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Ha Long Bay ranks 2nd in world wonders voting
Hanoi (VNA) – Vietnam ’s Ha Long Bay won second largest number of international votes over the past four weeks in the campaign voting for the world’s seven new natural wonders.
The information was released by the NewOpenWorld on its website www.new7wonders.com on August 16.
The voting for Ha Long Bay has achieved satisfactory results in several countries like Japan , the Republic of Korea , France and Mexico .
Recently, the Ministry of Culture, Sports and Tourism has worked with the Ha Long Bay Management Board to open a photo exhibition in New York City of the US from August 11-18.
In the coming time, a wide range of activities to vote for Ha Long Bay will continue to take place in many countries across the world.
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Vietnam wins one more medal at Youth Olympics
Hanoi (VNA) – Vietnamese taekwondo martial artist Nguyen Quoc Cuong on August 16, the second day of competition, won a bronze medal in the 55 kg category at the Youth Olympic Games 2010 being held in Singapore .
After casting lots, Cuong directly entered the quarterfinal round and finally won 4-3 over his Colombian rival Oscar Munnoz.
At the semifinal round, he won 2-0 and 3-2 in the first two halves but was defeated 0-4 by Nursultan Mamayev from Kazakhstan , losing 5-6 in the round.
Earlier, Vietnamese weight-lifter Thach Kim Tuan won a gold medal in the 56 kg category at the first day of the tournament.-Enditem
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Decree hopes to protect holders of convertible bonds
Hanoi (VNA) — A new Government decree requires the sellers of convertible bonds to clarify all risks for potential buyers, as well as propose a risk-provision plan to protect the interests of existing bond holders whenever additional shares or bonds are issued.
Government Decree 84/2010/ND-CP, issued pursuant to the Law on Securities, is intended to help bond buyers calculate risk and to encourage companies to more responsibly honour their obligations.
Holders of convertible bonds previously faced short-term risks if the market price of an enterprise's shares fell below the conversion price.
"I think the decree is a good move because it draws clear legal borders and makes convertible bond issues more transparent," said Hoa Binh Securities Co deputy director Nguyen Huy Duong.
It also demonstrated the improvements in Government's and the State Securities Commission's control over the market, Duong said.
The decree has been issued at a time when the availability of bank credit is increasingly limited and convertible bonds are being regarded by enterprises as an alternative way to raise capital.
As of mid-July, about 17 listed firms had issued or planned to issue convertible bonds, most through private offerings or to strategic or institutional investors.
Convertible bond issues totalled about 10 trillion VND (526.3 million USD) in the first six months of the year, with an average term of two years and a coupon of 8-10 percent per year, according to Au Viet Securities Co.
Higher corporate bond coupons were increasingly attractive to investors since bank deposit interest rates now hovered at around 11.5 percent per year.
Vietnam Bond Market Association general secretary Do Ngoc Quynh forecasted that the growing medium- to long-term demand of enterprises would continue to drive the growing issue of corporate bonds.
Convertible bonds ensured interest to their holders even when stock prices fell, but when the prices of shares were relatively high, convertible bonds gave investors a chance to convert and invest in shares, Quynh said. — Enditem
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VN's third private air carrier set for take-off
Hanoi (VNA)— Air Mekong, Vietnam's third private air carrier, is scheduled to launch its first flights on October 10.
"The Civil Aviation Administration of Vietnam (CAAV) will finish its checks and appraisal to enable Air Mekong's operation next month," the company stated in a press release.
"Air Mekong is scheduled to begin selling tickets from mid-September and to launch its first flights on October 10 of this year," the company said.
The airline is scheduled to fly from Hanoi and HCM City to Da Nang , Nha Trang, Da Lat and Phu Quoc. In addition, it has also asked permission to fly from HCM City to Con Dao, Buon Me Thuot, Hai Phong and Vinh.
On August 15, the airline received delivery of four made-in-Canada Bombardier CRJ 900 aircraft owned by Skywest Leasing Inc of the US . Each aircraft has 95 business and economy-class seats.
Air Mekong was established in 2009 by Ha Long Investment and Development Company. It will be headquartered at Phu Quoc Airport . The other two private carriers in Vietnam are Indochina Airlines and VietJet AirAsia.
