Shipbuilding corporation expands into aviation
Ha Noi (VNA)- The Viet Nam Shipbuilding Industry Corporation, Vinashin, has said it will roll out a new joint venture with Malaysia-based budget airline, AirAsia.
The new carrier, which is slated to be called Vina AirAsia, will initially have a fleet of nine aircraft with the nation’s leading ship builder coming in for a 70 percent stake and AirAsia holding the remaining 30 percent.
Under Vietnamese law, foreign investors are permitted to own up to 49 percent of a carrier stock. Currently, Viet Nam is home to three airlines: the Vietnam Airlines, Pacific Airlines and Vasco.--Enditem
Stock indexes record modest bumps
Ho Chi Minh City (VNA) – Both of the Vietnamese bourses recorded slight increases on the last trading session for the month of August.
The VN-Index at the Ho Chi Minh City Stock Exchange tacked on 4.43 points or 0.49 percent to close at 908.37 points.
Trading volume surged with more than 7 million shares valued at 627 billion VND traded by the end of the session.
67 stocks moved up the ladder, 23 remained unchanged while 23 were in decline.
Tay Ninh Cable Tour (TCT), Tuong An Oil (TAC), Bien Hoa Confectionery (BBC), North Kinh Do Food (NKD) and Tan Tien Plastic Packaging (TTP) had the largest upswings while Kinh Do Corporation (KDC), Viet Nam Petroleum Transport (VIP), Vietnam Dairy Products (VNM), Binh Minh Plastics (BMP) suffered the heaviest losses.
At the Ha Noi Securities Trading Centre, the HaSTC-Index finished at 252.55 points after inching up 1.27 points or 0.51 percent.A total of 857,600 shares valued at 86.1 billion VND changed hands.
The increases in trading volume and value were attributed to high purchase orders for blue-chips Sai Gon Securities (SSI), Tien Phong Plastics (NTP) and Asian Commercial Bank (ACB) with 206,000 shares, 150,100 shares, and 92,000 shares traded respectively.-Enditem
Rice continues to dominate Viet Nam’s export
Ha Noi (VNA) – With export turnover exceeding 1 billion USD since 2005, rice continues to top Viet Nam’s key export items, reaping substantial amounts of foreign currencies.
In the first eight months of 2007, the country’s rice export turnover reached 1.15 billion USD, representing a year-on-year increase of 12 percent.
In order to meet domestic demand and improve farmers’ standards of living, since the first years of the renewal process, Viet Nam has issued many policies to encourage rice production. In particular, the government policy on giving land to farmers has created a strong driving force for rice production growth.
Thanks to these efforts, Viet Nam’s rice output has soared from 17 million tonnes in 1986 to over 31 million tonnes in 1999 and peaked at 35.8 million tonnes in 2005. The success has helped the country ensure sufficient food supplies for domestic consumption and for export.
Besides the growth in volume, the quality of Vietnamese rice has remarkably improved. Many localities in the country’s two rice bowls: the Mekong River Delta and the Red River Delta have paid attention to growing high-quality and specialised rice for exports.
From 1989, when the country started exporting rice, to 2006, Viet Nam exported a total of 52 million tonnes of rice, turnover and price reaching a peak in 2005. Viet Nam is now well-known as the world’s second largest rice exporter, behind Thailand.
The export structure has made positive changes with 25-percent broken rice down to 30 percent from 60 percent and 5-percent broken rice climbing to 50 percent. The gap in price of export rice from Viet Nam and Thailand has been shortened.
High rice quality and membership into the World Trade Organsiation (WTO) have created conditions for Vietnamese rice to expand its export markets. At present, Viet Nam’s rice is exported to more than 70 countries and territories worldwide, including Japan, the EU and the US.
Many economic experts predicted that Viet Nam may catch up with Thailand in rice export in the near future.
In an attempt to ensure the national food security and maintain the position of Vietnamese rice, the Ministry of Agriculture and Rural Development in its rice export strategy between now and 2010 plans to improve the rice quality in order to raise competitiveness and export value.
The ministry is increasing investment in high-quality rice growing programmes in the Red River Delta, the south central coastal region and the Mekong River Delta.-Enditem
Carriers add more flights to Ho Chi Minh City service
HCM City (VNA) – All Nippon Airways will add another weekly flight to its Tokyo-HCM City service, raising the number of flights between Tokyo and Ho Chi Minh City from four to five weekly flights from October 1.
The Japanese carrier also announced a promotion campaign that offers a deduction of 50 USD per ticket on the route between October 1 and November 15. The HCM City-Tokyo return ticket is 830 USD.
On October 28, Thai Airways International will add one weekly flight to its Bangkok-HCM City route on the Thursday evening. The airline currently operates 16 flights a week on HCM City route, with a combined weekly capacity of 28,000 seats.-Enditem
Viet Nam to become motorbike production and design centre
Ha Noi (VNA) – The Ministry of Industry and Trade has adopted an ambitious plan to turn the country into a major motorbike production and design centre in the region by 2015.
Under the scheme, by 2015, domestic motorbike production should meet 100 percent of rural and 90 percent of urban demand.
The industry will strive to raise the local content of domestic-assembled scooters to more than 60 percent and that of motorbikes to over 90 percent.
The export of motorbikes and motorbike spare parts is expected to generate around 400 million USD annually, according to the plan.-Enditem
Philippine businesses seek partners in Viet Nam
HCM City (VNA) – Sixty leading Philippine businesses attended a meeting in Ho Chi Minh City on August 30 to seek investment partners in information technology, communication, electronics, auto manufacture, electricity and infrastructure.
The meeting, the largest trade promotion event ever held by the Philippines in Viet Nam, has been prompted by rapid growth in two-way trade turnover. In 2002, the figure stood at 102 million USD and tripled to over 354 million USD in 2006.
The Philippines imports rice, monioc, motorcycle spart parts and electronic chips from Viet Nam and exports high-tech products to Viet Nam.
Philippine Deputy Minister of Industry and Commerce Thomas Aquino introduced a host of incentives for Viet Nam’s investors such as tax exemption between 4-8 years and a preferential tax rate of five percent for projects in hi-tech zones.-Enditem
Asiamoney points to BIDV as Viet Nam’s top foreign exchange bank
Ha Noi (VNA) - The Bank for Investment and Development of Viet Nam (BIDV) has been selected as Viet Nam’s 2007 best supplier of foreign exchange services under a recent survey by Asiamoney magazine.
The award, announced by BIDV on August 30, highlighted domestic and foreign financial institutions’ recognition of the bank’s reforms in money towards international standards in management of foreign exchange services.
The awards ceremony is likely to take place in Hong Kong on September 27.
Earlier in 2006, BIDV was selected as the Bank of the Year with the highest trading of domestic bonds under a Finance Asia magazine survey.-Enditem
Viet Nam-Laos Trade Fair opens in Vientiane
Vientiane (VNA) – The Viet Nam-Laos Trade Fair 2007 opened in Vientiane on August 30 with the participation of over 200 companies from the two countries.
The fair, which will run till September 5, is part of the celebration programme of the 30th anniversary of the Viet Nam-Laos Friendship and Cooperation Treaty (July 18) and the 45th anniversary of diplomatic ties between the two countries (Sept. 5).
Sixty five Vietnamese businesses brought to the fair garment and textiles, automobile spare parts, pharmaceuticals and medical equipment, and canned food.
Meanwhile, Lao companies are displaying their garment and textiles, food stuff, drinks and household utensils.
During the fair, a meeting of entrepreneurs and a seminar on investment opportunities will be held.-Enditem
Wider Gap Between Rich and Poor in Vietnam
The gap in social security between the rich and poor remains a reality in Vietnam, according to a United Nations Development Programme report.
A big chunk of the population work into their old age
The report titled “How progressive is social security in Vietnam?” revealed that the rate of social security spending in the country is declining.
Statistics from the report, based on the Vietnam Household Living Standards Survey of 2004, indicate that households in the top income quintile, the richest 20 per cent of Vietnamese families, receive nearly 40 per cent of social security benefits, while the poorest quintile receives less than 7 per cent.
Other statistics revealed that the richest quintile receives 47 per cent of pensions and the poorest quintile only 2 per cent. In addition, the wealthiest quintile receives 45 per cent of health assistance while the poorest only receive about 15 per cent.
The reason for the major gap, according to Martin Evans, team leader for the report published by the University of Bath in the United Kingdom, was that a large proportion of the state’s pension fund was reserved for elderly people, many of whom worked for the independence of the country and some of whom were former high-ranking officials.
As a result, Evans suggested that Vietnam set up a separate system for social security that would cover all sectors of society and thereby reduce the gap.
“Vietnam should study the social security plans of other countries and chose a suitable example for its system,” said Evans.
