Social News Headlines 18/5 Hanoi school students support Vietnam’s sovereignty over seas, islands  Students of Phan Huy Chu in More than 1,200 students of They took part in an extracurricular activity May 16 called “ Principal Nguyen Thi Nhiep said the management board discussed the idea of the human map on May 14 and teachers and students were eager to do it. Central region heat wave shows no sign of relenting The central region has been sizzling in the last few days with temperatures soaring above 40 degrees Celsius in Quang Tri, Quang Binh, and Ha Tinh Provinces, reaching 45-47 degrees in places. The severe heat wave has upset daily life in many parts of Tran Van Thanh of Dong Hoi city said hot and dry westerly winds have worsened the heat. Some 45,000 people face the threat of water shortage as reservoirs are depleting quickly, according to Minh Hoa District authorities. Residents on 11 islets in the Their fresh water supply has run out, forcing them to buy water at VND100,000 (US$5) per cubic meter. Temperatures have been much higher than forecast in Ky Anh and Huong Khe Districts in Ha Tinh. Meteorologists forecast a maximum of 39 degrees but the mercury soared to 42 degrees indoors and 47 degrees outdoors in recent days, Nguyen Van Hoa, a local man, said. Rivers and springs are drying out in Huong Khe. Several areas in Forestry departments in the three provinces are keeping a lookout for forest fires that might be triggered by the heat wave. Exploring the universe on Space Day in Hanoi Festival goers have the opportunity to participate in exciting and fascinating space activities at a festival that kicked off in This year’s annual event is being held in celebration of Vietnam Science and Technology Day (May 18) and the 39th anniversary of the Vietnam Academy of Science and Technology (VAST). Dr Vu Anh Tuan, Director of the National Satellite Center (VNSC) said that right from early morning, the event attracted a huge number of Vietnamese scientists, students, and universe lovers keen to learn more about space-technology sector in the country. They raised a lot of questions on Vietnamese-made micro satellite Pico Dragon, and the programmes and projects on space technology applications to serve community benefits. The centre’s experts also introduced visitors to the universe technology in Vietnam and the VAST’s Space Technology Projects, Vietnam Space Center Project in Hoa Lac Hi-Tech Park (the largest science and technology project in Vietnam during the past 35 years), and a plan on satellite technology development and application in Vietnam in 2020. Visitors also had chance to learn about opportunities to study and work in the field of space and satellite technology in Vietnam and Japan, exchange with staff involving in space technology projects, and visit laboratories where micro and meteorological satellites are installed. The festival is the result of a joint effort by VNSC and VAST. National paediatrics conference convened in Hue A two-day national conference on paediatrics in The 21st event, opened on May 16, brought together over 200 scientists and doctors from Vietnam, Japan, Hong Kong (China), Singapore, the US, Australia, and Sweden. Three plenary sessions and 13 workshops were held, focusing on child-related nutrition, respiration, digestion, and immunity issues. Foreign speakers presented latest technologies in paediatrics at the function. Nguyen Cong Khanh, Chairman of the Vietnam Paediatrics Association said from now to 2020, the health sector strives to reduce the under-five mortality rate to below 16 per 1,000 live births. It also aims to cut the proportion of children under five who suffer from obesity to below 5% in rural areas and below 10% in major cities. Education ministry continues program to gift used textbooks to poor students The Ministry of Education and Training has instructed its affiliated departments to continue a program to give old textbooks for free to poor students in disadvantaged areas. With the 2014-15 academic year set to end soon, the ministry wants them and schools to collect textbooks for the program. It has also exhorted teachers to persuade students to gift their used books to their junior colleagues. It wants the program to be carried out before schools break for the summer vacation. It has called for identifying venues where people can bring textbooks easily. HCMC public hospitals set to hike fees The Ho Chi Minh City Department of Health said facilities and treatment quality have been enhanced at public hospitals ahead of the increase in fees from June 1. At a meeting with the People's Council’s Culture-Social Department on May 16, a health official said to justify the fee hike, the health sector has taken measures like increasing the number of examination rooms and doctors' working hours and issuing medical insurance cards with bar codes. The fees went up at government hospitals nationwide on April 15 based on a central decision in 2012. But because of the economic situation, HCMC authorities deferred the hikes by a few months. The new fee schedule will take effect in the 378 public hospitals and clinics in HCMC, with those for examination and checks, the daily cost of a sickbed, tests, and many other services rising to 75 percent of the rates that will come into effect in 2016. The fees for 1,519 operational services will increase by 65 percent. On June 1 next year they will go up to 85 percent and 75 percent respectively, and a year later to 100 percent. The health sector estimates that 63 percent of city residents are covered by medical insurance and the new rates will not have much impact on their lives. They include low income families and children under six who are all covered. The Department of Health has set up teams to monitor treatment quality at hospitals, an official said, adding they would start with Nguyen Trai, Gia Dinh, and Children’s Hospital No.1. The inspectors would ensure that patients' rights are protected and verify if hospitals use 15 percent of their revenues to improve facilities and build new wards. Campaign launched to improve hand-washing behaviour The Ministry of Health, in co-operation with the Unilever Vietnam Fund and Unilever’s Lifebuoy soap brand, launched a national campaign today in Attendants at the launching ceremony included Health Minister Nguyen Thi Kim Tien; President of the Vietnam Women’s Union Nguyen Thi Thanh Hoa; representatives from ministries, agencies, social organisations and international organisations; and over 2,500 teachers and pupils from schools across the city. The campaign will be implemented from May to December in response to the prime minister's directive dated May 6 on strengthening the prevention and control of hand-foot-mouth (HFM) diseases and dengue fever. According to Minister Tien, HFM diseases are running a high risk of increasing in Asian countries, including Statistics show that nearly 18,660 HFM cases throughout the country so far this year, with two fatalities. HFM, digestive and respiratory diseases could be prevented by ensuring personal and environmental hygiene, Tien noted, adding that ensuring that children wash their hands with soap and sterilising their toys and equipment is the best way to reduce the risks of HFM-related viral infections. She urged cities and provincial leaders to take drastic HFM prevention and control measures, while appealing to parents and child caretakers to regularly apply hygienic methods of eating cooked foods, drinking boiled water and washing hands with soap. After the launching ceremony, Health Minister Tien and Deputy Health Minister Nguyen Thanh Long visited a kindergarten in District 3's commune 9 to inspect its hygiene and HFM prevention and control. Coast Guard, Fisheries Surveillance continue to receive financial support A delegation from the Ministry of Public Security, led by Lieutenant General Tran Van Nhuan, deputy head of the General Department for Building the People’s Police Force, visited and presented VND1 billion (US$47,000) to the Vietnam Coast Guard and the Fisheries Surveillance Department under the Ministry of Agriculture and Rural Development. On behalf of the delegation, Lieutenant General Tran Van Nhuan shared the difficulties and hardships of the force in the task of defending the nation's sovereignty and territorial integrity over its sea and islands in recent days. Lieutenant General Nhuan affirmed that the people's police force always express their support and respect for the high sense of responsibility, determination, and bravery of the marine police and fisheries surveillance forces. In response, leaders of the Vietnam Coast Guard and the Fisheries Surveillance force thanked the Ministry of Public Security for its timely and practical gift, affirming that it would encourage the forces to continue working closely together to resolutely defend the nation's sovereignty over its sea and islands, living up to the trust given by the Party, State and people. Army Corp 2 honoured with Ho Chi Minh Order The High Command of the Army Corps 2 held a ceremony in the At the ceremony, Major General Pham Van Hung, commander of Army Corps 2, reviewed the glorious feats of arms the corps recorded during the resistance war against the The Army Corps 2 has been honoured with many noble awards by the Party and State, such as the Hero of the People's Armed Forces title, the Ho Chi Minh Order, the Military Exploit Order, as well as with awards presented by the states of Speaking at the ceremony, Chief of the General Staff of the Vietnam People's Army, Deputy Minister of National Defence, Senior Lieutenant General Do Ba Ty hailed the efforts and outstanding achievements of Army Corps 2’s officers and soldiers. He also affirmed that the Party, the State and the Ministry of National Defence always pay great attention to building revolutionary, regular, elite and modern armed forces. On behalf of the Party and State leaders, Politburo member, Secretary of the Communist Party of Vietnam Central Committee (CPVCC) and Head of the CPVCC Commission for Communication and Education Dinh The Huynh, presented the Ho Chi Minh Order to the Army Corps 2. Work begins on Hoa Lac–Hoa Binh route and The Ministry of Transport started work today on projects to build the Hoa Lac–Hoa Binh route and upgrade a 30.4km section of the National Highway 6 connecting The two projects, which are scheduled to be completed in December 2016, cover about 141.3 hectares and cost approximately VND3 trillion (US$141 million). The Hoa Lac–Hoa Binh route, which will later be upgraded to an expressway, has a total length of 25.7km running from Km00+00 to Km32+367, with 6.4km in Hanoian territory and the remaining 19.3km belonging to Hoa Binh province. The projects, once completed, will help shorten travel time between Hanoi and Hoa Binh province, facilitate transportation and trade between the capital city and northwestern localities, and serve the socio-economic development in Hanoi and Hoa Binh in particular and the Northwest region as a whole. Two toll stations are to be built after the project is completed: one at Km21+160 on Hoa Lac-Hoa Binh route and another at Km38 or Km42 on National Highway 6, with a payback period of about 29 years. Tuyen Quang inaugurates Kim Xuyen Bridge across Lo River A ceremony was held in the Construction on the facility started on September 2, 2010 with total investment capital of VND370 billion (US$17.4 million) sourced from government bonds. The reinforced concrete bridge, located in Hong Lac commune, measures 11m wide and 638m long, excluding the roadways, and is equipped with traffic signals. The completion of the bridge helps connect National Highways of 37, 2C, 2 and 70 among provinces of Tuyen Quang, Phu Tho, Yen Bai and Thai Nguyen, contributing to facilitating goods transportation and boosting local socio-economic development. Source: VNN/VNA/SGGP/ND |
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The brave men of the  Two members of the Vietnam Fisheries Resources Surveillance Force are seen aboard HP 926 collecting the wreckage of a Vinasat antenna that was broken after the Vietnamese ship was blasted with water cannons from a China Coast Guard vessel. Photo taken May 14, 2014. Tuoi Tre A Tuoi Tre (Youth) newspaper photo collection demonstrates the resilience of the The pictures were shot by two Tuoi Tre reporters who were on board Vietnam Fisheries Resources Surveillance Force ship HP 926 for one week from May 10 to 16 near the site of the illegally-planted drilling facility. Haiyang Shiyou 981 has been placed at 15°29’58’’ North latitude and 111°12’06’’ East longitude in the The force, the first of its kind in the country, made its debut in a ceremony held in the central city of The Vietnam Fisheries Resources Surveillance Force, under the Ministry of Agriculture and Rural Development’s Directorate of Fisheries, is tasked with detecting, controlling, and handling violations of It will also help ensure safety for fishermen and their vessels at sea as well as monitor and manage the country’s fisheries resources. The force’s ships have been rammed or blasted with water cannons by Chinese vessels during the past days when have been trying to persuade Beijing’s watercrafts to leave and take Haiyang Shiyou 981 out of Vietnamese waters.  Two members of the Vietnam Fisheries Resources Surveillance Force are seen aboard HP 926 collecting the wreckage of a Vinasat antenna that was broken after the Vietnamese ship was blasted with water cannons from a China Coast Guard vessel. Photo taken May 14, 2014  Vietnam Fisheries Resources Surveillance Force members use a spongy mattress to reinforce their ship’s glass windows to cope with water-cannon attacks from Chinese vessels near  A Vietnam Fisheries Resources Surveillance Force member receives printed newspapers transported from the mainland. Photo taken May 13, 2014  Vietnam Fisheries Resources Surveillance Force members sing traditional songs to encourage one another. Photo taken May 12, 2014.  China Coast Guard vessel #2401 is pictured aggressively firing a water cannon at a Vietnamese ship near  Although many Vietnam Fisheries Resources Surveillance Force ships have been damaged by attacks from Chinese vessels, the marine force members still stand firm in Hoang Sa (Paracel) archipelago waters, where  A China Coast Guard vessel is pictured moving near  Vietnam Fisheries Resources Surveillance Force ship #767 (middle) is seen being chased and blasted with water cannons from two Chinese vessels near Beijing’s illicit oil rig Haiyang Shiyou 981 in Vietnamese waters. Photo taken May 12, 2014.  Two members of the Vietnam Fisheries Resources Surveillance Force hang a national flag. Photo taken May 14, 2014. Tuoi Tre |
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Citizenship regulation for overseas Vietnamese to be revised The NA's Law Committee has agreed to set back the deadline by five years for overseas Vietnamese to register their citizenships.  President Truong Tan Sang visits oversea Vietnamese The nationality laws stated that overseas Vietnamese who had not lost their citizenship at the time the regulation was issued, in 2009, and still wished to keep their According to the Vietnam National Assembly's Law Committee, there were many who thought the law should be scrapped because it has been shown to be impractical and ineffective. Even though a majority of the committee members agreed the regulation should be done away with, others are worried about possible legal consequences, such as the unclear citizenship status for oversea Vietnamese. This unclear status might make it difficult their rights as citizens to be protected. The chairman of NA's Law Committee, Phan Trung Ly, finally decided on two plans before submitting them to the NA for discussion. The first plan is to extend the deadline by five more years. People who register for Vietnamese citizenship would also be provided visa services. The second plan is to scrap the regulation entirely. Overseas Vietnamese who have not lost their citizenship could still create or change Vietnamese passports in accordance with the laws. Nguyen Cong Khanh, head of the Justice Ministry's Department of Civil Status, Nationality and Authentication, said they thought that only a few people would register. Most overseas Vietnamese already have foreign citizenships and many countries do not allow dual citizenship. Khanh added that the regulation was aimed at protecting the rights of overseas Vietnamese's. By P. Thao, dtinews.vn |
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BUSINESS IN BRIEF 19/5 Plastic sector targets export growth Over the past three months, plastics exports had experienced a year-on-year rise of 19 per cent to approximately US$485 million, the Viet Nam Plastic Association said. It noted that During the reviewed period, exports of Domestic plastic producers were facing tough competition from other countries in the region, especially when Lam encouraged firms to continue investing in technology innovation, improving product quality and designs as well as regularly updating with global market trends. They would then be better equipped to meet the demands of customers, he added. Moreover, businesses needed to focus on environment-friendly and safe products for sustainable growth in exports, he said, calling for closer links between the firms in exploiting and conquering export outlets. According to the association's statistics, in 2013, the export turnover from plastic products was above $1.8 billion, surging 13.3 per cent against a year ago. Last year, up to 20 plastic products were shipped to foreign markets, and six of these products generated a turnover of more than $100 million each. In particular, the exports of plastic bags, films and garbage bags generated a turnover of over $150 million last year. Plastic bag exports posted an increase of 27 per cent in 2013 over the previous year, while the growth in exports of plastic decorative products was 26.4 per cent. Vietnam attends APEC Trade Ministerial Meeting A Vietnamese delegation led by Minister of Trade and Industry Vu Huy Hoang on May 17 attended the opening of the 20th Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT-20) in Qingdao, China. On the agenda for the two-day meeting are matters pertaining to the implementation of APEC priorities in 2014 and preparations for the 22nd APEC summit to be held in Beijing, China this coming November. On the occasion, Hoang illuminated On the sidelines of the meeting, Hoang met with Chinese Minister of Commerce, Gao Hucheng on May 16, informing him that He mentioned that in recent times, a significant number of Vietnamese workers at the sites of foreign-invested projects have vehemently expressed their opposition and outrage at China’s East Sea violation, causing social disorder and property losses. Most Vietnamese, however, have reacted in a rational and restrained manner keeping their conduct within the constraints of decency and due respect for the law, he noted. At the meeting, the two ministers expressed their desires to strengthen economic, trade and investment cooperation for the mutual benefit of both nations. Minister Hoang also met on the sidelines with United States Trade Representative (USTR) Michael Froman in addition to Korean Republic Minister of Trade, Industry and Energy Sang Jick and leaders of the American Independent Business Alliance (AMIBA). Equitisation gains momentum The Ministry of Construction will complete equitisation of all its enterprises next year. Prime Minister Nguyen Tan Dung had accepted plans offered in a joint proposal from the ministry and the Ministry of Finance. Accordingly, Dung required the construction ministry to submit equitisation plans for the Viet Nam Machinery Erection Corporation and the Construction Machinery Corporation by the end of the year. He also agreed to equitise the Da River Corporation and the Housing and Urban Development Corporation by the end of next year. The three corporations together with the Urban and Industrial Zone Development Investment Corporation will be responsible for equitising their subsidiaries and their parent companies. The PM has also asked the construction ministry to advise its State-owned enterprises to accelerate equitisation plans. The ministry manages 16 corporations. Last year, it was instructed to equitise five corporations. Minister of Construction Trinh Dinh Dung has also approved equitisation plans for five corporations this year and five next year. The ministry will have no State-owned enterprises by the end of next year. Four of the ministry's corporations have made initial public offerings. However, the State still holds a controlling stake in the corporations. It will sell a stake in the firms to reduce controlling rights when the market improves. Dang Van Long, head of the ministry's Business Management Department, said that after equitisation, the role of the State, managers and labourers would improve. VN shrimp exports to US jump in Q1 Vietnamese shrimp exports to the US registered impressive growth in the first quarter of this year due to zero tax and competitive pricing. In the first quarter of this year, export value of local shrimp products to the The increase was due to poor supply from Additionally, shrimp traders in According to the US Department of Agriculture, in the first two months of this year, shrimp imports surged 139 per cent in volume and 74 per cent in value from The association also said shrimp exports from Therefore, the export value of shrimps saw a year-on-year increase of 87.9 per cent to $798.1 million, in the first quarter of this year. VASEP said that last year total shrimp exports reached $3 billion and many farmers registered huge profits from growing shrimps for export. This year, the rise in export of shrimps is expected to continue and the area of developing shrimps, especially the white-leg variety, would also increase, the association said. This year, the total export value of shrimps is expected to reach $3.5 billion, it said. To achieve the target, the state, enterprises and farmers should plan for reasonable development of prawns and white-leg shrimps, control disease and improve quality of seeds and products for export. Phu Quoc island approves another 200 projects Some 194 investment projects, mainly in tourism, have been granted licences on The projects will be built on an area of 4,214 ha with a total investment capital of VND101 trillion (US$ 4.7 billion). Of the 194 projects, 13 projects worth VND4.2 trillion have been completed and are operational, with 16 projects worth VND7 trillion under construction. The remainder of the projects are being finalising investment procedures. Kien Giang Vice Chairman, Nguyen Thanh Nghi said that enterprises can enjoy many investment incentives that will be applied for the first time, such as preferential policies on land, corporate income tax, high-income earner tax and import taxes. The island is expected to become a centre of tourism, science and technology in Power supply to keep up with demand: official Director of the Electricity Regulatory Department under the Ministry of Industry and Trade’s (MoIT) Dang Huy Cuong has claimed that He ensured with the VIR that enterprises and the public will be supplied with sufficient electricity for production and living, adding that the MoIT had carefully calculated power demand and the power industry’s capacity this year. “From now until the end of the year, there will be additional 1,800-1,900 megawatts supplied to the national grid, because many new power projects will be put into operation,” Cuong was quoted as saying. The Pleiku-My Phuoc- Cau Bong 550kV transmission line was integrated into the national power grid earlier this month. Run by the Vietnam National Power Transmission Corporation, the line passes through five provinces: Gia Lai, Dak Lak and Dak Nong in the Central Highlands, and Binh Phuoc and Binh Duong in the south. “The operation of this line is very important for transmitting power to the southern region which has frequently been hit by power shortages. It will also allow the import of electricity from Last month, the second 42 megawatt turbine of Song Bac hydroelectricity plant in Ha Giang province was also put into operation. Businesses have continuously lodged complaints with the government and local authorities in recent years, claiming that power cuts have had a detrimental effect on Late last month, Deputy Prime Minister Hoang Trung Hai ordered the power industry to find ways to supply sufficient electricity for the public and enterprises this year, against a backdrop of a looming energy shortfall. Hai said construction of the 1.244MW Vinh Tan 2 thermal power plant in Binh Thuan province, and Tra Vinh province’s 1.245MW Duyen Hai 1 and 1.200MW Duyen Hai 2 thermal power plants, and the 220 kV Dak Nong-Phuoc Long-Binh Long transmission line running through Dak Nong and Binh Phuoc provinces must be accelerated. EVN claimed the Vinh Tan 2, Duyen Hai 1, 600MW Nghi Son 1 thermal power plant in Thanh Hoa province, and 1,200MW Hai Phong 2 thermal power plant would be put into operation this year. Some 5.8 billion USD would be invested by EVN into building five new power projects with total capacity of 2,555MW, including Thai Binh, Vinh Tan 4, the expanded Duyen Hai 3 thermal power project, and the expanded According to the MoIT, in this year’s first four months, In April, Figures for April revealed that 35.6 percent of power was generated by hydropower projects, 34 percent by gas turbines, 27.7 percent by coal-fired thermal power projects and the rest was from other sources. Preparations for Long Thanh airport project underway The Japanese Airport Consultants (JAC) has been urged to update and complete studies on the The request was made by Vice Chairman of the Dong Nai provincial People’s Committee Tran Van Vinh during a working session with the JAC in Dong Nai on May 14. JAC representatives said that the Japanese Government takes interest in the project because it is relating to the use of Japanese consultants also focused on auxiliary facilities such as transport system, waste liquid treatment, water supply and drainage, electricity, telecoms and other services, they said. Vinh, meanwhile, said the Long Thanh airport project was added in the province’s master plan. Dong Nai will undertake site clearance, compensation and resettlement for residents in the project area. Total cost for the work is estimated at 20 trillion VND (940 million USD). Dong Nai has made plans for two resettlement areas which cover 280 hectares each. The province also mapped out a project area of 21,000 hectares surrounding the airport, while the Transport Ministry has been carrying out the construction of transport system connecting the airport to road, railway and waterway. Samsung looks to boost investment in Vietnam The The group said on May 14 that the total volume of its mobile equipment produced in It will focus on improving the quality of products and personnel competence in the coming time. Entering US abolishes anti-dumping tax for one Vietnamese seafood business The US Department of Commerce has scrapped a US$0.03 per kilogram anti-dumping tax on tra fish products exported to that country by The department announced its decision following a review (POR9) of anti-dumping duties on tra fish fillet imported from The antidumping tax on Hung Vuong Company’s products remains unchanged at $1.2 per kilogram. The rate for voluntary respondents was increased to $1.2 from $0.42. Other businesses still pay $2.11 per kilogram. Two major fairs will be held annually in The Departments of Industry and Trade and Culture, Sports and Tourism announced May 15 that there would be a sales promotion fair from August 28 to September 3 to draw the attention of local and foreign shoppers to high–quality goods at reasonable prices. The other fair will be held from December 17 to January 1, with business showcasing new products under the campaign exhorting people to use locally made products. The two expos will be supported by public funding. Firms invited to showcase clean-tech solutions Vietnamese startups and small- and medium-sized enterprises (SMEs) in the clean energy and climate technology sectors are invited to submit their business ideas to a contest organised by the Vietnam Climate Innovation Centre. Local climate technology innovations and solutions would