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BUSINESS IN BRIEF 1/8

Two foreign banks allowed to deposit sharesThe SSC has allowed two foreign banks to deposit shares for domestic and foreign institutional and individual investors.The two banks are the Ho Chi Minh City branch of JP Morgan Chase NA and the HCM Ciy branch of Far East National Bank.
Finance industry faces skills shortageThere is a huge increase in the demand for human resources in the financial and banking sectors every year, a demand the country’s education system is unable to cope with.More than 44 domestic banks and a rash of applications by foreign banks to set up shop meant the manpower demand is likely to go up by as much as 70 percent this year, analyst said.VIBank increase its staff strength from 900 to 1,700 last year and Habubank plans to hire 400 new workers this year.Nguyen Thi Quy, vice president of Ha Noi’s Foreign Trade University, said: “We predicted the massive demand from this sector but have no way of meeting it in a short time.”The analysts added that university syllabuses should be more practical and tuned to the banking industry’s needs which evolved constantly.Graduates from financial and banking universities were well-equipped in general theory but lacked practical knowledge when they came into the job market.Thanh Nga, a Vietcombank credit officer, said the dated materials used by universities and their pedantic teaching styles should be upgraded and modernised to suit the dynamic global economy.
Central provinces target 20 percent growth in mechanical engineering, metallurgyThe central key economic zone's mechanical engineering and metallurgy sector targets an annual growth rate of over 20 percent in its development plan up to 2015 which has just been given the nod by the Ministry of Industry. The plan requires the sector to meet the regional demands for agricultural machinery, automobile and motorcycle parts, industrial valves, medical equipment and rolled steel by 2015. Quang Nam province will be a centre for the production of manufacturing machines and assembly of cars, motorbikes and other means of transport, while Quang Ngai province, for shipbuilding and metallurgy, and Da Nang city, for supporting equipment. Enterprises in the sector will be provided loans for the construction of infrastructural facilities from now to 2010.
Danish agency provides credit to businessesThe Asia Commercial Bank ( ACB) has been chosen to carry out the Danish International Development Agency (Danida)'s mixed credit programme targeting small and medium-sized enterprises.Danida loans are specifically designed for business plans involved in farm produce and seafood processing and production expansion. The loans are worth up to 2.7 million USD and have to be paid back in 10 years. Last year, the Asia Commercial Bank was a prize for excellent retail financial service by The Asian Banker and crowned the Best Bank in Viet Nam by Euromoney magazine.
Vegetable exports to China blossom

Viet Nam exported nearly 200 tonnes of vegetables to China via northern Mong Cai border gate in July, a growth spurt of 20 percent from June, the Trade Information Centre under the Ministry of Trade reported. The centre predicted that the volume will grow further in the coming months due to high demand of fresh vegetables, especially spinach, bitter melon, aubergin, and carrot in the Chinese martket.
Fruit exports from Viet Nam to China also topped 50 tonnes a week.
Gaming provider makes debut on southern exchangeThe Hoang Gia International Joint Stock Company – one of three businesses providing prize-winning electronic gaming for foreigners in Viet Nam – made its debut at the Ho Chi Minh City Securities Trading Centre, on July 31.Some 29,000 shares of the company, coded RIC, were traded at a price of 174,000 VND per share at its debut trading session.Hoang Gia, transformed from a foreign joint venture, has a statutory capital of 332 billion VND (around 21 million USD). The company has also been permitted to exploit more than 20 ha of land and 1,500 m of Ha Long Bay's scenic coastline.
Bac Ninh looks for RoK investmentNorthern Bac Ninh province will send a business delegation to the Republic of Korea (RoK) for an investment promotion drive from August 2-10. According to the provincial People's Committee, the delegation will include 32 members and will be led by Chairman Nguyen Cong Ngo. The delegation is scheduled to work with the RoK Ministry of Commerce, Industry and Energy, organise a workshop with RoK businesses in Seoul as well as sign strategic cooperation agreements with Gwangju city.
(Source: VNA

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