A second report was also released, titled “What is the relationship between old age and poverty in Vietnam?”
The report’s primary point was to draw attention to the fact that the elderly are more likely to work past retirement and to work longer hours, if they do not live with working-age adults.
About half of women are still economically active at between 70-75 years of age, and 20 per cent are active at 80-85 years and up.
Generally, the elderly earn higher-than-average incomes due to their social security income and higher private remittances. However, only 22 per cent of elderly live in households that receive a pension.
The two reports aim to shine a light on social security reform in Vietnam, a sector in need of attention.
Social security is a new issue which has only recently begun to be studied in the country.
According to the UNDP, the existing social security provision consists of programmes for formal sector employees plus social assistance through targeted programmes and other forms of public action directed at disadvantaged communities.
These strategies have contributed to poverty reduction and the development of remote areas.
The Vietnamese Government also recognises that in the near future the nation will need a modern, integrated approach to social policy to help people cope with risks to livelihoods and to avoid falling back into poverty due to illness, disability, loss of employment, raising children and old age.
Vietnam Welcomes 2.8 Million Foreign Holiday Makers
Travel companies estimated that they have catered for around 2.8 million foreign holidaymakers so far this year, 78 percent of whom came by air.
Visitors from Northeast Asia made up 33 percent of the foreign arrivals while those from Europe accounted for 16 percent, and North America, 13 percent, according to statistics provided by the National Administration of Tourism.
Tourism experts said Russian tourists spent more money on luxury services in Viet Nam than other foreign visitors. Their spending money is about 40 percent higher than the overall average of 800 USD per person during their stay in the country.
Last year, Viet Nam welcomed 3.58 million foreign visitors and earned a total of 3 billion USD in revenues, of which 50 million USD came from some 30,000 Russian visitors. VNA
Wimax to come to Hanoi, HCM City
The Vietnam Post and Telecommunications Group (VNPT) has signed a contract to provide Wimax services in Hanoi and HCM City, said Nguyen Chau Son, Vice Head of VNPT’s Telecommunications Department.
After successfully testing Wimax technology in the northern province of Lao Cai, VNPT plans to provide Wimax service in the two biggest cities of Vietnam, Hanoi and HCM City, this year.
The group has applied for a licence from the Ministry of Information and Communications to test 2.5 Mhz and 802.16e technology.
According to Mr. Son, the biggest difficulty when using Wimax is it needs to be accompanied by content services, for example Game, televoting, traing, online health education. VNPT has assigned the Vietnam Data Communications Company (VDC) and the Vietnam Software and Media Company (VASC) to implement content services. However, in the future, content services for Wimax will be assigned to only one company.
Wimax, which stands for Worldwide Interoperability for Microwave Access, provides fixed, nomadic, portable and mobile wireless broadband connectivity without the need for direct line-of-sight to a base station. Mobile Wimax network deployments are expected to provide up to 15Mbps of capacity within a typical cell radius deployment of up to three kilometres.
Drug Traffickers Caught At Vietnam–Laos Border
A group of traffickers was caught red-handed while trying to transport 14 cakes of heroin (approximately 7kg) from Laos to Vietnam on August 24.
According to border police from Quang Tri Province in Viet Nam and Savalnakhet Province in Laos, the suspects are members of a drug trafficking ring operated by a 38-year-old car dealer named Pet in Savalnakhet, Laos.
Pet (left) and the heroin cakes
Vietnamese and Lao police have been tracking the group’s activities since their illegal acts were first detected in May 2007.
On August 24, two drug traffickers led by Pet were stopped by Lao Police in Se Pong District while transporting heroin toward Viet Nam by car. A search revealed 7kg of heroin, 18,000 Baht and US$200.
Under police interrogation, Pet revealed two of his accomplices, Thao Mom and Thao Nen.
According to the suspects, the heroin is of high quality, often referred to as “ice water.” Each 0.5kg cake goes for VND225 million (approximately US$14,000) in black markets.
The three suspects stood trial yesterday.
Hanoi To Move Residents And Save Old Quarter
The authorities of Hanoi are planning to relocate households living in cramped, polluted and unsafe conditions in the old quarter in the hope of preserving the historic character of the inner city.
The center of Vietnam’s capital has nearly 900 buildings and other structures of cultural, historical and religious significance, including 245 houses built many centuries ago, as well as the relatively undamaged remains of Thang Long, the imperial city of long ago.
The Ancient City Management Board says much has been done to safeguard the old quarter in recent years, but damage is still occurring.
More than 15,000 households inhabit the area in question, 63 percent of them in very old houses and 12 percent in condemned buildings, and the infrastructure of the area is way too primitive for an expanding population.
To solve the overpopulation problem, the People’s Committee of Hoan Kiem District and the Housing and Urban Development Corp. are planning to move many of these households to the new Viet Hung housing project in Long Bien District.
The management board is keen on the idea as the residents will be able to live in safe, unpolluted conditions and the old city’s preservation will be a simpler task.
However, many residents are angry and afraid about having to move to a new place as they have a strong attachment to the area where their families have lived for generations.
Bang Son, a writer with a boundless love for the old quarter, says he supports the planned relocation, but only if the residents get adequate compensation for their old homes and improved living conditions in their new abode.
Son La: 42 Years In Jail For 7 Corrupt Land Officials
The people’s court of the northern province of Son La has given 42 years in prison to 7 defendants and 4 years and a half year probation for two others who were involved in land corruption in Son La town.
This is the biggest case of land corruption in Son La town so far.
Ca Van la, former head of the town Department of Natural Resources and the Environment and his assistants had made false documents to usurp 6,000 square meters of land worth hundreds of millions of VND.
He was given 10 years in prison for abusing his position by embezzling.
The others have sentences from 24 months to eight years in prison.
The judgment has also suggested reclaiming 50 plots of land illegally sold by the defendants.
The defendants will also have to pay back hundreds of million of VND to people who were take advantage of.
The “Quiet” Translators
Long before the copyright battle began between Youth Publishing House and translators of Harry Potter 7, many young translators, for diverse reasons, were quietly translating foreign works and posting them on the Internet.
Sharing favorite works with others
According to most of them, they translate books and films online out of the desire to brush up on their knowledge of foreign languages as well as to share with the e-community excellent works of art.
“I want to give readers more options and shorten the distance between readers and writers,” explained Le Do Linh Nga, who first entered the online translating world with a few short stories and later impressed with Give Me a Cigarette, a longer piece by a Chinese author.
Beside individual translators, those with the same tastes also establish fan clubs to translate their favourite works. And the translators’ endless individual or collective efforts to promote foreign works are highly appreciated by many readers.
Dang Hong Nhung, a Vietnamese student in the Netherlands, for instance, said, “Without their Vietnamese versions on the Internet, a student living overseas like me would never have a chance to read contemporary Chinese literature, Japanese comics or watch Korean films.”
Quality
To many people, young online translators’ works aren’t of very high quality. The opposite, however, is often true, because many of them take their jobs seriously, though they aren’t being paid for what they are doing.
Xuan Minh, a young translator of Chinese knight-errant stories, for example, said he constantly learned from Internet forums, books and friends choice words that helped to improve the quality of his Vietnamese versions.
Nga Linh’s translations are also found to be good. A former literature student at Hanoi-Amsterdam High, Linh takes pains to explore and understand life in Beijing in particular and in China in general in order to translate Chinese works better.
She also has the good habits of providing footnotes to make it easier for her readers to understand foreign works, reading comments from readers and editing her versions again and again until they satisfy difficult online readers.
Some translating groups such as accvn.net, which specialises in translating Japanese picture books, are quite professional. Each translation work goes through four phases: translating, proof reading, editing and quality checking.
Those interested in becoming translators for the group have to take assessment tests, as well as follow the group’s numerous rules.
And the battle with publishers
Now that the debate between Harry Potter 7’s online translators and Youth Publishing House, which will release the Vietnamese version of the book this October, is getting bitter and involving legal authorities, many translators are taken aback by the fact that the job which they have done passionately without an eye to material reward is being denounced as illegal.
Translators like Xuan Minh and accvn.net said they only translated after getting permission to do so from authors or publishers or when they were sure that their works would not jeopardise others’ interests.
And according to many, the online posting of translation works isn’t as harmful to publishers and book distributors as one often believes them to be. Nguyen Hong Yen from Back Viet Book Company, for instance, said, “I think translating and posting foreign works on the Internet don’t affect book companies much.
“Many online readers become interested enough to buy books after they read the translations online.” In addition, through these online versions, potential and talented translators can be discovered. Many bloggers agree.
Thu Ha from Hanoi, said, “I still want to have the print copy of a book even after reading it online.” And in a survey carried out on the website of Harry Potter Fan Club in Vietnam, all young readers responded that though they had read the Vietnamese version on the Internet, they would surely buy Youth Publishing House’s version when it came out.
