Korea commits to increase ODA for Vietnam

Korea committed to raise Official Development Assistance (ODA) for Vietnam in the coming years, focusing on infrastructure, human resource training, the Korean Prime Minister Lee Myung Bak said in the meeting with Vietnamese President Nov 8 in Seoul.

Korea considers Vietnam is the important partnership in its ODA policy, Lee added.

Two leaders agreed to improve bilateral cooperation between the two countries, raising the two-way trade to $20 billion before 2015 and targeting to $30 billion in the year. Also, the two sides will step by step balance the two-way trade.

Korea will make favorable conditions for Vietnam businesses to export to the Korean market and push up industrial engineering, high-tech assistant investments into Vietnam.

Ascott to Manage BTA’s Diamond Island Sky Resort’s Apartments

The Singaporean Serviced residence Operator Ascott and the Binh Thien An Property Joint Stock Company (BTA) signed a contract on management of serviced apartments in the Diamond Island Sky Resort project in District 2, Ho chi minh city.

Under the agreement, Ascott will manage all 250 serviced apartments in the Diamond Island Sky Resort project when they are put into operation.

Of which, 200 fully- furnished apartments in the Diamond Island Luxury Residences tower are planed finished in 2014. 50 unfurnished apartments in separate towers will be available for lease in 2012.

BTA has invested a total of $500 million (land value excluded) in the Diamond Island Sky Resort project which is in the final stage. The first 6 blocks are planned to handover in early 2012. The serviced apartments’ renting prices are planned at $30-35/m2, the BTA’s representative said.

The Diamond Island Sky Resort project was built on an 8 hectare islet surrounded by Saigon River and Giong Ong To River.

Ascott is a pioneer in managing serviced residences in Vietnam with the Somerset brand. Ascott manages more than 1,600 apartments in 10 buildings in Hochiminh City, Hanoi, Haiphong and Danang.

Vietnam Expects to Export 7 Mln Tons of Rice in 2012

Vietnam is expected to export 6.5-7 million tons of rice in 2012, Phan Van Bay, deputy chairman of Vietnam Food Association (VFA) said at an online forum of Industry and Trade sector held by the Ministry of Industry and Trade on Nov 7.

The actual export volume might be higher if the commercial rice volume remains at high level by the end of this year, Bay added.

The VFA calls for the rice exporters to plan and sign the contracts from now for the beginning of 2012 deliveries at 0.6-0.8 million tons, and manage the stockpiles at 1-1.2 million tons at the same time.

The VFA also suggests the farmers to start seeding early to be able to harvest at peak time when rice price hikes.

Source StoxPlus

Tags: invest in Vietnam, Vietnam FDI, Vietnam FDI 2011, Vietnam investment