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AIA Reports Record First Half Results

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HONG KONG, July 29, 2011 /PRNewswire-Asia/ — AIA Group Limited (“AIA” or “the Group”; stock code: 1299), the leading pan-Asian life insurance group, is pleased to announce a record performance for the six months ended 31 May 2011, with Value of New Business (VONB) rising 32 per cent compared with the same period last year to US$399 million.

Embedded Value (EV) increased 11 per cent to US$27,394 million and Annualised New Premium (ANP) for the period rose 23 per cent to US$1,094 million. VONB margin rose 2.3 percentage points to 36 per cent.

Under International Financial Reporting Standards (IFRS), the Group reported Net Profit of US$1,314 million for the period, an increase of 24 per cent compared with the same period in the previous year. Operating profit after tax rose 8 per cent to US$967 million.

Commenting on these positive results, Mr. Mark Tucker, AIA’s Group Chief Executive and President, said: “AIA’s strong performance across all of our key financial performance measures demonstrates the excellent progress we have made in executing our growth strategy. There is much more to come.”

AIA’s record-breaking performance reflects the Group’s success across the region in building its Premier Agency sales force and boosting agent productivity, focusing on helping meet the savings and protection needs of its customers, improving customer experience and retention and on developing new and deepening existing relationships with bank partners.

AIA also declared its first dividend since listing, an interim dividend of 11 Hong Kong cents per share.

“We are pleased to declare our first dividend since our listing last October 每 an interim dividend of 11 Hong Kong cents per share. This dividend payment reflects the strong cash flow inherent in AIA’s business,” said Mr. Tucker. “We are confident in our ability to maintain a prudent and progressive dividend, in addition to being able to self-finance our strong new business growth.”

As well as generating record new business, the first half of 2011 saw AIA become a constituent stock in Hong Kong’s benchmark Hang Seng Index, making it one of the city’s blue chip stocks just over 6 months after its record breaking initial public offering.

“AIA is a story of growth in the most dynamic region of the world. Asia has been our home for over ninety years and it remains the most attractive place in the world to do business given the long term economic outlook and demographic trends which fuel the region’s savings and protection needs.

“The scale of our franchise, our financial strength, our motivated staff and agents, our product innovation and pan-regional expertise are some of the competitive strengths we can deploy to create value from this Asian opportunity. We are highly confident about AIA’s ongoing growth in Asia,” said Mr. Tucker.

– End –

For more information please refer to our announcement today on the Hong Kong Stock Exchange, the Investor Relations section of our web site http://www.AIA.com or contact us on the numbers provided.

Media Investment Community
Paul Scanlon +852 2832 6178 Paul Lloyd +852 2832 6160
Sonia Tsang +852 2832 1868 Angela Chang +852 2832 5480
Emerald Ng +852 2832 4720 Feon Lee +852 2832 4704

For detailed information, please visit the following link:
http://aia.com/en/Media/Press-Releases

About the AIA Group

AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific – Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei and a 26% joint venture shareholding in India.

The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It has total assets of US$115,782 million as of 31 May 2011.

AIA meets the savings and protection needs of individuals by offering a comprehensive suite of products and services including retirement planning, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 230,000 agents and approximately 20,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group schemes.

AIA is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ‘1299’ with American Depositary Receipts (Level 1) being traded on the OTC market (ticker symbol: “AAGIY”).

This document contains forward looking statements relating to AIA Group Limited that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. These forward looking statements are, by their nature, subject to significant risks. When used in this document, the words “will”, “plan”, “should” and similar expressions are intended to identify forward looking statements. You are strongly cautioned that reliance on any forward looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward looking statements.

SOURCE﹛AIA Group

Written by asiafreshnews

July 29, 2011 at 5:45 pm

Posted in Uncategorized

AIA Reports Record First Half Results

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HONG KONG, July 29, 2011 /PRNewswire-Asia/ — AIA Group Limited (“AIA” or “the Group”; stock code: 1299), the leading pan-Asian life insurance group, is pleased to announce a record performance for the six months ended 31 May 2011, with Value of New Business (VONB) rising 32 per cent compared with the same period last year to US$399 million.