All that said, the translators of Harry Potter 7 have halted the posting of Harry Potter 7 on the Internet, admitting, “Our distribution of the Vietnamese version is wrong and violates copyright laws.” They added, however, that they wouldn’t give up and would “soon return”.
Lack Of Int’l Savvy Hindering The Listing Of Vietnam Firms In US
A lack of expertise is keeping Vietnamese enterprises off the US stock market, which is home to some of the strictest requirements in the world, according to industry experts.
Nguyen Khac Hien, chairman and general director of Providential Holdings, said he could count the number of Vietnamese firms planning to list on the US market on his hand.
He said that most local firms don’t feel they have the ability to list on such a significant exchange.
Vietnam’s leading dairy marker, Vinamilk Corporation – which is listed on Vietnam’s main board in Ho Chi Minh City – said legal barriers including the US Securities Law, Tax Law and a series of standard documents made the group hesitant to list in the US.
Fank Fahman, a founding member of investor relations service Hawk Associates Inc., said Vietnamese firms were reluctant to access the US market because they had no knowledge of it.
He added the local firms’ knew very little about international law while the US exchange set some of the strictest legal and performance requirements in the world.
Vietnamese auditing standards are also not on par with the US.
Poor marketing, investor relations
Investor relations (IR) plans – the marketing of financial capacity to create credit for investors – often play a key role in listing on major markets like the US, however, IR in Vietnam is weak and unorganized.
A recent survey of Rivel Research Group, a marketing research firm focusing exclusively on the global investment company, said IR plans played a decisive role of fluctuation of a firm’s share, accounting for 25 percent.
Good IR performance could push shares up by 10 percent while poor IR often pulls shares down by 15 percent, according to the group.
Dao Nam Anh, director of Vietnam Finance Communication Company, said local firms rarely turn publicity that focuses on promoting a company’s business strategy, revenue, expected revenue and financial reports.
Meanwhile foreign investors needed such information to base their investment decisions on.
Nguyen Hoang Anh, a lawyer from Johnson Stokes & Master Vietnam, said local firms’ financial information systems do not meet international standards.
But improving upon such problems in order to list in the US, the proud home of 250 investment funds capitalized US$50 billion each, could do big things for Vietnamese companies.
In May last year infrastructure developer Cavico Corporation became the first Vietnam-based firm to trade on the US over-the-counter market (OTC), which is known as Pink Sheets.
Providential Holdings, which specializes in mergers and acquisitions consulting services and invests in selective businesses, had advised Cavico to debut on Pink Sheet as a preparatory step to list on senior US exchanges.
Other markets
The London Stock Exchange, one of the world’s largest, has eyed Vietnamese listings and one of its top officials promised support at a June meeting with officials from the State Securities Commission (SSC) and HCMC exchange.
Martin Graham, Director of Markets of LSE, said that the LSE would be a good place for high-performance Vietnamese companies to locate quality international financial sources.
Vietnamese companies knew little about the LSE because of the exchange’s meager marketing efforts but he said listing there could put Vietnamese firms on a par with global corporations.
Additionally, several London-listed fund managers have showed interest in Asia, including Vietnam.
Singapore Exchange (SGX) also hopes to attract more Vietnamese listings, as it aims to become a larger regional stock market.
Investors say that Singapore has been more aggressively wooing Vietnam than Hong Kong.
Many Vietnamese companies are expected to list abroad by 2008-09 to tap the international capital market with a particular interest in Singapore market.
Beating others to a Singapore listing will be leading dairy producer, Vinamilk, which is expected to start trading on the market, possibly early next year.
Tech giant FPT will likely follow suit shortly thereafter.
Confectioner Kinh Do Corp., Trung Nguyen coffee, and some 50 other companies have asked about procedures for foreign listing, according to the SSC.
Source: NLD
Vietnam Jails 6 For Trafficking More Than 120 Women To Malaysia
A court in Ho Chi Minh City sentenced six people to prison for luring more than 120 women to Malaysia, where most were sold to elderly and disabled men, a judge said Friday.
Tran Thi My Phuong was sentenced to 12 years in jail for human trafficking, said presiding judge Tran Thi Hong Viet. Her Taiwanese husband Tsai I Hsein was given seven years, and four others received five to 10 years at a one-day trial Thursday, said presiding judge Tran Thi Hong Viet.
The ring members were convicted of trafficking 126 Vietnamese women to Malaysia between April 2005 and June last year, she said.
Viet said the ring members had promised the victims, mostly from the southwestern region, help finding husbands in Malaysia.
They were instead sold to a broker in Malaysia for US $1,500 (EU 1,100) to US $2,000 (EU 1,500), depending on their age and beauty, she said.
The women were put on sale at bars in Malaysia for as much as US $6,300 (EU 4,600), she said, adding most potential buyers were elderly or disabled men.
More than 10 of the victims had managed to escape and return to Vietnam, and reported the case to police, Viet said.
At the court, the defendants maintained that they just wanted to help the women find husbands in Malaysia, but the court determined that their actions constituted woman trafficking, a crime which carries a maximum jail term of 20 years.
Thousands of Vietnamese women have been sold to China and some Southeast Asian nations for sex slaves and forced marriages.
Thai Caravan Visits Danang, To Discuss Tourism Ties With Vietnam
Danang in central Vietnam welcomed Friday a Thai convoy carrying officials, investors, and journalists who are visiting to discuss tourism cooperation with Vietnam.
Pirom Simasatie, deputy office manager of the Thai Ministry of Tourism and Sports, is leading the delegation.
The visitors met executives of travel companies and luxury hotels.
Local authorities showed them the 200km-long Highway 9 linking southern Laos with Vietnam’s Quang Tri province, which is full of objects and monuments related left over from Vietnam’s military campaigns against the invading US forces before 1975.
In Danang, the visitors also saw a section of the East-West Economic Corridor, which runs 1,450km through Vietnam, Laos, Thailand, and Myanmar.
They are set to take part in a week-long event to promote investments along the corridor beginning in Danang Monday.
Source: Nguoi Lao Dong
Hanoi Airport To Welcome The Airbus
The world's largest passenger jet, the Airbus A380, will touch down in Hanoi’s Noi Bai airport next weekend during its demonstration tour, an aviation official said.
Tran Long Nhien, General Director of the Northern Airports Authority, said the airport was technically qualified to receive the super jumbo jet, which is slated to arrive at 10:30 am on September 2.
A Noi Bai airport representative said the airport would ensure that other operations at the airport would run smoothly during the A380 arrival.
Besides Vietnam, the A380 will also visit Thailand, China and South Korean in September.
In total, 16 companies have ordered 159 A380s, and another 95 have been optioned, according the Airbus website.
Emirates Airlines, which aims to become a major global player in the near future, has ordered 43.
The planes can carry 520 passengers.
The first A380 will be delivered to Singapore Airlines in October.
The Airbus A380 is a double-deck, four-engine airliner manufactured by EADS (Airbus S.A.S.). It first flew on 27 April 2005 from Toulouse, France. After lengthy delays, commercial flights are scheduled to begin in late 2007.
Prime Minister to cement ties in Malaysia
Ha Noi (VNA) - Prime Minister Nguyen Tan Dung will attend the 50th anniversary of Malaysia's Independence Day in Kuala Lumpur during his visit to the Southeast Asian country on August 30-September 1 at the invitation of Malaysian Prime Minister Abdullah Ahmad Badawi.
Viet Nam and Malaysia established their diplomatic ties in March 1973, beginning a relationship that has been growing steadfastly since then beyond a bilateral basis.
Aiming for stronger ties, a joint Viet Nam-Malaysia committee took shape in 1995 following the inception of the Viet Nam-Malaysia friendship association in each country in 1994.
Integral to the two countries' overall relations is economic cooperation. Since it enacted the Investment Law in 1998, Viet Nam has attracted a lot of investment from Malaysia , today it is home to 241 Malaysian-invested projects totalling 1.9 billion USD. The figure puts Malaysia 10th among 78 countries and territories investing in Viet Nam .
The two countries marked a surge in two-way trade that started with just 160 million USD in 1992 reaching 2.2 billion USD in 2005.
In the first seven months of this year, Viet Nam has imported 820 million USD in goods from Malaysia and raked in 614 million USD in export earnings from its peer in the Association of Southeast Asian Nations.
In 2002, Viet Nam and Malaysia teamed up in labour cooperation and 130,000 Vietnamese labourers have since then sent to work in Malaysia .
In April 2004, the two countries signed a joint statement on a multilateral cooperation framework in the 21st century drawn up during then Prime Minister Phan Van Khai's visit to Malaysia . The document provided grounds for the two countries to expand their cooperation in a wide range of areas.