The CAAV said there were a number of organisations and individuals planning to launch airlines. To qualify, private operators must have a charter capital of at least 500 billion VND (26.3 million USD) to fly internationally and 200 billion VND (10.5 million USD) to launch domestic flights. Airlines must also meet strict aviation and security standards. — Enditem
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Timber-product exporters sign 3bln USD deals
Hanoi (VNA) — Wood product exporters had signed export contracts totalling 3 billion USD until the year end, 400 million USD higher than last year, said general director of the Vietnam Timber and Forest Product Association Nguyen Ton Quyen.
Quyen attributed the increase to a rebound in the export market and new markets, including East European countries.
Wood producers said they had received more orders at higher prices.
Director of the Lam Viet Company in southern Binh Duong province Nguyen Liem said his company's revenues until July would exceed 6 million USD, equal to its sales for the whole of last year. The export prices also rose 5-7 percent over last year, he said.
The demand for medium to high-end furniture had increased sharply after the economic crisis, said Huynh Quang Thanh, general director of Hiep Long Fine Furniture Company. His company had a turnover of 5 million USD in the first half of the year.
However, wood product exporters were concerned about the price hike of imported materials.
Viforest's statistics show the wood industry this year would need 6.4 million cubic metres of timber, of which domestic production could provide only 1.6 million cubic metres. Therefore, the country would have to import roughly 4-5 million cubic metres of timber to meet the annual export target of 3 billion USD this year.
Meanwhile, the cost of imported wood materials had surged 15-30 percent in the past few months.
To deal with the shortage of materials, HCM City Handicraft and Wood Industry Association vice chairman Tran Quoc Manh recommended that exporters of wood products cooperate with each other to cut costs.
Mach said that 600 exporters were importing raw materials from different sources, which created volatility in the wood material market and higher costs due to freight and having less negotiating powers.
Manh also said Vietnamese exporters should pay attention to the US Lacey Act, a law that banned any wood products containing illegally harvested timber. No shipments from Vietnam had been returned so far, but exporters needed to prepare all documents carefully to avoid trouble, he said. — Enditem
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Vinalines issues 52mln USD in bonds
Hanoi (VNA) — Vietnam National Shipping Lines (Vinalines), the largest State-owned shipping and port operator in the country, on August 16 finalised issuing 1 trillion VND (52.08 million USD) worth of bonds.
The senior unsecured bonds will have a maturity of three years. They will carry an annual coupon rate of 14.5 percent in the first year and an average 12-month deposit rate in addition to 3.5 percent per annum payable in the second and third years.
The bond issuance will raise capital for new development projects.
Standard Chartered is the sole arranger and book runner for the bond issue.- Enditem
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8 FDI licences may be withdrawn
Hanoi (VNA) — Foreign direct investment (FDI) in the southern province of Ba Ria-Vung Tau had resulted in 27 projects totalling 2.3 billion USD being licensed so far this year, the province's Department of Planning and Investment said.
However, issuing permits for foreign-invested projects didn't mean they would go ahead, and many had stagnated or were developing ineffectively, department director Le Kim Huong said.
This had prompted a warning that licences would be withdrawn if action was not taken, she said.
Permits had been issued for foreign-invested projects valued at 26.2 billion USD over more than 10 years but only about 20 percent of the total had been disbursed, she said.
In the first seven months of this year, of the 2.3 billion USD licensed, only 650 million USD were disbursed, mainly for large projects, including a steel plant and a sea port. FDI disbursement in small and medium-sized projects, meanwhile, was only a trickle, she said.
The province had told investors in foreign-invested projects to speed up their development or face withdrawal of their project licences, Huong said.
Six project licences had already been withdrawn this year due to slow development or ineffective operation, she said.
Licences were withdrawn for projects by the Republic of Korean ’s AJ Vietstar Construction and Development Ltd, Ajung Technical and Construction Ltd Company, V-Can Ltd Company, Con Dao Pearl Company, Imac Vietnam Ltd Company and Maxco Ltd Company.
Huong said Ba Ria-Vung Tau province had improved its infrastructure to create favourable conditions for investors, especially in tourism projects.
It also was attracting FDI to the industrial sector because of its sea port and technical infrastructure, Huong said. And a "one door" administrative procedure, making use of information technology, had helped cut red tape. — Enditem
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Demand for air cargo likely to grow 30 percent
Hanoi (VNA) — Demand for air cargo is expected to jump in the last months of this year, creating potential for local and international freight airlines, said industrial analysts.