enable In anticipation of the launch of the Successful applicants in the competition will be eligible for grant funding of up to VND1 billion to develop, launch and/or scale up a product or a service. They will also have preferred access to the Vietnam CIC program and its full range of advisory services (training, mentorship, facilities and access to finance). Successful applicants will also have the opportunity to showcase their innovative concepts at the official Vietnam CIC launch and related media events. Through its programmes, activities and financing, the Vietnam CIC and its network of partners will provide a regionally driven approach to solving climate, energy and resource challenges, and will support economic development through job creation. The Vietnam CIC is supported by the UK Department for International Development (DFID) and the Australian Department of Foreign Affairs and Trade (DFAT). SHB, Tan Hoang Minh team up to offer home loans Saigon-Hanoi Commercial Bank (SHB) has signed a cooperation agreement with Tan Hoang Minh Group to provide home loans for customers of D’. le Pont D’or project in SHB will offer homebuyers a fixed interest rate of 8.68% per annum in the first 12 months, in which Tan Hoang Minh will cover a rate of 3.68% per annum. Therefore, clients will have to pay a fixed interest rate of 5% in the first 12 months and the rate will be revised three months in the following years. The lender also clinched a comprehensive cooperation deal with Urban Infrastructure Development Investment Corporation (UDIC) last week. In the coming time, SHB will give preferential home loans for UDIC’s customers who buy apartments at the high-rise commercial and condo complex in Hai Ba Trung District. Fake products worry foreign hi-tech firms Representatives of foreign hi-tech companies have expressed concerns over fake products on the domestic market. Nguyen Khanh Binh, general director of Schréder Binh said most of those fake products were made and distributed by domestic enterprises, which imported parts from Coping with such copycats is a big headache for the firm, he said. Representative of a renowned cellphone firm at the exhibitions confirmed the availability of many fake products bearing this firm’s brand on the market. There are always copies of the new products the company launches in Despite the counterfeits, most of the foreign firms agreed the local market is holding high growth potential for high-tech products as The HCMC government has told leaders of State-owned enterprises (SOEs) under its helm to boost divestment from their non-core operations in 2014-2015, with the target for this year set at nearly VND1.5 trillion. Last year, 14 SOEs in the city withdrew their investments from non-core sectors with a combined value of around VND30 billion. The process has been moving at a snail’s pace as the SOE restructuring scheme was just approved late last year. However, the city will speed up the process in 2014 and 2015, and SOEs are requested to divest from the fields of banking, securities, insurance, real estate and investment funds. For instance, Saigontourist in the next two years will have to take back VND157 billion it has poured into Saigon Real Estate M&C Joint Stock Company, VND27 billion in Eximland Company, VND40 billion in Jetstar Pacific Airlines and nearly VND12 billion in Saigon Medical Investment Joint Stock Company. Meanwhile, Ben Thanh Company will have to withdraw VND246 billion from banking and real estate sectors this year. Saigon Trading Group, or Satra, will have to take back its investments in non-core sectors with a total value of VND507 billion, including VND406 billion in the banking sector, over VND24 billion in securities, VND32 billion in investment funds and VND45 billion in the real estate sector. According to the city government, SOEs, especially unlisted enterprises, and the firms that have yet to trade shares on the UPCoM, a market for unlisted public companies, have had difficulty finding partners for share transfers. Given the city’s scheme, 15 SOEs will go public this year and 15 others next year. From 2014 to 2015, the city has plans to dissolve seven firms, order nine to be dissolved, sell five and restructure four. Trade ministry denies being civil plaintiff in Vifon case The Ministry of Industry and Trade has again denied its role as a civil plaintiff in the Vietnam Food Industries Joint Stock Company (Vifon) graft case. At an appeals hearing that the Supreme People’s Court in HCMC opened on May 13, the jury said the ministry refused to appear as the plaintiff as it confirmed the case had not caused any losses for the State. At the first-instance court in November last year, the HCMC People’s Court identified the ministry as a plaintiff but the ministry said no to this. An official of the ministry did show up at the hearing in his capacity as a representative of a competent agency to observe the case and report it to leaders of the ministry. However, the appeals court shared the first-instance court’s view that the ministry’s refusal as a victim was groundless as investigators had determined the State faced asset losses as stated in the indictment. Furthermore, when the embezzlement case arose, Vifon was still a state-owned enterprise so the lower court’s verdict that identified the ministry as a victim was accurate. Before the appeals hearing started, as the ministry confirmed there had been no damage to the State, defendant Nguyen Bi, 65, former chairman and former general director of Vifon, and another defendant, Nguyen Thanh Huyen, 59, former deputy general director of Vifon, and their accomplices appealed against their sentences and asked for leniency. According to the lower court verdict announced on November 27, 2013, from 2002 to 2006, Huyen abused her power during Vifon’s equitization process to order her subordinates to falsify payment bills and money recipients so that she could appropriate nearly VND10 billion of Vifon and then took over the company when it was still a state-owned firm. After the company was equitized, Huyen continued using the tricks to tell her accounting staff to intentionally falsify documents to embezzle VND3.5 billion from shareholders. Huyen claimed that she had given all the money to Bi but the later said he just took around VND2.3 billion and that Huyen had to take full responsibility for the remaining sum she took. Bi is defined as an accomplice in the case as he signed all the false bills, making it easy for Huyen to appropriate the money. He also asked Huyen to illegally transfer US$290,000 from Vifon’s reward fund to seven leaders while the sum was for the whole staff of the company at the time. At the first-instance trial, the HCMC People’s Court sentenced Huyen to 30 years in jail for her embezzlement and abuse of trust to appropriate State assets, and Bi to 22 years in prison for asset appropriation and intentional violations of State regulations on economic management causing serious consequences. The other three defendants, including the former accountant and cashier of Vifon, were handed down 7-8-year prison terms for intentionally violating the State regulations on economic management causing serious consequences. The appeals court is set to last eight days. Vietnamese goods to be promoted in Europe The Ministry of Industry and Trade will continue holding week-long events at supermarkets in The promotions of Vietnamese products will take place at Metro supermarket chain in Hai told the Vietnam-European Union (EU) annual conference in HCMC yesterday that Vietnamese companies were encouraged to participate in the promotion program by displaying their products at the supermarkets. They will meet and discuss business opportunities with representatives of those supermarkets. Hai said the idea of promoting Vietnamese products at foreign supermarkets had been translated into reality for three to four years and there existed a governmental-level project to help Vietnamese companies sell their products directly to supermarkets in the EU and other markets. In recent years, there have been a number of promotion weeks for Vietnamese products at some big supermarket chains in He told the Daily that many Vietnamese firms had been able to ship their products to supermarkets in the EU, including Casino store chain, and clothing accounted for a majority. However, he said the ministry had not known exactly revenues of Vietnamese firms from those supermarkets. To Ngoc Ngoi, general director of (VinaFor Saigon JSC, advised local enterprises to have contacts in charge of buying their goods because different groups of items at the supermarkets were managed by different people. Therefore, the Government needs to support Vietnamese firms to make contact with the right persons responsible for purchasing at supermarkets. Last year, VinaFor Saigon earned around US$2 million from selling indoor and outdoor furniture to three supermarkets in Europe, including Rusta in However, Ngoi said it was not easy to sell goods directly to supermarkets in foreign markets. “Enterprises must go through different contacts to exchange information and work with supermarkets before they accept to import their products,” Ngoi said. Ngoi also insisted the products bound for He noted local companies would learn customers’ demand and goods criteria in the countries where their partnership supermarkets are located, but would have to face challenges in relation to price negotiations and in-bulk supplies. Demand for Chinese products falls sharply Local demand for goods imports from The sharp fall in local demand has led to reduced imports of vegetables from the neighboring country. Traders at Thu Duc Agricultural Wholesale Market estimated the volume of Chinese produce at this market in Thu Duc District had halved compared to a month ago. They said Chinese vegetables, including carrot, potato, garlic and broccoli, accounted for 250 tons of 2,800-3,000 tons available for daily trading at the market previously but had now plunged to 100-150 tons. The demand for Chinese fruits is also down. Traders at the market reported high stocks due to weak demand, said Nguyen Thanh Ha, deputy director of Thu Duc Market. Traders at other markers in HCMC have also complained about declining sales of Chinese foods, foodstuffs and consumer items as many local consumers have walked away from Chinese products for fear that these products contain harmful substances. “I assume that sales of Chinese products will decrease dramatically on the Vietnamese market,” Ha said. Nguyen Thi Hong, a retailer at Ben Thanh Market in District 1, shared Ha’s view, saying she saw decreasing demand for Chinese garlic and Shiitake mushroom available at her stall. “Customers always prefer domestic products to Chinese items if they have alternatives that suit their pockets,” Hong said. The management of Pham Van Hai Market in Tan Binh District said despite the absence of specific updates, it had learned that the volume of Chinese products at this market had fallen strongly as retailers had suspended or reduced their imports from Supermarkets have also cut supplies of Chinese products and added Vietnamese goods to their counters. Ho Quoc Nguyen, external director of Big C supermarket chain, said 95% of the products at this chain were produced in Enterprises spend little on technology Vietnamese enterprises have earmarked only 0.2-0.3% of their revenues for new technology compared to the rates of 5% in Speaking at a seminar on technological application, Duong Minh Tam, deputy head of Saigon Hi-tech Park’s management board, said that slow technological improvement and investments resulted in low productivity at local enterprises. The labor productivity in According to Tam, the number of enterprises spending on modern equipment accounted for a mere 10% while up to 52% of enterprises use outdated technology. Deputy Minister of Science and Technology Tran Van Tung, said for years enterprises had preferred spending on stocks and real estate to technology. Tung said that However, experts said the number of scientific and technological enterprises in These enterprises’ main activities are to sell the products manufactured from commercialized studies and to perform scientific and technological duties. Tam said that even in HCMC – the country’s economic hub, there were only 14 scientific and technological enterprises, which are poorly compared to the hundreds of thousands of enterprises operating here. G-bond yields seen lower Government bond yields are expected to keep going down while local banks with big amounts of surplus capital will continue investing in G-bonds. On Tuesday, the winning coupons of two-year government bonds issued by the State Treasury stood at a seven-year low of 5.58% per annum. Meanwhile, those of three and five-year bonds dropped to record lows of 6.07% and 7.1% per annum respectively. Normally, banks purchase G-bonds to earn the difference between deposit rates and G-bond yields and to wait for bond prices to increase. The first goal does not make sense now as deposit rates are higher than bond yields. However, lenders have rushed to purchase bonds as they are not compelled to make risk provisions for bond investment. Foreign investors, meanwhile, have increased G-bond sales due to falling yields. They have net sold VND2.2 trillion worth of bonds since early this year, according to the Hanoi Stock Exchange. Foreigners now hold around 5% of total bonds on the market, banks hold 80% and the remainder belongs to insurers, finance companies and funds. A foreign bond investment organization said the bondholder structure is not sustainable as when banks make a move with bonds, others will follow suit. Besides, banks often hold bonds until they fall due and trade bonds on the open market. They rarely transact bonds on the secondary market, so the local bond market has low liquidity. Some foreign organizations find it hard to inject around US$500 million into Vietnamese bonds due to an undersupply. Vietnamese bond yields are now equivalent to those of the Foreigners usually take profits after holding bonds for six months and reaching a profit of 3% during the period. They do not hold bonds for a long term due to exchange rate risk. It is difficult to provide exchange rate insurance for options or forwards contracts as Vietnamese banks charge high interest rates and fees for the contracts. Many organizations expected that bond yields would keep inching down as the nation’s consumer price index in the Jan-Apr period grew only 0.88% against late last year and 4.8% from the same period of 2013. One-year bond yields may drop to 4% per annum while the two-year tenor may be 5% per annum. Six banks finance local firms A representative of Sacombank signs credit contracts with enterprises based in HCMC’s Cu Chi District on May 15 as part of a bank-business finance connectivity program arranged by the city government. Six banks – Agribank, Vietinbank, DongABank, Sacombank, ACB and MHB – on May 15 agreed to lend nearly VND429 billion to 22 enterprises and individuals in the district on May 15. - Photo: Courtesy of Sacombank Rohto-Mentholatum opens second plant in Binh Duong Rohto-Mentholatum ( Built on more than 21,000 square meters, the new US$15-million facility turns out skincare products to meet increasing demands of local and overseas customers. With the second plant in place, Rohto-Mentholatum has raised its total investments in The company set foot in the Vietnamese market in 1996 and commissioned the first plant in F&B ingredients expo to open next week The Food Ingredients Vietnam (Fi The organizer, Thailand-based UBM Asia which is a leading exhibition organizer in Asia, said around 150 food and beverage additives and ingredients from different parts of the world would participate in the three-day event featuring food and beverage additives and ingredients from many nations. The highlight of Fi Vietnam 2014 is to showcase special ingredients, flavoring and chemical substances and additives used for producing foods and beverages. This, according to the organizer, will help visitors to the exhibition easily meet potential suppliers and partners. Rungphech Chitanuwat, business development director of UBM Asia, said a number of seminars on additives in food and beverages would also be held as part of the exhibition. “We will hold a seminar on safe use of additives for food and beverage production to provide information about trends and market prospects of the ingredient industry,” she said. Chitanuwat also said Over 300 firms to join city’s sale promotion fairs More than 300 enterprises will showcase their products at 500 booths at major sale and consumption promotion events in HCMC in August and December respectively, heard a meeting on May 15. According to the center for business consulting and support under the HCMC Department of Industry and Trade, the participating enterprises in the two fairs are active in different fields ranging from consumer goods, electronics, apparel, cosmetics and pharmaceutical to banking and travel services. The fairs are aimed to boost consumption of locally-made products among Vietnamese and shopping demand of citizens and visitors for reasonable items as well as support producers and the country’s economic growth. During the events, consumers will be given environmentally-friendly shopping bags and advice on how to identify fake products. Hoang Tho Vuong, director of the center, said organizers of the events would issue a shopping guide that provides consumers with information about enterprises and products for the events. As part of the city’s 2014 trade promotion program, the big sale fair is scheduled for August 28-September 3 while the consumption promotion fair is set for December 27-January 1 at Phu Tho Stadium in HCMC’s District 11. Haiphong Port raises VND238 billion from IPO Haiphong Port Company Limited sold 46% of its shares in an initial public offering (IPO) on May 14 with a combined value of VND238.65 billion. According to the Hanoi Stock Exchange, 78 individual and corporate investors acquried 11.51% of 37.6 million shares on offer. The highest and lowest bids were VND17,000 and VND13,500 per share respectively but the average price was VND13,507. The IPO found no foreign investors. Prior to the IPO, VietinBank has proposed converting the debt that Vinalines owes to it into shares at the ports under Vinalines, including SBV to get tough on card payment surcharges The State Bank of Vietnam (SBV) has announced to take bold measures to facilitate non-cash payments in the country and will impose heavy fines on stores, entertainment areas and restaurants imposing surcharges on card payments. The central bank in a statement released yesterday said that it has added the new rule to a draft decree stipulating administrative fines in the monetary and banking sector. The agency will impose fines VND30-50 million on price discrimination against card users and the violators will be forced to surrender incomes from this violation to the State. This is part of the central bank’s move to beef up non-cash payments in the country. For operators of points of sale (POS) terminals violating the rule, they will have their contracts with payment banks terminated and have to compensate for any losses incurred. Payment banks are regulated to stop the contract with violating POS operators for one year. The duration may be increased to three to five years if the POS operators are found to repeat the infringement. The central bank is joining hands with card switching companies and member banks to build a single intra-network fee for domestic card payment services to encourage cardholders to transact more via POS. International card issuing organizations such as Visa and MasterCard have also monitored surcharge collections for card payments to take sanctions against violators. As of May 2013, the nation had over 14,100 automated teller machines (ATM) and more than 100,150 POS terminals, 39.3 million domestic cards and 3.6 million cards for international payments. Local banks have opened over 48 million accounts, a strong rise from the 100,000 accounts in 2000 and five million in 2005. Banks’ profit growth unsustainable Major indicators of the banking sector such as assets quality and equity improved in the first quarter of this year but lenders still found it hard to sustain profit growth. Statistics of the State Bank of Vietnam (SBV) showed that total assets of the banking system added nearly 1% between January and March, equity 0.64% and chartered capital around 1%. However, the capital adequacy ratio (CAR) had dropped to 13.24% as of March 31 from 13.37% a year earlier. The ratio of short-term capital used for medium- and long-term lending increased from 16.51% to 18.03% but the loan-to-deposit ratio (LDR) declined from 86.22% to 83.64% in the period. Last week, local banks announced mixed business results in the first quarter of 2014. The Bank for Investment and Development of Vietnam (BIDV) reported positive growth, obtaining over VND1.9 trillion in pre-tax profit, rising 28.6% against the same period last year, while its net profit surged 34.8% to over VND1.5 trillion. Techcombank attained VND673 billion in consolidated pre-tax profit, a 69% increase from the same period last year. The lender reported profit of VND878 billion in all of 2013. Vietnam International Bank (VIB) posted up pre-tax profit at VND52 billion in the January-March period, excluding government bond reserves. DongABank, meanwhile, saw its net profit tumble 57.6% year-on-year to nearly VND88 billion. Sacombank’s gross profit also dropped 19.2% to VND889 billion and Asia Commercial Bank (ACB) reported an after-tax profit of VND250 billion, down 18.6% year-on-year. Eximbank estimated its pre-tax profit at VND441 billion in the period while that of PGBank was VND51.3 billion. National Citizen Bank, formerly Nam Viet Bank, gained a modest pre-tax profit of VND3.15 billion compared to VND21.8 billion in the same period of last year. Major banks Vietcombank and VietinBank have yet to announce their business results in the first quarter. Notably, many banks have seen their health declining despite steady total asset pickups. Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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Vietinbank report reveals bad debt increase
HA NOI (VNS) - Vietinbank's bad debts reached about VND6.3 trillion, or US$300 million, on March 31, an increase of 67 per cent over the end of last year, according to the bank's latest report released last week. As the largest commercial bank of Deposits declined 2.8 per cent and credits fell by 5.86 per cent over the first quarter, both reaching over VND354 trillion, or $16.86 billion. The total asset value was down 3 per cent at VND558.78 trillion, or $26.61 billion. Net revenues dropped 9.1 per cent over the same period last year, reaching VND4.22 trillion, or $200.95 million. Most business activities generated profits, except for securities investments suffering a loss of VND5 billion, or over $238,000. With risk provisional funds declining nearly 24 per cent year-on-year, pre-tax profits increased 8 per cent to reach VND1.46 trillion, or $66.52 million. After-tax profits totalled VND1.14 trillion, or $54.28 million. In August 2013, VietinBank received approval from the State Bank of Viet Nam (SBV) to raise its charter capital from VND32.661 trillion ($1.55 billion) to VND37.234 trillion ($1.76 billion) through issuing new shares to existing shareholders. According to the VNR500 (Top 500) ranking, Vietinbank is |
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Vietnamese remind themselves to keep calm and rational on Little chips lighted two world wars  The assassination of Grand Duke Franz Ferdinand by a Serb nationalist in June 1911 was described as the “straw that broke the camel’s back”, igniting World War I. World’s War II also started from seemingly minor events, including the xenophobic wave (against German and German speaking people) in the territories which then belonged to However, both the world’s wars originated from big and underlying reasons – the countries’ internal contradictions, the conflicts among the nations. At that time, a new influence jumped into the geopolitical chessboard and quickly made some old unrivalled conquerors “legends of the past”. This is the case of the Commonwealth of the It is worth noting that both the world wars had the involvement of the Historians stress that World War II broke out just after limited military conflicts. This was a “strange war”, where the British Empire and The The People’s Republic of While During that time, The 10-year Vietnam-China military confrontation ended temporarily 25 years ago. The time since then has been long enough for It is obvious that the enterprises set up in Vietnamese territories, even though they are invested by Chinese, are Vietnamese assets. Under current law, the foreign-invested enterprises in This is the legitimate right of News has been spread out on Internet that the workers in Law enforcement and government agencies say they have found out that the destruction was caused by “suspicious people”. The Meanwhile, analysts say, Phuc Lai, |
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Archipelagos enter Vietnam Book of Records Illustrative image (Photo: VNA) Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagos have been confirmed as record holders in the sea and island category of the Vietnam Book of Records, with the 2014 additions to the book announced in Ho Chi Minh City in May 29. Hoang Sa and Truong Sa have been confirmed as the archipelagos under They have also been recorded as the furthest archipelagos from mainland The archipelagos are also the two that have been appearing most frequently on ancient and new maps of Other records relating to Hoang Sa and Truong Sa include the Hoang Sa Festival in Ly Son district, central Quang Ngai province, which is the only ancient folk festival depicting the hardships of maritime soldiers in safeguarding sovereignty over the islands. Meanwhile, a book entitled “Viet Nam Quoc hieu va Cuong vuc – Hoang Sa, Truong Sa” ( A record also goes to Dr. Nguyen Nha, born in 1939, who has conducted the largest amount of research on |
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China’s long-term plot to capture the East Sea * Weak arguments, forceful actions Seen in the context of its actions over the past half century, there is nothing surprising about
The claims were then pushed to a higher level in 1997, when the Chinese Foreign Minister said that The so-called "historical evidence" was ultimately revealed by In fact, this is the "11-dotted line" map, made by the Chiang Kai-shek government of the Republic of China in 1947, with two lines extending into the Not only raising the 9-dotted line claims, China also claims the East Sea a "core interest"– a concept that Beijing uses to refer to "hot spot" issues concerning national sovereignty. Other Chinese “hot spots” include Chinese officials and Chinese media have repeatedly underscored this point. A Xinhua article published in August 2011 asserted that All of the above statements reveal a single intention: The steps to monopolize the To fulfill its ambition of coopting the East Sea, China has continuously taken acts that lead to instability in the region, focusing on the following measures: “Legalizing sovereignty": This is a series of continuous steps, under the first phase of the road map to "control, master and monopolize" the In 2012, "legitimizing sovereignty" escalated to a new level, when Invasion through economic activities: This is the act of mastering the In addition, the Hainan provincial government, with the consent of the central government, annually issues a "fishing ban" over the And, as evidenced in recent days, "Breaking the status quo": A systematic process to assert sovereignty in the step-by-step manner of "silkworms eating mulberry". Even the use of force is treated as just another tool that the Middle Kingdom is ready to wield in furthering its insatiable ambitions. In 1956 In a similar scenario, Enhancing naval power: The goal is to create "military deterrence", to apply further pressure on regional countries to resign themselves to Chinese claims of sovereignty. Thanks to its rapid economic growth, Hoai Thanh, Vietnamnet |
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Article 9
