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Socio-economic Affairs
• Many archaeological objects over 3,000 years ago found in Tay Tra mountainous district of Quang Ngai province (Nhan dan, page 8).
• Industrial production reaches over 414 trillion VND in the first six months, up 14.3 percent (Nhan dan, page 1).
• Work starts on the H4 upper storey block of Te Giac Trang (White Rhinoceros) oilfield with a total investment of over 44 million USD (Nhan dan, page 2).
• Tra fish export turnover increases by 40 times in 10 years (Hanoi Moi, page 1). The material tra fish volume soared from 37,000 tonnes in 2001 to 1.35 million tonnes in 2010. The export turnover of this product also jumped by 40 times from 40 million USD to 1.4 billion USD. Vietnam’s tra fish is now exported to 140 countries and territories worldwide.
• Vietnam jumps 20 places in global innovation index (Hanoi Moi, page 2). According to the Report on Global Innovation Index (GII), Vietnam ranks 51st, jumping 20 places from its 71st position in 2010.
• 700 Japanese tourists arrive in Vietnam since earthquake and tsunami disasters (Quan doi Nhan dan, apge 8).
• Japan invests 250 million USD in building largest laser printer factory in Vietnam (Quan doi Nhan dan, page 8).
• HCM City: Over 4 billion VND for AO/dioxin victims (Quan doi Nhan dan, page 1).
• Vietnam’s human resources see imbalanced development (Lao dong, Employment page). Vietnam has the advantage in population, which is in the period of “golden population”. However, the quality of the country’s human resources remains low.
• Soc Trang: 3 million EUR for coastal resources management project (Lao dong, page 2).
• The Central Children’s Hospital leads the world in laparoscopic surgery of bile duct cysts (Lao dong, page 3).
• Balanced import-export development needs sustainable strategy (Thoi bao Tai chinh Viet Nam [Vietnam Economic Times, No. 79, page 6). The country’s trade deficit sharply decreased to 400 million USD in June, which is considered a positive sign for the economy.
• Hotels get involved in cuisine (Thoi bao Kinh te Sai Gon [Saigon Economic Times], No. 27, page 26-27). In the current difficult circumstance, many hotels have stepped up cuisine business.
• Northern businesses seek new markets (Thoi bao Kinh te Sai Gon, No. 27, page 28-29). In several recent years, many businesses in the north have targeted the southern market to expand their market share. However, despite their efforts, they still face difficulties in penetrating into the southern market due to a fierce competition from large domestic companies and multi-national groups.
• Management of gold market: a price band is needed (Thoi bao Ngan hang [Banking Times], No. 106, page 4). After four months of implementing the Government’s Resolution No. 11, the domestic gold market has come into stability. According to Vu Minh Chau, General Director of the Bao Tin Minh Chau Jewelry Company, if a price band is imposed, suitable gold purchase will prevent speculations in the market, regulate gold prices and ensure the gold market’s healthy operations.
International Affairs
• Russia and NATO discuss establishment of a European common missiles defence (AMD) system and the Libyan situation (Nhan dan, page 8).
• Chinese and Japanese FMs calls for strengthening bilateral ties (Hanoi moi, page 8).
• Large volume of rare earth metal found in the Pacific (Hanoi Moi, page 8).
• EU provides food in emergency aid for DPRK (Quan doi Nhan dan, page 8).
• Chinese fishery patrol ships appear in territorial waters near disputed archipelago with Japan (Saigon Giai phong, page 8)./.
US-Vietnam relations expanded in many fields
Hanoi (VNA) – The US-Vietnam relations have been constantly developed and expanded in many fields over the past 16 years.
US Charge d’Affaires to Vietnam Virginia E. Palmer and Vietnamese Justice Minister Ha Hung Cuong shared the view at the former’s reception in Hanoi on July 4 to mark the 235 th Independence Day of the US .
They said that the relations have been boosted, especially in trade, investment, education and training and overcoming war consequences.
The US ranks 6 th among foreign investors in Vietnam with a total registered capital of 13 billion USD.
Two-way trade between the two countries was valued at 18 billion USD in 2010.
At present, there are about 13,000-14,000 Vietnamese students are studying in the US .
Host and guests to the reception raised toasts to wish that those relations would be further strengthened for peace, prosperity, cooperation and development in the world./.
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Germany helps Soc Trang in coastal resource management
Soc Trang (VNA) – The German Society of International Cooperation (GIZ) will provide 3 million EUR for a coastal natural resource management project in the Mekong Delta province of Soc Trang.
The Prime Minister on July 4 entrusted the provincial People’s Committee to receive the aid, said the provincial Department of Agriculture and Rural Development.
