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BMI raises VN's GDP growth forecast to 6 percent
Washington (VNA) - With evidence of a consumer boom emerging, the Business Monitor International (BMI) boosted its GDP growth forecast for Vietnam this year to 6.0 percent, up from 4.4 percent earlier.
The BMI is predicting that the growth will come out at a vigorous annual average of 6.2 percent over the next five years.
In the "Vietnam Shipping Report Quarter 4 2010", the BMI is projecting an increase in volume at the Port of Ho Chi Minh City (also known as SNP, Saigon New Port), up by 6.2 percent, after the 5.2 percent contraction during the slump last year. At Da Nang Port (DNP) it sees this year's volume gaining by 2.3 percent. Container throughput will also be in positive territory at both ports, up by 3.5 percent at SNP and by 6.2 percent at DNP (where container volumes are much smaller).
According to the BMI, Vietnam's total imports and exports would see a recovery this year with 5.4 percent growth, followed by a slightly stronger pick-up in 2011, with 6.2 percent growth. Over the next five years, total foreign trade will expand at an annual average rate of 6.5 percent, the BMI calculated, adding that over this period, exports will grow at an average per annum rate of 7.3 percent, ahead of imports at 5.9 percent.
The BMI's latest report on Vietnam wrote that though the possibility of the trade deficit and inflation both rising too sharply in the time to come, strong inflows of foreign direct investment would help as a counterweight on the foreign payments front, and also play a role in improving the country's stretched infrastructure.
The BMI was in the opinion that in the second half of 2010 there are further signs of catch-up investment in Vietnam's ports after a contract signed in June between the Gemalink Joint Stock Company and the Republic of Korea alliance Dealim-SAMWHA to develop the Gemalink Cai Mep Container Terminal and announcement in October 2009 by Japan's largest shipping company, Mitsui OSK Line (MOL) of its plan to set up a terminal operation company to build and manage a new container terminal at Cai Mep.-Enditem
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Vietcombank to sell stake in Eximbank
Hanoi (VNA) — Vietcombank will sell 5 million shares it holds in Eximbank, representing a 1.26-percent stake, as part of its effort to restructure its investment portfolio and meet stricter capital adequacy ratio (CAR) requirements, Vietcombank management board member Le Thi Hoa told Vietnam News on August 11.
Hoa is also deputy CEO of Eximbank.
The deal will lower Vietcombank's share ownership in the HCM City-based bank (coded EIB on the HCM Stock Exchange) to 6.93 percent, Hoa said.
The sale will be executed via order-matching or negotiation between Friday of this week and October 10, confirmed the HCM Stock Exchange.
The divestiture follows Vietcombank's sale of 5 million EIB shares last month.
"Don't be too serious about these deals," Hoa said. "Buying or selling shares is normal. Eximbank shares have a high potential and high liquidity, and our investment principle is not to put all of our eggs in one basket."
Vietcombank, as a State-owned bank, was originally instructed to invest in Eximbank to assist the struggling bank to avoid insovlency back in 2000, when Eximbank's bad debt was two- or three-times its charter capital. At that time, the Government directed Vietcombank to buy a 20-per-cent stake in Eximbank at a cost of 50 billion VND (2.63 million USD).
"Vietcombank intended to sell its EIB shares in 2006-07 when Eximbank began to turn a profit, but Eximbank's executive board asked us to stay longer," Hoa said.
Excluding State-owned banks, now Eximbank leads all commercial banks in capital, with a charter capital of 13 trillion VND (684 million USD). The bank also has a foreign strategic investor, Japan's Sumimoto Mitsui Banking Corporation.
"Our mission is over," Hoa said. "Now we have to manage to raise our own CAR from 8 to 9 percent and increase our equity."
Vietcombank continues to hold stakes in Military Bank, Orient Bank, and Gia Dinh Bank. It earlier sold 19 percent of its stake in Gia Dinh Bank, cutting its share of ownership to 11 percent.
Vietcombank currently has charter capital of 13.2 trillion VND (688.7 million USD), and it posted a first-half profit of 2.8 trillion VND (145.8 million USD), up 7.3 percent against the same six months of last year. Net income from non-credit services was up 15 percent to a total of 475 billion VND (24.7 million USD).
The Hanoi-based bank has increased its risk provision to 39.6 percent against the first half of last year to 350 billion VND (18.2 million USD) and had total assets as of June 30 worth 246.3 trillion VND (12.8 billion USD).
Vietcombank chairman Nguyen Hoa Binh told Vietnam News that he was very pleased and believed that Vietcombank would be able to beat its target of 4.5 trillion VND (234.4 million USD) in profits by year's end.
