This was stated by John Hendra, the UN’s Resident Coordinator, at the signing ceremony for the HPPMG in Hanoi on May 6.

“Never within the UN system, in Vietnam or elsewhere in the world, has there been a joint set of programme and project management practices that embodies such a high degree of alignment and harmonisation”, said Hendra.

Speaking at the ceremony, Vo Hong Phuc, Minister of Planning and Investment, on behalf of the Vietnamese government, confirmed that they, together with the UN’s agencies, would do their utmost to put the HPPMG into action.

The HPPMG is a key element of the One Set of Management Practices – one of the five pillars of the ‘One UN’ Initiative that is being piloted in Vietnam . It is expected to help reduce transaction costs for all parties involved and improve the effectiveness of aid.

The guide is said to enable the three UN agencies – UNDP, UNICEF and UNFPA – to simplify and harmonise the programme and project management procedures and make them more suited to the Vietnamese government’s current system. -Enditem

Ministry blames child labour on apathy of local authorities

HCM City (VNA) -- Eliminating child labour remains a challenge because authorities in many provinces do not keep track of the situation of local children, according to the Ministry of Labour, Invalids and Social Affairs.

They do not know which children in their area are sent by their families to work in big cities like HCM City and Hanoi , the ministry said.

However, the provinces' official refrain is that the number of children from their localities going to big cities is very low.

The HCM City Labour, Invalids and Social Affairs Department reports that 90 percent of children working in the city-based food production units and stalls and the textile and garment industry come from other provinces.

According to the Department for Child Protection, nearly 27,000 children work in hazardous conditions in the city. A study by the Research Centre for Women Labour and Gender on 300 children in eight provinces last year showed that children work eight or nine hours a day in some sectors, including textile and footwear.

It increases to 12 hours before the Lunar New Year and during peak seasons.

But their salaries are very low at just 509,000 VND a month on average.-Enditem

German book exhibition set to offer volumes of culture

Hanoi (VNA) -- German books translated into Vietnamese are on display at an exhibition which opened at the Vietnam National Library in Hanoi on May 5.

About 250 books in fields of literature, philosophy, science, society and economics have been published since the 1940s will be shown at the exhibition.

The most recently published book Diary of Egon Kranz is also displayed at the exhibition, according to director of Hanoi Goethe Institute, Almuth Meyer-Zollitsch.

Books will help open doors to different cultures, she said at the opening ceremony in the national library. "German books are available worldwide and now in Vietnam . I see both old and young writers like Kehlmann Daniel or Selle Martin".

One of the oldest books is Die Brautwahl by Hoffmann Ernst Theodor Amadeus. The book was translated by Vu Ngoc Phan and published by New Day House in 1944.

Due to the poor quality of paper used, the book can only be read in the library, according to translator Le Quang.

German books translated since the 1940s reflect the interest of intellectual and Vietnamese publishing houses through the times, according to the organisers.

Besides several works by classic writers like Immanuel Kant, Georg Friedrich Wilhelm Hegel and Max Weber translated into Vietnamese, local readers can access contemporary writers like Daniel Kehlmann, Judith Hermann and Bernhard Schlink.

The exhibition will run until May 12 at 31 Trang Thi Street , Hanoi .

A seminar on German books for translators and publishers will be held on Saturday from 9am to 11am at the Hanoi Goethe Institute, 56-58 Nguyen Thai Hoc street .

After Hanoi , the exhibition will be held in HCM City.-Enditem

Fruit from Thailand promoted in Hanoi

Bangkok (VNA) – About 7-8 tonnes of fruit grown in Thailand have been shipped to Vietnam for an ongoing fruit fair in Hanoi , according to Thailand ’s National News Bureau (NNT).

The “Thai Fruit Fair in ASEAN” in Vietnam , part of the “2010 Made in Thailand ” exhibition in Hanoi from May 5-8, has been organised by the Department of Agricultural Extension (DOAE) in corporation with the Ministries of Agriculture and Commerce to promote Thai fruit in the ASEAN market, the NNT said on May 6.