The project aims to strengthen the joint management and exploitation capacity of coastal residents in Soc Trang province and promote the suitable use of coastal natural resources as well as restore the ecological environment./.
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Traditional Vietnamese music course held in Paris
Paris (VNA) – The first ever course of traditional Vietnamese music has concluded in Paris recently.
A closing ceremony was held at the Centre for Vietnamese Culture in Paris on July 4 with a special performance of Vietnamese folk songs and traditional music instruments.
Speaking at the ceremony, Ho Thuy Trang, an overseas Vietnamese in France, the lecturer of the course, said that most of the learners are foreigners, who loves Vietnamese folk music and have fine impression about the country.
Since 2003, she has trained about 60 foreign people in France in Vietnamese traditional music. At present, she runs two 16-chord zither classes, one in Marseilles ( France ) and another in Lausane ( Switzerland ). She plans to open a class in Bordeaux in the coming time.
Trang said she hoped that by this way, she would bring more the French people and foreign friends to Vietnam and help them have better understanding about the Vietnamese culture./.
BUSINESS
Tra fish exports jump 40 times in 10 years
Hanoi (VNA) – Vietnam’s tra fish export turnover soared by 40 times from 40 million USD in 2001 to over 1.4 billion USD in 2010.
According to the Ministry of Agriculture and Rural Development, the country’s annual tra fish output has remarkably increased over the past ten years, from 37,500 tonnes in 2001 to 1.35 million tonnes in 2010.
At present, Vietnam’s tra fish is exported to 140 countries and territories worldwide.
However, the Vietnamese seafood products are facing fierce competitions from those of other exporters and even importers, the ministry said.
To further develop the markets, the seafood sector plans to diversify the markets and value added products, develop national trademarks and meet strict breeding requirements and sustainable breeding standards.
By this time, 40 percent of Vietnam’s tra fish breeding acreage is certificated to meet different sustainable standards./.
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Export turnover likely to reach 84 bln USD
Hanoi (VNA) — Export turnover is expected to hit 84.5 to 85.5 billion USD for the year, 6.1 billion USD higher than the target set by the National Assembly.
The Ministry of Industry and Trade (MoIT) held an online meting on June 4 to announce that total export value reached 42.3 billion USD in the first half of 2011, an increase of 30.3 percent compared to the same period last year.
The increase was attributed to increases in both volume and prices of exported commodities.
About 10 commodities reached export turnover of more than 1 billion USD, the meeting was told.
Excluding gold, the total export revenue in the first half of 2011 was estimated to increase by about 10.5 billion USD compared with the same period last year.
Nguyen Tien Vy, director of the ministry's Planning Department, said that textile and garment export turnover reached 6.16 billion USD, about half of the year's target of 13 billion USD.
He also forecast that several key export commodities would continue contributing significantly to the total export revenues in the next half of the year.
Of this, the export value of agriculture and seafood products is forecast to earn 19 billion this year; fuel and minerals, 10.6 billion USD; industrial products, 45 billion USD and textile and garment, 13 billion USD.
At the meeting, Phan Van Chinh, director of the ministry's Export and Import Department, said that the good export performance followed many unfavourable internal and external factors, such as inflation, increased prices of materials and high interest rates.
In the first half of the year, the country's import turnover reached almost 49 billion USD, a year-on-year rise of 25.8 percent, bringing the trade deficit to 6.65 billion USD.
Of the import markets, Asian countries took the lead with 32.5 billion USD. Specifically, Vietnam imported goods worth 8.5 billion USD from ASEAN countries, 4.9 billion USD from the Republic of Korea, 3.9 billion USD from Japan and 9.1 billion USD from China.
The ministry also predicted that the total imports would cost 98.5 to 99.5 billion USD for the entire year thanks to a decline in prices, creating a trade deficit of 14 to 15 billion USD.
However, the ministry sounded a warning about a possible increase in the trade deficit in the remainder of the year due to surging prices of several import commodities, such as fuel and input materials.
Representatives from Kien Giang Province and HCM City requested the Government and the ministry to support exporters regarding interest rates.
At the meeting, the ministry sketched out several major plans to curb the trade deficit.
The ministry will continue taking a grip on the importation of luxury commodities, including mobile phones, liquor and cosmetics imported through Hai Phong, Da Nang and HCM City./.
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Shares surprise with late-session rebound
Hanoi (VNA) — Benchmark indices on both national bourses on June 4 pared losses early in the session to close in positive territory. However, the turnaround took place so fast that many cautious investors did not participate, and combined value of trades reached only a meagre 633 billion VND (30.7 million USD).
"I do not know why there was a small flurry of buying in the final minutes of the session, but I think the rally will help relieve the worries of investors," said a securities analyst in Hanoi who asked to remain anonymous.
