Domestic banks trying to expand abroad
17:19' 02/04/2008 (GMT+7)
VietNamNet Bridge – Two big commercial banks, the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Industrial and Commercial Bank (Vietincombank), are planning to push up business activities abroad.
Vietincombank has signed an MOU on cooperation with Standard Chartered Bank, under which the two sides will cooperate in payment services, capital mobilisation and investment products. The bank intends to expand its network abroad and open representative offices in the near future.
Meanwhile, BIDV has made a daring move in seeking approval to establish a trade presence unit in the Czech Republic.
Tran Bac Ha, Chairman of BIDV, said that the trade presence unit will be located in Prague, and the bank will use the office as a jumping-off point to expand its market in Eastern Europe.
BIDV has every reason to eye the European market. There are some 50,000 Vietnamese people living in the Czech Republic, 50,000 in Poland, 100,000 in Germany, and 8,000 in Hungary and Slovakia.
Director of the Capital Source Division of BIDV Nguyen Manh said that the name of the trade presence unit is BIDV Europe Finance & Investment, BIDV Europe.
BIDV Europe has the chartered capital of $10mil, 51% of which will be contributed by BIDV, 29% by Epiag Folida Porcelan Cz, a producer of luxurious porcelain products, and 20% by Sportisimo, a distributor of sports products in the Czech Republic.
BIDV Europe will provide the following services: non-bank credit, real estate-related services (trading, leasing, brokering, management), financial consultancy and finance leasing.
In terms of non-bank credit, BIDV will target Vietnamese businesses and individuals that have mortgaged assets in Europe or Vietnam and a demand for capital for trade, investment and real estate purchases.
As for real estate, BIDV Europe will consider investing in real estate projects that promise attractive profit, like trade centres, accommodations for Vietnamese businessmen in Europe.
It is expected that BIDV will have completed necessary procedures in Vietnam for the establishment of the trade unit by the end of May 2008, and completed procedures in the Czech Republic by the end of June before the unit opens there in July 2008.
Le Xuan Nghia, Director of the Banking Development Strategy Department under the State Bank of Vietnam, said that the activities by Vietincombank and BIDV to expand business abroad are the first steps of the banks’ plans to form global banking groups.
(Source: TBKTVN)
Sunday, April 13, 2008
Politicians must go beyond declarations
Politicians must go beyond declarations 08.04.2008 Listen 3,57 MB
As the opening of the Olympic Games in Beijing is nearing closer and closer, the voices demanding steps to protest the abuse of human rights in China are becoming ever more sonorous and serious.
Slawek Szefs reports
Poland's PM, Donald Tusk, has been the first head of government to announce his absence at the opening ceremony and during the Olympic Games in the Chinese capital. Other Polish ministers, though yet unofficially, declared they intend to do likewise. A host of Polish organizations have also called for strong actions to oppose the policy of human rights violations and repression by the authorities in Beijing with regard to Tibet and its people.
But many media representatives in Poland have been pointing to the complexity of the problem with its gravity far surpassing that region of Chinese influence.
That is why Lukasz Warzecha, from the daily Fakt, says that if we focus too much or exclusively on Tibet, we will forget about other equally important issues.
'First, there are some other ethnic groups in China that also fight for autonomy. For example Uygurs, in northern China. And the other important thing is the ordinary Chinese who fight every day for their own country's law to be respected by the authorities. Few Poles know there are some very courageous Chinese lawyers who help people fight in courts, for example, for their ownership rights. This is something we should bring into focus.'
There is a growing awareness in Poland that protests by sportsmen alone cannot change political reality in China. Stanislaw Janecki, editor of Wprost magazine:
'I remember the protest of American athletes in Mexico in 1968... the hands in black gloves raised above their heads. Then, it was a problem of racial relations in America, it was after Vietnam. It was noticed, but didn't make progress because it depends on politicians, not the sportsmen.'
Halina Bortnowska, from the Polish branch of the Helsinki Human Rights Foundation, is of the opinion that citizens of all EU countries should pressure their respective governments to establish a special Union coordinator for the problems of Tibet, preferrably a strong personality with broad mandate for action. Also, the discrepancy between verbal declarations and concrete deeds by political and business circles should be more consistently eliminated. She has plenty of harsh words for the cynical.
'There is such a lobby and these people who want to make business notwithstanding what happens with human lives, they are hopeless cases. I don't think by now that they don't know what is happening. They don't mind it! I'm not calling for the boycott of the Olympics. I would prefer the Olympics to be postponed to the moment when China gets over this hurdle and when they become really trustworthy friends.'
President of the Polish Olympic Committee Piotr Nurowski said during the International Olympic Committee session in Beijing on Monday.