The fair aims to showcase and create more awareness of the fruit that Thailand exports to Vietnam , such as durian, rambutan, mango, salacca, mangosteen, Pisang Mas banana (kluay khai) and coconut, according to the DOAE’s Director-General Ath Intharak.

It also provides an opportunity for Vietnamese fair-goers to taste them, said Ath, adding that he hopes this will open up business opportunities for Thai farmers.

Vietnam will become a vital market for Thai fruit exports, helping them to penetrate other markets such as southern and eastern China , NTT quoted Ath as saying.

The Thai ambassador to Vietnam is also involved in the process, helping to create important networks and relationships with neighbouring countries to push Thai fruit to the Chinese market, he said.-Enditem

Vietnam recalls US manufactured drugs

Hanoi (VNA) – The Drug Administration of Vietnam on May 4 asked all city and provincial health departments to recall four US manufactured drugs for children, including Tylenol, Motrin, Zyrtec and Benadryl in Vietnam ’s market.

The withdrawal was made after the United States and Canada’a Food and Drug administrations reported that the products might not meet required quality standards.

A representative from the administration said that the four drugs were not granted licences in the local market.-Enditem

Stricter management over internet agents

Hanoi (VNA) – Internet service agents will be licensed for operation if they are headquartered 200m away from school gates, under a decision issued recently by Hanoi authorities.

They must also meet other requirements to receive operation licenCes, such as completing business registrations in line with business regulations and listing Internet user regulations.-Enditem

No-Smoking battle wins ground: poll

Hanoi (VNA) – Findings from a survey released on May 5 revealed that 77 percent of Vietnamese people who had seen anti-smoking material oppose being exposed to second hand smoke in public places.

The research was conducted as part of a national mass media campaign by the Ministry of Health, the World Health Organisation (WHO) and the World Lung Foundation (WLF) to build support for a smoking ban in the workplace, indoor public areas and on public transport.

The figure is 14 percent higher than that of people who had not seen the material. This significant difference shows that more people would support a smoking ban if they had a better understanding of the harmful effects of smoking and passive smoking.

The survey also found that more than 80 percent of smokers said they were very concerned about their own health and that of their family members after seeing the anti-smoking campaign. Seventy-five percent of smokers said that they were more likely to quit.

“Around 50 percent of adults in Vietnam smoke, the equivalent of 17 million people. We should not let more than 60 million people be exposed to second hand smoke,” said Director of Medical Services Administration and Standing Office for Vietnam ’s Steering Committee on Smoking and Health Luong Ngoc Khue.

The campaign, entitled “Cigarettes Are Eating You Alive”, is being channeled via different media such as television, newspapers and posters.

“This campaign used strong imagery to communicate that tobacco smoke harms those who inhale it directly and those who are exposed to it second hand, especially children,” said WLF Senior Vice President of Communications Sandra Mullin.

The campaign aired nationally for five weeks, from December 2009 to January 2010. The ads were shown 245 times across Vietnam and 70 percent of people interviewed recalled seeing the ads. The TV campaign was followed by more than 5,000 posters in provinces across the country, including hospitals, offices and transportation facilities.

The Ministry of Health says around 40,000 Vietnamese people die each year of smoking-related illnesses. Vietnamese people spent more than 730 million USD on cigarettes in 2007.-Enditem

Illegal crossings cause deaths

Hanoi (VNA) – Railway accidents, particularly at level crossings, have risen alarmingly this year, according to Pham Van Binh, head of the Vietnam Railway Corporation’s Traffic Safety Committee.

In the first four months of this year, there were 184 accidents involving trains that resulted in 81 deaths and 112 injuries, Binh said.

Part of the reason is the failure by local officials to stop people and vehicles crossing railway tracks at the wrong place, he said.

The committee said there were 4,572 illegal level crossings on the country’s rail network.

He said Thanh Khe district People’s Committee in central Da Nang city had even unlawfully issued land-use certificates for local people to build their houses too close to railway tracks.

However, Nguyen Thuong, chairman of Thanh Khe district People’s Committee, said the Government had belatedly issued rules prohibiting the building of houses in railway safety zones in 2006.

“We granted the building licences before that times,” he said.

