Social News 24/8 HCMC’s authorities are running against the clock to finalize a scheme to establish an urban railway company tasked with managing and operating Metro Line No. 1 that is expected to be ready by the turn of the decade. The metro management company will be up and running right this year while studies on metro operation and maintenance as well as personnel recruitment and training will be done after 2016. The company expects to recruit sufficient employees, complete staff training, and take over infrastructure and facilities of Metro Line No. 1 in 2017. The HCMC Management Authority for Urban Railways said the company will also make necessary preparations for deployment, operation and maintenance of the first metro line in the 2014-2017 period. A representative of the urban railway authority added the firm will be entirely funded by the city budget due to the absence of revenue in the first years of the metro line’s operations, and the total cost of the company is estimated at VND107 billion during this period. Meanwhile, the total value of assets under the company’s management is estimated at nearly VND38.64 trillion, including the costs of infrastructure and equipment of the first metro line. However, the metro management company’s initial charter capital would be a mere VND14 billion, according to the scheme. In addition, the number of employees will be 107 and 394 people in 2016 and 2017 respectively, and remain the same in 2018. New board of The HCMC Department of Education and Training has yet to formally recognize the new management board of In a statement sent to the university, the education department required those calling for the extraordinary meeting, the management board and other shareholders to agree on the capital ratio of each contributor and registered capital of the university. Tran Van Tao, board chairman of Meanwhile, Nguyen Trung Duc, one of the people who summoned the extraordinary meeting, proposed the authorities officially recognize the new management board. Meeting with Vice Chairman of the municipal People’s Committee Nguyen Huu Tin on August 20, Tomokatsu said his visit is to strengthen two-way cooperation in climate change, waste management and enforcement of the law on environment. In the open-minded and keen spirit, Tin informed his guest that the city is working to better manage the environment, especially its waste treatment by shifting away from landfill to incineration and microbiological disposal. He expressed hope for continued assistance in technology transfer from the Japanese ministry and localities in the coming time. In the past, Giving specialized contact devices to fishers Vietnam Posts and Telecommunications Group (VNPT) coordinated with the Ministry of Information and Communication offered 25 SeaGateway sets to People's Committee of Quang Ninh province on August 18. These advanced equipments were sponsored by VNPT under the campaign “Connecting East Sea”, aiming to mobilize the support of organizations and individuals in the country, overseas compatriots to contribute expenditure of buying the advanced contact devices, helping fishers grasp information timely, prevent and deal with natural disasters proactively; speeding up the development of economy of the sea and protecting sovereignty of the country. SeaGateway is an advanced device used in fishing vessels, satisfies the demand of calling, sending messages, transferring GPRS documents, transferring GPS documents through GPRS to server within 100 kilometers. Unlicensed floating restaurants still operate on West Lake Several floating restaurants on the In early August, a working group run by the Ministry of Public Security, Vietnam Register and the Vietnam Inland Waterways Administration conducted an inspection of four floating restaurants on Nang Tien Ca 1 restaurant failed to provide any of the required documents. So, it was suspended operation and its dossier was sent to Tay Ho District Police. However, the restaurant continues to operate and attracts a wide range of customers. In order to avoid attention, they close most of the doors and use dim lighting and curtains. Still, staff can be seen inside serving customers at large parties. Other restaurants, such as Pham Ngoc Tien, of the Hanoi municipal Department of Transport, said, none of these floating restaurants on West Lake are licensed for inland waterway services. “Licenses for inland waterway services are valid for one year and all these facilities’ licenses were expired,” Tien noted. Concerning Nang Tien Ca 1, Tien said that this is an anchored ship that was upgraded into a floating restaurant. “We find it difficult to deal with these violations because ownership often changes. Upon inspection it is difficult to find the responsible parties." Nguyen Duc Du, from the Ministry of Public Security, said Nang Tien Ca 1 poses serious safety risks. “The incident that occurred on Bkav launches nationwide security network contest The Bkav network security company launched the WhilteHat Grand Prix Competition on August 19. Entrants aged under 35 years old and are either students or are working in the field of security networks are eligible to enter. Entrants are encouraged to register in groups of between two to five members. The groups will then enter an online qualifying round via a forum at http://whitehat.vn. The best ten teams will then take part in the final round to be held in Hanoi and Ho Chi Minh City at the same time on October 25, they will be tested both in the form of attack and defence. The winning team will be awarded VND100 million (US$4,700), while the second and third place winners will receive VND20 million (US$940) and VND10 million (US$470), respectively. The contest is being held to boost study and research in the field, thus increasing the quality of human resources to ensure the national security network. The WhiteHat forum was established in 2013 by Bkav to create a space for security network and technology lovers to exchange their knowledge. The forum has attracted around 20,000 members. Five levels of natural disasters announced Under the PM’s Decision 44/2014/QD-TTg, natural disasters were categorized in five levels featured by different colours and measurement. Accordingly, level 1 in light blue tells small risk; level 2 in light yellow is medium risk; level 3 in orange is high risk; level 4 in red alerts extreme risk and level 5 in violet features a catastrophe. In addition, the Decision also classifies risk levels of low pressure and storm, from level three to level five. Especially, level 5 is applied to extremely strong storms from grade 12-15 in the South and super storms from grade 16 and above in coastal areas in the Northern and Central regions. There are five risk levels for flood disasters; two of whirlwind, thunder, freezing rain; three of heavy rain; three of hot weather; four of drought; three of damaging cold and hoarfrost; three of fog; three of flash flood; two of landslide; two of salt erosion; five of sea level rise; five of earthquake;and two of tsunami (level 3 and level 5). The plan was started in the 2014-2015 school year and operates in eight districts. It was aimed at improving the quality of childcare in the city and help workers employed in industrial parks. They planned to expand the model to four other districts, which would cover 50% of districts in the metropolis in the 2015-2016 school year, and then expand it citywide in the 2016-2017 school year. Currently the programme involves one or two state-funded preschools in each district. But, after careful planning, hiring of teachers and securing infrastructure, not many students showed up. It seems that many parents preferred to send their children to home-based daily childcare centres or back to their hometowns to be cared for by extended family. Some of these facilities failed to attract any children. Doan Thi Xuan Phuong, a representative from the HCM City Union of Women's Associations said the demand for childcare for children aged six months and over in the city is high, but because of the the lack of such facilities, many parents have grown accustomed to sending their children to their hometowns while they are young. “I think part of the reason for this is that many parents working at industrial parks have to work overtime and on Saturdays and these childcare facilities do not coincide with their schedules,” Phuong said. She added that many parents cannot afford to pay school fees. Many home-based daily childcare centres allow parents to pick their children up as late as 10pm and still provide the service on weekends at a low cost. Nguyen Huu Danh, from the HCM City Association of Former Teachers said the plan is well-intended, but it is made difficult by a number of procedures. Parents who wish to participate have to submit several documents, including residency papers, which many are unable to produce because they are immigrants. Deputy PM calls for assistance to Central Highland immigrants Deputy Prime Minister Nguyen Xuan Phuc has directed ministries, sectors and localities to ensure stabile lives for immigrants while controlling the unplanned migration influx to the He has asked the local authorities in northwestern and Central Highlands regions to actively carry out policies on healthcare, land allocation and education for immigrants. The local authorities were asked to immediately allocate land for 10,000 households who had no land to farm in Dak Lak, Dak Nong and Gia Lai provinces in 2014. The provinces were also urged to give priority to implementing residential stabilisation projects in 2015 and the following years. Deputy PM Phuc also requested localities in the northwestern and Dak Lak leads Central Highlands in number of schools The Central Highland Local authorities earmark part of the annual budget to repair and build at least 900 classrooms every year, enabling children from most of the communes and villages to go to school. The province has also spent nearly 53.5 billion VND (2.5 million USD) buying textbook and essential learning tools for about 149,000 students from ethnic minority groups or beneficiary social welfare families. Particularly, in the 2014-2015 school year, the province is to introduce a set of Ede-language textbooks to local primary schools to meet the demand of children from the ethnic group. Other provinces in the region have also invested hundreds of billions of VND into upgrading schools in remote areas and buying textbooks for children of ethnic minority groups in preparation for the upcoming school year. According to the Steering Committee for Central Highlands, the region has 6,271 schools of all levels with 97,409 classrooms and drawing more than 1.4 million students, over 32 percent of whom are from ethnic minority groups. The Central Highlands provinces comprise of Dak Lak, Dak Nong, Lam Dong, Gia Lai and Kon Tum, with a population of over 5.4 million people, 25.7 percent of them being ethnic minorities.- RoK firm helps build school for Thai Nguyen’s pupils The construction of a school for pre-school and primary pupils at Lam Vy commune, Dinh Hoa district, the northern mountainous The Lotte Shopping Plaza Vietnam (LSPV), a subsidiary of Lotte Group, funded nearly 2 billion VND via Plan-RoK for the school, which comprises of two fullly-equipped classrooms, a kitchen, a toilet, a water supply system and a play ground. The facility, which can accommodate 85 students, is expected to become operational in June, 2015. Speaking on the occasion, Sung Yeon Suck, business director of LSPV said his firm is honoured to join in social activities in On behalf of the local authorities, Chairwoman of the Dinh Hoa district People’s Committee Loc Kim Tuyet said Lam Vu is one of the poorest communes in the district. She thanked the firm for its assistance for the project, which is hoped to improve the access of local pupils from low-income families, especially those in remote areas, to education. Resettlement problems put hydro-plant behind schedule Only 300 of the 800 households on the site of the Lai Chau Hydro-power Plant in the The new resettlement areas are dispersed throughout the villages of Cang, Giang, Hat Me, Nam Khao, Nam Hai and Trung Tam, in the locality in the province. As planned, the evacuation had to be completed by June 30 this year. However, partially completed infrastructure to provide water and electricity in new resettlement areas were blamed for the delay. Lo Thi Hat, a resident who moved to a new resettlement area in Other residents have also had to go without electricity in their new resettlement area in Hat Me Village three months after they relocated. Vietnam News Agency correspondents in the province reported that only 4 of the 6 new resettlement areas were building classrooms for children. New resettlement areas located on soft soil in Muddy roads connecting the commune with the new resettlement areas were also believed to be making residents hesitant to move due to landslide risks. Lu Thi Sen, chairwoman of the communal People's Committee said it was difficult to travel during rainy weather. "We have to use excavating machines to remove mud and soil to travel and transport our furniture," she said. Tran Van Dung, head of the provincial Management Board of Evacuation Project, said the risks would reduce when the rainy season ended. By the end of this year, the management board would finish the evacuation and repair landlide-affected areas, he said. The construction of the US$1.68-billion Lai Chau Hydroelectric Plant began in 2011 and was expected to finish in 2017. New decree aims to boost offshore catching A newly-devised decree provides a spate of basic policies supporting the strong development of modern off-shore fishing methods to raise incomes for fishermen, Deputy Prime Minister Vu Van Ninh has said. In his interview granted to the press before Decree 67 takes effect on August 25, the Deputy PM highlighted the important features of the decree in comparison with those on seafood issued previously. According to Ninh, the decree provides a full, systematic and synchronous set of basic policies to encourage fishermen build high-capacity, iron-covered ships capable of fishing offshore, a practice that could earn fishermen higher incomes, and at the same time contribute to protecting the country’s territorial waters. It also gives priority to the building of fishery logistics vessels, which are considered a basic factor for the effective operation of offshore catching fleets. The credit policy for fishermen is based on commercial credit relations, meaning that fishermen have to work with commercial banks on their needed loans and the State only gives support in interest rate and loan limit, he said. For those who borrow money to build ships, especially iron-covered ones, the decree regulates a preferential interest rate of 1-3 percent per year, the lowest level at present, for 11-year loans. Loan limit also stands high, about 70-95 percent of the newly-built ship value. The Deputy PM said Decree 67 has been built carefully basing on fishermen’s opinions, field surveys, and lessons drawn from the implementation of previous decrees. Relevant ministries and agencies have issued guidance documents to ensure the decree will come into life as soon as possible. Ninh expressed his hope that the decree will prove effective in reality, creating a breakthrough in the country’s seafood development. He added that the Government will review the implementation of the decree in late 2016 to draw experience for the next years. Vietnamese awarded President of the Vietnam-Japan Friendship Association Nghiem Vu Khai has been presented with Speaking at a ceremony in Japanese Ambassador Hiroshi Fukada said he believed that Khai will make more efforts, together with the Japanese side, to further bolster the two countries’ relations in the time to come. Khai, who received a PhD degree in He has also translated many Japanese poems into Vietnamese as a way to introduce the East Asian country’s culture and literature to Vietnamese readers. Rice research programme committee shaped Minister of Agriculture and Rural Development Cao Duc Phat has approved the establishment of a Steering Committee for the National Rice Research Programme till 2020. Deputy Minister Le Quoc Doanh will head the committee, which is responsible for building programmes to improve the output and quality of the product while working with relevant partners to assess the results. The association forecast rice exports will hit 6.3 million tonnes by the year’s end. The figure includes 3.5 trillion VND (164 million USD) from now to 2020. The project is expected to help the capital reduce environmental pollution, protect public health, and contribute to the sustainable development of urban areas and industrial zones. More than 16,000 tonnes of solid waste, discharged from households, industrial parks, construction sites, and hospitals, need to be treated daily in the city by 2030. Seventeen solid waste treatment facilities have therefore been zoned off, including the eight existing ones. The total area for these plants till 2030 will be 422 hectares. Energy-saving and environmentally-friendly technology will be preferred to treat the waste. To carry out the project efficiently, the capital will adopt policies and enhance communication campaigns to raise public awareness of environmental protection and classification of solid waste right at home. Thousands of hectares of forest land destroyed due to ignorance Over 4,500 hectares of forest in the Central Highlands From 2008 to 2013, more than 4,500 hectares of forest trees were cut down. Even though Truong Xuan Forestry Company is responsible for this land, it has ignored the problem completely, as local residents clear the forest for living and agricultural lands. Ha Van Tuat, who cleared forest for rubber and coffee plantations, expressed surprise upon learning that his land is managed by Truong Xuan Company. He said, "I bought this 2 hectares of land in 2009 and the transaction didn't involve any forestry company." Tuan said dozens of residents in Truong Xuan Commune have been exploiting this forest. Some bought the land while other reclaimed land from the wild. Pham Quoc Thuy, chairman of Truong Xuan Commune People's Committee, said, "It's a violation for these residents to clear and use this land. They're not the owners or managers." A representative of Truong Xuan Forestry Company said that because of financial difficulties they have had to cut staff and could not employ enough rangers to protect the forest. However, they could not explain why the company had never reported the issue to the authorities and continued making fire safety and prevention plans for land they had allowed local residents use. According authorities in Some, however, think that if this case is not strictly dealt with, the remaining trees on nearly 2,000 hectares would soon disappear and rivers and streams would run dry. Stored toxic waste threatens Halong Bay The authorities in Currently, only Holcim Vietnam Ltd., in Another proposal was to allow the Thanh Cong Group dispose of the substance at a closer location. An expert from Vietnam PCB Management Project said that Thanh Cong Group is capable of the task, the only obstacle is that they are not licensed. He added that it may take three to six months and VND5-7 billion (USD239,000-333,000)to safely dispose of the containers and their contents. In 2007, Cuu Long Vinashin Investment JSC imported three pieces of old heavy equipment from Hoang Danh Son, deputy head of Quang Ninh Province Department of Natural Resources and Environment, said that the authorities did not dare move the chemicals because of the vast amount and the danger involved. For seven years, the waste was kept outdoors at the customs' storage yard and the containers are corroded. Some of the chemicals have even leaked. According to Son, if this substance were to leak out, the damage it would cause to the eco-system in In May, Cuu Long Vinashin, Department of Natural Resources and Environment and the local customs had to remove the oil from the old equipment and store it in containers. The containers, however, do not meet safety requirements. The Government should inform its State budget revenue and spending more clearly so that its people can understand this matter better, said Victoria Kwakwa, country director of the World Bank in Kwakwa told a conference held by the Ministry of Finance in Kwakwa warned against the fact that many localities borrow too much to invest in their projects although the debt has gone beyond their payment capacities. She also emphasized the importance of public finance restructuring as it plays a crucial role in ensuring socio-economic stability and helps the country meet the target of restructuring its economy. The Ministry of Finance said State budget collections increased 18% a year in 2004-2013. Minister of Finance Dinh Tien Dung stressed at the conference that draft amendments to the State budget law will strictly regulate the responsibilities of localities for their expenses. The Ministry of Planning and Investment should supervise public investment projects to ensure their efficiency. The conference attracted around 150 representatives of governmental agencies and ministries, international organizations and diplomatic corps in Source: VNN/VNA/VNS/VOV/SGT/SGGP/ND |
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Vietnam – Japan boost strategic partnership At the invitation of Vietnamese Deputy Prime Minister/Foreign Minister Pham Binh Minh, Japanese Foreign Minister Fumio Kishida paid an official visit to Vietnam from July 31 to August 2, 2014 with the aim of promoting deeply and widely the Vietnam – Japan strategic partnership in many fields. During his stay in Vietnam, Japanese Foreign Minister Fumio Kishida met with State President Truong Tan Sang, Prime Minister Nguyen Tan Dung and attended many important events. On August 1, 2014, Vietnamese Deputy Prime Minister/Foreign Minister Pham Binh Minh and Japanese Foreign Minister Fumio Kishida co-chaired the 6th meeting of the Vietnam-Japan Cooperation Committee in Hanoi with the participation of representatives from ministries and sectors of the two countries. At the meeting, Deputy Prime Minister/Foreign Minister Pham Binh Minh affirmed that Vietnam considers Japan one of its top strategic partners while Japanese Foreign Minister Fumio Kishida emphasised Japan’s determination to boost the strategic partnership with Vietnam. The two sides discussed and agreed on measures to boost bilateral ties in a comprehensive, effective and sustainable manner in the future by maintaining regular exchange of visits and meetings between the two countries’ senior leaders, promoting the role of existing dialogue mechanisms and intensifying connection between the two sides’ ministries and localities. The two ministers reached a consensus on effectively implementing agreements signed by high-level officials, particularly major infrastructure projects such as the North-South Highway, Lach Huyen Port in Hai Phong City, and Ninh Thuan 2 Nuclear Power Plant. Japanese Foreign Minister Fumio Kishida also affirmed that Japan continues to consider Vietnam as a leading partner in official development assistance (ODA). The Japanese Government continues maintaining a high level of ODA for Vietnam, focusing on supporting growth, enhancing competitiveness, improving the market economy mechanism, training human resources and preventing natural disasters. Deputy Prime Minister/Foreign Minister Pham Binh Minh highly valued the Japanese Government’s commitment to maintaining the provision of its ODA at a high level for Vietnam, including the signing of a diplomatic note of exchange on a non-refundable aid package worth 4.86 million dollars to ensure maritime safety and a 3.43 million dollars grant for a human resources development scholarship programme in 2014. He reaffirmed the Vietnamese Government’s commitment to effectively use Japan’s ODA so as to further promote socio-economic development. Chairman of the Party Central Committee’s Commission for Organisation/ Chairman of the Vietnam-Japan Friendship Parliamentarians' Group To Huy Rua receives Japanese Foreign Minister Fumio Kishida. Both sides also agreed to continue collaboration to improve the investment environment in Vietnam, speed up a public-private partnership model, and strengthen connection in trade, human resources training, science technology, climate change, culture and people-to-people exchange. They applauded the growing agricultural cooperation between the two countries in recent times and examined ways to carry out a number of projects such as Bach Dang Bridge, Can Tho University and a Vietnam – Japan University. Deputy Prime Minister/Foreign Minister Pham Binh Minh highly appreciated the Japanese Government’s policy for facilitating the grant of entry visas for Vietnamese citizens in recent years. Foreign Minister Fumio Kishida affirmed to continue assisting Vietnam in implementing its Industrialisation Strategy in the framework of the Vietnam – Japan Cooperation and the Vietnam-Japan Joint Initiative to improve the investment environment in Vietnam. The two officials shared their reviews and agreed to intensify cooperation in regional and international issues of mutual concern. Deputy Prime Minister/Foreign Minister Pham Binh Minh underlined that Vietnam welcomes Japan’s active and constructive contribution to peace, stability, cooperation and development in the region and the world. The two sides agreed that parties concerned should settle disputes in the East Sea through peaceful dialogues on the basis of international law, especially the 1982 United Nations Convention on the Law of the Sea, observing the Declaration on the Conduct of Parties in the East Sea (DOC) and working towards the formation of a Code of Conduct (COC), contributing to maintaining security, maritime safety, stability and peace in the region.
