Vietnam Post joins international money payment network, Eurorigo

Nguyen Quoc Vinh, its vice president, said on August 18 the membership provided an opportunity for the company to expand cooperation with postal companies, banks and financial services providers in 50 countries.

The decision to join Eurogiro was based on the benefits to be realised from the Eurogiro community and network whose core business had been offering quality international payments services for over 15 years and connectivity to postal and banking agencies in nearly 50 countries, he said.
VNPost will cooperate with Eurogiro members through bilateral agreements until 2011 before starting multinational cooperation.

It is scheduled to link up with the network next month and in the initial phase will provide cash receipts for international fund transfers at some 1,200 designated branches.

According to a World Bank report, Vietnam is the 10 th largest beneficiary of remittances among developing countries. The State Bank of Vietnam has forecast inflows of between 5.8-8.6 billion USD this year.

US rally boosts local markets

Hanoi (VNA) – The HCM Stock Exchange continued its winning ways on Aug. 20, as the VN-Index rose to 513.9 points, a gain of 1.07 percent.

Market turnover reached 2.1 trillion VND (118 million USD) on a volume of 54.52 million shares, with Sacombank (STB) responsible for 5 million of those trades.
On the Hanoi Stock Exchange, the HNX-Index also rose 0.96 percent to close above 160. Trading value on the northern market climbed to 955.85 billion VND (53.7 million USD) , with 27.7 million shares changing hands. Kinh Bac Urban Development (KBC) once again claimed the spot as the most-active share, with 3.6 million traded.

“The rally on the US market overnight stimulated domestic investors to buy from the beginning of August 20 session,” said Nguyen Duy Tan, a broker who asked that the name of his firm be withheld. “But heavy fluctuations on the Shanghai Stock Exchange restrained interest in major stocks.”

He predicted the market would continued to fluctuate in the coming days around a supportive mark of 512. “Current strong accumulations are signalling more profit-taking is on the way, as short-term trades are the major trend now,” he added.

Vietcombank Securities Co told vneconomy.vn that investors should keep an eye on the trading volume of blue chips, market volumes and foreign investors as a basis for investment decisions, taking advantage of adjusting sessions to restructure their own portfolios.

Foreign investors on Aug. 20 returned to being net buyers on both stock exchanges, with a combined volume of 1.2 million shares. Vinaconex (VCG), PVS and KBC were the shares most favoured by foreign investors in Hanoi , while Phu My Fertiliser (DPM), Pha Lai Thermal Power (PPC) and Vinh Son Song Hynh Hydropower (VSH) were popular stocks in HCM City . “The happenings on global markets are impacting foreign trades as their purchases today were moderating,” said Tan, forecasting that foreigners would return to being net sellers until the global situation settled down.

“This sector’s accumulation should be a reference for long-term investors if they want to start investing now,” he added.

Kien Giang attracts 13 FDI projects

Kien Giang (VNA) – The Mekong Delta province of Kien Giang has so far this year attracted 13 foreign-invested projects with a combined investment capital of 2.8 billion USD.

Over half of the new projects, or seven, with a total investment of 1.72 billion USD focused in the island district of Phu Quoc. Four of them are underway, including tourist sites of BerJaya Long Beach, Veranda, Cataco and Miramar.

Kien Giang’s Planning and Investment Department Director Dang Cong Huan said that almost all projects’ investors have enough financial abilities and can quickly carry out their projects.

However, he added, some projects are still lagging behind in site clearance as well as in detailed land zoning, resulting in the delay of their implementation as scheduled. No projects are subjected to be revoked their licences, he added.

 Vietnam waltzes into VTV cup

Hanoi (VNA) – Hosts Vietnam defeated Thailand ’s Phuket 25-13, 25-22, 25-11 in the semi-finals of the International Women’s Tournament VTV Cup on August 20.

The team will meet Ukraine ’s Technokom, who beat China ’s Guangdong 25-21, 25-16, 25-15, in the final at the Buon Ma Thuot Gymnasium on August 22.

Vietnam , who beat the Thai side 3-0 in the qualifiers on August 19, played with two main attackers Dinh Thi Dieu Chau and Nguyen Thi Ngoc Hoa in the front line with support from Bui Thi Hue and Pham Kim Hue.

Bui Thi Hue scored the winning point in the first set, which the home team won 25-13 in just 15 minutes.

The Thai side regrouped in the second set, going ahead 16-11 with Ariya and Alisa regularly finding gaps in Vietnam ’s defence.

But the turn around came at 12-18, when Dang Thi Hong’s skilful drop shot won back the service for the home side.

Hoa, who stands 1.83m tall, then smashed three quick points, while Do Thi Minh and Pham Kim Hue blocked well.

Thai captain Piaymas Koijapo, who won three gold medals at the Southeast Asian Games, took the Phuket team to 22-20, but Hoa scored three more points before Kim Hue and Dieu Chau smashed their way to 25-22. In the third set, Vietnam cruised to 25-11.

Global positioning used in waste control

HCM City (VNA) – HCM City plans to the global positioning technology and an e-card to track the transport of waste and its treatment, an official has said.

Nguyen Trung Viet, head of the city’s Department of Natural Resources and Environment’s slid waste management division, said advanced technology was needed to deal with the increasing volume of waste in the city.

Speaking at a conference on August 20 in HCM City , he said companies would use an online form, called in e-manifest, to declare waste and pay environmental charges.

Previously, companies used a registration book in which they included information submitted to the department.

Around 6,400 tonnes of solid waste are produced in the city each day from daily activities.

