Cut from master plan, Kyoei adamant on long-delayed steel plant

The visit is also a chance for Vietnam and India to adopt measures to promote their comprehensive relationship as well as facilitating business deals. The traditional friendship between Vietnam and India originates from their common historical links in culture, religion and trade. It was established and fostered by President Ho Chi Minh and Prime Minister Jawaharlal Nehru and by other generations of leaders and people of the two countries. The traditional friendship and comprehensive cooperation between Vietnam and India has developed significantly since the two countries established their diplomatic ties at an ambassadorial level on January 7, 1972. Vietnam has received valuable assistance from India in its post-war reconstruction process and its current economic development. Bilateral ties in politics, security and national defence have also developed well through high-level visit exchanges. Economically, two-way trade has increased by 20 percent per annum in recent years from US$375 million in 2002 to US$1.005 billion in 2006. Vietnam mainly exports coffee, coal, pepper, rubber, electronic products and footwear to India, and imports cattle feed, raw materials, metals, plastics, medicines, machinery equipment, garment and pharmaceutical accessories, chemicals and pesticides from the South Asian country. Both countries are trying to reduce Vietnam’s import surplus and raise bilateral trade to US$1.5-2 billion in the next two or three years. The year 2007 marked a breakthrough in India’s investment in Vietnam. In February, Essar group agreed a US$527 million project to produce hot rolled steel in southern Ba Ria-Vung Tau province. Three months later, Tata group signed…... [read more]

They were speaking at a recent meeting with the Vietnam Competition Authority, where they warned the situation would worsen when Vietnam is obliged to scrap more tariff lines under upcoming free trade agreements. Vo Van Thanh, deputy CEO of steel producer Hoa Sen Group, said non-tariff trade barriers are supposed to shield local production against the influx of cheap imports, but in Vietnam they are "very weak" due to the lack of an efficient legal framework. For instance, while Vietnamese steel exporters are subject to tight quality checks in foreign countries, in Vietnam, authorities apply technical standards for imported steel that are not "adequate", meaning poor products can sneak into the local market, he said. Since October steel producers have been seeking authorities’ help to fight against the rising influx of cheap imports, especially from China, which is now the biggest seller of iron and steel to Vietnam. One of their complaints is that Chinese chrome alloy steel billets are imported tax-free though their minuscule chrome content of 0.3-0.4 percent does not add any value to the billets, meaning they cannot be used for making sophisticated products. In response, government agencies began to inspect importers of the product and sought to amend regulations to slap a 10 percent import duty on chrome alloy steel. However, the findings of the investigation have yet to be released and the proposed tax is awaiting feedback from other relevant authorities. Meanwhile, many factories are on the verge of closing down as they cannot sell…... [read more]

To make it to the top, the MoIT undertook numerous innovations in the application of information technology and supplying public services, said VAIP’s General Secretary Nguyen Long. Regarding the ICT Index of provinces and cities, he said he was surprised to see despite embracing part of the old Ha Tay which held a low position before merging with Hanoi in 2009, Ha Noi remains in 3rd place (1st place belonging to Da Nang). In the state-run sector, the Bank for Investment and Development of Vietnam (BIDV) topped the ICT Index. There was an increasing trend among commercial banks to invest in information and technology. As regards corporations, there was not much change with leading positions retained by the Vietnam Steel Corporation, Rubber Corp. and Oil and Gas Group. This is the 4th consecutive year the VAIP has coordinated with the Office of the National Steering Committee on Information and Technology to compile the Vietnam ICT Index.... [read more]

HCMYUCC Secretary and head of the VSA, Nguyen Dac Vinh, affirmed that students and youths are pillars of the nation so they should study and follow late President Ho Chi Minh’s examples to become intellectuals who will lead the cause of national construction and defence for a more prosperous and brighter future of the nation. Speaking at the meeting, Secretary of the Party Central Committee, Ha Thi Khiet emphasised that the Party and State always place trust in dynamic and creative students who will form the core to develop Vietnam into an industrialised country by 2020. She encouraged students and youths to respond enthusiastically to the exemplary role model campaigns and also urged authorities to better care for them. After the meeting, students and youths met with former students who were involved in the two wars of resistance against foreign aggressors in the 20th century. On the occasion, the HCMYUCC presented “Lighting up the Dreams of Vietnamese Youths” scholarships to 10 outstanding students in southern provinces. The Vietnam Steel Corporation provided VND250 million to build a memorial to heroic martyr Tran Van On in Phuoc Thach village, Chau Thanh District, Ben Tre Province. The Ben Tre Telecommunications donated VND200 million to the “Lighting up the Dreams” Fund to help students in Ben Tre province. Tran Van On – an outstanding student – laid down his life on a street in Saigon (now Ho Chi Minh City) on January 9, 1950, while leading a students’ movement against the French colonialists. Since…... [read more]

The two departments asked the Vietnamese Embassy to Russia to look into the case and provide support for the workers according to the guidelines and responsibilities for citizen protection, DoLab Director Nguyen Ngoc Quynh said. The labourers left their homes in the northern provinces of Ha Nam, Hung Yen and Bac Giang, and were taken to Russia in January to work at a leather garments factory in Ekaterinburg. They complained to their families on the phone that they were being exploited, forced to work up to 13 hours per day in poor conditions without being paid. Quynh said that the labourers were not taken to Russian through any of the Vietnamese labour export companies. In a similar case, which involved another 36 Vietnamese labourers who said that they were not paid enough and were working without medical insurance, said Quynh. Those workers are now waiting for repatriation in Moscow because their labour contracts were cut short by their employers. They were sent to Russia in December 2008 and January 2009 to work as construction workers under a contract signed by the Vietnam Steel Corporation and APC Liability Limited Company in Russia.... [read more]