The State Securities Commission on June 4 revealed that the capital raised from share issues in the first half of the year had reached 6.4 trillion VND (310.7 million USD), a 40 percent plunge from the same period last year.
On the HCM Stock Exchange, the VN-Index closed up 0.03 percent from July 1's session to 425.42, although losers outnumbered gainers by 115-83. The value of trades reached 419.1 billion VND (20.3 million USD) on a volume of 23.9 million shares.
Of the 10 leading shares by capitalisation, only Eximbank (EIB) and Sacombank (STB) advanced modestly, while STB was the most-active share on a volume of 3.15 million.
Increased demand in banking shares "was not a good sign," said SME Securities Co analysts. "Banking shares rose sharply on June 1, but they have not often lasted beyond three sessions," they said. "Therefore, we will have to wait for today's session to define a trend for banking shares."
However, the director for the research department of Kim Eng Group, Ong Seng Yeow, said that the Vietnamese stock market was backed by Government policies. "When the market recovers, banking shares will be the aim of investors," he said.
On the Hanoi Stock Exchange, the HNX-Index also managed to close up 0.34 percent on the day to 73.01 points despite slumping early in the session.
Although more than a third of all listed codes were in the green, market value dropped by around 35 percent to 214.1 billion VND (10.4 million USD) on a volume of 19 million shares.
Kim Long Securities Co (KLS) was the most-active share, with 2.87 million shares traded. SME Securities Co analysts judged KLS as the most profitable share, along with fellow securities companies Saigon Securities Inc (SSI), VNDirect Securities (VND) and Bao Viet Securities (BVS). Kim Long Securities Co has also appointed a new general director, who promises higher second-quarter earnings./.
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Vietnam Airlines to increase services
Hanoi (VNA) — Vietnam Airlines recently announced that it would add more than 1,350 fights on 12 domestic routes during the peak summer season from July 1 to August 15.
"With the increase of flights, the airline expects to ease overload due to increased travel demands," said Vietnam Airlines representative Nguyen Hoang Dung.
According to the air carrier, total transport will be increased by 1.6 million seats, a rise of 12 percent compared to the same period last year.
On the Hanoi-HCM City route, total transport will be increased to more than 460,000 seats, an average of 5,000 seats/day/way. The airline will also provide a total of 210,000 seats from HCM City to Da Nang and 190,000 seats from Ha Noi to Da Nang.
Flights on key tourism routes to Hue, Nha Trang, Da Lat and Vinh cities, and Phu Quoc and Con Dao islands are also set to be increased./.
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Robusta export market frozen
HCM City (VNA) — The price of Robusta coffee beans fell to 50,600 VND (2.4 USD) per kilo in the Central Highlands of Vietnam, 600 VND under its quotation on July 1.
The fall came in line with the lower price at the close of London's Robusta futures market on the last trading day last week.
London's futures market for robusta coffee rose sharply early last week following rumours about frost in the southern part of Brazil, the biggest coffee producer in the world.
The forecasts later downgraded the intensity of the chilly weather there and led coffee prices to lose 26 USD on futures markets of London for robusta on July 1, but up 153 USD per tonne for the week.
"The current coffee price in the local market, equivalent to 2,462 USD per tonne, does not encourage exports. It's too far from the level that can match the bids of foreign buyers," said Tran Quang Sang, a coffee exporter from HCM City.
The FOB (free on board) price of Vietnamese robusta coffee Grade 2, with 5 percent black and broken, was quoted at minus 50-40 USD per tonne, discounted to the level of the trading month of the futures market, or about 2,420 USD per tonne compared with the closing price of London's terminal market.
On July 1, it was 2,472 USD basis for September 2011. In London terminal market, robusta coffee is traded for deliveries for six months, in January, March, May, July, September and November. Beginning July 1, September 2011 became the main trading month for coffee forward contracts.
The local market was very high due to narrow inventory of about 100,000 tonnes.
"Though frost intensity in Brazil has been downgraded by weather forecasters, the high price of robusta coffee in the local market is freezing export activities," Sang said.
Vietnam, the world's second largest coffee producer and exporter behind Brazil, produces mainly robusta coffee, which is often used for blending.
During the first six months of this year, the country exported 913,000 tonnes of coffee beans, earning 2 billion USD in turnover, according to the Ministry of Agriculture and Rural Development./.
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US lowers dumping duties on tra
Hanoi (VNA) — The US Department of Commerce has completed its seventh period of review and reached a final decision on reducing anti-dumping duties on Vietnamese tra fish filets, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
For the period under review between August 1, 2009, and February 15, 2010, the tax rate was reduced from 2.11 percent to zero percent for two companies, Thien Ma Import Export Ltd Co (Thimaco) and the Multinational Investment and Development Joint Stock Co (IDI).
