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National gold exchange to be set up
Hanoi (VNA) – The National Financial Monitoring Committee (NFMC) has submitted to the Government a project to set up the National Gold Exchange based on the proposal of the Bank for Investment and Development of Vietnam (BIDV).
The exchange is expected to be located in Hanoi and Ho Chi Minh City .
“The establishment of the Gold Exchange will help investors trade in gold methodically under the risk control of the State. The exchange is also a place where managing agencies can supervise, regulate and intervene in the market,” said NFMC Vice Chairman Le Xuan Nghia.
Under the project, the State Bank of Vietnam will establish a joint stock company to monitor and manage the operation of the exchange and build a technical infrastructure system to manage gold trading activities professionally and modernly. Investors will buy and sell gold under the form of certificates.
Many experts said this proposed project will help stabilise, manage and develop the gold market better as well as further promote the role of the capital source in economic development.
The Gold Exchange will ensure the equity in the market and avoid raising prices and creating fevers that cause damages to the economy, said Nguyen Manh, Head of BIDV’s Capital and Capital Business Department.
The State will supervise flows in the gold market more easily, he added.
According to Tran Quoc Quynh, a senior expert of the Vietnam Gold Business Association, in the context of increasing demand on gold investment, the establishment of the National Gold Exchange will create a safe and effective investment channel.-Enditem
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Vietnam’s Army Day celebrated abroad
Vientiane (VNA) – The Vietnamese Association in the Lao capital city of Vientiane (VAV) and the Vietnam’s Tradition and History Education Centre (THEC) on Dec. 22 held a cultural exchange to mark the 66 th anniversary of the Vietnam People’s Army (Dec. 22) and 62th anniversary of the Lao People’s Army (Jan. 20, 1949).
THEC’s Director Le Xuan Niem, VAV’s Vice President Bien Thi Ky, representatives of the Vietnamese Embassy along with 300 Vietnamese people who were volunteers in Laos and relatives of Vietnamese martyrs attended the event.
Addressing the event, VAV’s Vice President Ky said Vietnamese and Lao soldiers, who devoted their youth for Vietnamese and Lao revolutions, will be in the heart of both Vietnamese and Lao generations forever. She pledged that the VAV will try its utmost to requite their great sacrifice.
THEC’s Director Niem stressed that the event is an opportunity to honour the leadership of the two parties and states as well as the special solidarity between the two nations.
On the same day, the Vietnamese Embassy in Algeria also marked the 66 th founding anniversary of the Vietnam People’s Army.
Vietnamese Ambassador Do Trong Cuong said the Vietnam People’s Army always serves as a faithful and trustworthy force of the Party, State and people of Vietnam .
He called on the staff of the embassy and relevant agencies to successfully fulfill their tasks, contributing to the cause of the national defence. -Enditem
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Press plays important role in human rights protection
Hanoi (VNA) – Press agencies play an important role in better ensuring the implementation of human rights in Vietnam , deputy Foreign Minister Bui Thanh Son has said.
At a two-day seminar on International Human Rights Conventions and Implementing Mechanism, which wrapped up in Hanoi on Dec. 23, the deputy FM also said that the initiatives of mass media in the popularisation of human rights conventions in Vietnam will help people at home and abroad better understand on the Southeast Asia country’s achievements, commitments, challenges and action plans.
Australian Deputy Ambassador to Vietnam Vanessa Wood said despite the fact that Vietnam has ratified major international human rights treaties, the country is facing a big challenge in the wide popularisation of the contents of treaties to the public and governmental officials.
This creates difficulties in the implementation of human rights treaties in Vietnam , she said, highlighting the important role of mass media in the issue.
In her presentation, Deputy Head of the Press Department under the Foreign Ministry Le Thi Thu Hang affirmed that the duty of promoting and protecting human rights is not of any individual, but also the whole society, including mass media. Press not only provides information but also orient the public opinions, she said.
One of the important tasks mass media has done is to popularise and improve people’s awareness on human rights, helping them understand their rights and how they are protected by the laws.
Besides, press agencies have made contributions to fighting against false information and wrong opinions on the implementation of democracy and human rights in Vietnam , she said.
Vietnam has ratified five major UN treaties on human rights, including the International Convention on Civil and Political Rights, the International Convention on Economic, Social and Cultural Rights, the International Convention on Elimination of Racial Discrimination, the International Convention on Elimination of Discrimination against Women and the International Convention on the Rights of Children.-Enditem
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Ten students receive Honda YES Award 2010
Hanoi (VNA) – Ten students from Hanoi , central coastal Da Nang city and Ho Chi Minh City has received Honda YES Award 2010 which aims to encourage young engineers and scientists.
In addition, the students also have chances to win a Honda Yes Plus prize worth 10,000 USD if they win a post-graduate scholarship to study in Japan .
Deputy General Director of Honda Vietnam Company Trinh Quang Dung said Honda YES Award is an annual prize for outstanding Vietnamese students studying at science and technology universities nationwide with the aim of fostering and developing future talents in science and technology field.
