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US consultant wins Da Nang contract
Da Nang (VNA) - The HCM City-based Trung Nam Construction Investment JSC (Trung Nam Group) last August 14 signed a design-consultancy contract for the Quan Nam – Thuy Tu Ecological Urban Area with the US-headquartered design firm Skidmore Owings and Merrill LLP (SOM).
Trung Nam Group will invest a total of over 1.6 billion USD in the Quan Nam Thuy Tu Eco-Area project, which is located on 3,421ha of land in central Da Nang City 's Lien Chieu and Hoa Vang districts.
When completed, the eco-town will have trading and service centres, semi-detached and detached villas, upscale apartments, hotels, an international hospital and university, cultural features, sports facilities and recreational areas.
Construction of the project will be undertaken in two stages. The group will invest 154 million USD in the first stage, which is scheduled to be completed by the end of 2011. The second stage will be completed in 2015.
Trung Nam Group has also invested in hydro-power plants Krong No 2 and Krong No 3 and Dong Nai No 2, with a total capacity of 140MW in Central Highland Lam Dong province.
In addition to real estate and hydro-power projects, the group is interested in green energy such as wind power in central Ninh Thuan province. -Enditem
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Malaysian-invested project breaks ground
Binh Duong (VNA) -- Setia Lai Thieu, an affiliate company of Malaysia 's leading property developer, S P Setia Group, has started work on a new residential project in Binh Duong Province at an estimated cost of 333 billion VND (175 million USD).
The EcoXuan covers 10.84ha of land in Lai Thieu area near HCM City , inside a larger, 52ha urban complex project of the southern province.
The company will complete the project in five to six years. There will be 1,500 apartments and houses and shops, as well as entertainment facilities and green space.
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Moon cakes rise in price as festival nears
HCM City (VNA) -- Moon cake producers have begun early sales for the mid-autumn festival season, increasing both price by an average of 10 percent, and output by 10 to 20 percent.
Kinh Do, the largest producer, said it would provide the market with 1,900 tonnes of product 100 tonnes more than last season, with prices 10 percent higher than last year, although raw material prices have gone up around 25 percent.
Bibica will make 500 tonnes and other companies like Duc Phat and ABC will produce several dozen tonnes.
Bibica deputy general director Phan Van Thien said sugar prices went up 80 percent and packaging cost rise 15-30 percent. -Enditem
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Bank capital woes depress shares
Hanoi (VNA) -- Benchmark indices on both of the nation's stock exchanges declined sharply this past week, influenced by the pressure on commercial banks to increase their charter capital and meet stricter capital adequacy requirements.
On the HCM Stock Exchange, the VN-Index fell 6.23 percent – the largest weekly loss so far this year – to close on August 13 at 452.73. On the Hanoi Stock Exchange, meanwhile, the HNX-Index dropped by 7.69 percent to end the week at 134.97.
Depressed share prices attracted a number of bottom-catching investors, helping lift volumes and values, although they remained anaemic on both exchanges.
An average of 41.5 million shares changed hands daily on the HCM City bourse, for an average value of nearly 1.1 trillion VND (57.6 million USD) – an increase of 21.8 percent in volume and 9.6 percent in value over the previous week. In Hanoi , the average daily trading volume jumped by 30 percent to 28.2 million shares, for an average daily value of 903.5 billion VND (47.3 million USD).
Only nine codes out of 256 on the HCM City market posted gains for the week, while only 20 out of 323 shares advanced in Hanoi .
Foreign investors concluded the week as net buyers on the HCM City bourse, picking up a net of 193 billion VND (10 million USD) worth of shares, but they were net sellers in Hanoi by a margin of just 3 billion VND (157,100 USD).
Although August 13's session saw increased trough-catching buys, any market rebound this week was expected to be hard fought.
Last week, 14 commercial banks asked the State Bank of Vietnam for additional time to comply with tougher capital adequacy requirements. However, a State Bank of Vietnam source on Aug. 15 said this request was unlikely to be granted.
The Vietnamese banking system was already maintaining lower standards than international norms set in BASEL 2 for the banking system, State Bank of Vietnam Governor Nguyen Van Giau said last week.
This week, several companies will list additional shares, further adding to the current market glut, including Kinh Bac City Development (KBC), with a planned listing of nearly 97 million shares, Vincom (VIC), with over 40 million, and Phu Nhuan Jewelry (PNJ), with nearly 20 million.-Enditem
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ant embroidered picture portrays Hanoi's highlights
Hanoi (VNA) — Hundreds of artisans from the Coi Xua Handicraft and Export Co in Van Lam craft village in the northern province of Ninh Binh have gathered to make an enormous embroidery entitled Coi Xua (Old Origins) to celebrate the Hanoi's 1,000th anniversary and express their love for the capital city.
The 5.5 by 31m embroidery, weighing 1.5 tonnes, was begun in 2009 and has used nearly 170sq.m of Italian wool and around 250kg of thread.