To date, a total of 13 cooperation agreements have been inked between the two countries, ranging from economy, trade, science and technology, aviation, investment, post and telecommunications to banking, tourism, youth exchange and sports, in addition to a host of memoranda of understanding.-Enditem
Garment makers set for raw materials centre
Ha Noi (VNA) – Viet Nam’s first and biggest centre for supplying raw materials and accessories to the garment and footwear sectors is expected to debut next year in the hopes of easing the over-dependence of local garment makers on imported materials.
Lien Anh Co Ltd has planned to inject around 12 million USD into the project’s first stage.
The centre, which has already been constructed on an area of 16 ha in Tan Binh Commune in the southern province of Binh Duong’s Di An District, is anticipated to become a world-class hub for local and international suppliers, said the firm.
The centre will include a wholesale market (28,000 sq.m), likely accommodating 1,250 stalls; office and showroom area (4,500sq.m); and a bonded warehouse (45,000 sq) that may store up to 20,000 tonnes of goods.
Lien Anh director Truong Thi Ngoc Anh said many enterprises have been waiting a long time for such a centre. Garment and footwear makers are the nation’s second and third leading hard currency earners, but their profitability has been held back by dependence on imported raw materials and accessories, Ngoc Anh said.
“Most local producers have to import sparsely or at retail prices and lose money and time on small orders,” said Truong Bach Mai from the Viet Nam Textile and Garment Group (Vinatex). “Lien Anh Co has made a brave decision to pour money into the project.”
Ngoc Anh added that when the project’s first stage was completed and put into operation, the company plans to inject another 8 million USD into a second phase, which would include a trade centre, hotel, restaurant and sports area.-Enditem |
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State employees to get paid through bank accounts
Ha Noi (VNA) – State employees at ministries, Government agencies, and central People’s Committees will receive their salaries through bank accounts under a newly-implemented instruction passed by the Prime Minister.
The instruction was aimed at implementing a resolution by the Party Central Committee following the Anti-corruption Law and the plan on non-cash payments laid out in the 2006-2010 period, approved by the PM late 2006.
Employees who benefit from the move will include those receiving a salary from the State budget, officers and professional army servicemen, military workers and people with jobs in the National Defence and Public Security Ministries.-Enditem
New tourist route to China recalls late President Ho
Ha Noi (VNA)- A new tourist link with Guangxi, China, opened at the Huu Nghi border gate on August 27 under the banner “To study and follow the ethical example of President Ho Chi Minh.”
The route, that runs from the Huu Nghi Border Gate from Viet Nam’s Lang Son province to Long Zhou, Lian Zhou, Gui Lin and Nan Ning in China, incorporates beauty spots for sight-seeing, including the Ho Chi Minh Museum in Long Zhou, a cigarette workshop in Lian Zhou, a former home of President Ho Chi Minh and several other sites relating to the legendary late President’s revolutionary life.
The route was launched as part of a plan to set up the Tonkin Gulf belt to boost tourism between Viet Nam and China, said organisers from the Ha Noi Tourist Administration and their partners in Guangxi.--Enditem
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Viet Nam, Laos, Thailand beef up transport cooperation
Vientiane (VNA) - Vietnamese Minister of Transport Ho Nghia Dung; Lao Minister of Communications, Transport, Post and Construction Sommad Pholsena; and Thai Minister of Transport met last week in the Lao province of Savannakhet, in a bid to develop traffic systems that link the three countries.
The ministers agreed to help Laos build roads connecting Laos with Viet Nam and Thailand, and upgrade the Dansavanh-Lao Bao border gate between Laos and Viet Nam.
They also heard reports presented by Savannakhet authorities on the province’s road infrastructure projects that are in need of investments.
Viet Nam, Laos and Thailand first signed a deal on developing traffic systems that link the three countries in 1995, but it took a full decade off before it got the ground.
The Dansavanh-Lao Bao border gate, which saw 199,000 tonnes of goods pass through it last year, has become an important transit centre between the three Southeast Asian countries.-Enditem
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ADB surveys bridges in Dong Thap province
Dong Thap (VNA) – A team from the Asian Development Bank and representatives of the Ministry of Planning and Investment embarked on a fact-finding tour to the Mekong delta province of Dong Thap to survey work on the Cao Lanh and Vam Cong bridges.
The ADB representative said that the amount of the bank’s future investment is dependent on the study results of consultants but it would spend 1 million USD on preparations for the project.
The working group said that the paddy field is ideal for the construction but the construction site for Vam Cong bridge is complicated because of too many inhabitants.
Earlier, on August 17, Deputy Minister of Transport and Communications Ngo Duc Thinh told Dong Thap provincial authorities that the Vam Cong and Cao Lanh bridges and the section connecting the two bridges would be financially backed by ADB loans. The project is expected to be carried out in 2009.-Enditem
Machinery company hits 3 million USD in export
Dong Nai (VNA) - Southern Agricultural Machinery Limited Company (Vikyno) raked in three million USD in exports over the first eight months of the year.
Vikyno exports water pumping machines, electric generators and manual ploughing machines.
Apart from its traditional exporting markets in Asia and Europe, during the last two years, the company has expanded into Sri Lanka, Canada, Thailand, Iran and several African countries.
The company has announced a new strategy to promote localisation in order to reduce production costs and increase competitiveness within the domestic market.-Enditem
UNDP aids transparent business laws
Ha Noi (VNA) – The United Nations Development Programme (UNDP) has pledged to provide 830,000 USD in non-refundable aid to help Viet Nam legislate for farer and more transparent business laws.
The UNDP is ademant that the Investment Law and the Enterprise Law prove to be landmark bills on the road to a better business climate in Viet Nam.
However, UNDP Country Director to Viet Nam Setsuko Yamazaki said a fair and truly transparent business environment would largely hang on the implementation of the two laws.
The project is aimed at raising the capacity of the working group on conducting the laws at central and local levels and is expected to be completed in 2010.-Enditem
Coffee growers target Chicago
HCM City (VNA) – Chairman of Viet Nam Coffee and Cocoa Association (VICOFA) Van Thanh Huy and Deputy Minister of Agriculture and Rural Development Luong Le Phuong met on Aug. 22 to discuss measures to list Vietnamese coffee enterprises on an international trading exchange.
The Ministry of Agriculture and Rural Development, Ministry of Foreign Affairs, Ministry of Industry and Trade and VICOFA will work together to list the coffee with the US Chicago Mercantile Exchange (CME).
The move would be the first step in ensuring a strong presence for Vietnamese coffee in the global market.
Besides negotiating with the international exchange, government officials will also work on developing exchanges in Viet Nam and increasing the prominence of other Vietnamese agricultural products in the global market.
CME will offer training in online trading to Vietnamese traders temporarily sent to Chicago. The CME experts will then train traders at Buon Me Thuot Coffee Exchange Centre.
Established in November 2004, the centre currently only sells coffee through traditional auction methods on a domestic scale.
Buon Me Thuot Coffee Exchange Centre will carry out its first online trading transaction with CME by March 2008 if all goes a planned, a Vietnamese official said.
Listed on CME, Vietnamese coffee enterprises will be strategically positioned to understand their customers’ needs and get the latest information about prices and quality, he added.
The success of the coffee trading exchange centres in Viet Nam and Chicago will offer a model for future trading of other products, such as tea, timber and animal feed.-Enditem
Swiss agro-industrial giant keen on coffee
Gia Lai (VNA) – The Louis Dreyfus Commodities Agro-industrial Company of Switzerland received a license to process and export coffee in Gia Lai province, the country’s coffee growing heartland in the Central Highlands.
The Swiss company will produce between 30-50 million tonnes of coffee during its operation life-span of 47 years.
It expects to earn between 50-100 million USD in profits and create approximately 100 jobs.-Enditem
Trade centre established in Germany
erlin (VNA) – A trade promotion centre that showcases Vietnamese businesseswas set up by overseas Vietnamese in Dreieich city, Germany, on August 24.
Attending the inaugural ceremony were Vietnamese Ambassador to Germany Tran Duc Mau and Chairman of the German-Asian Business Circle (DAW) Bodo Krueger.
Ambassador Mau said that the Viet Trade Centre Ltd., would serve as an economic-trade bridge between Vietnamese and German entrepreneurs and help boost the relationship between the two countries.
He also pledged to support German businesses that want to invest in Viet Nam.
For his part, DAW Chairman Krueger said the centre will act as a valuable source of information for German enterprises to study the business environment in Viet Nam.-Enditem
Indexes see slight increases
HCM City (VNA) - Both of the country's bourses in Ho Chi Minh City and Ha Noi experienced slight increases after the conclusion of the August 27 trading session.
The VN-Index at the HCM City Stock Exchange rose 3.59 points to finish at 909.07 points.