Vietcombank shares, coded VCB on the HCM Stock Exchange, closed up 0.29 percent on August 11 to 34,800 VND per share, while EIB shares closed down 1.71 percent to 17,200 VND.-Enditem
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Securities firms steady investor nerves
Hanoi (VNA) — Stocks halted their declines on both national stock exchanges on August 11 as investors responded positively to news that securities companies would reduce their sales of shares pledged as collateral.
On the HCM Stock Exchange, the VN-Index gained 0.31 percent to end August 11’s trades at 463.12 points.
While trading volume fell by nearly 30 per cent from the previous day's session – nearing just 39.8 million shares for a combined value of 1.1 trillion VND (57.9 million USD) – advancers outnumbering decliners by 147-65, helping light trading boards up in green.
Sacombank (STB) was the most-active share on a volume of over 1.7 million due to foreign investor buys of nearly 660,000 STB shares. STB closed up 1.27 percent on the day to 15,900 VND (0.84 USD) per share.
The VN-Index rose as high as 466 during August 11’s trading before falling back to 463 on weakening purchasing power.
On the Hanoi Stock Exchange, the HNX-Index climbed by 0.92 percent to close at 139.12. Market volume also fell 20 percent to 31 million shares, with a total value of nearly 782 billion VND (41.1 million USD).
Gainers outnumbered decliners on the northern bourse by three-to-one, however, with 214 codes advancing, 74 declining and 38 remaining unchanged.
PetroVietnam Construction (PVX) remained the most heavily-traded share nationwide on a volume of 3.2 million shares. PVX closed up 1.7 percent to 23,700 VND (1.25 USD) per share.-Enditem
GENERAL
Press Highlights Aug. 12
Hanoi (VNA) -
Current Events
· Vietnam Journalists’ Association convenes its ninth congress (All dailies, p1).
· The Non-governmental Vietnam Agent Orange Relief & Responsibility Campaign calls on the American to aid Vietnamese Agent Orange /dioxin victims (All dailies, p8).
· Vedan Vietnam accepts to fully compensate farmers in Dong Nai province over pollution responsibility (Nhan dan, p8). Vedan’s compensation totals 119.5 billion VND.
· 42 nd ASEAN Economic Ministers’ Meeting to take place in central Da Nang city (Hanoi Moi, p4).
· Vietnam , US hold naval drill in Da Nang (Lao dong, p6). The US naval ship USS John McCain visits Tien Sa seaport in Da Nang .
· The Party Political Bureau hold working sessions with Party committees of Khanh Hoa, Ninh Thuan, Long An, Tien Giang provinces and Can Tho city (Nhan dan, p1).
Socio-economic Affairs
· Rice is enough for exports and domestic consumption (Nhan dan, p8). According to the Vietnam Food Association, this year’s paddy rice output is estimated to surpass the 2009 figure.
· Third International Circus Festival-Hanoi 2010 closes with the Ho Chi Minh City circus troupe winning the gold medal (Nhan dan, p8).
· Government provides four drought-hit central and southern provinces with a combined 7,100 tonnes of rice (Nhan dan, p8).
· Vietnam , Argentina boost trade cooperation (Nhan dan, p8). The Vietnam-Argentina Business Forum is held in Argentina .
· A ceremony to receive a certificate of UNESCO’s recognition of the central sector of Thang Long imperial citadel as a world cultural heritage will be held on Oct. 1 (Nhan dan, p7).
· Badminton player Nguyen Tien Minh competes in the World Badminton Championship 2010 (Nhan dan, p7).
· Film “Don’t burn” sent to the Luang Prabang Film Festival in Laos (Nhan dan, p8).
· Book featuring 118 pagodas across Vietnam published (Quan doi Nhan dan, p5).
· New HIV/AIDS infections reduce 27 percent in the first half (Hanoi Moi, p5).
· Information portal on public health launched (Saigon Giai phong, p1).
· Dung Quat oil refinery imports first batch of crude oil (Saigon Giai phong, p6).
· US allocates 2.1 million USD to help Vietnam in labour field (Lao dong, employment page).
· Early warning system of anti-dumping cases to enterprises makes debut, providing related information at the website: http://www.canhbaosom.vn (Saigon Giai phong, p2).
· Single-member limited liability company is allowed to invest in other business lines out of its core one with its capital contribution at each business line not surpassing 20 percent of the charter capital of the investment receiving organisation (Dau tu [Investment], No. 96, p1).
· Corporate bonds become more attractive thanks to macro economic prospect (Dau tu, No. 96, p7). Reuben Tucker, Global Director of ANZ’s Bond Issuing Division said a positive development in macro economy is an important factor to make the issuance of corporate bonds an attractive capital mobilization channel.
· Labour export hardly reaches target (Dau tu, No. 96, p10). Shrinking markets and problems arising in loan procedures are main reasons for labour export companies to hardly send 85,000 labourers to work abroad this year.
· Rice export in the second half sees no big fluctuations (Dau tu, No. 96, p15).