Embedded Value (EV) increased 11 per cent to US$27,394 million and Annualised New Premium (ANP) for the period rose 23 per cent to US$1,094 million. VONB margin rose 2.3 percentage points to 36 per cent.

Under International Financial Reporting Standards (IFRS), the Group reported Net Profit of US$1,314 million for the period, an increase of 24 per cent compared with the same period in the previous year. Operating profit after tax rose 8 per cent to US$967 million.

Commenting on these positive results, Mr. Mark Tucker, AIA’s Group Chief Executive and President, said: “AIA’s strong performance across all of our key financial performance measures demonstrates the excellent progress we have made in executing our growth strategy. There is much more to come.”

AIA’s record-breaking performance reflects the Group’s success across the region in building its Premier Agency sales force and boosting agent productivity, focusing on helping meet the savings and protection needs of its customers, improving customer experience and retention and on developing new and deepening existing relationships with bank partners.

AIA also declared its first dividend since listing, an interim dividend of 11 Hong Kong cents per share.

“We are pleased to declare our first dividend since our listing last October 每 an interim dividend of 11 Hong Kong cents per share. This dividend payment reflects the strong cash flow inherent in AIA’s business,” said Mr. Tucker. “We are confident in our ability to maintain a prudent and progressive dividend, in addition to being able to self-finance our strong new business growth.”

As well as generating record new business, the first half of 2011 saw AIA become a constituent stock in Hong Kong’s benchmark Hang Seng Index, making it one of the city’s blue chip stocks just over 6 months after its record breaking initial public offering.

“AIA is a story of growth in the most dynamic region of the world. Asia has been our home for over ninety years and it remains the most attractive place in the world to do business given the long term economic outlook and demographic trends which fuel the region’s savings and protection needs.

“The scale of our franchise, our financial strength, our motivated staff and agents, our product innovation and pan-regional expertise are some of the competitive strengths we can deploy to create value from this Asian opportunity. We are highly confident about AIA’s ongoing growth in Asia,” said Mr. Tucker.

– End –

For more information please refer to our announcement today on the Hong Kong Stock Exchange, the Investor Relations section of our web site http://www.AIA.com or contact us on the numbers provided.

Media Investment Community
Paul Scanlon +852 2832 6178 Paul Lloyd +852 2832 6160
Sonia Tsang +852 2832 1868 Angela Chang +852 2832 5480
Emerald Ng +852 2832 4720 Feon Lee +852 2832 4704

For detailed information, please visit the following link:
http://aia.com/en/Media/Press-Releases

About the AIA Group

AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific – Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei and a 26% joint venture shareholding in India.

The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It has total assets of US$115,782 million as of 31 May 2011.

AIA meets the savings and protection needs of individuals by offering a comprehensive suite of products and services including retirement planning, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 230,000 agents and approximately 20,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group schemes.

AIA is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ‘1299’ with American Depositary Receipts (Level 1) being traded on the OTC market (ticker symbol: “AAGIY”).

This document contains forward looking statements relating to AIA Group Limited that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. These forward looking statements are, by their nature, subject to significant risks. When used in this document, the words “will”, “plan”, “should” and similar expressions are intended to identify forward looking statements. You are strongly cautioned that reliance on any forward looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward looking statements.

SOURCE﹛AIA Group

Written by asiafreshnews

July 29, 2011 at 5:45 pm

Posted in Uncategorized

Study Confirms that OrbusNeich’s Genous (TM) Stent Effectively Captures Circulating Endothelial Progenitor Cells to Accelerate Re-Endothelialization and Decrease Thrombogenicity

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Data from Ex Vivo Shunt Model of Human Circulating Blood and Other Studies Published in European Heart Journal

HONG KONG, July 28, 2011 /PRNewswire-Asia/ — OrbusNeich today announced that data from an ex vivo arteriovenous (AV) shunt model of human circulating blood, in addition to results from three preclinical studies, demonstrated that the Genous Stent effectively captures circulating CD34+ endothelial progenitor cells (EPCs) leading to accelerated re-endothelialization and decreased thrombogenicity compared to bare metal stents (BMS). These mechanistic data were published as an e-publication on the European Heart Journal website.