This is the fifth year Honda YES Awards have been presented under the cooperation of the Honda Foundation, the National Institute of Science and Technology Policy and Strategy, Honda Vietnam Company and six partner universities. They are the Hanoi University of Technology, the Technology and Natural Science Universities under the Hanoi National University , the Hanoi Transport University and the Da Nang and Ho Chi Minh City Universities of Technology.-Enditem
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RoK, China agree on handling of boat sinking
Hanoi (VNA) – The Republic of Korea (RoK) and China are holding diplomatic consultations to settle a dispute over the sinking of a Chinese trawler after it collided with an RoK coastguard vessel in the Yellow Sea .
Seoul and Beijing have agreed through diplomatic consultations that the latest incident should not damage relations, the RoK Foreign Ministry’s spokesperson said.
Both governments shared the stance that the situation should be managed
calmly and quickly with appropriate and fair measures, according to the spokesperson.
They also agreed that the incident should be dealt with "cautiously” so as not to incite emotional public reactions in their own countries.
The 63-tonne fishing boat capsized on December 18 after it rammed into the 3,000-tonne coastguard ship. One Chinese fisherman died and three others were seized by the RoK coastguards.
The diplomatic dispute broke out after China demanded that the RoK pay compensation for the fishing boat and punish the coastguard personnel involved.-Enditem
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RoK begins massive firing drills near border
Seoul (VNA) – The Republic of Korea (RoK) on Dec. 23 began large-scale drills involving fighter jets and artillery guns near its land border with the Democratic People's Republic of Korea (DPRK).
The joint drills between the Army and the Air Force at a firing range in Pocheon, 40 kilometres northeast of Seoul and 25 kilometres south of the mainland border, are part of regular winter exercises, yet the largest one of its kind.
Aimed at testing fire power, the exercises mobilised some 800 soldiers along with different kinds of weapons including missiles, fighter jets and helicopters.
Earlier, the RoK began four-day drills in waters off the east coast of the Korean peninsula, starting on Dec. 22, two days after it conducted a live-fire exercise near a tense border that involved navy vessels and Lynx helicopters, according to Xinhua news agency.-Enditem
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India’s looks east to growing Vietnam
Hanoi (VNA) – Vietnam is one of the key factors in India’s “Look East” policy affirmed Indian Ambassador to Vietnam Ranjit Rea.
At a seminar on opportunities for exports to the Indian market, held in Hanoi on Dec. 23, Ambassador Ranjit Rea said India would do its utmost to support and create favourable conditions for Vietnamese businesses to export to India.
India will provide Vietnamese exporters with free-of-charge pavilions at the first India-ASEAN Business Fair slated for March 2011, said the Indian diplomat.
In the 2011-2012 fiscal year, India will actively implement measures to promote trade in Vietnam and encourage Vietnamese businesses to open representative offices in India.
According to Ranjit Rea, India has always been one of Vietnam’s top 10 trade partners in recent years. Two-way trade reached 2.3 billion USD in the first 11 months of the year, with Vietnam’s exports to India representing more than 863 million USD, a year-on-year rise of 39 percent.
Vietnam’s trade deficit with India has decreased from 1.58 billion USD in 2008 to 657 million USD in the past 11 months.
Apart from agricultural products, Vietnam has diversified its export items to India – clear evidence of positive impacts of the India-ASEAN free trade agreement on the two countries’ bilateral trade.
Ranjit Rea also suggested Vietnamese businesses export products like cement, floor tiles and electronic products that are in high demand in India.
For his part, Deputy Minister of Industry and Trade Nguyen Thanh Bien emphasised the importance of exchanging information on the two countries’ trade policies.
He said he hoped both countries would open a direct air route in the near future.-Enditem
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Vietnam regrets Sweden’s embassy closure
Hanoi (VNA) – Vietnam regretted that the Swedish Government will close its embassy in Vietnam in 2011and pledged to create favourable conditions for it to re-open the embassy.
Foreign ministry spokesperson Nguyen Phuong Nga was speaking in Hanoi on December 23 in response to a reporters’ query relating to the Swedish Government’s Dec. 22 announcement on closure of embassies in several countries, including Vietnam .
“ Vietnam regrets that the Swedish Government decided to shut down its embassy in Hanoi and in other nations due to budgetary difficulties,” Nga said, noting “this is Sweden ’s internal affairs”.
She asserted, “ Vietnam always attaches importance to its traditional friendship and cooperation with Sweden which have been maintained and developed by generations of leaders and people during past years”.
“We wish that both sides will continue to boost bilateral cooperation in the future through appropriate measures and forms to meet the two countries’ aspirations and benefits,” the spokeswoman said.
“ Vietnam is willing to provide favourable conditions for Sweden to soon re-open its embassy in Vietnam when it finds it favourable,” she said.-Enditem.
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Vietnam, Russia expect 3 bln USD in trade in 2012
HCM City (VNA) – Two-way trade between Vietnam and Russia is expected to reach 3 billion USD by 2012, according to the Vietnam-Russia medium-term action plan in trade and investment.
Annual average bilateral trade has reached 1.8 billion USD over the past three years.