President Triet highlighted the value of the Memorandum of Understanding (MoU) on a steel works in Thach Khe district of Ha Tinh central province between Tata Steel Group and Vietnam Steel Corporation (VSC). He hoped that the MoU would lay a foundation to encourage Indian businesses to invest in other fields, such as telecommunications, mechanics, energy and chemicals. Mr Triet also expressed his belief that the cooperation between businesses will contribute to the economic relationship between Vietnam and India. Mr Muthuraman said Tata Steel Group will provide management for Thach Khe plant and expressed the wish to have further partnerships with the VSC. Leaders of Tata Steel Group want to visit Vietnam to seek investment opportunities, he added. Tata Steel Group is the largest steel producer in India, with around 26 million tones production capacity per year. It has businesses in 45 others countries.... [read more]

Such activities are part of Mr Dung’s official visit to the RoK for a high-level meeting to celebrate 20 years of ASEAN-RoK dialogue relations in Seoul. At the meeting with leaders from RoK groups, Mr Dung said Vietnam-RoK relations have developed rapidly and effectively in various fields during the past 16 years since both countries established a comprehensive partnership for the 21st century in 2001. The RoK is seen as Vietnam’s most important partner as many major RoK businesses are investing in key areas and positively contributing to Vietnam’s socio-economic development, bringing practical benefits to both sides. The Government leader praised RoK groups for their support and participation in social, cultural and charitable activities in Vietnam while affirming that the Vietnamese Government always creates favourable conditions for foreign enterprises including RoK entrepreneurs, to run their businesses effectively in Vietnam. RoK group leaders voiced their determination to continue investment in Vietnam, especially in areas where RoK is strong such as finance, energy, steel, infrastructure, real estate and transport. In his speech delivered at the Vietnam-RoK business forum, Mr Dung said RoK is one of Vietnam’s largest investors, running 2,150 projects with a total registered capital of nearly US$19 billion. However, Mr Dung said this is still not commensurate with the fine friendship, cooperation and available potential. Mr Dung said his visit aims to compare notes with RoK leaders on bilateral relations in recent times and devise orientations and measures to make the relations more effective on a bilateral and multilateral basis,…... [read more]

At the meeting, local authorities briefed the Deputy Prime Minister about the province’s socio-economic development in the first half of 2010. The local leaders proposed that the government should allow the Vietnam Steel Corporation to build a 500,000-1,000,000-tonne capacity steel company in the province. Deputy PM Hung also heard a report about a project to build a high-tech industrial park in Long My district. Mr Hung said that relevant ministries and departments have ratified the project and the province needs to have a detailed plan for changing the agricultural structure and to clarify relations between the state, farmers, businesses and scientists in order to maintain rice growing areas at the highest level. Deputy PM Hung urged ministries and departments to solve the problem of low rice selling price and provid Hau Giang with preferential loans to continue implementing necessary construction of transportation and dyke systems, schools and hospitals.... [read more]

In the review period the value of industrial output for four key businesses - the Vietnam Steel Corporation, the Vietnam Textile and Garment Group, the Vietnam Industrial Construction Group and the Vietnam Vegetable Oil, Flavouring and Cosmetics Company – was lower than in the same period last year. One of the causes for the slow increase was a significant decrease in the production of key industrial commodities in October. For example, crude oil exploitation only reached 86.3 percent while coal exploitation fell by 8.5 percent, cotton (down nearly 5 percent), cardboard (down 4.5 percent), electrical transformers (down 13.9 percent) and televisions (down 5.8 percent). However, the main cause was a high increase in over head costs, difficult access to bank loans due to high interest rates and global economic slump. In October, industrial production reached around VND55,630 billion, up 0.03 percent compared to September and 15.4 percent compared to the same period last year. Total industrial production in the past ten months was VND547,212 billion, an increase of 15.8 percent, of which the State-owned sector rose 7.7 percent, the non State-owned sector (21.1 percent) and foreign invested sector (17.8 percent). Some key industrial provinces and cities, which achieved high industrial production growth included Binh Duong, Dong Nai, Can Tho, Ha Tay, Hai Phong and Vinh Phuc. Meanwhile, industrial production growth of many provinces and cities such as Hanoi, Thanh Hoa, Hai Duong, Quang Ninh, Da Nang, Khanh Hoa, and Ho Chi Minh City, were lower than the sector’s average rate.…... [read more]

This year, due to the impact of the financial crisis, the number of companies registering for the event was only 60 percent of previous years. The organising board gave awards to 65 businesses, including 32 Competitive Trademark awards and 24 Famous Trademark awards, in the fields of construction, goods production, trade and services. The CMC Joint Stock Company received both the Famous and the Competitive Trademark honours. Outstanding companies, Vico Co. Ltd., Vietnam Steel Corporation, Dam Sen Water Park JSC, Tuong An Vegetable JSC, Viet Tien Garment Corporation, Vietnam Construction and Import Export Corporation, Vietnam International Commercial Joint Stock Bank, Mai Linh Corporation and SUFAT Co. Ltd., received Super Cups. The event is organised annually to increase the society’s awareness of intellectual property rights and business operations. Throughout its 4 year-history, the ceremony has recognised nearly 300 brand names as Famous and Competitive Trademarks, many of which have gone on to become well-known in domestic and foreign markets such as Bao viet, Vinamilk, Viet Tien, Hanoi Beer and Bitis.... [read more]




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