Data from the ex vivo human AV shunt study showed that EPC deposition on the struts of the Genous Stent was enhanced by 32.5 percent compared to BMS. In addition, the expression of specific endothelial markers increased significantly in cells deposited on the Genous Stent compared to those on the BMS. The data also showed a significant decrease in the expression of thrombotic markers associated with Genous.

“These data demonstrate the effectiveness of the capture of CD34+ cells for endothelialization and the prevention of thrombosis,” said Eric J. Duckers, M.D., Ph.D., of the Thoraxcenter at Erasmus University Medical Center in Rotterdam, The Netherlands, and senior author of the publication. “This mechanism of early endothelialization supports the usage of Genous’ unique EPC capture technology especially for patients who are at higher risk of thrombosis.”

For the ex vivo human study, 15 patients undergoing coronary angiography received an extracorporeal femoral AV shunt containing a Genous Stent and a BMS, which were exposed to circulating blood for up to 120 minutes. The cell depositions on the struts were determined by confocal and scanning electron microscopic analysis (SEM). Expression of endothelial and thrombotic markers was determined using quantitative polymerase chain reaction (qPCR).

“We were able to see a significant difference between the Genous Stent and the bare metal stent in promoting EPC capture and reducing acute thrombogenicity,” said Renu Virmani, M.D., of the CVPath Institute Inc. in Gaithersburg, Md., and co-author of publication. “The Genous Stent appears to not only promote the adhesion of human EPCs, but it also reduces the adhesion of fibrin, platelets and inflammatory cells, all of which are important for the prevention of thrombus.”

Further studies validating the EPC capture concept were conducted in vitro and in two animal models. An in vitro cell-capture assay demonstrated a preferential adhesion of human peripheral blood-derived CD34+ cells to the Genous Stent, with 86 percent of the attached cells positive for CD34 compared to 26 percent of cells on the BMS. In a baboon AV shunt model, the investigators showed that the Genous Stent inhibits in-stent thrombosis, as indicated by a significant increase in platelet deposition on the BMS compared to the Genous Stent. In a rabbit endothelial denudation model, qPCR analysis of endothelial marker expression indicated that the Genous Stent significantly promotes re-endothelialization at seven days compared to BMS.

About Genous

Genous is OrbusNeich’s patented EPC capture technology that promotes the accelerated natural healing of the vessel wall after the implantation of blood-contact devices such as stents. The technology consists of an antibody surface coating that attracts EPCs circulating in the blood to the device to form an endothelial layer that provides protection against thrombosis and modulates restenosis.

The Genous Stent, which has been commercially available in more than 60 countries since 2005, has been proven as a safe, effective alternative to drug eluting stents and is supported by data from more than 6,000 patients in company-sponsored clinical studies. There is a growing body of evidence from multiple clinical studies that the Genous Stent is effective for patients who are non-responsive to or cannot tolerate long-term dual antiplatelet therapy.

About OrbusNeich

OrbusNeich is a global company that designs, develops, manufactures and markets innovative medical devices for the treatment of vascular diseases. Current products are the world’s first pro-healing stent, the Genous Stent, as well as other stents and balloons marketed under the names of Azule(TM), R stent, Scoreflex(TM), Sapphire(TM), Sapphire II and Sapphire NC. Development stage products include the Combo(TM) Bio-engineered Sirolimus Eluting Stent, or Combo Stent, which combines the Genous pro-healing technology for rapid endothelial coverage with an abluminal sirolimus drug elution for the control of neointimal proliferation. OrbusNeich is headquartered in Hong Kong and has operations in Shenzhen, China; Fort Lauderdale, Fla.; Hoevelaken, The Netherlands; and Tokyo, Japan. OrbusNeich, which has provided medical devices to physicians through its predecessor companies since 1979, supplies products today to interventional cardiologists in more than 60 countries. For more information, visit http://www.OrbusNeich.com.

