Sime Darby sets up Vietnam subsidiary

Sime said the incorporation of PMV was not expected to have a material effect on the earnings or net assets of Sime Darby Group for the financial year ending June 30. – The Star/ANN

 

Chinese steel exported with Vietnamese label

The Vietnamese Ministry of Industry and Trade has asked the Vietnam Chamber of Commerce and Industry and the General Department of Customs to investigate the granting of certificates of Vietnam origin for goods temporarily imported for re-export.

The ministry made the move after Khiet Tam Trade and Service Co in Ho Chi Minh City and Quoc Viet Co in the Mekong Delta province of Long An were found to have violated regulations related to the origin of goods when they shipped Vietnamese-labelled steel products originated from China to Europe to enjoy high profit.

The ministry also requested that the agencies take strict measures against organisations and individuals related to the case in order to protect the prestige of Vietnamese exports. 

Slack technical barriers and loose enforcement of legal regulations are the reasons behind the massive import of Chinese steel into Vietnam, experts said. – Viet Nam News/ANN

 

Phuket condo 

supply grows

The Phuket condominium market managed to grow in supply terms by the end of a nine-month period last year to a total of 11,177 units, up 15 per cent from a year earlier, according to Knight Frank Thailand. However, demand dropped slightly by 1.88 per cent. 

Risinee Sarikaputra, director and head of research and consultancy at Knight Frank Chartered (Thailand) Co, said 1,654 units in 10 projects had been added to the supply in the period. 

However, four condominium projects, totalling 225 units, were removed from the total current supply. The Massaluna project (184 units) at Naiyang Beach, had been purchased and converted into a hotel, while another three projects, totalling 41 units, had been halted. 

The Patong Beach area had the highest amount of new supply, contributing 41 per cent, thanks to its popularity among tourists and property developers. Kamala and Rawai represented 27 per cent each, while Bangtao contributed the least, with only 5 per cent of the total new supply.

Demand during the nine-month period dropped to 64.89 per cent, with 7,393 units sold. Currently most buyers are expatriates based in Asia, particularly from Singapore and Shanghai, who have lived and worked in the region for a number of years. 

As of the third quarter of 2015, the price of condominiums with sea views in Phuket reached Bt124,185 per square metre, up from Bt121,750 in 2014, an increase of 2 per cent. Prices of partial sea-view and non-sea-view units remained relatively unchanged, increasing respectively from Bt91,658 per square metre in 2014 to Bt91,874 in 2015, and from Bt67,850 in 2014 to Bt67,859 in 2015. 

 

Smart targets 

10% revenue growth

Smart Concrete, a manufacturer of lightweight concrete blocks, targets revenue growth of 10 per cent this year to at least Bt420 million, thanks to business expansion in Cambodia, Laos, Myanmar and Vietnam and the Thai government’s measures to boost real-estate investment, said managing director Rangsi Thipakornsukkasem. 

As for 2015, the company hopes to post revenue of at least Bt360 million, 10 per cent lower than the Bt432 million earned in 2014. Last year’s lower revenue figure was attributed to the sluggish Thai economy, weaker demand and stiffer price competition.