To enhance railway safety, people’s committees should offer safety advice to members of the public who live close to railway tracks, Binh said.

He added that if local authorities could not immediately shut all illegal crossing points, they should instead put up warning signs and ban motor vehicles from using theme.-Enditem

Laos obtains significant achievements in poverty reduction

Vientiane (VNA) – Laos has obtained significant socio-economic achievements with poverty reduction rate falling from 33.4 percent in 2003 to 24-25 percent in 2010, said a Lao senior official.

The rate of children going to school rose to 91.6 percent in the 2008-2009 academic year from 89.2 percent in the 2007-2008 academic year, Duangdy Oudthachack, Head of the Lao National Assembly’s Committee for Socio-Cultural Affairs.

The fatality rates of pregnant women and under-five children also dropped from 405 to 300 among 100,000 and 98 to 75 among 100,000, respectively, this year.

Thanks to the government’s efforts, Laos has built more hospitals and medical stations, and implemented the community-based healthcare programme nationwide, maintaining the country’s obtained achievements and preventing malnutrition among under-five children, the official said.

However, he said, the threat of HIV/AIDS pandemic is a big challenge for the country’s development. The current HIV/AIDS infection rate in Laos is under 1 percent of the country’s population.-Enditem

US cultural ambassadors to visit Vietnam

Hanoi (VNA)- The US Cultural Ambassador programme will take place in Hanoi, Ho Chi Minh City, the northern port city of Hai Phong and the Mekong delta city of Can Tho from May 9-23.

The cultural ambassadors include hip-hop artist Brandon ‘Peace’ Albright, rapper Chen Lo and Dj artist Kyle Clinton.
The event, organised by the US Department of State, aims to link US cultural artists and experts with foreign partners through cultural exchanges and art performances.-Enditem

 

BUSINESS

Australia praises regional meeting chaired by Vietnam

Sydney (VNA) - Australia's Assistant Treasurer, Senator Nick Sherry, has issued a statement saying the first gathering of East Asian Finance Ministers in Tashkent, Uzbekistan, which was chaired by Vietnam Minister of Finance Vu Van Ninh is a success, and expressing thanks towards Vietnam for hosting the meeting.

The gathering, known as East Asian Summit (EAS) Finance Ministers' Meeting (FMM), was held on the sidelines of the 13th ASEAN+3 Finance Ministers Meeting and specifically focused on economic and financial issues, with the participation of senior officials from ASEAN countries, China, Japan, the Republic of Korea, India, Australia and New Zealand.

Assistant Treasurer Nick Sherry said on May 4 that the participants had a wide-ranging discussion on major economic issues facing all 16 EAS economies and discussed the work of the G20 in detail.

EAS regional cooperation and capacity building was another major focus of EAS FMM discussions on May 4, including an analysis of the first pilot round of capacity building programmes which was initiated by Australia.

According to Senator Nick Sherry, the meeting also agreed to Australia 's proposal for a second capacity building programme, which will involve a focus on structuring and restructuring financial markets, to be delivered in partnership by Australia , Malaysia and China , with Laos to host the first phase.

"The pilot saw active participation by Cambodia , Laos and Vietnam , so Australia looks forward to the second round building on these achievements," said the Assistant Treasurer.

He added that the participants also agreed to meet again in the future and for finance officials to meet more often to progress important EAS issues.-Enditem

Int’l seminar on informal sector opens in Hanoi

Hanoi (VNA) – Statistical measurement and its concepts and the analysis of economic implications of the informal sector’s development are being discussed at an international seminar that opened in Hanoi on May 6.

The two-day seminar, entitled “The informal sector and informal employment: statistical measurement, economic implications and public policies”, will summarise experiences, analyse opportunities and challenges and study current measures and solutions needed to be applied for the informal sector’s development.

The event is jointly held by the Vietnamese Academy of Social Sciences (VASS), the French Development Research Institute (IRD), the General Statistics Office, the Ministry of Labour, War Invalids and Social Affairs and international organisations, the French Development Agency (AFD), the International Labour Organisation (ILO), the World Bank and the United Nations Development Programme (UNDP).