Additionally, every day, nearly 1,500 tonnes are discharged from construction activities, and nine to 11 tonnes from medical waste. About 250cu.m of waste are released from cesspools.

Because all landfills are located in the outskirts of the city, about 970 vehicles are needed to carry the waste.

Viet said the department could not manage the operation of these vehicles and some often leave the waste illegally at unauthorised places.

He said the department could attach a microchip on every vehicle transporting waste and use a global positioning system (GPS) to track the vehicle’s direction.

The chip could also be used to monitor the amount of liquid waste contained in tank carriers by preventing illegal sales of the liquid when the vehicles are traveling on the road.

Companies involved in transporting and treating hazardous waste would be equipped with an internet-based tool called an e-card.

The e-card would update information about waste and waste treatment via a website belonging to the department, Viet said.

The information would help the department monitor the treatment of waste, he said.

A training course is expected to be held on August 21 on how to use the e-card for staff of 30 hospitals. Health facilities discharge a huge volume of medical waste every day.

New rules made for usage of land

Hanoi (VNA) - The Ministry of Natural Resources and Environment announced new regulations on August 20 on land usage, land price determination, revoking of land use rights, compensation and support for resettlement.

These regulations, stated in the Government’s Decree No 69/2009/ND-CP, will come into effect as of October 1 this year.

Under the decree, for the first time, provincial people’s committees will be allowed to set aside between 30-50 percent of State collections from land usage and land leasing to establish land development funds.

These funds will be used to supply capital for projects such as building houses for resettlement land clearance serving socio-economic development, giving compensation to displaced people and to organize vocational training courses.

Each farmer, from whom the State takes back 30 to 70 percent of their land, will be given financial support equivalent to 30kg rice per month.

The duration of the support depends on whether they have to move to another place to live or not.

Household businesses or companies, who must stop operations because of losing land to the Government, will receive an amount of money equivalent to a maximum 30 percent of their average after-tax income for the prior three years.

In some specific cases, households and individuals doing agricultural production will be given an amount of money equivalent to 1.5 – 5 times the price of the lot of land lost, and those of working age will be admitted to vocational training courses for free.

New anthology marks General Giap’s birthday

HCM City (VNA) – Academics from the HCM City University of Social Sciences and Humunities have compiled a giant anthology to mark the 99 th birthday of General Vo Nguyen Giap (August 25) and National Day (September 2).

Dai Tuong, Tong Tu Lenh Vo Nguyen Giap – Vi Tuong Cua Hoa Binh (General Vo Nguyen Giap, Commander in Chief, A Man of Peace) is the fruit of three years of hard work by Bui Loan Thuy, a lecturer at the school, and 15 of her colleagues, who travelled around the country to libraries to collect articles written by the general and others.

The 2,242-page tome is in three main parts, with the first part containing articles written by the General from 1945-2008 for Nhan Dan (People), Quan Doi Nhan Dan (People’s Army, Sai Gon Giai Phong (Liberated Sai Gon), and other newspapers.
The second contains articles he co-authored with others and the final part has works by other writers about the man who played a major role in modern Vietnamese history and its invoked most by international historians and military analysts.
Nguyen Thuy Ha, director of the Thanh Do Culture Company, which published the book said it would provide valuable material for students, especially those studying history, soldiers, historians and common people.
The book, which was mooted in 2005, would have parts published on the internet, he said.

Thuy said she next plans to write a series of books about the country’s renowned politicians.

Vo Hoa Binh, the General’s daughter, said she was moved to receive the book.

Firms urged to join UN global network

Hanoi (VNA) – Vietnamese businesses have been urged to participate in the United Nations Global Compact (GC) Network Vietnam , a forum for firms to share experiences on how to operate more efficiently and establish partnership.

“The network will connect domestic firms with 5,000 international firms which are members of the global United Nations GC network,” said Nguyen Quang Vinh, Deputy Director of the Office for Sustainable Development under the Vietnam Chamber of Commerce and Industry (VCCI) during the network’s first membership meeting in Hanoi on Aug. 20.

“Established in 2007 by VCCI with support from the United Nations Development Programme, the network aimed to encourage the Vietnamese business community to adopt corporate social responsibility (CSR) in their operations,” Vinh said.

The VCCI has also been implementing a two-year project to highlight the CSR in Vietnam through the GC Network Vietnam as its first and most important activity.

The second component of the project focused on incorporating information about the CSR into Vietnam through research, introducing the CSR into university curriculum and creating a CSR network inside and outside the country, Vinh noted.

“Implementing the CSR is an essential trend that all enterprises need to be a part of to know where they are,” said Ha Linh Ltd Co Director Dang Cong Thang.
Thang acknowledged that the GC Network Vietnam would be a channel of information and communication where member enterprises could connect and find partners. “Participating in the network will help the firms make a difference in their branding strategy, influence sustainable development and improve their reputation in the eyes of the partners. However, participating in the network would not be the hard part-maintaining connections would be much harder,” he said.

HCM City: 20,000 low-income earners access houses in 2010

HCM City (VNA) – Once completed in 2010, nine housing projects for workers and low-income earners will provide affordable houses to 20,000 people in Ho Chi Minh City, said the municipal Construction Department.

The city’s housing projects will be expanded to additional 48 ha of land in all districts in the 2010-2015 period.

Chairman Le Hoang Quan of the municipal People’s Committee has instructed the department to collaborate with relevant agencies to speed up the construction of these projects and review environmental hygiene at workers’ houses built by the city and individuals.

