President Triet’s activities in Saudi Arabia

Having briefed participants about Vietnam ’s achievements in its national construction and development process, President Triet said that Vietnam wants to develop its friendly and cooperative ties with the Gulf countries, including Saudi Arabia . 

Vietnam considers Saudi Arabia one of its leading partners and will do its utmost to nurture and expand the bilateral friendship and cooperation, he stressed. 

The leader informed the council on the results of his earlier talks with King Abdullah Bin Abdul Aziz Al Saud, saying the two sides agreed to step up friendly and cooperative relations, increase the exchange of visits at all levels, and continue cooperation at regional and international forums. 

Vietnam and Saudi Arabia will focus on promoting strategic cooperation in energy and food security and boosting trade and investment ties toward the target of 1 billion USD in two-way trade within the next 2-3 years and facilitating the flows of Vietnamese and Saudi Arabia goods in Southeast Asia and the Gulf region, President Triet said. 

The two sides agreed to strengthen relations between Southeast Asian and Gulf nations, first speeding up negotiations for the signing of a free trade agreement between the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC). 

Vietnam will also send more workers to Saudi Arabia and work closely with the country to build legal frameworks to ensure fruitful cooperation and development in both countries. 

Regarding the Middle East’s peace, President Triet said Vietnam always supports and treasures peace in the region and the world at large. During its term of office as a non-permanent member of the UN Security Council, Vietnam actively contributed to the council’s resolutions aimed at maintaining peace and stability in the region and the world, especially in the Middle East , he elaborated. 

The leader said Vietnam also advocates the resolutions adopted by the Arab League for the sake of a peaceful and stable Middle East , where regional nations develop together. 

President Triet expressed his hope that, in its capacity as an advisory body of the King, the Ash Shura Council will work harder for the friendship and cooperation between Saudi Arabia and Vietnam . He also proposed the council beef up its relationship with the National Assembly of Vietnam and soon set up a channel to share experiences. 

Also on April 11, President Triet received Finance Minister Ibrahim Bin Abdullaziz Al-Assaf, Minister of Agriculture Fahad Bin Abdulrahman Balgonaim, Minister of Industry and Trade Abdullah Bin Ahmad Zainal, and Governor of the Saudi Arabian General Investment Authority Amr Bin Abdullah Al-Dabbagh. 

At the meetings, President Triet affirmed that Vietnam always attaches importance to and highly values the great role of Saudi Arabia in the region and the world as well. 

Vietnam makes it an important priority in its foreign policy towards the Middle East to speed up multi-faceted cooperation with Saudi Arabia , especially in oil and gas, agriculture, investment, trade and labour, he said, adding that Vietnam will create favourable conditions for Saudi Arabian businesses to invest in the country. 

President Triet suggested that the two sides should take advantage of each other’s competitive edges to boost the trade of essential goods. 

Vietnam may export to Saudi Arabia such commodities as garment, footwear, agricultural and aquatic products, electronics and construction materials while importing oil and gas, and chemicals from the Middle East nation, he said. 

Vietnam , which boasts experiences in agriculture, is ready to help Saudi Arabia improve the quality of production and ensure long-term food security, he added. 

Concurring with President Triet, the Saudi Arabian officials said that Saudi Arabia and Vietnam should boost the trade of goods, especially agricultural and industrial products as their economies share many similarities. 

Taking into account the vast opportunities available in Vietnam and the number of Saudi Arabian businesses wanting to invest in the Southeast Asian country, the two governments should work to early sign an investment encouragement and protection agreement in order to further strengthen economic-trade and investment ties between Saudi Arabia and Vietnam , they suggested. 

Minister of Agriculture Abdullah Bin Abdul Aziz Saud said this year he will lead a delegation of agricultural experts to Vietnam . 

He added that King Abdullah Bin Abdul Aziz Al Saud has issued a decision on overseas agricultural investment and his ministry is building joint venture projects with Vietnam in this field

Vietnam attentive to developments in Thailand

Hanoi (VNA) – Vietnam , as a neighbour of Thailand and an ASEAN member as well as the current ASEAN Chair, pays great attention to the complicated developments in Thailand at present, said Foreign Ministry spokeswoman Nguyen Phuong Nga. 

In an announcement issued on April 11, the spokeswoman said, “Vietnam wants concerned parties to restrain themselves, avoid the use of violent actions and address issues through peaceful dialogues in order to soon stabilise the situation in Thailand”.