The seminar is designed to discuss the definition of the measurement of the informal sector and the informal employment in developing countries on the basis of the work by the Delhi Group co-ordinated by the United Nations and the ILO.

It will present and discuss the comparative outcomes of recent economic papers on the informal sector and the informal employment by academic researchers and international organisations.

It will also use the diagnoses and past experiences to help define targeted assistance policies for the informal sector and job creation.

Addressing the opening of the seminar, organisers’ representatives said that despite its predominant economic weight in developing countries, little is known about the informal sector and informal employment, which is still a “huge black hole” of the knowledge and largely neglected by public policies.

However, an increasing number of surveys have been conducted over the past few years; concepts and methodology to measure this sector have progressed; some international research has also been done, they said.

A number of international studies on the informal sector have been conducted in many countries and researchers from the Institute of Statistical Science and the IRD who have studied the informal sector in Vietnam since 2007 have gained a number of considerable results in their experimental surveys in Hanoi and HCM City , reported the seminar.

The participants also said that Vietnam like other developing countries, the global economic crisis is provoking huge employment losses and employment restructuring. This proves the interest for the informal sector and informal employment, they added.

After more than 15 years since the ILO introduced a common international definition of the informal sector, the international seminar is considered an important landmark in studying and analysing the informal sector on the global scale in terms of economic analyses and statistical measurement as well as the implementation of economic policies.

This is also an opportunity for three types of audiences who rarely have the chance to discuss and compare their approaches. They are researchers, statisticians and economic policy makers and executives.-Enditem

Dutch Agriterra helps promote green aquaculture

Nam Dinh (VNA)- Agricterra, an alliance of agri-agencies in the Netherlands , has funded a training project on environmentally-friendly aquaculture for farmers in the Red River Delta province of Nam Dinh .

As a result, the project has held 44 training courses for 1,200 farmers and almost 400 campaigning sessions to educate 9,500 seafood farmers in food hygiene and environmentally-friendly farming.

The President of the provincial Farmers’ Association, Nguyen Van Thanh, said the project has resulted in the application of green technology by 70 percent of local farmers in nine target villages of three districts.

Statistics showed that seafood production in all the three beneficiary districts has recorded increases in various fields from productivity to output and product value.

Per-capita income for seafood farmers has also increased to between 70-80,000 VND a day while production output value upped to 120 million VND per ha against the national target of 100 million VND per ha.

Thanh added that his province was to expand education campaigns on high yielding, food hygiene and green aquaculture technology to other villages along the coast and even to the entire province this year.

The provincial administration will also provide technical, financial, material and marketing assistance for seafood farmers to expand production and increase incomes, the provincial farmers’ leader concluded.--Enditem

French travel agent promotes Vietnam’s image

Paris (VNA)- Vision Ethique has launched a Vietnam tourist promotion campaign, focusing on its diversity of eco-tourism sites and biosphere reserves, reported the Vietnam National Administration of Tourism (VNAT).

The French travel agent, in association with the Vietnam Culture Centre in France , has also presented Vietnam ’s cultural identity, specific culture in different parts of the country and tangible and intangible cultural heritages recognised by the United Nations Educational, Scientific and Cultural Organisation.

Vision Ethique has also planned to wage several programmes on eco-tourism and cultural tourism in the Southeast Asian nation to help French citizens explore the beauty of the former French colony.

VNAT said France is always placed as a top market, which sends some 300,000 visitors to Vietnam a year.

To join hands with the French travel agent in this effort, the Vietnam Airlines office in France organised a tour of Vietnam for representatives from the French hospitality industry, including travel agents, to boost foreign arrivals in the Year of National Tourism and the upcoming Hanoi-Thang Long millennium anniversary.--Enditem

VN, Cambodia look to step up cross-border trade

Long An (VNA) -- Measures to boost cross-border trade between Vietnam and Cambodia topped the agenda at a conference held in the Mekong delta province of Long An on May 6.

Vietnamese Minister of Industry and Trade Vu Huy Hoang and Cambodia ’s Senior Minister and Minister of Commerce Cham Prasidh joined a number of representatives from concerned ministries, border provinces and businesses from both countries.