Vietnam exported garment, footwear, tropical agricultural products, seafood and handicrafts to Russia while importing petroleum, fertiliser, chemicals, machines and equipment from this European market.
Speaking at a workshop on supporting exporters to the Russian market held in Ho Chi Minh City on December 23, many businesses said that when entering Russia, an open market with many hidden risks, businesses have to face competition in both goods and investment.
Nguyen Quoc Thang, a representative from the Constrexim Trading Investment & Construction JSC, said while exporting goods to the Russian market, his company has met obstacles in payment mechanisms as well as tariff and non-tariff barriers.
Sharing views with businesses, Nguyen Ngoc Quan from the European Market Department under the Ministry of Industry and Trade said that to support businesses which conduct import-export activities with Russia, the ministry will strengthen the organisation of seminars, dialogues and information exchange between the two countries’ localities and businesses as well as build financial support policies for trade promotion programmes in Russia.-Enditem
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Vietnam acts to overcome UXO consequences
Hanoi (VNA) – The State Steering Committee on the National Mine Action Plan (or Steering Committee 504) has been set up following the Prime Minister’s decision.
Under the decision, the committee is assigned to study and propose measures, plans and actions to mobilise domestic and international resources, and promptly overcome the consequences of mines and unexploded ordnance (UXO) left by the war.
The committee will also draft proposals on participation in mine clearance abroad, in accordance with agreements signed with other countries. The committee, together with the Government, will build plans and carry out the National Mine Action Plan.
Vietnam is among 70 countries most contaminated by bombs and mines, and is the most seriously affected nation in the world, said a report of the General Political Department of the Vietnam People’s Army at an art exchange programme in response to World Day of Bomb and Mine Prevention in early April in Hanoi.
The volume of mines and UXO left by the war is estimated at 800,000 tonnes, contaminating over 20 percent of the countryside. Since 1975, mines and UXO have claimed more than 40,000 lives and left about 60,000 injured, mostly rural workers and children.
In the six central provinces of Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien-Hue and Quang Ngai, there have been over 22,800 bomb and mine victims, including 10,540 deaths and 12,260 injuries.
Vietnam spends thousands of billions of dong each year on mine clearance, emergency aid, treatment and assistance, re-integration and resettlement of the victims of the mines and UXO.-Enditem
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Central agencies’ Party committee convenes
Hanoi (VNA) – The Party committee of the centrally-run agencies bloc opened a two-day congress for the 2010-2015 tenure in Hanoi on Dec. 23.
A total of 345 delegates representing 56,000 party members from 60 Party committees within the bloc are sitting to review the 2007-2010 term and discuss directions and tasks for the next term.
Opening the congress, Hoang Xuan Cu, Party Central Committee member and Secretary of the bloc’s Party Committee, highlighted the congress’ theme, “To increase the leadership and combat capacity of Party organisations, to promote the general power and successfully complete the Party committee’s tasks set for the 2010-2015 term”.
The Party committee of the central agencies bloc was set up by restructuring seven Party committees of blocs includes agencies of the Party, State, Fatherland Front, and socio-political organisations and has functions of advising and designing policies of the Party and State.
On behalf of the Party Political Bureau, Politburo member Truong Tan Sang praised the efforts exerted by the bloc’s Party committee during the past term in strengthening the organisation, streamlining the apparatus, completing tasks and making comprehensive changes in instructing the implementation of political tasks, building the Party organisation, leading the mass organisations and carrying out a campaign “To learn and follow President Ho’s moral example”. The bloc’s Party committee contributed actively to the national renewal cause over recent years, said Sang.
Regarding the Party committee’s tasks for the 2010-2015 term, Sang stressed the bloc’s agencies would be advisors to the Party and State to suggest policies and plans to implement socio-economic development tasks and improve the efficiency for advisory agencies of the Party, managing agencies of the State and socio-political organisations.
He asked the Party committee to continue renewing and increasing efficiency of political and ideological education, and actively and effectively fight sabotage from hostile forces in order to contribute to maintaining the political stability and social order of the country.-Enditem
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Leaders send congratulations to Japan
Hanoi (VNA)- State President Nguyen Minh Triet on Dec. 22 sent a message of congratulations to Japanese Emperor Akihito on his 77 th birthday and on the National Day of Japan (Dec. 23).
Prime Minister Nguyen Tan Dung also cabled a congratulatory message to his Japanese counterpart, Naoto Kan.
The same day, Deputy Prime Minister and Foreign Minister Pham Gia Khiem extended congratulations to Japanese Foreign Minister, Seiji Maehara.-Enditem
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Laos announces new state leaders
Vientiane (VNA)- Pany Yathotu, Politburo member has been promoted to chairwoman of the Lao National Assembly (NA) and Thongsing Thammavong has been appointed as Lao Prime Minister, replacing Bouasone Bouphavan.
At the tenth session of the sixth NA of Laos from Dec.14-23, the amended laws on NA, general election to the NA and addressing economic disputes and a new law on measuring systems were approved.