The municipal People’s Committee also instructed Thu Duc district to consider site clearance and compensations and District 9 to soon build 900 resettlement apartments this year to serve student dormitory construction project.

PM receives outgoing New Zealand ambassador

Hanoi (VNA) – Prime Minister Nguyen Tan Dung has spoken highly of New Zealand Ambassador to Vietnam Jammer Kember’s contributions to boosting cooperation between the two countries.

Receiving the outgoing ambassador on Aug. 20, PM Dung expressed his satisfaction at the fine development of Vietnam-New Zealand ties.

In 2008, the value of two-way trade surpassed 300 million USD. The two countries have signed agreements relating to trade and economic cooperation, the protection and encouragement of investment, as well as aviation.

PM Dung suggested the two countries work together at all levels in order to match their potential and strengths.

He also said he hoped that New Zealand will continue to provide ODA for Vietnam for construction of infrastructure and offer more scholarships to Vietnamese students to study in New Zealand .

The Vietnamese PM wished the New Zealand diplomat good luck in his future post, and asked him to keep on bolstering bilateral ties.

Ambassador Jammer Kember affirmed that he would make positive contributions to furthering relations between Vietnam-New Zealand.

Seminar talks education of disabled children

Hanoi (VNA) – The lack of specialised teachers is the biggest hurdle for the integration of disabled children into pre-school education, according to participants at a seminar.

Most delegates from 15 Education and Training Departments, who have benefited from a project regarding the integration of disabled children into pre-schools, shared the same opinion at the seminar in Hanoi on Aug. 20 to sum up the project’s three years of implementation.

While there are not many children with disabilities in localities, they suffer from a wide variety of types of defects, delegates explained. Having only one teacher running a single class with so many disparate needs makes it difficult for them to properly care for all the disabled pupils.

The project is being implemented between April 2006-September 2009 under the support of Catholic Relief Services (CRS), aimed at assisting disabled children in Vietnam to integrate into schools.

It also offers services for community integration and career training, as well as building human resources capable of carrying out the goals of the project.

Thanks to the project, 14,872 disabled children have been mainstreamed into public schools as of the end of the 2008-2009 school year.

A/H1N1 flu in Vietnam claims 67 more patients

Hanoi (VNA) – Vietnam confirmed 67 more cases of A/H1N1 influenza, raising the total number of flu patients in the country to 1,743 with two deaths as of 5 pm August 20.

According to the Ministry of Health, 1,090 patients have been released from hospital after treatment. The remaining 651 are under quarantine and being treated. All are in stable condition.

As the development of the epidemic becomes more complicated, the Health Ministry recommends that schools set up their own anti-flu steering committees and work with local health offices to create up a plan of action to combat the super-flu.

Those showing the flu’s symptoms or who suspect they might have contracted the disease should quickly isolate themselves from the community and inform their local health agency for timely consultation and support.

The ministry is working closely with related ministries and agencies, localities and international organisations to keep a close watch on the epidemic, curb its spread, and mitigate its impacts in Vietnam.

Tools to assess education quality paid due attention

Hanoi (VNA) – The Flemish Association for Cooperation and Technical Assistance (Belgium) and UNESCO in Vietnam have held a seminar in Hanoi hoping to help Vietnam build tools to assess its education quality.

At the two-day seminar beginning on August 20, a package of tools were proposed, including a model lesson plan and attendance sheet, the application of IT to Active Teaching and Learning (ATL), and a means of assessing the integration of environmental education into ATL.

The seminar also discussed how to integrate ATL into school programmes and how to identify measures and standards for assessing education quality.

The seminar, themed “Tools to assess education quality for sustainable development, active teaching-and-learning methods, IT applications and environmental education,” draws the participation of education experts and researchers from a number of universities, the National Institute for Science Education, as well as teachers from a number of provinces.

Campaign sparks local solidarity

Hanoi (VNA) – The “All people unite to build cultural life” campaign has sparked a strong solidarity among Vietnamese people, giving impetus to ensuring social safety, national security and defence and political stability.

The remark was made by State President Nguyen Minh Triet on August 20 in Ha Noi during a national conference to honour everyday citizens who have done profoundly significant work for the people in their residential areas in the period of 2005-2009.

264 individuals selected from typical families and residential areas all over the country attended the conference. They were praised for their contributions to poverty reduction and economic development.

The Vietnam Fatherland Front (VFF) Central Committee launched the campaign in May, 1995. After 14 years, the campaign has empowered families, villages and communes, to become more effective in meeting the practical tasks of developing the economy, the culture, and national security and defence in the country’s industrialisation and modernisation process.

Through the campaign, the VFF has also gradually strengthened its organisation and improved the scope of its activities, which has helped it achieve better access to the people and increase its prestige.

President Nguyen Minh Triet said that the Party and State regard the VFF’s efforts as a shared responsibility they shoulder together, and thus work to create more favourable conditions for it to play its important role in building the nation.

Indonesian Speaker wraps up Vietnam visit

Hanoi (VNA) – Speaker of the Indonesian House of Representatives Agung Laksono Soemono and his delegation left Hanoi on August 20, concluding an official three-day visit to Vietnam .

During his stay in Vietnam , Speaker Agung held talks with NA Chairman Nguyen Phu Trong and paid courtesy visits to State President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung.

At the talks, the two sides expressed their wish to further develop their traditional friendship and cooperation, especially in economics, trade, investment, and education and training, thus bringing practical benefits to both countries and contributing to peace, cooperation and development in the region and the world as well.