The participants discussed various ways of facilitating the flow of commodities between the two neighbouring countries, including ways of simplifying administrative procedures at border gates and upgrading the technical infrastructure of border areas.

They emphasised the need to encourage businesses from both countries to invest in services that support cross-border trade, promote the role of border economic zones further and develop a network of markets along the shared border from now until 2020.

Stepping up the exchange of management experience, combating smuggling and trade fraud and preventing social evils are also seen as necessary steps to foster Vietnamese-Cambodian trade relations.

Despite the adverse impacts of the global financial crisis, cross-border trade between Vietnam and Cambodia posted a year-on-year rise of 30 percent in 2009.

During the first quarter of this year, export-import turnover via border gates reached 432.5 million USD, up 127 percent from the same period last year.-Enditem

Foreign businesses believe in Vietnam’s prospects

Hanoi (VNA) – Vietnam ranked third amongst the 17 countries and territories involved in the latest HSBC Trade Confidence Index (TCI), which shows the foreign business community’s increasing belief in the opportunities available in the country.

According to the TCI table, announced on May 4, Vietnam reached this position with 132 points out of 200, just after the United Arab Emirates (UAE) with 134 points and India with 133 points.

In a recent survey conducted by A.T. Kearney, called the FDI Confidence Index, Vietnam was 12 th out of 80 other nations, to win the most confidence from international investors.

In the rankings, the country led the Southeast Asian region, followed by Indonesia (19 th ), Malaysia (20 th ) and Singapore (24 th ).

Meanwhile, another survey by Singapore ’s InsightAsia showed that the confidence index of consumers in Vietnam was high with 132 points in the first quarter, just after Singapore and outstripping China , Malaysia , Indonesia and Thailand.-Enditem

ASEM working group on customs matters convenes

Hanoi (VNA) – The priority tasks for more in depth cooperation between future Asia-Europe (ASEM) customs operations was high on the agenda of the fourth meeting of the ASEM Working Group on Customs Matters (AWC) in Hanoi on May 6.

The meeting said that the first priority will be facilitating trade and the security of chains of supply in which ASEM customs will continue to review and draw up an action plan. Simplifying customs procedures for the 2011-2012 period and defining concrete measures to assist ASEM members in carrying out programmes with trading partners were discussed.

Combating the violation of intellectual property rights is the second priority, said the meeting.

Activities to make a thorough assessment of the customs regulations relating to controlling intellectual property will be conducted. ASEM members will help one another to fight trade fraud and use current control mechanisms to exchange information on trends and make arrests.

Social and environmental protection are also future priority issues, said the meeting. ASEM customs will also assess the outcomes of its member agencies when implementing the law on environment protection.

The meeting said that a ASEM customs-business day will be held regularly to facilitate the ASEM business community discussing priority tasks as well holding talks with businesses.-Enditem

RoK importers seek out Vietnamese goods

Seoul (VNA) – A regular workshop was held in Seoul , the Republic of Korea (RoK) on May 6 for members of the Korean importers’ association (KOIMA) to help them pinpoint sources of goods from interested markets, including Vietnam .

At the event, the participants focused their attention on the Vietnamese Government’s policies towards foreign businesses as well as goods imported from the Southeast Asian country.

The Vietnamese Ambassador to RoK Tran Trong Toan praised KOIMA’s role in expanding trade between the two countries, targeting a two-way trade turnover of 20 billion USD by 2015.

In an attempt to help RoK firms access Vietnamese goods, KOIMA sent a fact finding group to Vietnam last October. The trip resulted in a memorandum of understanding with the Vietnam Trade Promotion Department to enhance trade promotions and investment between KOIMA members and Vietnamese partners.

KOIMA set up a RoK-Vietnam committee on trade promotion in March and expects to send more delegations to Vietnam in the near future.

Since establishing diplomatic ties in 1992, bilateral trade has seen an annual average increase of 25-27 percent.

After Vietnam joined the World Trade Organisation (WTO) in 2007, the two countries registered rises in bilateral trade of over 40 percent in 2007, 2008 and 2009.