The session heard reports on activities of the sixth NA, results of a budget audit in the 2008-2009 period, draft plans on the seventh socio-economic development from 2011-2015 and the building of an express railway linking China and Laos as well as a review of the work of the previous NA over the past five years.-Enditem
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Hanoi Christian Fellowship violates law
Hanoi (VNA) – While not yet in receipt of the Hanoi authorised agency’s recognition for its legal status, “Hanoi Christian Fellowship” (HCF) has organised activities against the law and made up stories about the administration’s oppression of Protestants.
On November 30, via Nguyen Thi Anh Tuyet, HCF, which was formed through the merger of nine Protestant sects, signed a contract with the National Convention Centre for organising “a year-end gathering for those who used to live and work in Russia ”.
However, the programme that Mrs Tuyet sent to the National Convention Centre later on Dec. 15 became: “a year-end gathering to enjoy Christmas and welcome the New Year” – an agenda not in agreement with what was written down in the contract signed with the National Convention Centre.
Declining to accept these changes, the National Convention Centre on Dec. 16 announced its cancellation of the contract and at the same time suggested HCF hold the programme at the Culture and Sports Centre in Tu Liem district.
When the demand was not satisfied, one of the three HCF leaders, Pastor Pham Tuan Nhuong, who was in charge of HCF’s year-end gathering, on Dec. 19 incited a crowd of Protestant followers standing outside the National Convention Centre to cause public disorder.
As the disorder caused traffic jams throughout the site, responsible agencies gave explanations and persuaded HCF leaders to abide by the laws and requested the crowd to disperse.
Refusing to obey the laws, Nhuong continued to incite Protestant followers, forcing the responsible agencies to dismiss the crowd and put nine extreme persons, including two leaders in the case, in administrative temporary detention for 24 hours.
After the incident, HCF leaders posted an Internet clip featuring the responsible agencies’ operation to dismiss the crowd, which was used and made into a story on “ Hanoi police oppression over Protestants” by such websites as dongchuacuuthe, nuvuongcongly, and vietcatholic.
The nature of HCF’s case was clear.
The Vietnamese Party and State have always respected citizens’ rights to religious and relief freedom along with creating conditions for all religions to operate in the country.
Illegal religious activities intentionally taken by religious organisations without legal status like the HCF are violations of law and need to be handled in line with the law.-Enditem
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Christmas cheer for Christians from Deputy PM
Hanoi (VNA) – Deputy Prime Minister Pham Gia Khiem on Dec. 23 visited Christian dignitaries at the Hanoi Archbishop’s Office and the Evangelical Church of Vietnam (North) on the occasion of this year’s Christmas.
At the Hanoi Archbishop’s Office, Deputy PM Khiem, on behalf of the Party and State, wished all priests, dignitaries and believers of the diocese a merry and happy Christmas.
Deputy PM Khiem, Archbishop Peter Nguyen Van Nhon and other dignitaries shared their interests on issues of social welfare and their joy at the national economic and political development.
He praised the great contributions of Catholic followers to the country’s achievements. He affirmed that the success of the celebration of the 1,000th birthday of Hanoi proved the importance of the strength of national solidarity.
He also spoke highly of contributions of Catholic followers across the country to the past struggle for national liberation and the current national construction.
He expressed his hope that the Archbishop would encourage Catholic followers to respect God, while joining hands with the entire nation to achieve the target of a strong country with rich people and an equitable, democratic and civilised society.
For his part, Archbishop Peter Nguyen Van Nhon, who is also President of the Vietnam Episcopal Council, expressed his belief that with joint efforts, the country would obtain even greater achievements in the future.
At the headquarters of the Evangelical Church of Vietnam (North), Deputy PM Khiem expressed his season’s best wishes to all Protestants and affirmed the country’s consistent policy of respecting religious freedom and creating favourable conditions for people to follow their religions.
On behalf of the administration board of the General Confederation of the Evangelical Church of Vietnam (North), Pastor Nguyen Huu Mac, head of the Evangelical Church of Vietnam (North), said that in 2010 the church stablised its organisation and guided its followers to practice their religion, thanks to favourable conditions created by Party and State as well as authorities at all levels.-Enditem
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Booming VN telecom sector earns trillions
Hanoi (VNA) – The telecom sector is expected to earn revenue of 200 trillion VND (10 billion USD) in 2010.
The figure was released at a conference to review the implementation of the telecom and Internet development plan to 2010, in Hanoi on Dec. 23.
Addressing the conference, Permanent Deputy Minister of Information and Communications Le Nam Thang affirmed that in the reviewed period, the telecom sector had a rapid development step, becoming a spearhead economic sector of the country with an average annual growth rate of 30-40 percent. Marked achievements – the modern telecom infrastructure system and higher competitiveness in the telecom market – helped narrow service gaps between regions.
The country has 162 million telephone subscribers or 189 telephones per 100 people, including 91 percent mobile phone users. The number of people using the Internet has hit 26 million or 31 percent of the country’s population.
At present, Vietnam has 11 network infrastructure enterprises and 81 Internet service providers. They are operating well in the domestic market and have begun to invest abroad. The military firm, Viettel, has invested in Cambodia , Laos , Myanmar , Haiti and Mozambique , while the National Post and Telecom Group (VNPT) has opened a representative office in the US.-Enditem
Judgement day beckons idols
Hanoi (VNA) - Female students Tran Nguyen Uyen Linh and Van Mai Huong will vie to be crowned Viet Nam Idol in the finale of the series' third season on Dec. 22 night.