BUSINESS IN BRIEF 31/5 A seminar in During the seminar, Vietnamese ambassador to Ambassador Chung said that both Furthermore, Last year’s two-way trade in 2013 hit only US$240 million which has not fulfilled the set target of US$500 million by 2010. In the first quarter alone, bilateral trade was estimated at US$86 million. Chung said that the most important thing for businesses is to put faith in each other to alleviate difficulties and bring two-way trade to US$500 million in the coming time. Both sides also agreed to set up a column on the situation of Vietnamese market in the website of the Alexandria Chamber of Commerce. The pledge, part of the 2013 The ministers said that both nations are expecting mutually beneficial cooperation on almost fronts, particularly trade, investment, tourism and science-technology. Cho said the Korean business community lauds the Vietnamese Government for its timely interference in anti-China riots in Binh Duong and Ha Tinh, saying that he has strong faith in the stable investment climate in the country. On the national defence and security front, both sides vowed to maintain existing dialogue and policy exchange channels, while working more closely in personnel training, defence industry, experience sharing and undertaking United Nations peacekeeping missions. They also agreed to liaise better at regional and global forums, such as the United Nations, the Asia-Pacific Economic Cooperation, ASEAN+ and the East Asia Summit. Informed about the recent developments in the East Sea, with China illegal stationing its oil rig Haiyang Shiyou – 981 in Vietnam’s continental shelf and exclusive economic zone, Cho called for the parties concerned to settle the dispute through peaceful means in line with international law, especially the 1982 United Nations Convention on the Law of the Sea and the Declaration on the Conduct of Parties in the East Sea. In regards to the situation in the On the occasion, Cho also paid courtesy calls to Deputy Prime Minister and Foreign Minister Pham Binh Minh and Deputy Head of the Party Central Committee’s Commission for External Relations, Nguyen Huy Tang. Binh Duong enjoys trade surplus in first five months In the first five months of 2014, the southern According to the provincial Statistics Office, during the January-May period, the locality’s export turnover saw a year-on-year increase of 7.9 percent to reach more than US$5.3 billion, of which US$4.469 billion came from the foreign-invested sector. High growth rate continued to be recorded in Binh Duong’s main exports, including garment and textiles (US$700.9 million, 18.2%), mobile phones and components (US$450.9 million, 70.8%) and footwear (US$440 million, 12.5%). Meanwhile, in the period the province spent US$4.39 billion on importing goods, up 7.6% from the same period last year. *** Meanwhile, around US$65 million of foreign direct investment (FDI) was poured into Binh Duong in May, raising total FDI capital to the locality in the first five months of this year to US$815 million. This is a positive sign which shows that investors still retain confidence in the investment environment in the locality and Binh Duong has so far lured 2,255 foreign-invested projects totally valued at about US$20 billion. According to Director of the provincial Department of Planning and Investment Mai Hung Dung, out of the US$65 million of FDI invested in Binh Duong in May, US$43 million was poured into local industrial parks (IPs). Singapore investors keen on widening footprint in Vietnam Singaporean companies are keenly interested in enlarging investment and grasping opportunities to do business with Vietnamese business partners, said Minister in the Prime Minister’s office Lim Swee Say. Say made the statement at a working session with Vice Secretary of the Ho Chi Minh City Party Committee Nguyen Thi Thu Ha and Vice Chairwoman of the HCM City People’s Committee Nguyen Thi Hong, in As one case in point Say highlighted the recent cooperation between Saigon Co.op and More than 120 supermarkets in She emphasised that During the fair, NTUC FairPrice introduced 40 “Made-in-Vietnam” products to Singaporean customers including several specialities such as coffee, Pho (Vietnamese noodle soup), dragon fruits and seafood. Second The second Mekong-RoK Business Forum got underway on May 29 drawing a large number of representatives from the business community of Speaking at the opening, Deputy Foreign Minister Bui Thanh Son said the fourth Mekong-RoK Foreign Ministers’ Meeting scheduled for Seoul this July is expected to approve an action plan to expand cooperation between the Mekong nations, which is a significant development for the region, Vietnam is committed to bolstering Mekong-RoK regional cooperation and strengthening dialogues, developing public-private partnership and creating favourable conditions for businesses, he said. Son also stressed that through the forum, Cho Tae-Yong,Korean First Vice Minister of Foreign Affairs in turn said that the He affirmed that the RoK was impressed at the region’s GDP growth and sees many bright prospects on the horizon. The RoK Government expressed the desire to further strengthen relations with During the forum, two debates on alternatives to developing the business environment and enhancing opportunities to strengthen the supply and value chain connectivity between the Coffee exports up in volume, value According to the Ministry of Agriculture and Rural Development (MARD), During the period, the average export price of coffee was US$2.001 per tonne. Meanwhile, MARD has forecast that Economists at the Vietnam Centre for Economic and Policy Research (VEPR) say that economic growth in 2014 is expected to be lower than last year and the economic recovery remains tepid. At a conference releasing the Vietnam Annual Economic Report 2014 in He went on to say that the report hypothesises two alternative scenarios for the country’s economic growth in 2014. The less optimistic scenario projects economic growth at 4.15% while the more sanguine puts it at 4.88%. The VEPR’s estimates are much lower than the figures predicted by the National Financial Supervisory Commission early last month. The Commission reported that GDP in 2014’s first quarter hit 4.96%, higher than the same period of the two previous years, and is likely to be maintained in the third quarter of this year. Therefore, it postulated that a GDP growth rate of 5.8% in 2014 is within reach. In April, the Asia Development Bank (ADB) also foresaw that Dr. Thanh said the sharp reduction in GDP is partially attributable to the ongoing complications in the Vietnam’s northwest is one of the country’s key corn cultivation areas with nearly 300,000 ha used for the crop, accounting for 25 percent of the country’s total corn growing areas, the Vietnam Economic News reported on May 29. However, the regional corn yields only reached 3.2 tonnes per ha, much lower than the country’s average yield. Therefore, increasing yields and production for the northwestern provinces drew great attention from the Ministry of Agriculture and Rural Development (MARD). The biggest difficulty is that corn cultivation in mountainous provinces are located mainly in steep, hilly and mountainous areas and therefore the soil is often washed away during the rainy season, leaving the soil exhausted and having a negative impact on the environment. In addition, local cultivation methods remain limited as they lack input agricultural materials like fertilizer and irrigation water. Nomadic people living in shifting cultivation mainly in forests also reduced forested areas and made their livelihoods unstable, resulting in low corn yields and production. In an agriculture promotion forum on sustainable corn production in northwestern region recently co-organised by the National Agriculture Promotion Centre and Lai Chau province’s Department of Agriculture and Rural Development, a programme linking the state, scientists, farmers and enterprises to develop corn production in the region was recommended as one of the prerequisite conditions for sustainable corn cultivation and a premise to build a key corn growing region so that Vietnam can take more initiatives in its supply for animal feed. According to Director of the National Agriculture Promotion Centre (the MARD), the sustainable development of corn cultivation requires collaboration among the four previously mentioned stakeholders as well as sound investment. In recent years, the Syngenta Vietnam Company has coordinated with the National Agriculture Promotion Centre, departments of Agriculture and Rural Development and Agriculture and promotion centres in the northwestern mountainous provinces to transfer technologies and raise farmer awareness of sustainable corn production. Syngenta raised technical solutions to change the farming habits and awareness and also implemented overall, scientific solutions to gradually increase corn yields sustainably year after year. Director of Foreign Affairs of Syngenta Vietnam Company Le Thi Khanh Hoa said with annual investment of more than US$1.5 billion for research and development to support its networks globally, now Syngenta is the only company that has a comprehensive collection of products on main crops such as corn, rice, coffee and pepper. As for corn, Syngenta brings growers an abundant collection of hybrid corn varieties including NK54, NK66, NK6326, NK67, NK7328 and NK4300 which have advantages such as drought and cold tolerant, promising high yield from 10-12 tonnes per ha, allowing farmers to use corn varieties suitable for each specific crop and helping them improve the crop yields, increase incomes and improve their lives in a sustainable way. To develop sustainable corn production, northwestern provinces need to set up a concentrated corn cultivation region, apply scientific advancements in varieties, cultivation skills and technological process. They especially need to adopt more open policies to lure investment in processing facilities attached with consumption of the products. Vietnamese rice introduced in Mexico Vietnamese rice and agricultural products were introduced to Mexican partners, along with trading opportunities in the field, during a conference in Addressing the event, Ambassador to Mexico Le Thanh Tung reviewed bilateral cooperation between the two counties over recent years, with two-way trade reaching 1.5 billion USD in 2013. He called on businesses of both sides to strengthen mutual trust by increasing direct meetings. Director in chief of He said He also pledged to work harder to remove technical barriers for Vietnamese goods, while continue consolidating confidence of Vietnamese exporters in Meanwhile, General Secretary of the Vietnam Food Association, Huynh Minh Hue, briefed the participants on He said Participants at the event were also introduced to the nation of Businesses of both sides also had a chance to dialogue directly to locate partnership prospects. Foreign investors are increasing their interest in projects based in the Mekong Delta, the Vietnam Investment Review reported. Speaking on the sidelines of a conference to promote investment in the region on May 22 in Ho Chi Minh City, Nguyen Thanh Hoang, General Director of the Netherlands-backed De Heus LLC Vietnam said the Dutch-invested company had decided to build an additional 15 million USD animal feed plant and a 3 million USD aqua-culture research centre in Vinh Long province. According to Hoang, the company’s existing 12 million USD aqua-feed plant in Vinh Long was already operating efficiently. Hirofumi Kishi, General Director of Japanese-invested “With a big population and a unique culinary culture, the Mekong Delta offers massive potential for a growing beer market,” said Kishi. According to Kishi, Yasuzumi Hirotaka, Executive Director of the Japan External Trade Organisation (JETRO) in Ho Chi Minh City said in addition to its favourable geographical position, the Mekong Delta had major advantages including agricultural and aquatic products, cheap land fees, low-cost labour, and improved traffic infrastructure, including upgraded waterways. “The most promising investment sector in the Mekong Delta is now developing processing industries thanks to the plentiful availability of rice, seafood and fruit,” said Hirotaka. EuroCham representative Henk Meyknecht said European investors were paying much more attention to the region, particularly focusing on tourism real estate, food and beverage services, and hotels. Speaking on behalf of the 13 cities and provinces in the region, Vo Thanh Thong, Vice Chairman of the Can Tho City People’s Committee underlined the fact that the local authorities were keen to provide the most favourable conditions for investors. During 2011-2013, the Mekong Delta attracted 271 projects with the total registered capital of 2.3 billion USD.- Manufacturing industry attracts huge FDI Three major foreign investors – As of April, Japan had 2,226 projects covering all 18 sectors in Vietnam with a total investment of US$35.51 billion, mainly in the processing and manufacturing industry (1,227 projects at US$29.9 billion), real estate (30 projects at US$1.4 billion) and construction (US$56 projects at US$1.06 billion). Its investments are spread throughout 49 provinces and cities of the country, of which Thanh Hoa took the lead with 9 projects at US$9.68 billion, followed by Binh Duong, Hanoi, Ho Chi Minh City, Haiphong and Dong Nai. The The RoK pumped US$30.77 billion into 3,736 projects as of April. The processing and manufacturing industry topped the 18 sectors with 2,261 projects at US$18 billion, then came real estate with 76 projects at US$6.67 billion and construction with 520 projects at US$2.3 billion. Korean investors have made their appearance in 49 provinces and cities nationwide. In addition to production, Singaporean investors have paid due attention to infrastructure development at industrial and export processing zones. Five IZs have been operated by Singaporean investors, including Vietnam-Singapore Industrial Parks (VSIPs) in Bac Ninh, Joint project offers lower rate loans to businesses in Ha Noi Businesses in the capital can access loans with interest rates of 7–8 per cent per year under a programme to remove difficulties for businesses. The programme, initiated by the Ha Noi People's Committee, connects banks and businesses in the capital and is aimed to have commercial banks support credit for businesses at reasonable interest rates. Under the programme, interest rates for short-term loans will be 7–8 per cent compared with the market average rate of 9–10 per cent. The rates for medium- and long-term loans will be 9–10.5 per cent compared with the market average rate of 10.5–12 per cent. The programme gives priority to high-tech and supporting industries as well as small- and medium-sized firms. According to the Ha Noi Statistics Office, credit in the capital in the first 5 months this year increased by 0.3 per cent against the same period last year while deposits rose 2.4 per cent. Outstanding loans in May alone were estimated at nearly VND948 trillion (US$44 billion), up 0.8 per cent from last month and up 0.3 per cent from December 2013. Additionally, short-term loans increased by 0.6 per cent from last month and 1.4 per cent from December 2013, while medium- to long-term loans increased by 1.2 per cent from last month and 3.9 per cent from December 2013. However, the capital's credit growth rate was much slower than that of the whole banking industry. Data from the State Bank of Total deposits of Ha Noi-based credit institutions in May reached VND1,071 trillion ($49.81 billion), up 1 per cent from last month and 2.4 per cent from December 2013. Production jumps 5.4% this year Industrial production in the first five months of the year saw a 5.4 per cent year-on-year increase, according to the General Statistics Office. The index of industrial production (IIP) also signalled that industry was recovering, with the highest growth rate so far this year, noted the GSO. "The growth rate of 5.6 per cent during Jan-April was 0.8 per cent higher than the same period last year," said industry expert Nguyen Quang Ha. Ha attributed the high IIP growth rate to the 7.5 per cent surge in the processing and manufacturing sector, which accounted for 70 per cent of total industrial output. During the period, the garment and textile sector rose 21.1 per cent, motorised vehicles were up 9.6 per cent, and electric production and distribution grew 10.5 per cent. Many products also registered production growth in the first four months, including electronics, up 12.4 per cent; and paper production and distribution, up 11.9 per cent. However, other products registered a decline in production, such as rubber and plastic, down 1.3 per cent; crude oil exploitation, down 2.6 per cent; and coal, down 5.6 per cent. Agricultural manufacturers offered preferential loans Agricultural manufacturers, integrated agricultural production - distribution projects, technology-applied models - can now have access to more preferential loans, the State Bank of Vietnam (SBV) announced on May 28. In Decision No 1050/QD-NHNN of May 28 that took effect immediately, eligible subjects are set to those that involve contracts to produce, process and distribute agricultural products, those that are granted certificates of technology-applied production by the Ministry of Agriculture and Rural Development and households. Highest annual borrowing interest rates at commercial banks are 7 percent for short terms, 10 percent for medium terms and 10.5 percent for long terms. Short-term loans will be granted to meet the growing demand of fertiliser, seedlings and varieties of poultry and animals, as well as agriculture equipments, while medium- to long-term loans will support investment in infrastructure and equipments to develop technology-applied models. This pilot lending programme will expire in two years. The SBV has strengthened cooperation with related authorities, agencies and the banking system to develop better financial programmes for the field. SBV has coordinated with the Ministry of Agriculture and Rural Development and the Ministry of Science and Technology to develop suitable mechanisms to help credit institutions expand investment in the sector, especially for agricultural production operations with strong application of advanced technologies. Given the approximately 70 percent of In rural areas, underdeveloped agricultural credit insurance has seriously affected farmers' ability to repay, as it does not cover large variations in price due to natural disasters or epidemics. For that reason, banks only lend moderate amounts of capital. Stimulating banks to maintain a minimum ratio of 20 percent of their capital for agriculture and rural development is considered a practical measure that could facilitate credit activities in the field, as banks are still the major providers of loans to the sector. Central bank officials said the bank had made efforts to regulate the monetary policy in a flexible manner to support credit institution liquidity and stabilise the currency market by boosting foreign currency reserves.- Vietnam’s northwest is one of the country’s key corn cultivation areas with nearly 300,000ha used for the crop, accounting for 25 percent of the country’s total corn growing areas, the Vietnam Economic News reported on May 29. However, the regional corn yields only reached 3.2 tonnes per ha, much lower than the country’s average yield. Therefore, increasing yields and production for the northwestern provinces drew great attention from the Ministry of Agriculture and Rural Development (MARD). The biggest difficulty is that corn cultivation in mountainous provinces are located mainly in steep, hilly and mountainous areas and therefore the soil is often washed away during the rainy season, leaving the soil exhausted and having a negative impact on the environment. In addition, local cultivation methods remain limited as they lack input agricultural materials like fertilizer and irrigation water. Nomadic people living in shifting cultivation mainly in forests also reduced forested areas and made their livelihoods unstable, resulting in low corn yields and production. In an agriculture promotion forum on sustainable corn production in northwestern region recently coorganised by the National Agriculture Promotion Centre and Lai Chau province’s Department of Agriculture and Rural Development, a programme linking the state, scientists, farmers and enterprises to develop corn production in the region was recommended as one of the prerequisite conditions for sustainable corn cultivation and a premise to build a key corn growing region so that Vietnam can take more initiatives in its supply for animal feed. According to Director of the National Agriculture Promotion Centre (the MARD), the sustainable development of corn cultivation requires collaboration among the four previously mentioned stakeholders as well as sound investment. In recent years, the Syngenta Vietnam Company has coordinated with the National Agriculture Promotion Centre, departments of Agriculture and Rural Development and Agriculture and promotion centres in the northwestern mountainous provinces to transfer technologies and raise farmer awareness of sustainable corn production. Syngenta raised technical solutions to change the farming habits and awareness and also implemented overall, scientific solutions to gradually increase corn yields sustainably year after year. Director of Foreign Affairs of Syngenta Vietnam Company Le Thi Khanh Hoa said with annual investment of more than 1.5 billion USD for research and development to support its networks globally, now Syngenta is the only company that has a comprehensive collection of products on main crops such as corn, rice, coffee and pepper. As for corn, Syngenta brings growers an abundant collection of hybrid corn varieties including NK54, NK66, NK6326, NK67, NK7328 and NK4300 which have advantages such as drought and cold tolerant, promising high yield from 10-12 tonnes per ha, allowing farmers to use corn varieties suitable for each specific crop and helping them improve the crop yields, increase incomes and improve their lives in a sustainable way. To develop sustainable corn production, northwestern provinces need to set up a concentrated corn cultivation region, apply scientific advancements in varieties, cultivation skills and technological process. They especially need to adopt more open policies to lure investment in processing facilities attached with consumption of the products. Capital flow continues to pour into textile industry Despite several major new projects, the attractiveness of the textile industry seems to have remained unchanged as it continues to lure huge amount of capital from both domestic and foreign investors, the Vietnam Economic News reported on May 28. According to Vietnam Cotton and Spinning Association, in mid June 2014, Jiangyin Zhenxin Wool Spinning Co., Ltd. ( The project plans to invest in a production line with a capacity of 5,000 - 20,000 spindles and an estimated production capacity of 800-2,000 tonnes of fiber a year. Basically, Jiangyin Zhenxin Wool Spinning will support machinery and production technologies and provide a source of capital worth more than 5 million USD. Earlier, a series of big projects from foreign investors have also been implemented in the textile industry. For example, Texhong Ngan Long Science and Technique Co., Ltd of Texhong Group ( Domestic investors meanwhile are not inferior in terms of investment scale and also seized their opportunities in the sector. In early May of this year, Century Fiber JSC launched groundbreaking ceremony of a new plant, Trang Bang branch Phase 3 with total investment of 33.9 million USD. After going into operation, this plant will supply an additional 15,000 tonnes of POY and 15,000 tonnes of DTY yarn each year. The Vietnam Textile and Garment Group has received permission from Quang Binh provincial People's Committee to invest in a fiber production plant in Quang Phuc commune, The continual capital flows into the fiber industry were clearly due to the impact of the origin requirement from the Trans-Pacific Partnership (TPP). Accordingly, in order to enjoy the preferential tax when exporting goods to TPP markets, especially the traditional markets of In addition, although Along with the growing number of projects in the textile industry over the past few years, domestic fabric supplies have improved considerably and Removal of floor prices on rice export to be considered Local firms would be allowed to export rice to their clients at the prices on which the two sides agree, instead of the floor prices set by the Vietnam Food Association (VFA), the Saigon Times Daily has reported. The Government has told the ministries of industry-trade and agriculture-rural development to consider the impact of pilot removal of the floor prices on rice exports and propose appropriate management measures to facilitate export activity. In the first four months of this year, However, rice exports to the That market imported nearly 27 percent of VFA forecast rice exporting countries would face fierce competition while importing countries would increase domestic supply. Therefore, local exporters would have difficulty shipping the food staple. Apart from pilot removal of the floor rice prices, the two ministries have been told to diversify export markets and set attainable targets. VFA has recently revised down this year’s rice export target to 6.2 million tonnes from 6.5-7 million tonnes it announced earlier this year. The FOB floor prices set by the VFA are 410 USD per ton for 5 percent broken rice, 375 USD per tonne for 25 percent broken rice, 365 USD per tonne for 35 percent broken rice.