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In     A tree fell on a Ho Chi Minh City street over the weekend, killing a woman and sounding the alarm on the city’s management of its aging population of street trees. On August 17, Nguyen Thi Nhung, 36, was riding down Nhung was rushed to hospital where she succumbed to her injuries. Her husband, who was driving the bike, and their children suffered only minor injuries. Vu, a resident who witnessed the accident, said he was standing in his home near the site when he saw the falling lim xet (Yellow Flame Tree) crush two motorbikes and five people. Nhung’s family and a young woman on another motorbike were injured; Nhung was the hardest hit. According to Vu, he and more than 10 other people tried to lift the tree to pull Nhung out, but it proved too heavy. It wasn't until a crowd formed that they were able to move the trunk -- which measured around 50 centimeters in diameter, he said. Thuy, another eyewitness, said she can't stop thinking about the gory scene. “It'd leave anyone worried about their family every time they step out into the street, especially during the rainy season,” she said The city keeps no official statistics on tree-related accidents, but a review of Thanh Nien’s archives since 2012 revealed at least two fatalities and dozens of injuries caused by falling trees. Most of the accidents were caused by the lim xet, which is widely planted in the central and southern provinces. The species lines many HCMC streets, particularly downtown streets like Le Loi, Dong Khoi, Le Duan and Nguyen Binh Khiem. Most were planted prior to 1975. Who is to blame? Nguyen Trinh Kiem, a spokesman for the As such, the tree can easily be uprooted during big storms. In April 2012, when a tropical storm weakened into a depression and slammed into HCMC, 208 lim xet trees were among the 683 trees that fell. According to Kiem, trees that quickly develop branches and leaves like the lim xet, should be seriously trimmed before each rainy season to reduce the risk of falling branches. However, he said the state-owned Kiem suggested the company chop down old and diseased trees that are at high risks of falling. One urban tree expert told Thanh Nien that city authorities should chop down risky trees and replace them on an annual basis. Street trees shouldn't be allowed to get too big, he said. He suggested that the city plant me chua (tamarind tree), bang lang (queen crape myrtle), bo cap nuoc (golden shower tree) and long nao (camphor tree). Lawyer Pham Van Thanh of the HCMC Bar Association said the victims of falling tree accidents can seek compensation from the city government. The two sides can negotiate the amount, but if no agreement is reached, the victims can bring their cases to court. |
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Youth cherishes dream of donating 180,000 notebooks to poor kids in  18-year-old Tran Viet Duong poses with his bike which he rides during his charity trips. Courtersy of Tran Viet Duong An 18-year-old man has been working hard to realize his dream of cycling across Tran Viet Duong has been passionate about riding his bicycle across the country since he was in the 11th grade and joined a group of cycling enthusiasts online. With a difficult childhood, Duong has special feelings for disadvantaged rural kids and been active in charitable activities. As soon as he turned 18, the young man came up with an idea of raising and giving away 180,000 notebooks to poor kids across the country. Duong’s idea was enthusiastically embraced by his friends, teachers, and even strangers. However, his parents strongly objected to his plan, as he decided to postpone taking entrance exams to gain admission to university for one year. “My career success can wait for me for one year but the kids’ joy can’t wait for even one day. The notebooks aren’t anything regarding monetary value, but they mean a lot with everyone’s love sealed in them and will spur the kids on in their studies,” Duong shared. Initially, there were times when he wanted to give up on his project, as he was faced with numerous difficulties regarding weather, terrain, accommodation, and budget. He even had to spend nights beneath bridges or stayed with kind-hearted locals. For the past two months, Duong has handed out some 2,000 books to kids in remote areas, a humble number compared to his target of 180,000. “Though I’m still far from reaching my target, I’ll never give up. The kids’ beaming smiles upon receiving my gifts just keep me going on,” the young man added. Tuoi tre news |
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BUSINESS IN BRIEF 25/8 Local gold consumption takes nosedive Domestic consumption of gold bars and jewelry in the second quarter of the year plunged to 19.3 tons from the 33.4 tons recorded a year ago, according a report by the World Gold Council. The report puts sales of gold jewelry at around 2.8 tons and those of gold bars at 16.5 tons in April-June. The gold market is under absolute control by the State Bank of The report however says gold imported into the country through informal channels has helped make up for the lack of official gold supply but is not sufficient. A gold expert said gold is no longer a safe haven for Vietnamese people. This is evident in very low gold transactions. Saigon Jewelry Holding Company, the country’s leading gold trader, reports daily trading volume of 1,000 to 1,500 taels. The gold market experienced one of the most turbulent times in the second quarter when In the coming time, there will be a low possibility of the central bank increasing gold supply for the market because the central bank once said it would intervene when the market turned too volatile. In the year to August 15 gold had marked up by 5.67%, or VND1.97 million, year on year. SJC gold had sold at VND36.67 million per tael, VND2.5 million per tael higher than world prices, while prices of 99.99% gold rings had been VND34.15 million per tael, almost on par with global levels. Metro Cash & Carry ownership change unnerves local suppliers Berli Jucker Public Company Limited’s (BJC) acquisition of Metro Cash & Carry Vietnam has caused anxiety among Metro’s goods suppliers. Speaking to the Daily, the director of a fast-moving consumer goods firm, said his firm and many other suppliers of Metro are worried about the new owner of Metro Cash & Carry Vietnam. Multiple suppliers said they had actually made little profit from supplying goods for Metro as Metro often asked for high discounts. Goods suppliers first signed contracts with Metro Cash & Carry but for the following contracts, Metro re-negotiated with suppliers on discount rates on an annual basis and discount rates often increased year after year, according to some enterprises. Thai firm BJC as the new owner of the Metro wholesale center chain spent a hefty 655 million euro taking over this chain. A couple of suppliers have expressed concern that BJC might choose to bring Thai goods to The director of the above fast-moving consumer goods firm said he is waiting for moves by BJC and if BJC actually prioritizes Thai goods, his company would consider switching to a different distribution system. However, he seems optimistic as he believes that even though BJC puts more Thai products on the shelves of Metro stores, the Vietnamese market would not be flooded by Thai goods. Other distribution channels of his firm are traditional wet markets and sales agents. The volume of goods his company provides for Metro accounts for several percents of output and profit is low, but if Metro opened more outlets, the volume would be bigger. Meanwhile, the director of a company specializing in supplying kitchen utensils believed BIC would prefer distributing Thai goods in Nevertheless, he said if Vietnamese consumers still had high demand for local goods, BJC would have no choice but to continue supplying domestic products, instead of selling Thai products only. According to this director, local products will have to compete with those from Currently, prices of Thai products are higher than those of Metro Cash & Carry Vietnam earlier issued a statement saying that all of its operations with 19 distribution centers and properties worth 655 million euros would be taken over by BJC under a deal signed on August 7. The acquisition is expected to be finished in the first half of next year. BJC is a major distribution, marketing and production firm of Banks report high bad debt in first half Banks’ consolidated earnings results in the first half of the year show an increase of bad debts and high risk provisions. Asia Commercial Bank (ACB) set aside VND354 billion for its risk provision fund, six times higher than last year’s same period. ACB’s high risk provisions resulted from mounting bad debts. On June 30, 2014, its bad debt ratio went up from 3% in late 2013 to 3.6%, equivalent to VND4.037 trillion. With such bad debt, potentially irrecoverable debts (group 5) totaled VND2.616 trillion, up over 23% against last year and accounting for 64.8% of total bad debts, while debts needing special attention (group 2) picked up 22%. At Saigon Thuong Tin Bank (Sacombank), bad debts recorded on June 30 accounted for 1.5% of total outstanding loans, up a slight 1.48% from last year. However, its January-June risk provisions inched up nearly 25% year-on-year to VND308 billion. Meanwhile, the Bank for Foreign Trade of Vietnam (Vietcombank) reported total bad debts of over VND9 trillion, equivalent to 3.09% of its total outstanding loans. Of this, potentially irrecoverable debts made up VND4.765 trillion, up 70.7% year-on-year and 2.73% against last year. With such bad debt ratio, Vietcombank would have to sell bad debts to Vietnam Asset Management Company (VAMC) in the coming time. Bad debts at the Vietnam Bank for Industry and Trade (VietinBank) were put at VND9.575 trillion on June 30, 2.4 times higher than late last year. Besides, its risk provisions also climbed strongly by over 30%. This surprised the market as a long period of time before 2014, VietinBank’s bad debts accounted for only 1% of outstanding loans and the bank’s leaders appeared to be confident about the quality of banking services. Early this year, after VietinBank’s shareholders approved a leadership reshuffle, including the posts of board chairman and general director, statistics of the bank turned out to be less glossy, which demonstrated the new leadership wanted to make the actual health of the bank known. Bad debts at Military Bank (MB) in June reached VND2.915 trillion, up nearly VND770 billion and accounting for 3.1% of total outstanding loans. Late last year, its bad debt ratio stayed at only 2.46%. In addition, MB’s risk provision fund rose by nearly 18% in January-June, which means its bad debts would have to be sold to VAMC. Statistics at Vietnam Export-Import Bank (Eximbank) were also not as good as expected as it had VND2.364 trillion bad debts. This bad debt amount represented 2.94% if its total outstanding loans, close to the level set by the central bank to force banks to sell bad debts. Banks with the bad debt ratio of 3% or above are compelled to sell debts to VAMC. Eximbank’s risk provisions increased by a staggering 88% in the first half of the year. The bank saw its bad debt ratio at around 2% with VND1.652 trillion late last year. According to analysts, banks’ revelations of their actual earnings results are a good sign. This indicates banks are more transparent to their shareholders. In a broader perspective, the central bank has recently taken measures forcing banks to be more transparent. However, some said this is just part of a story. Banks seem to have delayed releasing their earnings reports. It took them 45 days after quarter two to announce their reports but those reports have not been publicized. Just one-third of the banks have released their reports. Binh Duong offers preferential loans to riot-hit firms Enterprises affected by the mid-May rioting in With this loan package to be launched next month, the interest rates will be cut by half, according to chairman of Binh Duong Province Le Thanh Cung at a review meeting held last week on insurance payouts and support for protest-hit enterprises. Three months after the rioting occurred, Binh Duong has refunded taxes worth nearly VND524 billion for 143 affected enterprises. Besides, the province has offered tax extensions for 243 companies with a combined amount of nearly VND19 billion and is providing 2014 land rent exemptions and reductions for 594 others with an estimated VND155 billion. In addition, there are 12 firms enjoying import tariff exemptions and zero value-added tax on machines imported to replace the damaged ones. Enterprises outsourcing and producing products for export also get tax exemptions and those importing materials for domestic consumption get tax refunds. Besides, enterprises building or repairing their damaged facilities are not required to seek construction licenses. However, Cung acknowledged insurers had been late in making insurance payouts for the affected enterprises and added the province would urge insurers to speed up the process. Binh Duong has so far brought 28 people to court on charges of rioting and looting during the anti-China protests. More than 57% of companies in the Mekong Delta have reported lower-than-expected business performances in the first half due partly to last year’s poor results. A review report on the corporate sector’s performance in the first six months released by the Vietnam Chamber of Commerce and Industry (VCCI) in Can Tho at a seminar Can Tho City last week said 55% of companies in the region met less than half of their profit targets for the year. The report also showed that a mere 4.5% of businesses enjoyed positive growth against the year-earlier period while 37.5% reported flat business results. Nguyen Thi Thuong Linh, general secretary of the Mekong Delta Business Association and deputy director of VCCI Can Tho, attributed the poor performance of local firms to the shrinking domestic demand and the negative impact of shrinking export markets as shown by the report. “A number of hindrances such as unqualified labor, rising production cost, difficult access to bank loans, poor traffic infrastructure, lack of market information and outdated technology had impacted on businesses,” Linh added. Most local firms projected the situation would worsen until the end of this year. Given the economic situation in The two economists noted Danh said Meanwhile, Lan mentioned the local agricultural industry also relies on Importers and exporters shoulder multiple absurd charges Importers and exporters in the country have been shouldering more than 10 types of charge and surcharge since 2010, with some of them described as unnecessary and absurd. The reports which industry associations have sent to the Ministry of Transport say exporters are paying a wide range of charges including terminal handing charge, container imbalance charge, port congestion charge and container cleaning charge. The authority of In the past a number of shipping lines imposed a fuel surcharge when fuel prices rose. The current charges and surcharges are 20-30% higher than last year, leading production and transport costs to swell and cutting into the competitiveness of local products on global markets, according to the reports. According to the Vietnam Leather and Footwear Association (Lefaso), annual charges and surcharges levied on footwear export shipments amounted to nearly US$110 million. Industry associations said certain types of charge could be collected when unexpected events happened, such as port congestion and imbalanced containers. However, shipping lines are inclined to keep them in place though problems have been resolved. According to government agencies and industry associations at a meeting last week, collections of such charges and surcharges are incompliant with international regulations and practices. Bui Thien Thu, deputy head of the Vietnam Maritime Administration (Vinamarine), said the Vietnamese ship fleet is not capable of transporting export and import goods, so goods owners have had to rely on foreign shipping lines. To ensure healthy competition, Vinamarine proposed the Government authorize the administration to work with the Vietnam Competition Authority, Vietnam Export Import Authority, Vietnam Chamber of Commerce and Industry (VCCI) and other industry associations to conduct a thorough review of charges and surcharges. The administration will report to the Ministry of Transport before requesting shipping lines and agents to stop collecting charges and surcharges deemed as absurd. The administration also suggested collaborating with the Ministry of Industry and Trade, the Ministry of Finance and VCCI to establish a joint task force to monitor charge and surcharge collections and propose the Government issue an appropriate management mechanism. Local firms fear losses in Local rice exporters said the recent rises of domestic rice prices discourage them from joining a 500,000-ton rice tender which the The National Food Authority (NFA) of the Philippines said six enterprises are bidding for the contract to supply 25% broken rice for the Philippines, including two from Vietnam – Vietnam Northern Food Corporation (Vinafood 1) and Vietnam Southern Food Corporation (Vinafood 2). NFA plans to spend US$235 million on the contract, meaning the highest price would be around US$470 per ton. Huynh The Nang, general director of Vinafood 2, said this price is US$10 per ton lower than the current level on the domestic market. Nang said domestic rice prices have increased in recent times due to an undersupply while demand has surged given the high volume of rice contracted. Local firms need about two million tons for delivery. However, Duong Van Men, a rice trader in the Mekong Delta province of Dong Thap, said local exporters are buying 5% broken rice for export at VND9.2-9.3 million per ton, or US$438-443. Therefore, exporters can still make some profit if the FrieslandCampina Vietnam funds cow bank project FrieslandCampina The project benefited farmers in the northern provinces of Son La and Thanh Hoa over the weekend, with each household given one cow worth VND10 million. If the cow gives birth to a calf, the family will raise that calf for about six to twelve months before returning the mother cow to the Red Cross Society to lend this cow to another household in need of help. FrieslandCampina After nearly four years of existence, the project has aided more than 7,000 poor households. The project is aimed to support at least 1,000 more families around the country. Study for 3rd power plant in Hau Giang underway Korea Electric Power Corporation (KEPCO) and VINAKONALT Co.Ltd are conducting a feasibility study and analysis for a third coal-fired power plant in Hau Giang province –Song Hau 3. At a meeting with representatives from the two businesses on August 19, Tran Cong Chanh, Hau Giang provincial People’s Committee Chairman provided information on incentives the province would offer, should the project move forward, pledging the full support and backing of the Committee. Spanning 107 hectares, the proposed coal-fired power plant has two turbine generators and a total design capacity of 2,000 MW. Currently, Hau Giang has attracted a number of the country’s largest-scale thermal power plant projects including the 1,200 MW Song Hau 1 constructed at a total cost of US$1.5 billion, and the 2,000MW Song Hau 2 (US$3.5 billion). The three projects are located in the Song Hau Power Complex situated in Phu Huu A industrial cluster of Hau Giang’s Chau Thanh district. Bright future for Vietnam, The Vietnamese textile and garment sector, with its rapid and sustainable growth over recent years, remains overly dependent on foreign raw materials, paying inordinately higher prices than necessary. Do Huu Huy, deputy head of the Ministry of Industry and Trade's Africa and South West Asia Market Department, also divulged most of the raw materials for the sector originate in Africa and are sold to Vietnamese manufacturers through intermediary French, Swiss and Indian wholesalers. The garment and textile sector would benefit tremendously by developing a direct international supply chain with African nations, Huy says, thus eliminating the extra cost of the middleman, resulting in increased price competitiveness in the global marketplace. A spokesperson for the Ministry of Industry and Trade and Vietnam Cotton & Spinning Association, echoing Huy’s views, disclosed the agency has been endeavouring to strengthen trade promotion activities with African countries over the past with a view towards ameliorating the situation and enhancing the sector’s supply chain. The spokesperson cites a recent meeting held at the International Trade Centre (ITC) for Vietnamese manufacturers and its partners from eastern and southern African countries as a specific example. Numerous