Performances last week were the final chances for Uyen Linh and Mai Huong to impress judges and viewers with their talents, performing foreign and Vietnamese songs, including a new tune by composer Huy Tuan.
Huong, at only 16 years of age, was not seen to be in a position of strength going into the final, but she has consistently wowed audiences and judges with voice and professionalism.
She sang a fresh rendition of Trai Tim Am Nhac (Music Heart) last week and said the song represented her thoughts about music over her four-month journey with Vietnam Idol.
Huong bowled over audiences with her cover of Hot and Cold by Katy Perry when she surprised everyone by appearing in a black wig and glasses.
"You can definitely be called a music star despite being only 16 years old," said judge Diem Quynh. "You are very professional to sing a song that makes viewers forget your age."
Quynh believed the young student at the Military Culture and Arts College had a long career ahead of her because of her talent.
Meanwhile judge Quoc Trung said that Huong would be a new image for pop singers and an idol for the teen music audience.
Linh, 22, is a recent graduate of the Vietnam Academy of Diplomacy. Last week, she sang Sao Anh Chang Ve (Why You Don't Return), composed by the Vietnam Idol judge, Trung.
She entertained viewers with a wonderful improvisation on the melody and even changed a few words.
"I can sue you for changing my song without permission," laughed Trung. "But I will share the royalties with you because you made it fresh."
Linh's performance of Take Me to the River was so infectious it had the judges joining in singing and dancing along to her performance, which also demonstrated her ability to sing fluently in English.
For the final song, she performed Cam On Tinh Yeu (Grateful for Love) which Huong had performed before. Linh modulated her voice in the song and turned in an emotional performance that moved judge Siu Black.
"I don't want to compare you and Mai Huong, but your singing added much more emotion to the song," said veteran singer Siu Black.
Linh is herself a "veteran", having competed in the previous Vietnam Idol and Vietnam Television's song contest. — Enditem
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Miss Earth Vietnam ranks 17th in Miss Globalbeauties' list
Hanoi (VNA) - Miss Earth Vietnam Luu Thi Diem Huong has ranked 17th in the Miss Grand Slam list on the Globalbeauties website.
Huong, a 20-year-old model from HCM City, is the fifth beauty from Viet Nam to be placed among the top 50 in the website's annual vote.
Miss Vietnam 2006 Mai Phuong Thuy and Truong Tri Truc Diem, who won Miss Fashion title at the Miss Earth 2007 contest, also finished in the top 50.
In 2008, Nguyen Thuy Lam, Miss Universe Vietnam 2008, came 57th while Tran Thi Huong Giang, Top 16 Miss World 2009, was in last year's top 10. Giang also won Miss Asia in the same list.
The top ten Miss Grand Slam list this year includes Miss Universe Albania, Miss Supranational Czech Republic, Miss World Botswana, Miss Earth Ecuador, Miss Earth India, Miss Universe Mexico, Miss Universe Ireland, Miss Supranational Panama, Miss Universe Puerto Rico and Miss World Venezuela.- Enditem
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Ancient tomb found in Hanoi
Hanoi (VNA) - A tomb estimated to be about 2,000 years old has been excavated at an archaeological site on the outskirts of Hanoi.
And other objects found at the site indicate that there was an earlier settlement dating back as far as 4,000BC – to the beginnings of Vietnam's history as a trading nation.
So far, scientists have found an earthenware jar and cooking pan – plus, most significantly, a bronze axe, all of which are thought to belong to the renowned Dong Son culture (2,000BC-AD200).
But they have also uncovered various working tools, weapons and daily wares made from stone, bronze and pottery from the preceding Dong Dau culture, which existed from 4,000 to 2,500BC.
Human bones were found inside the tomb, but they were said to have been almost destroyed by time. They could provide evidence of the physique and type of the people of the time.
The excavation site, named Go Den Ran, covers a total area of 3,000sq.m. The discoveries have been brought to light by archaeologists from the University of Social Sciences and Humanities who have been working for more than a year.
The site is within the allocated border for an urban development area named Kim Chung – Di Trach Urban Zone. Scientists have asked concerned agencies to stop construction so that further study can be carried out. — Enditem
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VN-Index closes unchanged
Hanoi (VNA) - The VN-Index closed nearly unchanged on Dec. 22 at 481.53 points, against a background of volatile trading on the HCM Stock Exchange, with shares opening strongly only to recede by the end of the session.
The value of trades on the HCM exchange on Dec. 22 was modest, at 1.4 trillion VND(66.7 million USD) on a volume of 61.5 million shares. Sacombank (STB) was the most-active share, with 4.3 million exchanged.
Among the 10 leading shares by capitalisation, Phu My Fertilisers (DPM), VietinBank (CTG), software giant FPT Corp (FPT) and steel producer Hoa Phat (HPG) all closed down, while insurer Bao Viet Holdings (BVH) and Masan Group (MSN) posted gains.