"Demand will likely grow by 30 percent in the second half of this year in comparison with the same period last year due to high demand from Asia, the EU and the US . Hong Kong Airlines return flights connecting HCM City with Hong Kong had an occupancy rate of 80-90 percent," said Do Xuan Quang, general director of HCM City-based Victor Cargo Transportation Co.
Victor Co works as a general agent for foreign airlines in Vietnam , including Malaysia Airlines, South African Airways, and Egypt Air.
Vo Huy Cuong, director of the Civil Aviation Administration of Vietnam's aviation transportation department said Hong Kong Airlines was a new-comer, starting operations in January with five cargo flights per week on the HCM City-Hong Kong route.
Others such as Cathay Pacific, Eva Air, Korean Air, China Airlines, FedEx, DHL and CargoLux are also bolstering their freight flights to Vietnam .
Local airlines have also paid great attention to this promising market. HCM City-based Trai Thien Air Cargo is preparing to debut its first commercial cargo flight in September. Trai Thien was established in June 2008 with a registered capital of 500 billion VND (26.3 million USD).
If Trai Thien begins services from September 5 as scheduled, it will become the first private air cargo carrier in Vietnam . It will transport cargo throughout south-east and north-east Asia .
The airline officially received a licence to provide freight services from the Civil Aviation Administration of Vietnam (CAAV).
However, Cuong said Trai Thien had not yet begun operations as the carrier had not rented aircraft that met CAAV standards.
Under Vietnamese aviation regulations, the leases of planes entering Vietnam must not exceed 25 years.
Le Giang Long, deputy director of Trai Thien said the carrier had discussed leases with companies from Singapore and the EU, but their planes did not meet the prescribed 25-year time period.
The carrier recently entered negotiations with Singaporean-owned Airmark Co, and believed the company could meet the requirement.
Trai Thien expected that the 18 tonne capacity B737-300F would arrive in Vietnam later this month to begin operating the scheduled daily Hong Kong-HCM City route. Future destinations include Singapore , Phnom Penh , Bangkok , Guangzhou and Taipei .
It is expected that the carrier will receive the second B737-300F in the first quarter next year. This will service domestic routes from HCM City to Hanoi , Da Nang , Nha Trang and Da Lat.
"If capacity remains at 60-70 percent use, we expect to reach break-even point after two years of operation for the international flights," Long said.
"The company has made good preparations. Initially, we signed a memorandum of co-operation with US partners such as FedEx, UPS, and DHL and a cargo service company in Hong Kong and Singapore, to ensure enough cargo to meet the 70-80 percent capacity rate, for return flights to HCM City," he said.
Quang said that it would not be easy initially for Trai Thien. However, it was essential to launch a private freight air service in Vietnam and he also wanted to open a similar cargo airline in the future.
The amount of goods transported by air in the first six months of this year rose by 36 percent over the same period last year, according to CAAV. — Enditem
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Stock rebound surprises analysts
Hanoi (VNA) — Stocks rebounded on both national stock exchanges on August 16 as investors began hunting shares at bargain prices following last week's slump.
On the HCM Stock Exchange, the VN-Index rose 2.66 percent to close at 464.76. Ninety-four percent of codes posted gains on the day, with 120 codes cl
sing at their ceiling prices.
Blue chips led the market rebound, with the eight leading shares by capitalisation all rising, including Hoang Anh Gia Lai Co (HAG), Masan Group (MSN), Vietcombank (VCB), Sacombank (STB), Eximbank (EIB), Vietinbank (CTG), Vinamilk (VNM) and Saigon Securities Inc (SSI).
SSI, the most-active share on a volume of nearly 1.7 million, gained 4.95 percent to end the session at 29,700 VND (1.55 USD) per share.
Overall market volume fell 12 percent from August 13's session, however, to 40.4 million shares, while the value of trades declined 18 percent to 1.1 trillion VND (57.8 million USD).
On the Hanoi Stock Exchange, the HNX-Index gained a whopping 3.8 percent over last Friday's close to end the day at 140.11 points. Trading volume also increased by 11.7 percent, reaching nearly 34.6 million shares, worth a total of 835.4 billion VND (43.5 million USD).