prospects for increased direct trade between the two sides were opened up at the meeting that will benefit the industry in the coming time. Marco Charles Mtunga, acting Managing Director of Tanzanian Cotton Board in turn said that the association is working with ITC to implement better management measures related to cotton contamination. Along this line, the association will be offering training courses for farmers and cotton processing factories aiming to improve the quality of cotton in the future. According to General Department of Customs, in the first seven months of this year, cotton imports surged 34% in volume and 36.3% in value on-year to a record 458,000 tonnes valued at US$919 million. According to the Vietnam Cotton and Spinning Association (VCOSA), the industry currently has 5.1 million spindles with production capacity of about 700,000 tonnes of fibres per year. VCOSA General Secretary Nguyen Hong Giang said that the Trans-Pacific Partnership Agreement (TPP)’s origin requirement for “yarn forward” would create favourable conditions for exponential growth in the global marketplace for Vietnamese manufacturers. With the expansive prospects created by the TTP and the momentum for the development of a direct supply chain for raw materials with African partners, the prospects for continued rapid and sustainable growth in the garment and textile sector remain bright. Firms urged to conduct overseas promotions Vietnamese companies need to further promote their products, especially online, if they wish to sell in foreign markets, a conference heard in Speaking at the conference to promote trade and business with Yuji Yamauchi, president of Alaki Company Ltd, said working with many Vietnamese companies has shown that the internet was the best way to boost business. Besides studying Japanese companies, Vietnamese companies should show how strong they are, and they have to do it online by uploading information about their products, quality, and service, he said. If there are no advertisements, Japanese companies would know nothing about Nishiyama Akira, director of BSO Investment Consultant Company, told the conference that Vietnamese companies should learn from the experience of Japanese companies and then add their own strengths. He told Vietnam News that since his country lacks a young population it needs to cooperate with other countries including "Creating trust and being in time are very important," he said. He told the 100-odd Vietnamese business executives about the habits and needs of Japanese companies and the way they think and act. Last year The conference was organised by VCCI and attended by over 100 of companies. RoK group interested in Hau Giang’s thermal power plant The Korea Electric Power Corporation (KEPCO) has showed its interests in procedures of investment in the Song Hau 3 thermal power plant, a major project in the Mekong Delta At a working session with KEPCO representatives on August 19, Chairman of the provincial People’s Committee Tran Cong Chanh pledged to provide the best possible conditions for the investors in the project. The two-turbine plant, fueled by coal, will have a capacity of 1,200 MW. It is set to cover 57ha in the Phu Huu A concentrated industrial complex in Chau Thanh district. Several major thermal power plants are under construction in Hau Giang province, including the 1,200 MW Song Hau 1 and the 2,000 MW Song Hau 2. The three projects are part of the Song Hau Power Centre spreading over 360ha in Chau Thanh district, which was approved by the Government. International organisations and the Vietnamese government have urged firms to comply with copyright laws to avoid risks of having data stolen and having their reputation destroyed if legal actions are taken against them. Licensed software is highly beneficial to businesses, Dao Anh Tuan, representative of BSA | The Software Alliance in As the cost of computer software only takes up 5-6 per cent of individual companies’ expenditures, Tuan believes that such cost is not that large compared to the cost incurred to deal with any problems or risks of using unlicensed software. Despite having been profusely warned, many companies, including wholly foreign-owned enterprises, continue to ignore these risks, as shown by a recent series of audits and spot checks nationwide carried out by the Ministry of Culture, Sports and Tourism (MoCST). Following the first software piracy lawsuit early this year, penalising computer software ownership violations has been more encouraged by the “Any intellectual property disputes should be solved at court as assets are involved,” Vu Xuan Thanh, the MoCST’s chief inspector said. Thanh personally encouraged companies to take legal proceedings, believing that this is the most effective and vigorous way to see to these problems, and it is also the way to be. Vu Ngoc Hoan, acting head of the Copyright Office of Vietnam, agreed, saying that in parallel to law education, strong actions would be needed. Hoan encouraged copyright owners to refer any infringements of their products to the civil court to seek resolution and recovery of losses caused by the perpetrators. Phu Yen Beer buy-out deepens According to an announcement issued by Masan, Orchid Consultant Company Limited, a subsidiary of Masan Group, has acquired 100 per cent of Lamka One Member Company Limited, which holds a 99.99 per cent stake in Phu Yen Beer and Beverage Joint Stock Company. Orchid Consultant will be renamed Masan Brewery. Phu Yen is a small beer company, but offers In a previous move, Masan Consumer, another subsidiary of the group, acquired a 53.2 per cent stake in Vinacafe Bien Hoa and 63.5 per cent of Vinh Hao Mineral Water. However, unlike Phu Yen Beer and Beverage Joint Stock Company, Vinh Hao had a more than 80-year history and was a dominant mineral water retailer in both south and central Group chairman Nguyen Dang Quang announced on August 13 that Masan Group will increase its chartered capital from VND7.349 trillion to VND7.358 trillion ($349.95 million to $350.38 million), after it issued additional shares in July this year. After more than 10 years operating, Masan Group is based in Lightbridge has become the first American company to invest in The company announced last week that it entered a memorandum of understanding (MoU) with the Vietnam Agency for Radiation and Nuclear Safety (VARANS) that calls for both parties to collaborate in the continued development of administrative, legal and regulatory infrastructure to support Lightbridge is a leading innovator of next generation nuclear fuel designs and a provider of nuclear energy consulting services to commercial and governmental organisations. The MoU came after the US Senate’s Foreign Relations Committee approved an agreement on civilian nuclear co-operation between the “This understanding recognises Lightbridge’s global expertise in developing effective support infrastructure for non-proliferative, commercial nuclear energy programmes and is another important step in Vietnam’s drive to deliver clean, safe, affordable nuclear energy to support the nation’s economic growth,” said Seth Grae, Lightbridge president and CEO. He added that the understanding provides a framework for Lightbridge’s advisory service team to support VARANS under specific tasks, as VARANS seeks to implement best practices in nuclear regulations, licensing, inspection, as well as education and training activities. To ensure energy security, The Vietnamese government estimated nuclear power would eventually account for 10 per cent of the country’s total power generation capacity. Nuclear power plants will be built at eight locations in five The government is currently preparing for the construction of four reactors at two plants in Ninh Thuan that are expected to come on line later this decade. Russian and Japanese contractors will be building the two plants under turnkey contracts. However, with the plan to build 14 reactors over the next two decades, An overly complicated and lengthy approval process has forced Australian mining company Atlantic Ltd to exit an aluminium supply chain project in the Central Highlands, after two years conducting studies and waiting for the government go-ahead. In Atlantic’s quarterly report released two weeks ago, the company announced it had “completed the process of closing its The Australian mining company explained that since 2012, it had worked in close collaboration with Late last year But “Given the lack of progress to date and the current financial position of the company, the board decided to cease further expenditure on its Terry Bourke, general counsel at In 2012 Atlantic signed a memorandum of understanding (MOU) with the state-owned Vietnam Natural Resources and Environment Corporation (T-MV) for the development of a major rail, mine, processing and port project in the Atlantic believed this was a strong business opportunity given Vietnam’s competitive advantages in the aluminium supply chain, including the highly-sought gibbsite ore typically found in the Central Highlands region, and the proximity of the project to major world demand centres, where there is an over capacity of refining and smelting capacity, but an undersupply of high-quality bauxite. T-MV and Additionally, if the Vietnamese government approved Atlantic’s proposal, the company was ready to invest in two aluminium projects in Nhan Co and Tan Rai in the Freight surcharges worry enterprises Enterprises are seeking the cooperation of freight forwarders and the intervention of State management to bring down current freight surcharge rates, which they find to be too high. Based on estimates of the Viet Nam Association of Seafood Exporters and Producers, Viet Nam Textile and Garment Association and Viet Nam Leather-Footwear-Handbag Association, additional freight fees on Vietnamese imports and exports were equivalent to 1 per cent of the country's total's export turnover, or around US$110 million to $150 million each year. At least 10 kinds of surcharges were being applied to imports and exports, such as the terminal handling charge, container imbalance surcharge and port congestion surcharge. These additional freight fees have soared by around 20 to 30 per cent over those charged last year and were imposed without warning, the associations' officials said. The fees have placed a heavy burden on import and export enterprises, the associations' officials added. Shipping companies say the surcharges are being imposed in line with international practice, but enterprises find this explanation unacceptable. At a meeting with the Viet Nam Competition Authority under the Ministry of Industry and Trade last week, the associations' officials said some surcharges were unreasonable and were increased without warning. Enterprises had no other choice but to pay the surcharges to ensure the delivery of their goods. At a meeting with logistics companies two weeks ago, a representative of the Viet Nam Port Association said the State management of maritime transport remained weak. As a result, the market is mostly controlled by foreign shipping companies. The Vietnam Economic Times quoted the Viet Nam Maritime Administration (VMA) as saying that currently, there was a lack of mechanisms for the State management of freight surcharges, though the problem had been previously reported to the Government. The VMA urged concerned authorities, including the Ministries of Finance, Industry and Trade, and Transport, to jointly supervise the collection of freight surcharges to ensure compliance with The associations called on the State management to help maintain a healthy and competitive business enviroment by ensuring the imposition of transparent and reasonable ocean freight fees, which were essential to boosting the competitiveness of Vietnamese products. More Japanese firms seek business opportunities in Vietnam More Japanese enterprises have come to Ho Chi Minh City this year to sound out business prospects, a local newspaper quoted Vice Chairman of the HCM City People’ Committee Hua Ngoc Thuan as saying. According to the Saigon Times Daily, Thuan said in the year to date, many delegations of senior Japanese officials have visited Japanese companies have invested in 668 projects in “The numbers will increase as many big firms of The first Vietnam-Japan industrial park will come online in the city in late October this year and the city government wants to call for Japanese firms to invest in high-tech and supporting industries, Thuan said. At the meeting, Hiroshi introduced some enterprises and university presidents accompanying him to A survey announced by the Japan External Trade Organization (JETRO) earlier this year showed 70 percent of Japanese investors said they want to expand their operations in According to the Daily, Atsusuke Kawada, head of the JETRO office in Dr. Truong Quoc Cuong, Head of Vietnam Drug Administration has ordered departments of health to keep close watch on drug quality after Sai Gon Giai Phong released an article “Difficulties on controlling medication quality" on August 18. The Vietnam Drug Administration under of the Ministry of Health said that it has discovered some batches of medicine that fail to meet the quality standard. In order to supply drugs to hospitals nationwide, the drug administration has asked drug importers to assess the suppliers and producers to ensure the quality of medication. Drugs of these pharmaceutical companies which had failed to meet the quality will be completely rechecked. Any acts of not recalling or slow recalling substandard drugs would be considered as violations and this will be fined as per the country’s current regulation, said Dr Cuong. Purchasing power drops in traditional markets Economic crisis together with strong competitiveness from supermarkets, trade centers and flea markets have resulted in a drop in purchasing power of traditional markets in This time in previous years used to be peak trading time of An Dong Market in District 5. 10 a.m. on Tuesday morning, Saigon Giai Phong reporters found to have few customers there. A clothe seller named Muoi said that purchasing power has kept dropping for the last several years. This year it has been down 20 percent over last year. Stall owner Diem My who sells children clothes said earlier orders came from several provinces and cities nationwide. However the order number and value have drastically reduced for the last two years. The presence of retail customers has also tailed off. Similar condition is found prevalent at other grade 1 markets like Binh Tay, Ben Thanh and Tan Dinh. It is even worse in grade 2 and 3 markets. Shoppers used to stream to Pham Van Hai Market in Tan Binh District, where has been known for diversified goods with competitive prices especially clothes and pork for the last decade. At present, several stalls have to shut down. The market has 815 business households with nearly 1,600 stalls. Tens of households have closed down since early this year, according to the market’s management board. Most stalls in the new Van Thanh Market in Binh Thanh District have closed doors. Some of the remaining ones are moderately operating. Several traders at An Dong and Ben Thanh have tried to improve their customer services but still failed to push the purchasing power up. According to a market analyzer, traditional markets' competitiveness has been weaker because of the expansion of modern trading modals. Customers have paid more attention to food hygiene and safety, which is not well controlled at markets. Part of traders still keeps their habit of overcharging and selling low-quality products. A number of markets have downgraded without measures to repair and upgrade. Flea markets and vendors are popular and convenient for several customers who don’t want take time at parking lots. According to HCMC plan, the city will not build new markets any more but upgrade current ones' infrastructures, improve food hygiene and safety there, and set up the markets’ managers. The Industry and Trade Department has completed a project on implementation of a new market modal this year, in which food hygiene and safety will be ensured. Ben Thanh Market and Hoc Mon Wholesale Market have been chosen for pilot implementation of the project, said the department deputy head Le Thi Ngoc Dao. Food safety will be monitored and managed from the input to stalls, where products meeting VietGap quality certificate will be available. It is a difficult project comprising several matters, especially traders’ habit change, said Ms. Dao. However if relevant sides work together synchronously, it will be useful for the markets to develop in a civilized and modern manner in accordance with the economy’s common trend. The city has also worked in another project of building brand names for markets and their traders. Three wholesale markets Thu Duc, Hoc Mon and Binh Dien have had certificated brand names. Vendors told to leave Saigon Trading Group (Satra), the owner of Saigon Tax Trade Center in downtown HCMC, has decided to close the shopping plaza on October 1 to build a skyscraper at the premises, and has asked over 230 vendors there to move out no later than the end of next month. Meanwhile, shop owners at When the building at 39 Le Loi Boulevard is demolished, Saigon Tax Trade Center’s vendors could not continue business there as fencing erected around the metro construction site will be close to the façade of the shopping center, meaning business is impossible as customers cannot approach it. Tran Sy Quy, head of sales at the center, said the plan to rebuild the trade center was approved by the city government a long time ago and now comes the execution period. As Metro Line No. 1 construction is underway, some 500 square meters of the Earlier, Satra had signed contracts to lease out space at In addition, they will be given priority to lease business space once the new building is completed. Until now, many vendors in At present, many vendors at Liberal business environment yet to be established Although Vietnam has finished legal documents regulating business freedom since last year, such a spirit has not been guaranteed in reality, experts said at a seminar in Hanoi on August 20, as the Government is seeking to establish a liberal business environment. Nguyen Dinh Luc, former head of the legislation department of the Party Central Committee Office, commented that It was provided for in the first constitution in 1946 that Vietnamese citizens are guaranteed the right to own assets they have from all sources, including from doing business. The right was made clearer in the 2013 Constitution, which says all Vietnamese citizens are allowed to do business in all sectors that are not banned by law, he said. However, the regulations on business freedom themselves create difficulties for individuals and enterprises in different ways. Lawyer Truong Thanh Duc said he cannot understand the real ‘substance’ of the legal system as there are areas not banned by law but by sub-law documents. He raised his question as the Ministry of Planning and Investment these days has suggested putting hundreds of business sectors in the list termed as conditional and eight areas off-limits to businesses. Dinh Xuan Thao, head of the Institute for Legislation Study under the National Assembly Standing Committee, noted that as regulated in the Constitution, only laws can limit or ban enterprises from doing some business, while bylaws cannot do that. But in reality, it is very difficult to meet all conditions to operate businesses that are not prohibited. Among business sectors on the market, 110 sectors require enterprises to get business licenses while 345 others require them to seek the nod of authorities. Vu Thi Hoa, director of Hanoi-based Vinablock Co., Ltd, said the mechanism of registering for business gets in the way of obtaining the right to do business of enterprises. The business registration will create advantages for individuals and enterprises to enjoy their right to do business in a free way if it is built with the aim to boost economic growth. But because it is built to help State authorities easily manage enterprises, it contains many different conditions and procedures so that enterprises have to depend much on the authorities, she said. On Tuesday, in reviewing the Government’s regular meeting, Prime Minister Nguyen Tan Dung required relevant ministries and departments to continue removing unnescessary requirements from business registration procedures. Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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Vinacomin says losses at bauxite project will last four years The Vietnam Coal and Mineral Industries Holding Corporation (Vinacomin) has said that its Tan Rai bauxite mining and processing project in the Central Highlands will incur losses for up to four years upon the start of its operations last October, instead of two years as previously calculated.