Follow OrbusNeich on Twitter at http://www.twitter.com/OrbusNeich, and learn more about the company and the Genous technology on OrbusNeich’s YouTube Channel: http://www.youtube.com/user/OrbusNeich

SOURCE﹛OrbusNeich

Written by asiafreshnews

July 29, 2011 at 5:31 pm

Posted in Uncategorized

DFC 2011 Inspires Many more Children in Singapore

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2011-07-27 12:27
This year’s SoCh-promoted DFC Singapore sees 80 teams, a six times increase in the number since last year.

SINGAPORE, July 27, 2011 /PRNewswire-Asia/ — Social Change in Action (SoCh) is proud to kick off this year’s global program Design for Change (DFC) Challenge that empowers children to recognise social challenges in their community; design & execute their solutions to enact lasting change. With nearly six times the participation compared to last year, this year’s participation has risen sharply, with 80 teams taking part from 27 schools up from 14 teams last year.

SoCh in Action is a registered social enterprise in Singapore and the only authorized organisation to run the internationally-renowned DFC Challenge in Singapore. For more information on SoCh, please visit http://www.SoChinAction.com

DFC is now the World’s Largest Change movement by Children, designed to give children aged 9-14 years old an opportunity to express their own ideas for a better world and put them into action. The global movement currently reaches out to 300,000 schools in 33 countries worldwide. (For more information on DFC, please visit http://www.designforchangecontest.com)

Launched in 2010 in Singapore, SoCh saw a range of social projects done by Singaporean school children aged 9-14 years old. To deepen the engagement of students with their projects and enable them to come up with even better ideas and executable strategies, SoCh introduced a workshop module called CatCh or Catalyst for Change that equipped participating students with skills to creatively design and implement solutions.

Around 450 students have gone through CatCh workshops this year and are designing and executing their own projects currently.

“It is truly inspiring seeing these young people take matters into their own hands and solve problems that would stump even adults,” said Madhu Verma, Founder & Managing Director, SoCh in Action.

“There is nothing that can match the pride and achievement these children feel when they realise that they have managed to make a difference all on their own.”

One of the schools fielding in multiple teams is Raffles Institution.

Lim Yoke Tong, Assistant Head of Dept, Research Education, Raffles Institution, commented: “Doing community work is a way of life among Rafflesians and this DFC and Catch are definitely good platforms for our students!”

“We are proud to have 22 groups of participants for SoCh 2011 programs,” added Cheryl Yap, Head of Dept, Research Education, Raffles Institution. “The students are very excited about initiating changes to their community in whatever capacity that they can.”

Amongst the 26 schools are Telok Kurau Primary, Pasir Ris Primary, Damai Secondary, Northland Primary, Sembawang Secondary, Shuqun Primary, Unity Secondary, and Zhangde Primary to name a few.

Entries will be judged by local panel of judges and experiential prizes will be awarded to five outstanding projects under various categories. All the participants will also get an opportunity to exhibit their work at the ‘Be the Change’ Exposition in October this year.

The details of the venue and the time of the exposition will be revealed soon.

SoCh in Action designs and implements various programs and events for the community to be involved in the social change process. Its belief is that anyone can be a change-maker; through new thoughts, simple beliefs and small actions. For partnership opportunities write to Madhu Verma at madhu@SoChinAction.com. For more details visit http://www.SoChinAction.com

Press Contacts
Donna Garcia / John Tan
Rice Communications for Design For Change Singapore
Tel.: +65-6221-8045 / 8729
Email: donna.garcia@ricecomms.com / john.tan@ricecomms.com
SOURCE Social Change in Action

Written by asiafreshnews

July 29, 2011 at 2:05 pm

Posted in Uncategorized

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Airports See Fast Growth in the Retail and Duty Free Sector

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2011-07-26 15:08 

 

SINGAPORE, July 26, 2011 /PRNewswire-Asia/ — Transport IQ, along with the 7th Annual Maximising Non-Aeronautical Revenue through Airport Services Summit  recently conducted a survey with travel retail and airport professionals. The results point unanimously to the fact that airports worldwide are intending to grow their non-aeronautical revenues from the current 20-40 percent to a high of above 50 percent.