Advancers outnumbered decliners by 303-10, and Kim Long Securities Co (KLS) became the most heavily-traded share with nearly 4.3 million changing hands. KLS closed up 5.37 percent to 15,100 VND (0.79 USD).
Foreign investors remained wary, picking up a net buy of just 8 billion VND (417,000 USD) on the HCM stock market on August 16, while offloading shares worth a net of 1 billion VND (53,000 USD) on the Hanoi market. — Enditem
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Multi-media show adds spin to porcelain heist
HCM City (VNA) — A contemporary art space in HCM City has a multimedia exhibition that challenges the Western version of history about a shipment of Asian porcelain in the 1600s.
The show, Porcelain by Danish artist group Superflex, in collaboration with The Propeller Group, is being featured at San Art exhibition hall.
It is based on a three-part television documentary called Porcelain, filmed in Vietnam and broadcast on Vietnamese television in March.
The starting point of the exhibition comes from events surrounding a shipment of porcelain from Asia to Europe on December 17, 1601, when the San Jago set sail from Goa , India , bound for Lisbon , Portugal . The cargo included the first consignment of Southeast Asian porcelain destined for the European market.
On March 14, 1602, off the coast of St Helena, in the South Atlantic Ocean , the San Jago encountered three Dutch ships and a fierce battle followed. After three days of fighting the Portuguese surrendered and the Dutch took possession of the San Jago.
Artefacts from the San Jago are in the Zeeuws Museum in the Netherlands and the artists were granted the right to use these objects to make a film.
Rasmus Nielsen of Superflex says: "We wanted to recreate Dutch history from a Vietnamese perspective using authentic historical objects and adding a disturbing layer of constructed props to the official memory of the Dutch."
Tuan Andrew Nguyen, of The Propeller Group, says: " Vietnam is heavily represented in the shared global narrative of film and TV. We like the idea of using the format of a Vietnamese television drama series to be part of recreating the history of a western country."
"What you are seeing before you is an artist's fictional appropriation of the situation. A Danish collective (Superflex) wants to ship a series of art objects to a Vietnamese collective (The Propeller Group) in Vietnam . When these objects arrive in HCM City , they are not allowed into the country by customs."
Porcelain is sponsored by the Cultural Development and exchange fund and the Danish Art Council. It is on view at San Art, 3 Me Linh Street, Ward 19 in Binh Thanh district until September 20. — Enditem
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Energy group asks for 50 percent price hike
HCM City (VNA) -- The Vietnam Energy Association has asked the Government to raise electricity prices next year, retaining subsidies only for poor and people covered by special Government policies.
The business group wants the tariff to be raised to 1,500 VND (0.07 USD) per kilowatt-hour from the current 950 VND for all middle and upper-income consumers while keeping it at 600 VND for the first 50kWh for the subsidised categories of consumers.
Currently the subsidised price applies to all categories.
The VEA also proposed setting up a corporation to oversee electricity prices for subsidised consumers.
It said the current price of 950 VND, or 0.5 cents, is too low to attract investors to the electricity industry. A price of 7 to 8 cents is considered profitable.
In the first six months this year, the State-owned Electricity of Vietnam (EVN) produced 27.6 billion kWh and bought another 18.36 billion kWh from outside producers, making a loss of 3 trillion VND (150 million USD) in the bargain.
The EVN can meet only 30 percent of the investment needed to build power plants and distribution systems while there has been no foreign investment in build-operate-transfer projects since 1997.
The VEA also urged the Government to increase the prices of gas and coal.
"There is no reason for electricity prices to rise at this time since input costs are stable," Nguyen Van Be, general director of the Sai Gon – Linh Trung Processing Zone, said.
"In fact, the current tariffs are too high."
"Local businesses are trying to overcome the consequences of financial crisis. If VEA's price increase is approved, normal life and business operations will be hit severely."
Nguyen Hai Trieu, general director of Northern Viking Technologies company, said the electricity industry's stock answer for increasing tariffs was that they were lower than in neighbouring nations.
"However, the industry can [afford to] pay thousands of billions of dong in bonuses to their staff each year.
"Many companies using a lot of electricity, like in manufacturing and seafood, will have to stop operating because right now we hope to make a small profit of 1 – 2 percent."
