Ha Noi to hold handicrafts week
HA NOI — Ha Noi's Department of Industry and Trade has announced plans to hold "Ha Noi handicraft products week 2010" that will run from 4-9 August at the Ha Noi Friendship Cultural Palace.
The event is expected to attract 500 manufacturers from the country's 1,270 trade villages.
The programme will include a handicraft exhibition, a seminar to discuss the potential of Ha Noi's trade villages and a design competition for the 1,000th anniversary Thang Long – Ha Noi grand ceremony.
Habubank sets annual targets
HA NOI — Habubank's shareholder meeting yesterday determined a target for pre-tax profit of VND650-690 billion (US$34.21-36.31 million) this year, up 36.63 per cent, and an increase of total assets to VND34-38 trillion ($1.78-2 billion), up 31 per cent against 2009.
Habubank announced that it was on route to hitting all of its 2009 business targets, with bad debts under control at 2.24 per cent of total outstanding loans, compared to 2.84 per cent in 2008. The bank has also increased its charter capital from VND2.8 trillion ($147.36 million) to VND3 trillion ($157.89 million).
Pipelines planned for oil field
HA NOI — The Petroleum Technical Service Corporation was preparing for the installation of an underwater pipeline network worth US$57 million to serve the Dai Hung offshore oil field.
The corporation would co-operate with J. Ray McDermott, a leading worldwide marine solutions company, to undertake the work, following a contract PTSC signed with the Dai Hung Petroleum Operating Company Limited (PVEP Dai Hung) last Saturday.
PVEP Dai Hung would continue operational expansion with a view to producing 18,000 barrels of crude oil by September 2011.
US technology firm hits local market
WASHINGTON — The US's NewMarket Technology Inc has announced plans to expand operations into Viet Nam.
The company has also scheduled an initial trade mission beginning on March 22 to HCM City. Its CEO, Bruce Nolle, is scheduled to conduct a webcast today to preview NewMarket's Southeast Asia strategic update to the company's current plans to achieve US$150 million USD in profitable revenue in 2010.
NewMarket, which provides system integration services, including technology resale, customisation, integration, outsourcing and support services, is also actively expanding its business services into the growing markets of East Africa.
US life insurer reports results
HCM CITY — ACE Life Insurance Co has reported a premium income of nearly VND490 billion (US$26 million) last year, a 59 per cent increase from 2008.
Lam Hai Tuan, CEO of ACE Life Vietnam said in a release on Monday: "We are truly proud to be recognised as a profitable business given last year's challenging business conditions and within such a short period of operation, and customer satisfaction will continue to be our top priority to maintain a strong and sustainable business in the future."
But the US firm did not divulge the profit figure.
It remains the market leader in terms of coverage value, with an average face amount value of over VND300 million per policy.
In 2009 its new business market share was almost 10 per cent though its agency strength accounts for only 5 per cent of that of the life insurance sector.
Techcombank ties up with Vinatrust
HCM CITY — The joint stock Techcombank will provide financial services to customers of Vinatrust, a company operating in real estate, securities and fund management.
Under an agreement concluded on Monday, the bank will provide Vinatrust clients loans for buying new houses, paying insurance premiums, investing in real estate assets and other purposes. — VNS