The embroidery contains images of significant events in the history of the ancient capital of Hoa Lu (Ninh Binh province) under the reign of the Dinh, Le and Ly dynasties, including the founding of Dai Co Viet (the former name of Vietnam), the landscape of Hoa Lu with the temples of Kings Dinh Tien Hoang and Le Dai Hanh, and Ly Thai To's royal decree to move the capital city to Hanoi.
An idea for the embroidery came from 26-year-old Pham Thi Hoai in the hopes of displaying the talents of her village and serving as a bridge linking the former capital city of Hoa Lu and the present capital of Hanoi .
Before needling first threads, Hoai spent three months leading other embroiders to the mountain peaks of Ninh Binh province to capture the image of the landscape in the cloth. Hoai also consulted researchers to collect the quintessential details for the picture.
Hanoi 's researcher Nguyen Vinh Phuc remarked that the picture contains values of history, fine arts, culture and tradition. It also expresses the enthusiasm of artisans from a handicraft village with a nearly 800-year tradition.
Hoai didn't set out to create the picture with aim of setting a record, she said.
"I wanted to show my people's love for the capital and introduce their talents and the beauty of my homeland to the entire country," Hoai said. "During the process of embroidering the picture, I realised how my artists love their work. I expect that they will help to develop the traditional trade of the village."
Hoai has visited many other trade villages in neighbouring regions and discovered that their work hadn't developed and might be in risk of decline. For her, the giant embroidery's success begins the process of fulfilling her ambition to revive her craft.
Attending at the introduction ceremony, Pham Quang Nghi, secretary of the Hanoi Party Committee, expressed his gratitude to the Van Lam embroiderers for their great contribution Hanoi 's millennium celebrations.
The picture is scheduled to make its public debut at the Friendship Cultural Palace in Hanoi on August 16. It will be displayed there through August 23. — Enditem
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Vietnam wins gold at youth Olympic Games
Hanoi (VNA) – Vietnamese weight-lifter Thach Kim Tuan on August 15 won a gold medal in the 56 kg category at the first day of the Youth Olympic Games 2010 in Singapore .
The first Youth Olympic Games 2010, lasting until August 26, attracts 3,600 athletes from 204 national Olympic committees.
Tuan, born in 1994, used to bag silver medal and gold medal at the World Junior Weightlifting Championship and Asian junior championship, respectively.-Enditem
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Largest brewery in Southeast Asia launched
Hanoi (VNA) - The Hanoi Beer-Alcohol & Beverage Corporation (Habeco) inaugurated the Hanoi -Me Linh brewery on August 15 in the presence of Deputy Prime Minister Nguyen Sinh Hung.
The 2.2 trillion VND (114.4 million USD) brewery, with a designed annual capacity of 200 million litres, is equipped with modern equipment from Germany ’s Krones AG and is expected to be one of the largest factory in Southeast Asia .
The first phase of the project was put into operation in July 2009, churning out 100 million litres of beer per year.
The project is to mark the 1,000 th anniversary of Hanoi .-Enditem
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Contributors to ethnic minority group development honoured
Hanoi (VNA) – One hundred organisations and individuals who made contributions to the development of Vietnam ’s ethnic minority groups received awards at a ceremony held in Hanoi on August 14.
Of the total, 93 are organisations, enterprises and armed force units, including such big names as PetroVietnam, Red River Corporation, Rural Development and Agriculture Bank and the Bank for Foreign Trade of Vietnam (Vietcombank), the Ha Giang Pharmacy Company, the Lao Cai Apatite company and the Company No. 789 of the Defence Ministry.
The “For the development of Vietnam ’s ethnic minority community” Cup, the award of the Government’s Committee for Ethnic Minority Affairs, is to reaffirm the Party and State’s determination to prioritise ethnic minority’s development.-Enditem
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Outstanding individuals, organisations honoured at “Vietnam Glory”
Hanoi (VNA) – The eighth “Vietnam Glory” programme was held in Hanoi on August 15, honouring 20 outstanding individuals and organisations for their contributions to national emulation campaign and country’s construction and defence cause.
Addressing the function, Deputy Prime Minister Nguyen Sinh Hung praised the winners for their achievements and stressed that they epitomise Vietnam ’s strength.
The event was co-organised by Labour (Lao Dong) newspaper, Radio the Voice of Vietnam, Vietnam Television and the A Chau company.
This is part of activities to mark the 65 th year of the August Revolution (August 19) and the National Independence Day (September 2), and the 1,000 th anniverary of Thang Long- Hanoi. -Enditem
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Banned goods list to expand
Hanoi (VNA) -- The Ministry of Industry and Trade is drafting a proposal to ban the sale of sky lanterns, antiques that have significant heritage value and several other goods and services.
The proposal would increase the list of banned goods and services from 92 to 101. New additions to the list include services which have already been banned recently, such as gold trading floors at banks.
The draft proposal aims to amend decree No 59/2006/ND-CP, which stipulates goods and services banned from sale as well as items subject to partial trading restrictions.
The proposal also bans the sale of certain types of toxic chemicals as well as updating the decree by listing a ban on sale of smuggled tobacco products.
