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Overseas Vietnamese always welcomed in homeland
HCM City (VNA) – Overseas Vietnamese, including those in the US , are always welcomed to live and work in Vietnam , thus contributing to the national development, said Chairperson of the Ho Chi Minh City People’s Council Pham Phuong Thao.
Thao made the statement while receiving newly-appointed US Consul General in HCM City Le Thanh An on August 25. An is the first Vietnamese-American holding the position of the US Consul General in HCM City .
Thao spoke highly of the role and contributions of the Vietnamese community in the US , especially young people, and affirmed that the city has always created favourable conditions for Vietnamese youths overseas in general and in the US in particular to visit and live in the homeland.
The US ’s cooperation programmes and projects implemented over the past time, including those of Vietnamese people, have remarkably contributed to the city’s development, she stated.
For his part, the US Consul General stressed that during his tenure, he will try his utmost to develop the cooperation between the two countries.
He expressed his wish to join the municipal authorities to organise more exchanges between the Vietnamese community in the US and local residents, especially programmes for young people.-Enditem
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Bright economic outlook prompts ASEAN to boost trade
Da Nang (VNA)-ASEAN economic ministers agreed on a variety of measures to boost trade and investment within the bloc and with outside partners, as they expressed confidence on regional economic prospects and headed to the establishment of an ASEAN Economic Community (AEC) by 2015.
They reached agreements at the 42nd ASEAN Economic Ministers' Meeting and the fourth ASEAN Economic Community Council Meeting, that both started in Da Nang on August 25.
Prime Minister Nguyen Tan Dung opened the meeting, re-affirming the importance of a comprehensive, balanced and systematic approach in policy co-ordination at national and regional levels.
"This year is a pivotal year for the association in establishing the ASEAN Community, resting on the three pillars of political-security, economic and socio-cultural communities on which the economic community is making remarkable progress," Dung said.
He noted that member countries should pursue balanced and sustainable development policies and strike a balance between economic development targets, macro-economic stability and social development.
At the meeting, ministers forecast ASEAN's real GDP growth to reach over 5 percent this year, compared with only 1.5 percent last year. The region was significantly helping drive global economic recovery, besides key economies such as China and India , they said.
Ministers noted that ASEAN's total merchandise trade value remained resilient at about 1.54 trillion USD last year, while trade surplus with the rest of the world reached 61.2 billion USD in 2009, doubling that of 2008.
They also affirmed that trade with its dialogue partners remained strong despite the global financial and economic crisis, especially with China , the European Union and Japan .
ASEAN's share of total global foreign direct investment (FDI) inflow increased from 2.8 percent in 2008 to 3.6 percent in 2009, and ministers anticipated higher FDI into ASEAN from this year.
The EU tops the FDI into the region with a share of 18.3 percent, followed by Japan with 13.4 percent, and the US with 8.5 percent. Intra-ASEAN investments are also significant, accounting for 11.2 percent.
Ministers reaffirmed their resolve to ensure the timely and substantive implementation of measures in the AEC Blueprint to ensure the credibility and integrity of ASEAN economic integration, with the realisation of a single market and production base in 2015.
Ministers acknowledged important progress in such processes as tariff reduction and elimination, trade facilitation, the implementation of the ASEAN Trade in Goods Agreement and the ASEAN Single Window.
They committed to eliminate all forms of non-tariff barriers to maximise benefits from tariff reduction and further promote trade facilitation measures for a free flow of goods in the region.
They also agreed to boost investments through joint investment promotions and the engagement of the private sector in further consultations on improving ASEAN investment climate.
The Strategic Plan of Action for ASEAN SME Development over the next five years was endorsed at the meeting, as ministers underscored the importance of bringing small- and medium-size enterprises (SMEs) into the mainstream of the bloc's economic integration.
Ministers agreed to continue to hold regular talks with industry associations and private sector representatives from ASEAN and dialogue partners; appreciated the implementation of trade and investment agreements with China , the Republic of Korea , India , Australia and New Zealand ; and expected progress in economic co-operation with the East Asia region.