International Events
· Columbia , Venezuela re-establish diplomatic ties (All dailies, p8).
· WHO declares that the A/H1N1influenza pandemic is over (Hanoi Moi, p8).
· Former Thai Prime Minister Thaksin’s assets seized (Hanoi Moi, p8).
· WB calls on countries not to ban exports of food grains (Saigon Giai phong, p8).-Enditem
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VN launches community health web portal
Hanoi (VNA)- The Vietnam Post and Telecommunications Group (VNPT) and the Ministry of Health on August 11 launched a portal on community health at www.vho.vn .
The website aims to popularise knowledge on healthcare, kinds of diseases, medicines, epidemic situation, preventive measures and food hygiene and safety, helping the people raise awareness of disease prevention and treatment.
So far, the site has collected over 14,000 articles, more than 3,000 video files which are classified in subjects and the most popular diseases column.-Enditem
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Vietnamese athletes head to Singapore
Hanoi (VNA) - Thach Kim Tuan and Nguyen Thanh Thao are expected to win medals for Vietnam at the Youth Olympic Games which will kick off on August 14 in Singapore.
They are among 13 Vietnamese athletes under Hoang Manh Cuong, deputy head of the Elite Sport Department of the National Sport Administration which left for the first ever tournament on August 10.
Tuan will compete in the men's 56kg weightlifting event while Thao will perform in the women's 55kg taekwondo category.
Tuan is the first Vietnamese to win a ticket to the Olympics after his successful performance at the World Youth Weightlifting Championship's cadet category, where he won a silver medal last year. The event acted as one of the qualifiers for the Singapore Games. He later surprised his coaches and many people with a fifth-placed finish at the world U20 tournament despite being only 16.
Tracking his progress, Vietnamese coaches believe he can follow in the footsteps of Olympic silver medallist Hoang Anh Tuan.
The youngster's achievements are reason for coaches to believe that he should take a medal position in Singapore despite facing stiff competition from athletes from China, the Republic of Korea and Mexico.
In Singapore, Tuan will be the third Vietnamese to compete at 6pm on August 15. Earlier, Nguyen Thi Hong, another weightlifter will start her contest in the women's 44kg category. Hong took a bronze medal at the World Youth Weightlifting Championship in Thailand.
Thao is a rising taekwondo star. She earned her ticket after winning a bronze medal at the Games' qualifying round held in Mexico in March. Thanks to that result, she was then called up to the national team and took part in different international tournaments as part of intensive preparation for Singapore.
Apart from weightlifting and taekwondo, Vietnamese athletes will also compete in five other track and field events, swimming, shooting, wrestling and badminton.
Vietnamese swimmers have received large amounts support from sport leaders.
Nguyen Thi Kim Tuyen in the women's 100m and 200m butterfly and Tran Tam Nguyen in the women's 100m and 200m freestyle are set to compete, as well as talented Hoang Quy Phuoc who is a wild card entry in men's 100m and 200m freestyle events. The three took training courses in China. According to coach Tran Duy My, the swimmers should do better than ever following their training.
The summer Youth Olympics is a pioneering initiative by the International Olympic Committee, with the aim of inspiring youth around the world to embrace, embody and express the Olympic values of excellence, friendship and respect.
The games will feature some 5,000 athletes, aged from 14-18, and officials from the 205 National Olympic Committees, competing in 26 sports for 184 sets of medals. The games will close on August 26.-Enditem
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Cyclist Dam wins silver on top of bronze medal in Malaysia
Hanoi (VNA) - Nguyen Thanh Dam won a silver medal in the women's endurance event at the Langkawi Terrain Cycling tournament, which concluded on August 10 in Malaysia.
This was the second medal Dam pocketed at the tournament after she took a bronze in the cross country event.
During the endurance race, Dam squared off against Masziyaton Mohd Radzistrong, a strong rival who had won the gold medal during the cross country race.
Radzi once again took the gold medal after a successful start, which was followed by an intrepid pace that was maintained for the entire race.
The Vietnamese cyclist is now headed to the Asian Cycling Championship that will be held next month in the Republic of Korea.-Enditem
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Minh to face lowly opponents in early rounds of World Champs
Hanoi (VNA) - Nguyen Tien Minh is set to play low ranking opponents during the first two rounds of the World Badminton Championship.
The draw was announced on August 9 in Paris.
The Vietnamese player, who failed to defend his Chinese Taipei Grand Prix Gold last week, will play Atrashchenkov of Ukraine, who is not ranked in the world's top 50, during the first round. In his second match, if Minh defeats Atrashchenkov then he will face the winner of the match between Raul Must from Estonia and Dieter Domke of Germany.
The Vietnamese, who is currently ranked No 6 in the world, will leave for France with the duo Duong Bao Duc and Thai Thi Hong Gam, who will compete in the mixed doubles event. The couple will play Yohan Hadikusumo Wiratama and Ying Suet Tse of Hong Kong in the first round.
