HA NOI — The Viet Nam National Coal and Mineral Industries Group, or Vinacomin, has set a target to exploit more than 44 million tonnes of coal in 2011 — 27.5 million tonnes reserved for the domestic market and 16.5 million tonnes for export.
In 2010, Vinacomin sold 42.5 million tonnes, a year-on-year decrease of 4.5 per cent, of which, 23.3 million tonnes were provided to the domestic market and 19.2 million tonnes were exported, according to the group's general director, Tran Xuan Hoa.
At present, the total coal reserved reached 6.5 million tonnes and Vinacomin has asked for the Government's permission to export coal dust to ensure its production capacity and raise coal prices to prevent it from incurring losses.
Vinachem to invest $375m in major projects
HA NOI — The Viet Nam National Chemical Corporation (Vinachem) will invest VND 7.5 trillion ($375 million) in fulfilling its major projects this year.
Some include developing Ninh Binh coal and nitrogenous fertiliser and expanding and restructuring the Ha Bac chemical and nitrogenous plant, a radian tyre plant in central Da Nang City with a capacity of 600,000 tyres a year, and the Nhon Trach batteries plant with a capacity of 2 million kwh per year.
The Ministry of Industry and Trade has outlined some solutions to stabilise the fertiliser market by boosting production and temporarily minimising exports, said Nguyen Quoc Tuan, a Vinachem official.
Steel industry expects to produce 6.7m tonnes
HA NOI — Domestic steel production is expected to reach 6.7 million tonnes this year, a year-on-year increase of 4.2 per cent, according to a report released by the Ministry of Industry and Trade.
The ministry has also asked provincial-level agencies to narrow the issurance of invesment licences due to drastic competition of steel products in the global market and an overflow of low-cost steel products imported into Viet Nam.
Domestic firms are also required to speed up steel projects, such as cast iron and steel manufacturers in Thai Nguyen, Ha Tinh, Lao Cai Provinces and foreign direct investment projects on the Guang Lian and Formosa steel plants.
Rules released for 2011 import tariff quotas
HA NOI — The Ministry of Industry and Trade has issued Circular No 45/2010/TT-BCT to stipulate import quotas in 2011.
The circular will be applied to products such as eggs, tobacco, salt and sugar.
Accordingly, under the cicular, 100,000 tonnes of industrial salt will be imported for manufacturers to use for chemical production and 2,000 tonnes of pure salt to be used for medicine production.
In addition, some 150,000 tonnes of refined and raw sugar will be imported for local manufacturers.
The circular is scheduled to take effect by December 31.
Production of farm machinery expected to rise by 15%
HA NOI — Agricultural machinery manufacturing is expected to grow by between 5 and 15 per cent over the same period last year, according to the Ministry of Industry and Trade.
To achieve this, the agricultural engineering industry needs to raise its manufacturing capacity by applying advanced technology to replace imports and expand the market.
In addition, manufacturers of machine-tool products need to keep a firm foothold in their export markets and intensify hi-tech production.
Deloitte to offer tips
HCM CITY — The HCM City Stock Exchange and the auditing firm of Deloitte Viet Nam will sign a memorandum of understanding today to co-operate in promoting corporate governance.
The co-operation programme will focus on updating models and advice on best practice of corporate governance, business restructuring, risk management, auditing and internal controls.
After the signing ceremony, a workshop on corporate governance for listed companies will be held focusing on difficulties and obstacles that listed companies have encountered in practice.
Thang Long Securities tops
HA NOI — Thang Long Securities Co was the top brokerage on the Ha Noi Stock Exchange for the second consecutive year in 2010, landing over 9.7 per cent of market share on the Ha Noi Stock Exchange in the final quarter of last year and easily outdistancing rivals HCM City Securities Co, Sacombank Securities Co and VNDirect Securities Co.
For the entire year, Thang Long secured a 11.9-per-cent market share.
Saigon Securities Inc (SSI), which replaced Thang Long as the leading brokerage on the HCM City bourse in the fourth quarter, only ranked sixth in Ha Noi.
PVN Securities changes plans
HA NOI — PetroVietnam Securities Inc (PSI) will issue over 8.9 million shares to strategic foreign investors in the first quarter at a price of VND15,000 (US$0.70) per share, if the plan is approved by the firm's upcoming annual shareholders meeting. PSI will also ask shareholders to annul an earlier plan to offer over 50.9 million bonus shares to existing shareholders, since the market price of PSI shares has fallen below the planned offer price of VND15,000 per share. PSI closed yesterday in Ha Noi at just VND13,000 ($0.60).
PSI also plans to increase charter capital in the first quarter to VND598.4 billion ($28.5 million), pending approval of shareholders.
Fewer brokerages post losses
HA NOI — At least 20 securities companies posted losses in 2010, down from over 60 firms in the previous year, according to the State Securities Commission.
Securities companies have been more cautious in making investments and focused more on consultancy and brokerage operations, the commission said. Since June of 2010, the commission has also asked securities firm to conduct calculations based on international financial security standards.Source: vnagency.com.vn
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