- Song Than IP pledges to help riot-affected firms restore production The Song Than Industrial Park in southern Binh Duong province pledges to do its utmost to support foreign-invested businesses hurt by recent social disorder to maintain their investment flow in the locality. Huynh Uy Dung, Chairman of the Board of Directors and General Director of the Dai Nam Joint Stock Company, the main investor in the Song Than IP, made the commitment at a May 27 working session with representatives from 10 FDI enterprises, which all specialise in manufacturing Asama bicycle spare parts in the park. Dung also informed participants about a plan to aid the businesses in resuming their production and ensuring jobs for their workers. He pledged to allow the Active International Vietnam Co., Ltd, a manufacturer of bicycle saddles, use 5,000 square metres at the IP without paying land use fees for 5-10 years. Affected businesses will also be free to use 18,000 square metres of land to stock their products and materials during the process of restoring their production. Dai Nam JSC will allow FDI enterprises to unconditionally use the Tan Dinh Industrial Cluster as a temporary place for their production, he said, adding the company will provide furnished accommodation for experts and staff working at the IP. A representative from Asama Co., Ltd said the support is very timely and will help the company soon resume its production. Tran Van Lieu, head of the managing board of Binh Duong’s IPs, required FDI companies operating in the Song Than IP 2 to count their real loss caused by the disturbances and submit a report on the damage to the board for its consideration as soon as possible. He also suggested the firms pay for workers’ days off during the rallies and work with relevant agencies to tackle difficulties. The disturbances erupted during workers’ rallies in protest of Some extremists incited others to destroy property of foreign firms as well as of the State, businesses and individuals, and acted against law enforcement officials, disrupting social order and business activities. Thanks to the government’s timely interference, most affected companies have returned to work and social order and security has been restored. Vietnamese in RoK receive funding from local firm The Hoban Scholarship Foundation, run by the Republic of Korea (RoK)’s Hoban Construction Company, has agreed to grant 30 million Won (29,310 USD) to the Vietnamese Association in the RoK. A memorandum of understanding on the grant was signed on May 27 at the Vietnamese Embassy in The fund, to be provided for one year from June 1, will be used to assist Vietnamese in the RoK who have married into Korean families by supporting them integrate into their host country’s society and teaching Vietnamese to their children. The fund, granted to the association for the first time, will also be used to support the activities that boost the Vietnam-RoK friendship. On the occasion, the foundation also presented five scholarships valued at 2 million Won (1,956 USD) each to five Vietnamese students in the RoK. Purchasing power hits the buffers The modest growth of retail sales of goods and services in the first five months of 2014, holding at 6 per cent, suggests that domestic purchasing has not considerably improved. According to the General Statistics Office (GSO), retail sales in the first five months was estimated to reach VND178.9 trillion, or US$56.14 billion, an increase of 11 per cent over the same period last year Further, said Vu Manh Ha from the GSO, the growth of purchasing power in the first five months had 5.5 per cent higher than the same period of last year. This modest increase was attributed to the slight increase of the consumer price index (CPI) at 0.2 per cent in May 2014. The total retail sales of goods reached $42.1 billion, accounting for a proportion of the 75.2 per cent of the total growth, at 8.5 per cent. The increase of goods was mainly attributed to the necessary items for daily living, such as food and home appliances. Ha said, generally, that purchasing power in the first five months has not improved due to the public's limited incomes and it was difficult to return to the total growth of 12 to 17 per cent, as seen prior to 2011. Agricultural firms gain access to cheaper credit Agricultural manufacturers, integrated agricultural production—distribution projects, technology-applied models—can now have access to more loans at cheaper costs, the State Bank of Viet Nam (SBV) announced yesterday. In Decision No 1050/QD-NHNN of May 28 that took effect immediately, eligible subjects are set to those that involve contracts to produce, process and distribute agricultural products, those that are granted certificates of technology-applied production by the Ministry of Agriculture and Rural Development and households. Highest annual borrowing interest rates at commercial banks are 7 per cent for short terms, 10 per cent for medium terms and 10.5 per cent for long terms. Short-term loans will be granted to meet the growing demand of fertiliser, seedlings and varieties of poultry and animals, as well as agriculture equipments, while medium- to long-term loans will support investment in infrastructure and equipments to develop technology-applied models. This pilot lending programme will expire in two years. The SBV has strengthened cooperation with related authorities, agencies and the banking system to develop better financial programmes for the field. SBV has coordinated with the Ministry of Agriculture and Rural Development and the Ministry of Science and Technology to develop suitable mechanisms to help credit institutions expand investment in the sector, especially for agricultural production operations with strong application of advanced technologies. Given the approximately 70 per cent of In rural areas, underdeveloped agricultural credit insurance has seriously affected farmers' ability to repay, as it does not cover large variations in price due to natural disasters or epidemics. For that reason, banks only lend moderate amounts of capital. Stimulating banks to maintain a minimum ratio of 20 per cent of their capital for agriculture and rural development is considered a practical measure that could facilitate credit activities in the field, as banks are still the major providers of loans to the sector. Central bank officials said the bank had made efforts to regulate the monetary policy in a flexible manner to support credit institution liquidity and stabilise the currency market by boosting foreign currency reserves. Quality standards spark fear among gold traders Concern has spread among jewellery traders just days before Viet In September last year, the Ministry of Science and Technology (MoST) issued Circular 22, which takes effect next month. This regulates management and measurement policies in the gold trading business. Under the circular, the standards of quality and measurement of gold jewellery sold on the local market must be written in a product code showing the correct gold content. And at least 75 per cent of 18-carat gold jewellery must be pure gold, while 24-karat jewellery must be a minimum of 99.9 per cent pure gold. The media has reported that due to a long-term lack of management controls, most 18-carat jewellery on the domestic market is only 58-68 per cent gold. According to Nguyen Hoang Linh, a senior official from the Directorate for Standards, Metrology and Quality, many people pay for gold jewellery they believe has a high gold content. However, when they re-sell the items, they receive far less money than they expect because the gold content is much lower than they expect. While the circular outlines the proper management of gold quality, traders complain that they have been given too little notice. They say from the time it was issued to the date it goes into effect is too short for them to prepare and manage their inventory stock. In the nine months, the concerns have spread to more than 12,000 traders. As the date of compliance with the circular draws closer, they say most of their products were made without the necessary code to indicate gold content. Ly Hai Son, owner of a jewellery trading site in He added that he could not remake nearly 1,000 items in his possession to meet the requirement of the new regulations because this would cost too much and could ruin his business. According to the Viet Nam Gold Trading Association (VGTA), companies and businesses previously made their own declarations on product quality, with an error margin of 1-3 per cent, whereas the circular only allows an error margin of 0.1- 0.3 per cent. VGTA deputy chairman Dinh Nho Bang told Biz Hub that if the circular was not revised, it would cause huge losses to traders and to millions of buyers in the country who hold gold as a method of saving. Bang has asked the Ministry of Science and Technology not to apply the regulations to products that were made before June 1. On May 27, the VGTA sent a letter containing 10 petitions related to the circular to both the Ministry and the Directorate for Standards, Metrology and Quality, pleading for the circular to be revised to better serve the trading community. Lao Cai iron, steel factory ups production The Lao Cai iron and steel factory in the northern mountainous According to Nguyen Van Ton, Director General of the Viet Nam-China Mineral Resources and Metallurgy Company, the project's investor, the factory can produce 12-13 batches of cast iron every day, with a total output of 1,500 tonnes. Applying the latest technology, the factory is the second largest of its kind in Viet Nam after the Thai Nguyen iron and steel factory. In its first phase, the factory has a design capacity of 500,000 tonnes per year, which will be doubled in the second phase. The project uses Quy Xa mine as its main material source, which has a reserve of 120 million tonnes. The first batch of steel ingot is expected to be produced in June. Construction of the Lao Cai iron and steel factory, which is partnered by Viet Nam Steel Cooperation and Chinese Kungang steel and iron company, commenced in 2011 with a total investment of $337 million. Ha Noi accelerates land clearance The Ministry of Transport has asked investors of three key transport projects in Ha Noi to accelerate land clearances to meet the existing deadline. The ministry made the request at a recent meeting held to discuss land clearances for the Nhat Tan Bridge, the road connecting Noi Bai International Airport to Nhat Tan Bridge, and the Cat Linh-Ha Dong urban railway project. Site clearance efforts for these projects have made recent progress. However, some areas in Tay Ho, Soc Son and Ha Dong districts are proceeding slower than expected. Specifically, two households occupying 216 square metres near the Nhat Tan Bridge and six households impeding the Noi Bai-Nhat Tan Bridge road are yet to be relocated. Vice chairman of the municipal People's Committee Nguyen Quoc Hung said the committee had required investors to work with the Tay Ho district authority to carry out the site clearance and complete it this month. The committee also requested the Soc Son district authority to work with investors to chalk out compensation for six households in the district. Regarding the Cat Linh-Ha Dong urban railway project, Hung said progress on site clearance and construction was lagging behind schedule. He said the ministry needed to pay about VND356 billion (US$16.9 million) in compensation to affected households to speed up site clearances. In a reply to the committee's request, Deputy Minister of Transport Nguyen Hong Truong said the ministry had proposed the Government to deploy a further VND400 billion ($19 million) to implement the urban railway project. As planned, the sum would be allocated to the city for household compensations. Truong also required the management board of the railway project to carry out construction work after the site clearance was finished. The Cat Linh-Ha Dong urban railway project was built at a cost of VND8.8 trillion ($419 million). The entire project measures longer than 13 km, including 12 stations and a depot. It is expected that the project will be completed by June, 2015. The Nhat Tan Bridge project, which starts in Tay Ho District and ends at the intersection with Dong Anh District, is nearly nine kilometres long, with the bridge stretching 3.7 kilometers and the access roads 5.2 kilometres. Investment capital of VND13.6 trillion ($6.4 trillion) will be used to fund the new bridge. Ministries instruct dealers to keep petrol, oil prices steady The ministries of Finance and Industry and Trade yesterday asked dealers not to raise retail prices for petrol, oil and kerosene even though they might face losses. According to the finance ministry, for about one month, dealers have been losing VND228 on every litre of petrol sold and between of VND52-VND162 per litre of kerosene. The ministry said dealers could continue using the price stabilisation fund to cover their losses. This would continue to give them VND200 per litre for petrol products. The ministry also extended use of the fund to mazut oil used in industry, subsidising it by VND160 per litre. Meanwhile, the dealers were also told to cut rate of using the fund from VND180 per litre to VND90 for diesel oil and from VND160 per litre to VND60 for kerosene. The dispatch came into effective at 2pm yesterday. The current retail prices on the domestic market are VND24,900 (US$1.19) for a litre of A92 petrol, VND22,680 for a litre of diesel oil and VND22,480 a litre for kerosene. SBV ready to inject cash into commercial banks The State Bank of Vietnam (SBV) said at a press briefing on May 28 that it was ready to provide cash for commercial banks in need of funds to stabilise banking activities. The announcement followed concerns that rising tensions in the East Sea over China’s illegal deployment of an oil rig within Vietnam’s sovereign waters could cause instability in the banking system. Head of the SBV’s Monetary Policy Department Nguyen Thi Hong said that banking activities were still normal at present and the central bank was keeping a close watch on market developments. She added that the central bank would take any measures to keep the currency market and banking activities in check. Hong earlier said that the SBV was working with other relevant agencies to step up foreign exchange regulation efforts and would severely punish those involved in racketeering and causing turmoil on the market. On May 21, Governor Nguyen Van Binh gave an assurance that Vietnam’s central bank was committed to ensuring safety and security for foreign banks, as well as protecting legitimate interests of foreign investors in Vietnam. Firms may issue C/Os Vietnam is considering allowing manufacturers to issue certificates of origin (C/O) for their products to enjoy preferential tariffs of the ASEAN Trade in Goods Agreement (ATIGA), according to the Multilateral Trade Policy Department. Speaking at a recent seminar in HCMC, Le Trieu Dung, deputy director of the department under the Ministry of Trade, said ASEAN countries were implementing two projects on the C/O self-certification mechanism for enterprises. The first project has been piloted for a couple of years with participation of several hundreds of trading and production firms in Brunei, Malaysia, Singapore and Thailand. The second project was initiated earlier this year for Laos, Indonesia and the Philippines. Due to some legal barriers, Vietnam will be able to join the second project after regulatory adjustments are approved by the National Assembly. The common goal of ASEAN countries is to implement such a self-certification mechanism in the 10 member countries in 2015, and thus it is likely that Vietnam will join the second project soon, according to Dung. Yuichiro Okumura, a senior inspector of Japan’s customs agency, said there was a shift in C/O issuance from authorities to goods importers and producers, especially in the agreements involving the United States. Susumu Sato from the Japan External Trade Organization (JETRO) in Hanoi said exporters might be allowed to issue their own C/Os when Vietnam signed the Trans-Pacific Partnership (TPP) agreement or the free trade agreement with the European Union. Vietnam’s labour productivity lowest in Asia Pacific The most recent statistics on labour productivity in Vietnam has placed the country at the bottom of countries in the Asian Pacific region, according to the International Labour Organisation (ILO). According to the report, 20% of Vietnamese workers do not have a labour contract, the average reaching 45% for workers under the age of 25. Those working in insecure employment situations and low-income earners make up 63% of the workforce. The report also concluded that the productivity of the average Vietnamese worker is about 15 times less than that of an average Singaporean worker. Compared to Japanese workers, Vietnamese are ten times less productive. In the period between 2002 and 2007 Vietnam experienced an increase in productivity of around 5% per year, which has now fallen to 3.3%. Mai Duc Chinh, Deputy General Director of the Vietnam Labour Union, confirmed that the lower labour productivity rates were reflective of the real situation. He said that, compared with other regional countries, especially Singapore, Vietnam is lagging behind. The director of ILO in Vietnam, Gyorgy Sziraczki, said that labour laws in Vietnam should be revised in order to improve the situation. Sturgeon able to benefit Vietnam Vietnam introduced Siberian sturgeon into cold-water areas in 2005. Four species are being farmed today, making the country one of the world's top ten producers of these valuable cold-water fish. Sturgeons are a high-value species, especially their eggs which are made into caviar. They have been introduced into aquaculture in Vietnam in an effort to use the availability of cold-water resources, especially lakes and reservoirs, and have become a major cultured fish in highland and mountainous areas. With the development of sturgeon aquaculture in the cold-water areas of the north and central highland provinces, Vietnam has made its way onto the list of the top ten sturgeon producers in the world, along with China, Russia, Italy, Bulgaria, Iran, the US, France, Poland and Germany, according to the Food and Agriculture Association (FAO). The four sturgeon species cultured in Vietnam are Siberian sturgeon, beluga, Russian sturgeon and sterlet, with Siberian sturgeon being the most popular, according to Dr. Tran Dinh Luan, former deputy director at the Research Institute for Aquaculture No. 1 (RIA 1) in the northern province of Bac Ninh. Chinese sturgeon was also introduced into Vietnam a few years ago but has not been as successful as Siberian sturgeon or the others because of its slow growth rate, he added. Siberian sturgeon was the first species introduced into Vietnam from Russia via RIA 1. The fertilised eggs were hatched and reared successfully in many areas such as Sapa in Lao Cai province, Na Hang in Tuyen Quang, Thac Ba Reservoir in Yen Bai province, Da Lat in Lam Dong province and Da Mi Reservoir in Binh Thuan province. The private sector has mainly contributed to sturgeon aquaculture development in Vietnam. In 2007, the Ha Quang Company co-operated with Russian experts to carry out trials on egg incubation and hatching, and raising Siberian sturgeons, Russian sturgeons, and sterlets in Tuyen Lam Lake in Da Lat. In 2008, the Vietnam Sturgeon Company applied the new technology to culture the four species in the Da Mi Reservoir. Surprisingly, more than 20,000 Siberian sturgeons, Russian sturgeons, and sterlets grew well at 30.5 degrees water temperature during the summer of 2008. After such great results, the company is also looking to produce caviar for export to markets such as Japan, Russia and the US. Another private company, Yen Bai province-based Northern Sturgeon JSC has built a sturgeon nursery in Van Chan district and grown Siberian and Russian sturgeons in Thac Bac Reservoir. Many other private companies such as Giang Ly in Lam Dong, Thien Ha in Lao Cai province and Chu Va Hydropower Company have also invested in this business but on a smaller scale. There are many sturgeon farming systems in Vietnam such as tanks, ponds and cages. The local temperatures range between 16 and 18 degrees. As a result, sturgeons cultured in Vietnam grow 1.5-2 times faster than in their countries of origin. They also have lower feed conversion ratios and shorter farming periods and thus reduced labour costs, noted Dr. Luan. Therefore, Vietnam’s sturgeon can compete with products from the temperate zone. Fish productivity has significantly increased, from 7-10 kilograms per cubic metre at the beginning to 20-30 kilograms today thanks to improved farming systems and technologies. Vietnam has been ranked as the eighth producer of sturgeon in the world, Luan said. “It is important that there is a detailed development plan for this business in Vietnam.” As part of Vietnamese government efforts to promote fish farming in highland areas, RIA 1 officer Nguyen Hai Son and researcher Nguyen Quang Thai have developed methods and guidelines for raising sturgeon in cages in Vietnam. Son explained cage culture in lakes and reservoirs was considered one of the most important trends in many countries seeking to take full advantage of water surfaces to improve aquaculture activities. “Cage culture also has several advantages over other methods of culture because it uses existing water bodies and simple technology while requiring comparatively low capital investment,” he added. The methods and guidelines include selecting the species, designing the cage, selecting the site, managing production, providing good quality feed, and sampling, harvesting and keeping records. Records of cage environment and fish health should be kept to minimise any problems as early as possible in the production cycle, said Son. “Record keeping also helps farmers learn from past mistakes, thus reducing the risk and costs of production in subsequent crops,” he explained. Locally-cultured sturgeon are popular in the domestic market, especially tourist destinations, as well as supermarkets, hotels and restaurants in major cities such as Hanoi, Hai Phong and Ho Chi Minh City and provinces such as Lam Dong, Dak Lak, Quang Ninh, Hai Duong, Bac Ninh and Bac Giang. They are sold live, fresh, chilled and frozen, whole or in chunks. The prices for live fish range from $10-15 per kilogram. New gust of interest as wind power tariffs rise The feed-in tariff for wind power projects could rise above the currently regulated 7.8 US cents in an effort to pave the way for the development of more wind power projects in Vietnam. Director of the Ministry of Industry and Trade’s (MoIT) Renewable Energy Department, Pham Trong Thuc, made the announcement at a joint Vietnamese-French seminar on supporting the development of renewable energy held in Hanoi last week. Thuc said that although Decision 37/2011/QD-TTg on wind power project incentives was passed in 2011, wind power still only accounted for 1.5-2 per cent of Vietnam’s overall power generation capacity. “This year the MoIT will revise the Decision 37 to allow reasonable feed-in tariffs for wind power projects to attract investors,” said Thuc. With a more than 3,000 kilometre-long coastline, Vietnam has giant wind power potential. The Vietnamese government is looking to attract scores of wind farm projects to produce 1,000 megawatts for the national grid by 2020. Vietnam’s under-developed wind-power infrastructure has been ascribed to difficulties ranging from weather to technology, and, in particular, the high cost of investment and the cap on electricity prices. According to the Institute of Energy, investors must spend $2,250/kWh for US and EU technology and $1,700/kWh for Chinese technology for a wind farm project producing 30MW. However, on average, the price for power generated by these projects is 10.68 US cents/kWh for the former’s technology and 8.6 US cents/kWh for Chinese technology. These figures include recouping capital and depreciation. German Federal Enterprise for International Co-operation’s chief technical advisor Werner Kossmann told VIR that the current feed-in tariff in Vietnam of 7.8 US cents was too low to attract investors despite support mechanisms such as a 1 US cent/kWh subsidy from the Vietnam Environment Protection Fund, free land for projects and emissions reduction credits. He also said that over the past few years many wind power projects had been registered, however, most of them remained on paper because power prices in the country were still set too low. He added that if the tariff was to increase to 10.2-12 US cents/kWh, dozens of projects would start moving forward. Recently, Bui Quang Ngan, deputy director of the Central Wind Power Joint Stock Company explained that rising interest rates, plus input material price increases of 1.5-2 fold for wind power projects meant investors not only wanted, but needed an 11-12 US cent electricity tariff just to make a small profit. Vietnam’s wind power industry is set to take off with 42 projects in the pipeline. Agriculture reveals barren FDI vista Faced with plunging foreign direct investment in agriculture, the Ministry of Agriculture and Rural Development is considering new methods to attract foreign investors to pump prime the sector with new capital sources. Minister of Agriculture and Rural Development Cao Duc Phat told a workshop held last week in Hanoi on the attraction of foreign direct investment (FDI) into agriculture, that despite robust exports of agricultural products worth $28.5 billion last year, there had been an alarming plunge in FDI inflows into the sector. Fifteen years ago, FDI into agriculture, forestry and fisheries accounted for 15 per cent of Vietnam’s total FDI volumes, but the rate had plummeted to 0.5 per cent over the past three years. Nguyen Ba Cuong, deputy director of the Ministry of Planning and Investment’s (MPI) Foreign Investment Agency, said by the end of April this year, Vietnam’s agriculture, forestry and fisheries attracted only 520 foreign-invested projects of the country’s total number of 16,300. “Almost all the FDI projects in the sectors are in the Red River and Mekong Delta regions. Remote provinces have barely attracted any FDI projects in these sectors. FDI projects in agriculture, forestry and fisheries mainly focus on areas with quick capital returns such as farm produce, timber and food processing, animal husbandry and animal feed,” said Cuong. Nguyen Van Toan, vice chairman of the Vietnam Association of Foreign-invested Enterprises attributed the sharp fall in FDI in agriculture to the lack of material zone development planning and sudden changes in planning and policies by the local authorities. Meanwhile, Bui Tat Thang, director of the MPI’s Development Strategy Institute said the lack of a long-term FDI attraction strategy and weak rural infrastructure still constituted major barriers for FDI inflows into Vietnam’s agriculture sector. Determined to address the issue, Minister Phat said, “We realise that a review of the mechanisms and policies is required to stimulate foreign investors into the agricultural sector as we know it would bring about benefits for both businesses and farmers.” The minister also promised to create a favourable agricultural investment environment, shorten administrative procedures, cut costs and remove the inconsistencies between policies and implementation. According to Phat, in order to encourage foreign investors in agriculture, the Ministry of Agriculture and Rural Development (MARD) was considering allowing foreign businesses to directly procure farm produce from farmers instead of through intermediaries. According to the MARD, it needed to create large-scale domestic businesses capable of partnering with foreign firms, while at the same time improving the quality of human resources in the sector. Tedi South suggests four lanes for HCMC-Moc Bai expressway Transport Engineering and Design Inc. South (Tedi South) has suggested that the HCMC-Moc Bai expressway should have at least four lanes by 2020 to serve increasing demand for passenger and cargo transport on this route. The consulting firm under the Ministry of Transport said that the 55-kilometer expressway was planned to comprise four to six lanes and connect Belt Road No. 3 in HCMC with Moc Bai Border Gate in the southern province of Tay Ninh. Tedi South proposed the expressway have four lanes by 2020 and be expanded to six lanes by 2040 based on its projections that the daily number of vehicles on the expressway would reach its highest rate of 62,000 PCU (passenger car units) by 2040, not to mention the strong increase in cargo transport between the two destinations. At a meeting in Hanoi last week, Vice Minister of Transport Nguyen Ngoc Dong told Tedi South to consider different investment phases and options for the expressway project, with priorities given to building two main lanes and two sub-lanes to minimize investments. The HCMC-Moc Bai expressway is one of the six highways connecting this economic hub and nearby provinces. It will also be part of a trans-Asia expressway linking economic centers and urban areas of Southern Key Economic Zone with seaports and international airports in the ASEAN region. Along with National Highway 22, Ho Chi Minh Road, belt roads No.3 and No.4 in HCMC, the HCMC-Moc Bai expressway is expected to form an uninterrupted transport system in southwestern provinces. Two lanes proposed for Trung Luong-My Thuan expressway Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (Cuu Long CIPM) has suggested developing two lanes for the Trung Luong-My Thuan expressway section in the Mekong Delta in the first stage due to difficulties in investment mobilization for the project. Duong Tuan Minh, general director of Cuu Long CIPM, said the first phase of the expressway required nearly VND25 trillion (US$1.18 billion) and it was difficult to mobilize this sum. Therefore, Cuu Long CIPM wanted to develop the expressway with two lanes of 2.5 meters in width each plus sections for emergency stops in the initial stage under the build-operation-transfer (BOT) format. The corporation will widen the road to six lanes afterward, using official development assistance (ODA) loans. As for the My Thuan-Can Tho expressway section, Cuu Long CIPM also proposed carrying out the project in two phases. The first phase is scheduled for ground breaking in the third quarter of next year and completion in the second quarter of 2018 while ODA loans will be sought for the second phase to expand the expressway to six lanes. Trung Luong-My Thuan-Can Tho Expressway will help shorten the travel distance between HCMC and the Mekong Delta once it is completed. A 40-kilometer expressway section between HCMC and Trung Luong in Tien Giang Province was opened to