OVs in Canada urged to contribute more to homeland

Ottawa (VNA) – The Vietnamese Ambassador to Canada held a meeting with representatives of around 50,000 overseas Vietnamese who are living and working in Montreal on April 10. 
Ambassador Le Si Vuong Ha called on overseas Vietnamese intellectuals and businesspeople in Montreal in particular and in Canada in general to actively contribute to the development of the homeland. 
He said that would also help strengthen the great national unity and consolidate the friendship between Vietnam and Canada . 

The ambassador applauded recent practical activities made by the Vietnamese community in Motreal for their homeland. 

Representatives of OVs intellectuals and businesspeople in Motreal briefed a the ambassador on the operations of the Canada-Vietnam education network, the Vietnamese intellectuals and businesspeople association in Canada , and the Canada-Vietnam support fund. 


They affirmed that they are willing to serve as a bridge to boost educational, cultural and economic relations between Vietnam and Canada . 
Ambassador Ha, who recently took office, also met with representatives of Vietnamese communities in Ottawa and Toronto。

Overseas Vietnamese in France hold 12th congress

Paris (VNA) - The Association of Overseas Vietnamese in France convened its 12 th congress in the capital city of Paris on April 10. 

Deputy Foreign Minister Nguyen Thanh Son, Head of the State Committee for Overseas Vietnamese, and Vietnamese Ambassador to France Le Kinh Tai joined more than 200 delegates at the event. 

Deputy Prime Minister and Foreign Minister Pham Gia Khiem and President of the Vietnam Fatherland Front Central Committee Huynh Dam sent letters to congratulate the congress. 

The delegates reviewed the association’s activities over the past three years, discussed operation plans of its chapters, and elected a new executive board for the 2010-2013 term, with Nguyen Van Ky Therese as its head. 

This year’s congress saw the attendance of a large number of young people, who are second and third generations of overseas Vietnamese, and students from Vietnam studying in France . 

Established in 1919, the association made considerable contributions to the home country’s past struggle for national independence as well as its current construction and development. 

It has also joined hands with the whole Vietnamese community in France to support its members and worked as a bridge to strengthen the friendship and comprehensive cooperation between Vietnam and France .

124 children to receive free heart surgeries in Phu Yen

Phu Yen (VNA) – Some 124 children suffering from congenital heart defects in the central province of Phu Yen will receive free surgeries, each worth over 50 million VND, this summer.

The children were selected from 379 child heart patients under the age of 16 through checks-up jointly carried out by Phu Yen Department of Labour, War Invalids and Social Affairs and Tam Duc hospital in Ho Chi Minh City on April 10 and 11. 

The Swiss Children Action Organisation will fund the operations for 10 patients. The remaining will be sponsored by HCM City Poor Patient Sponsor Association. 

In 2009, 49 disadvantaged children in Phu Yen province received free heart surgeries under the annual charitable programme, which started last year.

Vietnam treasures ties with Saudi Arabia

Riyadh (VNA) – Vietnam , in its foreign policy, always attaches importance to developing the relationship with Saudi Arabia and considers the country one of its priority partners in the Middle East . 

State President Nguyen Minh Triet made the statement during talks with Saudi Arabian King Abdullah Bin Abdul Aziz Al Saud in the capital city of Riyadh on April 10 (local time), which took place after the King’s official welcoming ceremony and banquet for the Vietnamese delegation.

President Triet spoke highly of the achievements that the Saudi Arabian people have made during their national construction and development, helping increasing the country’s position in the region and the world as well. 

He expressed his thanks to the Saudi Arabian King for sending relief aid to flood victims in central Vietnam in November last year. 

For his part, King Abdullah Bin Abdul Aziz Al Saud said President Triet’s visit is of historical significance to the relations between the two countries. He praised Vietnam ’s achievements over the past time, especially its efforts to overcome the negative impacts of the global economic recession in order to maintain its dynamism and attractiveness in the Asia-Pacific region. 

The King affirmed that Saudi Arabia , in its Look East policy, wants to develop ties with Vietnam , considering it a top priority in Southeast Asia .

Both host and guest spent much time discussing specific measures to strengthen and expand bilateral cooperation, particularly in investment, finance, oil and gas, agriculture, trade and labour. They also exchanged views on regional and international issues of common concern.