Hoang Van Tieu, director of the Rong Vang Construction Consultancy Company, said: "To increase the tariffs, the power sector should set out a clear road map.
"The industry must improve labour productivity and cut costs."
He asked the Government to study the impact of increasing the tariffs on all sections of society.-Enditem
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Competition serves sustainable agenda
Hanoi (VNA) -- Students and young researchers interested in sustainable development will have an opportunity to get funding for their ideas and research through a competition introduced in Hanoi on August 16.
The Green Economy Ideas 2010 competition is for projects on energy saving, renewable energy and sustainable agriculture, forestry and aquaculture.
The best idea, to be announced in January, will win 500 million VND (26,300 USD).
Vietnam had several advantages in the development of a green economy, including its largely agricultural base, said Thai Quang Trung, head of the competition's assessment board.
The competition's goal was to create a forum at which students and young researchers, who were rich in ideas but might lack technical and financial support, would be able to contribute to the nation's sustainable development.
The show was co-organised by the Green Apple Centre and Foundation of the Future and backed by the Hanoi National University 's Economic and Policy Research Centre and Dai Viet Law Company.
The Siemens Green Technology Journalism Award was launched on August 16 to honour journalists for excellent reporting on energy efficiency, industrial productivity and sustainability issues.
The award, the first of its kind for members of the Association for Southeast Asia Nations, is open to print and online media from Indonesia , Malaysia , the Philippines , Singapore , Thailand and Vietnam .
"Concerns such as climate change, sustainable living and conservation are at the forefront of our modern society," said Erdal Elver, president and CEO of Siemens Vietnam.
All entries must be published from January 1 to December 31, 2010, in newspapers, magazines or websites. Articles will be judged in English.-Enditem
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Fifteen tour guides battle it out for top award
Hanoi (VNA) -- Fifteen tour guides have gathered to compete in the final round of the second National Tour Guide Competition held in Hanoi on August 15.
The 15 shortlist contestants were selected from 50 candidates from 14 cities and provinces nationwide. They have performed in a range of categories, including video tape dubbing, questions and answer session, and foreign-language speaking contest.
Tour guide Huynh Cong Hieu from the Saigontourist won first prize, worth 5 million VND and a tour package for two people to the Republic of Korea . He also won the best dubbing award thanks to his presentation on Hoi An Town.
Runners-up Nguyen Hong Nguyen from Hanoitourist and Nguyen Quynh from the Saigontourist won 4 million VND cash prizes and a trip for two people to Malaysia and Singapore .
Vice general director of the Vietnam National Administration of Tourism Nguyen Manh Cuong said the competition aimed to honour tour guides and reward those who excelled at their job, helping contribute towards improving the Vietnamese tourism industry.-Enditem
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Most ice makers fail to meet hygiene standards
Hanoi (VNA) -- About 85 percent of Ha Noi's ice-making enterprises are unlicensed and do not meet hygiene-and-food-safety-standards, municipal Health Department figures show.
Department director Le Anh Tuan reports that only 42 of the city's 200 ice-making factories hold the supposedly compulsory licence.
"The remainder are mostly business households that are limited to making block ice for frozen food although some of it goes to beverage shops or bia hoi restaurants," the director said.
The director said although regulations governing unhygienic food and beverage was issued several years ago, violations were difficult to detect because the offenders " constantly moved their premises" to avoid inspectors.
Punishments were also too lenient – a fine of about 10-15 million VND (526-789 USD).
PhD Trinh Le Hung from the University of Natural Sciences said water must be drawn from about 90m deep beneath the ground and then specially cleaned before it is made into ice.
Unhygienic ice was extremely dangerous as bacteria and toxic chemicals could long survive in a frozen environment, he warned.
National Institute of Tropical and Infectious Diseases deputy director Dr Nguyen Hong Ha said unhygienic ice could cause acute diarrhoea, cholera and damage the liver and kidneys.
Last month, the institute received 38 patients suffering from acute diarrhoea, two of which were in critical condition. The patients had consumed unhygienic street food.
Health Department director Tuan said the department would increase their inspections of ice producers and disseminate information encouraging people to change their eating habits.
"Once consumers say no to unhygienic food and beverages, the producers of these products will go out of business," Tuan said.-Enditem
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