Business in Brief

Chile Set to Speed up Free Trade Talks with Viet Nam

Chile has accelerated the negotiation for a free trade agreement with Viet Nam as one of its top priorities in the government’s 2008 working agenda, Chilean Vice Minister for International Trade and Foreign Affairs Carlos Furche has said.

According to the “El Mercurio” newspaper, an FTA with Viet Nam is expected to give a further boost to the South American country’s exports.

Chile ’s exports this year will hit a record of over US$67 billion, which is thanks to price increases of copper, one of its key export staples, and to the FTAs that Chile has inked with other countries, the paper quoted Vice Minister Carlos Furche as saying.

He also confirmed that aside from Viet Nam , Chile will speed up FTA negotiations with Australia , Malaysia and Turkey and as well as talks on financial services with Mexico.

Feasibility Study of Large Iron Mine Announced

A final report on the feasibility study of a project on iron ore mining at Thach Khe, the central province of Ha Tinh, was made public on Dec. 27.

According to the report, which was conducted by Russia’s Giproruda Institute, the Thach Khe reserve contains 370 million tons with an average 60 percent iron content.

The project is expected to take out 5 million tons of iron ores per year during the first four years. Its annual capacity will be raised to 10 million tons of iron ores in the second phase.

Total investment for the project is estimated at US$327-378 million  invested by the Viet Nam Steel Corporation (VSC).

The corporation is now pumping VND885 billion (US$55.3 million) into an iron and steel complex in the province’s Vung Ang Economic Zone.

The complex has a designed output of 500,000 tons of steel ingot per year during its first phase, with its first batch of products expected to be churned out in the first quarter of 2009.

Southern Province to Get $400 Million Residential Area

The southern province of Dong Nai yesterday licensed a US$400 million project to build the Hoa Sen Dai Phuoc urban center in Nhon Trach district.

Covering 200 hectares, the project is being invested by the Vina Dai Phuoc Joint Stock Company - a joint venture between the leading investment management firm VinaCapital Group and the Development Investment-Construction Company (DIC).

Scheduled for completion in 2016, Hoa Sen Dai Phuoc is expected to become a model for residential areas in the future.

Source: VNA

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