Provinces on “red alert” for forest fires
Hanoi (VNA) - The Ministry of Agriculture and Rural Development's Forest Management
Department lifted the fire risk to Level 5 - the highest – in 13
provinces that have seen little rainfall, high temperatures and low
humidity during the past days.
Prolonged dry spell has already raised forest fire risks to extremely high levels in 34 provinces throughout the country, officials have said.
Twenty-one other provinces have also been warned about the high risk of forest fires, at Level 4, the department said.
The department on March 1 detected dozens of fires across the country and asked local forest managers to examine whether they were forest blazes or residents’ slash-and-burn farming.
Also on March 1, the steering committee for forest protection, fire prevention and control dispatched an urgent note to People’s Committees of provinces and centrally-run cities to instruct their forest management branches to keep a close watch on fire-prone forests and stamp out any blaze to curb its wide spread.-Enditem
Nearly 500 mln USD for preventing water losses
Hanoi (VNA) – The Ministry of Construction will invest around 9.4 trillion VND (495 million USD) in a programme to prevent clean water losses in 2010.
The money will come from the State budget, official development assistance (ODA) and commercial loans.
The programme will focus on raising public awareness of water using and improving the management capacity for local authorities and water suppliers as well as perfecting mechanisms and policies on water loss prevention.
In addition to saving clean water and increasing water supply efficiency, the programme aims to reduce costs and improve the quality of water and supply services.-Enditem
BUSINESS
Vinafoof 1 wins new bid to sell rice to Iraq
HCM City (VNA) – The Northern Food Corporation (Vinafood 1) has won a bid to sell 90,000 tonnes of 5 percent broken rice to Iraq, according to a statement made by the company on March 1.
The new bid brings the total amount of rice to be exported by Vinafood 1 to Iraq between March and May to 150,000 tonnes.
In October 2009, Vinafood 1 and the Vietnam-Iraq joint venture specialising in rice processing and exports won another bid to export 60,000 tonnes of high-quality rice to Iraq . The new bid is expected to help the company purchase more paddy from the winter-spring crop at higher prices from local farmers.
Members of the Vietnam Food Association (VFA) are scheduled to meet in southern An Giang province on March 2 to discuss plans to promote rice exports in 2010.
VFA said Vietnam exported only 350,000 tonnes of rice in February, which was a drop of 45 percent from the same period last year.
Export rice contracts have decreased recently as importers were waiting for a price reduction.
“However, export potential is still brighter than it was at the end of last year,” said VFA’s vice chairman Phan Van Bay.
“ Vietnam will execute the contract to ship 1.85 million tonnes to the Philippines in the coming months.
The Philippines will also purchase 600,000 tonnes by the end of March and 200,000 tonnes will be purchased by private companies,” he said.
Recently, the Prime Minister directed the Ministry of Finance to buy 50,000 tonnes of rice for the national food reserve in 2010 and to stabilise the price on the market.
On Feb. 25, the VFA also asked its 30 members enterprises to purchase 1 million tonnes to put in reserves to stabilise the price of rice in the Mekong Delta region.-Enditem
State bank removes lending cap
Hanoi (VNA) – The State Bank of Vietnam has removed the interest-rate cap on medium- to long-term loans, a move expected to end a two-year struggle by banks to maintain liquidity.
It is also expected to bring an end to unlawful lending practices that had banks charging above the interest-rate cap to improve their profit margins.
“Interest rates will increase but the increase will be controlled,” said national Monetary Policy Advisory Council member Cao Si Kiem. “Supply and demand for capital will meet each other at a point of real value and help create stable factors for credit growth.”
The change would also signal sound policy management and indicate a socialist-oriented market economy.
But removal of the cap also comes with worries about the higher cost for credit among enterprises.
As anonymous sources, who asked that their banks in Hanoi not be identified, told Vietnam News their contract interest for institutions now ranged from a yearly 14-18 percent, up 6 percentage points against Feb. 26 when it was 12 percent.
“An average lending interest of 17 percent coupled with price increases for gas, electricity, water and even wages, will challenge enterprises,” warned Asia Food Co general director Nguyen Van Tan.
“I’m not sure small and medium enterprises can bear such high prices for long,” he said.
ACB Computer Co general director Nguyen Ba Anh said; “We need capital so we will have a rare chance to negotiate interest with banks while ignoring how much it costs”.
“Personally I think that not many small and medium enterprises could raise new loans at new rates without having difficulties with production or business.”
Some economists were reminded of late 2007 when the price for goods escalated and the central bank had to apply the brakes to the money supply after inflation hit a 10-year high of 12.63 percent. So while approving the central bank’s decision, Cao Si Kiem warned of high pressure to use monetary policy to control inflation. The central bank’s decision allows negotiated interest rates for mid- to long -term business and investment loans an short- mid - to long- term loans for bank cards.-Enditem
Furniture expo to open next week
HCM City (VNAS) – Some 150 local and foreign enterprises are taking part in the Vietnam International Furniture & Home Accessories Fair 2010 (VIF 2010) which will take place from March 11 to 14 at Saigon Conventional & Exhibition Centre in HCM City ’s district 7.
The organiser of the annual event, the Handicraft and Wood Industry Association of HCM City (HAWA), said foreign companies from HCM City as well as Binh Duong, Binh Dinh, Dong Nai, Hanoi, Long An, Gia Lai and An Giang provinces will exhibit their products and services at 600 booths at the fair.