An important issue was that, they said, development gaps among ASEAN member nations should be narrowed.
"Development gaps remain a fundamental issue that we need to correct," ASEAN Secretary General Surin Pitsuwan told reporters on the sidelines of the meeting. "A house divided by such gaps is not stable."
"That's a concern for all of us (ASEAN nations) and it has come up quite often at the highest levels how to bridge these gaps," he said, adding that ASEAN's dialogue partners would play significant roles in helping to solve the problem.-Enditem
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Guang Lian - Dung Quat steel project to raise capacity
Hanoi (VNA) – Deputy Prime Minister Hoang Trung Hai has approved in principle the raising of the annual designed capacity of the Guang Lian-Dung Quat steel project to 7 million tonnes of products from the current 5 million tonnes.
The Deputy PM also assigned the Quang Ngai provincial People’s Committee to direct the Dung Quat Economic Zone’s Management Board to ask the investors to ensure the project’s progress.
The first phase of the Taiwanese-invested steel plant is expected to be completed in 2010 and the second phase in December 2014.-Enditem
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Pepper exports rise by nearly 42 percent to August
Hanoi (VNA) -- Vietnam exported 82,000 tonnes of pepper so far this year, earning 274 million USD, an increase of 41.57 percent in value.
The volume increased 5 percent over the same period last year, the Ministry of Agriculture and Rural Development said.
"Since 2001, Vietnam has become the biggest pepper exporter in the world," Vietnam Pepper Association chairman Do Ha Nam said.
Exports to the US had increased 58 percent and to Germany 56 percent, partly due to the fact that Brazil , a major pepper exporter, wasn't due to harvest until next month, Nam said.
The pepper price increased by 34.52 percent over the same period last year, but was forecast to fall as Indonesia and Malaysia pepper supplies increased.
This year's pepper yield would remain at 100,000 tonnes, the same level as last year, due to unfavourable weather, Nam said.
Meanwhile, more guidance was needed from provinces to increase yields, quality and hygiene standards and to develop trademarks, experts said, plus pepper traders needed to find new markets.-Enditem
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Summer fashion prices fall as autumn nears
Hanoi (VNA) -- Numerous fashion shops in Hanoi are off-loading summer lines in the run-up to autumn.
Customers can expect discounts of between 30 percent to 50 percent at some of the leading outlets in the capital.
Nguyen Huong Lan, a student at Hanoi-based Vietnam National University and a canny shopper, said there were real bargains to be had this year.
"A skirt priced at 210,000 VND (10.88 USD) can be bought for just 80,000 VND (4.14 USD). A pair of jeans can be picked up for 95,000 VND (4.92 USD)," Lan said.
A shoe shop on Cau Giay Street is offering discounts of 30-50 percent. Shoes and sandals retailing for 500,000 VND (25.91USD) can now be picked up for 350,000 VND (18.13 USD), while basement bargains can be had for just 100,000 VND (5.18 USD).
Many designer shops on fashion streets such as Chua Boc, Ton Duc Thang, Pham Ngoc Thach, Kim Ma and Hang Bong are discounting clothes and designer shoes by 30-50 percent.
On Kim Ma street alone, more than 20 shops are discounting summer lines.
"It is not because there is anything wrong with our products that we are reducing our prices," said Le Nhu Quynh, a shop assistant on Hang Bong Street . "It is just we do not want to take up space with summer clothes as winter approaches," Quynh said.
Other shop owners said they were keen to offer discounts at this time of the year because they needed to raise funds to buy autumn and winter collections. "We can't wait until autumn begins to start selling our summer clothes," a shop-owner on Chua Boc said.
Lan said she was happy to buy out-of-season clothes if the discounts were enticing enough.
"I like shopping for clothes out of season as they will be fine to wear when the weather is warm and I can save money," she said.-Enditem
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PetroVietnam lands jet-fuel contract
HCM City (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) and the national flag carrier, Vietnam Airlines, are in the process of finalising a fuel supply contract.
The deal will take effect at the end of the year when PetroVietnam's Dung Quat Refinery Plant, where the aviation fuel is produced, earns its ISO standard certification.
