HDBank profits reach $6 million in first half

HA NOI — Housing Development Joint Stock Commercial Bank (HDBank) posted a pre-tax profit of VND132 billion (US$6.94 million) in the first six months of the year, fulfilling 44 per cent of its target for this year.

The bank also ran outstanding loans of VND7.4 trillion ($391.6 million), up 17 per cent over the same period last year.

Hau Giang Province plans high-tech zone

HAU GIANG — The southern province of Hau Giang plans to build a 5,000ha Long My High-tech Agriculture Zone, which will be the largest of its kind in the country to date.

The VND1.38 trillion (US$73 million) project is expected to be submitted to the Government for approval late this year.

Machinery to enjoy import tax waiver

HA NOI — Some machine equipment and accessories have been listed among the country's key mechanical items to enjoy import tax exemptions from now until 2015 such as lifting equipment, chains and tubeless types for cranes, pursuant to Circular No 104 issued by the Ministry of Finance.

The tax exemption will also be applied to diesel machines used in agriculture, agro-product processing and shipbuilding.

The circular will be effective until December 31, 2015.

First new Kia auto rolls off assembly line

QUANG NAM — The first Kia Cerato-Forte rolled out from the Thaco Kia Auto Plant in Quang Nam Province late last week.

Tran Ba Duong, president and CEO of Truong Hai Auto Corporation (Thaco), said it was the first Kia car to be assembled outside Kia production lines in South Korea.

Located on 32ha in Chu Lai Economic Zone in Quang Nam's Nui Thanh District, Thaco Kia Auto Plant opened in July 2007.

Thaco said they invested VND1.1 trillion (US$57.5 million) in the plant, one of the most modern auto manufacturing facilities in Southeast Asia.

Motorbike accident insurance offered

HCM CITY — AIA (Viet Nam) Life Insurance Co Ltd already launched a new motorbike personal accident insurance product.

With increasing traffic levels, particularly in major cities, the population faces higher accident risks. The AIA insurance covers death, loss of two limbs, third-degree burns and coma.

Its annual premium is VND220,000 for an assured VND100 million.

The maximum coverage for each insured is VND200 million.

Hamico Company plans bond offer

HA NAM — Southeast Asia Hamico Export Company is planning a private offering of 613,200 convertible bonds to raise capital for its expansion plans.

The bonds will have a face value of VND100,000 at an annual face yield of 8 per cent.

About 80 per cent of the total bonds will be converted into shares on January 1, 2011, while the remaining 20 per cent will be converted on August 1, 2012. A bond will be worth 10 shares.

The money raised through the offering will be spent on upgrading its warehouse and factory, and building a new factory in Hoa Xa Industrial Zone. The remainder will be used as working capital.

Ocean Group earnings up in first half

HCM CITY — HCM City-listed Ocean Group said it was targeting after-profit earnings of VND220 billion (US$11.3 million) in the first six months of this year, representing a 10-per-cent increase against the corresponding period last year.

The company made an after-tax profit of VND139.71 billion ($7.2 million) in the second quarter on a turnover of VND739 billion.

The company's charter capital had earlier increased from VND390 billion to VND2.5 trillion ($131.6 million), which it said had helped it to boost its business growth.

Ha Noi exchange agrees co-operation

HA NOI — The Ha Noi Stock Exchange signed a co-operation contract with Taiwan's Gretai Stock Exchange to develop new products for equity markets. The deal is also designed to promote joint administrative training courses.

The exchanges also plan to update one another on ways to better meet customer demand.

Pha Lai power to buy back shares

HCM CITY — HCM City-listed Pha Lai Thermalpower Company plans to repurchase 2 million shares on August 6 at a total cost of about VND64.18 billion (US$3.3 million).

The company also plans to buy a 4-per-cent stake in Hai Phong Thermalpower Company, raising its stake to 20 per cent.

The company estimated it would earn a turnover of VND2.56 trillion ($131.3 million) and a profit of VND488.5 billion ($25.05 million) in the first six months of this year. — VNS