traffic in 2010. Registered capital of new domestic businesses in HCMC up 26% The number of newly-established domestic enterprises in HCMC fell by 2% to less than 9,560 in the year to May 20 but their combined registered capital grew by 26% year-on-year to more than VND53 trillion, according to the HCMC Department of Planning and Investment. The department reported the figures at the HCMC People’s Committee’s economic review meeting for May on May 26. In the period, more than 16,250 domestic operational enterprises registered to adjust business activities with combined additional capital of over VND47.3 trillion, up 15% in number and 4% in capital compared to the same period last year. The department calculated the total sum of fresh and additional registered capital by domestic businesses in the January-May period neared VND100.5 trillion, up 14% from a year earlier. In the period, 120 new foreign direct investment projects with total registered capital of US$724.2 million were licensed in HCMC, down 7.7% in number but up 356.4% in capital. The strong increase in FDI flows resulted from projects in the garment and textile sector, including a high-quality apparel production undertaking of Worldon Vietnam (US$140 million), a quality fiber facility of Sheico Vietnam (US$50 million) and a rubber gloves project of Cleanwrap Latex Vietnam (US$10 million). Besides, 40 operational FDI projects added US$68.8 million to their capital pledges in the first five months, bringing the total new and additional investments to US$793 million, up 119% year-on-year. HCMC has so far received over 20 groups of foreign investors coming to sound out opportunities in trade, supporting industries, information technology and food processing among others. BA HCMC looks for outstanding entrepreneurs The HCMC Young Business Association (YBA HCMC) on May 26 held a press conference to introduce its Outstanding Young Entrepreneur Awards 2014 to honor outstanding young businesspeople of the city for this year. The aim is to encourage businesspeople to do their best to contribute to development of the country and society. The eighth edition of the awards is one of the activities held to mark the 20th anniversary of YBA and the 9th Young Businessman Congress term 2014-2016 from May 2014. Held every two years, the awards will go to 10 businesspeople in HCMC who have made outstanding business and social achievements, including taking good care of workers at their firms in the two latest years and respecting State management regulations. The organizers will also choose entrepreneurs for the “Outstanding Young Entrepreneur” awards in the fields of effective business solutions, investments in new technology, environmental protection, social activities, and employee care. Candidates must be under 45 years old and are recommended by YBA HCMC, business associations and clubs among others. Registration can be made from June 16 to July 16. After 14 years, the awards have been given to 61 young outstanding and 11 typical entrepreneurs. The awards are great encouragement for young businesspeople to invest in and expand business and trading activities and contribute more to the city’s economic growth. Apart from the awards, the YBA HCMC will also organize forums for city leaders and young entrepreneurs, Vietnamese CEOs, e-business as well as seminars on trade promotion. The YBA HCMC was established with 30 members but its members have reached nearly 1,000 with total registered capital of nearly VND104 trillion (US$4.8 billion). These members have provided jobs for around 157,200 people. Car imports hit record in May Around 6,000 cars worth US$92 million have been imported into Vietnam this month, the highest monthly volume this year, according to the General Statistics Office (GSO). Local media quoted the GSO as saying that the car imports rose 50% in volume and 3% in value over April. Companies have spent more than US$380 million buying some 20,000 foreign autos in the year to date, increasing by more than 50% in volume and 45% in value. VnExpress cited the Vietnam Auto Manufacturers Association (VAMA) as announcing that companies sold 11,300 units of different brands and models last month, rising by nearly 30% over a year ago and around 41,400 autos in the first four months of this year, up 36% over the same period last year. After the Government reduced registration fees for the autos under 10 seats to support this auto market, the demand for cars has recovered after more than one year of stagnation. VAMA has revised up its prediction that 125,000 units would be sold this year, up 14% over last year. Hungary firms keen on agriculture Hungarian firms are looking for investment opportunities in different sectors in Vietnam and agriculture is one of their prioritized areas, according to the chairman of Hungarian Chamber of Commerce and Industry. Parragh Laszlo told the Daily last week when a delegation of Hungarian firms were visiting Vietnam that Vietnam was restructuring its agriculture sector to turn out more quality and value-added products, and this was a good opportunity for Hungarian firms. Laszlo said as Hungary had an edge in agriculture, its enterprises would be able to cooperate with Vietnamese counterparts to help develop agriculture in this country. Nguyen Le Ha, who is managing director of Vietnam-Network Co. Ltd. and a member of the delegation, said her company was seeking Vietnamese firms to implement cooperation projects in agriculture and that Hungarian government had supporting policies for agricultural development. In addition to farming, Hungarian businesses also sound out the prospects for wastewater treatment, construction of water pipes, healthcare, education and technology, Hungary has been involved in a clean water treatment project in the central province of Quang Binh. Laszlo said more members of the Hungarian Chamber of Commerce and Industry were coming to gauge the Vietnamese market and that a Hungary-Vietnam trade promotion center would be established in Vietnam later this year to support trade and investment cooperation between the two nations. Two-way trade between Hungary and Vietnam remains insignificant, at US$100 million a year, and Laszlo forecast the figure could rise in the years to come. “We have an export-import bank providing loans with preferential interest rates for enterprises willing to enter the Vietnam market. Therefore, it is expected that trade between the two nations will increase in the future,” Laszlo said. Ba Dinh political center to be expanded The Ministry of Construction and Hanoi authorities have announced a zoning plan already approved by the Prime Minister to expand Ba Dinh District in Hanoi - the political center of Vietnam. The plan of scale 1/2000 envisages an additional area of 29.5 hectares for the political center compared to the 105 hectares in a zoning plan announced in July 2012. The new plan includes the area of 9.14 hectares for the Party Central Committee agencies, 2.95 hectares for the President’s Office, 2.95 hectares for the National Assembly’s entities and 5.55 hectares for Government bodies. The headquarters of the ministries of Planning and Investment, Justice, and Agriculture and Rural Development will be moved out of Ba Dinh to a new place in accordance with a general zoning plan for Hanoi. The premises of these three ministries will be transferred to other departments for use. As per the plan of expanding the political center, the current building of the Ministry of Foreign Affairs will be restored before being transferred to the Vietnam Fatherland Front Committee after the new headquarters of the ministry is completed. The new plan attaches importance to preserving and restoring the old French-built buildings of security, defense and diplomatic agencies. ACB asks VietinBank to return embezzled money The court hearing of a case against Nguyen Duc Kien, former vice chairman of Asia Commercial Bank (ACB), in Hanoi City on May 26 ended up in an argument between representatives of ACB and VietinBank, with the former asking the latter to return the deposits appropriated by a former VietinBank officer. According to indictments, Kien and his accomplices issued a decision assigning 19 individuals to deposit VND718 billion at VietinBank. However, the money was embezzled by Huynh Thi Huyen Nhu, former deputy chief of VietinBank’s risk management department. ACB at the court said that the deposits had been placed in accordance with the contracts between VietinBank and its customers. ACB transferred the money to the accounts its staff opened at VietinBank, with the bank issuing statements to confirm that the money had been transferred to VietinBank, not to Huyen Nhu’s own account. After Huyen Nhu’s case was uncovered, VietinBank has yet to give an explanation on its responsibilities for the lost money. VietinBank rather than Nhu had to take responsibility, an ACB representative said. Meanwhile, a lawyer defending VietinBank said the money was deposited at VietinBank as a payment account, which is different from a deposit account opened to earn interest. If the ACB staff in question wished to open deposit accounts to take the interest, they should have asked for certificates of deposit. “I doubt this was an agreement between Huyen Nhu and Bao Ngoc, deputy manager of budget of ACB,” the lawyer said. The ACB side still insisted the deposit contracts were made between the assigned individuals and VietinBank. The ACB staff had made no documents assigning VietinBank to make payments via their accounts. Therefore, VietinBank must bear responsibility for the lost money. Nguyen Van Hoa, ACB chief accountant, said that if a bank employee had deposited money at ACB and then withdrew it, ACB would have taken all responsibility. If VietinBank is found guilty, Kien, ACB former chairman Tran Xuan Gia, and other high-ranking officers like Le Vu Ky, Pham Trung Cang, Ly Xuan Hai and Huynh Quang Tuan would not face the charge of acting against the State’s economic management regulations causing serious consequences. The issue between the two banks was also debated at a lower court hearing of the Huyen Nhu case. State President Truong Tan Sang requested related agencies to clarify the problem before the appeals hearing opens. Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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Article 8
Defence minister calls on countries to share responsibility for peace Defence Minister General Phung Quang Thanh delivers a speech at the 13th Shangri-La Dialogue. Photo: VNA/AFP In order to manage risks that may cause disputes, all countries should share the same perspective on international responsibilities, especially the role and responsibility of major powers, Defence Minister General Phung Quang Thanh has said. In his speech delivered on May 31 at the ongoing 13th IISS Asian Security Summit, better known as the Shangri-La Dialogue, General Thanh reiterated that the common aspiration of all nations in the world, including To realise that, all countries should share the same duty of preserving an environment of peace, stability and respect for international law, the United Nations Charter and independence, sovereignty and territorial integrity of others. At the same time, they must not use force or threaten to use force to settle disputes, he said, adding that they must enhance cooperation in all partnership aspects on the basis of equality and mutual respect for mutual interests, regardless of whether they are small or big. A common perspective provides a firm foundation for the building of trust, he said, adding that trust should be shown not only through words but also though specific and practical actions of promoting transparency and building friendships and partnerships among countries in respect of international law. General Thanh also mentioned China’ illegal placement of its Haiyang Shiyou-981 rig in Vietnam’s exclusive economic zone and continental shelf, a move which has angered Vietnamese people and worried regional countries and the international community. He reaffirmed He demanded that Also on May 31, General Thanh had a bilateral meeting with US Defence Secretary Chuck Hagel, and is scheduled to meet French and At the beginning of May, China illegally dispatched the rig, as well as a large fleet of armed vessels, military ships and aircraft, to Vietnam’s waters and positioned the rig at 15 degrees 29 minutes 58 seconds north latitude and 111 degrees 12 minutes 06 seconds east longitude. The location is 80 miles deep inside Throughout the month, Chinese ships have continuously encircled, constrained and driven away Vietnamese fishing boats and put the lives of fishermen at risk. On May 26, Chinese ship 11209 sank a Vietnamese fishing vessel while it was operating normally in its traditional fishing grounds near On May 27, |
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Article 7
Political News Headlines 31/5 Vietnam treasures partnership with RoK Receiving the RoK diplomat in He said they both continue maintaining high-level exchange visits to promote political trust and mutual understanding. Minh proposed that He also asked the two countries’ labour ministries to consider signing a memorandum of understanding on an employment permit system (EPS), resuming receiving Vietnamese guest workers. For his part, Cho said the RoK business community in More than 3,500 RoK businesses operating in He voiced the RoK’s concern about recent tensions in the East Sea and called upon parties concerned to settle disputes peacefully in accordance with international law, especially the 1982 UN Convention on the Law of the Sea (UNCLOS) and the 2002 ASEAN-China Declaration on the Conduct of Parties in the East Sea (DOC). Deputy PM Minh reiterated China’s aggression in East Sea criticised in Cuba, Spain Taking centre stage at a meeting on May 29, Chairman of the Vietnamese Association in Cuba, Mai Thao, condemned China’s move as a serious violation of the 1982 United Nations Convention on the Law of the Sea (UNCLOS), its Declaration on the Conduct of Parties in the East Sea with ASEAN, in defiance of the basic principles guiding the settlement of sea issues between the two nations. China must stop harrassing and ramming into Vietnamese law enforcement ships, then pull its rig and vessels out of Vietnam’s waters without delay, he said, adding that the Vietnamese government’s sound response to the incident has won plaudits from compatriots in Cuba. On behalf of Vietnamese students in On the occasion, they launched a fundraising drive in support of the Vietnamese coast guard and fishermen at home, who have borne the full brunt of the ongoing dispute, physically and mentally. At the Vietnamese embassy earlier, Ambassador Duong Minh disclosed historical evidence and the legal basis proving that It is therefore impossible to declare that Meanwhile in They put their signatures on a letter sent to the Chinese embassy in At the beginning of May, China illegally dispatched the rig, as well as a large fleet of armed vessels, military ships and aircraft, to Vietnam’s waters and positioned the rig at 15 degrees 29 minutes 58 seconds north latitude and 111 degrees 12 minutes 06 seconds east longitude. The location is 80 miles deep inside On May 27, Vietnam has exercised the utmost restraint, shown every gesture of goodwill and exhausted all dialogue channels to communicate with Chinese authorities of different levels in order to express protest and demand China immediately withdraw its rig and armed and military vessels from Vietnam’s waters. Nevertheless, up to now, Chinese ships have continuously encircled, constrained and driven away Vietnamese fishing boats and even injured Vietnamese fishermen, threatening their lives. On May 26, Chinese ship 11209 sank a Vietnamese fishing vessel which was operating normally in its traditional fishing ground near Hoang Sa archipelago. NA passes law building programmes The National Assembly (NA) on May 30 passed a resolution on amendments to the law and ordinance building programme for the legislature’s 13th tenure and the law and ordinance building programme for 2015. Earlier on the day’s morning session, the NA listened to proposals and verification reports on draft revisions to the Law on the NA Organisation. Later, the deputies gave their opinions on contentious matters in the draft revisions to the Law on Customs and the Law on Environmental Protection. The NA is scheduled to resume working on June 2 to debate the supplementary assessment of the implementation of the 2013 socio-economic development plan and state budget; plans to ensure budget balance in 2013 an the implementation of the 2014 socio-economic plan in the first months of this year. The debate will be broadcast live on national television and radio channels. Waste materials imports restricted National Assembly deputies proposed stricter regulations for waste materials imports while discussing the revised Environment Law at the ongoing seventh session of the 13th NA yesterday. Waste materials imported into the country must meet environmental protection regulations and be included on the list of waste materials allowed for import by the Prime Minister. Deputies said it was also necessary to ban the trade of waste materials imported into Some deputies said the import of used ships to break them into pieces should be allowed, saying it could bring economic benefits and create jobs for local people. However, others said this would have a serious environmental impact and that allowing such practices would turn the country into a waste dump for the rest of the world. Deputies Nguyen Minh Lam from the southern Therefore, the process of breaking up the ships could damage the environment and pose health risks to workers and local people, they said. Many deputies proposed the revised law clarify the responsibilities of individuals and organisations for addressing environmental pollution, particularly the minister of natural resources and environment, heads of relevant agencies and chairmen of People's Committees at all levels. Most National Assembly deputies also proposed creating a legal framework for climate change adaptation. They said the State had many programmes on climate change adaptation, but there was a lack of regulations to implement them. On the same day, the deputies discussed draft amendments to the law on the organisation of the National Assembly. They agreed that after 12 years of implementation, the law needed to be revised so it would be more applicable to real life and make NA operations more efficient.. They also discussed the draft revision of the Customs Law, which focuses on modernising customs operations to create better conditions for import and export activities. Deputy Truong Van Vo from the southern Deputy Ya Duck from the Central Highlands Some deputies proposed allowing customs officers to work with relevant agencies to prevent smuggling and trade fraud in import and export activities. Deepening Australia- ASEAN partnership At a seminar promoting Australia-ASEAN ties in ASEAN is now one of Australia’s largest trade partners with the two-way trade turnover increasing two-fold over the past decade from AUD45 billion to AUD92 billion. The 40th anniversary of relations is a significant milestone and an important crossroads for For his part, Vietnamese Deputy Minister of Foreign Affairs Pham Quang Vinh agreed that Australia-ASEAN relations over the past 40 years have evolved positively adding they have coherently and effectively supported peace, stability and development in the region. He briefed the seminar on ASEAN’s 2015 goal of establishing a united, resilient community based on the three key pillars: -Security Community, Economic Community and Socio-Cultural Community, and said ASEAN will continue to strengthen ties with He took the occasion to call on countries to support Australian Chargé d’Affaires Nadia Krivetz echoed Vinh’s call for a peaceful resolution to the On the occasion, representatives of President sends condolences to Malaysia Upon the news of the former Malaysian Sultan Azlan Muhibbuddin Shah's passing on May 28, Vietnamese President Truong Tan Sang sent a letter of condolences yesterday to Malaysian Sultan Abdul Halim Mu'adzam Shah. Mexican parties call for peaceful end to The Labour Party of Mexico (PT) has expressed support to Together with the Both sides shared the common stance that the Vietnamese people know better than anyone the value of peace, and deserve to live and prosper in a peaceful environment. Meanwhile, the Mexican Party of Democratic Revolution (PRD) has urged the Vietnamese and Chinese governments to address the dispute via political negotiations in line with international law. The appeal is part of the party’s statement on the East Sea issue that PRD Secretary of External Relations and Immigration Julio Cesar Tinoco Oros handed over to the Vietnamese embassy on May 29, in which it expressed hope that the United Nations will act as a voice of moderation and mediation, while an international tribunal acts as a final judge. It also expressed hope that At the beginning of May 2014, China illegally dispatched the rig Haiyang Shiyou-981 as well as a large fleet of armed vessels, military ships and aircraft to Vietnam’s waters and positioned the rig at 15 degrees 29 minutes 58 seconds north latitude and 111 degrees 12 minutes 06 seconds east longitude. The location is 80 miles deep into On May 26, Chinese ship 11209 sank a Vietnamese fishing vessel while it was operating normally in its traditional fishing ground near On May 27, Get together marks 45 years since Chilean leader’s visit The Vietnam Union of Friendship Organisations and the Vietnam-Chile Friendship and Cooperation Association held a get together in Allende, who later became the President of Chile, paid the visit in May 1969 amid The celebratory event was attended by representatives from the Party’s Commission for Foreign Relations, the Foreign Ministry, the National Assembly’s Committee for Foreign Affairs and ambassadors of Latin American countries in In a video clip displayed at the event, incumbent Chilean Chair of Senate Isabel Allende, who is the daughter of Salvador Allende, underlined the importance of the visit 45 years ago, adding that her father raised his voice to protect the right of self-determination for countries around the globe. Chilean Ambassador Fernando Urrutia said the visit by Allende also demonstrated the solidarity of the Chilean people with their Vietnamese friends. He also voiced his belief that their bilateral ties, which were established in 1971, will continue flourishing in the future. Source: VNN/VNS/VNA/VOV |
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Article 6
Social News Headlines 31/5 WB-funded project improves  The World Bank has provided more than US$382 million for a project to improve infrastructure and living conditions for low-income people in four Vietnamese provinces and cities. At a review meeting in Can Tho on May 30, a WB representative reported that the project was implemented from 2004 to 2012 in Can Tho City The WB representative said the project was carried out successfully, helping 11 million people in the four beneficiary localities raise their living conditions through safe water and power supply, sanitation, and irrigation sub-projects. It also helped improve infrastructure in low-income residential areas and build resettlement areas for displaced people. The ministries of culture, sports and tourism of The move is expected to promote the legal use of artistic works and develop the two countries’ culture and innovation, heard the function. Protecting copyright at a time of global integration is essential for ensuring the legitimate interests of the creators and producing a healthy environment for competitiveness, experts said. After becoming more aware of copyright self-protection measures and the self-execution of legal regulations, artists and businesses have been working closely with Vietnamese law enforcement agencies to stop any violations in the field, said deputy head of the Vietnam Copyright Office Pham Thi Kim Oanh. Last year, the Vietnamese ministry collected over 2 billion VND (about 95,200 USD) in fines from businesses for software copyright violations, and ordered three websites to remove thousands of pirated films. It also received 60 letters of complaint on copyright disputes over 142 book editions from 25 publishing houses during the year. Workers abroad fined for violating contracts The Vietnam Embassy in the Under Decree No 95/2013/ND-CP issued by the Vietnamese Government on fines for violations related to labour rights, social insurance and overseas labour contracts, the fines of 90 million VND (4,230 USD) and 100 million VND 4,700 (USD) have been imposed on Vu Van Duong and Ngo Van Hiep, respectively. Duong, born in the Meanwhile, Hiep, a worker from central Nghe An province, ran away from The embassy has sent the announcement to the Overseas Labour Management Department under the Ministry of Labour, War Invalids and Social Affairs and the localities that are home to the two men. A representative from the managing board for Vietnamese workers in the RoK said the body will continue to observe and report on such workers in the near future. These are expected to become a valid basis for relevant agencies to impose fines when necessary. MoH orders reports on health hotlines The Ministry of Health ordered health departments of provinces and cities to submit biannual reports about the effectiveness of hotlines by June 10 and December 10. The hotlines, established last year, receive complaints from patients in order to improve the quality of examination and treatment. The ministry also required the departments to upload feedback from patients into the ministry's system. Workers hospitalised for exposure to extreme hot weather As many as 79 workers of the VMC Hoang Gia in the southern Five of them were in serious condition and were taken to the The workers suffered spells of fainting, vomiting and convulsions. Initial investigation showed that these workers had been working in extreme heat in an area that was not properly ventilated with fresh air for breathing. The HCM City Customs Department seized two plastic jars yesterday containing nearly 10 kilos of pseudoephedrine, worth VND7 billion (US$330,000). Pseudoephedrine is a key ingredient in methamphetamine production. Found mixed with shrimp sauce, the drug precursor was being sent by a person living in District 6 to an address in The department is co-operating with police to investigate the case. The department has confiscated more than 67 kilos of drug precursors for methamphetamine and around 4 kilos of heroin hidden in food and cosmetics in the past eight months.. Children’s fun day forges Vietnam-RoK ties The Korean Cultural Centre (KCC) in The event, which aims to create a fun playground for children on the occasion of International Children’s Day (June 1), expects to attract the participation of about 200 children, including many from disadvantaged backgrounds, while others are students from the KCC Director Park Nark Jong said the event will tighten the bond between the two countries’ children, further bolstering the bilateral friendship in the future. Through introducing folk games and traditional foods, the event also helps promote the culture of the two nations, he added. US army helps build bridges in An Giang Ten small bridges were inaugurated on May 30 in Long Xuyen city, the Mekong Delta Construction of the bridges, in the city’s My Thoi ward and My Hoa Hung commune, commenced in October last year at a cost of 728,900 USD to replace the old and unsafe bamboo bridges in the localities. The new ones have a loading capacity of 1 tonne each. According to Robert Ogburn, Since 2000, the fund has also helped upgrade the local infrastructure system and build schools in remote and poor areas that were hard hit by the war, he noted, adding that similar activities will continue in the coming years. Mormon Church representatives to form official Vietnamese committee The Government Committee for Religious Affairs has granted recognition to a provisional committee representing the Church of Jesus Christ of Latter-day Saints, whose main branch is called Mormonism. The committee will act on behalf of the Mormon Church and its followers in Addressing the granting ceremony on May 30 in Dung said he believes that the followers will continue to practice their religious activities in accordance with the law, while staying attached with their local communities. He also expressed hope that the Church will soon become the 38th religious organisation and the 14 th recognised religion in The Mormon Church was introduced in Established in the US in the early 19th century, the Mormon Church now has nearly 16 million followers in over 100 countries and territories.