Driving this growth is the sales that retail and duty free outlets in airports are achieving. 62% of respondents said this is their biggest non-aeronautical revenue generator currently and is also the area seeing the fastest growth.

Its findings also demonstrate that airports are increasingly becoming tech-savvy, with nearly 90% of respondents indicating that they are already using, or are looking to use, social media to promote their non-aeronautical revenues.

The 7th Annual Maximising Non-Aeronautical Revenue through Airport Services Summit to be held on the 6 and 7 of October will discuss creative solutions to capitalise on the current upturn in the market and further increase non-aeronautical revenues.

Log on to www.airportrevenuesummit.com (link to http://www.airportrevenuesummit.com/Event.aspx?id=539252&mac=MPPRNWPR ) for the complete survey results and list of topics and speakers at the event.

To register, send an email to enquiry@iqpc.com.sg

About IQPC Worldwide:

For over thirty years, IQPC has helped the world’s leading corporations solve their business challenges through the sharing of practical industry solutions and global best practice. In the process, the company has built a formidable reputation for quality and value. The world’s most progressive companies have benefited from IQPC’s unrivalled global reach, which has connected international expertise with regional and local leaders.

Media contact:

Joyce Shi
Tel: +65-6722-9446
Email: joyce.shi@iqpc.com.sg

 

SOURCE International Quality & Productivity Centre (IQPC)

Written by asiafreshnews

July 28, 2011 at 2:25 pm

Posted in Business & Finance

Tommy Hilfiger Appoints John Ermatinger as CEO of the Company’s Asia Business

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Newly created position will oversee all business activities in Asia

HONG KONG, July 27, 2011 /PRNewswire-Asia/ — The Tommy Hilfiger Group, which is wholly owned by PVH Corp. (NYSE: PVH), is pleased to announce the appointment of John Ermatinger to Chief Executive Officer of the Company’s Asia business, effective August 1, 2011. In this newly created position Mr. Ermatinger will report to Fred Gehring, Chief Executive Officer of the Tommy Hilfiger Group. Mr. Ermatinger will be based in the Tommy Hilfiger Hong Kong offices.

As CEO of the Asia business, Mr. Ermatinger will oversee all business activities in Asia, including the subsidiary Tommy Hilfiger Japan, the joint venture Tommy Hilfiger China, and the various licensed businesses throughout the territory.

“I am extremely pleased to appoint John Ermatinger to this new position within our Group,” said Fred Gehring, CEO of the Tommy Hilfiger Group. “The Company has a strong presence in the majority of Asian markets, but we believe that an increased effort led by a seasoned executive such as John will further enhance our presence. We have learned from our experience in Europe that the business benefits greatly when subtle adaptations and focused, regionally relevant dedication is applied. John is the ideal candidate to successfully lead the Company’s great growth opportunities in Asia, given his broad experience as a global retail executive with particular expertise in this region. We look forward to working with John in this important endeavor to expand our business in Asia.”

Said John Ermatinger: “After five successful years with Gap Japan and more recently China as well, I am very excited that the opportunity to join Tommy Hilfiger crossed my path. I believe that the Tommy Hilfiger core brand DNA makes it very attractive to the youthful Asian market and that the base from which we will be working is already quite significant through the territory. There is great opportunity for significant growth, and I look forward to building the business by further improving the overall proposition as it relates to the specific needs of this large market.”