The two leaders agreed to increase the exchange of delegations and establish a strategic partnership on energy and food. They welcomed the signing of a number of cooperation agreements during the visit, saying that they will pave the way for promoting economic-trade and investment ties between the two countries. 

On behalf of the Vietnamese State , President Triet invited the Saudi Arabian King to pay an official visit to Vietnam in the earliest time. 

After the talks, President Triet and King Abdullah Bin Abdul Aziz Al Saud witnessed the signing of three major accords, including an agreement on double taxation avoidance and tax fraud prevention, a protocol on oil and gas and mineral cooperation, and an agreement on agricultural cooperation. 

On the occasion, the Saudi Arabian King conferred the Order of Abdulaziz al Saud on President Triet. He said the conferment of the noble order which bears the name of the founder of the Saudi Arabian Kingdom aims to speak for the friendship between Saudi Arabia and Vietnam.

State leader vows to bolster ties with Saudi Arabia

Riyadh (VNA) - State President Nguyen Minh Triet has promised to create favourable conditions for entrepreneurs from Vietnam and Saudi Arabia to expand cooperation and step up trade and investment ties. 

President Triet delivered the strong commitment at a Vietnam-Saudi Arabia Business Forum that was held in the capital city of Riyadh upon his arrival in the oil-rich country for a three-day visit on April 10 (local time). 

Saudi Arabia boasts a powerful economy and an important position in the world, he said, adding that Vietnam wishes to boost bilateral cooperation, especially in oil and gas, agriculture, infrastructure, finance and transport. 

The State leader noted that economic, trade and investment relations have seen progress but remain modest compared with potentials of both nations. Seeking out opportunities to increase investments and promote economic and trade cooperation with Saudi Arabia was one of his visit’s biggest targets, he added. 

Vietnam and Saudi Arabia had signed a framework agreement on economic, trade, investment and technological cooperation, laying the legal foundation for expanding the flow of goods and investments between the two nations. 

Despite the adverse impacts of the global economic-financial crisis, two-way trade exceeded 460 million USD in 2009. Vietnam mainly exports garments, seafood, computers, electronic components, wooden furniture, iron and steel, while imports petroleum products, chemicals and liquefied gas from Saudi Arabia . 

In terms of investment, two giant groups from Saudi Arabia are carrying out steel, real estate and hotel projects in Vietnam . 

Vietnam and Saudi Arabia have recently fostered labour cooperation, under which around 7,000 Vietnamese workers have been sent to the Gulf country. 

At the forum, President Triet witnessed the signing of a cooperation compact between the Vietnam Chamber of Commerce and Industry (VCCI) and the Saudi Council of Chambers of Commerce. 

The same day, President Triet received President of the Saudi Arabian Basic Industries Corporation Prince Saud Bin Thuyan Al-Saud, President of the International Agriculture and Food Investments Corporation Osama Kurdi and President of the Zamil Group Abdul Rahman Al-Zamil. 

Leaders of the Saudi Arabian firms expressed wish to invest in Vietnam and praised its open and attractive investment environment and described it as an important and strategic market. 

President Triet’s visit is the first made by a head of Vietnamese State to Saudi Arabia since the two nations established diplomatic ties on October 21, 1999. 

As a guest of King Abdullah Bin Abdul Aziz Al Saud, President Triet was greeted at the King Khalet Airport by Minister for Foreign Affairs Prince Saud Al-Faisal, Minister of Petroleum and Natural Resources Ali Al-Naimi and other senior officials of Saudi Arabia.

State President sends condolences over death of Polish President

Hanoi (VNA) – State President Nguyen Minh Triet on April 11 extended his condolences over the death of Polish President Lech Kaczynski and his accompanying delegation in a plane crash in Russia. 

In the condolence message sent to Parliament Speaker Bronislaw Komorowski, President Triet, on behalf of the Vietnamese state and people, expressed his deepest sorrow. He added that he hopes Polish leaders and people will get over the grief and stablise the country 

A total of 97 people died in the crash of the TU-154 plane carrying the Polish President and his accompanying delegation in the Smolensk region in Russia on April 10.

PM leaves for nuclear security summit

Hanoi (VNA) - Prime Minister Nguyen Tan Dung and a high-ranking delegation left Hanoi on Aprial 11 to attend the Nuclear Security Summit slated for April 12-15 in the US at the invitation of US President Barack Obama. 