They discussed measures to boost exchanges and cooperation between the two parliaments, particularly in legislative work, helping further each country’s socio-economic development.

RoK company presents pianos to primary pupils

Hanoi (VNA) – The Republic of Korea ’s Booyoung construction company will provide 3,000 digital pianos to Vietnamese primary schools.

A memorandum of understanding to this effect was signed between the Vietnamese Deputy Minister of Education and Training Nguyen Vinh Hien and the company’s President Lee Joong Keun in Hanoi on August 20.

RoK ambassador to Vietnam Im Hong Jae and representatives of Vietnamese ministries and departments attended the event.

Addressing the signing ceremony, the Vietnamese Deputy Minister said, since it first began operation in Vietnam in November 2006, Booyoung company has created numerous activities to help develop the country’s primary education system.

In 2006, the RoK company presented 6,000 anti-dazzle boards worth 300,000 USD to primary schools in Ha Tay (now Hanoi ) and donated 10 million USD to the Ministry of Education and Training.

The sum was used to buy 210,000 similar boards for primary schools nationwide to contribute to improving the comprehensive educational quality and protecting primary students’ health.

Booyoung company funded the construction of the Phan Chau Chinh Junior Secondary School in central Quang Nam province and three other primary schools in the central provinces of Quang Binh, Ha Tinh and Thanh Hoa.

It also awarded scholarships for students of Korean language in a number of schools, financed the Vietnam Children’s Fund and the Vietnam Taekwondo Association and provided about two million USD for the construction of the Ha Dong bus station in Hanoi.

PetroVietnam urged to become powerful economic group

Hanoi (VNA) – Party General Secretary Nong Duc Manh asked the Vietnam National Oil and Gas Group (PetroVietnam) to maintain its leading role and turn itself into a powerful international corporation.

The Party leader made the request during a reception for those individuals and units of the energy group who have achieved outstanding results in the campaign “Studying and following Ho Chi Minh’s moral examples” in Hanoi on August 20.

He spoke highly of PetroVietnam’s efforts to combine the implementation of the drive with its production and business activities, thus forming emulation movements within the sector.

PetroVietnam has successfully upheld its role as the country’s driving economic force, maintaining steady production and business growth, ensuring social security, and serving as a tool to manage the macro-economy and help protect Vietnam ’s sovereignty over territorial waters, he said.

Leaders of PetroVietnam reported that the group has already completed ahead of schedule a number of key national oil and gas projects thanks to emulation drives initiated by the movement.

They cited the commercial operations of the power plants Ca Mau 1 and 2 and Nhon Trach 1 as examples, noting that the Dung Quat oil refinery - a symbol of the country’s petro-chemistry industry – produced the first batch of commercial products on schedule.

In addition, other major projects such as the Nghi Son and the southern oil refinery complexes have got off to a good start, they said.

FPT pledges 300 scholarships for AO kids in Quang Tri

Hanoi (VNA) – The Corporation for Financing and Promoting Technology (FPT) will grant 300 scholarships to children affected by Agent Orange (AO)/dioxin in the war-torn central province of Quang Tri through 2012.

FPT signed a memorandum of understanding to this effect with the National Fund for Vietnamese Children and the French association Vietnam les enfants de la dioxine (VNED) in support of AO/dioxin affected children, in Hanoi on August 20.

Under the terms of the agreement, FPT will hand out 100 scholarships annually, each worth 1.2 million VND, to disabled and AO/dioxin-affected children to help them continue studying or pursuing vocational training to integrate into the community.

FPT Deputy General Director Bui Quang Ngoc said he hoped that these scholarships would give partial support to AO/dioxin children with inborn deformities in study and vocational training, thereby leading a better life in the future.

In April, the corporation donated 100 million VND (nearly 6,000 USD) to VNED to pay for heart operations for children affected by the toxic chemical.

New species of snake discovered in Cao Bang

Hanoi (VNA) – Russian and Vietnamese scientists have announced their discovery of a new species of rattle-snake, which belongs to Protobothrops family, in the Trung Khanh Nature Reserve in the north-western province of Cao Bang.

Nguyen Thien Tao, who is in charge of amphibians and reptiles at the Vietnam Nature Museum, said this is the fourth species of rattle-snake of the Protobothrops family identified in Vietnam. The three others are Protobothrops cornutus, P.jerdonii and P. mucrosquamatus.

The new species of rattle-snake is named Protobothrops trungkhanhensis Orlov, Ryabov, an endemic species found in only the Trung Khanh Nature Reserve in Cao Bang, Vietnam.

The snake is only 733mm in length, quite small compared to other Protobothrops species, with a small triangle-shaped head and small scales.

Vietnamese, Australian parliaments boost cooperation

Sydney (VNA) – A delegation of the National Assembly headed by Nguyen Van Son, Chairman of the Committee for External Relations is on a five-day official visit to Australia at the invitation of the country’s parliamentary leaders from August 17.

While in Australia , the delegation has exchanged views on issues of mutual concerns during meetings with Speaker of the House of Representative Harry Jenkins and President of the Senate John Hogg.

The Vietnamese parliamentarians also hold working sessions with the committees for external affairs, national defence and trade of the Australian parliament, as well as with the Australia-Vietnam Friendship Parliamentary Group and the Foreign and Trade Ministries.

At the working sessions, the two sides informed each other about socio-economic situations in each country and reviewed the implementation of the Partnership Agreement between the two parliaments, which was signed in March 2008.