The world tournament will start on August 23 and wrap up six days later. –Enditem
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Miss Vietnam World final ‘best yet'
Nha Trang (VNA) - Battling it out at the weekend in the final of Miss Vietnam World – billed as the best yet by organisers – will be 42 belles, who are currently camped at Vinpearl Land in the central coastal city of Nha Trang.
"The final night on August 14 will be the biggest and most special yet in both Vietnam and Southeast Asia," said Nguyen Trong Hien, head of the organising committee.
The stage and backdrop for the final, which reflects Vietnam's culture, has been designed by committee members Do Thanh Hai and Pham Hoang Nam, Hien said.
They will also design the stage for Miss Earth 2010 in Nha Trang in December, Hien added.
Throughout the week, music will be performed by Il Divo and a number of other well-known Vietnamese groups, he said.
In the first round of the final, contestants will be able to choose what dress to wear. The second and third rounds will be swimming costume and ao dai (traditional long dress).
Judges will select the top 15 for the grand final
Miss Vietnam World will receive a cash prize of 500 million VND (26,300 USD), while the first runner-up will be awarded 300 million VND (15,800 USD) and second runner-up 200 million VND (10,526 USD).
The organising committee will also award prizes for Miss Sport, Miss Talent, Miss Friendly, Miss Traditional Robe, Miss Fashion, Miss Beach, Miss Favourite (nominated online), Miss Photographic and Miss Elegant. Each of the winners will be presented with 30 million VND (1,580 USD) prize money.
Le Khac Hiep, deputy head of the organising committee, said contestants would not be asked to take part in charitable activities during the event as on previous occasions.
"The contestants will not be taking part in charitable activities, but money raised from ticket sales for the final and from the auctioning of the Miss Vietnam World crown will go to charity.
"After the contest, winners will have all the time they need to help the needy."
On the judging panel will be journalists Le Canh Nhac and Hong Thanh Quang; artists Pham Anh Phuong and Nguyen Nhu Quynh; anthropometrist Le Diep Linh; Miss Vietnam 1992, Nguyen Dieu Hoa; and Miss Earth 2009, Larissa Ramos.
The MCs will be Miss Asian in America, Jennifer Pham, and journalist Anh Tuan.
Members of the public can vote for their favourite contestants by visiting www.missvietnamworld.com.vn. — Enditem
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2,500-year-old Sa Huynh artefacts found
Binh Thuan (VNA) — Thousands of Sa Huynh Culture artefacts, some dating back to the fifth century BC, have been discovered at Phu Truong in Phan Thiet following three months of excavations.
The Vietnam History Museum and the Binh Thuan Province Culture, Sports and Tourism Department said on on August 10 they comprise 10,000 pottery pieces, 83 stone artefacts, and 13 copper, iron, and crystal items.
Pottery covered in floral patterns is a recurring theme, archaeologists from the Vietnam History Museum and the Binh Thuan History Museum, who carried out the excavations, said.
Nguyen Xuan Ly, director of the museum, said the finds date from 2, 500 to 2,000 years ago.
Phu Truong is recognised as a major Sa Huynh Culture relics site, some others being Doc Chua in southern Binh Duong Province and Chinh Spring in central Quang Ngai province.
The Sa Huynh Culture thrived in central and southern Vietnam between 1,000 BC and AD 200 and, among other relics, left behind iron artefacts like axes, swords, and knives inside jars. -Enditem
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Nation proud of UNESCO recognition of imperial citadel
Hanoi (VNA) – The UNESCO recognition of the Thang Long Imperial Citadel as a world cultural heritage was the pride of the entire nation and people, said Pham Sanh Chau, General Secretary of the Vietnam National UNESCO Committee.
Chau made the affirmation while answering readers during an online exchange at the government web portal at http://www.chinhphu.vn on Aug. 11.
He informed people of efforts by scientists, experts and relevant agencies as well as international organisations in submitting file to the UNESCO for recognition.
Also at the online exchange, Prof. Phan Huy Le, President of the Vietnam Historical Science Association and Associate Prof. Tong Trung Tin, Director of the Archeological Institute, spoke about the great value of the site and three outstanding criteria thanks to which the citadel was recognised as a world cultural heritage, namely its long-lasting cultural history, the continuity of the citadel as a power centre and the variety of relics it contains.
Deputy Chairwoman of the Hanoi People’s Committee Ngo Thanh Hang and other officials at the online event talked about the tasks and plans to preserve, manage and develop the central sector of the imperial citadel.
She emphasised Hanoi ’s commitment to preserve and develop values of world cultural heritages.
The central sector of the Thang Long Imperial Citadel was recognised as a world cultural heritage at the 34th session of UNESCO’s World Heritage Committee in Brazil on July 31.-Enditem
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