PM Dung will later pay an official visit to Argentina from April 15-17 at the invitation of Argentinean President Cristina Fernandez de Kitchner. 

The participation of Vietnam at the submit is aimed at confirming the country’s supports for the rights of states to using nuclear for peaceful purposes as well as efforts promoting nuclear disarmament and the non-proliferation of nuclear weapons. At the same time, the attendance will contribute to boosting the US-Vietnam relations in particular and the US-ASEAN ties in general. 

Meanwhile, the PM’s visit to Argentina demonstrate Vietnam’s determination to enhance cooperative relations with the Latin American region and bolster political ties with Argentina, creating momentum to increase cooperation in numerous areas, especially in economics and trade between the two countries.

Almost 10 billion VND to support orphans, disabled people

Hanoi (VNA) – Almost 10 billion VND have been raised at the seventh charity art programme entitled “One Heart – One World” that was held at the Hanoi Friendship Palace on April 11. 
The programme, organised by the Ministry of Labour, War Invalids and Social Affairs and the Vietnam Association in Support of Disabled People and Orphans and the Vietnam Television in anticipation of the Vietnam Day of People with Disabilities (April 18), also received 400 million VND from the auctions of two MobiFone sim cards. 
The annual 'One Heart - One World' programme has become an information channel which helps the community get closer to the work of supporting people with disabilities and orphans. It is also aimed at calling on sectors, organisations and individuals to join hands to help improve the quality of life for orphans and needy people. 
With the donations, the association will conduct cataract surgeries for 2,500 poor blind people. It will also provide vocational training for 1,500 disabled people and orphans and 6,000 wheelchairs and bicycles for disabled people and orphans along with 2,500 scholarships for orphans in 10-15 communes. 
Also on the occasion, the Phi Long sand picture establishment in the central province of Binh Thuan has presented two pictures – late President Ho Chi Minh’s portrait and the Hanoi Tortoise Tower – made by disabled people to the capital city to mark the 1,000 th millennial anniversary of Thang Long-Hanoi.

Art troupes of five continents to take part in Hue festival

Thua Thien - Hue (VNA)- Over 40 foreign art troupes from 31 countries of five continents will participate in Hue Festival 2010 in the central province of Thua Thien - Hue from June 5-13. 

With the theme “Cultural Heritage with Integration and Development” towards the Millenium Anniversary of Thang Long – Hanoi, the 50th anniversary of sister cities of Hanoi – Hue – Saigon , the Hue festival 2010 will feature many large-scale, impressive cultural art performances alongside hundreds of special tourism programmes to honour the unique cultural values of Vietnam in general and Hue in particular, expand the international exchange and promote tourism in the country. 

Particularly, the “Navy manoeuvre under the Nguyen Dynasties” on the Huong river with the participation of 900 people was re-enacted to review the tradition of founding and defending the country, glorifying the power of Vietnamese people in the war. 
Besides the Grand opening and closing ceremonies, a variety of well-staged and interesting performances will also take place, including the Ao dai Grand show, the “Oriental night” programme, the performance of Viet’s beauty of the second edition called “the resonance of Ngan river”, many community activities like Hue Poem festival, science seminars and the painting exhibition themed “From Thang Long Ancient Capital to Hue Ancient Capital” on Trang Tien bridge of hundreds of painters and fine arts students should be paid great attention.

State bank moves, penny stocks sustain markets

Hanoi (VNA) – Investor sentiment on the nation’s stock markets improved throughout last week, helped by measures by the State Bank of Vietnam to ease interest rate pressures, lifting the VN-Index to a close on April 9 of 517.46 points, a gain of 1.36 percent from the previous week. 

On the HCM Stock Exchange, the average daily value of trades rose by 26.5 percent from the previous week’s average, to over 2 trillion VND (105.3 million USD), while average daily volumes grew by 29.6 percent to nearly 54.3 million shares. 

On the Hanoi Stock Exchange, the HNX-Index increased by a far more impressive 4.09 percent over the previous week’s close to end April 9’s session at 170.83 points. 

Average daily trading value on this market soared by 89.8 percent to over 1.5 trillion VND (79 million USD), while the average volume grew by 88.8 percent to 43.4 million shares. 