Cuu Long Pharmaceuticals (DCL), Ocean Group (OGC) and HCM City Metal (HMC) plunged to their floor prices after the ex-dates for their dividend payments passed on Dec. 22.
Foreign investors continued as net buyers on the HCM City market, but reducing their buying volume from the previous day record of 9 million shares to just 4.3 million on Dec. 22.
On the Hanoi Stock Exchange, the HNX-Index fell for a third day, closing off 1.1 percent to 113.73 points despite increased buys by foreign investors, who picked up a net of 935,000 shares on this market, worth about 18.7 billion VND (890,476 USD).
Overall volume on the northern market was a modest 36.1 million shares worth a combined 685.4 billion VND (32.6 millionUSD). Kim Long Securities Co (KLS) saw the heaviest volume, with 3.7 million shares traded. — Enditem
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Ministry hikes rates on State-subsidised loans
Hanoi (VNA) - Interest rates on State-subsidised loans extended through the Vietnam Development Bank or the Bank for Social Policy for export or investment purposes will be increased from 9.6 percent to 11.4 percent per year for Vietnamese dong-denominated loans and from 6 percent to 6.6 percent for loans made in US dollars, under a new regulation by the Ministry of Finance.
Duong Duc Minh of the ministry's Department of Banking and Financial Institutions said the increase was due to the State Bank of Vietnam's recent hike in the prime rate from 8 percent to 9 percent.
"The increase in the prime rate widened the gap between State-subsidised loans for investment and export projects and commercial bank rates," Minh said.
Lending interest rates on Vietnamese dong-denominated medium- and long-term loans were now averaging 14.5-16.5 percent, and even a number of sectors enjoying priority rates, such as agricultural and export enterprises, were having to borrow at 13-15 percent per year.
The ministry had also seen yields for Government bonds rise to 10.7 percent, causing the sale of bonds to drop off last month to only 400 billion VND (20.5 million USD), Minh said.
He also said that the increase in State-subsidised interest rates also reflected the overall trend of lending interest rates on the market, while the high rates on US dollar-denominated loans would reduce pressure on the dollar supply.
If market rates continued to rise next year, the ministry would make further adjustments to the subsidised rates as required under Vietnam's commitments to the World Trade Organisation, he added.
The State has allocated about 4.5 trillion VND (230 million USD) next year from the State budget to fund interest subsidies, an increase of 800 billion VND (41 million USD) over this year's rate, according to ministry figures. — Enditem
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Foreign banks allowed to raise capital
Hanoi (VNA) - The State Bank of Vietnam on Dec. 22 granted licences to branches of three foreign banks, allowing them to increase their charter capital.
The HCM City Branch of the Huanan Commercial Bank Ltd plans to raise its capital from 15 million to 65 million USD and Chinatrust's HCM City branch will lift capital from 15 million to 50 million USD.
And HCM City and Hanoi branches of the Mizuho Corporate Bank Ltd want to steeply lift their capital from 15 million USD each to 133.5 millionUSD.
By October 31, Vietnam had a total of 71 foreign credit institutions and 48 representative offices. They now hold assets valued at more than 420 trillion VND (20 billion USD), or 11.25 percent of the entire finance sector. — Enditem
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IT sector needs to invest more in research
HCM City (VNA) — The local information and communications technology (ICT) hardware industry should invest more in research and development (R&D) to increase competitive capacity and seize more market share, experts have said.
Pham Thien Nghe, deputy chairman of the Vietnam Electronic Industries Association (VEIA), said that investment in R&D was important for both large and small- to medium-sized companies.
Additional capital for R&D activities would assist the ICT industry in making more value-added products.
More money should be poured into R&D rather than in the computer-parts industry because local companies do not have the capital to invest in the latter, and have a low share of the hardware market, Nghe said.
Computer parts in the support industry include screws, plastic frames, carton boxes, mainboards, chips, hard drives, RAMs, keyboards, screens and CPUs, all of which would require billions of dollars in investment.
Nghe said that in today's global market it was not necessary to make all computer parts locally.
Added value for Vietnamese-branded computers has reached an average of 24 percent, with some brands at 30 percent, he added.
He said that hardware, as well as software, could bring high added-value.
The country's ICT market is likely to earn more than 7.6 billion USD this year, of which the hardware industry is estimated to account for 84 percent, or 4.8 billion USD, according to the HCM City Computer Association (HCA).
Foreign companies hold a 98 percent market share in hardware exports, according to the Ministry of Industry and Trade.
Turnover of Vietnamese-branded computers is expected to be only 300 million USD this year, up from 200 million USD last year.
In addition to seeking investment from foreign companies, Nghe said the Government should create incentives to help small- and medium-sized companies pour more money and staff into R&D activities that would help improve design and applications for the latest versions of hardware.
State-owned institutions should work closely with companies on R&D projects, especially those related to embedded products, he said.
The focus of production should be on mobile devices and specialised electronic equipment for medicine, education and science, Nghe added. — Enditem
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Shrimp exports hit record high
Hanoi (VNA) — Shrimp exports reached record levels this year with overseas sales bringing in more than 2 billion USD.