Today's session had 6.2 million shares worth nearly 543 billion VND change hands.
Binh Dinh Mining (BMC) continued topping the list of 51 shares that recorded gains by adding 25,000 VND onto its listed price to end at 544,000 VND. It was followed by the Sea & Air Freight Int'l (SFI) with a 9,000 VND spike and Tay Ninh Cable Car Tour's (TCT), 6,000 VND increase.
The Saigon Thuong Tin Commercial Joint Stock Bank still led the market in terms of transaction volume with nearly 1.3 million shares being traded.
The HaSTC-Index at the Ha Noi Securities Trading Centre rose by mere 0.15 points to finish at 250.3 points, but decreased in terms of transaction volume and value with 800,000 shares worth a total 80 billion VND changing hands. -Enditem
Green enterprises to get reward
Lam Dong (VNA) – A new programme pursuant to the Law on Biodiversity will reward enterprises that apply environmental protection measures with market credits or subsidies.
The Payment for Environmental Services system was the focus of a workshop presentation in the resort city of Da Lat last week that drew the participation of 70 Vietnamese officials and scientists along with representatives of the World Wildlife Fund and Bird Life.
The seminar was part of a larger initiative on the preservation of the unique biodiversity of the Dong Nai River basin that has been funded by the US Agency for International Development (USAID).
Viet Nam is listed as one of the top ten most important biodiversity areas in the world and its efforts to sustainably finance biodiversity conservation has been deemed crucial for broader benefit of the Asian continent.-Enditem
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Garment producers urged to take part in Source It Fair
Ha Noi (VNA) – The Viet Nam Textile and Apparel Association (Vitas) is calling on garment and textile businesses nationwide to attend Source It Fair, saying that this is a good chance for them to advertise their products to international customers.
The fair, which will be held in Shanghai, China, from October 29 to November 1, will offer Vietnamese producers an opportunity to seek materials from China, the world’s leading garment exporter, and other countries with an advanced textile industry.
During the fair, participants will visit several wholesales garment materials markets in China.
The fair is an initiative of the ASEAN Federation of Textile Industries (AFTEX) aiming to introduce ASEAN countries’ high-quality garments and textiles to potential customers and provide regional enterprises with cooperation opportunities.-Enditem
Cashew nut exports total 92.000 tonnes in eight months
HCM City (VNA) - Viet Nam exported 92,000 tonnes of cashew nuts in the first eight months of this year, fetching 375 million USD, completing almost 66 percent of this year's plan in volume and 67 percent in export value.
The US remained the biggest market of Vietnamese cashew nut, which imported almost 21,000 tonnes, worth more than 86 million USD, or about 33 percent of Viet Nam 's total cashew nut export in the first eight months of 2007. It was followed by China with 11,630 tonnes, worth nearly 43 million USD.
The price of cashew nut is expected to increase to 4,100 USD per tonne from 3,950 USD last year, according to the Viet Nam Cashew Association.
The Ministry of Industry and Trade, revealed that about 164 businesses nationwide are involved in cashew nut export, including 26 major businesses with annual export turnovers of more than 5 million USD.
In an effort to promote export in the remaining four months of this year, the Cashew Association plans to renew processing equipment and production organisation and import about 50,000 tonnes of raw cashew nut to be processed for export.-Enidtem
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Cambodia, Thailand, VN join hands in developing tourism
Phnom Penh (VNA) – Tourism officials from Cambodia, Thailand and Viet Nam have gathered in a meeting in Cambodia’s Sihanoukvile to look into ways to boost the development of tourism in the three countries’ common sea area.
Cambodia’s Secretary of State for Tourism Thong Khon said after the meeting that participants have agreed upon measures to strengthen cooperation among the three countries in order to turn their common sea area into an attractive tourism destination.
The meeting, an initiative of Cambodia, was held on August 24 under the sponsorship of the Asian Development Bank (ADB).
High on the agenda of the meeting were discussions on the training of human resources for sea tourism, linkage tours between tourism destinations in the three countries as well as the exchange of experience and tour operation management in the tourism sector.
The second meeting of its kind is scheduled to take place in Thailand in 2008.-Enditem
Ha Noi's small IPs attract large investment
Ha Noi (VNA) - Ha Noi granted investment licences to 50 projects worth nearly 680 billion VND (42.5 million USD) in three small and medium-sized industrial complexes over the past eight months.
Three operating projects were also permitted to add 153.5 billion VND to their investment capital.
Enterprises operating in the city's small and medium sized industrial zones have generated 425.9 billion VND in turnover and contributed to the state budget 11.9 billion VND in the January-August period.
Forty more projects are awaiting licences to invest a combined 400 billion VND in Ninh Hiep, Hapro, Mai Dinh-Soc Son and Soc Son industrial complexes.
Fifteen other operating projects in these areas are planning to increase investment capital by 120 billion VND.
By 2010, Ha Noi will build three more industrial complexes in the city's suburban districts of Soc Son, Dong Anh and Gia Lam.-Enditem
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Nation welcomes 2.8 million foreign holidaymakers
Ha Noi (VNA) - Travel companies estimated that they have catered for around 2.8 million foreign holidaymakers so far this year, 78 percent of whom came by air.
Visitors from Northeast Asia made up 33 percent of the foreign arrivals while those from Europe accounted for 16 percent, and North America , 13 percent, according to statistics provided by the National Administration of Tourism.
Tourism experts said Russian tourists spent more money on luxury services in Viet Nam than other foreign visitors. Their spending money is about 40 percent higher than the overall average of 800 USD per person during their stay in the country.
Last year, Viet Nam welcomed 3.58 million foreign visitors and earned a total of 3 billion USD in revenues, of which 50 million USD came from some 30,000 Russian visitors.-Enditem
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Coffee growers target Chicago
HCM City (VNA) – Chairman of Viet Nam Coffee and Cocoa Association (VICOFA) Van Thanh Huy and Deputy Minister of Agriculture and Rural Development Luong Le Phuong met on Aug. 22 to discuss measures to list Vietnamese coffee on an international trading exchange.
The Ministry of Agriculture and Rural Development, Ministry of Foreign Affairs, Ministry of Industry and Trade and VICOFA will work together to list the coffee with the US Chicago Mercantile Exchange (CME).
The move would be the first step in ensuring a strong presence for Vietnamese coffee in the global market.
Besides negotiating with the international exchange, government officials will also work on developing exchanges in Viet Nam and increasing the prominence of other Vietnamese agricultural products in the global market.
CME will offer training in online trading to Vietnamese traders temporarily sent to Chicago. After that the CME experts will train traders at Buon Me Thuot Coffee Exchange Centre.
Established in November 2004, the centre currently only sells coffee through traditional auction methods on a domestic scale.
Buon Me Thuot Coffee Exchange Centre will carry out its first online trading transaction with CME by March 2008 if all goes a planned, a Vietnamese official said.
Listed on CME, Vietnamese coffee enterprises will be strategically positioned to understand their customers’ needs and get the latest information about prices and quality, he added.
The success of the coffee trading exchange centres in Viet Nam and Chicago will offer a model for future trading of other products, such as tea, timber and animal feed.-Enditem
Green enterprises to get reward
Lam Dong (VNA) – A new programme pursuant to the Law on Biodiversity will reward enterprises that apply environmental protection measures with market credits or subsidies.
The Payment for Environmental Services system was the focus of a workshop presentation in the resort city of Da Lat last week that drew the participation of 70 Vietnamese officials and scientists along with representatives of the World Wildlife Fund and Bird Life.
The seminar was part of a larger initiative on the preservation of the unique biodiversity of the Dong Nai River basin that has been funded by the US Agency for International Development (USAID).
Viet Nam is listed as one of the top ten most important biodiversity areas in the world and its efforts to sustainably finance biodiversity conservation has been deemed crucial for broader benefit of the Asian continent.-Enditem
Swiss agro-industrial giant keen on coffee
Gia Lai (VNA) – The Louis Dreyfus Commoditeis Agro-industrial Company of Switzerland received a license to process and export coffee in Gia Lai province, the country’s coffee-Central Highlands.
The Louis Dreyfus Commodities Viet Nam company will produce between 30-50 million tonnes of coffee during its operation duration of 47 years.
It expects to earn between 50-100 million USD in profits and create in approximately 100 jobs.-Enditem
Garment producers urged to take part in Source It Fair
Ha Noi (VNA) – The Viet Nam Textile and Apparel Association (Vitas) is calling on garment and textile businesses nationwide to attend Source It Fair, saying that this is a good chance for them to advertise their products to international customers.
The fair, which will be held in Shanghai, China, from October 29 to November 1, will offer Vietnamese producers an opportunity to seek materials from China, the world’s leading garment exporter, and other countries with an advanced textile industry.
During the fair, participants will visit several wholesales garment materials markets in China.