Mr. Ermatinger most recently served as President of Gap Asia Pacific for two years and President of Gap Japan for three years. Under his leadership, Gap successfully launched the brand in China. Prior to Gap, Mr. Ermatinger was the General Manager of Asia Pacific Apparel and Asia Hub Director of Global Apparel Sourcing for Nike Inc. From 1973 to 1998, Mr. Ermatinger held various positions at Levis Strauss & Co. including President of Levi Strauss The Americas.

About The Tommy Hilfiger Group

With a premium lifestyle brand portfolio that includes Tommy Hilfiger and Hilfiger Denim, the Tommy Hilfiger Group is one of the world’s most recognized designer apparel groups. Its focus is designing and marketing high-quality menswear, womenswear, children’s apparel and denim collections. Through select licensees, the Group offers complementary lifestyle products such as accessories, fragrances and home furnishings. Merchandise under the Tommy Hilfiger brands is available to consumers worldwide through an extensive network of Tommy Hilfiger retail stores, leading specialty and department stores and other select retailers and retail channels. For additional information about the Tommy Hilfiger Group, please visit www.tommy.com.

About PVH Corp.

PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud and DKNY.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this press release, including, without limitation, statements relating to the future plans, strategies, objectives, expectations and intentions of PVH Corp. and its subsidiaries (collectively, the “Company”), are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company’s licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, and other factors; (iii) civil conflict, war or terrorist acts, the threat of any of the foregoing, or political and labor instability in any of the countries where the Company’s licensees’ or other business partners’ products are sold, produced or are planned to be sold or produced; (iv) disease epidemics and health related concerns, which could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas, as well as reduced consumer traffic and purchasing, as consumers limit or cease shopping in order to avoid exposure or become ill; (v) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands.; and (vi) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

The Company does not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.
SOURCE The Tommy Hilfiger Group

Written by asiafreshnews

July 28, 2011 at 10:28 am

Posted in Business & Finance

Rail Transport in Hanoi and Ho Chi Minh Set to be 45 Percent of the City’s Total Movement Demand

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2011-07-25 10:00 

 

SINGAPORE, July 25, 2011 /PRNewswire-Asia/ — In 2008, Vietnam’s Prime Minister Nguyen Tan Dung approved plans to invest US$15 billion over the next 12 years for metro railway projects for Hanoi and Ho Chi Minh City, projecting Vietnam onto the global stage as one of the biggest spenders for Urban Rail, but the global economic meltdown made funding a major challenge.

Fast-forward to 2011, it is a different story. The Asian Development Bank has started the ball rolling with a US$1.15 billion loan to the Vietnam government as the Vietnam government is on schedule to begin construction on the Ho Chi Minh City and Hanoi city metro railway lines this year. Is this a sign of more investment to come?

Will the Vietnamese government welcome more foreign investment? Who are the players already involved?

Dr. Luu Xuan Hung, the Vice Director of the Hanoi Metropolitan Rail Transport Board, explains that by the year 2020,the public transport ratio by UMRT in Hanoi and HCM city shall be around 35% – 45% of the city’s total movement demand.

“The government plans to allocate 3.5% – 4.5% of the GDP in their budget, raising the investment rate in transportation infrastructure, and will be looking into mobilizing all possible sources from the economic components. The private sector will be included in the different models for investment in building the transport infrastructure, especially under PPP, BOT, BT & BTO, and Vietnam is expecting investment to come from the local as well as overseas investors,” he said.

Dr. Luu Xuan Hung will share his department’s plans for Urban Rail in Hanoi, and will provide details on the proposed Hanoi Noi Bai airport line, and the role for stakeholders and their search for solution providers at the Metro Rail Vietnam conference, meeting in Hanoi on 23-24 August.

Visit www.metrorailvietnam.com or email maria.andersson@iqpc.com.sg to find out more.

Press and media please contact:

Maria Andersson
Tel: +65-6722-9404
Email: Indre.Riley@iqpc.com.sg

 

SOURCE International Quality & Productivity Centre (IQPC)

Written by asiafreshnews

July 27, 2011 at 2:30 pm

Posted in Business & Finance