Tet price controls take hold in south

The southern provinces of Binh Duong, Dong Nai, and Ba Ria-Vung Tau are accelerating their own programmes to stabilise prices from now through the first quarter of 2011.

The Dong Nai Department of Industry and Trade said it has earmarked VND63.7 billion (US$3.1 million) for the purpose.

The Dong Nai Food Industry Corp received VND26 billion, Bien Hoa Coop Mart got VND24 billion, and other participating firms got the rest of the amount, all in the form of interest-free loans.

The department has ordered these companies to keep in reserve 5,600 tonnes of rice, 2,800 tonnes of pork, 2,230 tonnes of poultry meat, 5,600 tonnes of other meat, 1,400 tonnes of sugar, and more than 5.5 million litres of petrol.

The Dong Nai Food Industry Corp said it has invested VND90 billion to produce quality products to be sold at regulated prices during Tet.

Sai Gon Logistics Trading JSC said it will supply 1,000 tonnes to Dong Nai Province and Bien Hoa Sugar JSC has promised to supply 3,500 tonnes of sugar.

The Binh Duong Department Industry and Trade said it will set up teams to inspect the quality of goods and prices sold under the scheme by firms like Hai Long Trade and Service Enterprise, Vinatex Mart, Coop Mart, and Citimart.

Binh Duong lent VND227.5 billion to producers and suppliers of eight essential goods, including rice, fresh and frozen food, processed food, beverages, and textiles.

Ba Ria-Vung Tau lent VND74 billion to Phu An Sinh Co, Hoang Dung Co Ltd, and Co.opmart in the province.

It has told the participants to sell 30 per cent of the goods under the programme in rural areas.

The Southern Food Co has set up a stall selling food at low prices in Ba Ria-Vung Tau though it turned down the loan offer.

New invoice law keeps printing houses busy

Local printing houses have become overwhelmed with orders to print invoices ever since a new decree stipulated that most businesses must print their own invoices instead of buying them from tax agencies.

Under the decree, which becomes effective in January next year, companies are allowed to print the so-called red invoices that serve as official proof of commercial transactions for taxes and other purposes. The decree also allows them to use electronic invoices.

The decree states that tax agencies will continue to sell invoices until the end of next year to non-commercial organisations, small-sized businesses and those in poor areas that cannot afford to print invoices.

Nguyen Hai Minh, director of the Finance Printing Company's HCM City branch, said his branch was receiving about 1,000 calls a day from businesses to ask for invoice printing quotations.

By November 18, the branch had signed contracts with more than 1,200 companies.

Tran Quoc Lam, director of the HCM City-based Nguyen Xuong Thinh Trade and Production Company, said a large number of companies that placed orders for printing invoices had overburdened his company.

Thousands of companies are now ordering invoices because the Ministry of Finance early this month issued a document altering details in the invoice-printing guidance issued in September, according to printing firms.

The Finance Printing Company's HCM City branch alone has about 600 client companies that have had to adjust their invoice forms.

Nguyen Thi Bach Mai, head of the HCM City Tax Department's Seal Division, said under the Ministry of Information and Communications' regulation issued in October, printing firms were only allowed to print invoices when they were granted licences from agencies.

However, the regulation does not specify which agencies can issue the licences.

This week, the HCM City Tax Department would publish a list of printing firms that have licenses to print invoices, she said.

Under current regulation, tax agencies will fine companies VND4-15 million ($200-$769) if they find that those companies used printing firms without the proper licences. Because the cost of printing invoices is higher than buying them from tax agencies, many companies are waiting until the end of the year to place orders, leading to additional work at printers.

Property firm sells share to FPT Capital investment firm

HCM City-listed Dat Xanh Real Estate Service&Constructions Company (DXG) will sell 7.34 per cent stakes to FPT Capital.

The sale is part of DXG's plan to increase charter capital from VND160 billion to VND320 billion ($15.2 million).

This will make FPT Capital a strategic partner of the real-estate company, helping it raise capital for future property projects and seek new investment opportunities in Ha Noi.

The two companies will expand the business, including collaboration with other property companies, staff training and corporate governance.

Dat Xanh will also seek credit assistance from TienphongBank. The bank will arrange credit for the company's projects and provide its clients with proper credit services.

Dat Xanh now owns Phu Gia Hung apartments, the Dat Xanh high-rise building in Ba Ria Vung Tau province, and Dat Xanh Riverside residential area.

In 2011-13, the company plans to get involved in mining and construction materials.

In the first nine months old this year, Dat Xanh Co earned after-tax profits of VND63.9 billion (US$3 million), nearly tripling the figure of 2009 and making the earning-per-share VND6,123.