'Politics should be kept far away from sports and vice versa. But when it comes to human rights abuse, or signals such as the ones from Tibet, we cannot remain indifferent.'
It must be recalled at this point that already years ago Beijing had been entrusted with the organisation of the 2008 Summer Olympic Games on condition the Chinese government would work towards visible progress in the observance of human rights. It seems this has been held in contempt and total disregard with a 'politically correct' world majority silently looking on from a comfortable distance.
As the opening of the Olympic Games in Beijing is nearing closer and closer, the voices demanding steps to protest the abuse of human rights in China are becoming ever more sonorous and serious.
Slawek Szefs reports
Poland's PM, Donald Tusk, has been the first head of government to announce his absence at the opening ceremony and during the Olympic Games in the Chinese capital. Other Polish ministers, though yet unofficially, declared they intend to do likewise. A host of Polish organizations have also called for strong actions to oppose the policy of human rights violations and repression by the authorities in Beijing with regard to Tibet and its people.
But many media representatives in Poland have been pointing to the complexity of the problem with its gravity far surpassing that region of Chinese influence.
That is why Lukasz Warzecha, from the daily Fakt, says that if we focus too much or exclusively on Tibet, we will forget about other equally important issues.
'First, there are some other ethnic groups in China that also fight for autonomy. For example Uygurs, in northern China. And the other important thing is the ordinary Chinese who fight every day for their own country's law to be respected by the authorities. Few Poles know there are some very courageous Chinese lawyers who help people fight in courts, for example, for their ownership rights. This is something we should bring into focus.'
There is a growing awareness in Poland that protests by sportsmen alone cannot change political reality in China. Stanislaw Janecki, editor of Wprost magazine:
'I remember the protest of American athletes in Mexico in 1968... the hands in black gloves raised above their heads. Then, it was a problem of racial relations in America, it was after Vietnam. It was noticed, but didn't make progress because it depends on politicians, not the sportsmen.'
Halina Bortnowska, from the Polish branch of the Helsinki Human Rights Foundation, is of the opinion that citizens of all EU countries should pressure their respective governments to establish a special Union coordinator for the problems of Tibet, preferrably a strong personality with broad mandate for action. Also, the discrepancy between verbal declarations and concrete deeds by political and business circles should be more consistently eliminated. She has plenty of harsh words for the cynical.
'There is such a lobby and these people who want to make business notwithstanding what happens with human lives, they are hopeless cases. I don't think by now that they don't know what is happening. They don't mind it! I'm not calling for the boycott of the Olympics. I would prefer the Olympics to be postponed to the moment when China gets over this hurdle and when they become really trustworthy friends.'
President of the Polish Olympic Committee Piotr Nurowski said during the International Olympic Committee session in Beijing on Monday.
'Politics should be kept far away from sports and vice versa. But when it comes to human rights abuse, or signals such as the ones from Tibet, we cannot remain indifferent.'
It must be recalled at this point that already years ago Beijing had been entrusted with the organisation of the 2008 Summer Olympic Games on condition the Chinese government would work towards visible progress in the observance of human rights. It seems this has been held in contempt and total disregard with a 'politically correct' world majority silently looking on from a comfortable distance.
Vietnam could be the next economic miracle - ICTSI
Vietnam could be the next economic miracle - ICTSI
Port operator ICTSI, which has been acquiring small and middle-sized ports overseas, is now setting its sights on Vietnam, which it expects to become a major trading nation. Philippines Correspondent Liza Leong explains the firm's strategy
International Container Terminal Services Inc (ICTSI), which recently reported a big jump in 2007 income largely backed by revenues from its international operations, sees Vietnam as the next great trading nation after China.
Edgardo Abesamis, executive vice-president of ICTSI, singled out Vietnam as the nation that is most likely to have spectacular trade growth - from 15 to 20 percent - in the next three years. Many factories, such as manufacturers of shoes, garments and electronics, which are big cargo generators, have relocated to Vietnam, he explained. "This was the same fast pace that China achieved for several years until growth flattened from about 10 to 12 percent now," he added.
Regarding Indonesia, Abesamis sees a slowdown as many manufacturing companies move out elsewhere in Asia, but Philippine prospects remain optimistic on sea-borne cargo volumes, with imports providing the silver lining. In terms of physical export cargo, he added that the performance looks flat this year, although he sees no steep decline in volumes. Trade will be severely affected by price considerations, he noted.
ICTSI chairman and president, Enrique Razon, has built up a company with a diverse collection of operations across emerging markets. Many are small terminals in chaotic political environments - and consequently unlikely to appeal to larger operators such as Hong Kong's Hutchison Port Holdings and Singapore's PSA. Razon's willingness to take the company into difficult markets has not only created a distinctive niche for ICTSI but also created a company with better returns than its rivals.