The fair is an initiative of the ASEAN Federation of Textile Industries (AFTEX) aiming to introduce ASEAN countries’ high-quality garments and textiles to potential customers and provide regional enterprises with cooperation opportunities.-Enditem
Viet Nam-Cambodia ties focus on energy, mining and electricity
Ha Noi (VNA) – Viet Nam-Cambodia industrial cooperation will focus on energy, mining and electricity, according to the Ministry of Industry and Trade.
The ministry said Viet Nam has sold nearly 85 million kWh of medium-voltage electricity to Cambodia since 2002.
Under a contract signed between the Electricity of Cambodia (EDC) and the Electricity of Viet Nam (EVN) in 2002, Viet Nam will provide the neighbouring country with a maximum capacity of 200 MW as of 2009.
Viet Nam and Cambodia also signed a memorandum of understanding on developing feasibility studies for the 90MW Se San 1 and 420MW Se San 2 Hydropower Plants.
The Viet Nam National Coal-Mineral Industries Group (Vinacomin) has carried out surveys of bauxite mines in Mondulkiri province and iron ores in Stung Treng province.
The group is working with Cambodian companies to boost cooperation in exploring other minerals such as limestone, coal and metal.
In the oil and gas field, the two countries is promoting cooperation and joint studies in the Tole’Sap lake waters.-Enditem
Cashew nut exports total 92.000 tonnes in eight months
HCM City (VNA) - Viet Nam exported 92,000 tonnes of cashew nuts in the first eight months of this year, fetching 375 million USD, completing almost 66 percent of this year's plan in volume and 67 percent in export value.
The US remained the biggest market of Vietnamese cashew nut, which imported almost 21,000 tonnes, worth more than 86 million USD, or about 33 percent of Viet Nam 's total cashew nut export in the first eight months of 2007. It was followed by China with 11,630 tonnes, worth nearly 43 million USD.
The price of cashew nut is expected to increase to 4,100 USD per tonne from 3,950 USD last year, according to the Viet Nam Cashew Association.
The Ministry of Industry and Trade, revealed that about 164 businesses nationwide are involved in cashew nut export, including 26 major businesses with annual export turnovers of more than 5 million USD.
In an effort to promote export in the remaining four months of this year, the Cashew Association plans to renew processing equipment and production organisation and import about 50,000 tonnes of raw cashew nut to be processed for export.-Enidtem
Cambodia, Thailand, VN join hands in developing tourism
Phnom Penh (VNA) – Tourism officials from Cambodia, Thailand and Viet Nam have gathered in a meeting in Cambodia’s Sihanoukvile to look into ways to boost the development of tourism in the three countries’ common sea area.
Cambodia’s Secretary of State for Tourism Thong Khon said after the meeting that participants have agreed upon measures to strengthen cooperation among the three countries in order to turn their common sea area into an attractive tourism destination.
The meeting, an initiative of Cambodia, was held on August 24 under the sponsorship of the Asian Development Bank (ADB).
High on the agenda of the meeting were discussions on the training of human resources for sea tourism, linkage tours between tourism destinations in the three countries as well as the exchange of experience and tour operation management in the tourism sector.
The second meeting of its kind is scheduled to take place in Thailand in 2008.-Enditem
Ha Noi's small IPs attract large investment
Ha Noi (VNA) - Ha Noi granted investment licences to 50 projects worth nearly 680 billion VND (42.5 million USD) in three small and medium-sized industrial complexes over the past eight months.
Three operating projects were also permitted to add 153.5 billion VND to their investment capital.
Enterprises operating in the city's small and medium sized industrial zones have generated 425.9 billion VND in turnover and contributed to the state budget 11.9 billion VND in the January-August period.
Forty more projects are awaiting licences to invest a combined 400 billion VND in Ninh Hiep, Hapro, Mai Dinh-Soc Son and Soc Son industrial complexes.
Fifteen other operating projects in these areas are planning to increase investment capital by 120 billion VND. By 2010, Ha Noi will build three more industrial complexes in the city's suburban districts of Soc Son, Dong Anh and Gia Lam.-Enditem
Nation welcomes 2.8 million foreign holidaymakers
Ha Noi (VNA) - Travel companies estimated that they have catered for around 2.8 million foreign holidaymakers so far this year, 78 percent of whom came by air.
Visitors from Northeast Asia made up 33 percent of the foreign arrivals while those from Europe accounted for 16 percent, and North America , 13 percent, according to statistics provided by the National Administration of Tourism.
Tourism experts said Russian tourists spent more money on luxury services in Viet Nam than other foreign visitors. Their spending money is about 40 percent higher than the overall average of 800 USD per person during their stay in the country.
Last year, Viet Nam welcomed 3.58 million foreign visitors and earned a total of 3 billion USD in revenues, of which 50 million USD came from some 30,000 Russian visitors.-Enditem
Vietnamese embassy in Cambodia meets with press on National Day
Phnom Penh (VNA) - The Vietnamese embassy in Cambodia held a get-together with the Cambodian press in Phnom Penh on August 24 to mark Viet Nam's 62nd National Day (Sept. 2).
Khieu Kanharith, Minister of Information and spokesperson for the Cambodian government, and representatives of many media agencies were present.
Vietnamese Ambassador to Cambodia Nguyen Chien Thang spoke about the September 2, 1945 event and other historic events in Viet Nam over the past 62 years, particularly the great achievements of the Vietnamese people under the leadership of the Communist Party of Viet Nam since 1986.
The Vietnamese diplomat expressed his pleasure at the development of ties between the two countries under the joint sanctioned motto of "Good neighbourliness, traditional friendship and comprehensive and sustainable cooperation".
Speaking at the meeting, Minister Khieu Kanharith spoke of the significance of September 2, 1945 when Viet Nam 's declaration of independence was forwarded by late President Ho Chi Minh, establishing the Democratic Republic of Viet Nam, former name of the present Socialist Republic of Viet Nam.
Khieu Kanharith expressed his sincere thanks to Viet Nam for its assistance to Cambodia in all areas, including within the media and the press.
The Cambodian minister said that the two countries' media work has grown markedly of late and the two sides should promote exchanges to increase mutual understanding between the press circles of the two countries. -Enditem
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Leaders recieve more congratulations
Ha Noi (VNA) – Leaders of the State, the Government and the National Assembly of Viet Nam have received warm greetings on their re-elections by the 12th legislative from their counterparts from Cuba, Iran, Nigeria and Turkey.
First Vice President of the Council of State and the Council of Ministers of Cuba Raul Castro Ruz sent messages of congratulations to President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung.
Meanwhile, Deputy Prime Minister-cum- Foreign Minister Pham Gia Khiem received congratulations from Cuban Foreign Minister Felipe Perez Roque.
Iranian President Mahmoud Amadinejad and Nigerian President and Commander-in-Chief of the Armed Forces Umaru Musa Yar Adua cabled congratulatory messages to President Nguyen Minh Triet.
A congratulatory message was addressed to Deputy PM and Foreign Minister Pham Gia Khiem by Turkish Deputy Prime Minister and Foreign Minister Abdullah Gul.-Enditem
RoK to provide additional emergency aid to DPRK
Seoul (VNA) – The Republic of Korea (RoK) on August 24 announced an additional aid package worth 37.4 billion won (close to 40 million USD) in emergency funding for the Democratic People’s Republic of Korea (DPRK).
RoK Unification Minister Lee Jae-joung said that the RoK decided to provide cement, iron bars, trucks, fuel, road restoration equipment to help the DPRK overcome the affects of severe flooding that rocked the country.
The decision comes a day after the RoK made the first delivery of 7.1 billion won (7.5 million USD) in emergency aid to the DPRK.
Minister Lee was quoted by Yonhap news agency as saying that the delivery of the additional aid will start from mid-September.
Devastating floods have destroyed close to 14 percent of DPRK’s farmland, leaving more than 300 people dead and missing, and 300,000 people homeless. An estimated 46,580 homes of 88,400 families were either destroyed or damaged by the floods.- Enditem
Japan, India boost strategic partnership
Ha Noi (VNA) - Japanese Prime Minister Shinzo Abe and his Indian counterpart Manmohan Singh have adopted a ''road map'' for stronger bilateral ties.
The signing of a joint statement on the road map was made in India after August 22 talks between the two prime ministers. The road map adopted is designed to realise the strategic and global partnership the two leaders agreed on during PM Singh’s Tokyo visit last December.
The two leaders also signed agreements on environmental protection and energy security.
They called for wrapping up negotiations on a bilateral free trade agreement as soon as possible, and agreed to work toward doubling bilateral trade to 20 billion USD over the coming three years.