- Ho Chi Minh City, Vientiane enhance science, technology ties Vo Van Thuong, permanent Deputy Secretary of the Ho Chi Minh City Party Committee, hosted a reception on May 30 for a delegation from the Vientiane Science and Technology Department of Laos. The delegation is led by Deputy Secretary of Thuong stated that the traditional friendship, special solidarity and comprehensive cooperation between He suggested the two cities strengthen connections in economics, science-technology, health and education. Sihoun Sitthileuxay expressed his impression on Vietnamese students learn about Association for the Promotion of Japanese Language Education (APJLE) President Sato Jiro said that the course aimed to improve Vietnamese students’s understanding of Japanese culture, education and training and the local legal system, to help them best assimilate into society and give them a better chance of success in their chosen careers. Jiro also noted that the number of Vietnamese students in Vietnamese counsellor in charge of education and training Do Van Trung stressed that more such courses will be held in the future to equip Vietnamese students with necessary knowledge of life and regulations of APJLE statistics show 81.4% of Vietnamese students passed tertiary entrance examinations after finishing study in Japanese schools in 2012. Japanese schools also provide scholarships to encourage students to continue their study, with 583 students approved in 2013. Continued objection to Overseas Vietnamese (OVs) around the globe are continuing to stage peaceful marches and demonstrations in opposition to The placement of the Haiyang Shiyou-981 drilling oil rig in The Vietnamese Community in Mai Thao, President of the Overseas Vietnamese Association in Le Anh Thu, a Vietnamese student, said that each Vietnamese person should raise his or her voice in order to help international friends understand the real situation in the On the occasion, OVs in *** Around 50 Vietnamese people and students in They signed a letter addressed to the Chinese Embassy in Participants raised nearly EUR1,000 to support Vietnamese coast guards and fishermen whose fishing boats were attacked and destroyed by Chinese vessels. *** Julio César Tinoco Oros, Secretary of the Mexican Party of the Democratic Revolution (PRD) in charge of international affairs, on May 29 handed over the PRD’s statement protesting The statement called on parties concerned to exercise restraint and settle disputes by peaceful measures. The PRD called on Vietnamese and Chinese Governments to deescalate tensions through political negotiations based on international law and suggested that the United Nations play a conciliatory role and allow the It urged the Mexican Foreign Ministry to show its position on this issue and hoped that Earlier, the Mexican Labour Party (PT) and the Mexico-Vietnam Parliamentary Friendship Group issued their statement to support Health sector launches comprehensive review The 30-year review of During a half-day conference hosted by the Party Central Committee's Commission for Publicity and Education and the Ha Noi Medical University, health experts discussed research methods and the review on the country's 30 years of health sector reform, which will run until 2016. Cuong said that non-state hospitals were playing an increasingly important role in the health sector and helping reduce overcrowding in state hospitals. They were also contributing better services for patients, he said. However, non-state hospitals were not receiving any support from the State coffers, while in need of priority policies, extra staff and training. "The review should define clearly and exactly the role of non-state hospitals and then develop proper rights and policies for the hospitals," said Cuong. Professor Le Vu Anh, chairman of the Vietnam Public Health Association, proposed the review to focus on preventive medical services. The preventive medical sector has helped to reign in epidemics at the grassroots levels and helped alleviate overcrowding at big hospitals. However, preventive medicines had not receive much attention, he said. Nguyen Kim Phuong, representing The health sector model should have detailed information on the services, funding for the services and policies supporting lower socio-economic groups, said Phuong. The review should also determine challenges that the model will cope with and measures to resolve the challenges, she said. Health experts urge higher tobacco tax Health experts have asked for increase in tax on tobacco as an effective measure to reduce production, trading and use of tobacco. Speaking at a meeting to mark World Tobacco Day (May 31), Deputy Minister of Health Nguyen Thi Xuyen stated that the current tax on tobacco, which is 41.6 per cent of retail price, was lower compared to other countries in the region. "Increasing tax on tobacco to 60–70 per cent of retail price will be an effective measure to reduce the use of tobacco among the youth as well as lessen the damage to people's health and community," stressed Xuyen. "In order to reduce the national smoking rate by 1 per cent per year, special consumption tax on tobacco should be raised from the current 65 per cent to 105 per cent by 2015, to 145 per cent by 2018 and to 155 per cent by 2020," stated Xuyen. Xuyen added that increasing tax on tobacco will also help in increasing financial source for the State Budget. Dr Gabit Ismailov from the World Health Organisation also pointed out that the increase of tax on tobacco will help The health ministry survey revealed that 47 per cent of adult men and 1.4 per cent of women above the age of 15 were smokers, equivalent to 15 million people. Around 21.6 per cent of the youth, aged 16–24, were smokers. A study on tobacco use among students aged 13–15 revealed that more than 10 per cent of male students and 4 per cent of female students said that they intended to smoke in the future. The country's total economic burden caused by five tobacco-related diseases in The World Health Organisation reported that around 6 million deaths related to tobacco use occur each year, including 600,000 from passive smoking. If current trends continue, by 2030, approximately 8 million people will die each year from tobacco use, of whom 80 per cent will be from low- and middle-income groups. CIAT launches strategy to strengthen food security The International Centre for Tropical Agriculture (CIAT) on Tuesday launched its new global research strategy for the 2014-20 period in Ha Noi. The strategy aims to strengthen food security and bioefficiency in tropical countries, including It defines three objectives which are central for creating upward spirals of sustainable growth: to make affordable high-quality food readily available to the rural and urban poor by boosting agriculture productivity and enhancing the nutritional quality of staple crops; to promote rural income growth by making smallholder farming more competitive and market-oriented through improved agricultural value chains; and to provide the means to develop more intensive and competitive agriculture in an environmental friendly manner. Under the strategy, in the coming years, CIAT will continue to concentrate on developing more resilient and productive crop varieties, including common beans, cassava, tropical forages and rice, the four vital crops in the tropical and subtropical areas. CIAT Director General Ruben Echeverria said that tropical countries face many challenges during their economic growth, including urbanisation and environmental pollution, and added that the improvement of crops and sustainable agriculture could help address the challenges. CIAT emphasised the importance of cassava, animal feed and sustainable soil management in achieving bioefficiency in According to CIAT, cassava is the third-most important food crop in the tropical region and also serves as livestock feed and industrial raw material. About eight million rural households across In Head of Viet Nam Academy of Agriculture Sciences, Nguyen Van Bo said that cassava was earlier blamed for soil degradation. However, if it is grown with the right techniques, it is able to adapt to the changing climate and generate more income for farmers, because it can be used as animal feed and as raw material for bio-energy and pharmaceutical industries. "Science and technology are an important factor in helping improve the farmers' income," he said, calling for further scientific cooperation between The CIAT's new strategy is expected to promote cooperation in developing more resilient and productive varieties and technology transfer. The CIAT based in Shrimp farmers told to halt polluting practice The Directorate of Fisheries and local authorities have told farmers in Cuu Long ( White-legged shrimp live in brackish, saline water and are normally bred in coastal areas. To breed the shrimp in fresh water areas, farmers have been using bored well water, to which they add salt. Farmers who have no access to waste treatment have been releasing waste water directly into rivers and canals. The release of saline waste water in fresh water areas will affect rice production, the Research Institute for Aquaculture No. 2 has said. Last year, many farmers in the Delta began raising the profitable white-legged shrimp in unzoned areas despite warnings from local authorities. Farmers earned a profit VND500-700 million (US$23,800 - 33,300) per ha for one crop (bred over 70 to 90 days) of white-legged shrimp last year. Because of higher yields and prices due to export demand, profits were higher than those from rice cultivation and other aquatic species. Last year, the country's 600,000ha of black tiger shrimp had an output of 268,000 tonnes, while its 66,000ha of white-legged shrimp yielded 280,000 tonnes, according to the Ministry of Agriculture and Rural Development. Many farmers in fresh water areas have turned their orchards, rice fields and fresh-water ponds into white-legged shrimp ponds. As of last month, in the delta's fresh water and salt water areas, farmers had bred more than 1,200ha of white-legged shrimp in unzoned areas, according to the directorate. White-legged shrimp breeding has developed rapidly in upstream provinces like Dong Thap and An Giang. In Of the 57 households, 14 have harvested white-legged shrimp, with an average yield of 5.6 tonnes per ha. One kilo of 70 shrimp sells for about VND93,000 ($4.4). Most of the households use bored well water to breed shrimp. The massive exploitation of groundwater to breed white-legged shrimp could deplete this water source, according to the directorate. In addition, if shrimp disease outbreaks occur in upstream provinces, they could threaten shrimp cultivation in downstream provinces, it said. Speaking at a seminar held in Dong Thap on May 14, Nguyen Huy Dien, deputy head of the directorate, said the breeding of white-legged shrimp had brought immediate economic benefits because of high yields and prices. However, the adverse impact will be severe, especially in fresh-water areas, he said. Dien asked the directorate's Aquaculture Division and other agencies to issue a report on the breeding of white-legged shrimp to the Ministry of Agriculture and Rural Development. The directorate's Aquaculture Division was asked to propose measures to tighten the management of white-legged shrimp breeding and ban the exploitation of groundwater for breeding the shrimp in fresh-water areas. Local fisheries sub-departments were also advised to instruct farmers about the long-term impact of breeding white-legged shrimp in fresh-water areas, he said. Winter-spring rice sees high yields despite bad weather Farmers nationwide are reporting high yields for their winter-spring rice crop despite unfavourable weather in many provinces, including a cold wave and a plant-disease outbreak in the north. Two prolonged cold spells in February and cool weather in March in the north have extended the growing period of rice before the blooming stage by seven to 10 days. Despite this, farms have had high yields as farmers have used special cultivation techniques, a representative of the Ministry of Agriculture and Rural Development (MARD) said at a meeting in The north has had an average yield of 6.2 tonnes a hectare, up 50 kilos against last year's winter-spring crop, the ministry said. Le Quoc Doanh, MARD's deputy minister, said farmers should closely monitor their fields to prevent disease outbreaks. The northern region has planted over 1.1 million ha of rice, down 1,500 ha against the 2012-13 winter-spring crop. In the central region, rice yields in many provinces like Quang Tran Thi Do, who has harvested 1,500 sq. m of a rice field in Nghia Hanh District's Hanh Thinh Commune in "In previous years, I could only get about 500 kilos." Quang Ngai has planted over 38,800ha of rice in the winter-spring crop, harvested an average yield of 5.7 tonnes per hectare, said the province's agriculture department. The department attributed the high productivity rate to several factors, including high-quality and disease-resistant seeds, appropriate cultivation methods and sufficient irrigation water. The province has faced several unfavourable weather conditions, such as prolonged rain, floods and cold spells after initial planting, and drought in the middle of the crop. In The province's rice output is expected to reach 244,000 tonnes, up 6,500 tonnes against last year. MARD said farmers in the Mekong Delta, the country's rice basket, had completed the harvesting of 1.6 million ha of the winter-spring crop, with an average yield of 6.8 tonne per ha, an increase of 0.3 tonnes over the estimate by the ministry's Plant Cultivation Department. The delta this year also expanded the area of large-scale rice fields to over 100,000ha for the winter-spring crop, up 34,000 ha against last year, according to the Steering Committee for Southwest Region. An Source: VNN/VNS/VNA/VOV/ND |
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In the interview with Bloomberg on May 30, 2014, Prime Minister Nguyen Tan Dung highlights that  Nguyen Tan Dung, Bloomberg: According to this map, the area that Prime Minister Nguyen Tan Dung: Conflict, war! I believe that you can easily imagine its devastating consequences. If military conflict breaks out, there will be no loser or winner. I wish to highlight that as approximately two-thirds of the global trade in goods are shipped via the Bloomberg: How will Prime Minister Nguyen Tan Dung: We have repeatedly highlighted that the independence and sovereignty of our Fatherland are sacred and inviolable. We will never agree to swap them for any other things. Bloomberg: Will Prime Minister Nguyen Tan Dung: Bloomberg: What type of that legal action is likely? Prime Minister Nguyen Tan Dung: As I have said, Bloomberg: Prime Minister Nguyen Tan Dung: We are living in the age of extensive globalization and international economic integration. The whole world has become a single market. Economic cooperation between and among countries is based on market economy principles, equality and mutual benefit. The economic cooperation between The Vietnamese economy grew by more than 5.4% in 2013. The first five months of 2014 witnessed good progress toward our set targets. The macroeconomy remained stable. Inflation was well kept under control. Foreign reserve increased significantly. Exports surged by approximately 16% and the GDP growth for 2014 is expected to hit 5.8%. Several days ago in some provinces of the country, the Vietnamese people launched demonstrations against Bloomberg: At the Shangri-La Dialogue 2013, You had a speech focused on building strategic trust among Southeast Asian countries. Has that been achieved? You also called for the Prime Minister Nguyen Tan Dung: I underscore that rapid and sustainable economic development will not be possible without peace and stability; and peace and stability will also not be possible without strategic trust between and among countries- the strategic trust that is based on serious compliance with international law and respect for each other’s independence and sovereignty. Whether strategic trust has been attained in this region, I believe that you must have already had your answers. The Bloomberg: When or will you sign legislation raising the foreign ownership limits of public companies? How high beyond the current 49 percent cap will you lift it? In which scenarios would Prime Minister Nguyen Tan Dung: I wish to emphasize that opening up markets is the must-go path of the Vietnamese economy, and such trajectory has been consistently pursued. Thank you very much! dtinews.vn, Bloomberg |
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BUSINESS IN BRIEF 1/6 S Korea-Mekong links grow Deputy Minister of Foreign Affairs of Viet Nam, Bui Thanh Son made the statement at the second Mekong-South Korea Business Forum held in Ha Noi yesterday. Son hailed the participation of South Korean businesses in promoting Mekong-South Korea economic cooperation and narrowing the development gap in ASEAN. He stated that the organisation of the forum has not only been an evidence for Vietnamese government's commitments in Mekong-South Korea co-operation but also will create favourable conditions for the effective growth of businesses. He affirmed that Speaking at the forum, Cho Tae-yong, vice foreign minister of Foreign Affairs of the He said that He said that the South Korean government expected to strengthen co-operation with GSM countries and support the region in narrowing development gap with other countries in ASEAN. He added that Assessing on investment and business environment for enhanced connectivity of value-supply chain in the Mekong Region, He noted that in comparison with "In the Mekong sub-region, the largest recipient country is He pointed out that the investment cooperation between He noted that the greatest advantage in the region was the abundant and cheap labours. Recently, However, he said there was a shortage of skilled workers in all countries in the region. "Insufficient infrastructure in each country is an important bottleneck to connect In addition, a stable wage increase and encouragement of new business establishment for supporting industry development will also contribute to enhance connectivity of value-supply chain in the sub-region. Oudet Souvannavong, secretary general GMS-BF, vice president Lao National Chamber of Commerce and Industry, stated that the countries in the region should make the GMS economic corridors the easiest place to do business to accelerate association and integration as well as connection in the region. "Local government and operators should not look at freight, cargo, shipping and other related services as an opportunity to charge for everything," he noted. He recommended that government officials especially customs officers should facilitate trade and not police it. Road check points should also be removed or should not be strictly monitored because they were adding up costs and reducing the time of commodity transport. Serious effort has to be made on corruption. Credit growth hits 1.31%, raises doubts Credit growth of Head of the State Bank of Viet Nam (SBV) ‘s Monetary Policy Department Nguyen Thi Hong announced at the monthly press meeting on Wednesday that: "This situation is partially due to seasonal factors. Credit demand in the first half of the year is normally low." Hong stated that as the system had an abundant capital source, coupled with lower borrowing costs, credit demand will surge in the latter part of the year. "The entire target of credit growth [12-14 per cent] will be probably achieved," she added. In the first five months, the total supply was an estimated 5.28 per cent higher than the end of last year. Meanwhile, the total mobilised capital increased by 4.2 per cent. In May, borrowing costs were trimmed by 0.5 percentage point while deposit interest rates were lowered by 0.5-1.5 percentage points against 2013. Loans for privileged sectors enjoyed 1 per cent cut interest rate. Responding to questions about the possibility of a lower interest rate towards the year-end, Hong stated that it should depend on the actual movements of the economy and inflation. If inflation continues its downtrend, lenders may cut additional 0.5 percentage point. Chief Inspector of the SBV Nguyen Huu Nghia stated that in the first five months, Viet Nam Assets Management Company (VAMC) had bought additional VND6.3 trillion (US$ 298.58 million) that raised the total purchased debts to VND45.63 trillion ($2.16 billion). Earlier this year, VAMC had planned to buy VND10 trillion ($474 million) in the first quarter. Nghia pointed out that this was because of slow policymaking procedures, allowing VAMC to issue special bonds. To date, credit institutions have submitted applications to sell over VND30 trillion ($1.42 billion) to VAMC. VAMC is planning to raise the total purchased debts to VND70-100 trillion ($3.32-4.74 billion) by the year end. The 10th Saigon International Autotech and Accessories show (Saigon Autotech and Accessories) opened yesterday in Products on display include spare parts, accessories, car interiors, oil and lubricants, luxury cars, passenger cars, special vehicles, motorcycles, scooters, mopeds, and assembly and maintenance equipment. The number of companies in the support industry participating in the show this year is much higher than last year's show, with 120 domestic enterprises and nearly 150 firms coming from other countries and territories like Japan, South Korea, Thailand, Malaysia, Taiwan, India, the US and EU, according to the organisers. Some famous brands such as Subaru, Vinamotor, VEAM and FAW Giai Phong are present at the four-day show, showcasing many popular and favourite commercial vehicles as well as special and family vehicles. In addition, visitors will have a chance to enjoy car stunt shows in the 7,000sq.m outdoor space performed by British Guinness holder Russ Swift with breathtaking skill as often seen in Organised by Asia Trade Fair and Business Promotion Holdings and Statistics show decline in FDI Some 500 foreign projects with a total registered capital of US$3.67 billion have been licensed so far this year, a 17 per cent decline in investment year-on-year, according to the National Statistics Office. But Minister for Planning and Investment Bui Quang Vinh said it was not a big concern since in the first five months of 2013 the country had attracted a number of multi-billion dollar projects. FDI this year would not be very low since investors have been applying for licences for a number of "large" projects, Thoi Bao Kinh Te Viet Disbursement by FDI projects this year have amounted to $4.6 billion, a 0.4 per cent year-on-year rise, which indicates confidence in He said the confidence was based on the Government's efforts to improve the investment environment through amendments to investment and corporate laws and policies to support foreign firms. The recent efforts taken by the Government to assist companies affected by the protests against According to the MPI's Foreign Investment Department, exports by foreign companies (including crude oil) in the first five months of 2014 is estimated at $39.45 billion, an increase of 17.1 per cent and accounting for 67 per cent of total exports. Imports by them cost $32.55 billion, a 11.4 per cent rise and accounting for 57 per cent of the country's total imports. FIEs' trade surplus during the period was worth $4.46 billion. The Department said 40 provinces and cities have issued licenses for new FDI projects this year. Binh Duong led with $813.6 million, or almost 15 per cent of the total FDI in the first five months. The Gioi Di Dong files for public offering HCM City Exchange on Tuesday announced to receive the document filed for the initial public offerings of the The Gioi Di Dong (Mobile World Investment Corporation; MWI Corp). Accordingly, MWI Corp will have a charter capital of VND627.23 billion or US$29.8 million and has filed to list more than 62.723 million shares on the southern bourse. Ban Viet Securities is the consultant for the case. MWI Corp was founded in March 2004 and has since operated in trading and repairing mobile phones, in digital devices and in e-commerce. The corporation's website thegioididong.com has been developed into one of the largest and busiest e-commerce websites of According to the company's 2013 financial report, MWI Corp had a turnover of more than VND9.498 trillion ($452.2 million) and more than VND258 billion ($12.2 million) in after-tax profit last year. At the end of last year, the company paid dividends at a ratio of 372 per cent, worth VND432.9 billion ($20.6 million). MWI Corp targeted to reach a turnover of more than VND13 trillion ($619 million) this year, increasing by 37.1 per cent over last year. The after-tax profit this year was expected at VND435 billion ($20.7 million), up 68.3 per cent. Thegioididong.com yesterday opened its second mega-store in Established in 2004, thegioididong.com has opened more than 230 supermarkets nationwide. More Vietnamese products sold at Some 40 Vietnamese products, including popular favourites such as coffee, Pho, dragon fruit and seafood, have been featured all FairPrice outlets in Co-organised by the NTUC FairPrice and the Viet Nam Embassy, the fair is running at more than 120 FairPrice outlets, including Finest and Xtra stores, from May 29 to June 11. At the launching ceremony, Chairman of NTUC FairPrice Ng Ser Miang said that According to Housing project offers special promotion The central city's food joint-stock company, Danafood, began construction of its first commercial housing project in the downtown area, with a total investment of VND600 billion (US$28.6 million), on Tuesday. The project, which covers an area of 4,100 square metres, with two 25-storey building constructions in Hai Chau District, is scheduled for completion by 2016. The apartments will be sold at VND13.5 million ($640) per square metre for a total of 680 apartments. "Buyers can gain ownership of an apartment with only VND150 million ($6,700) under the government's VND30 trillion ($1.4 billion) package for low-cost housing," Director of Danafood Pham Tan Cung explained at the ground-breaking ceremony yesterday. ""We offer sales promotion programme for buyers with a retirement pension book, savings books," Cung added. Vietnamese companies receive global recognition The World Economic Forum has announced its selection of 20 Global Growth Companies (GGCs) in They are AA Corporation, The Gioi Di Dong, VNG Corporation, Thien Minh Group, and Minh Phu Seafood Corp. GGCs are fast-growing companies with the clear potential to become global economic leaders, the forum said. They are considered trailblazers, shapers and innovators committed to improving the state of the world. Potential GGCs are evaluated according to their business model, annual revenue, management team and major influence in their industry. Some other selected companies are Acleda Bank Plc. ( Rising energy consumption no threat to supply Although electricity usage has increased more than 11 per cent in the southern region this year, there will not be a power shortage for the rest of the year, the Minister of Industry and Trade, Vu Huy Hoang, has said. Hoang was quoted as saying in Sai Gon Giai Phong (Liberated Sai Gon) newspaper on Tuesday that the power industry was being well-managed and the country's reserve power capacity was 20 per cent of total demand. The minister said he was confident that there would be no power shortage this year or the next few years. The demand for power in the Southern region will increase between March and June. However, some areas in the southern region will face a power shortage in 2017 and 2018 since most of the country's power plants are located in northern and central regions. The government has also told agencies to devise solutions to deal with any imbalance of power supply, Hoang said. With an increase in capacity of domestically generated power, electricity purchases from In recent years, Last year, the amount of purchased electricity from the country fell to two billion kWh, the minister told the newspaper. According to the national strategy of energy security until 2030, Foreign aquatic regulations explained Seafood exporters in the Mekong Delta region were brought together at a seminar to be updated on the regulations of foreign markets in 2014, which will help them effectively iron out any difficulties. Chairman of the Vietnam Fisheries Association Nguyen Viet Thang said the seafood sector has reaped growth in both volume and value over the past two decades. In 2013, it brought home 6.7 billion USD from selling 6 million tonnes abroad. Vietnamese aquatic products are being sold in 150 nations and territories, he noted. However, he cited more technical and trade barriers, and stricter demands from foreign markets as major challenges that require more special attention from State-run management agencies, seafood businesses and associations. Apart from weather disadvantages, the industry continues to suffer from the illegal, unreported and unregulated fishing (IUU) standards set by the European Commission and the seafood safety barrier in the Customs Union of Russia, The Therefore, local breeders and businesses need to be fully aware of these challenges and be able to meet the regulations from foreign importers to make inroads into these markets, Thang said. The association presented in brief the non-tariff barriers and solutions in the field and highlighted the need to increase added value in the tra fish supply chain. It also called for more technology investment, the strengthening of traditional markets and expansion to new ones. Restructuring the tra (pangasius) fish industry in Mekong Delta provinces has been defined as a long-term process that requires regional cooperation, especially close coordination between farmers, businesses and banks. While A reduction in breeding area and output, the imbalance between supply and demand and fluctuating market prices have all posed challenges, the Steering Committee for the South-West region reported at a May 29 working session in Can Tho city. Also present at the talks were a delegation from the Central Economics Committee. The restructuring should, therefore, focus on financial issues and the management capacity of local breeders and businesses. Deputy Head of the Central Economics Committee, Le Vinh Tan, said the restructuring must improve the quality of products, reinforce trust from customers, and increase benefits for those involved. It also aims to ensure links between the production and distribution stages as well as between farmers and businesses, Tan said. In the first four months of this year, the Mekong Delta region harvested 253,000 tonnes of tra fish in a farming area of 2,814 ha. The provinces of An Giang, Dong Thap and Ben Tre and Can Tho city remain the largest producers, accounting for 85 percent of the total area and output of the whole region.