Revenues from ICTSI operations outside its Philippine home base accounted for 51 percent of the total income of US$362.66 million from port operations in 2007 and net income attributable to equity holders was $67.69 million. Overseas business improved by 60 percent compared with 2006.
ICTSI's strategy contradicts the terminal industry's conventional app-roach. Large operators steer clear of privatisations. They prefer to build new terminals on greenfield sites, set up with modern equipment and labour agreements free of long-established restrictive practices.
Razon feels that in some places - such as Georgia, where ICTSI now runs a container terminal near Batumi - there is no scope for new developments but more opportunities for improving productivity following privatisation.
"That's how we make our money - by making the ports run better," said Razon. "Better equals good investment return."
Abesamis said: "We owe the company's success so far to our strategy of focusing on developing relatively small ports. We look for ports that have strong promise of growth, those that are starting to improve their facilities and will benefit most from the infusion of our technology and new investments."
While this is the general investment direction, he explained that the company looks at each project on a case-to-case basis. Projects leading to high growth areas are those that normally require investment. He cited the Suape port in Brazil, a medium-sized port which started with 40,000 TEUs but to date has grown to over 240,000 TEUs.
Abesamis attributed the volume improvement to the Brazilian government's initiati-ves and ICTSI's set--up of modern port facilities there. Suape is also strategically located as it serves as a hub for European trade.
"We just have to be ready when a tender is called. Most of the countries we have business in are investor-friendly and have helped to provide the growth opportunities for ICTSI. But in the end, it really depends on how well investors like us are prepared and done our homework that can help determine the success of ventures like those that we have," Abesamis stressed.
At the moment, the industry is closely monitoring the impending implementation of the 100 percent scanning of cargo to the US. This is part of the US's security policy as an anti-terrorism measure.
"I think that this policy should be selective, seriously considering impediments such as space, equipment and people. All these translate to extra costs to end customers," said Abesamis. "Even port operators in the US are reportedly against this policy, which will only slow down port processes."
ICTSI handled consolidated volume of three million TEUs in 2007, 51 percent up on the 1.99 million TEUs handled in 2006. Domestic operations accounted for 1.61 million TEUs or 54 percent of consolidated volumes. Manila container terminals increased throughput by 14 percent, from 1.19 million TEUs in 2006 to 1.37 TEUs in 2007.
Foreign container volume grew by 83 percent in 2007 over the previous year, driven principally by the addition of the company's China, Ecuador and Syria port operations, and exceptional strong growth at the company's operations in Poland, Brazil, and Madagascar.
During 2007, ICTSI invested $280.46 million for expanding handling capacity and improving operating efficiency of the company's operations in Manila, Poland, Brazil and Madagascar.
The investment also paid for the acquisition and rehabilitation of the new terminals in Ecuador, China, Syria, Georgia, Colombia and Davao, Philippines.
Port operator ICTSI, which has been acquiring small and middle-sized ports overseas, is now setting its sights on Vietnam, which it expects to become a major trading nation. Philippines Correspondent Liza Leong explains the firm's strategy
International Container Terminal Services Inc (ICTSI), which recently reported a big jump in 2007 income largely backed by revenues from its international operations, sees Vietnam as the next great trading nation after China.
Edgardo Abesamis, executive vice-president of ICTSI, singled out Vietnam as the nation that is most likely to have spectacular trade growth - from 15 to 20 percent - in the next three years. Many factories, such as manufacturers of shoes, garments and electronics, which are big cargo generators, have relocated to Vietnam, he explained. "This was the same fast pace that China achieved for several years until growth flattened from about 10 to 12 percent now," he added.
Regarding Indonesia, Abesamis sees a slowdown as many manufacturing companies move out elsewhere in Asia, but Philippine prospects remain optimistic on sea-borne cargo volumes, with imports providing the silver lining. In terms of physical export cargo, he added that the performance looks flat this year, although he sees no steep decline in volumes. Trade will be severely affected by price considerations, he noted.
ICTSI chairman and president, Enrique Razon, has built up a company with a diverse collection of operations across emerging markets. Many are small terminals in chaotic political environments - and consequently unlikely to appeal to larger operators such as Hong Kong's Hutchison Port Holdings and Singapore's PSA. Razon's willingness to take the company into difficult markets has not only created a distinctive niche for ICTSI but also created a company with better returns than its rivals.
Revenues from ICTSI operations outside its Philippine home base accounted for 51 percent of the total income of US$362.66 million from port operations in 2007 and net income attributable to equity holders was $67.69 million. Overseas business improved by 60 percent compared with 2006.