Vietnam ’s exports to the RoK reached 2 billion USD in 2009, up 16 percent year-on-year. The country’s main export items to the RoK are crude oil, processed seafood, coffee, rubber, garments, electronic components, furniture, footwear, steel and coal.-Enditem

Vietnam to export 1.4 million tonnes of rice

Can Tho (VNA) – Vietnam expects to export about 1.3 -1.4 million tonnes of rice in May and June, raising total rice exports in the first six months of this year to 3.3 million tonnes.

The figures were released by the Vietnam Food Association (VFA) at a meeting held in the southern province of Can Tho on May 6 to draw up plans for exporting rice in the two months along with reviewing operations in the field during the last four months.

However, the figures are 300,000 to 350,000 lower than that the same period last year and also less than the amount in the contracts Vietnam has signed with foreign partners.

According to VFA, the global demand for rice is still dropping due to the devaluation of the Euro and rice stockpiles in African countries that remain full raise the price of rice exports and reduce purchasing power.

On the bright side, the price of rice for export in South America and several Asian countries like Thailand and China is still higher than that of Vietnam’s.

In the first four months of this year, Vietnam shipped 1.978 million tonnes of rice at an average price of 466.95 USD per tonne, a year-on-year increase of 59.53 USD per tonne. Of the total, about 75 percent has been purchased by Asian countries and over 13 percent is exported to Africa.-Enditem

Banks cut lending rates again

Hanoi (VNA) -- Several commercial banks have further cut lending interest rates by a half to a full percentage point to just 13 percent per year in response to a call for lower rates from the Vietnam Banking Association.

Vietinbank, Vietcombank and Agribank were all reportedly preparing to further cut lending interest rates in a move to comply with the association's call for interest rates no higher than 13 percent for loans made to enterprises in the agricultural, fisheries, forestry, salt production and export sectors, as well as other small- and medium-sized enterprises.

The State-owned Bank for Investment and Development of Vietnam (BIDV) led the charge earlier this week when it cut rates to 13 percent for short-term business loans, down a percentage point from the middle of last month. The bank has cut interest on six-month loans to finance exports or agriculture to 12.5 percent.

Privately-invested Lien Viet Bank also trimmed a percentage point off of lending interest rates, offering short-term loans at 13 percent.

"Banks should lower interest rates to attract good-performing borrowers and help enterprises access credit," said Lien Viet Bank's standing vice chairman Nguyen Duc Huong.

Last month, the association twice sent messages to banks urging interest of less than 14.5 percent on all business loans, saying that higher interest rates would discourage
business growth during the global economic recovery. State Bank of Vietnam Governor Nguyen Van Giau told banks late last month that the central bank would use various tools to gradually lower interest rates. Earlier, Prime Minister Nguyen Tan Dung called on banks to reduce lending rates to 12-13 percent per year.

The State Bank has kept the benchmark prime rate at 8 percent in May for the sixth consecutive month the prime rate has been kept unchanged.-Enditem

Region's top plastics maker eyes Vietnam

Hanoi (VNA) -- Thailand 's Plastic and Chemicals (TPC) plans to turn more attention to the Vietnamese and other markets instead of expanding business activities in Thailand .

Kanet Khaochan, managing director of the TPC, which is the largest polyvinyl chloride polymer (PVC) maker in Southeast Asia, said that because of the difficulty in business expansion and over-availability of PVC in the domestic market, it was hard for the company to continue primarily focusing on Thailand . Therefore, the TPC would look to expanding exports and operations abroad.

A source said that the company would join hands with Thailand 's SCG Chemical to build a petrochemical complex in Vietnam , with construction scheduled to take place from 2011 to 2015. The Vietnam National Oil and Gas Group (PetroVietnam) will be an investment partner in this project.

The TPC entered the Vietnamese market in 1995 through a joint venture with the Vietnam National Chemical Corporation and the Vietnam Plastic Corporation.

The TPC Vina joint venture, which was the first petrochemical company in Vietnam , has supplied PVC resin in Vietnam since 1998.