Australian officials highly appreciated Vietnam ’s position and role in the region and the world and expressed wish to boost multifaceted ties with Vietnam .

The two sides agreed that there are much potential to further boost relations between the two countries, especially cooperation in infrastructure construction, agricultural development, education and training and tourism.

The Australian side highly valued Vietnam ’s implementation of the Partnership Agreement and expressed wish for more experience sharing regarding legislative building and supervising as well as more exchange of visits and closer coordination at regional and international parliamentary multilateral forums.

The Vietnamese sides highly appreciated Australia ’s role in boosting cooperation among Asian-Pacific countries. Australia is an important partner of Vietnam , they said, affirming wish to deepen multifaceted cooperation between the two countries.

The two sides also agree on a cooperation plan proposed by the Vietnamese law makers in furthering their Partnership Agreement.

Vietnamese naval officers visit Indonesia

Jakarta (VNA) – A delegation of the Vietnam People’s Navy led by Vice Admiral and Political Commissar Lieut. Gen. Tran Thanh Huyen is paying a visit to Indonesia from Aug. 16-20.

The officers attended the navies parade named “2009 Sail Bunaken” in Manado , North Sulawesi province of Indonesia on Aug. 19.

The two-day parade involves hundreds of yachts, small-sized ships and 33 warships of Indonesia . Thirty-three countries sent representatives to the parade, which was held to mark the 64 th anniversary of the country’s Independence Day (Aug. 17).

During the visit, the Vietnamese navy delegation also took part in a workshop on building comprehensive maritime security in Southeast Asia held by the Indonesian Navy.

The delegation is scheduled to call on President Susilo Bamgang Yudhoyono.

Vietnam Airlines to open new route to Japan

Tokyo (VNA) – The national flag carrier Vietnam Airlines (VA) will open a direct route linking Hanoi and Fukuoka city in southern Japan , where Vietnam ’s third Consulate General is located.

The airline plans to operate two flights every Tuesday and Saturday along the route, using Airbus 320 planes. Once operational on the occasion of the 55th anniversary of the Hanoi Liberation Day on Oct. 10, the route will help reduce the travel time between the two cities to 4 hours.

VA will reduce the number of Ho Chi Minh City-Fukuoka flights to 2 per week.

Fukuoka city is one of the six largest cities in Japan with an area of 1,166 sq.km and a population of 1.42 million. It is an economic and scientific centre for Japan ’s south-western region, hosting world-renowned automakers such as Toyota , Kyushu , Nissan and Daihatsu.

It is also home to 2,000 technological businesses and 600 semi-conductor producers.

During his visit to Japan in April this year, Party General Secretary Nong Duc Manh called in at the city and attended the opening ceremony of the Vietnamese Consulate General.

Central Highlands plans investment promotion campaign

Hanoi (VNA)- Buon Ma Thuot, capital city of Dac Lac province, is to host an investment promotion forum for the Central Highlands on September 5, said Foreign Ministry Spokesperson Nguyen Phuong Nga.

Nga-taking over for former Spokesperson Le Dung, who has taken a new assignment-said the forum will provide an opportunity for regional provinces to keep domestic and overseas investors informed on the attractive opportunities, benefits, and incentives for investment boasted by the region.

The event is likely to attract strong participation, including provincial leaders from the Cambodia-Laos-Vietnam development triangle.

Foreign diplomatic corps in Vietnam , representatives from international financial institutions such as the World Bank, the Asian Development Bank and the Japan International Cooperation Agency (JICA) and foreign businesses are also expected to attend the forum.

Vietnam welcomes investors in energy sector

Hanoi (VNA) – The Vietnamese government calls upon domestic and foreign businesses to invest in energy works and is committed to creating favourable conditions for them to do so, a senior official said.

Deputy Minister of Industry and Trade Do Huu Hao made the announcement at an international seminar on Vietnam ’s energy development planning and strategies in Hanoi on August 20.

In the coming time, national energy policies will focus on synchronously developing an energy system, including electricity, coal, oil and gas, and new and renewable energy sources, Hao said.

Energy development strategies will be implemented with international cooperation policies on energy import-export, the development of energy technology, especially for new and renewable sources, forming a competitive energy market and boosting the economical and effective use of energy, he added.

According to a representative of the Ministry of Planning and Investment, the government’s objective is to continue attracting major foreign investors to large-scale power and clean energy projects.

To lure investment in the energy sector, besides policies to encourage investment and solve difficulties, the government should apply common electricity prices for both domestic and foreign businesses, he suggested, adding that power purchase negotiation procedures should be simplified to help investors save time and costs.

President of the Vietnam Energy Association Tran Viet Ngai said that the energy sector, including electricity, is yet to attract investors, especially those from foreign countries, because of unreasonable commercial electricity prices compared to electricity production costs.

Other participants at the seminar cited unclear foreign investment attraction mechanisms and policies as well as an asynchronous legal system on energy development as difficulties preventing the energy sector from luring more investment.

By July 2009, Vietnam attracted 143 FDI projects totalling 6.2 billion USD in the energy sector, accounting for 3.74 percent of the country’s total FDI.

Ten proposals made for development of paper sector

Hanoi (VNA) – The Vietnam Paper Corporation and the Vietnam Pulp and Paper Association have made ten proposals, aimed at fulfilling their production plan for the 2010-2015 period.

The proposals were announced at a conference in Hanoi on August 20, which was hosted by the paper sector and the Ministry of Industry and Trade, and aimed to review the sector’s operation over the years as well as to outline its action plan for the future period.