The northern bourse’s liquidity was boosted by rising interest in shares in the petroleum and construction sectors, including PetroVietnam Construction Co (PVX), Vinashin Petroleum Investment and Transport Co (ICG). Both sectors have enjoyed strong earnings and boosted by rumours of rising prices in the near future. 

Foreign investors concluded the week as net buyers on both bourses, responsible for a net buy of 7.4 million shares, worth a combined 507 billion VND (26.7 million USD). 

The State Bank of Vietnam injected nearly 14 trillion VND (737 million USD) into the nation’s banking system last week through the open market operations in an effort to improve the system liquidity and hold down skyrocketing lending rates. 

Following the move, some leading banks confirmed they would lower commercial lending rates to 14-15 percent per year. 

As listed companies continue to release first quarter business results this week, a number of analysts believed that the market would continue to rally and regain the 520-mark.

Firms claim difficulties in accessing credit

HCM City (VNA) – Around 80 percent of enterprises in HCM City need capaital to expand their business and production, but have difficulty accessing bank loans, according to the HCM City’s Union of Business Associations and Export Processing and Industrial Zone Authority. 

Many enterprises can’t take out mortgages on their machines, shops or land to get loans from banks. 

Other companies that qualify receive small loans because the banks have assessed their property or equipment at a low value. 

The annual interest rate is 18 percent on bank loans, while company profit is around 7-10 percent. 

“With the current banking interest rate, local enterprises will lose their competitiveness and will not be able to develop,” said Nguyen Phuoc Hung, general secretary of HCM City ’s Union Business Association. 

He suggested that the Government adjust banking interest rate to under 12 percent for medium – and long-term loans. 

High interest rates have also reduced competitiveness of agricultural and maritime products as the price for products has fallen, while costs for raw materials and other expenditure have increased. 

Representatives of export companies said that Vietnam lacks a preferential credit policy for export products, and they have also need a foreign exchange fund that services import demand. 

To remedy the problem, Nguyen Chi Nguyen, vice chairman of the municipal Food Association, said that small-and medium-sized enterprises might ask for help from the Credit Guarantee Fund. 

“At present, capital and expenditures are the two biggest challenges for the city’s enterprises,” Nguyen Thi Hong, vice chairwoman of the city People’s Committee, said. 

“Leaders of the city will continue to meet with the business community to understand the situation and provide detailed solutions.”

Steel producers allay shortages

HCM City (VNA) – The Vietnam Steel Corporation (Vnsteel) has assured that there will be no shortage of steel in the market and prices will remain stable in the coming time. 

Vnsteel leaders said at a press conference held in HCM City on April 9 that the entire country’s production capacity of rolled steel for construction purposes was more than seven million tonnes a year including four million tonnes generated by the corporation. 

This productivity was more than enough to meet their domestic market’s demand which was estimated at five million tonnes per year, the corporation said. 

According to the Vietnam Steel Association (VSA), reserves with steel producers were still at a safe level, at about 200,000 tonnes of finished products and nearly 530,000 tonnes of steel ingots. 

These volumes coupled with imported steel will safisfy customers needs in coming months, the association said. 

In anticipation of market fluctuations this year, Vnsteel, now responsible for providing up to 50 percent of total construction steel to the market, is preparing plans to keep supply and prices stable. 

The corporation has prepared enough material to meet production plans for the second quarter of the year, it said. 

Sufficient reserves, increasing competition among 30 domestic producers, and steel import tariffs that will be reduced or removed this year under ASEAN Free Trade Agreement (AFTA) and World Trade Organisation (WHO) commitments would help ease steel prices in the domestic market, Vnsteel said. 

At the event, Vnsteel representatives also explained reasons that made market steel prices increase sharply in March, saying that speculation was a major factor.

Hanoi to have 314 million USD new urban area

Hanoi (VNA) – A new urban area will be built in the western region Hanoi ’s West Lake at cost of 314 million USD. 

The 207ha urban area will include an administrative centre, a financial and trade complex, a cultural centre and a complex of apartments, villas and houses which are expected to accommodate 78,000 people. 

The project’s compensation cost is estimated at 7.6 trillion VND. 

The municipal People’s Committee has directed that report on the first phase of site clearance to be made prior to April 15 and the first 20ha of the project’s land to be handed over to the investor before October. 

T.H.T limited company is the project’s investor and a group of five construction companies of the Republic of Korea will be in charge of building the urban area.