Japan is the fifth largest investor in India with its total investment to the country since 1991 reaching 2.58 billion USD. The number is expected to surge to 5 billion USD within the next three years.-Enditem |
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RoK sends emergency flood aid to DPRK
Seoul (VNA) – The Republic of Korea (RoK) on August 23 made the first delivery of 7.1 billion won (close to 7.5 million USD) worth of emergency aid to the Democratic People’s Republic of Korea to help the country recover from severe flood damage.
About 40 truckloads of instant noodles, blankets, emergency kits and mineral water were delivered to the border town of Kaesong via a reconnected road in the western section of the Korean Peninsula.
The aid shipment will be completed by the end of this month, RoK’s Yonhap news agency reported.
Devastating floods are believed to have destroyed close to 14 percent of DPRK farmland, leaving more than 300 people dead and missing, and 300,000 people homeless. An estimated 46,580 homes of 88,400 families were either destroyed or damaged by the floods.-Enditem |
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State Bank firm on interest rate policy
Ha Noi (VNA) - State Bank of Viet Nam (SBV) executives have ruled out any changes in the interest rates till the end of the year amidst a trend towards increasing interest rates among the country's commercial banks.
Nguyen Danh Trong, Deputy Head of the Monetary Policy Department under the SBV, said at an internal meeting on August 24 that it is unreasonable for commercial banks to take the SBV’s adjustment of compulsory reserves ratios as a reason for increasing their interest rates.
The SBV has only increased the compulsory reserves ratios from five to 10 percent for savings deposits with terms shorter than 24 months while no reserve ratio is required for saving deposits with terms longer than 24 months.
“The decision aims to limit short-term savings deposits and encourage long-term savings in a move to ensure sustainability and security for loans,” the monetary expert said.
Trong said basic monetary targets enjoyed gains in August such as savings deposits increasing by 2 percent and loans disbursement by 2.02 percent.
The Vietnamese dong and dollar exchange rate in August increased by 0.7 percent compared to July and 1.21 percent from January.
The senior SBV official announced four major policies for the year's end, that include reducing the purchase of foreign currencies, adjusting the Vietnamese dong-US dollar exchange rates in order to promote exports, stablising interest rates and using professional tools to enable commercial banks to retrieve debts.-Enditem
PM: RoK businesses welcomed
Ha Noi (VNA) – The Vietnamese Government fully supports the Keangnam group’s plan to build the tallest hotel-office-apartment complex in the capital city of Ha Noi, and also welcomes other projects from the Republic of Korea (RoK).
Prime Minister Nguyen Tan Dung made the remark during his reception on August 24 for RoK National Assembly Deputy Speaker Lee Yong-hee and a delegation of RoK businessmen, that arrived in Viet Nam for a ground-breaking ceremony for the Keangnam group’s building.
Praising the rapid and sustainable economic growth of Viet Nam, Lee said the RoK appreciated Viet Nam’s potential, expressing hope that a greater number of RoK businesses will invest in the country.
The Keangnam, one of the RoK's largest construction groups, will pour 1.05 billion USD into building a hotel-office-trade centre complex which includes three separate buildings, with one 70-storey tower and two 47-storey towers.
The complex is expected to be completed to mark the 1,000th birthday of Ha Noi in 2010.-Enditem
US Commerce department reviews anti-dumping tariffs on Vietnamese exporter
Ha Noi (VNA) – The US Department of Commerce (DoC) has started to review anti-dumping tariffs on tra and basa catfish exports to the US by Vinh Hoan Ltd. Co. after reshuffled into a joint stock company, according to the Viet Nam Association of Seafood Exporters and Processors (VASEP).
Based on documents provided by Vinh Hoan on its change of operation model, the DoC announced that the Vinh Hoan Joint Stock Company has inherited the interests of Vinh Hoan Ltd. Co. in its preliminary decision.
The company's deposited bond amounts that are calculated by the US Customs and Border Protection (CBP) for Vinh Hoan earlier will be applied for all future exports of tra and basa catfish fillets to the US by Vinh Hoan Joint Stock Company.-Enditem
Internet banking starts up in Lang Son
Lang Son (VNA) - The Viet Nam Bank of Industry and Commerce (Incombank) will introduce Internet banking for cross-border trade payment in northern Lang Son province, replacing the labouring manual paper work that was used before. The service, to be applied in the province for the first time, was introduced on August 24 by Incombank and its partner from China's Guangxi province. The new service will help reduce payment duration from two days to one hour for any payment orders in either Viet Nam dong or Chinese yuan. Payment fees are also 30 percent lower than the rates for payments in US dollar.-Enditem
Asia Commercial Bank launches new ATM card
HCM City (VNA) – The Asia Commercial Bank (ACB), a leading joint stock commercial bank in the country, on August 24 launched a new payment service, the ATM2+ card, which allows cardholders to make payment at any point of sales that accept VISA cards as well as withdraw cash from ATMs bearing the VISA trademark.
From August 24-December 31, ACB will exempt issuance charge and annual fee of the first year for new ATM2+ card subscribers.
ACB expects to issue 50,000 ATM2+ cards by the end of this year.-Enditem
APEC unveils aid package for disaster-hit regions
Sydney (VNA) – Representatives from member countries and territories of the Asia Pacific Economic Cooperation (APEC) forum have unveiled a multi-million dollar aid package for disaster-hit regions.
During the three-day meeting of the APEC Task Force for Emergency Preparedness, which concluded in the northern Australian city of Cairns on August 23, participants also looked into ways to reduce the damage caused by natural disasters and to speed up emergency response services after a disaster strikes.
Australian officials said that in 2005 the overwhelming majority of those killed from natural disasters were in the APEC region. Seven in 10 of those killed by storms, earthquakes and tsunamis since 2000 lived in APEC member countries and territories.
Australia will contribute an extra 12 million USD to help with regional disaster relief and management.
Australia's largest city, Sydney, will hold the annual APEC Economic Leaders' Meeting in early September.- Enditem
Thai King endorses new constitution
Ha Noi (VNA) – Thai King Bhumibol Adulyadej has endorsed the country’s new constitution, according to President of the Constitution Drafting Assembly Noranit Settabutr on August 24.
King Bhumibol Adulyadej signed the 2007 Constitution after Noranit and Meechai Ruechupan, President of National Legislative Assembly, submitted the new charter to the monarch for royal endorsement at the King's Bangkok residence Chitlarada Palace.
The new constitutional draft won public approval by a 57.8 percent margin in the country's first-ever national referendum on August 19.
The new charter will take effect a day after it is to be published in the Royal Gazette, according to Noranit. –Enditem |
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One more bird flu suspect found in Indonesia
Ha Noi (VNA) – Another bird flu suspect was found on the Indonesia’s resort island of Bali on August 24.
The suspect, identified as one-and-a-half-year-old infant Ni Putu Aprilia Dewi, is currently being treated at the Sanglah hospital in Denpasar, the Jakarta Post reported.
Bird flu outbreaks on Bali have claimed the lives of two people, bringing the country’s total death toll from the disease to 84.-Enditem
ASEAN ministers discuss economic integration
Ha Noi (VNA) - ASEAN economic ministers on August 24 began to work out details on how to speed up the economic integration and hasten ASEAN negotiations on free trade areas.
Addressing the annual meeting of the Association of Southeast Asian Nations (ASEAN)’s economic ministers in Manila, the Philippines, the host Trade Minister Peter Favila said it is now time for the member countries of the regional bloc to build the ASEAN Economic Community.
The ministers are to approve on August 25 a final draft of the ASEAN Economic Community Blueprint, a document that will chart the steps the ASEAN countries will take to make the bloc an economic community within eight years.
ASEAN leaders are scheduled to adopt the blueprint at their summit in Singapore in November. –Enditem |
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China calls for more cooperation among Asian media
Beijing (VNA) – A senior Chinese leader on August 23 called for more cooperation among Asian media to deliver the "voice of Asia" better throughout the world.
"China hopes to improve the cooperation with Asian media groups and increase the voice of Asia in the international community,” said Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, in a meeting with media representatives from ten member countries of the Association of Southeast Asian Nations (ASEAN), and Japan and the Republic of Korea (ROK).
The media representatives were in Beijing from August 21 to 23 for the first ASEAN+3 media cooperation forum, held at the suggestion of Chinese Premier Wen Jiabao at the 10 th ASEAN+3 summit held in January in the Philippines.-Enditem
China, Laos sign six cooperation deals
Beijing (VNA) – China and Laos have inked six deals to step up cooperation in various fields including food safety, loans and flight programmes.
The six deals were reached on August 23 after an hour-long meeting between Chinese Premier Wen Jiabao and visiting Lao Prime Minister Bouasone Bouphavanh at the Great Hall in Beijing.
During the talks, Premier Wen suggested the two countries enhance mutually beneficial cooperation, especially in areas like agriculture, infrastructure, energy and mining, China’s Xinhua news agency reported.