TPC's PVC production capacity in Vietnam is currently estimated at 110,000 tonnes a year. With a production expansion in Vietnam , which is due to be completed this month, capacity is expected to increase to 200,000 tonnes a year.

Thailand 's PVC market currently amounts to 450,000 tonnes a year while the three leading PVC manufacturers produce 880,000 tonnes per year.
Thailand 's PVC consumption fell 5 percent in the 2007-09 period due to political uncertainty, which has forced the TPC to focus on other markets in ASEAN, the Middle East, South Africa , Turkey , Australia and New Zealand.-Enditem

Bank launches service for high-roller clients

HCM City (VNA) -- HSBC Vietnam launched HSBC Premier on May 5, the first globally linked and comprehensive banking service for the company's growing number of affluent customers in the country.

HSBC Premier provides customers with the ability to move around the world without changing their banking methods. Premier customers will benefit from cross-border banking and will have the ability to take their accounts, credit history and banking relationships with them wherever they go, said Lindsay Rajah, Head of Personal Financial Services.

To be eligible for Premier, a customer must maintain a minimum banking balance of 1 billion VND, or 50,000 USD.

"According to our analysis, around 10 percent of the deposit account holders in Vietnam fall into this category. These customers are increasingly internationally-oriented, sophisticated and knowledgeable," said HSBC Vietnam CEO Tom Tobin.

With Premier status, Vietnamese customers will also be able to access 350 international Premier Centers in major cities around the world, and more than 6,000 branches with Premier service points.

Participants will be able to use a globally accessible number for HSBC's 24-hour worldwide emergency service, which can provide customer's with card replacements and a minimum of 2,000 USD in emergency cash.

Customers will be able to transfer funds between self-named accounts within HSBC worldwide online for free.

Later this year, Wealth Management services will provide participants with global market information as an additional benefit for signing up for the service.-Enditem

US firms to develop relations with Vietnamese partners

Washington (VNA) - Washington Laboratories, Ltd., and others want to develop partnerships and form long-term relationships that can both benefit Vietnam and create sustainable business relations with Vietnamese partners, said the company’s president.

Michael F. Violette told a Washington DC-based VNA correspondent on May 5 that those companies will join an environmental trade mission to Vietnam this May to attend the Vietnam Environmental Forum.

Sharing the view with Violette, Peter R Gourlay, President of the Maryland-Asia Environmental Partnership, said Vietnam is a place of special interest and an amazing place, not only for its people and food, but also for being a potential place to invest in.

Washington Laboratories, Ltd. and the Maryland-Asia Environmental Partnership are co-organisers of the forum, which is scheduled to be held in Hanoi on May 25 and Ho Chi Minh City on May 27. The forum is designed to provide a showcase of models, technologies and applications from the US environmental industry that can benefit Vietnam ’s economic development goals.

At a reception held in Washington DC on May 5 for US environmental trade mission leaving for Vietnam for the above-said forum, Deputy Chief of Mission of the Vietnamese Embassy in the US Nguyen Tien Minh said that it's the right time for the mission to go to Vietnam because the Vietnam-US relations are developing and expanding beyond the political, economic, commercial, military and educational cooperation and environmental protection has become more important to Vietnam's economic development.

The President of Marryland-based Washington Laboratories, Ltd., said: "We are interested in helping Vietnam addressing environmental issues during the country’s development of economy. The concerns I have noticed that are being addressed by the Vietnamese government is to improve general quality of environtment in Vietnam . Balancing the economic development with the need of environment protection is a challenge."-Enditem

Shares down on profit-taking

Hanoi (VNA) – Shares plunged on May 5 on both national stock exchanges, dragging the indices down from six-month highs as investors sold to realise profit on the back of steep global slumps.

On the HCM Stock Exchange, the VN-Index lost 0.2 percent to close the day’s trades at 548.01. Trading volume declined slightly to 85.7 million shares, worth a combined 3.25 trillion VND (171 million USD).

The index had surpassed the 550 resistance mark to reach 552 points, but profit-taking caused 52 percent of codes to lose value.