In its report reviewing one-year alumina production released last week, Vinacomin said it has revised the financial performance of the Tan Rai project in the Central Highlands According to the latest calculation of the group, the net present value (NPV) of the project is more than VND2.9 trillion and the internal rate of return (IRR) is around 6.86-8.59%. These figures are lower than those in the joint report of Vinacomin and the Ministry of Industry and Trade sent to the National Assembly in May, and much lower than the ministry’s prediction at the time when the Tan Rai project started. In its revised calculation, Vinacomin also said the project will rack up losses for four years, instead of two years as stated in its May report, and need 11.5 years to recoup investment capital compared to 12-13 years as predicted previously by the industry-trade ministry. The group explained that it cannot ensure a good balance sheet for the project in the first four years and can only pay the loan interest and part of the principal although the selling price has been higher than production cost. However, depreciation and loan interest are not factored into selling prices, and the group will have to use another source of income to cover bauxite losses. After scaling up investment in the Tan Rai project by 30% early last year, Vinacomin announced an annual loss of around VND176-258 billion in the project. Despite losses, Vinacomin still affirms that the project’s NPV will increase, the period of accumulated losses will be shortened, and the time for recouping capital is shorter. The group also keeps its forecast for pre-tax profit at VND161 billion per year and payment to the State budget inclusive of charges and fees at VND400 billion per year. In reality, it paid only around VND100 billion to the State budget last year and the target of VND400 billion can only be achieved when the project operates in a stable manner. Also in its latest report, Vinacomin puts forward two reasons that will help bring good business results for the project, which are the corporate income tax being slashed from 25% to 20%, and that Indonesia, the biggest alumina provider for China, has stopped its shipments since this year, leaving a big chance for Vietnam. The group exported 251,000 tons of alumina in the first seven months, raising the total export volume of the product to 411,000 tons in the period from June last year up to date. FOB (free-on-board) export prices of alumina have been raised to US$330-340 per ton since early this year as the product quality has been improved. Vinacomin expects a total export volume of 150,000 tons for China-based Yunnan Copper Company Limited year. It has also signed a contract to ship around 200,000 tons of alumina to SGT |
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Article 5
Nine symbols of Saigon live foreverBen Thanh Market, Saigon Notre-Dame Basilica, Post Office, Vinh Nghiem Pagoda and Archdiocese have been part and parcel of Saigon for centuries
Ben Thanh Market was recorded by a French person in 1964 (above) and in 2014 (below). Recalling Saigon, people think of Ben Thanh Market – a special and memorable symbol. The architecture of the present day market has barely changed. Spanning over 13,000 sq.m, it has four main gates and 12 sub-gates.
The second place everyone remembers in Saigon is Saigon Notre-Dame Basilica, built from 1877 to 1880 and modeled after the Paris Notre Dame Cathedral. In 1895, it had two more bell-towers, each 57.6 m high. In 1958, a statue of “Our Lady of Peace” made with granite in Rome was laid on the eastern gate. On Christmas, thousands of people often gather to celebrate the festival.
Saigon Post Office was built in the five years from 1886 to 1891 with a design by French architect Villedieu. It blends both European and Oriental motif and is a feature attraction of foreign visitors.
HCM City History Museum was built from 1885 and completed in 1890 with design by French architect Alfred Foulhoux. It was initially a showroom which later became a private house of the Governor of South Vietnam. After 1975 it was served as a Revolutionary Museum and now the History Museum.
Independence Palace, also known as Norodom Palace, was designed by French architect Hermite in 1868. In 1962, it was leveled and rebuilt based on a new design by Ngo Viet Thu and inaugurated in 1966. It has three storeys with 100 rooms and a concrete tunnel system. Independence Palace was renamed Reunification Palace after 1975.
Vinh Nghiem Pagoda was built on an area of 6,000 sq.m. During traditional Lunar New Year festival or full-moon night, a large number of Buddhist followers and HCM City citizens go to the pagoda to pray for luck.
The City’s theatre – Saigon Opera House - was built in 1898 and completed in 1990 to serve the needs of entertainment of the then Saigon upper class. It has undergone nearly 100 years of war with many architectural changes.
The Archdiocese (Metropolitan) of Ho Chi Minh City in No 180 Nguyen Dinh Chieu Street retains its primary architectural features of 100 years ago.
The headquarters of the municipal People’s Committee is an ancient architecture project that was built from 1898 to 1909 by designer Femand Gardes. Photos taken from vnexpress |
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Ministries take no action to reduce conditional business branches Ministries and branches have been requested to reduce the number of conditional business branches under their management, but they have failed to take action.  Lawyers have pointed out that though freedom of business is stipulated in the constitution and laws, businesses in reality cannot fully enjoy the right, because ministries and state management agencies have set up many requirements for them to satisfy. The Ministry of Planning and Investment (MPI) has released a report showing that there are 386 conditional business fields in which (investors must meet certain conditions stipulated by management agencies to be eligible to set up business in the field). It was found that there are 895 requirements set by the agencies, which, in order to be satisfied, businesses need to ask for first-class licenses, or what they call “father licenses”. In addition, there are 2,129 requirements which need second-class licenses (called “sub-licenses” or “son-licenses”), and 1,745 requirements which need third-class licenses (or “grandchild licenses”). The report pointed out that the requirements are set by 16 ministries and branches. They are so complicated that businesses do not know where they should seek information about the requirements, e.g., laws, government decrees or ministries’ circulars. Nguyen Viet Thanh from the Legal Department of the Garment 10 Company noted that the Enterprise Law allows investors to register their business with very simple formalities, but this is not enough. “You get a business registration certificate, but this is not enough for you to start your business. You will still be asked for a lot of sub-licenses to be able to do business,” he said. For example, businesses will have to obtain licenses from the Ministry of Health and Ministry of Industry and Trade if they want to sell and trade liquor. “I know a legal entity which still cannot start its business though it received the business registration certificate six months ago. It now still has to travel heaven and earth to obtain some more necessary licenses,” he explained. “The requirements on the licenses have been hindering the freedom of doing business,” Phong said. A lawyer pointed out that in many cases, the requirements set by competent agencies are unreasonable. To prove his viewpoint, he cited current regulations in the passenger transport service sector, which say that every vehicle can run a maximum of two routes. The unreasonable regulations lead to the fact that once a vehicle breaks down, transport firms will not be able to use the vehicles on other routes instead. Under current laws, if transport firms want to provide more trips on some certain routes, they have to prove that their vehicles on the routes have been running at more than 50 percent of capacity for the recent consecutive months. Meanwhile, in principle, businesses must have the right to decide whether they need to buy more vehicles and how many trips they should provide a day. MPI’s Minister Bui Quang Vinh said that in response to the MPI’s and National Assembly’s request to cut down the number of sub-licenses, ministries and branches have kept silent. Analysts have said that it would be very difficult to persuade the ministries to take action about this problem because they reap great benefits in granting the licenses. Pham Huyen, |
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Political News 25/8 Tribute service paid to Vo Thi Thang  Prime Minister Nguyen Tan Dung and Ho Chi Minh City Party Organization Secretary Le Thanh Hai on August 23 led a high-level delegation to pay tribute to Vo Thi Thang who rendered great service to the nation at a funeral service in Vo Thi Thang was born in 1945 in southern Long An province. She was an iconic patriotic student in Gia Long school in Sai Gon. She was arrested during the 1968 uprising and sentenced by Though she upheld an optimistic spirit in the fight for national independence and freedom. Her glorious smile was photographed by a foreign journalist and became a source of pride for Vo Thi Thang was a former member of the Party Central Committee, deputy to the National Assembly, Chief of the Vietnam Tourism Administration, chairwoman of Vietnam Cuba Friendship Association and Deputy Chairwoman of Vietnam Women’s She died on August 22 in ASEAN enhance maritime security Deputy Foreign Minister Pham Quang Vinh will lead a delegation to attend the 5th ASEAN Maritime Forum (AMF-5) and the 3rd expanded ASEAN Maritime Forum (AMF-3) scheduled to take place from August 26-28 in the central city of Danang. The expanded forum will include 10 ASEAN member states and 8 partner countries in East Asia, including The events will highlight the key role played by ASEAN in maritime cooperation, safety and security in the region. This is a dialogue aiming to foster trust building and intensify maritime security and safety in the East Sea based on international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS), and the Declaration on the Conduct of Parties in the East Sea (DOC) towards formulating a Code of Conducts in the East Sea (COC). Delegates will evaluate the implementation of existing initiatives and orientations for future cooperation. Deputy PM welcomes new Deputy Prime Minister and Foreign Minister Pham Binh Minh has vowed all possible support for At a reception in The Meeting marks Independence Days of Vietnam, Uzbekistan The Vietnam-Uzbekistan Friendship Association held a get-together on August 24 in Addressing the function, Vice President and General Secretary of the association Nguyen Xuan Hien reiterated Particularly, Both countries are witnessing growing bilateral ties with many cooperation opportunities, he stated, noting that the two sides have agreed on a number of measures to boost trade and set up partnerships among banks, allowing businesses of both sides to strengthen their affiliation. Meanwhile, Honourary Consul General of The two countries have supported each other at international and regional forums, as well as in many global issues, he said. However, Nghia stressed that the economic partnership between the two countries has yet to match their potentials, adding that more efforts should be made to further boost bilateral cooperation in various fields, especially trade and tourism. According to the Ministry of Industry and Trade, trade between Independence Day of A ceremony was held in Addressing the function, Le Ton Thanh, chairman of the branch, noted that traditional relations between Tri Surya, acting consul general of He said Indonesia mainly imports rice, mobile phones, steel, crude oil, coffee, automobile spare parts, and garments from Vietnam. It exports paper, vegetable oil, machinery, equipment, computers, chemicals, electronics and spare parts to its neighbour. Vietnam values ties with Sri Lanka Deputy Prime Minister and Foreign Minister Pham Binh Minh made the statement while receiving the visiting Sri Lankan Minister of Industry and Commerce, Rishad Badiutheen in Minh told his guest that The Sri Lankan Minister, in turn, affirmed his nation’s desire to boost the ties of friendship and cooperation with The two ministers exchanged views on orientations and measures to enhance bilateral cooperation relations by promoting high-level exchange visits at all levels, improving the efficiency of bilateral cooperation mechanisms through the two countries’ Intergovernmental Committee and accelerating the effective implementation of signed agreements. They also underlined the need to increase cooperation in the areas of the two nations’s strength such as agriculture, tea processing and production, garments and textiles and work together at regional international forums. FM Minh welcomed the results obtained during the working session between the Sri Lankan Minister of Industry and Commerce and Minister of Industry and Trade Vu Huy Hoang and Vietnamese partners, including the early establishment of a joint trade subcommittee between the two countries aiming to reach US$1 billion in trade turnover. Vietnamese and Lao armies boost cooperation The Vietnamese and Lao armies will bolster their cooperation, especially in personnel training and Party building, said Lao Lieut. Col. Sombat Bunkhamkong while working with the Military High Command of the central Sombat Bunkhamkong who led a delegation from the Organisation and Personnel Divisions of the Lao People’s Army’s General Department of Politics to visit At the meeting, local officers informed the guests about their Party and political works as well as personnel training. Conference looks at fisheries sector The Ministry of Agriculture and Rural Development recently decided that 2,079 new off-shore fishing ships and 205 logistics ships will be built under a new decree on offshore fishing. However, representatives of many localities told a conference held yesterday to implement a new decree on fishing that the number still did not meet the demand of fishermen. Participants also said more attention should be paid to the development of infrastructure for fisheries, including aquacultural areas at sea and breeding facilities, as well as fishery logistic services and storm shelters. Deputy Prime Minister Vu Van Ninh yesterday chaired the conference in the coastal More than 300 delegates from sectors, 28 coastal localities, fishing communities and the ministries of Agriculture and Rural Development and Finance presented draft circulars guiding the implementation of Decree 76/2014/ND-CP. The circulars consist of regulations on various issues, including technical requirements on fishing vessels as well as preferential tax and insurance policies for fishermen. According to the State Bank of Viet Nam, five commercial banks have pledged about VND14 trillion (US$658 million) in loans for organisations and individuals wishing to build new vessels or upgrade existing craft under Decree 97, which will become effective on August 25. Minister of Agriculture and Rural Development Cao Duc Phat said that the number of fishing vessels was decided based on surveys of marine reserves and the capacity of the nation's fishing fleets. According to Deputy Prime Minister Ninh, the decree provides a set of basic policies to encourage fishermen to build high-capacity, steel ships capable of fishing offshore. This can produce better incomes and also help protect the country's territorial waters. The decree also gives priority to the building of fishery logistics vessels for the effective operation of offshore catching fleets. The deputy PM said Decree 76 had been built carefully based on fishermen's opinions, field surveys, and lessons drawn from the implementation of previous decrees. He added that the Government would review the implementation of the decree in late 2016 to draw experience for the next years. Police outline threat of sophisticated crime Millions of dollars were illegally exchanged through online gambling rings in Based on that figure, Vietnamese likely gambled billions of dollars every year, deputy general director of the Public Security Ministry's General Department on Combating Crimes Lieutenant General Tran Trong Luong said at a conference in Ha Noi yesterday. Moreover, high-tech crimes caused losses of about US$400 billion a year, which was higher than drug trafficking crimes, according to an Interpol report. "These crimes have seriously affected national security and social order and threaten the nation's economic development," Luong said. While the ministry had busted many gambling rings and organisations and discovered thousands of websites and Internet protocol (IP) addresses dedicated to illegal gambling, ringleaders had merely switched tactics to evade authorities. During the World Cup, the police discovered more than 1,450 websites and IP addresses hosting gambling and football betting. They also supervised and followed the log-ins of over 2,520,000 accesses into gambling sites. The police cracked down on the biggest online football-betting ring through the website M88.com, which involved thousands of gamblers throughout the country. The syndicate where the gamblers placed their bets was caught holding more than VND1.5 trillion ($70 million). "Those efforts not only helped reduce the number of illegal gamblers but also sent a warning to those intending to gamble online," Luong said. Speaking at the conference yesterday, Deputy Minister of Public Security Senior Lieutenant General Le Quy Vuong, stressed that the fight against such crimes had become more focused and urged relevant agents and units to continue research on criminal tactics. He also asked for improvements from key sectors, especially the Internet administration and banking sectors. "Supervision of transactions from Vuong said that all sectors of the Ministry of Public Security should work closely with the Ministry of Information and Communications and the State Bank of Russian locality willing to further tie-ups with Da Nang Vice Governor of Russia’s Yaroslavl province Dmitry Sekretarev has suggested supplying hi-tech and inorganic chemical products to Vietnam as they are a source of local strength. He told visiting Deputy Secretary of central Chien, who was on a working visit to After a discussion with Vice Mayor in charge of social policy Elena Volkava and Vice Mayor in charge of economic affairs Boris Tamarov, Chien told the media that The Vietnamese delegation later visited the provincial Chamber of Commerce and Industry to learn about the province’s strength and seek networking opportunities. It introduced top firms working in producing gas turbines, security systems, power generators and diesel-powered equipment. In a meeting with Duma Chairman of Later, Borovitskii and Deputy Chairman of the Da Nang People’s Council Huynh Nghia signed a judicial cooperation agreement. Earlier on August 19, the delegation met with First Vice Chairman of the Russian Duma State Ivan Melnikov. On August 18, the delegation joined a tourism promotion campaign co-hosted by The traditional relationship between Chairman of the Ho Chi Minh City chapter of the Vietnam-Indonesia Friendship Organisation (VIFO) Le Ton Thanh stated this during a ceremony held in the city on August 22 to mark the 69th anniversary of Indonesia’s Proclamation of Independence (August 17). He added that two-way trade between According Tri Surya, Acting Indonesian Consul General, his country and Bilateral trade value increased 10 times during the period, reaching 4.8 billion USD in 2012. Tri Surya voiced that the two countries will work closely to realise their target of bringing their two-way trade to 5 billion USD by 2015 and 10 billion USD by 2018.-\ Source: VNA/VOV/VNS |
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August CPI growth hits 9-year low August's CPI this month increases by 0.22 percent m-o-m. Illustrative image. (Source: VNA) The national consumer price index (CPI) this month increased by 0.22 percent over that of last month and 1.84 percent over that of the end of last year. The General Statistics Office (GSO) provided the figures, which are the lowest levels recorded for August in the past nine years, as numerous factors have curbed price increases this month, said Do Thi Ngoc, Director of the GSO's CPI Department. The world prices of numerous essential goods remained stable and declined while domestic petroleum prices decreased thrice in nearly a month since July 18. In August, petroleum prices fell by 0.16 percent month-on-month, public traffic service prices dropped by 0.15 per cent, and housing and building material prices fell by 0.31 percent. Ngoc noted, however, that the average CPI for the first eight months of the year increased by 4.73 percent over that of the same period last year, nearly hitting the 5-percent to 5.5-percent levels that the Government aimed for in 2014. Increasing rice exports to Southeast Asia and Autumn festivals and rising breeding costs caused food prices to go up by 0.54 percent, and greater demand for clothes, shoes and school materials also pushed up the prices of garment and footwear products by 0.32 percent beyond the new school year. In August, gold prices declined by 0.34 percent month-on-month and by 0.06 percent year-on-year. The price of the US dollar likewise fell by 0.26 percent month-on-month and 0.07 percent year-on-year. The The CPI rose by 0.19 percent in the capital and 0.05 percent in the southern city, in August.-VNA |