This was a substantial increase on the 1.69 billion USD earned last year, said the Vietnam Association of Seafood Exporters and Producers (VASEP).
"The record high export value was fuelled by higher quality shrimp farming practices this year," said Nguyen Huu Dung, VASEP deputy chairman.
"Shrimp exports continued to grow this year despite the world economic downturn and market uncertainty."
"In the first 11 months, Vietnam exported 210,000 tonnes of shrimp, meaning earnings of 1.83 billion USD," said Nguyen Minh Tam, a VASEP expert.
"Shrimp were very much in demand in almost all the main export markets, including Japan, the US and the European Union (EU) so the volume to those markets increased sharply," Tam said.
Exports to Japan, the largest export market, had a year-on-year volume increase of 21.7 percent, for a total of 60,000 tonnes. Earnings were up 29 percent to 550 million USD, she said.
The US, the second largest export market, consumed 42,441 tonnes of Vietnamese shrimp, bringing in earnings of 450 million USD. These exports soared by 16 percent in volume and 34.6 percent in value compared with the same period last year.
Meanwhile, domestic exporters shipped 40,000 tonnes of shrimp to the EU in the first 11 months, earning 290 million USD. Exports rose by 8.1 percent in volume and 16.8 percent in value against the first 11 months of last year.
The growth in shrimp export value was partly the result of increases in the price of shrimp on the world market, Tam said. The current export price was 8,530 USD per tonne compared with 5,017 USD per tonne a year ago.
The price of shrimps had also reached record level on the domestic market, said Tam.
In southernmost province Ca Mau , the price jumped by between 11 percent and 36 percent depending on quantity bought.
For purchases of 40 kilograms of shrimp, the price per kilo was 130,000 VND.
The price increase on the domestic market was the result of low supply, said the Ministry of Agriculture and Rural Development (MARD). The amount of land given over to shrimp farming had dropped 16,000ha to 550,600ha in the Mekong Delta region.
To solve the problem, provinces in the region should diversify their shrimp rearing techniques. They should also encourage farmers to work together to ensure the sustainable development of the shrimp industry, said MARD deputy minister Luong Le Phuong. — Enditem
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Thailand sets up new security body
Hanoi (VNA) – Thailand 's new security body replacing the Centre for the Resolution of the Emergency Situation (CRES) held its first meeting on Dec. 22 to define its objectives and scope of operation.
Representatives of 19 security agencies attended the meeting.
The Situation Monitoring Centre (SMC) was set up by the Thai cabinet to maintain the Internal Security Act (ISA) after the removal of the state of emergency on the same day.
SMC, headed by army chief-of-staff Dapong Rattanasuwan, is operating under the Internal Security Operations Command (ISOC).
Major General Dithaporn Sasasamit said SMC's operation, apart from monitoring the overall situation in the country, is to support ISOC's five main tasks - tackling drug-related problems, illegal foreign labour, transnational crime, destruction of natural resources and unrest in three southern border provinces.-Enditem
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Laos, Cambodia boost comprehensive ties
Vientiane (VNA) – Cambodian Deputy Prime Minister and Defence Minister General Tia Banh has confirmed the fine development of cooperation between Laos and Cambodia , particularly between the two armies.
The Cambodian Deputy PM, who is on a four-day working visit to Laos until Dec. 23, made the statement at a reception given by Lao Vice State President Bounyang Vorachith in Vientiane on Dec. 21.
Lao Vice President Bounyang Vorachith spoke highly of the Cambodian delegation’s visit which he said would contribute to enhancing bilateral ties, especially in defending the common border.
Also on Dec. 21, Lao Minister of Information and Culture Mounkeo Oraboun and visiting Cambodian Minister of Culture and Fine Arts Him Chhem signed a memorandum of understanding on cultural cooperation. Under the MoU, the two countries will jointly organise cultural events, including photo exhibitions and book fairs, exchange delegations’ visits, share experiences and information, preserve cultural heritages and promote the protection of intellectual property rights.-Enditem
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Hanoi officials to crack down on unclean abattoirs
Hanoi (VNA) -- Hanoi People's Committee Vice Chairman Nguyen Huy Tuong has ordered six districts to monitor, and where necessary, shut down traditional slaughterhouses that don't adhere to hygiene and safety standards.
The request came after many slaughterhouse owners chose to relocate to the districts rather than the modern Minh Hien Abattoir in Thanh Oai district as planned, after the city shut down the unhygienic Thinh Liet Abattoir earlier this month.
The districts in question were Hoang Mai, Ha Dong, Long Bien, Tu Liem, Thanh Tri and Gia Lam.
Tuong said slaughterhouses that failed to comply with hygiene and safety standards or polluted the environment would be forced to suspend operations or shut down.
Director of Thanh Tri district's Animal Health Station Nguyen Huy Khiet said that the district's traditional slaughterhouses had raised their capacity from 200 pigs to between 300 and 400 per day since the Thinh Liet Abattoir was shut down.