Bank shares tumbled on May 5 after May 4’s gains with Eximbank (EIB), Sacombank (STB), Vietcombank (VCB) and Vietinbank (CTG) reporting losses, but several large caps snapped to ceiling prices, including PetroVietnam Finance (PVF), PetroVietnam Transportation (PVT) and Masan Group (MSN).

Penny stocks continued to perform well, such as Housing Vietnam Co (NVN), Post and Telecommunications Investment and Construction Co (PTC), Sao Mai Construction Corp (ASM).

On the Hanoi Stock Exchange, the HNX-Index declined by 0.6 percent to 183.21 while trading value rose by 40 percent to over 62.3 million shares for a brisk combined value of 2 trillion VND (105.3 million USD). Losers outnumbered gainers by 147-123. Among the 70 codes closing at the highest intraday prices, many were penny stocks such as Hanoi Milk Co (HNM), Hai Phong Petrolimex Transportation and Services Co (PTS), Cotec Investment Land-House Development Co (CIC) and Vinaconex shares such as V11, V12, V15 and V21.

Most of blue-chips fell on May 5, including Asia Commercial Bank (ACB), Kim Long Securities Co (KLS), Vinaconex (VCG), PetroVietnam Technical Services Corp (PVS).

PetroVietnam Construction (PVX), meanwhile, closed up and was the most active share on the bourse with nearly 9.9 million units changing hands.

Though many analysts agreed on May 5’s correction was predictable after a long and continuous rise, they believed the market was likely to rise in the medium to long term.-Enditem

Youngsters get wildcards for Youth Olympics

Hanoi (VNA) – Sharpshooter Nguyen Thi Ngoc Duong has been awarded a wildcard to compete at the Youth Olympics in Singapore this August.

Duong who came seventh in the Asian Juniors Shooting Championship last year, will be competing in the women’s 10m air pistol.

Earlier, taekwondo martial artists Nguyen Quoc Cuong and Nguyen Thi Thu Thao also got byes for the Youth Olympics.-Enditem

Paris hosts seminar on Vietnam’s economics

Paris (VNA) – Vietnam ’s economics, mechanism and sectors with great potentials were discussed at a seminar jointly held by the France-Vietnam Friendship Association (AAFV) and the France-Vietnam Friendship Club in Paris on May 5.

Addressing the opening of the event entitled “ Vietnam faces the future”, former French senator Helene Lux, who is also President of highlighted the Vietnam-France close cooperation in politics, culture and education.

The seminar is an opportunity for French businesses to better understand potentials and cooperation and investment opportunities in the Southeast Asian nation, she said.

With a population of more than 86 million people, Vietnam is a partner and a promising market for foreign investors who want to look for cooperation and investment opportunities, she added.

For his part, Vietnamese Ambassador to France Le Kinh Tai introduced participants to Vietnam ’s achievements recorded over almost 25 years of renewal. Vietnam has licensed more than 11,000 projects totalled over 180 billion USD since the Law on Foreign Investment was issued in 1987, Tai said.

On Vietnam ’s economics, leading expert in Southeast Asian economics studies Jean Raphael Chaponniere gave a detailed analysis on Vietnam ’s economic situation after the global economic crisis. Despites a number of development issues and being affected by the global financial downturn, Vietnam has won investors’ confidence and continued attracting foreign businesses, he said.

He forecasted that increases in southern Chinese workers’ salaries and Chinese yuan will attract businesses who have pursued the “ China +1” policy since 2007 to Vietnam , creating a new export speed.

The French expert suggested Vietnam improve its infrastructure and its education and training system to overcome the outwork and assembly economy.

The seminar also introduced Vietnam ’s political system and its sectors with great potentials for development like healthcare service and environment protection, finance-insurance market and hi-tech industry which drew French investors’ great attention.

The Vietnam-France relationship was also high on the agenda of the seminar. President Michel Voisin of the France-Vietnam Friendship Parliamentaries’ Group, one of the four biggest groups in the French Parliament, said that his group is urging the French Foreign Ministry to open its consulate general in the central coastal city of Da Nang and consider the opening of a direct air route linking Paris and the city.-Enditem

 

(Source: MOFA)