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Social News 25/8 Vietnamese ‘eaten alive’ by crocodile in Australian outback Hai Phong City Authorities confirmed that 57-year old Tran Van Hoang was killed on August 22 by a crocodile in Hoang is a native of Dang Hai village, Hai An district, According to relatives of the victim, Hoang and his wife settled in Australian authorities euthanized the crocodile to remove the victim’s body. Police uncover largest drug trafficking case Police of the The two detained men were Nguyen Van Khoa, born in 1973, and Ngo Van Thanh, born 1974, both from Thai Nguyen province. This is the largest drug case that has been uncovered in the locality so far. Authorised agencies are further investigating into the case. Government requests probe into child sponsoring centres Deputy Prime Minister Vu Duc Dam has asked the Ministry of Public Security to investigate centres taking care of children and strictly punish any violators. Orphan children play at a sponsoring centre in The move came after the Ha Noi Police recently seized Nguyen Thi Thanh Trang, 36, a worker at Bo De Pagoda in Ha Noi's Long Bien District, for alleged child trafficking. Trang was charged with selling a child to another woman, Pham Thi Nguyet, 35, for VND35 million (US$1,650). Nguyet was also taken into custody. Dam also asked the Ministry of Labour, Invalids and Social Affairs to work with other organisations and offices to inspect such centres and ensure that they were conforming to the law. The Ministry of Public Security was directed to step up inspections of the number of inhabitants in social sponsoring centres, while the Ministry of Justice was assigned to check the implementation of adoption laws and ensure that abandoned children had birth certificates. Long Bien authorities announced on Tuesday that Bo De Pagoda did not obey regulations when caring for abandoned children and the elderly. Dozens of children lacked birth certificates, many did not attend school and management of those leaving and entering was loose. Chief Inspector of the Health Department Nguyen Viet Cuong said that a majority of the violations at the drugstores included the absence of pharmacists, sale of unlabelled medicines, substandard facilities and displaying medicines along with food supplements. Inspectors also found that the law was being violated in 24 health clinics where foreign doctors were registered to work. However, most of these foreign doctors had reportedly returned to their countries. Former Deputy Director of the northern port city of Trong, 53, was already sentenced to 16 years in prison on May 23 for helping his brother Duong Chi Dung, ex-chairman of the State-owned shipping corporation Vinalines, flee from The verdict read that as from 2001-2002, Trong was on good terms with Dong Xuan Phong, an official from the Hai Phong City Customs Department. On August 18, 2009, the On April 22, 2011, the Hai Phong police submitted a list of the wanted criminals in the city, including Phong, to Trong in the capacity as Deputy Director of the Police Department, but he ignored the case. After learning that his brother Dung was being hunted by the police, Trong asked him to hide at his girlfriend’s home. A day later, Trong requested Phong and Vu Tien Son, then deputy head of the Social Crime Investigation Police Section of Hai Phong Police Department, to help Dung flee abroad. Lao Cai detects H5N6 virus in domestic fowls The northern mountainous The farm owner and the department culled a flock of 558 red pheasants after they were tested positive for the virus. They have also disinfected the affected area and its vicinity twice per day. At the same time, the department takes more samples to virus test and intensifies measures against poultry smuggling. All steps are in place to ward off other outbreaks of avian flu. French philanthropist funds scholarship programme Over 400 scholarships worth VND 8 million each were awarded to high school students in the northern region on August 24 by the French scientific organization, Rencontres du Vietnam (Meetings of Vietnam). Pro. Odon Vallet and Pro.Tran Thanh Van who initially formed the Meetings of Vietnam organisation presented the scholarships, which are part of a planned award of a total of 2,250 scholarships worth nearly VND20 billion this year. French philanthropist, Pro. Odon Vallet said he is providing the funding for the scholarships because he would like to see each Vietnamese high school student have the opportunity to get a good education. Pro. Odon Vallet and Pro. Van are conducting a trans-Vietnam tour from Since 2001, the Odon Vallet Scholarship Fund in Ly Son receives submarine power cables Central Power Corporation (EVN CPC) on August 23 received underwater cables serving a project to provide power from national grid for Ly Son island in central Quang Ngai province. The VND652 billion project is a joint venture of Italian Prysmian Group and the Thai Duong Power Construction Ltd. It provides for an 8km medium voltage line on the mainland and the 26 km submarine cable. Currently, EVN CPC is also upgrading the power transmission lines on Ly Son island as part of a project worth some VND28.9 billion sourced by German bank KFW. Once completed, the project will supply power to the whole island as the way to boost local socio-economic development and ensure security, national defence and sovereignty. Electricity of Vietnam (EVN) Deputy General Director Nguyen Tan Loc said that the group and Quang Ngai also held a number of meetings to discuss detailed plans, asking contractors to speed up the progress before the upcoming rainy season comes. NGOs pledge over 6.1 million USD for Quang Tri Five foreign non-governmental organisations (NGOs) have committed more than 6.1 million USD in support of the central The Mine Advisory Group (MAG), World Vision, Plan, Zhi-Shan Foundation, and Norwegian People’s Aid (NPA) pledged the aid under agreements inked with the provincial People’s Committee at a conference on August 21. Vice Chairman of the committee Nguyen Duc Chinh spoke highly of the effectiveness of projects funded by foreign NGOs, saying they have helped his locality reduce poverty, clear unexploded ordnance, and prevent and mitigate disasters. From 2011 to 2013, foreign organisations and individuals donated over 26 million USD to humanitarian projects in Quang Tri. Such assistance has helped give a facelift to rural and ethnic minority-inhabited areas across the province. Notably, the rate of household poverty fell from 16.41 percent to 11.56 percent over the period. During the conference, representatives from NGOs shared their experience in solving such matters as unexploded ordnance and regional cooperation. The provincial People’s Committee also took this occasion to present certificates of merit to four organisations and four individuals with great contributions to local development.- Vietnam-Slovakia friendship association established The Vietnam-Slovakia Friendship Association in The congress elected the association’s a 25 member executive board headed by Bui Quang Hai. The association set its tasks for the 2014-2019, including setting up an information gateway to connect members and update information about In addition, it will organise at least one trip per year to exchange with the Slovakia-Vietnam Friendship Association and invite Slovakian businesses to visit The association pledged full support for cooperation on human resource training and scientific research, aiming to strengthen friendly relations and mutual understanding between the two peoples. Outstanding students awarded Odon Vallet scholarships 156 Vietnamese students and young researchers, who excelled in their studies, were presented Odon Vallet scholarships worth VND2 billion at an awards ceremony in The scholarships are part of a larger VND20 billion scholarship programme for 2,250 outstanding individuals from select countries in the world. Each is worth VND8 million each per student and VND13 million per researcher. The scholarships have been awarded biannually for the past 14 years with the aim of encouraging young Vietnamese students to overcome all challenges and achieve scholastic success. Odon Vallet is reported to have inherited a large fortune from his father and he used a portion of it to establish a scholarship fund to support poor students in France, Danang expects broader cooperation with Yaroslavl A Danang delegation led by Chairman of the People’s Committee Van Huu Chien recently returned from a visit to At recent talks with Yaroslavl Vice Governor, Dmitry Sekretarev the two sides discusses various measures to boost cooperation. Sebretarev highlighted the close relations between the two provinces since they established ties 14 years ago. He proposed supplying For his part, Chien introduced Danang’s strength and potential and noting that investment and trade ties are still far from matching both sides’ potential due to long geographical distance and businesses’ limited mutual understanding. Meeting with Hoi An signs sister city agreement with Szentendre As part of its global economic development programme, Speaking at the recent signing ceremony in Szentendre, leaders from the two cities said sister city programmes increase tourism, encourage cities to send delegations and private citizens to visit, and provide reliable business contacts. They are a better way to understand cultural differences and the international markets in which they hope to compete, they said Szentendre Governor Dietz Ferenc said Szentendre is famous for its cultural and tourism sites and is very pleased to create a close link with Hoi An an acient town that is listed among world cultural heritage sites recognized by UNESCO. Around 21km far from capital 1,391 Vietnamese labourers return home safely from As of August 22, a total of 1,391 Vietnamese workers have been safely evacuated to the homeland from war-torn MoLISA Department of Overseas Labour (DOLAB) also reports that six out of the eleven labour companies employing workers in The evacuation faced a number of obstacles due to the fact the workers were divided into small bands spread out throughout Currently, there are 40 workers remaining in The mission should be completed by the end of August. Quang A collection of documents and maps, considered as legal evidence proving Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagoes belong to Vietnam, are on display in the central province of Quang Nam. Deputy Minister of Information and Communications Truong Minh Tuan said that the exhibition aims to raise public awareness and responsibility of safeguarding the country’s sovereignty over the two archipelagoes. The exhibits include copies of ancient maps and atlases, and documents in traditional Chinese, Vietnamese and French languages issued by Vietnamese feudal states and the French colonial empire in It also features copies of official documents issued by the Nguyen dynasty (1802-1945) and the Socialist Republic of Vietnam (from 1975 to now), showing Notably, the exhibition showcases photos and objects depicting the law enforcement process of The event will remain open to visitors till August 28. FAO funds forestry project in Vietnam The Food and Agriculture Organization of the United Nations (FAO) has agreed to provide funding of US$500,000 to the The aid was announced at a conference organized by the Vietnam Farmers’ Association (VFA) held in The FFF programme will benefit northern mountainous and central localities, aiming to reduce poverty. Contingent upon the programme’s success, the FAO will continue to help Nguyen Duy Luong, Standing Vice President of the VFA said that most of households’ in mountainous areas depend on forestation but are badly in need of financial assistance to fund sustainable development. In April 2014, the VFA proposed the FAO should support farmers in eradicating poverty and protecting the environment. The FAO chose Closely monitoring travellers from Ebola stricken nations Eighty-three individuals have entered At a Ministry of Health meeting in The names of the individuals have been forwarded to localities where they are staying so local officials can effectively monitor their health, officials said. To prevent a possible outbreak of the deadly Ebola virus, the committee said it is vigilantly scrutinizing all travellers from the affected nations, requiring them to complete a health declaration at the airport prior to entering the country. The MoH is also sending SMS messages and emails instructing these individuals on how best to prevent the spread of the virus, precautionary measures that should be undertaken by them and steps to take in the event any symptoms of the deadly disease appear. So far, none of these individuals have shown any signs of Ebola. Deputy Minister of Health Nguyen Thanh Long asked the Centre for International Health Quarantine to continue to keep a watchful eye on all travellers entering the country through airports. He also asked local health departments to stringently monitor these travellers. Le Quynh Mai, Head of the Virology Department under the National Institute for Hygiene and Epidemiology, said that the institute is cooperating closely with the World Health Organisation in They are also cooperating with the US Centres for Disease Control and Prevention (CDC), Japan International Cooperation Agency (JICA) and the At present, all of the necessary biological products and procedures to detect the Ebola virus are available and have been fully mobilised. The steering committee said that should any Ebola-infected people be discovered in our nation, they will be provided treatment free of charge. Oil tanker fire kills two, injures three A vessel carrying oil caught fire in the central The vessel, carrying 5,000 litres of oil, caught alight passing through the Lach Bang estuary off Hai Binh Commune. One of the vessel's crew, Pham Van Tuan, 33, died on the spot while another, Hoang Van Huynh, 37, died in hospital after sustaining serious burns. Three others are in critical condition. Local border guards and firefighters managed to tame the fire after one and a half hours. Initial investigation showed that the crew was conducting oxyacetylene welding and encountered an electrical leakage which caused the fire. The local authorities and provincial Red Cross are supporting the families of victims with VND10 million (US$470) grants for the dead and VND4.5 million ($210) for each injured. Hoi An to build beach erosion barrier The central The 137 metre dyke will be the first stage of a 1.5km, VND115 billion ($5.5 million) embankment along Cua Dai beach, which is expected to be completed before the rainy season starting in October. Water levels have edged closer to the main section of the 1.5km road connecting the beach with Hoi An, threatening dozens of resorts. Rising sea levels have already washed away a 20-hectare section of Cua Dai beach. New bridge to be built in Kien Giang A groundbreaking ceremony to kick off the construction of the Kenh Xang 2 Bridge was held last Saturday in U Minh Thuong District in the Cuu Long (Mekong Delta) Expected to be completed in October, the bridge will bring better traffic conditions to more than 1,200 local people in An Minh Bac Commune. It will replace an old bridge built in 1993, which is now in poor condition and unsafe for transportation. The province received total capital of nearly VND290 million (US$13,800) to build the bridge. Of that, VND37 million ($1,800) came from locally raised funds, and VND250 million ($12,000) from Bayer Viet Nam Ltd. General director of Bayer Viet Nam Ltd, David Champion, said that the donations for the new bridge would support the need for the safe mobility of local people, with the hope that they could have more opportunities to have a better life. Vinaphone grants 2,000 sim cards to fishermen in Phu Yen Vinaphone has decided to donate 2,000 exclusive sim cards for fishermen in the central southern coastal These sim cards, worth 400,000 VND each, will be delivered to sea fishermen under a joint programme between Phu Yen Telecom and Vinaphone from August 24 to 27. Using these exclusive sim cards, fishermen can make domestic calls at half price, receive free sea weather forecast or other useful information such as sea fishing experience. Vinaphone has designed these sim cards uniquely for sea fishermen in an effort to reduce difficulties that sea fishermen have been facing with while taking their sea voyages. Scholarships granted to fishermen’s children As many as 120 scholarships, worth 3 million VND each, were presented to children of coast guard and fisheries surveillance officers and fishermen in central The beneficiaries are those who made outstanding efforts to achieve good academic results, many of them come from disadvantaged backgrounds. The scholarships were part of a programme entitled “Joining efforts to protect sovereignty over waters in the The programme is expected to grant scholarships worth nearly 800 million VND (38,000 USD) in total to 265 students in the central region this year. Launched by the Tuoi Tre (Youth) newspaper in May 2014, the programme has received nearly 42 billion VND (2 million USD) from readers at home and abroad.- Activities in Russia, Malaysia mark Vietnam’s National Day A delegation of 13 Russian ex-servicemen and experts, on August 23 visited Hanoi as part of a programme sponsored by the Vietnamese Association in Russia’s St Petersburg city on the occasion of the 69th anniversary of Vietnam’s National Day (September 2). According to the association’s president Nguyen Duc Toan, his organisation has been raising funds for the programme over the past three years with a hope of offering an opportunity to ex-servicemen and experts of the Soviet Union to see with their eyes the changes in The Vietnamese communities in many countries are also holding various activities to mark In Speaking at the event, Vietnamese Ambassador Nguyen Hong Thao briefed participants on the development of the Vietnam-Malaysia relations, and called on Vietnamese people living in the country to make more active contributions to the bilateral friendship and partnership. On the occasion, the board launched a campaign to raise funds for activities of sea and island sovereignty protection in the homeland. Remaining guest workers in All of remaining workers in war-torn As of August 22, over 340 workers were still there, mostly in the north-western city of Misrata and Ghadamis oasis town, said deputy head of the Ministry of Labour, Invalids and Social Affairs’ Department for Overseas Labour Management Pham Viet Huong, adding that their employers offered them airline tickets. Between August 23 and 26, around 40 workers in According to Vietnamese Ambassador Dao Duy Tien, 94 out of 103 working under a contract between Sona company and Greek contractor Tageco in the south-western city of The first group with 63 came to A special working mission led by Huong will continue offering relief to workers at a border gate between Another working group from the ministry is helping with evacuation in Conference discusses ways to implement decree on fishing development Deputy Prime Minister Vu Van Ninh on August 22 chaired a national conference in the south central coastal At the event, which drew the participation of more than 300 delegates from ministries, sectors, 28 coastal localities nationwide and fishermen communities, officials from the Ministries of Agriculture and Rural Development and Finance presented a number of draft circulars guiding the implementation of Decree 67/2014/ND-CP. The circulars consist of regulations on various issues, including technical requirements on fishing vessels as well as preferential tax and insurance policies for fishermen. According to the State Bank of The Ministry of Agriculture and Rural Development has decided that as many as 2,079 new off-shore fishing ships and 205 logistics ships will be built under the Decree. Many of the participants at the event proposed that more attention should be paid to the comprehensive development of infrastructure for fisheries, including aquaculture areas at sea and breeding facilities, as well as fishery logistic services and storm shelters for fishing vessels. Representatives of many localities said the number of fishing vessels as set by the Ministry of Agriculture and Rural Development does not meet the demand of fishermen. Minister of Agriculture and Rural Development Cao Duc Phat explained that the number of ships was decided based on surveys on marine reserves and the capacity of the nation’s fishing fleets. According to Deputy Prime Minister Vu Van Ninh, the decree provides a full, systematic and synchronous set of basic policies to encourage fishermen build high-capacity, iron-covered ships capable of fishing offshore, a practice that could earn fishermen higher incomes, and at the same time contribute to protecting the country’s territorial waters. It also gives priority to the building of fishery logistics vessels, which are considered a basic factor for the effective operation of offshore catching fleets. The Deputy PM said Decree 67 has been built carefully basing on fishermen’s opinions, field surveys, and lessons drawn from the implementation of previous decrees. He added that the Government will review the implementation of the decree in late 2016 to draw experience for the next years.- ExxonMobil funds surgeries for children with cleft lip, palate The oil and gas company Exxon Mobil According to Nguyen Viet Phuong, Vice President of Operation Smile Asia-Pacific and Chief Representative in A 25-day programme to realise the objective is expected to see the participation of 1,000 volunteers, he said. According to statistics, one of every 500 children is born with a facial deformity. In as little as 45 minutes and for approximately 250 USD, one cleft lip surgery can change a child’s life forever. Operation Smile School education on climate change adaptation promoted An online conference was held in Experts warned that Over the past 15 years, natural disasters, including storms, floods, droughts and landslides, have killed and injured more than 10,700 people, while causing economic losses of about 1.5 percent of GDP each year, according to the Hydrometeorology and Climate Change Department. The education sector is particularly vulnerable to the impact of environmental changes so the Ministry of Education and Training has issued an action plan to realise the national strategy on disaster prevention and mitigation between 2011 and 2020. It has also enhanced cooperation with international and non-governmental partners in disaster risk management as well as set up a coordinating group in the field with the engagement of over 20 foreign organisations. From now to 2015, the ministry plans to design PowerPoint lessons to equip teachers and students – who make up 25 percent of the national population, with necessary skills for climate change adaptation. It will build schools that can resist natural disasters in vulnerable areas and concentrate on human resources training. Source: VNN/VNA/VNS/VOV/SGT/SGGP/ND |