Among the proposals, four have been accepted by the ministry, covering paper recycling, tax policy for the paper industry and paper raw materials. The other proposals will be decided in the near future.

According to General Director of the Vietnam Paper Corporation, his company’s annual growth has been near 9 percent since 2006, while its growth in revenues has been 16 percent.

The corporation has provided jobs and ensured livelihoods for about 13,000 staff, he added.

Cambodian cashew sector expects bright future in Vietnam

Phnom Penh (VNA) – Cambodia ’s processed cashews will hit the world market after two processing plants are built in Kampong Thom and Kampong Cham provinces under joint ventures with Vietnam .

Construction of the plants with a combined capacity of 10,000 tonnes a year is scheduled to start in early 2010.

Cambodian State Secretary at the Commerce Ministry Mao Thora related that authorities from the two provinces were in discussions with their Vietnamese partners from the southern provinces of Binh Phuoc and Dong Nai. The State Secretary added that an agreement has been struck and a memorandum of understanding will be signed to secure a license from the Cambodian government.

According to the Vietnamese Trade Office in Cambodia , the two plants will not only buy local raw cashews for processing, but also for export to Vietnam . Of the total estimated volume they plan to purchase--60,000 tonnes a year--50,000 tonnes are to be shipped to Vietnam .

According to the Cambodian Economics Institute, the country’s cashew output is between 30,000-50,000 tonnes a year. However, only 5 percent of that is processed in the country and the remainder is exported to Vietnam .

Cambodia now has about 80,000 ha of cashew growing area.

Moody’s active assessment for VIB’s financial strength

Hanoi (VNA) – Moody’s Investors Service, a global trust-rating company, has placed the ‘bank financial strength rating’ (BFSR) of the Vietnam International Bank (VIB) at level D, with a prospect of stability.

Under the rating, VIB is ranked second among four leading Vietnamese banks including one state-owned commercial bank and another three commercial joint stock banks which were rated by Moody’s.

The review of VIB’s D-BFSR is based on its inner financial strength, indexes of creditworthiness, risk management of credits and the safety of capital, Karolyn Seet, a Moody’s analyst said.

Moody’s also highly values VIB ability to limit bad debts and its capital safety factor, she added.

Through the end of June this year, the bank’s bad debt was rated at 1.99 percent, much lower than the general rate of the overall banking sector.

Before-tax profit of the bank reached more than 300 billion VND in the first half of this year, representing over 75 percent of the yearly plan. VIB’s capital safety coefficient is kept alive at 10 percent, higher than the regulations of the State Bank and international standards.

VIB plans to increase its chartered capital to 3 trillion VND by the end of this year.

Commercial banks racing to pool capital

Hanoi (VNA) – Vietnamese commercial banks have, since late July, lifted interest rates on deposits in VND, especially short-term ones, in a bid to mobilise more capital in the remaining months of the year.

The Ho Chi Minh City Housing Development Bank (HDBank) led the race, introducing an annual interest rate of 10.3 percent for 36-month deposits.

Such banks as the Orient Commercial Bank (OCB), the Saigon Commercial Bank (SCB), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and the Saigon-Hanoi Joint Stock Commercial Bank (SHB) have increased deposit interest rate by 0.2-0.5 percent to stand between 8-8.5 percent a year.

Besides lifting the deposit interest rate, a number of commercial banks also introduced attractive promotional programmes. The Asia Commercial Bank (ACB) has, for example, awarded each depositor a 0.2 percent increase in their savings interest rate.

In the view of ACB Director General Ly Xuan Hai, the VND deposit interest rate will continue to rise slightly from now to the end of September, with no repeat of last year’s sudden fluctuations.

According to economists, a warm-up in the stock and real estate markets has driven commercial banks to “take a step in advance” (raising deposit interest rates) in an attempt to stem the abrupt flow of cash into those markets.

At present, savings of over one-year term account for a small proportion in banks’ deposits. As a result, some commercial banks have used capital mobilised from short-term deposits for their mid- and long-term loans, which, economists say, can lead to an imbalance in capital sources.

To deal with the situation, the State Bank of Vietnam has issued a decision to lower the cap on commercial banks’ usage of short-term capital for mid- and long-term loans to 30 percent, from the previous 40 percent cap.

The State Bank, at the same time, requested commercial banks to tighten lending activities and fix their VND deposit interest rates at an appropriate level that can satisfy the supply and demand of capital on the market.

On August 15, the Banking Monitoring Agency began examining commercial banks’ operations on a large scale, focusing on their lending activites.

Vietnam assesses WTO impacts on fisheries sector

Hanoi (VNA) – Vietnam ’s entry to the World Trade Organisation (WTO) in 2007 has boosted the development of the country’s fisheries sector but also presented big challenges for its integration into the world market.

The remark was made by Deputy Minister of Agriculture and Rural Development Vu Van Tam at a seminar on the fisheries sector’s capacity and WTO impacts held in Tam Dao, the northern province of Vinh Phuc, on Aug. 20. The seminar is part of a project to design a national plan of action to sustainably develop the fisheries sector in the 2010-2012 period.

Tam pointed out a number of challenges, including the implementation of WTO commitments and the adjustment of policies to conform to international practices, laws and standards.

The representative for Vietnam from the Food and Agriculture Organisation (FAO), Andrew Speedy, shared the idea, saying the sector has to cope with challenges such as product quality and origin control.

The project to build a 2010-2012 national plan of action for the fisheries sector was carried out from February 2008 to August 2009 with 250,000 USD in aid granted by the FAO.