The draft also supplements 26 goods and services subject to restricted sales, such as gambling, the hiring of private detectives and marriage brokerage services
Certain food additives and nutritional supplements which have not been approved for sale from the Ministry of Health will also be classified as restricted on the ministry's list.
The ministry's Domestic Market Department director Truong Quang Hoai Nam said the draft aimed to strengthen State management on new types of goods and services which have not been regulated in the current decree drafted after Vietnam's joining of the World Trade Organisation.
Representatives from law firms and associations argued that the Government should create a clear legal framework and increase the State's management role and keep bans or restriction on goods and services to a minimum.
Chairman of BASICO Law firm, lawyer Truong Thanh Duc, said during the past decade the number of goods and services banned from sale has been increasing rapidly.
"By this August, the figure was at 152 and expected to be 157 by the end of the year, while there were only 29 goods and services on the list in 1999," Duc said.
He said the ministry should reduce restrictions and bans imposed on business.
"We should provide simpler, clearer and more sensible conditions on goods and services that are still subjected to sales restrictions," he said.
"We should also avoid bans and restrictions imposed in regulations, laws and decrees as stipulated in the draft because this is counter to our policies on encouraging enterprises to develop their business."
Concerns have been raised on the ban of gold trading floors.
Chairman of Vietnam Gold Trading Association Dinh Nho Bang said that as gold trading via bank accounts was a common practice around the world, Viet Nam should not attempt to turn back this trend.
"Gold trading accounts help reduce the amount of imported gold materials, thus contributing to a lower trade deficit," Bang said.
He said gold trading floors should be given long-term guidelines and listed as a service subject to restrictions but not banned outright.
He said the ban was a temporary solution to limit risk in the domestic financial market that lacked a solid legal framework.
Nguyen Thi Yen from Hanoi Law University said the State Bank of Vietnam would have to draft legislation on gold trading floors.
"Gold is a professional financial investment and there is huge demand from Vietnamese investors to invest in this area," Yen said.
Investors had shifted their funds to silver trading floors since the ban took affect.
"Instead of the ban, the new decree should have clear conditions on gold trading floors," she said. –Enditem
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Quest unearths new TV hosts
HCM City (VNA) -- Twelve talented presenters have qualified to compete in the finals of a presenter unearthing contest on HCM City Television (HTV).
The contestants will host a TV programme of their choice, talk briefly on a topic chosen by themselves and the judges, and debate with guests and the judges.
The jury will judge them on their appearance, and presenting skills.
Elimination of candidates will begin at the end of the second round until the final four are chosen in the fourth round.
The four final rounds will be held at HCM City Television Theatre on August 14, 20, 21 and 25 while the last round and the awards ceremony will be held at Hoa Binh Theatre on August 29.
All shows will be broadcast live on HTV9.
This year's contest attracted nearly 600 young people aged between 18 and 30.-Enditem
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Pair win title at VN Dance Sport Open
Hanoi (VNA) -- Dancers Chi Anh and Nha Khanh won the Class A Vietnam Open title at the Vietnam Dance Sport Open in Ha Noi on August 14.
Class B went to Trong Hung/Minh Phuong of Thang Long Hanoi club.
Also, national and international dancers continued to battle it out in the International Dance Sport Federation Open event, an official tournament of the International Open for the first time.
In Class A, the title went to Minh Truong/My An of the national youth team, while in Class B Chi Thanh/Diem Quynh of Hanoi Department of Culture, Sports and Tourism took home gold.
Prizes were also awarded for the winners of age groups.
The two-day event, known as the Me Trang Cup, attracted 100 entries, including from China, Japan, the Republic of Korea, Thailand, Singapore, Malaysia, Indonesia, and India.
The winning pairs will attend the 16th Asian Games in Guangzhou later this year.-Enditem
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Hanoi T&T tops table, wraps up championship
Hanoi (VNA) -- Hanoi T&T drew with Navibank Sai Gon 0-0 in the 25th round of the of nation's premier V-League at Hang Day Stadium on August 15 to secure the season title with 46 points, one round earlier than expected.
Team chairman Do Quang Hien said, "I am very happy and honoured that the team win V-League on the occasion of the 1,000th anniversary of Thang Long-Hanoi."
Coach Phan Thanh Hung said solidarity and decision-making are two leading factors in Hanoi T&T success.
Hai Phong kept second place in the ranking with 42 points when they beat Nam Dinh 2-0 at Tu Do Stadium.
Elsewhere in round 25 of V-League played on August 14, Da Nang beat Thanh Hoa 4-2 at Thanh Hoa Stadium, Binh Duong lost to Dong Thap 2-4 at Binh Duong Stadium, Dong Tam Long An beat Hoa Phat Ha Noi 4-1 at Long An Stadium, Song Lam Nghe An were done by Hoang Anh Gia Lai 1-2 at Vinh Stadium, while Khanh Hoa crushed Ninh Binh 2-0 at Nha Trang Stadium.-Enditem
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