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Art & Entertainment News 25/8 Veteran composer Xuan Giao dies at age 82  Noted composer Xuan Giao, famous for popular songs made during the American war in Giao was born in the He has composed a number of children's songs such as Em Mo Gap Bac Ho (I Dream to Meet Uncle Ho) and Chau Yeu Ba (I Love Grandma), as well as songs composed for young volunteers during the war against the US such as Co Gai Mo Duong (Volunteer Building Road Women) and Chao Song Ma Anh Hung (Hello Brave Residents by Ma River). The wake is to take place tomorrow at the National Funeral House at Vietnamese writer leaves lasting legacy Well-known Vietnamese writer Anh Duc died on Thursday in Anh Duc was born Bui Duc Ai in 1935 in the southern He took part in the American war at a young age and was assigned to work at Nam Bo Cuu Quoc newspaper in 1953. Around this time, he received his first national award of Cuu Long Literature and Arts. Three years later he won first prize in the short story category at a competition organised by the Literature and Arts Magazine. Later, he was awarded the Nguyen Dinh Chieu Prize for Literature in 1965 for his novel Hon Dat about the war. An extract from Hon Dat is often used for high school literature students, and it has been turned into a movie with the same name by director Hong Sen. In 2000, Duc grabbed the Ho Chi Minh Prize, one of the top awards in the country, for his great contribution to Vietnamese literature during the war. Duc has been described as gentle, profound, free and easy, which are all reflected in his works. Duc did not write many works but his masterpieces such as Mot Chuyen Chep O Benh Vien, Giac Mo Ong Lao Vuon Chim and Buc Thu Ca Mau have become bedside reading for many generations of Vietnamese literature lovers. Duc was also a successful manager. He was editor-in-chief of Van Nghe Giai Phong newspaper, editor-in-chief of Van Magazine and a member of the His funeral will be held on Sunday and he will be laid to rest at the city's Concert features beauty of hair A concert entitled Hair Sonata – When Her Hair Sings will feature a special violin with a bow made of real hair on September 4. Conductor Le Phi Phi, A-list pop singers Thanh Lam and Hong Nhung and violinists Xuan Huy and Khanh Linh will perform songs featuring the beauty of girls' hair. Veteran director Pham Hoang German film festival to set screens alight in six cities The Fifth German film festival returns to theatres in six cities of According to the website of the Goethe Institute here, the festival will screen films by famous and new but promising filmmakers at theatres in the cities of Ha Noi, Hai Phong, The festival promises to screen movies for various audiences with a variety of tastes and preferences. Film subjects range from current issues to fiction fantasies and fall into the genre of comedy, drama, tragedy and suspense thrillers. The festival opens with the showing of Visitors on September 4 at the National Cinema on It tells the story of a family that had drifted apart long ago but ended up reconciling with each other years later. It provides the realisation that parents and children must eventually be emancipated from each other. Tickets for the free showing are available from 12pm today at the Goethe Institute, Central highland province receives Dong Son antiques The UNESCO Club on the Research and Preservation of the Value of National Antiquities on Saturday handed out more than 100 antiques to the local museum. Club members in the central The artifacts include farming tools, copper gongs and utensils for daily use such as copper bowls and ceramic jars. The club also gave the province a map of An exhibition of the artifacts along with nearly 100 others gathered by local collectors was opened to the public at the museum on the same day. The exhibition will run till September 6. Exhibit highlights ASEAN cultures The culture, society and people of the ASEAN countries will be the focus of an exhibition to be held at the Viet Nam National Library. Entitled ASEAN Cultural Space, the exhibition will display 1,000 documents including photos, paintings, books and newspapers in different languages. The exhibits were selected from the 2.5 million documents stored in the library. Visitors will learn about the founding of the ASEAN community and the co-operation between the ASEAN countries in different fields such as politics, economy and culture. The research of Vietnamese scholars on the cinematography, literature, architecture, dance and music of these regional countries will be presented. The highlight of the exhibition will be documents that express the friendship between The exhibition will also reflect The exhibition will run from August 28 to September 15 at the National Library, Bac Giang to host sixth festival for ethnic minorities Northern Bac Giang province will host its sixth festival of culture, sports and tourism for ethnic minorities in October, according to the provincial People's Committee. The event, held every two years, aims to honour the local people's values and cultural identity and provides an opportunity for ethnic minority groups to strengthen solidarity and exchange experiences in preserving and promoting their culture, sports and tourism potential. It will feature a conference on tourism, and activities including a series of art performances showcasing traditional customs, costumes, food, folk games and sports. Photo exhibition in tribute to legendary General A photo exhibition entitled “Vo Nguyen Giap – General of Vietnamese people” was held at Exhibition House, The event aimed to mark what would have been General Giap’s 104th birth anniversary and the first anniversary of his death. The photos were taken by war veteran Lieutenant Colonel Nguyen Trong Nghi and featured 102 out of 500 photos taken during the lifetime of General Giap. During the exhibition, former Party General Secretary Le Kha Phieu was moved by the victorious memories of General Giap. General Giap set a bright example for generations, and the Vietnamese people will forever be eternally grateful towards him, Phieu said. Vietnamese water puppetry fascinates Australian audiences  Thousands of Australians were awe-struck by Vietnamese water puppetry performances presented by Thang Long Water Puppet Theatre (TLWPT) at the Darwin Culture Festival from August 21-24. Through four shows, Vietnamese artists introduced Australian people to the special features of Vietnamese rural areas and history. Chu Dac Duoc, TLWPT Vice Director said artists wanted to promote Vietnam’s land, people and culture to international friends through water puppetry – a special cultural arts of Vietnam. “We are very happy to have received such a warm response from the festival’s organizing board, Vietnamese representative offices and people in Darwin Culture Festival is one of the largest festivals in Vietnamese water puppetry is seen as a friendship bridge, helping Australian people and international friends gain a better understanding about the country’s culture. Vietnamese culture spotlighted in Singapore Several Vietnamese ancient ceramics are garnering a great deal of attention from visitors to an exhibition themed – China Mania! The Global Passion for Porcelain 900-1900 – ongoing in The intricately designed ceramic objects reflect the creativity of ancient Vietnamese artisans. The highlight of the exhibition is a Vietnamese blue and white bottle neck vase which was made in the north of However, creating such a colour is quite sophisticated and Vietnamese are the only artisans from Asian Civilizations Museum (ACM) curator Ms Kan Shuyia also highlighted Vietnamese artisans’ creativity and arts, stressing that many Vietnamese ceramic products have been found in the Film screenings mark Vietnam’s National Day The Ministry of Culture, Sport and Tourism has launched a nationwide film screening drive to mark the 69th anniversary of the August Revolution (August 19) and National Day of Vietnam (September 2). At the cinema from August 19 to September 5 are the feature film “Bien doi” (Waiting sea), and two documentaries “The 69th anniversary of the August Revolution and National Day of Vietnam”, and “ On this occasion, the ministry’s Cinematography Department and central Quang Tri province are also screening several films to mark the 60th anniversary of the traditional day of Vinh Linh Special Zone (August 25), the day seeing the last French soldier leaving the district. Fashion designer Hoai A Gala Dinner in Rome, Italy, on August 23 introduced two new collections of Vietnamese fashion designer Do Trinh Hoai Nam consisting of 40 designs inspired by the natural landscape of Vietnam and the nation’s devotion to peace. Twenty designs of the collection, Transatlantic, drew inspiration from the inherent beauty of the nation’s ocean waves, coral reefs and pearls. The second collection, Golden Feathers, projected the imagery of pigeons as the symbol of the nation’s quest for love, peace and happiness. During the visit, the designer’s entourage held exchanges with Maker of giant traditional lanterns A man from Thanh Oai, an outlying district of Hanoi, is locally famous for having made giant lanterns for the mid-autumn festival. Craftsman Vu Van Sinh learned to make lanterns and other traditional decorations for the festival when he was a boy. His name became more locally renowned in 2006, when he, together with other craftsmen, made a giant lantern 6.5 metres high and 2.56 metres wide. The lantern was displayed at the Hanoi Children's He makes hundreds of lanterns of various sizes to meet the rising demand of the mid-autumn festival. Some of his clients place orders for giant lanterns that can cost into the tens of million of VND. This year, he is making a giant lantern which 2.1 metres high and 1.4 metreS wide. "Even though this is not a commission and nobody has offered to buy it yet, I'm still devoted to making it. I'm happy to see them used during the festival," he said. Like many other traditional crafts in Nguyen Thi Hanh, Sinh’s wife, said, “Making of lantern is a traditional craft that has been maintained for several generations in our family. But it just doesn't bring in much money. Craftsmen do it now just out of the love of the art.” Sinh said that he is willing to teach anyone who is interested in making traditional lanterns, as he hopes to preserve the craft. PM approves master plan on performing arts development The master plan, to 2020 and visions towards 2030, aims to build up an advanced Vietnamese culture with strong national identity and develop performing arts with priorities to foster human resources and complete the sector’s technical infrastructure system. It also helps preserve and promote traditional arts while acquiring the world’s arts quintessence. Together with that, the plan will boost popularizing performing arts and encouraging organizations and individuals at home and abroad to invest in the sector's infrastructure system. To achieve these objectives, the plan sets to complete mechanisms and policies; boost human resources training; enhance capital mobilization; and enhance international cooperation. It will carry out the construction of collection policies, restore and promote the traditional arts form in danger of oblivion and loss; encourage, motivate and honor artists in the fields of performing arts; train and retrain to improve the creation and presentation of the work of the creative team, performers and technicians in the field of performing arts. The plan will upgrade some theatres in localities which have been degraded and build a modern performing center in At the same time, it will reorganize units of public arts to become professional products; encourage organizations and individuals to invest in developing the performing arts as prescribed by law; gradually improve the organizational capacity of the art performance art units across the country; among others. Source: VNS/VOV/ND/Dantri/VGP/SGT |
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BUSINESS IN BRIEF 26/8 ACV set to expand Pleiku Airport The Airport Corporation of Vietnam (ACV) plans to start the expansion and renovation of ACV announced on Wednesday that the project will increase the length of the runway and taxiway, and expand the parking space at The project's VND945 billion (US$45 million) investment will be co-funded by the State budget, ACV and Gia Lai. Once completed, Japanese medical firm launches Dong Nai factory Paramount Bed Viet Nam Co., Ltd officially opened its factory in southern Dong Nai province on Thursday. As a subsidiary of The plant, which cost US$7 million, will provide about 350 tonnes of hospital equipment, including beds, trolleys, cabinets and dining tables. All products will be exported to Ha Noi to host expo for high-quality products A fair displaying Vietnamese high-quality goods and traditional products from many localities throughout the country will take place in Ha Noi from October 10-13, according to the Viet Nam Association of Small and Medium-sized Enterprises. Featuring about 300 booths, the fair aims to mark the 60th anniversary of the capital city's liberation and the 10th anniversary of Vietnamese Entrepreneurs Day. PetroVietnam becomes largest Ha Noi stock PetroVietnam Technical Services (PVS) has surpassed Asia Commercial Bank (ACB) as the largest stock on the Ha Noi Stock Exchange. Since the beginning of the year, the price of PVS stock has jumped by 90 per cent. It closed during yesterday's session at VND37,400 ($1.7), up by 0.5 per cent. PVS has a capitalisation of VND16.6 trillion (US$783 million), accounting for 13.3 per cent of the exchange's market value. ACB currently has a capitalisation of VND14.3 trillion ($674.5 million). Although the share has become less attractive to investors, foreign ownership in the bank remained at 30 per cent. It closed yesterday at VND15,300 ($0.7). Thai investor buys Vinamilk shares Investors linked to Dragon Capital and a fund managed by VinaCapital reportedly sold a combined volume of 15 million shares to the Thai shareholder. Notably, VinaCapital announced the purchase price at more than VND122,000 (US$5.7), which was 9.7 per cent higher than VNM's value at the time of the transaction. VNM concluded yesterday unchanged at VND113,000 ($5.3). Foreign accounts rise in first seven months Foreign investors received more than 500 transaction accounts in the first seven months of the year, raising the total number of foreign investor accounts to more than 17,200 units. Figures from the Viet Nam Securities Depository also showed that new transaction codes granted to both domestic and foreign investors numbered around 72,300 units, a 71 per cent increase compared with that of the same period last year. This also raised the total number of accounts to to 1.4 million. Core business brings profit for property firm Real estate developer Kinh Bac (KBC) has reported a net profit of VND28 billion (US$1.3 million) in the second quarter of this year. The company explained that it achieved these results by focusing on its core business of building and leasing facilities. Its share price rose by 6.4 per cent to VND11,600 yesterday. According to KBC, its accumulated profit for the first six months reached VND42 billion ($1.98 million). In contrast, the company recorded a VND71 billion ($3.3 million) loss in the same period last year. Ha Noi, Hai Phong highway scheduled to open next year The Construction of the 105 km expressway kicked off in 2008 under a build-operate-transfer contract and should have been completed in 2012. However, by the end of last year, only half the work had been completed. Project investor Viet Nam Infrastructure Development and Finance Investment Joint Stocks Company (Vidifi) attributed the delays to incapable contractors. The contractors, in turn, blamed the delay on slow land clearance. After inspecting work on the highway yesterday, Hai, who is also head of the National Steering Committee for key transport projects, said that all possible resources should be mobilised to ensure the highway was completed by next year. These would include funding, staff and even overtime shifts. The first 25 km of the highway, which stretches from Hai Phong City centre to provincial highway 353, is scheduled to be complete by December and the rest by the end of next year. Land clearance was nearly complete, said Vidifi chairman Dao Van Chien. Moreover, few infrastructure works remained on construction sites in Over 12.174 trillion (US$580 million) or 68.6 per cent of the contract value had been disbursed. Construction material supply had been affected by an April rule cracking down on overloaded vehicles, as suppliers shifted from roads to waterway transportation, Chien said. He added that foreign constructors in charge of nine out of 11 major construction packages had failed to mobilise sufficient equipment and staff. After hiring cheap Vietnamese sub-constructors, they did not supervise them adequately, thus delaying progress. Prime Minister to examine plan to upgrade Dung Quat oil refinery The final plan on the upgrade and expansion of the Dung Quat oil refinery will be submitted to the Prime Minister for review and approval early next month. News portal VnExpress quoted Nguyen Hoai Giang, Binh Son Refining and Petrochemical Company (BSR) Chairman, as saying that expansion of the refinery would soon be taking place, following completion of overall maintenance work on and resumption of operations of the refinery in the middle of this month. BSR, which operates the Dung Quat refinery in the central Giang also revealed that The expansion is expected to raise the refinery's annual output from the current 6.5 million tonnes to 10 million tones, thereby meeting 50 per cent of the country's demand for refined petroleum products. Gazprom Neft, under the Gazprom Group, is currently one of the leading oil companies in "We will select the appropriate and optimal processing technology to use and the crude oil sources to chase in order to ensure that the refinery is run in the most durable, stable and effective way possible," Giang said. Since launching operations in 2009, the Dung Quat refinery, the first of its kind in Viet Nam, has produced roughly 30 million tonnes of products, raking in VND580 trillion ($27.23 billion) in revenue and contributing VND93 trillion ($4.37 billion) to the State budget. In 2013 alone, it produced 6.6 million tonnes, or 17 per cent more than its target, and earned more than VND154 trillion ($7.3 billion) in revenue and VND2.9 trillion ($138 million) in profit. Local company joins Rajah & Tann LCT Lawyers – Chau Huy Quang, executive director of Rajah & Tann LCT Lawyers said the merger aims to create an opportunity for young Vietnamese lawyers to improve their skills in international law and enhance legal services to Vietnamese clients. Quang said that after the merger, the company’s clients will be provided with services in In addition, with the support of foreign colleagues, Vietnamese lawyers can support Vietnamese businesses more efficiently at major regional forums on disputes, trans-border, and infrastructure projects. He emphasised that in some fields such as maritime, telecommunications technology and intellectual property, the company can timely mobilise international lawyers at an economical costs. August CPI growth hits 9-year low The national consumer price index (CPI) this month increased by 0.22 per cent over that of last month and 1.84 per cent over that of the end of last year. The General Statistics Office (GSO) provided the figures, which are the lowest levels recorded for August in the past nine years, as numerous factors have curbed price increases this month, said Do Thi Ngoc, Director of the GSO's CPI Department. The world prices of numerous essential goods remained stable and declined while domestic petroleum prices decreased thrice in nearly a month since July 18. In August, petroleum prices fell by 0.16 per cent month-on-month, public traffic service prices dropped by 0.15 per cent, and housing and building material prices fell by 0.31 per cent. Ngoc noted, however, that the average CPI for the first eight months of the year increased by 4.73 per cent over that of the same period last year, nearly hitting the 5-per cent to 5.5-per cent levels that the Government aimed for in 2014. Increasing rice exports to Southeast Asia and Autumn festivals and rising breeding costs caused food prices to go up by 0.54 per cent, and greater demand for clothes, shoes and school materials also pushed up the prices of garment and footwear products by 0.32 per cent beyond the new school year. In August, gold prices declined by 0.34 per cent month-on-month and by 0.06 per cent year-on-year. The price of the US dollar likewise fell by 0.26 per cent month-on-month and 0.07 per cent year-on-year. The Ha Noi and The CPI rose by 0.19 per cent in the capital and 0.05 per cent in the southern city, in August. Thanh Hoa boosts cooperation with German state Vietnam’s Thanh Hoa province on August 21 opened its representative office in Mittelsachsen county of Sachsen state and signed a number of cooperation deals over 2014-20 with this German county. The rep. office is located at the Innovation and Technology Centre (GIZeF) in Addressing the ceremony, Volker Uhlig, Administrator of Mittelsachsen, highlighted the great cooperation potential between Thanh Hoa province and Mittelsachsen. The opening of the representative office in GIZeF and the signing of the documents marked a new milestone in bilateral ties, opening up opportunities to further promote cooperation of both sides, he said. At a press conference after the signing ceremony, Uhlig also introduced the county’s advantages, especially cooperation in the field of technology transfer and energy. He said many German businesses are keen on the Vietnamese market, primarily in new technology, education, vocational training, the exchange of energy, waste treatment and agriculture. The representative office will be a reliable address to help German businesses seek proper partners, Uhlig added. Mai Van Ninh, Chairman of the Thanh Hoa People’s Council, acknowledged the Mittelsachsen leaders’ keen interest in expanding cooperation with Thanh Hoa, and affirmed the opening of the representative office and signing of comprehensive documents are part of the province’s development strategies. At the signing ceremony, LSTW Construction Company from Earlier, both localities held a joint seminar on economic cooperation at GIZeF that drew the participation of 60 German enterprises and several Vietnamese businesses. At the seminar, Uhlig called on both sides to improve the scale of cooperation, stressing that Mittelsachsen is willing to provide technological support to Thanh Hoa. Meanwhile, Ninh also briefed German businesses on the province’s rapid transformation and incentive policies, notably the Nghi Son Economic Zone and some major projects to help them seek the proper investment fields. GIZeF Director Dr Thomas Lindner suggested both sides focus on promoting cooperation in trade, training and technology transfer. He expressed his belief that long-term cooperation will benefit both nations. Ten German enterprises operating in the field of banking, wind energy, manufacturing also introduced their hi-tech products and services at the event. VietinBank courts Japanese investment in agriculture A Bank for Industry and Trade of Vietnam (VietinBank) delegation led by its Director General Le Duc Tho recently paid a working visit to They attended an agricultural investment promotion conference that gathered nearly 200 Japanese agricultural businesses and representatives from Vietnamese provinces which are strong in agriculture like Vinh Phuc, Lam Dong, Tien Giang and Ben Tre. This is the first time such a conference has been held in Despite having a modernized agriculture industry, Japanese agriculture only meets approximately 45% of domestic consumption demand. As a consequence, Japanese businesses are seeking cooperation opportunities with Vietnamese agriculture businesses. Since 2012, The Japan International Cooperation Agency (JICA) and VietinBank have conducted several surveys in Lam