For now, both parties are proceeding with the delivery of the first batch of aviation fuel.
The domestic air transport market consumes more than 700,000 tonnes of fuel a year worth around 45 million USD on average, according to Vietnam Airlines General Director Pham Ngoc Minh.
At full capacity, the Dung Quat Refinery can supply more than 300,000 tonnes of Jet A1 aviation fuel, or slightly more than 40 percent of the market demand.
Meanwhile, the subsidiaries of both groups, PetroVietnam's PV Oil and Vietnam Airlines's Vietnam Air Petrol Company (Vinapco), finalised a supply contract in June, according to PV Oil's managing director Le Xuan Trinh.
Under the contract, Dung Quat Refinery will supply 15,000 tonnes of Jet A1 petrol every month to Vinapco.
PV Oil and Binh Son Refinery (BSR), another subsidiary of PetroVietnam, exported 4,500 tonnes of Jet A1 fuel to British Petroleum Singapore in mid-August. It was the first time that locally produced aviation fuel was sold on the international market.
PV Oil and BSR say they have targeted Royal Dutch Shell as their next potential customers.
Before Jet A1's arrival in the market, it went through a strict quality check in May by an alliance of international aviation fuel suppliers including Shell, Chevron, ExxonMobil, Total, BP and Satoil.
The product also earned recognition from the American Society for Testing and Materials (ASTM) and British Defence Standard (DEFSTAN).
BSR plans to turn out more than 120,000 tonnes of Jet A1 from now until the end of the year and around 300,000 tonnes in 2011.
"The export of the first batch is an international recognition of made-in-Vietnam aviation fuel," said Nguyen Hoai Giang, managing director of BSR, adding that he hoped Jet A1 would be able to replace imported aviation fuel in the near future.-Enditem
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Credit centre rates 539 listed firms
Hanoi (VNA) -- The Credit Information Centre on Aug. 25 published its 2010 credit ratings of the nation's listed firms, with 165 of the 539 companies scoring the highest ranking, an increase of 46 percent over 2009.
The ratings system was developed by the centre and global firm Dun & Bradstreet.
The number of listed firms rated average in terms of creditworthiness increased to 15, which was blamed on the impact of the global debt crisis, said Credit Information Centre deputy director Nguyen Huu Duong.
Companies earning the average level in 2009 was only 9, he said.
Listed firms in HCM City posted better creditworthiness than those in Hanoi , with companies in the rubber and paper industries earning the highest ratings, followed by consumer goods and manufacturing enterprises, Duong added.
Credit Information Centre director Pham Cong Uan said the ratings would improve market transparency and provide investors with a useful basis for evaluating their investments.
Vietnam Association of Securities Businesses general secretary Nguyen Thanh Ky said quality and timely information was decisive to every investment decision in the stock market.
Nicholas Teoh, vice president of Dun & Bradstreet's Asia Pacific Partnerships, said Dun & Bradstreet would invest 110-130 USD million to improve access to this information online over the next three years.-Endiem
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State Bank holds line on prime rate
Hanoi (VNA) -- The State Bank of Vietnam on Aug. 25 announced it would retain the prime rate at 8 percent in September for the tenth straight month, quelling market hopes that it might be lowered and borrowers enjoy a more affordable stream of income from this source.
The unchanged rate is seen as a sign of stability.
The refinancing and interbank electronic payment interest rates will also remain at 8 percent and the discount rate, at 6 percent.
The benchmark lending rate has been held steady since last November, having been lowered by a percentage point back in early 2009 to spur lending during the economic crisis.
Since the central bank gave the go-ahead for a negotiable interest rate mechanism in March, the prime rate has not had the direct impact on the market lending interest rate that it used to. However, the benchmark interest rate is seen as a way of signalling the monetary policy direction of the central bank at any given period.
