Business News in Brief

Liberty Mutual to Set up Non-life Insurance Co. in VN

The Ministry of Finance has licensed the U.S. Liberty Mutual Group to set up Liberty Insurance Company, a foreign-owned non-life insurance company in Viet Nam.
 
Liberty Insurance Co. will provide home, auto, travel and health insurance to individuals as well as property, liability, cargo and commercial autos insurance to small and medium enterprises in the country.
 
In addition, the group’s Liberty Research Institute for Safety will cooperate with the National Institute of Occupational and Environmental Health (NIOEH) in Viet Nam to open Liberty Safework Center for the joint safety research projects in 2007.
 
Since 2004, the Research Institute has conducted a study in conjunction with the NIOEH to record the total number of injuries in the country and the percentage of those injuries which happened at work. The goal is to provide Viet Nam with a model for reporting workplace injuries as part of the Prime Minister’s initiative to reduce work site injury in Viet Nam dramatically over 10 years.
 
The group opened its first representative office in Ha Noi in 2003.

Vietnamese Export Goods Fair Opens in Cambodia
 
The fifth fair of high-quality made-in-Viet Nam export products has taken place at the Mondial International Exhibition Center in Phnom Penh, Cambodia since November 20 with the attendance of 150 Vietnamese enterprises.
 
Director of the Ho Chi Minh City Investment and Trade Promotion Center Vu Kim Hanh said this year’ fair has attracted more enterprises with different categories of goods, services and interesting festivals.
 
During the fair time, the representative office of Vietnamese enterprises in Phnom Penh has also held many activities to serve customers and help 30 Vietnamese companies conduct business with Cambodian companies. 

Doosan Industrial Complex to Be Built in Dung Quat EZ
 
The Management Board of the Dung Quat Economic Zone granted an investment certificate to the Doosan Heavy Industries and Construction Company of South Korea to build a Doosan heavy industrial complex in Dung Quat EZ in the central province of Quang Ngai on Monday.
 
The US$260-million complex will stand on an area of 118 hectares, including a specialized port and accommodation for experts and workers, to manufacture machines with state-of-the-art equipment and lines used in Viet Nam for the first time.
 
As many as 80 percent of products manufactured in the complex will be exported, which are heat recovery steam generators, boilers, chemicals processing equipment and environmental equipment.
 
The complex is scheduled for construction next March and operation in 2010.
 
Director of the Dung Quat EZ Management Board Tran Le Trung said Vietnamese Prime Minister has allowed authorities to apply the highest preferential level to the project, such as a corporate income tax rate of 10 percent for 70 years.
 
Besides the complex, four other large-scaled projects have so far been granted investment licenses in the Dung Quat EZ, including the US$2.5-billion Dung Quat Oil Refinery by the Viet Nam National Oil and Gas Corporation (PetroVietnam), the US$750-million Dung Quat Shipyard by the Viet Nam Shipbuilding Industry Corporation (Vinashin), a US$1-billion steel plant by Taiwan's Tycoons Group, and the US$200-million Poly Propylene Factory by PetroVietnam.

Source: TT, VNA – Translated by Yen Chuong

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