Dong and a few other provinces. With support from Tokyo Mitsubishi UFJ Bank, VietinBank has accelerated supplying Japanese businesses with comprehensive financial and banking services. VietinBank Director Le Duc Tho also worked with JICA high-ranking leaders to discuss a host of measures to boost JICA investment into In recent years, VietinBank has been an important partner of JICA in serving key ODA projects in VietinBank and JICA plan to organise a working session between JICA, Vietnamese and Japanese businesses, and relevant agencies to devise innovative and improved mechanisms to attract Japanese foreign investment. Korean firms attend dialogue on tax, customs issues Representatives of more than 250 Korean businesses operating in The gathering addressed issues of Korean business concern, aiming to fulfil their duties and further improve their performance in the country. Deputy Minister of Finance Do Hoang Anh Tuan and leaders of the General Department of Taxation and the Vietnam Customs and the General Department of Customs directly responded to inquiries from the businesses on issues pertaining to all aspects of import-export and business operations. RoK Ambassador to Vietnam Jun Dae Joo appreciated the Ministry of Finance’s dialogue, which he said helps Korean businesses iron out snags and provided necessary information for them to achieve sustainable growth in The RoK business community welcomes the support from the Vietnamese Government, especially in tax and customs procedures, Jun said. Deputy Minister of Finance Tuan praised Korean firms’ effective operations in Vietnam over recent years, and pledged to create the best possible conditions for them to operate in the country, by improving tax and customs policies in a more transparent and effective manner in line with international standards. Int’l experts share economic cooperation experience Over 150 international economic experts and managers shared experience in sharpening competitive edge and boosting international economic cooperation at a seminar in The second seminar of its kind is within the cooperative framework of a research and lecturer exchange programme between the National Economics University (NEU) and universities from Tran Tho Dat, NEU Vice Director, said the seminar provided a forum for scientists, experts and business managers to share initiatives aimed at developing cooperative ties in research for East Asian region’s common development. The seminar focused on main topics: economic renovation and development, improvement of competitive capacity, international economic cooperation and business strategy and administration. Speakers from Germany, Japan, Russia and Vietnam also presented their reports on globalization trends in research and development of multi-national companies, knowledge transfer, research capacity sharing and business connectivity, managing personal brands; competitiveness of Japan in the automotive industry and innovation of financial management in Vietnam. Microsoft IT Academy debuts in central region The Microsoft Information Technology (IT) Academy, the first ever international standard IT training centre in the central and Central Highlands regions, made its debut in ceremonies held on August 23. During the ceremonies, Microsoft The deal includes the setting up of a data centre on private cloud and applications of Microsoft 365 for educational centres in the region and the boosting of the university's Software Development Centre as the Microsoft-authorised education reseller and member of Microsoft IT Academy. The university trains 85,000 students from the central and Central Highlands provinces and cities. LG Electronics set to launch new facility in Haiphong LG Electronics recently announced it is placing its new 100,000 square metre factory in The new facility to manufacture and export electronic products and electrical household appliances has an expected localization rate of 50%. LG Electronics Vietnam General Director Ko Tae Yeon, revealed the group plans to expand the facilities to 402,600 square metres over the next 10 years at an estimated cost of US$1.5 billion. Equity funds flock to Frontier-market equity funds from According to a report by Bloomberg, in light of the bright economic prospects, overseas money managers view current stock valuations of companies listed on the Many money managers say they plan to double or even triple their equity investments over the next two years, Bloomberg reports. Asia Frontier Capital (AFC) – an investment fund specializing in investing in emerging market equity funds (frontier funds) recently released a 36-page report entitled “Why Vietnam” which provides a convincing analysis that the Vietnamese economy is recovering along with reasons why investors should invest in the country’s emerging market. Managers from AFC have invested about 20% of their total portfolio (US$17 million) in Vietnamese stocks, higher than any other emerging market. Andreas Vogelsanger, AFC Vietnam CEO is bullish on the Vietnamese economy, saying that that AFC now holds shares in 70 small and medium-sized enterprises in Vogelsanger said that the Vietnamese Government has turned the economy around curbing inflation from 20% in 2008 to 5.4% at present. He is confident Frontier investment funds from Sweden and South Africa, including AFC, collectively have pumped a net US$277 million into Vietnamese stocks, 5.3% more than the whole of 2013 Bloomberg reports. OV businesses in Europe meet in Italy More than 300 overseas Vietnamese (OV) businesses and diplomatic missions in Europe, as well as trade counselors from various countries in the region gathered in According to the head of the organising board of the business forum, Pham Van Hong the event aimed to draw orientation outline for Vietnamese business community in Through various activities at the event, businesses had opportunities to meet and discuss measures to boost their stable and sustainable development, he said. At the same time, they also shared experience in grasping opportunities for expanding their operations in European countries, said Hong. Meanwhile, Vietnamese Ambassador to Italy Nguyen Hoang Long said supporting the stronger connectivity of the Vietnamese business community abroad is one of the country’s focuses. He said he hopes the development of OV businesses in the region will help promote The event took place in a context where the European economy is experiencing a recession, which dramatically affected the operation of Vietnamese business community there. Hoang Manh Hue, a businessman from Participants at the event also voiced difficulties facing them currently, including the tension in the Russia-Ukraine relations, as well as a poor linkage among Vietnamese business community abroad. They also discussed opportunities and challenges generated by the Vietnam-EU free trade agreement, which is expected to be reached within this year. The next forum is slated to be held in More credit needed to stop closures: experts Experts have urged the government to set up a centre for credit services for struggling small- and medium-sized enterprises (SMEs). The number of enterprises that have suspended or closed operations in the first seven months of the year was 37,612, an increase of 9.8% year-on-year. Most of the companies that closed were SMEs, according to the General Statistics Office. The number of newly established enterprises totalled 42,398, with total registered capital of VND262.4 trillion (US$12.5 billion), down 7% and up 17.8% in capital, compared to the same period last year. Analysts said many companies were still mired in hardship, resulting in an increase in bankruptcies and dissolved firms. For many of them, sales have declined, which has made it more difficult to access capital, even though lending rates have dropped to 2005 and 2006 levels. Meanwhile, aggregate demand remains weak and though the central bank has cut lending rates to help businesses access loans, the economy is still not absorbing enough capital, they said. Vietinbank general director Le Duc Tho said: "Only about 30% of SMEs have access to bank loans, and the remaining 70% have to depend on their own sources of capital (internal financing) or loans not from the banking sector, which often have very high interest rates." Tho said that bad debts, weak competitiveness, non-transparent financial reports and lack of assets that could be used as collateral were preventing SMEs from accessing capital sources, including bank loans. "For banks, most of them still hesitate to lend to SMEs because they are afraid of risks, so they have set strict lending criteria that SMEs cannot accept," he told Dau tu Chung khoan (Securities Investment). "Consumers have been tightening their belts, which has also caused a reduction in sales for businesses," he added. To help SMEs overcome development obstacles, analysts have stressed the need to have close cooperation between the Government, the banking sector and SMEs. They suggested that the Government develop support policies to meet requirements of SMEs, and involve various industries in the effort. They said the Government should set up a market information system to help SMEs outline effective sales and production plans, and build trade and brand-name promotions suitable to SMEs' financial abilities. Vu Dinh Anh, senior economic expert, has called for creating capital channels designated for SMEs only. This would help them easily access loans at reasonable interest rates. "Establishing a centre of credit services is also necessary. The centre would act as a ‘bridge' between SMEs and credit institutions. In particular, it would be responsible for providing SMEs with information on the banks'credit programmes, helping SMEs complete capital lending documents, and connecting SMEs with the Credit Guarantee Fund," he said. "The central bank should also issue policies to encourage commercial banks, such as reducing the compulsory-reserve ratio and refinancing interest rates so as they can set aside preferential capital packages to lend to SMEs. Top priorities should be given to the lenders that have a high proportion of outstanding loans to SMEs," Tho of VietinBank said. "The central bank should also help banks develop sources of capital for SME development, and support banks with long-term capital sources at reasonable interest rates in order that the latter would have more financial conditions to lend to SMEs," he said. Domestic steel producers voice concern over imported products The Vietnam Steel Association is proposing reasonable import tax rates for iron and steel products amid concerns over the effects of a possible mass inflow of imported steel from The concern was aired during free trade agreement (FTA) negotiations with the Customs Union of Belarus, The setting up of import rates for The newspaper quoted association officials as saying that the competition in the sector would grow harsher since It cited figures showing that The country's steel industry will be facing possible shutdown if imported steel from The association proposed that import tax rates for steel under the FTA negotiations adhere to The sixth round of FTA negotiations with the Customs Union closed on August 20 in The national flag carrier Vietnam Airlines has recorded average growth of 14-15 percent per year over the past decade, the Vietnam Economic News reported. In the first six months of this year, Vietnam Airlines operated 119,200 flights with 24.7 million passengers and 448,100 tonnes of cargo, an increase of 10.6 percent, 15 percent and 22 percent compared to the same period last year. Vietnam Airlines has not only met transport needs but also made significant contributions to socio-economic development, especially in the tourism sector. Vietnamese airports have served a continuously growing number of passengers over the past decade. In 2003, Vietnam Airlines and foreign carriers transported 2.85 million passengers while total arrivals increased to 12.85 million passengers in 2013. During the 2003-2013 period, Vietnam Airlines reached a yearly growth of 16.3 percent and 18.4 percent for passenger and goods transport, respectively. According to a master plan, by 2020, total number of international and domestic passengers via Vietnamese airports would reach 28.2-31.5 million and 38.4-42.3 million and cargo transport would stand at 434,000-489,000 tonnes. In December this year, The new terminal has four floors with a surface area of about 139,000sq.m and is equipped with machinery and advanced aviation technology. In addition, a new cargo terminal is also under construction with a capacity of 200,000 tonnes per year and is expected to be put into operation by early 2015. To raise extra capital for operation, Vietnam Airlines is preparing for equitisation which aims at improving the quality of transport services, ensuring highly competitive environment and consumer interests. In terms of international transport, Vietnam Airlines will continue to consolidate and develop bilateral air transport in traditional markets such as Northeast Asia and Southeast Asia; open routes to the US and Canada; and promote aviation ties with South Asia, Africa, South America and the Commonwealth of Independent States. In terms of domestic transport, Vietnam Airlines will focus on the Hanoi-Da Nang-Ho Chi Minh City routes and form a network of private cargo routes.- Companies urged to show transparency in tax declarations Businesses should be fully prepared with tax- and customs-related documents since they could receive a notice from relevant authorities at any time that their books would be audited, a taxation expert warned at a seminar held in Phan Vu Hoang, tax partner at audit and consultancy firm Deloitte According to Hoang, there are risks related to non-compliance with tax policies, whether out of ignorance or intentionally, that could pose a real challenge to businesses. Companies that have not been audited for years and those with signs of abusing transfer pricing are set to be the focus of an inspection this year. Other targets include companies applying for large VAT and import tax refunds and those in the areas of e-commerce, insurance, advertisement, real estate, and export production. Hoang said tax collection was set to be tightened after the Government ordered on August 13 that budget revenues should surpass targets by 8 to 10 per cent. Taxes and customs duties are set to contribute around VND783 trillion (US$37.2 billion) this year with the trade sector accounting for VND224 trillion ($10.7 billion). As of July more than VND497 trillion ($23.7 billion) had been collected, or 63.5 per cent the year's target. In 2007 around 31,700 tax audits resulted in collection of VND2.58 trillion ($122.8 million) in additional tax and penalties. Last year the figures were 58,300 and VND12.22 trillion ($581.9 million) . At the seminar, experts also provided updates on corporate and individual income tax policies, customs regulations, and transfer pricing. FTAs open door for plastics firms Free trade agreements (FTAs) have opened up opportunities for Vietnamese plastic makers to expand their exports, according to a report in the Vietnam Economic News. The article stated that the domestic plastic industry would need to foster joint production among businesses in order to take advantage of new markets. The country exported an estimated US$992.12 million worth of plastic products in the first half of 2014, up 17.61 percent from the same period last year. Japan remained the biggest importer of Vietnamese plastic products, shipping $245.98 million in plastic exports from Viet Nam in the first half of this year, accounting for 25 per cent of plastic exports in that period. Meanwhile, the The EU market had also become an important market for Vietnamese plastic makers, driven by improvements in quality. Vietnamese plastic exports to Vietnamese plastic makers were also eyeing potential opportunities in Vietnam Plastics Association Chairman Ho Duc Lam said the industry was focused on improving the quality of its products and scaling production to meet export demand. This would involve using modern technology, developing environmentally friendly products and fostering opportunities for joint-production, he said. With Vietnamese plastic exports set to grow between 13.5-16.5 per cent this year, Vietnamese plastic businesses needed to address issues in product quality and design, and study market trends to integrate with the global supply chain, Lam said. Customers embrace bank card payments The State Bank of The big four banks by assets in About 30 per cent of the total POS are in Ha Noi (19,200) and The central bank aims to cut the cash ratio to less than 11 per cent of the total money supply by the end of 2014, and raise the number of POS to touch 250,000 for handling 200 million transactions yearly. Earlier, the Viet Nam Bank Card Association's report said that 68.55 million bank cards were in use in the Vietnamese market at the end of the first quarter of 2014. This is an increase of 3.5 per cent against 2013. The growing popularity of bank cards is said to be reducing the share of cash transactions in the total money supply, from 20.3 per cent in 2004 to 12 per cent by the end of 2013. However, the association warned that most of the card transactions were money withdrawals, while the use of other payment services such as POS or money transfers was still at a modest level. The infrastructure of the bank card market needs to be improved to prevent congestion. The service fees for internet banking in Dong Nai supports local businesses The southern Speaking at the meeting, Le Van Danh, Director of the provincial Department of Industry and Trade, said the province was implementing closer linkages with other regions in the country to improve business co-operation. For oversea markets, the province would organise investment and trade promotions in the In the time to come, by continuously joining the Trans-Pacific Partnership (TPP) agreement, there would be increased assistance for local businesses seeking more opportunities to expand their export markets, he said. It is expected that export to the According to the department, The province authorities note that in the near future, many export items to this market will gradually enjoy tax exemptions and fees in line with the TTP roadmap. Accordingly, commodities such as farm produce, food processing, as well as electrical and electronic appliances from Also, Dong Nai exports large volume of goods to other countries, such as Concerning difficulties in receiving credit loans, Tran Minh Phuc, Vice Chairman of Dong Nai People's Committee, said his province instructed the State Bank's branch to work out a flexible lending policy to help businesses gain access to financing. In addition, businesses also suggested that local authorities continue improving administrative procedures and further simplify and reduce inconveniences to businesses involved in receiving export clearances for goods. Dong Nai is among the country's top five leading provinces for exports, with its Jan-August turnover estimated at over US$8.1 billion, which is a year-on-year increase of 14.5 per cent. In August alone, the province took in nearly US$1.2 billion from exports, the highest level since the beginning of this year. The success was largely attributed to efforts by local authorities in organizing trade and investment promotion activities in several countries, said Le Van Danh, Director of the provincial Department of Industry and Trade. Through these activities, local enterprises, especially those producing textiles, footwear and fiber, set up partnerships and signed long-term orders to ship their goods abroad, he noted. To reach its export target set for this year, Danh said local authorities would continue to increase promotional activities, as well as create all possible conditions for enterprises to bring their products to new markets, such as Africa, the Middle East and From now until 2015, Dong Nai would focus on the markets of Additionally, officials said the department would regularly hold meetings with firms to swiftly address difficulties facing them when exporting products. Ministry readies SME development fund The Ministry of Planning and Investment recently worked with commercial banks to study their capacity of lending to small and medium-sized enterprises (SMEs). The study was done because the ministry aims to put the SME development fund into operation at the end of this year or latest by the beginning of next year as its personnel system, budget and operation rules are being set up. Careful preparations are needed to ensure that the fund, which has received capital from the State budget, supports SMEs efficiently, according to the Department of Corporate Development. According to To Hoai The Prime Minister issued Decision 601/QD-TTg about the establishment of the fund on April 17, aimed at enhancing SMEs' competitiveness, creating more jobs and raising incomes. In the first three years, the fund would receive VND2 trillion (US$95 million) from the State budget, then VND500 billion ($23.5 million) each year in the next two years and another VND1 trillion ($4.75 million) in the following year. The fund would entrust the Viet Nam Development Bank and other commercial banks with loans for SMEs that meet the fund's loan eligibility terms. The maximum loan for each project would not exceed 70 per cent of the project's total investment and would not exceed VND30 billion ($1.4 million). The loan must be repaid within seven years. There are more than 500,000 SMEs in the country, accounting for 97.5 per cent of the existing companies. Failure to conform with margin trading laws leads to added risks Margin trading generated more profits for investors as well as securities firms and higher market liquidity, but it also posed many risks if not complied, heard a conference in In the first half of this year, margin loans of top 10 brokerages reached over VND6 trillion (US$283 million), rising 30 per cent compared to the end of last year. Some brokerages violated regulations of the lending ceiling to lure investors. But it created risks and an unfair competition among companies. A representative from Saigon Securities Inc revealed that some securities firms offered margin lending rates up to 80 per cent of the portfolio value compared to the ceiling of 50 per cent. If companies did not comply with legal administration, it would lead to losses and inadequate operational capital. In fact, it became practical cases with many companies. Investors also needed to follow the regulations. "Using leverage in times of market turbulence may cause great losses," said associate professor Tran Hoang Ngan, vice principal of the HCM City University of Economics. In addition, Ngan noted that idle money could come to the stock market if the market became more transparent and fairplay. The amount of individual deposits in the banking system was about VND2,200 trillion ($103.7 billion). "If 30 per cent of the current savings is poured into stocks, liquidity will increase significantly," Ngan said. Khang Dien to focus on affordable townhouse projects Khang Dien House Investment and Trading Joint Stock Company (KDH) will focus on developing affordable townhouses, its flagship and best-selling products, after incurring losses in the high-end housing segment. This announcement was made on Tuesday by company executives at a meeting to review the firm’s business performance in the first half of the year. Ho Thi Minh Thao, a board member of KDH, said her company lost nearly VND137 billion after divesting capital from the large, hi-end apartment projects that are beyond the reach of most homebuyers. However, the successful capital transfer of its stakes at two subsidiaries generated a profit of VND80 billion for the company. In October 2013, KDH launched Mega Residence project in District 9, located near the HCMC-Long Thanh Expressway. About 160 finished townhouses of this project were opened for sale in March and have sold out at the moment. In the coming time, this real estate firm will continue with popular townhouses of the Mega line, said the company. To Hai, general director of Viet Capital Securities Company (VCSC), a partner of KDH, said KDH had made right decisions to overcome difficulties, making it a strong player on the real estate market. The demand for townhouses in HCMC is high, said Hai. Vietnamese customers prefer housing products priced at around VND2 billion a unit and requiring simple transfer procedures coupled with a flexible payment plan. In the first half of the year, KDH gained VND41 billion in after-tax profit. The company expects to gain the entire revenue of the Mega Residence project this year, and launch the Mega Ruby project in October this year. KDH successfully issued 26.93 million shares in May 2014 and obtained VND363 billion, increasing its charter capital to VND750 billion. |