VIFA has welcomed the participation of those enterprises specialising in wood processing and manufacturing machinery, tools accessories, equipment and quality control services from China , Hong Kong , Malaysia , Singapore and the UK , according to HAWA chairman Nguyen Chien Thang.
Addressing a press meeting on Feb.27, Thang said: “The year 2010 will mark the official joining of VIFA 2010 in the International Furniture & Home Deco fairs for the seven members of the ASEAN Furniture Industry Council (AFIC), from Feb. 3 to Mar. 14 of this year.
AFIC members are Indonesia , Malaysia , Myanmar , the Philippines , Singapore , Thailand and Vietnam .
Thang said joining the AFIC fairs would better benefit the wood industries of all members, and make VIFA 2010 better known among potential buyers and importers, such as those from Japan , the US and other European countries.
The organiser has received registrations from nearly 1,000 furniture import companies from 67 countries and territories, including those from Australia , the US , the UK Canada, Germany , Japan , New Zealand , India and Hong Kong . Most of these visitors aim to seek new partners and suppliers.
VIFA 2010 also includes business activities and worshops ad seminars such as Furniture Industry in Germany : The Crisis is Over or Are Times Getting Harder? by the editor-in-chief of Moebel Mark magazine, New Technology in Finishing Wood Products by Bayer Vietnam, and Legal and Environment Requirements of EU and US Furniture Markets by Vietnamese-Germany Forestry Cooperation Programme (GTZ).-Enditem
Techcombank’s ATM services expand
Hanoi (VNAS) – As of March 1, customers can use Techcombank ATM cards to take at all ATM machines belonging to Vietnambank card (VNBC).
The Techcombank ATM system is already connected with Smartlink and Banknetvn in order to provide banking services to its customers at ATM machines.-Enditem
Markets bound into new month
Hanoi (VNA) – March came in like a lion on the domestic stock exchange – or at least like a healthy tomcat – as the VN-Index began the new trading month on March 1 with a gain of 1.23 percent, bringing the nation’s leading share index back above the psychologically important 500 mark to a close of 503.01 points.
The value of the day’s trades on the HCM Stock Exchange totalled 1.25 trillion VND (65.8 million USD), as trading volume continued to pick up steam, reaching a total of 34.4 million shares. Sacombank (STB) was the most active share, with 3.5 million traded, although Vinh Son – Song Huynh Hydro-power (VSH) made an impressive showing, with a volume of 2.6 million shares.
On the Hanoi Stock Exchange, the HNX-Index charged into the new month by an even more impressive 2.37 percent, ending the session at 166.68 points. Value reached a total of 629.6 billion VND (33.1 million USD) on a volume of 19.5 million shares, 40.2 percent heavier than Friday’s volume.
Kim Long Securities (KLS) was again the most active share on the northern market, with 4.25 million changing hands. The firm announced on March 1 that it would pay a 3.5-percent cash dividend on 2009 profits, with March 10 the deadline for shareholders to participate.-Enditem
Asia remains Vietnam’s major rice market this year
Hanoi (VNA) – Asia continues to become the potential market of Vietnam’s rice exports this year, especially Malaysia and the Philippines, according to the Vietnam market analysis and forecast joint stock company.
In 2009, Vietnam’s rice exports to other Asian countries accounted for 61.68 percent of the country’s rice export turnover with more than half of the Asia’s market share belonging to the Philippines, which was followed by Malaysia with 9 percent.
A recent report released by the US Department of Agriculture stated that Asia’s demand for rice imports will stand at 14.8 million tonnes in 2010, a year-on-year increase of 7 percent over 2009.
The main import markets include Iraq, Bangladesh, the Philippines, Saudi Arabia, Indonesia and Malaysia, the report said.-Enditem
US firm expands agent network with Vietnamese partner
Washington (VNA)- The US 's MoneyGram International, a leading global money transfer company, has announced a significant expansion of its money transfer services in Vietnam as Sacombank joins the company's agent network, adding 253 countrywide locations.
" Vietnam is a leading recipient of global remittances and a country of significant focus for MoneyGram in 2010," said John Hempsey, MoneyGram's executive vice president of Europe, the Middle East, Africa and Asia Pacific.
He added that: "As consumers seek greater value, our latest expansion will provide highly convenient money transfer services and more choices for consumers to collect MoneyGram money transfers from a leading remittance organisation, including their current trusted bank location."
Approximately 7 billion USD in remittances arrive in Vietnam each year, primarily from the United States and Canada , according to the World Bank’s estimates.
Nick Cunnew, MoneyGram's senior regional director of Asia Pacific and South Asia , explained, "Many Vietnamese are sending funds home to invest with preferred financial institutions as well as to support family. By adding our services to a financial institution already known as a remittance leader, consumers have a compelling reason to try our brand and discover the value of MoneyGram's services, including low fees and convenient and reliable agent locations."
Previously, Dong A Bank joined MoneyGram's agent network and in addition to providing MoneyGram money transfer services at its 130 branch locations, the bank also offers the added convenience of home delivery for MoneyGram. Customers in Vietnam can collect their funds at a home or business with Dong A's delivery service.
" Vietnam has unique remittance needs and we aim to provide our money transfer services in all the ways our consumers desire to receive funds. We recently added money transfer services to mobile phones in the Philippines and we look forward to bringing greater convenience to remittances in Vietnam with our future network developments," said Hempsey.-Enditem
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