For the sixth period of review, covering August 1, 2008, through July 31, 2009, the tax rate was slashed from 2.44-4.22 percent to zero percent for three companies: Vinh Hoan, Vinh Quang and CL-Fish. It was cut to 0.02 percent for Agifish, ESS LLC and South Vina.
Other companies would continue to be charged at a rate of 63.38 percent as per the fifth period of review.
VASEP attributed the revision in rates to the Department of Commerce (DOC) decision to shift the country it used for comparison from the Philippines to Bangladesh.
Last month, the price of tra fish fell by 3,000-5,000 VND/kg despite rising production costs, according to the association. After rising to 29,000 VND/kg in April, wholesale prices were now as low as 24,000 VND/kg, causing sizeable losses to breeders, said VASEP.
To keep prices from falling further and protect the interests of breeders, tra exporters had agreed to maintain floor prices in the second half of the year, said the head of VASEP's Freshwater Fish Committee, Duong Ngoc Minh.
The move followed a June 20 meeting among the 25 leading exporters and the fish breeding associations of An Giang and Dong Thap provinces in which they had agreed to buy fish weighing up to 850g at a price of at least VND26,000/kg, he said.
Vietnam expected to export 300,000 tonnes of tra fish for the first half of this year, earning 800 million USD, VASEP said. Exports were expected to increase an estimated 4.7 percent in volume and 24.7 percent in value./.
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Footwear exports hit record high in June
Hanoi (VNA) — Monthly leather and footwear exports for the first time exceeded the threshold of 600 million USD in June, according to the General Statistics Office.
June's export earnings of 610 million USDlifted the industry's exports in the first six months of the year to nearly 3 billion USD, up 31 percent from the same period last year, the office said.
The Vietnam Leather and Footwear Association was also optimistic about the industry's export potential in the second half of the year, saying that many producers had already received export orders for H2.
The association said that this year's volume of export orders had increased by roughly 20 percent compared to last year, and the orders' prices also surged by roughly 7-10 percent.
Despite the favourable conditions, domestic leather and footwear producers were currently facing a shortage of labour, forcing some of them to refuse new export orders, the association said.
The association's vice chairman Diep Thanh Kiet added that the domestic leather and shoe industry also faced obstacles in the form of high interest rates and inflation, as well as the rising cost of raw material this year.
The leather and footwear industry this year targeted an export turnover of 5.5 billion USD after gaining nearly 5.1 billion USD last year.
At present, Vietnam's leather and footwear products are exported to 50 countries and territories worldwide including the US, the EU, Japan, Belgium, Holland, France and Denmark. The country is one of the world's 10 leading footwear exporters.
With a sector growth strategy for 2020 approved recently by the Ministry of Industry and Trade, which will focus on the development of supporting industries as well as material supply, the industry expected to earn 9.1 billion USDin export turnover by 2015 and 14.5 billion USD by 2020./.
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Nation records 20 bln USD in industrial value
Hanoi (VNA) - Industrial production in the first six months of the year reached 418.4 trillion VND (nearly 20 billion USD), an increase of 14.3 percent over the same period last year, according to the Ministry of Industry and Trade.
Most of production materials and consumption products saw high growths. Electricity increased by 11.2 percent; cement, 14.7 percent; liquefied gas, 19 percent; petroleum, 25.3 percent.
In the reviewed period, the industrial sector earned an export value of 42.3 billion USD, a year-on-year increase of 30.3 percent.
Of them, the export of fuel and mineral products fetched 5.2 billion USD, 26.3 percent year-on-year increase.
The ministry forecast that the sector would see an export turnover of 85.5 billion USD by the end of this year with trade deficit of 14.5 billion USD, equal to 16 percent of the export value./.
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Vietnam jumps 20 places in global innovation index
Hanoi (VNA) – Vietnam ranked 51st among 125 economies in the Global Innovation Index (GII) 2011, jumping 20 places from its 71st position in 2010.
According to the GII 2011 Report, jointly launched by the World Intellectual Property Organisation (WIPO) and the Business School for the World (INSEAD), Switzerland held the first place in the rankings, followed by Sweden and Singapore.
Malaysia led the Southeast Asian region, ranking 31st and Thailand came second with the 48th position.
The Intellectual Property Department said that the GII 2011 covered 125 economies worldwide based on their technological innovation results.
The index aims to emphasise the role of technological innovation activities, considering them the centre of economic growth and better jobs as well as a key to improved competitiveness of the economies, industries and businesses./.
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