The project aims to concretise the agriculture and rural development sector’s plan of action to develop fisheries, and introduce steps to maintain the positive impacts of Vietnam ’s WTO entry on the development of markets for Vietnamese aquatic products, as well as to contribute to poverty reduction for coastal residents.

In its development master plan for 2010 through 2020, the fisheries sector also came up with a number of synchronous solutions in order to obtain sustainable development targets.

They focus on reducing the number of ships and boats in operation, improving the capacity of State management, controlling aquatic product quality, increasing investment in fishing facilities, facilitating sea-based aquaculture and applying advanced technologies.

In 2007, the first year of Vietnam ’s WTO integration, the country’s aquaculture output reached 2.1 million tonnes, surpassing the exploitation output for the first time.

In the following year, Vietnam netted 4.6 million tonnes of aquatic products, including 2.5 million tonnes from aquaculture and 2.1 million tonnes from fishing, jumping to third place in aquaculture output and 13th in fishing output in the world.

Also in 2008, Vietnam fetched up 4.5 billion USD from exporting aquatic products, ranking sixth in terms of export value.

Malaysian investors eye central Vietnam

Da Nang (VNA) – Representatives from 15 State-run and private businesses from Malaysia attended a seminar on investment opportunities in the central city of Da Nang on August 20.

The seminar, co-held by the Malaysian Trade Promotion Agency (MATRADE) and the Investment Promotion Centres of Da Nang city and the central region, aimed to inform investors of the area’s potential and incentives for investment in infrastructure construction and services.

Malaysian businesses have so far invested 125 million USD in 16 projects in the central region, representing 3.3 percent of the total investment there.

The figures are still modest, representing 4.9 percent of all Malaysian-invested projects in Vietnam and only 0.69 percent of the total capital—even though Malaysia ranks third after Taiwan and the Republic of Korea among foreign investors in the country.

The central region plans to attract more investors to infrastructure, tourism, education, health care and other industries in the coming years.

Local banks improve express services to draw more remittances

Hanoi (VNA) - Domestic banks in Vietnam have quickly embarked on improving their remittance services to draw more money from overseas workers.

The Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has recently launched a new service “Express remittance to households” in addition to its current “Express outward remittance” service.

With the new service, recipients can receive the money at home rather than having to go to the bank.

The bank has also launched a one-hour express remittance service in Laos and Cambodia shortly after its branches were opened in the two neighbouring countries.

Customers of the East Asia commercial joint stock bank who live in provincial and city centres will receive the money within 12 hours and those living in remote areas within 24-36 hours.

Several financial experts and remittance companies say the outlook for Vietnam ’s remittance attraction is still quite optimistic despite projections that inflows will inevitably contract this year.

Vietnam is likely to attract around 6 billion USD in remittances this years, Tran Hoang Ngan, an economic expert and deputy principal of Ho Chi Minh University of Economics, said in an interview with the Dau Tu (Investment) newspaper.

Meanwhile, the remittance company of the East Asia bank has set a target of drawing 1.2 billion USD, which is roughly equivalent to the amount it handled last year.

According to some experts, overseas Vietnamese have started to regain confidence in the Vietnamese market and come back to invest more in their home country, which is largely attributable to signs of recovery in the two largest investment channels: the stock and real estate markets.

Hanoi’s CPI up 0.47 percent in August

Hanoi (VNA) – Hanoi ’s consumer price index (CPI) rose by 0.47 percent in August compared to July and 4.02 percent over the same period last year.

According to the Hanoi Statistics Department, the prices of most commodity groups increased between 0.09 percent and 1.86 percent, with housing, electricity, water, fuel, and construction materials; transport, postal and telecommunications services; and garments and footwear climbing the most.

Other commodities including drinks and tobacco saw slight increases, from 0.21 percent to 0.74 percent.

Gold prices increased 1.32 percent, while the US dollar was up 0.27 percent over July.

Economic experts said that the city’s economy was more stable and the market was flourishing thanks to effective Government and municipal policies and consumption stimulus measures.

CBA sees Vietnam a key market

Hanoi (VNA) – The Executive director of the Commonwealth Bank of Australia (CBA) Simon Blair said his bank always considers Vietnam as one of its key markets in Asia and hopes for a long-term presence in the country.

The director made the statement at a meeting with Deputy Governor of the Vietnam ’s State Bank, Nguyen Van Binh in Hanoi on August 19. Blair spoke highly of the Vietnamese government and the State Bank’s solutions in overcoming the impacts from the global economic crisis.

He also expressed his belief that the CBA will reap success in Vietnam with its experiences and strength.

CBA is one of the leading financial corporations in Australian and also the largest retail bank in the country, providing a wide range of services such as banking, insurance, pension saving, funds management and investment.

CBA has its rep. office in Hanoi and a branch in Ho Chi Minh City . According to the bank’s latest financial report, its after-tax profit reached about 4.7 billion AUD (4 billion USD.

Garment and textile exports look toward 10.5 bln USD in 2010

Hanoi (VNA) – Vietnam ’s garment and textile sector is eyeing export earnings of 10.5 billion USD in 2010 and 17 billion USD in 2015 despite continuous impacts from the global economic recession and fierce competition in the field.

The targets were revealed at a meeting discussing the sector’s 2010 and 2011-2015 plans in Hanoi on August 19.

According to Chairman of the Vietnam Textile and Apparel Association (Vitas) Le Quoc An, the sector, though seeing improvements in exports in the second and third quarters, will continue to face difficulties.