ICTSI's strategy contradicts the terminal industry's conventional app-roach. Large operators steer clear of privatisations. They prefer to build new terminals on greenfield sites, set up with modern equipment and labour agreements free of long-established restrictive practices.
Razon feels that in some places - such as Georgia, where ICTSI now runs a container terminal near Batumi - there is no scope for new developments but more opportunities for improving productivity following privatisation.
"That's how we make our money - by making the ports run better," said Razon. "Better equals good investment return."
Abesamis said: "We owe the company's success so far to our strategy of focusing on developing relatively small ports. We look for ports that have strong promise of growth, those that are starting to improve their facilities and will benefit most from the infusion of our technology and new investments."
While this is the general investment direction, he explained that the company looks at each project on a case-to-case basis. Projects leading to high growth areas are those that normally require investment. He cited the Suape port in Brazil, a medium-sized port which started with 40,000 TEUs but to date has grown to over 240,000 TEUs.
Abesamis attributed the volume improvement to the Brazilian government's initiati-ves and ICTSI's set--up of modern port facilities there. Suape is also strategically located as it serves as a hub for European trade.
"We just have to be ready when a tender is called. Most of the countries we have business in are investor-friendly and have helped to provide the growth opportunities for ICTSI. But in the end, it really depends on how well investors like us are prepared and done our homework that can help determine the success of ventures like those that we have," Abesamis stressed.
At the moment, the industry is closely monitoring the impending implementation of the 100 percent scanning of cargo to the US. This is part of the US's security policy as an anti-terrorism measure.
"I think that this policy should be selective, seriously considering impediments such as space, equipment and people. All these translate to extra costs to end customers," said Abesamis. "Even port operators in the US are reportedly against this policy, which will only slow down port processes."
ICTSI handled consolidated volume of three million TEUs in 2007, 51 percent up on the 1.99 million TEUs handled in 2006. Domestic operations accounted for 1.61 million TEUs or 54 percent of consolidated volumes. Manila container terminals increased throughput by 14 percent, from 1.19 million TEUs in 2006 to 1.37 TEUs in 2007.
Foreign container volume grew by 83 percent in 2007 over the previous year, driven principally by the addition of the company's China, Ecuador and Syria port operations, and exceptional strong growth at the company's operations in Poland, Brazil, and Madagascar.
During 2007, ICTSI invested $280.46 million for expanding handling capacity and improving operating efficiency of the company's operations in Manila, Poland, Brazil and Madagascar.
The investment also paid for the acquisition and rehabilitation of the new terminals in Ecuador, China, Syria, Georgia, Colombia and Davao, Philippines.
Vietnam greatly values economic ties with Poland
Vietnam greatly values economic ties with Poland
23:15' 12/04/2008
VietNamNet Bridge - Vietnam highly value Poland’s role in Central and Eastern Europe and recognised the country as an important channel for Viet Nam to boost economic, trade and investment relations with EU countries.
The statement was made by National Assembly Vice Chairman Nguyen Duc Kien during his visit to Poland from April 5-8 to study the European country’s experiences in organising its parliament’s supervising activities and policies on economic transfer and state-owned enterprises restructuring.
At a working session with Deputy Speaker of the Polish Parliament’s Lower House Stefan Niesiolowski, Vice Chairman Kien said Viet Nam would act as an economic bridge between Poland and Asian countries, especially ASEAN members.
He affirmed Viet Nam’s wish to become good friends with all countries world-wide and boost the multi-faceted relationship with its traditional friends, including Poland.
The Vietnamese NA senior official also suggested that Viet Nam and Poland further boost the exchange of visits by NA delegations to share information and experiences as well as increase mutual understandings and co-operation.
23:15' 12/04/2008
VietNamNet Bridge - Vietnam highly value Poland’s role in Central and Eastern Europe and recognised the country as an important channel for Viet Nam to boost economic, trade and investment relations with EU countries.
The statement was made by National Assembly Vice Chairman Nguyen Duc Kien during his visit to Poland from April 5-8 to study the European country’s experiences in organising its parliament’s supervising activities and policies on economic transfer and state-owned enterprises restructuring.
At a working session with Deputy Speaker of the Polish Parliament’s Lower House Stefan Niesiolowski, Vice Chairman Kien said Viet Nam would act as an economic bridge between Poland and Asian countries, especially ASEAN members.
He affirmed Viet Nam’s wish to become good friends with all countries world-wide and boost the multi-faceted relationship with its traditional friends, including Poland.
The Vietnamese NA senior official also suggested that Viet Nam and Poland further boost the exchange of visits by NA delegations to share information and experiences as well as increase mutual understandings and co-operation.
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