- The pledge, part of the 2013 The ministers said that both nations are expecting mutually beneficial cooperation on almost fronts, particularly trade, investment, tourism and science-technology. Cho said the Korean business community lauds the Vietnamese Government for its timely interference in anti-China riots in Binh Duong and Ha Tinh, saying that he has strong faith in the stable investment climate in the country. On the national defence and security front, both sides vowed to maintain existing dialogue and policy exchange channels, while working more closely in personnel training, defence industry, experience sharing and undertaking United Nations peacekeeping missions. They also agreed to liaise better at regional and global forums, such as the United Nations, the Asia-Pacific Economic Cooperation, ASEAN+ and the East Asia Summit. Informed about the recent developments in the East Sea, with China illegal stationing its oil rig Haiyang Shiyou – 981 in Vietnam’s continental shelf and exclusive economic zone, Cho called for the parties concerned to settle the dispute through peaceful means in line with international law, especially the 1982 United Nations Convention on the Law of the Sea and the Declaration on the Conduct of Parties in the East Sea. In regards to the situation in the On the occasion, Cho also paid courtesy calls to Deputy Prime Minister and Foreign Minister Pham Binh Minh and Deputy Head of the Party Central Committee’s Commission for External Relations, Nguyen Huy Tang. Land readjustment deemed effective management tool Experts of the World Bank and various experienced planners from abroad stated that land readjustment is one of the solutions to help By last December, the country had reached an urbanisation rate of 33.47 percent with 770 urban areas, the official noted. The annual contribution made by urban areas is very important to the country’s GDP growth, adding momentum to the national economic development. Participants agreed that there has not been much investment poured into expanding urban areas in Vietnam because most of the funding comes from the State budget and official development assistance (ODA), adding that the community’s involvement in discussing urban development measures is still low. Meanwhile, many countries around the world have successfully implemented public-private partnerships (PPP) in urban development, they added. Foreign experts suggested initiatives to help Credit growth hits 1.31 percent in five months Credit growth of "This situation is partially due to seasonal factors. Credit demand in the first half of the year is normally low," Head of the Monetary Policy Department under the State Bank of Vietnam (SBV) Nguyen Thi Hong announced at the monthly press meeting on May. Hong stated that as the system had an abundant capital source, coupled with lower borrowing costs, credit demand will surge in the latter part of the year. "The entire target of credit growth [12-14 percent] will be probably achieved," she added. In the first five months, the total supply was an estimated 5.28 percent higher than the end of last year. Meanwhile, the total mobilised capital increased by 4.2 percent. In May, borrowing costs were trimmed by 0.5 percentage point while deposit interest rates were lowered by 0.5-1.5 percentage points against 2013. Loans for privileged sectors enjoyed 1 percent cut interest rate. Responding to questions about the possibility of a lower interest rate towards the year-end, Hong stated that it should depend on the actual movements of the economy and inflation. If inflation continues its downtrend, lenders may cut additional 0.5 percentage point. Chief Inspector of the SBV Nguyen Huu Nghia stated that in the first five months, Vietnam Assets Management Company (VAMC) had bought additional 6.3 trillion VND (298.58 million USD) that raised the total purchased debts to 45.63 trillion VND (2.16 billion USD). Earlier this year, VAMC had planned to buy 10 trillion VND (474 million USD) in the first quarter. Nghia pointed out that this was because of slow policymaking procedures, allowing VAMC to issue special bonds. To date, credit institutions have submitted applications to sell over 30 trillion VND (1.42 billion USD) to VAMC. VAMC is planning to raise the total purchased debts to 70-100 trillion VND (3.32-4.74 billion USD) by the year end. Dong Nai firms to receive State support The authorities of southern Dong Nai province will meet owners of businesses which suffered damage from recent disturbances to inform them of the State’s support policies. According to the provincial Labour Federation, the dialogues will take place at the Nhon Trach, Bien Hoa, Tam Phuoc Industrial Zones and others in Trang Bom and Long Thanh districts between May 30 and June 10. Through the events, the authorised agencies will study the damage incurred by businesses and listen to their feelings and aspirations while helping grassroots-level trade union organisations understand the importance of improving the quality of the investment environment. Employees will be made better aware of the need to protect businesses and production facilities in order to maintain the stable and sustainable socio-economic development. Since spontaneous anti-China parades earlier this month, the federation has organised 16 talks to provide information on the sea and island situation and disseminate the laws for more than 55,000 workers, said its Vice Chairman, Tang Quoc Lap. To prevent similar social disorder from reoccurring, he said his organisation has worked with business leaders to build a core workforce, including workers with high skills and firm political knowledge. They are expected to greatly contribute to encouraging workers to abide by the policies of the Party and the law of the State. Workers will be encouraged to promote their national pride by ignoring the plots of hostile forces, allowing The disturbances erupted during workers’ rallies in protest of Some extremists incited others to destroy property of foreign firms as well as of the State, businesses and individuals, and acted against law enforcement officials, disrupting social order and business activities. Thanks to the government’s timely interference, most affected companies have resumed operations and social order and security has been restored. Dong Nai authorities have so far commenced legal proceedings against 241 arrestees involved in 22 criminal cases of “causing social disturbance”, “destroying property,” “stealing property,” “openly appropriating property,” and “resisting against on-duty officials”. The minister made the comment at a working session with Deputy Secretary of the Ho Chi Minh City Party Committee, Nguyen Thi Thu Ha, and Vice Chairwoman of the municipal People’s Committee, Nguyen Thi Hong, on May 29. Lim, who is also Secretary-General of the National Trade Union Congress (NTUC), praised the connection between the Vietnam Embassy in He expressed his hope that the fair will become an annual event introducing new made-in-Vietnam products to Singaporean consumers. For her part, Ha said the fair is part of the activities to further promote trade ties between the two sides’ businesses, and stressed that the Vietnamese city will facilitate foreign enterprises’ investment and business activities in the locality. Around 40 Vietnamese products of all kinds, especially coffee, dragon fruit and seafood, will be displayed at NTUC FairPrice’s supermarkets during the fair. Last year, the number of Vietnamese exports to VEPR revises down economic growth forecast The Two scenarios are envisioned in the report for the country’s economic growth this year. The less optimistic scenario puts economic growth at 4.15% while the other projects it at 4.88%. The forecasts are much lower than the target of 5.8% approved by the National Assembly. In April, the World Bank and the Asia Development Bank (ADB) also predicted the country’s gross domestic product (GDP) growth at 5.5%-5.6% this year. Speaking at the conference, VEPR director Nguyen Duc Thanh said the GDP contraction was partially attributable to the ongoing political and economic tensions with Thanh said that VEPR had used models to measure direct adverse impacts from The General Statistics Office reported that the nation’s GDP in the first quarter of this year increased 4.96% over the same period of 2013. The economy has been on track to recovery. Thanh explained VEPR had seen signs of economic recovery before tensions with Vu Viet Ngoan, chairman of the National Financial Supervisory Commission, cast doubt on those scenarios. Ngoan said the scenarios had yet to present analysis foundations and he himself was not as pessimistic as VEPR’s economists who took part in the report. Economist Le Dang Doanh said it was necessary to clarify Danish firms keen on oil and gas sector At least there Danish companies have shown their keen interest in Nielsen told the Daily Wednesday after a signing ceremony of the Vietnam-Denmark action plan for 2014-2015 that Semco, a provider of oilrig building and maintenance services, was one of the Danish enterprises. Nielsen said tensions in the In the middle of this month, workers at some industrial parks in Ha Tinh and Binh Duong took the streets in protest against However, the ambassador appreciated the Government’s swift actions to put the situation under control and its strong pledges for tax reduction and damage compensation for the affected enterprises. Nielsen confirmed the tensions in the In addition to oil and gas, and green growth, Danish enterprises will also explore opportunities in apparel, information technology and education in the years to come. Two-way trade between Nielsen said Ministries say no to fuel price spike The ministries of industry-trade and finance have issued a joint statement ordering local fuel wholesale companies to keep their fuel prices unchanged and allowing them to use the nation’s fuel price stabilization fund to cover their losses. According to Document 7005/BTC-QLG, the current retail prices of RON 92 petrol, diesel oil 0.05S, kerosene and heavy fuel oil on the domestic market are VND228, VND87, VND52 and VND162 respectively lower than the 30-day average levels set by the Ministry of Finance from April 28 to May 27. However, after discussion with the Ministry of Industry and Trade, the Ministry of Finance has ordered all local fuel trading enterprises to maintain their exisiting retail prices and in return, they are covered with VND200 for each liter of gasoline from the fuel price stabilization fund. The enterprises are allowed to get VND160 for each liter of heavy fuel oil instead of VND0 as before and VND60 for diesel oil and VND90 for kerosene, down VND100 and VND80 per liter. HCMC Vice Chairman Le Manh Ha has told relevant departments to streamline licensing procedures for foreign investors and consider lowering land rent at industrial parks to woo more foreign firms to come for business. Ha told a meeting on measures to attract foreign direct investments (FDI) in HCMC on Wednesday that investors had complained much about the time-consuming licensing procedures and that some investors had had to even wait more than one year for an investment certificate while the regulations cap the approval time at 30-45 working days. In some cases, investors are required to complete additional administrative procedures in the fields of environment, construction and labor. The HCMC Department of Planning and Investment attributed delays in investment licensing to slow responses and comments from relevant ministries and departments. Some agencies provide vague responses or even avoid responsibilities by asking investors to consult other departments, thus lengthening the time of issuing an investment certificate for foreign investors. The time-consuming investment approval process has remained for years. The authorities of HCMC and other localities have requested central-level ministries and agencies to find a way out but the problem has been unsolved so far. However, Ha still insisted local departments make greater efforts in their capacity to simplify administrative procedures to support investment promotion programs of the city. “Departments should not set new regulatory requirements but should focus on streamlining the licensing process to attract more investors,” Ha said. Ha added the city would hold more dialogues with investors and representatives of business associations to look into their difficulties and help find solutions to them. As usual, the investors of property and commerce projects have to wait more time to get licenses as the city needs to consult ministries and central-level agencies. The HCMC government is working out a number of solutions to this. HCMC leaders had told the HCMC Export Processing and Industrial Zones Authority (Hepza) to reduce land rent in industrial parks in the city to attract more investments. The city has licensed 120 new projects with total registered capital of more than US$724 million in the year to date, down by 7.7% in number but up over 356% in capital compared to the same period last year. The city now has nearly 5,030 valid FDI projects with combined capital of more than US$34 billion. Samsung looks to airport, petrochemical projects Samsung wants to expand its investment operations in At a meeting with Deputy Prime Minister Hoang Trung Hai in Hanoi on Tuesday, Samsung’s Global Strategy Office CEO Shin Kim expressed keen interest in big-ticket projects like Long Thanh airport in Dong Nai Province, Long Son petrochemical plant in Ba Ria-Vung Tau Province, Vung Ang 3 thermal power plant in Ha Tinh Province, a shipbuilding project in Khanh Hoa Province and other civil construction projects, Chinhphu.vn reports. Deputy Prime Minister Hai hailed Samsung’s plans to boost investments in Among these projects, Long Thanh airport listed as one of the projects entitled to foreign investment towards 2020 has captured the attention of many investors. The first phase of this project will require US$5.62 billion and be implemented under PPP or BOT formats. Regarding Vung Ang 3 thermal power plant, Samsung has followed the project for a long time. Late last year, a representative of Ha Tinh Province said Samsung was planning to invest in Vung Ang 3.1 and Vung Ang 3.2 power centers with a total capacity of 2,400 MW. The source added Samsung had surveyed six locations around According to Samsung has fastened its moves for the projects since Samsung Construction & Trading (Samsung C&T) signed a memorandum of understanding with the Ministry of Planning and Investment to cooperate on infrastructure development in The MOU opened up opportunities for Samsung to invest in many more sectors in Samsung’s two electronic device and cell phone complexes in Bac Ninh and Thai Nguyen have generated jobs for nearly 60,000 workers and tens of billions of U.S. dollars in export revenue for the country every year. Around 35% of Samsung’s mobile phones for global markets are assembled in Scientists urge rice farming reduction to preserve biodiversity Scientists and experts have emphasized the importance of rice production reduction in the Mekong Delta as one of the measures to preserve biodiversity and better deal with climate change in the region. Professor Vo Tong Xuan, principal of Nam Can Tho University, told a conference on biodiversity in Can Tho City on Tuesday that rice farming caused negative impacts on the environment and lives of farmers. Nguyen Van Sanh, director of Mekong Delta Development Research Institute (MDI) under Can Tho University, warned that the current model of growing three paddy crops a year had made inroads into the goals for the Mekong Delta’s economy, society and environment. Scientists pointed out that extensive rice farming did not give land time to recover. Jake Brunner, coordinator of Mekong Program of International Union for Conservation of Nature (IUCN), raised an alarm bell that paddy was cultivated for three crops in many areas reserved for dikes, causing more flooding and saltwater intrusion. This has affected the life of locals while the impact of climate change has become unpredictable. Brunner said that the Plain of Reeds and Long Xuyen Quadrangular were the two biggest natural reservoirs in the Mekong Delta to contain water in rainy season and supply fresh water to residents of the region in dry season, but these reservoirs had lost their natural water regulation functions due to intensive paddy cultivation. Five years ago, the World Bank conducted a study on blood samples taken from farmers who grew paddy and found a high rate of being infected by pesticide in their blood, Brunner said. Nguyen Minh Nhi, former chairman of An Giang Province, described intensive paddy farming as a pesticide that farmers were sipping each day. The conference was part of a project to evaluate the use of land to find options for effective land use and ways to improve the resistant capacity of the Mekong Delta and restore the flood storage and control of the Plain of Reeds and Long Xuyen Quadrangular as well as the ecosystem of coastal areas. The project is co-conducted by In Le Anh Tuan, deputy rector of the Research Institute for Climate Change of Can Tho University, said the project was to make reviews of the Mekong Delta and map out plans to make full use of natural land and water resources in the region. Foodpanda joins forces with Pizza Hut Foodpanda and Pizza Hut have announced their strategic partnership for service diversification and business expansion of the two big names in the catering sector in the Vietnamese market. The cooperation allows customers to order pizzas directly via the website pizzahut.foodpanda.vn or via the Foodpanda’s application for mobile devices anywhere and anytime. Archibald Keswick, general director of Pizza Hut Tauriq Brown, managing director of Foodpanda Foodpanda entered the Vietnamese market in mid-2012 and has since expanded in HCMC, Pizza Hut currently has 36 eateries and six stores in Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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Article 3
With its dubious historic claims,  At the regular press conference of the Chinese Foreign Ministry on Monday, spokesman Qin Gang said: "After considering the relevant content in the press conference held by the Vietnam Ministry of Foreign Affairs last Friday (May 23), I find it funny and ridiculous. Much of the historical evidence indicates that the He also said: From the second century BC, the Han Dynasty and the Chinese conducted maritime operations in the To clarify the fallacious arguments of Chinese, we talked with Dr. Tran Cong Truc, former Head of the Government’s Frontier Committee. Dr. Truc emphasized that the Chinese side is completely wrong. Why? "Yes, the Chinese claim that they have historical evidence to prove that Xisha (Hoang Sa Archipelago of Vietnam) and Nansha ( He continued: “We have also done a lot of analysis and evaluation of this issue. He said: “To be able to clearly determine whether that theory of “There are islands in the "The argument that To assert and defend their claims, both " According to Dr. Truc, at the present time, to assess in an objective and scientific manner the legal points used by the parties in sovereignty disputes, we need to understand some of the main content of the principles determining the acquisition of national territory in international law. Dr. Truc stated: “In the long history of the development of international law, the principles and legal norms on the establishment of sovereignty have been formed on the basis of international practice, including methods of acquisition of territory. From the sixteenth century, the development and growth of the countries like the “In that context, the maritime powers found the legal principles applicable to the acquisition of territory to the territory that they had just discovered. That is the principle of ‘right by discovery’. This principle gives priority of occupation of a territory to the nation that discovered that territory first. However, in practice, the principle of ‘the right by discovery’ has never brought sovereignty to a country that discovered the new territories. Because it is not possible to determine what ‘discovery’ is, the legal value of the discovery, who was the first to discover it, and what is taken to mark that behavior of discovery. Therefore, the concept of discovery was quickly supplemented by the idea of nominal occupation, meaning that the country discovering a new territory must leave traces of its presence there. “However, the principle of nominal occupation could not fundamentally resolve complicated disputes between the powerhouses for the ‘promised lands’, especially the territories of “Therefore, after the conference on Africa in 1885 of 13 European countries and the Principles of "Effective Occupation" Article 3, Article 34 and Article 35 of The Treaty of Berlin signed in 1885 determines the content of the principles of Effective Occupation and the essential conditions for the Effective Occupation as follows: First: There must be notification of an occupation to the nations joining this treaty. Second: Maintaining the territories in which a power has claimed occupation is sufficient to ensure that the occupation is respected. According to Dr. Truc, the Declaration of the Lausanne Institute of International Law in 1888 emphasized: "Every occupation that wants to make nominal sovereignty ... must be true, i.e., real, not nominal". This statement made the principle of effective occupation of the Berlin Treaty has the common values in international law, allowing for sovereignty disputes between countries all over the world to be considered and resolved. The main contents of the effective occupation principle in international law include the following factors: First: The establishment of territorial sovereignty must be conducted by the state. Second: The occupation must be conducted peacefully on a derelict territory (Res nullius) or on a territory abandoned by a country that had previously owned it (derelicto). Third: The use of force to occupy the territory is unlawful. The occupying state must enforce its sovereignty in the necessary levels, at least appropriate with the natural conditions and population of that territory. Fourth: The exercise of sovereignty must be continuous and peaceful. Now, although the Saint Germain Convention of 1919 declared the Berlin Treaty void on the basis that the world no longer had derelict territories, lawyers and international tribunals have continued to apply its principles to resolve sovereignty disputes over islands. For example, the La Haye International Tribunal in April 1928 applied these principles to resolve disputes between More recently, the International Court of Justice decided in favor of Nguyen Hoa, |
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Article 2
Ex-NASA astronaut to  Ex-NASA astronaut James Reilly listens to the question of a participant after sharing his space flight stories and experiences on May 29, 2014 at the U.S. Consulate General's A former NASA astronaut earlier this week excited interest in dozens of Ho Chi Minh City students by talking about the pursuit of his space flight career and expressing his passion for the universe. Ex-NASA astronaut James Reilly on May 29 delivered his impressive speech on space flights to Vietnamese students at the U.S. Consulate General's Speaking of the space flights, James stated that having a chance to travel in the universe is one of his wonderful know-how and unforgettable memories while asserting it was the result of his relentless pursuit of dreams. James worked in the petroleum sector as a manager and exploration geologist in After being rejected many times, the ex-astronaut said he was called for an interview at the National Aeronautics and Space Administration in 1994 at the age of 40, after spending 32 years following his dream since he initially realized it at the age of 8. “Don’t ever give up. Just keep dreaming and chasing your dream,” James told a student who asked him about the qualifications to become an astronaut, saying it would be great having a job that makes him happy thinking of it even he has to do it every day. "You can fly like a super hero in space. There are so many wonderful things about being in space," he explained the reason why the job kept exciting him despite a lot of difficulties he faced. The 60 year-old former astronaut also talked about his unique experiences after flying on three space shuttle missions including STS-89 in 1998; STS-104 in 2001; and STS-117 in 2007, concluding that besides the weightlessness, seeing the glamorous Earth under his feet was also a miraculous and stunning feeling. James Reilly joined NASA in 1994 where he was qualified as a mission specialist who has logged over 853 hours in space, including five spacewalks totaling over 30 hours. Binh Minh, Tuoitrenews |
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Shooting the right people at the right time Hoang Kim Dang has shot his way into the nation's history books with iconic photographs of leading lights like General Vo Nguyen Giap and writer Nguyen Tuan. Watch their hands, he tells Nguyet Ha as he reflects on his career and shares insightful tips about sketching photographic portraits of famous people.