Deputy director of the Thanh Tri District People's Committee's Economy Unit Nguyen Thi Tuyet Anh said the arrival of butchers from the Thinh Liet slaughterhouse in her district had led to serious hygiene problems.
Two butchers from the Thinh Liet Abattoir had already been forced to suspend operations, she said.
Nguyen Huy Phung, a local resident of Ngoc Hoi Commune in Thanh Tri district said that motorbikes carrying two or three pigs were often seen leaving the commune early in the morning.
"Pigs are piled up on motorbikes without being covered. I guess they transport them to the main markets that way," Phung said.
Butchers at Thinh Liet Abattoir had proposed that the city should keep the facility open until next August, claiming they were charged up to 41 percent more at the new Minh Hien Abattoir while it was too far away from the city centre, but their proposal had been rejected.
Vice director of Minh Hien Co, Ltd Nguyen Thi Hien said that only four butchers from the Thinh Liet Abattoir had taken out leases, despite the city offering a 10 million VND (476 USD) relocation incentive.
The 50 billion VND (2.38 million USD) Minh Hien Abattoir is equipped with a waste treatment system and a separate processing system. At full capacity, the facility can handle 1,000 pigs and 10,000 poultry per day, or 30 percent of the city's demand.
Thinh Liet Abattoir, which used to slaughter around 1,000 pigs and supplied 400 tonnes of meat per day to Hanoi 's markets, was forced to close down due to the serious environmental damage it caused.-Enditem
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Rehabilitation centres ready for 2011
HCM City (VNA) -- Rehabilitation centres in HCM City will take in 3,000-3,500 drug addicts and 300-500 sex workers next year, the Department of Labour, Invalids and Social Affairs said.
Almost two-thirds of drug users will be provided vocational training before they reintegrate into society, Nguyen Van Minh, deputy director of the Department, told a conference on Dec. 2.
The Department will also work with the city AIDS Committee for a methadone-treatment programme that targets 1,500 drug users next year, he said.
Nearly 3,500 drug addicts and 105 prostitutes were sent to the rehab centres this year, a 33 percent increase over last year, according to a report by the Department.
People from outside the city and the homeless accounted for 49 percent of them.
Around 7,480 addicts and 86 prostitutes are currently undergoing rehab at both public and private centres.
More than 1,300 addicts were reintegrated into society this year, taking the total number discharged from the centres under the programme so far to nearly 12,000.
However, more than 2,700 of them, or 22.76 percent, relapsed into drugs after returning to the community.
The number of addicts successfully treated with methadone under a pilot programme is 860.-Enditem
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Property developer fined for trade mark violation
Hanoi (VNA) -- The Ministry of Science and Technology has fined property developer Vincon 14 million VND (700 USD) for violating intellectual property law by using a brand name that could be confused with another, more famous developer.
Earlier the Vincom Joint-stock Company, one of the country's leading property developers, filed a lawsuit against the Vincon Land and Finance Investment Joint-stock Company for imitating its brand name.
Vincom, which owns Vincom Towers , established its brand name in 2002 while the Vincon company has been in operation for just three years.
The Ministry ruled that the Vincon brandname sounded too similar to Vincom and Vincon had used its name in all its signboards, transactions, company stationary, advertising and at all of its branches in central Da Nang city and Thua Thien-Hue province, violating Government regulations on intellectual property rights and trademarks.
The ministry's Intellectual Property Scientific Institute announced that Vincon sounded and looked too similar to Vincom, which had already been registered, and this similarity could cause confusion among customers.
Vincom registered its trademark with the National Office of Intellectual Property of Vietnam in 2005 and is now protected in more than 20 other countries under the Madrid system for the international registration of trademarks (Madrid Agreement and Madrid Protocol).
Apart from an administrative fine, the ministry also required Vincon to change its name and remove the brand name from company stationary, advertising, legal transactions, and advertising.
Vincom's chairman Le Khac Hiep said he hoped the decision would motivate businesses to become more aware about the need to protect their trademark, and the necessity to challenge companies that attempted to live off the fame of well known brands.
Since the Ministerial verdict, Vincon has continued to use the brandname, announcing that it would introduce changes to its marketing and stationary in February 2011. Vincom has insisted on the changes being immediately made and following a failed meeting between the two companies, has decided to sue Vincon in the Hanoi People's Court.-Enditem
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HCM City to suffer labour shortage
HCM City (VNA) -- HCM City will need to employ about 265,000 labourers next year, according to the Centre for Labour Market Information and Human Resource Forecast.
Of this figure, the demand for manual workers accounts for 45 percent; employees with university degrees, 20 percent; and employees with vocational training, 35 percent.
Tran Anh Tuan, deputy director of the centre, said intensive-labour industries include electronics, mechanics, garment and textile, leather shoes, marketing, finance, banking, fine arts, architecture, and construction.
A shortage at labour-intensive companies is expected during the first quarter of 2011, especially after Tet (Lunar New Year), when workers return home for the holiday and often do not go back to work.
He said the labour shortage would be even more serious than last year due to inflation, and the low salaries at industrial zones and export processing zones. Workers have found it difficult to cope with many price hikes on food and other products.-Enditem
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