Dutch firm builds food plant in Binh Duong

A subsidiary of the Dutch-owned Padifood Group on Thursday (Dec 2) began construction of a plant in Binh Duong Province that will make noodles, vermicelli, instant gruel, and other products.

At the ground-breaking ceremony, Sukmono Viet Nam Ltd Co, the Viet Nam-based subsidiary, said the VND100 billion (US$5.1 million) Jimmy Hung Anh plant in Ben Cat District will have a capacity of 8,000 tonnes of products a year.

After a year or two this will be increased to 60,000 tonnes.

The company hopes to export products worth $10 million-20 million a year, initially to Europe and later to Asian countries.

The plant will provide jobs to around 500 workers.

Fifth Vinamac Expo to open next week

The fifth Vinamac Expo will be held here from December 8-11 at Tan Binh Exhibition and Convention Centre.

The expo will display machinery, equipment and technology used in the power, mining, construction, food processing, packaging, printing and garment industries.

The exhibition has been organised by the Viet Nam Advertisement and Fair Exhibition Joint-stock Co (VIETFAIR), the Viet Nam Association of Mechanical Industry (VAMI), and ZhongJing International Exhibition Ltd Co (CICIMEX).

Pepper exports rise by $40m this year

Pepper exports so far this year total about 110,000 tonnes worth US$390 million, according to the Viet Nam Pepper Association (VPA).

Despite a decline of 24,000 tonnes compared to the same period last year, the value of exports increased by $40 million.

Viet Nam caters to 50 per cent of the global market, making it the world's biggest pepper exporter.

HAPRO and HABECO ink co-operation deal

The Ha Noi Trade Corporation (HAPRO) and the Ha Noi Beer, Alcohol and Beverage Corporation (HABECO) signed a co-operation agreement on Thursday.

The two companies agreed to support each other in business. Specifically, HAPRO will distribute HABECO products through its chain of supermarkets and stores, while HABECO will consume HAPRO's products in its distribution system.

US investment fund offers loans to small businesses

The US-based SEAF Blue Waters Growth Fund is offering a financial support programme to small- and medium-sized companies.

The loans will be used for expanding business operations, developing distribution systems or buying other enterprises.

Nguyen Viet Quyen, Business Development Manager of SEAF Viet Nam, said SMEs had difficulty accessing capital sources, especially long-term loans, to expand their business.

SEAF is offering loans of up to US$2.5 million for a three-to-five- year term without mortgages. Eligible businesses are those that have achieved good profits in recent years and have feasible business plans.

Coffee exporter to list on HN index

Coffee exporter Thai Hoa will list shares on the Ha Noi Stock Exchange representing its entire capital of VND550 billion (US$26.2 million).

The company projects earnings of VND3 trillion ($142.9 million) this year and a profit of over VND1 trillion ($47.6 million). The foreign-invested VinaCapital fund is already its sole foreign strategic partner, holding a 10-per-cent stake.

Securities centre ups transparency

The Viet Nam Securities Depository Centre was preparing to introduce an information search service which would allow investors to access information about listed firms as well as their own trading accounts, announced centre director Phuong Hoang Lan Huong.

The service would also substantially promote the transparency of the markets, Huong said.

Western Bank to pay 3% dividend

Western Bank will close registration on Monday for shareholders seeking to participate in its dividend payment.

Shareholders who owned shares prior to August 21, when the bank had a charter capital of VND1 trillion (US$47.6 million), are eligible to participate in the bank's 3-per-cent dividend on 2010 earnings.

Those holding shares issued after that date, when the bank increases capital to VND2 trillion ($95.2 million), are eligible for a 1-per-cent dividend.

Becamex to list shares on HSE

Becamex Concrete Co is planning to move its listing from the unlisted public company market (UPCoM) to the HCM City Stock Exchange and will seek a shareholder vote on the change based on a December 8 list of shareholders.

The company, with a charter capital of VND100 billion (US$4.8 million), projects earnings this year of VND304.9 billion ($14.5 million) and net profits of VND40.7 billion ($1.9 million).

Trading firm ups stakes in sugar

Thanh Thanh Cong Trading Co yesterday, Dec 3, began buying up 35.2 million unlisted shares of Bourbon Tay Ninh Sugarcane Co in a move that would increase its stake to 24.95 per cent.

Thanh Thanh Cong is acquiring the shares through negotiated trading through December 20.

It is also buying 2.2 million shares of Ninh Hoa Sugar Company at VND36,000 per share in a bid to acquire a 51-per-cent controlling interest.

The buying will take place through December 30.

VNN/VNS