During the funeral ceremony of General Vo Nguyen Giap last October, many people held his portraits to pay homage to the national hero. One of the photos showed Gen Giap smiling radiantly and waving his hands as if he was saying farewell to his beloved compatriots. Not many people know that this precious 20-year-old photo was taken by photographer Hoang Kim Dang. How did you take that portrait of Gen Vo Nguyen Giap? I met Gen Giap five times. His spirit and modest style impressed me profoundly right on the first meeting. In 1991, when he turned 80, he invited me and another photographer, Nguyen Nhung, to his house to take his portrait photos, saying honestly and humorously that he wanted a photo to put in front of a [funeral] car. Nhung only smiled, while I said that he would not need such a photo for the next 20 years! In fact, Gen Giap needed a photo to return the affection that his compatriots and foreign friends had for him. In the last few years, Gen Giap visited over 10 countries which supported At the photo session, he agreed with my idea and put on his uniform, pinned on his badges and waved his hand so that I could take his portrait. After that meeting, I gave him several small photos of him. It was not until 1999 that I printed a large photo mounted on wood to gift him, along with another photo of him inspecting the battlefield. He said nothing about the small photo, but on seeing the large photo, he said with a smile: "The portrait is very interesting. If anything happens, this portrait will be my farewell to everybody, to my compatriots and my country…" According to people close to Giap, he became more and more interested in the photo over time. During Gen Giap's funeral, your photo was published in national and local newspapers and was shared widely on the internet. However, few gave credit to the photographer. How did you feel at that time? During his funeral ceremony, I stood among the groups of people in front of the Ha Noi Opera House to show my deep respect and bid him farewell. There were many children holding the photo that I had taken of Gen Giap. It made me feel very happy and proud that my work was very valuable on such a special day. People from both the north and south of It is said that while you were working for Van Nghe (Letters and Arts) newspaper, you had many opportunities to meet and take portraits of renowned Vietnamese writers and poets like Nguyen Tuan (1910-87) or That's right. I'm interested in writer Nguyen Tuan's style very much. Therefore, I was very curious to discover his personality and literature. I have read most of his works. Nguyen Tuan was a strong-willed and sometimes stubborn man - even in a negative way - who hated flattery. However, at that time, I dared not take his photo. Then I tried to take the photo of poet Why do you always pay attention to the context of the portraits? I think that a genuine portrait requires a thorough understanding of the characters and contexts in which they can reveal their personalities, emotions and feelings. Besides the eyes, mouth and facial expressions, I always pay special attention to the hands: they can be shown to be clapping for giving congratulations, or raised high to express struggle, and held together to portray flattery. Without hands, a personality cannot be fully expressed in a portrait shot. Photography is like literature. If the photographer takes only photos and describes facts the way they are, his work can only be called a note instead of a short story or fiction. Source: VNS/VNN |
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Real estate developers from  Vu Long Chau JSC, for example, once organized an impressive ground-breaking ceremony to build the However, the expected hotels are now only deserted land plots, covered with wild grass and broken materials. Local authorities had also placed high hopes on the $180 million Like many other projects, the project has not even begun. Only when But no further action was made after the groundbreaking ceremony. The investor, after receiving an ultimatum from local authorities on the project’s implementation deadline, committed to kick off the project in early 2014. However, there has been no sign that the investor has kept its promise. The nearby VND1 trillion CBRE Vietnam, a real estate service firm, said that 12 projects in Analysts noted that most of the projects started six to seven years ago when the Le Anh Trieu, general director of Phu Gia Thinh Company, noted that most of the projects’ investors were from “In general, the ‘golden land’ areas were reserved for shopping malls and high- end apartment blocks,” Trieu explained. “However, even affordable apartments are unsaleable, let alone high-end products.” However, an official with the Da Nang City Department of Natural Resources and the Environment admitted that it would be very difficult to revoke the licenses and take back the land already allocated to investors. And it would be even more difficult to find new investors for the projects. “No investor has made official commitments to take over the projects,” he said. Vu Trung – Huu Phuoc, |
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Article 11
BUSINESS IN BRIEF 2/6 Binh Duong remains attractive destination for FDI Around US$65 million of foreign direct investment (FDI) was poured into the southern This is a positive sign which shows that investors retained confidence in the investment environment in the locality and Binh Duong has so far lured 2,255 foreign-invested projects with a total value of about US$20 billion. According to Director of the provincial Department of Planning and Investment, Mai Hung Dung, out of the US$65 million of FDI invested in Binh Duong in May, US$43 million was poured into local industrial parks. Dung said the local authorities granted investment licenses for eight new projects, three of which were from The province was currently considering permission for another 13 projects, he added. Hang Vay Chi, the owner of Viet Huong 1 and Viet Huong 2 industrial parks, said almost all investors still spoke highly of the province’s investment environment in spite of recent disturbances caused during demonstrations by workers and local people against Following the provincial authorities’ moves to solve difficulties facing enterprises operating there, firms swiftly resumed their production and business, stabilising jobs for hundreds of thousands of employees. Le Thanh Cung, Chairman of the provincial People’s Committee, said Binh Duong was making every effort to address difficulties facing businesses and would create more favourable conditions for them to operate effectively in the locality. Green buildings: An architectural strategy to match A seminar introducing green building strategies in accordance with At the conference, the issues of technical design were analysed by Vietnamese and foreign experts to derive suitable construction principles in accordance with the climatic conditions in each region of According to experts, green (or energy-efficient) building is innate to basic architectural principles such as building orientation on the site to optimise or diminish solar exposure, amount of natural light, natural ventilation and usage of building materials suited to the climate. It could be achieved by using constructive sun protection methods, a double shell roof for shading and ventilation, or a better arrangement of windows. Architects may also increase the size of opening areas or use materials suitable for local climatic conditions such as bamboo. Sebastian Wallenwien, an architect with Fairventures Worldwide, said that a project is considered to be green when it achieves efficient use of energy, water and other resources, while minimising the impacts of buildings on human health and reducing waste, pollution and environmental degradation. Dr. Pham Ngoc Dang, chairman of the Green Building Council Vietnam and the Vietnam Association of Construction Engineering and Environment, said that green building is an integral part of urban and rural sustainable development. Dr. Dang also introduced international delegates to Vietnam’s national strategy for developing green buildings by 2020, which covers the major issues of green buildings including environmentally sustainable building site planning and design; efficient use of energy, water, and materials; air quality inside the buildings; and waste minimisation. Vietnam intends to step up its green building movement; 30% of newly built and renovated buildings using State funding are expected to qualify as green buildings by 2020, as are 10% of those using private funds. Those figures are expected to double by 2030. BOT highway projects attract investors Highway projects under a proposed build-operate-transfer model are scoring special attention from domestic and foreign investors. Two weeks after being listed by the Ministry of Transport (MoT) among the projects to source investment under the build-operate-transfer (BOT) model, the Thai Nguyen-Cho Moi section of the new national highway 3 has come close to signing with investors. The ‘almost’ is because the MoT has yet to give its final decision, but the consortium (consisting of Cienco 4 and Tuan Loc JSC) interested in the project have already submitted their proposal to the ministry and has shown to be financially capable and experienced in handling BOT transport projects. As an extension of the Hanoi-Thai Nguyen highway, the Thai Nguyen-Cho Moi section, with a VND3.15 trillion ($150 million) investment, would be a 40.7km two-lane road. Once completed, it would help shorten travel time from the northernmost areas of the country to With an investment ratio of around $2.5 million per kilometre, the project is affordable and would allow investors a reasonable timeframe to recoup their capital. “If things go ahead as planned, the procedures to choose investors will be completed before August 3 to ensure building starts that month,” said the head of the MoT’s PPP Project Management Unit Nguyen Danh Huy. Already, two highway projects – the Hoa Lac-Hoa Binh and Hanoi-Bac Giang – have reached a consensus between authorities and investors The MoT’s Transport Engineering Design Incorporated (TEDI) is revising the plan for construction of the Ninh Binh-Thanh Hoa-Bai Vot expressway to scale it down from four lanes to two to attract BOT investors. The MoT has also reportedly scaled down the scope of several other highway projects in the list of key transport infrastructure projects sourcing foreign direct investment to 2020 to shorten the time it takes investors to recoup capital. “Investors are eager to involve in these highway projects thanks to their much improved feasibility after they were downscaled,” said Huy. To ensure progress targets are achieved, Minister of Transport Dinh La Thang asked relevant authorities to hasten finalisation of standards for two lane highways to ensure consistency in application. Authorities have also been asked to properly assess investors’ capacity and finance. “The MoT must be sure it does not choose underperforming investors who will delay projects,” Thang said. FDI businesses confident in Foreign enterprises remain confident the Vietnam Government is fully capable and will maintain security and safety for investors. Many have confirmed that they will continue investing in The view was shared by representatives of FDI businesses in a meeting with the Vietnam Chamber of Commerce and Industry (VCCI) in The event aimed to exchange information and identify challenges FDI enterprises faces following recent social disturbances in the south, to help them stabilise operation. Liu Mei Teh, Chairwoman of the Council of the Taiwanese Chambers of Commerce in Phua Koon Kee, vice president of the Singapore Business Group, suggested a more rapid response from relevant agencies to such future social disorders, and said the government should take more active steps to restore business confidence. Other representatives asked the government to share financial burdens FDI businesses are shouldering in paying employees during day-offs. In Dong Nai, some companies required employees to work extra time to make up unpaid day-offs. Vu Tien Loc, Chairman of the VCCI said that the chamber will cooperate with trade unions and authorities to provide sufficient information and guidance for employees. He assured FDI businesses that they believe in political stability in King Riches breaks ground on second facility The UK-based King Riches kicked off construction of a second footwear export manufacturing plant in Quang Ngai province on May 29. The new factory will be erected on nearly 25.39ha at the Vietnam-Singapore Industrial Park (VSIP) in Tinh Phong village, Son Tinh district, at an estimated cost of US$30-50 million. Under the first phase costing US$20 million, a workshop, and residential areas for workers and experts will be built. They are scheduled to be put into operation in May 2015. The factory, the second of its kind in Since its operation at VISP Binh Duong in 1999, the first factory has constantly expanded and is now employing more than 9,000 workers. King Riches Vietnam Director General, Mickey Chen revealed his trust in the Vietnamese Government, saying that the environmental investment and active support from VSIP management board were the pivotal reasons leading to the group’s decision to build the second factory in King Riches is a subsidiary of the RoK helps Vietnamese SMEs improve innovativeness At the signing ceremony, representatives from the Vietnamese Ministry of Science and Technology, Korean Nemo Innovation Consulting Group, and Small and medium enterprise (SME) development agency of the RoK agreed that innovation is the driving force behind increased competiveness. They also discussed the role that science and technology plays in the development of innovativeness along with a host of green environmentally friendly solutions and plans to improve productivity, high-quality services and global competitiveness for SMEs. According to Deputy Minister of Science and Technology Tran Viet Thanh, a high number of cooperation projects in the field of science and technology between The event is part of an ASEM Eco-Innovation Consulting (ASEIC) Project for Vietnamese SMEs which aims to strengthen the green competitiveness of SMEs in ASEM member countries, especially in developing countries, by disseminating and utilising green management and technology in their business. The bilateral relations between At the forum, which was attended by 20 Egyptian firms, Chung called on the business communities in the two nations to strengthen the exchange of information and cooperation opportunities for their mutual benefit. He suggested that the firms should improve mutual trust and work more closely in removing obstacles in an attempt to increase bilateral trade to $500 million in the near future. The ambassador said He added that During the event, Vietnamese trade counsellor in Both sides agreed to set up a link on the situation of the Vietnamese market on the website of the Alexandria Chamber of Commerce. Business difficulties hinder establishment of new firms Domestic businesses have continuously faced difficulties, resulting in the decrease in the number of newly established firms and a rise in the number of dissolved ones. Data from the Ministry of Planning and Investment (MPI) showed that nearly 5,500 firms were set up in May, a decrease of more than 25 per cent over the previous month, and 6,713 firms completed the formalities for their dissolution or suspended their operations in the month, up 33 per cent over April. However, in the first five months, the country saw the establishment of 31,200 new firms, with a total registered capital of more than VND173.6 trillion or US$8.07 billion, a 0.7 per cent increase in the number of businesses and a 11 per cent rise in registered capital year over year. During the period, 27,800 businesses dissolved their operations, up 20 per cent year over year. The ministry also reported that there are 1,100 businesses which are facing difficulties or are reviving their operations after suspending them. To resolve the difficulties and obstacles facing businesses, the government last week asked the relevant agencies to work closely, practically and effectively, and to accelerate administrative reforms to create the most favourable conditions for business. To help firms mobilise investment, the Ministry of Finance has been asked to improve the regulations on prioritising, exempting and reducing business income tax, while facilitating the streamlining of administrative procedures related to tax and customs. The Government also asked the State Bank of It urged the MPI to complete the legal procedures to put in operation a recently established fund for developing small and medium enterprises as soon as possible. The MPI should also work with the Viet Nam Chamber of Commerce and Industry to continue training human resources for the enterprises, prioritise the fields which use hi-tech, and encourage the enterprises to establish vocational training institutions or coordinate with the institutions in training and job creation, it said. In addition, the Government also requested the Ministry of Industry and Trade to improve market management and competitive capability and to take drastic measures to address the problem of fake and low-quality goods, while boosting the support extended to local businesses to expand production and trade. VEPR urges focus on economic reforms At a workshop on releasing the Vietnam Annual Economic Report 2014 on Thursday in Ha Noi, a representative of the VEPR stated that following the success of the previous reports, this year's report, titled "The Constraints to Growth," aims at exploring and reducing the constraints of According to experts of the report, the country will continue to face challenges during the reformation process of its economy, including weakness of enterprises and not strong enough policies. Especially, this year, dispute between The VEPR noted that Under the report, experts expect Meanwhile, the report estimates the national inflation to reduce to between 4.76 per cent and 5.51 per cent this year. It pointed out that issues of According to the experts, the government should not prolong the period of using credit package to rescue the domestic property market to avoid wrong expectations from the market. The state should have a stable policy on foreign exchange rates for long term in the future to have positive effects in domestic production, they noted. They added that in the current situation, Additionally, the state should create more favourable conditions for attracting more investment to the agricultural sector and developing sea economy. The Viet Nam Annual Economic Report has been conducted since 2009. Its research results have been published as a series of annual reports in order to summarise major economic issues in the previous year, provide an economic outlook for the coming year and provide policy recommendations. The report is a key product of The report is also part of the package of Independent Economic Assessments funded by the Australian Government's Department of Foreign Affairs and Trade for the period 2014–16. "Support for the Annual Economic Report is one part of our broader partnership with the Government of Viet Nam and Vietnamese institutions to strengthen the enabling environment for economic growth," stated Ms Nadia Krivetz, Charge D'affaires, Australian Embassy in Ha Noi. " The According to the organiser Ha Noi Stock Exchange, the number of shares to be offered accounts for 12.57 per cent of the charter capital of the port. Each share is being offered at VND11,400 (US$0.54). According to the port, until September 2013, the actual value of the state capital in the port was VND654.5billion ($31.16 million). According to the equitisation plan, the charter capital after the IPO of the port will be VND660 billion ($31.42 million), equivalent to 66 million shares, of which 75 per cent is expected to be state holdings. The port's business results are reportedly good. Its revenue and profit after tax have grown in the last three years (2011-13). Accordingly, the revenue increased from VND307.9 billion to VND446.5 billion ($14.6million-21.2million) and the profit after tax rose from VND8.6 billion to VND44.9 billion ($409,000-2.1million), while the rate of return on equity also increased from 3.8 to 12.36 per cent in these last three years. The port was established in 1976, and it has operated as a limited company under the ownership of the Viet Nam National Shipping Lines (Vinalines) since 2008. With the two terminals of Tien Sa Port and With the advantage of geographic location, such as staying in the bay, covered by the Hai Van Pass and Son Tra peninsula and protected by the dyke system, According to The national development plan also ranks Da Nang Port with a grade 1 port that is not only recognised at the national level but also acts as a regional hub and international gateway in the central region of Viet Nam. Last April, the prime minister pushed for the privatisation of the country's major ports, including Hai Phong, Sai Gon, Quang Ninh, and Da Nang ports, with a directive that 25 per cent of the state's holdings in these ports should be made available to the public through IPOs, adding that it must be implemented within the year 2014. This is aimed at diversifying investment resources for the development of ports. FLC Group expects profits of VND100 billion FLC Group (FLC), listed on HCM City Exchange, expected its profit in the second quarter of this year to reach VND100 billion ($4.7 million). This will push the total profit in the year's first half to VND144 billion ($6.8 million). According to the Deputy Director of FLC Group Huong Tran Kieu Dung quoted by Dau Tu Chung Khoan (Securities Investment), the group's projects were now hastened in order to meet the deadlines, and coupled with other businesses, the goal of VND350 billion ($16.6 million) profit for the full year was achievable. Recently, FLC Group planned to increase its charter capital to VND4.55 trillion ($216.6 million) through share issues and converting VND800 billion ($38 million) convertible bonds into shares. KLF Global plans share issue to raise capital KLF Global JSC has planned to propose to the shareholders' general assembly about a share issue at ratio 1–1 to double its charter capital to VND1.48 trillion ($70.4 million). This aims at raising capitals to co-invest in FLC Group's 38-storey complex project on In the first quarter of this year, the company had a turnover of VND124.2 billion ($5.9 million) and VND19.6 billion ($933,000) in after-tax profit, increasing 235 per cent and 829 per cent over the same period last year. Its annual shareholders' meeting is scheduled on June 17. Tan Tien Plastic receives delisting approval The delisting plan of Tan Tien Plastic Packaging JSC was passed at its Wednesday annual meeting with the approval vote of 77.64 per cent of small shareholders. The company, listed on Treasury share buyback will be implemented to ensure the rights of small shareholders. Shareholders also approved the business plan for this year, with a turnover of VND1.8 trillion ($85.7 million), pre-tax profit of VND60 billion ($2.8 million) and dividend payout ratio of 10 per cent. Illegal substance found in shrimp paste bound for Australia The Express Delivery Customs Sub-department, under the Ho Chi Minh City Customs Department, on May 30 detected and seized 9.86 kilograms of drug precursor Pseudoephedrine mixed with shrimp paste contained in two plastic jars. The jars were registered to be sent as gift to The sub-department is working with the city police to investigate the case. In the last eight months, the sub-department detected and seized more than 67 kilograms of dug precursors and 4.22 kilograms of heroin, all disguised in food and cosmetics.- For many years, For genuine investors, profits are always important but are not the only consideration. Besides profits, they also need safety for their families, themselves, their assets and a suitable living environment. Over the past years, with many preferential policies, Although some shortcomings exist, as a whole FDI businesses have significantly contributed to the process of socio-economic development of the country. Many FDI enterprises also plan to expand, increasing the investment to hundreds of millions, even billions of dollars in On May 13-14, the disturbances erupted during workers' rallies in protest of Shortly after the incidents took place, the Prime Minister sent an official dispatch to the Ministry of Public Security, ministries, central agencies, leaders of provinces and cities to ensure security and order. The official dispatch also clearly stated that it must ensure the absolute safety of life and property of everyone, every business; and ensure normal production and business activities of enterprises, especially foreign businesses. On the following days, many directions were issued. The Vietnam Chamber of Commerce and Industry (VCCI) sent its message to The Ministry of Finance also sent a delegation to work in Binh Duong and Ha Tinh provinces to assess the extent and severity of damage to enterprises. The delegation was directed to require insurance businesses to pay compensation promptly under their contracts to help damaged enterprises quickly restore their production. Particularly, on the afternoon of May 17, President Truong Tan Sang visited and encouraged FDI enterprises in Binh Duong province. Furthermore, leaders of localities, where the incidents occurred, have taken measures to ensure security and order, punish violators, overcome challenges and to gradually resume production. So far, most enterprises in Binh Duong, where the number of damaged enterprises was largest, have resumed production. This development shows that the drastic directions of the Government over the past days and the efforts of local leaders have restored the confidence of foreign investors. Speaking at meetings with local leaders and the press, many foreign investors said that they feel secure, more confident and reassured to continue expansion of their long-term investment in Health campaigners hope tobacco tax hike will reduce consumption The Ministry of Health on May 30 held a meeting on the implementation of tax and retail price rises for tobacco products, in a bid to reduce consumption, in response to World No-Tobacco Day (May 31). The World Health Organisation (WHO) says that tobacco smoking annually claims nearly 6 million lives around the world, including 600,000 who are killed by passive smoking, Deputy Minister Nguyen Thi Xuyen stated at the meeting. She expressed concern that the number is likely to reach 8 million by 2030. It is believed that up to 40,000 people die annually in She called on ministries, agencies, organisations and individuals to work together to enforce no-smoking regulations at public places. Part of the law making smoking in bars and restaurants illegal has been largely ignored in many places. The tobacco tax in Research on tobacco use among Vietnamese youth has shown that the smoking rate has increased. For example 21.6 percent of the nation’s smokers are young men aged from 16-24. The total economic burden caused by the five main tobacco-related diseases in Thus, Xuyen declared that an increase in the tobacco tax is an important measure to restrict tobacco consumption among Vietnamese people, particularly youngsters. To this effect, the ministry has proposed a road map for the increase of taxation on tobacco, the official added. Under the plan, a special tobacco consumption tax would be imposed at 65 percent in 2015, gradually increase to 105 percent during the 2015-17 period, and reach 145 percent for the next two years. The ministry would also consider tax adjustments in 2020. As a result, retail prices may rise by 21 percent and 17 percent for the 2015-17 period and the following two years, respectively, higher than the average per-capital income in the periods. On the occasion, the ministry, in co-ordination with the Ho Chi Minh Communist Youth Union, awarded prizes to nine winners of a competition to make video clips, photos and posters which depict the ill effects caused by smoking and appeal to local people to comply with the law on prevention and control of tobacco harms. State Bank plays key role in stabilising financial system The State Bank of Vietnam (SBV)’s key role in stabilising the monetary and financial system topped the agenda of a seminar in Participants said in Central banks of all countries in the world are aware of the importance of financial stability, which serves as an essential condition for macroeconomic stability, they said. Affirming the State Bank’s irreplaceable role in stabilising the financial system, Dr. Vu Dinh Ang, an economic expert, stated that it is necessary to create an information coordination mechanism in order to realise this stability. If all relevant agencies recognise the monetary-financial stability as vital in their countries, they will have good collaborations with each other, he said. Sharing the same view, Dr. Can Van Luc affirmed that there is no transcendent and ideal financial-monetary stabilisation model but the central bank plays more and more important role. He emphasised the need to have a policy coordination mechanism between the State Bank and relevant ministries and agencies as well as building an effective and transparent deposit insurance tool in case of crisis. He also proposed the establishment of an international financial-monetary council with the State Bank being the main actor. Participants suggested the SBV closely follow the financial system’s developments and put forth suitable monetary policies. Foreign businesses feel secure in Vietnam The Government's prompt, determined measures and its commitments after the disturbances at some localities have reassured foreign businesses in Chairwoman of the Council of the Taiwanese Chambers of Commerce in Vietnam Liu Mei Teh thanked the Vietnamese Government and appreciated its efforts to stabilise the situation and propose appropriate solutions, which have relieved Taiwanese and Chinese investors’ minds. She hoped that Taiwanese and Chinese enterprises will be created favourable conditions to overcome consequences and launch long-term operation in The disturbances erupted during workers’ rallies in protest of Some extremists incited others to destroy property of foreign firms as well as of the State, businesses and individuals, and acted against law enforcement officials, disrupting social order and business activities. Thanks to the government’s timely interference, most affected companies have resumed operations and social order and security has been restored. VGP quoted General Secretary of the Japan Business Association Isao Obayashi as saying the investment environment has been improved year by year, adding that Meanwhile, Chairman of the Korean Association of Industry and Trade in Ho Chi Minh City Lee Jong Hoe said the case is a chance for foreign and Vietnamese businesses to increase cooperation and production. Garment, textile industry promotes cleaner production programme The garment and textile industry has taken measures to protect the environment such as implementing cleaner production programme, encouraging enterprises to apply environmental management standards and creating a good workplace for labourers, the Vietnam Economic News reported on May 29. Like many other producers, Being aware of this issue, many Vietnamese textile enterprises have recently not only built complex wastewater treatment systems but also applied a range of cleaner production measures like Nam Dinh Textile Company, Saigon Textile Company, Nhat Tri and Thuan Thien dyeing facilities. As for cleaner production application, they took a range of measures such as sensibly using the correct levels of material and fuel sources for dyeing and weaving sector, operating wastewater treatment systems for dyeing production lines or moving dyeing facilities into industrial zones where they have had adequate wastewater treatment systems. Applying cleaner production measures have helped the garment and textile sector meet a range of environmental requirements. With appropriate cleaner production measures, each tonne of garment and textile products could save about 0.2-0.5kg of dye, 100-200kg of chemicals and additives, 50-100cu.m of water and reduced consumption of 150kg of oil and 50-150 kWh of electricity. In addition, these measures also aimed to protect consumers' health. Therefore, the proportion of To stabilise production and protect the environment, To realise this goal, the application of cleaner production will be the optimal choice. In addition, the garment and textile industry will review the environmental impacts on the garment and textile development strategy and legal regulations on environment. Other solutions for the garment and textile industry include implementing cleaner production programmes, encouraging enterprises to apply environmental management following ISO 14000 standard and creating a good workplace for labourers following SA 8000 standard.- Tay Ninh imports sugar cane, cassava from Cambodia Businesses in southern Tay Ninh province have been allowed to import 40,000 tonnes of cassava from For the 2013-14 crop, 45 businesses and individuals in the province have registered to invest or otherwise cooperate in growing over 5,500 hectares of sugar cane and nearly 1,100 hectares of cassava in Cambodian provinces bordering Cooperation documents have been signed between the authorities of Tay Ninh province and the two Cambodian provinces of Svayrieng and Kampongcham. To encourage investment in Cambodia and the transport of post-harvest farm produce into Vietnam, Tay Ninh has applied a partial import tariff exemption while intensifying import and quarantine procedures and facilitating the transport of goods.- Foreign aquatic regulations explained Seafood exporters in the Mekong Delta region were brought together at a seminar to be updated on the regulations of foreign markets in 2014, which will help them effectively iron out any difficulties. Chairman of the Vietnam Fisheries Association Nguyen Viet Thang said the seafood sector has reaped growth in both volume and value over the past two decades. In 2013, it brought home 6.7 billion USD from selling 6 million tonnes abroad. Vietnamese aquatic products are being sold in 150 nations and territories, he noted. However, he cited more technical and trade barriers, and stricter demands from foreign markets as major challenges that require more special attention from State-run management agencies, seafood businesses and associations. Apart from weather disadvantages, the industry continues to suffer from the illegal, unreported and unregulated fishing (IUU) standards set by the European Commission and the seafood safety barrier in the Customs Union of Russia, The Therefore, local breeders and businesses need to be fully aware of these challenges and be able to meet the regulations from foreign importers to make inroads into these markets, Thang said. The association presented in brief the non-tariff barriers and solutions in the field and highlighted the need to increase added value in the tra fish supply chain. It also called for more technology investment, the strengthening of traditional markets and expansion to new ones. Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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Article 10
With its dubious historic claims, At the regular press conference of the Chinese Foreign Ministry on Monday, spokesman Qin Gang said: "After considering the relevant content in the press conference held by the Vietnam Ministry of Foreign Affairs last Friday (May 23), I find it funny and ridiculous. Much of the historical evidence indicates that the He also said: From the second century BC, the Han Dynasty and the Chinese conducted maritime operations in the To clarify the fallacious arguments of Chinese, we talked with Dr. Tran Cong Truc, former Head of the Government’s Frontier Committee. Dr. Truc emphasized that the Chinese side is completely wrong. Why? "Yes, the Chinese claim that they have historical evidence to prove that Xisha (Hoang Sa Archipelago of Vietnam) and Nansha ( He continued: “We have also done a lot of analysis and evaluation of this issue. He said: “To be able to clearly determine whether that theory of “There are islands in the "The argument that To assert and defend their claims, both " According to Dr. Truc, at the present time, to assess in an objective and scientific manner the legal points used by the parties in sovereignty disputes, we need to understand some of the main content of the principles determining the acquisition of national territory in international law. Dr. Truc stated: “In the long history of the development of international law, the principles and legal norms on the establishment of sovereignty have been formed on the basis of international practice, including methods of acquisition of territory. From the sixteenth century, the development and growth of the countries like the “In that context, the maritime powers found the legal principles applicable to the acquisition of territory to the territory that they had just discovered. That is the principle of ‘right by discovery’. This principle gives priority of occupation of a territory to the nation that discovered that territory first. However, in practice, the principle of ‘the right by discovery’ has never brought sovereignty to a country that discovered the new territories. Because it is not possible to determine what ‘discovery’ is, the legal value of the discovery, who was the first to discover it, and what is taken to mark that behavior of discovery. Therefore, the concept of discovery was quickly supplemented by the idea of nominal occupation, meaning that the country discovering a new territory must leave traces of its presence there. “However, the principle of nominal occupation could not fundamentally resolve complicated disputes between the powerhouses for the ‘promised lands’, especially the territories of “Therefore, after the conference on Africa in 1885 of 13 European countries and the Principles of "Effective Occupation" Article 3, Article 34 and Article 35 of The Treaty of Berlin signed in 1885 determines the content of the principles of Effective Occupation and the essential conditions for the Effective Occupation as follows: First: There must be notification of an occupation to the nations joining this treaty. Second: Maintaining the territories in which a power has claimed occupation is sufficient to ensure that the occupation is respected. According to Dr. Truc, the Declaration of the Lausanne Institute of International Law in 1888 emphasized: "Every occupation that wants to make nominal sovereignty ... must be true, i.e., real, not nominal". This statement made the principle of effective occupation of the Berlin Treaty has the common values in international law, allowing for sovereignty disputes between countries all over the world to be considered and resolved. The main contents of the effective occupation principle in international law include the following factors: First: The establishment of territorial sovereignty must be conducted by the state. Second: The occupation must be conducted peacefully on a derelict territory (Res nullius) or on a territory abandoned by a country that had previously owned it (derelicto). Third: The use of force to occupy the territory is unlawful. The occupying state must enforce its sovereignty in the necessary levels, at least appropriate with the natural conditions and population of that territory. Fourth: The exercise of sovereignty must be continuous and peaceful. Now, although the Saint Germain Convention of 1919 declared the Berlin Treaty void on the basis that the world no longer had derelict territories, lawyers and international tribunals have continued to apply its principles to resolve sovereignty disputes over islands. For example, the La Haye International Tribunal in April 1928 applied these principles to resolve disputes between More recently, the International Court of Justice decided in favor of Nguyen Hoa, |
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