Lending rates at commercial banks are now ranging from 12.5-15 percent per year for Vietnamese dong loans but the SBV is trying to lower the rate to as little as 12 per cent in order to help enterprises access more credit.-Enditem
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Shares plunge to 16-month lows
Hanoi (VNA) -- The stock market tracked plunges on world markets on Aug. 25 as shares on both national exchanges accelerated their prolonged decline.
On the HCM Stock Exchange, the VN-Index declined by 2.42 percent from August 24's session to close at 423.89 points – its lowest level since May 2009. The Index has shed a cumulative 30 points, or 7 percent of its value, since the market opened this week.
However, as the Index headed for the landmark of 400 points, bottom-catching investors accelerated buys, lifting market volume on the southern bourse on Aug. 25 to 50.5 million shares worth a combined 1.23 trillion VND (63.7 million USD), an increase of 8 percent in volume and 7 percent in value. Decliners outnumbered advancers by 222-20.
Pressure to sell shares pledged as collateral from banks and securities companies depressed many blue chips. Saigon Securities Inc (SSI), Bao Viet Holdings (BVH), Song Da Urban and Industrial Zone Investment (SJS), Hoa Sen Group (HSG) and Tu Liem Urban Development (NTL) were traded at their floor prices.
A few shares went against the market trend to gain in value, largely due to buys by foreign investors, including Phu My Fertilisers (DPM) and PetroVietnam Drilling (PVD).
Foreign investors on the HCM Stock Exchange on Aug. 25 tripled their net buys overall to 3.45 million shares, worth 79 billion VND (4.1 million USD).
PetroVietnam Finance (PVF), meanwhile, surprised the market, managing to rise to its ceiling price by the end of the session after being traded at its floor price throughout much of the morning.
On the Hanoi Stock Exchange, the HNX-Index also plummeted by 4.49 percent to a 16-month low of 118.81 points.
Market value declined slightly to 753.6 billion VND (39 million USD) on a volume of 36 million shares. Of 286 decliners, 199 closed at their floor prices.
PetroVietnam Construction (PVX) continued as the most-active share nationwide on a volume of 6.8 million, but slid by 5.56 percent to a close of 20,300 VND (1.05 USD) per share.
Foreign sectors continued as net sellers on the Hanoi bourse, responsible for 4.6 billion VND (238,400 USD) worth of shares.-Enditem
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Young Vietnamese footballers head to Qatar
Hanoi (VNA) -- Three young Vietnamese have been chosen to participate in the final round of world football's talent contest at Aspire Football Academy in Qatar .
Le Van Chung, 15, Cao Thanh Hoe, 15, both from Da Nang, and Nguyen Viet Thang, 14, from Long An will compete against peers from 15 other countries to win a three-year scholarship to train at the academy.
The players were selected from 50 entrants, chosen from 25,000 young players nationwide, in the final round held early this month at the Thanh Long Sports Centre in HCM City .
Football Dreams is one of the world football's biggest talent contests, organised by Aspire Football Academy in countries across Africa, Asia and South America .
The project began in Vietnam in 2008, and last year Nguyen Thai Sung, 16, from Da Nang became the first Vietnamese player ever to win a three-year scholarship to train at the academy.-Enditem
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Five lose licences over long delays at Ben Tre IZ
HCM City (VNA) -- The management board of industrial parks in Ben Tre Province has revoked the investment licences of five companies because of delays in implementing their projects.
The companies are A&B Animal Feed Production, Greenfield Organic Fertiliser Production, Hoang Thy Concrete Production, and two seafood processing companies, Le Anh and Cao Tri.
All of the companies planned to operate at Giao Long Industrial Park in An Phuoc Commune in Chau Thanh district with total rented area of 5.5ha and investment capital of more than 200 billion VND (10.5 million USD).
The licences were granted last year but no factories have been built.
Ben Tre Province has two industrial parks, Giao Long and An Hiep, located in Chau Thanh District, with 29 licensed investment projects.
Giao Long has 21 investors with total rented area of 60ha, of which 10 are operating.
Last year, the Government approved the construction of five new industrial parks in the province, covering a total area of 1,200 ha.
The province has hastened infrastructure construction in an aim to attract more investors to its industrial parks.-Enditem
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