The Vitas official predicted that the export value would decrease gradually in the remaining months of the year to stand just equal to the 2008 figure of 9.1-9.2 billion USD.

Vu Duc Giang, Director General of the Vietnam Garment and Textile Group (Vinatex), warned that forex rate fluctuations and instability in the international market will work to the disadvantage of the sector as it has to import up to 70 percent of raw materials for production.

In Deputy Minister of Industry and Trade Bui Xuan Khu’s view, the national economy will embark on recovery in 2010, so Vitas and Vinatex need to increase exports at least at the rate of 12 percent a year from now on.

The trade official urged the two organisations to focus on solutions regarding production and consumption as well as promotion programmes to seek new markets to realise the sector’s goals as planned.

Development plan for Van Don economic zone approved

Hanoi (VNA) – The Van Don Economic Zone in northern Quang Ninh province will be built into an international trade point and a high-class tourism and entertainment centre to serve the development of the northern key economic region.

Under a newly-approved master plan, the 2,171sq.m zone is expected to accommodate 150,000 people and receive 1.7 million tourists in 2020.

It will house a tourist site, an international financial and trade centre, an environmentally-friendly industrial zone, a logistics centre and an agro-forestry and fisheries area.

The zone, which will be surrounded by an administrative centre and a number of office, service and trade blocs, will have a hospital, a school, a university and other infrastructural facilities.

The Van Don seaport, which will be capable of receiving 5,000-10,000 DWT ships, will be built on northeastern Cai Bau island.

Additionally, a highway crossing Cai Bau island will be built together with a road connecting Highway 18 and the Noi Bai-Mong Cai Highway at the Mong Duong and Tien Yen sections.

Shoe exports run short of yearly target

Hanoi (VNA) – The leather and footwear sector is estimated to earn 4.59 billion USD from export this year, equal to last year’s figure but down 10 percent from its yearly target, according to Nguyen Thi Tong, Chairwoman of the Vietnam Leather and Footwear Association.

Footwear export revenues stood at 2.79 billion USD so far this year, down by 327 million USD year-on-year, Tong said at a meeting with the Industry-Trade Ministry to review the sector’s production and business and discuss plan for 2010 held in Hanoi on Aug. 19.

Meanwhile, export of bags reached 450 million USD with only a slight rise against the last year’s figure.

According to the chairwoman, the decline was attributed to impacts from the global economic downturn and difficulties in the European Union market.

She noted, however, that there are positive changes in product structures, including a higher rate of sports shoes targeting your customers.

Deputy Industry-Trade Minister Bui Xuan Khu said the sector has work harder to overcome its long-time weakness in design, material supply, production scale and service infrastructure.

The sector needs to invest in material supply, develop environmental-friendly and high-tech projects, and pay more attention to the domestic market, he said.-

VN-Index rebounds on new-listing excitement

Hanoi (VNA) – The VN-Index bounced back above the 500-mark level on August 19, gaining 1.76 percent to close at 508.46 on a solid trading volume of 42.52 million shares on the HCM Stock Exchange, worth a combined 1.68 trillion VND (94.9 million USD).

While Sacombank (STB) remained the most-active share, with 3.5 million traded, the exchange on Aug. 19 also welcomed a new listing of 60 million shares by DIC Investment and Trading Co at an intial price of 17,800 VND.

On the Hanoi Stock Exchange on Aug. 19, the HNX-Index continued advancing for a second day, picking up 1.62 percent to close at 158.95 points. The value of the day’s trades on the northern bourse rose to 781.65 billion VND (43.9 million USD) on a volume of just over 25 million shares.

Most active share was newly-listed PetroVietnam Construction (PVX), with 5.2 million traded.

The northern market saw three newly-listed stocks on Aug. 19 with a combined 163 million shares, including PVX, Da Nang Educational Development & Investment Co (DAD) and Southern Educational Investment & Development (SED). Foreign investors were net sellers on both stock exchange on Aug. 19, selling a combined 1.4 million shares.

World asset manager views Vietnam as next Asian tiger

Washington (VNA) - Following the footsteps of Japan , the Republic of Korea (RoK) and China , Vietnam may be the next Asian tiger, said Chris Wolf, co-chief investment officer of Cogo Wolf Asset Management.

“If you look at the horizon now, it looks like Beijing in its heyday. It's construction cranes everywhere,” Wolf said in an article on Investor's Business Daily on August 18.

Vietnam 's young work force has a 90 percent literacy rate but earns less than its Chinese counterparts, Wolf said, adding that his firm plans to invest 1 to 2 percent of its 100 million USD in assets into the first Vietnamese stock listed on the New York Stock Exchange - the Vietnam ETF.

He quoted Vietnam ’s State Bank Governor Nguyen Van Giau as saying in a recent statement that Vietnam 's gross domestic product may expand between 5 to 5.2 percent this year thanks to stimulus plans, compared to the 3.9 percent growth in the first half of the year.

Foreign investors are attracted by Vietnam's “highly skilled labor force, young population, relatively low labor costs, and a sense of enthusiasm and entrepreneurship,” Mark Sidel, a law professor at University of Iowa who used to help in legal reform programmes in Vietnam, was also cited by the daily as saying.

However, the daily added that as a fledgling Asian tiger and categorised as a frontier market, Vietnam may not be suitable for those with weak stomachs due to “the threat of high inflation, a general lack of infrastructure and corruption may present significant hurdles to continued growth” and the fact that “the recent global investment crisis may derail continued growth of this early-stage emerging economy.