The Chinese leader also pointed to the importance of accelerating Mekong River subregional cooperation and intensifying the fight against transnational crimes.
Meanwhile, Lao PM Bouasone praised the sound cooperation between Laos and China on education, personnel training, health care, and the battle against cross-border crimes.
PM Bouasone arrived in Beijing on August 22 for a week-long visit to China, his first official visit to the country since taking office in June, 2006.- Enditem |
Japan, Malaysia agree to boost economic relations
Ha Noi (VNA) – Visiting Japanese Prime Minister Shinzo Abe and his Malaysian counterpart Abdullah Ahmad Badawi on August 24 agreed to widen bilateral ties in the economy and human resources, and to boost security cooperation.
During their talks in Kuala Lumpur, the Malaysian prime minister supported a proposal by PM Abe to set a goal of halving global greenhouse gas emissions by 2050.
The two leaders pledged to up joint efforts to tackle regional and international challenges, while further expanding their countries' ties in human resource development and close economic relations.
They called for a prompt conclusion of a regional free trade agreement between Japan and the Association of Southeast Asian Nations.
Since the Japan-Malaysia FTA took effect in July last year, bilateral trade has topped double-digit growth and Japanese investment in Malaysia has increased roughly fivefold.
On the occasion, PM Abdullah called for deeper Japanese involvement in developing economic zones in Malaysia 's southern and northern regions.-Enditem
Myanmar, Japan to set up earthquake warning system
Ha Noi (VNA) – Myanmar and Japan are joining forces to build an early warning earthquake system in Myanmar by setting up a seismographic network and record centre in the country.
The cooperation agreement will be made between the Department of Meteorology and Hydrology (DMH) of Myanmar and the Japan International Cooperation Agency JICA), the official newspaper New Light of Myanmar reported on August 24.
Meanwhile, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) will also help Myanmar develop an early warning system for Tsunami and other natural disasters.
Tsunami data from the regional early warning centre, already set up in the Indian Ocean, will be received by Myanmar 's early warning centre through a global telecommunications system.-Enditem
ASEAN agrees to establish nuclear safety caucus
Ha Noi (VNA) – Energy ministers from the Association of Southeast Asian Nations (ASEAN) have agreed to set up a caucus on nuclear energy safety as more countries in the region pursue nuclear energy programmes.
The ministers endorsed Singapore's proposal for a Nuclear Energy Safety Subsector Network Agreement at their 25 th annual meeting held in Singapore on August 23.
The agreement is likely to be signed at the next meeting in Bangkok. Details on the terms of reference and composition for a working group on nuclear energy safety will be thrashed out after the Singapore meeting.
The working group will also explore the pros and cons of expanding nuclear power usage in ASEAN, which comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam .
ASEAN energy ministers are also inking a memorandum on power grid cooperation, focusing on the electricity trade.
The ministers are expected to meet with their counterparts from China, Japan, and the Republic of Korea in the evening of the day. -Enditem |
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PM pushes for closer ties with Venezuela
Ha Noi (VNA) - Prime Minister Nguyen Tan Dung has urged relevant agencies of Viet Nam and Venezuela to be more active to deliver on bilateral cooperation projects, particularly in oil and gas exploitation.
The government leader made the call while receiving the newly accredited Venezuelan Ambassador to Viet Nam, Jorge Rondon Uzcategui, in Ha Noi on August 24.
”Viet Nam is keen to cooperate with Venezuela in industry, agriculture and aquaculture,” he said.
PM Dung singled out Venezuelan President Hugo Chavez’s visit to Viet Nam last year and Party General Secretary Nong Duc Manh’s trip to Venezuela in May, 2007, as important milestones in further promoting relations between the two nations.
Ambassador Jorge Rondon Uzcategui said that cooperation projects in oil and gas exploration have proven to be a solid foundation to expand cooperative ties to other areas.
The diplomat said Venezuela President Hugo Chavez has been keen on Viet Nam’s development and is eager to visit the Southeast Asian country again.-Enditem
National Politics - Administration Academy to train leaders, managers
Ha Noi (VNA) – Prime Minister Nguyen Tan Dung has urged the Ho Chi Minh National Politics and Administration Academy to modernize its curriculum to train qualified officials for the political system.
In his working session with the Academy on August 24, PM Dung said in the country’s development, key officials must have deep political knowledge as well as administrative management capability.
He also called on the institution to strengthen its research work in political theory and administrative management.-Enditem
Sudanese chief of joint staff wraps up Viet Nam visit
HCM City (VNA) - Gen. Haj Ahmed El Gaili, Chief of Joint Staff of the Sudanese Armed Forces, left Ho Chi Minh City on Aug.24, concluding an official friendship visit to Viet Nam .
During the visit, Gen. Haj Ahmed El Gaili and his delegation was received by Deputy Prime Minister Truong Vinh Trong, Defence Minister Phung Quang Thanh.
The Sudanese military delegation also hold talks with a delegation from the Viet Nam People’s Army (VPA), paid a courtesy visit to leaders of the commands of Military Zones 5, 7 and Navy Zone 3. The delegation visited a vocational school, a traditional medicine institute and two factories of the VPA.
The Sudanese officers, made a sightseeing tour of Ha Long Bay, Ha Noi and Ho Chi Minh City.-Enditem
Deputy FM visits Ecuador for broad talks
Ha Noi (VNA) – Deputy Foreign Minister Le Van Bang held talks with his Ecuadorian counterpart Rafael Paredes in which a focus was placed on culture, science and technology, tourism, oil and gas, agriculture, fisheries and consumer goods production.
While in Ecuador from August 19-21, Bang was received by Minister of Foreign Affairs, Trade and Integration Maria Fernanda Espinosa and held working sessions with representatives of the Ecuadorian Ministry of Foreign Affairs and Petroleum and the Ecuadorian Petroleum Group (PetroEcuador).
Ecuadorian governmental officials said that have been eager to broaden the Ecuador-Viet Nam relationship and have backed the Southeast Asian nation’s candidacy for a non-permanent seat on the United Nations Security Council on the 2008-09 term.
During his three-day visit, Deputy FM Bang and Minister of Foreign Affairs, Trade and Integration Maria Fernanda Espinosa signed an agreement on visa exemption for diplomatic and official passport holders of the two countries.-Enditem
Party delegation on Laos visit
Ha Noi (VNA) – A delegation of the Inspection Commission of the Communist Party of Viet Nam (CPV) Central Committee, headed by its Chairman Nguyen Van Chi has been on a working visit to Laos from August 21-24.
The Vietnamese delegation had a working session with a delegation of the Inspection Commission of the Lao People’s Revolutionary Party (LPRP) Central Committee, headed by Asang Laoly, Deputy Prime Minister and Chairman of the commission.
The two sides exchanged experiences and achievements in Party inspection works, especially the implementation of resolutions of the CPV’s 10th Congress and the LPRP’s 8th Congress.
They highly appreciated cooperation and mutual assistance between the two Party inspection agencies, describing them as an evidence of close cooperation between the two parties, and people, as well as Party inspectors.-Enditem
State President receives greetings from RoK
Ha Noi (VNA) - State President Nguyen Minh Triet has received a congratulatory message from his counterpart Roh Moo Hyun of the Republic of Korea on his re-election to the office at the 12th National Assembly.
Nguyen Minh Triet, 65, was elected State President of the Socialist Republic of Viet Nam at the ninth session of the 11th National Assembly.-Enditem
Viet Nam tries to implement “One UN Initiative”
Ha Noi (VNA) - State Bank of Viet Nam (SBV) executives have ruled out any changes in the interest rates till the end of the year amidst a trend towards increasing interest rates among the country's commercial banks.
Nguyen Danh Trong, Deputy Head of the Monetary Policy Department under the SBV, said at an internal meeting on August 24 that it is unreasonable for commercial banks to take the SBV’s adjustment of compulsory reserves ratios as a reason for increasing their interest rates.
The SBV has only increased the compulsory reserves ratios from five to 10 percent for savings deposits with terms shorter than 24 months while no reserve ratio is required for saving deposits with terms longer than 24 months.
“The decision aims to limit short-term savings deposits and encourage long-term savings in a move to ensure sustainability and security for loans,” the monetary expert said.
Trong said basic monetary targets enjoyed gains in August such as savings deposits increasing by 2 percent and loans disbursement by 2.02 percent.
The Vietnamese dong and dollar exchange rate in August increased by 0.7 percent compared to July and 1.21 percent from January.
The senior SBV official announced four major policies for the year's end, that include reducing the purchase of foreign currencies, adjusting the Vietnamese dong-US dollar exchange rates in order to promote exports, stablising interest rates and using professional tools to enable commercial banks to retrieve debts.-Enditem
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