - United Steel Construction Ltd., Kien Hang Ltd.,
Vietnam Precision Casting Industry and Tuico are located in Ho Nai IZ. 
The other three projects - AMC Ltd., the Con Rong Bicycle Company and
the Vietnam Tong Jou Joint Venture - are in Song May, Bien Hoa 2 and the
Nhon Trach No 1 respectively.  Dong Nai province has so far attracted
143 wholly foreign-owned projects worth a total US$2.62 billion and 30
joint ventures worth US$768 million. 



Economic disputes on the rise in HCMC

(VET)- SGT quotes the figures released
by the HCMC Court as saying that the number of economic disputes in HCMC
has risen to 456 from 350 last year. 

The majority of economic disputes were related to construction
contracts, and credit agreements between banks and enterprises or even
within banks. 

Mr.  Pham Xuan Pho, Chairman of the HCMC Court told SGT that the
regional economic crisis had resulted in a delay in the implementation
of high-rise building projects in HCMC, leading to partners involved
sueing one another. 



Annual yield of 7.4 percent at the 33 round of T. Bills auction

(VET)- The 33 round of T. Bills auction
worth VND100 billion was held yesterday with the annual yield of 7.4
percent.  Winners of the auction included the Industrial and Commercial
Bank, which bought the bills worth VND 79.2 billion and the Vietnam
Social Insurance Company with VND 20.8 billion.  The maturity of the
Bills is12 months. 



50 foreign firms expected to join construction and energy expo

(VET)- Over 50 foreign companies are
reported to have registered to join an expo on construction materials
and services, and electricity to be held at HCMC's Kasati Exhibition
Center from November 30 to December 3.

Hong Kong's Adsale Company, Vietnam^Òs the Ministry of Construction and
the Trafac Saigon will be co-organizers of the Vietbuild '99 expo. 
Businesses from Australia, Finland, France, Hong Kong, Italy, South
Korea, Malaysia, China, Russia, Singapore, Spain, Switzerland, Taiwan
and the U.K would be participants to the event to display their latest
equipment, materials and services for construction.  And introduce
equipment and technology for the energy sector. 

The organisers' say they hope more businesses, especially domestic
firms, will register for the event.  Nguyen Dang Son, chairman of the
Sai Gon Construction and Building Material Association says the
exhibition is being held at a favorable time as the building industry is
recovering from the economic crises and is showing signs of growth.  He
added that demand for construction was also running high among people,
which now had obtained higher income and are in need of building more
beautiful housing. 



HCMC stock dealing center construction needs quick hand

(SGT)- Repair work the premises of the
country's first stock trading center in HCMC has been put fast track, so
that it can start operations as scheduled', the center's director said
yesterday.  Vu Bang said, "The feasibility study (for the upgrade,
project), undertaken with support of local construction consulting
companies has been passed to the Government for approval."

The center had also invited consultants from the U.S, Thailand and
Taiwan to give technical advice on how to use the old office building
most efficiently, he told the Daily.  The State Securities Commission
(SSC), the watchdog of the future stock market would organize
restrictive bidding - a move, that he said, would help quicken the
repair work.  The tender would be held immediately after the Government
approved the feasibility study, he said, noting "We are considering
other solutions for bringing the center into operation soon."



Demand for hard cash up

(SGT)- The demand of businesses for
purchasing foreign currency has increased drastically over recent days,
according to the Vietcombank HCMC branch - the city's biggest
foreign-currency trader. 


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Toyota injects ace into VN's competitive auto market race

(VNS)- Toyota Motor Vietnam launched
the latest version of its Zace eight-seater in Hanoi yesterday in an
effort to boost its share of an over-crowded domestic car market. 


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