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Article 7
Social News 26/8 American ordained nun at Vietnamese pagoda A 17-year old American girl Kayala Jaramillo has cut her hair, taken vows of chastity and been ordained a nun at Thien Vien Chan Nguyen (Buddhist Meditation Centre) in California, the US. Her parents, Keray Jaramillo and Armida Jaramillo, both 62, have also been recognized as Buddhist followers at the Buddhist Meditation Centre in the presence of Venerable Thich Dang Phap, monks, nuns and nearly 100 Buddhist believers. Mr Keray Jaramillo has taken the Dharma name Nguyen dat, and his wife, Chan thanh. Their daughter Kayala Jaramillo is now nun Thich nu chan giac. Earlier, Kayala Jaramillo was a student at an She confided that Buddha’s teachings have helped her find a path of liberation for herself and for other people. Hanoi gives aids to guest workers returning from Libya Accordingly, each returnee will receive 1 million VND in cash sourced from the city’s budget. The Vietnam Bank for Social Policies will reschedule loans borrowed by workers for trips to Meanwhile, the municipal Department of Labour, Invalids and Social Affairs has proposed loans worth a maximum of 20 million VND to those who want to be self-employed. It will also support vocational training fees for the former guest workers who wish to learn a new occupation and advise them to seek new jobs at employment service centres and job fairs in the city. The country’s evacuation of its 1,750 guest workers from war-torn Libya has almost completed with 1,379 already back home by August 17 and all those working in strife-hit Tripoli and Bengazhi cities moved to safer areas.- Pig farmers targeted in chemical probe Agencies in Tran Van Quang, head of the Veterinary Department of Dong Nai Province, said that six of more than 20 pig-breeding farms that were inspected in the province had been using the banned lean-meat additive Sulbutamol. The price hike of pork had prompted breeders to use the chemical in animal feed, he told the meeting organised by the Department of Livestock Production and the HCM City Department of Agriculture and Rural Development in Pig breeders use the chemical to feed animals to ensure that meat is leaner and the animal grows faster. The chemical also dissolves fat and builds muscle. However, eating pork with the chemical will increase the heart rate and blood pressure. Nguyen Xuan Duong, deputy director of the Department of Livestock Production, said the use of banned substances in pig breeding had occurred for many years. The Government had made efforts to control the problem, but the current sanctions were not strong enough to deter violators from repeating the offence, he said. Duong said localities should conduct education campaigns to raise awareness among pig breeders about the adverse impact of banned substances. If pig farms were discovered using banned substance, their herd of pigs should be destroyed, he said. Nguyen Tri Cong, chairman of the Dong Nai Animal Breeding Association, suggested authorities that they should impose strict penalties and publicise the names of violators. Fishermen worried by anchor lock shortage A shortage of locks used to anchor fishing vessels in the coastal areas of central According to a report from the local Department of Seafood Resources Protection and Exploitation, the province has 2,000 vessels, consisting of offshore ships and small fishing boats. During storms, these vessels need concrete locks in which to nestle, away from the strong waves of the sea and lagoon. The province has only 30 locks scattered among 26 areas along the 120-km coast, and these could only meet half of the vessels' demand, the report said. Many of the locks are 10 years old and were either risky to use or could not meet the high demand for docking. On the other hand, newly-built locks have shortcomings, including unwittingly blocking ships attempting to dock. For example, the Ngu My Thanh lock at the Quang Loi Commune of Quang Dien District could accommodate only 60 of the commune's more than 200 vessels. During storms, the vessels have to move to inland rivers to dock. Meanwhile, fishermen in Thuan An, Phu Hai and Phu Dien communes are reluctant to use the Phu Hai lock, where shallow water levels leave vessels stuck in the sandy bed inside the lock. Built in September 2011 at a cost of VND42 billion (US$1.9 million), the Phu Hai lock was reportedly the best in the province, with a 500-ship capacity. "The thick layer of sand on the bed inside the lock has made it difficult for vessels to move in and out, so I don't really want to use it," said Nguyen Trong Tuan, a local fisherman who owns a 90CV ship. Authorities of the Phu Hai Commune confirmed that there were numerous cases of vessels getting stuck inside the lock, saying only small boats could anchor in there during the rainy season, a waste of the expensive lock. Hoang Phuoc, Chairman of Thuan An Commune, said vessels in the commune needed the water to be at least three meters deep to enter the lock, but the water there was only half a meter deep. "This is not only a waste of the lock but also a big hindrance to the trade of fish from offshore ships," he added. The Department of Agriculture and Rural Development, which built the Phu Hai lock in 2011, is dredging the bed to deepen water levels inside the lock. Another reason for the shortage is the delay in projects for the construction of new locks. The VND58 billion ($2.8 million) project for the construction of Cau Hai lock is supposed to be completed next month, but only 33 per cent of the work has been finished, leading to an indefinite delay. This means that 420 ships and boats in the coastal Phu Loc District will be finding it difficult to locate safe areas for harbouring in the coming rainy season. The province is one of the most vulnerable to heavy storms in the central region, but local authorities are still struggling to find solutions to the shortage of locks even as the rainy season approaches. Agriculture training must be more practical Agriculture and Rural Development Minister Cao Duc Phat has said the sector would speed up efforts in vocational training, which is vital to enhancing the quality of human resources in the sector and spur innovations in agriculture for the years to come. Speaking at a meeting held on Thursday in Ha Noi, Minister Phat said in the 2015-16 period, the sector would focus on integrating more businesses into vocational training for rural areas and increase international co-operation to apply more advanced technology in the sector. The ministry is currently overseeing about 40 institutions, including three universities, 12 colleges and 17 vocational training schools. Phat said the ministry would provide preferential policies to support schools to enhance their curriculum that must be cater for the real need in the market and production of the sector. Participants at the meeting agreed that in recent years, fewer students were choosing to major in agriculture-related sectors with many institutions struggling to recruit students. Many students strayed away from jobs in the aqua-culture or fisheries sectors because they tended to be quite labour-intensive, they said. Many institutions which focused on training in agriculture in the past reportedly had to offer more majors in finance and economics to attract more students. Participants also agreed that students also struggled to find jobs after graduation. Huynh Huu Linh, principal of a college that focuses on aquaculture training in Minister Phat called for institutions to upgrade their curricula and revise their training methods to keep up with industry changes and add more value to local products. Farmers to grow alternative crops The Ministry of Agriculture and Rural Development has decided to shift 770,000ha of fields that exclusively grow rice to areas that combine aquaculture, rice and other crops from now to 2020. Under the ministry's plan, 260,000ha of rice fields will be shifted in the 2014-15 period, and 510,000ha from 2016 to 2020. The conversion is expected to improve cultivation efficiency and increase farmers' incomes, said the ministry. Under the plan, corn will account for the largest area on converted rice fields, as 236ha of rice will be switched to grow corn by 2020. Other crops to be planted on converted rice fields include soybeans, sesame, peanuts, vegetables and flowers. Aquaculture development will also be included. The conversion will be based on market demand and the crops will have higher profits than rice, said the ministry. The Cuu Long ( The delta's rice fields typically plant three rice crops a year. However, under the plan, some converted fields will plant two rice crops and one cash crop a year, and others will plant one rice crop and two cash crops a year. Some fields will combine one rice crop and aquaculture each year, and some will cultivate only cash crops year-round. The ministry's Plant Cultivation Department will be responsible for giving instructions to provinces and cities and will work with departments and agencies to set up policies. Youth speak out over lack of sexual health education Adolescents need comprehensive sexuality education, which is currently provided by only 10 clubs in the whole country, said Duong Minh Ha, a young participant at a reproductive health forum yesterday in Ha Noi. Nguyen Duc Vinh from the Ministry of Health's Department of Mother-Child Health agreed, saying reproductive health education should be taught in schools. "Until now, we have mostly focused on married couples," he said. "However, unmarried young people suffer high risks of unexpected pregnancies and unsafe abortions." Vu Thanh Liem, director of the National Youth Centre under the Ho Chi Minh Communist Youth Union, said that reproductive healthcare for young people and adolescents would play an important role in the quality of the future population. However, young people and adolescents lacked the basic knowledge and skills to avoid unexpected pregnancies, unsafe abortions and sexually transmitted diseases. Liem also said there should be more centres providing reproductive health services for youth and the State should spend more on this area, in addition to creating mechanisms to let young people participate in creating relevant policies. "Such centres would be a place for young people to get advice relating to reproductive health in a friendly way," Ha said. Young people and adolescents account for nearly 30 per cent of the population. Organised by the Viet Nam Family Planning Association, the forum aimed to help young people voice their concerns about reproductive health and assist policy-makers in contributing ideas to the National Assembly and Government. Ancient city to build waste treatment plant The ancient city of Hoi An in the central province of Quang Nam will construct a waste water treatment station to improve the channel running through the Japanese Bridge, one of the most visited site in the tourism hub, this November. Vice Chairman of the city's People's Committee, Truong Van Bay, said the project, with an investment of VND244 billion (US$11.6 million) from a non-refundable loan from Japan and Viet Nam's government, will collect and clean 2,000 cubic metres of waste water before pumping it into the Hoai River. The city has also planned a 1.6ha tourism information reception centre on Le Hong Phong Street with a parking area and toilet stop for tourists, with investment of VND7 billion ($333,000). He said the city would also upgrade four public toilets in the old town for tourists and local people. Kindergarten opens in remote hamlet A kindergarten was opened in the Central Highlands The school was built at a total cost of US$52,000 funded by the Viet Nam Education Society of Canada. The project will benefit 60 children and their teachers and more than 600 members of the community in Konkloc hamlet. Timber farmers out of the loop Poor and ethnic forest farmers have no say in negotiations to sell their timber because prices are negotiated by dealers, leaving the growers at a disadvantage. Dr Nguyen Duy Luong, vice chairman of the Viet Nam Central Farmers Association, revealed this at a conference held in Ha Noi yesterday. A report at the conference, which was organised to launch a project known as the Forest and Farm Facility project in Viet Nam, revealed that during 2006-11, about 16.2 million hectares of forestry land was allotted to 1.25 million households, supposedly creating jobs for 4.65 million workers. One third of the families involved in forest farming are poor, mostly from ethnic groups in remote and disadvantaged areas. Their incomes are created mostly from their involvement in protecting forests and producing forestry-related, farming and acquaculture products. Luong said the forest farmers' lack of knowledge about the market and business led to them being overlooked in the price negotiation process. He said they were often taken advantage of by opportunistic dealers. Jeffrey Campbell, director of the He said this could be achieved through the establishment of organisations and associations, or businesses that offered advice to farmers, helped them gain access to the market and built up brands for their products. Cao Chi Cong, deputy general director of the Viet Nam Administration of Forestry (under the agricultural ministry), said that farmers were not very interested in getting involved in the planting and protection of forests because the benefits were limited. He said a hectare of forest gave farmers an income of VND30-40 million (US$4,670-1,900) after subtracting expenses, but it took six years for forests to become ready for exploitation. The financial profits, therefore, were much lower than those collected by planting cassava and sugar cane. He added that to save the time, farmers sometimes began exploiting the grown forests earlier than usual, after three to four years rather than six to seven. This meant timber was often not of high quality and sold for low prices, making it difficult to earn a living. Experts at the conference said they were concerned that the legal regulations on forest management and forest allocation as well as wood exploitation for commercial benefits remained unclear. They said this also helped make forestry-related activities unattractive to farmers. Experts also voiced concerns that farmers had limited awareness of the importance of complying with the law about forest protection. Problems also included farmers accidentally creating fires while cutting down trees, hunting animals illegally and destroying forests to grow other plants for livelihood. Border guards seize ship carrying dynamite, detonators Thanh Lan Border Post guards in Co To District in the Four men, aged between 21 and 39, from the province's Hai Ha District, were operating the ship. The men were reportedly using dynamite illegally to catch fish, and used to throw the evidence into the sea whenever they were discovered by the border guards. Familiar with the men's tricks, the border guards prepared a detailed plan to catch them in the act. Cement company fined for noise pollution The Natural Resources and Environment Department of the central The Van Ninh Cement Company was found to be creating noise at levels 15 decibels higher than allowed noise levels, causing surrounding residents to suffer from noise pollution. The company also did not have an available environmental protection plan, as required. Local authorities ordered the company to take measures to reduce the noise pollution. Remains of 109 fallen soldiers found The Dong Nai provincial Department of Labour, Invalids and Social Affairs said that the province’s Military Command and relevant agencies have excavated the remains of 109 fallen soldiers’ and their relics. The remains, together with many sandals, hammocks and water cans, were found in a mass grave in Hamlet 5, Long Tho commune, Nhon Trach district. According to relevant agencies, based on historical documents and related information, the remains are of soldiers who were killed in 1967. The remains will be buried in Nhon Trach district’s Valedictorians honoured in Hanoi The Hanoi Municipal Youth Union held a ceremony at Van Mieu – Quoc Tu Giam ( The valedictorians, who are graduates from universities and institutes with impressive academic results, are role-models for any student struggling to overcome difficulties to persuse scientific studies, initiatives, practical and effective solutions locally and internationally. After offering incense to commemorate their predecessors, the valedictorians wrote their names in a golden book. They offers incense to commemorate their predecessors. The outstanding graduates then took part in an exchange themed ‘Lighting up dreams of Hanoi’s valedictorians’, which encouraged them to continue studying, working and practising their studies for their own success and to make further contributions to building the capital and the country. Among the 132 honoured valedictorians are 7 males and 95 females; 57 of them have outstanding academic records while 75 earned excellent results, 56 of the valedictorians are Vietnam Communist Party members. This is the 12th consecutive year The capital city of The municipal Department of Planning and Investment is working with relevant agencies to study specific measures towards this goal in line with Deputy Prime Minister Hoang Trung Hai’s instruction, to be submitted to the municipal People’s Committee. Meanwhile, the Department of Industry and Trade and management boards of industrial and processing zones have directed the zones’ investors to promptly complete concentrated sewage treatment systems and connect them with factories operating in the zones. Local authorities around industrial zones have been urged to speed up the inspection of environmental protection and hold more educational campaigns to raise awareness of both businesses and locals of the protection work. According to the Department of Industry and Trade, the city is building 107 industrial clusters, 48 of which have no plans for concentrated waste water treatment systems. Among 42 operational industrial zones and clusters, only 25 have the required systems. The department has plans to build the systems at seven industrial clusters in 2014, and at nine others in the following year.- The Hanoi Wild Animal Rescue Centre has said it had so far rescued and conserved 323 individuals of wildlife species and 35kg of snakes. It has promoted disease prevention to ensure safety for animals rescued and conserved at the centre such as vaccination and worming while providing treatment for ill animals. As many as four tigers and 20 monkeys were born and nurtured at the centre. The centre is now caring 28 tigers, 15 bears, four northern white-cheeked gibbons, eight peacocks and two great hornbills before releasing them back into wild. In August, the Hanoi Ranger Department detected and punished 15 cases of violations to the law on forest protection and development, seizing 44 individuals of wildlife.- WB studies climate change adaptation in Vice President of the World Bank Rachel Kyte toured the Mekong Delta According to the Ministry of Natural Resources and Environment, Ben Tre is one of the most vulnerable provinces in Floods, damaged dykes and sea level rise have posed a lot of difficulties to the local lives and manufacturing activities, Vice Chairman of the provincial People’s Committee reported at a working session with the WB Vice President the same day. However, with the assistance of the government and the WB, Ben Tre has undertaken counter measures, including the building of a 31km long sea dyke in Ba Tri district and a water supply plant which together with an available facility can supply clean water for over 2,000 poor households. The province has also conducted regular educational campaigns to raise public awareness of the issue while developing farming models that are adaptive to climate change. The official asked for more assistance from the bank to carry out several major projects, particularly a 100-km sea dyke to protect residents in Binh Dai and Thanh Phu districts, a water plant to serve four districts of Cho Lach, Mo Cay Nam, Mo Cay Bac and Thanh Phu, and the planting of 831 hectares of protective forests in the coastal areas. Recognising the necessity of climate change resilience projects, the WB Vice President said she will discuss with the government measures to continue helping the province and other localities in the delta to cope with the issue. During her trip to Ben Tre, the WB leader also visited a model farm combining rice cultivation and shrimp raising in Ba Tri district and several islets where land erosion is occurring as a consequence of climate change. Ministry asks to report about electronic textbook project Concerning to a project of using electronic textbooks and Ipad tablet in schools in It must admit that the city has the advantage of carrying out the project of electronic textbooks and Ipad tablet; however, the pilot project must have agreement of parents and the Ministry’s approval, according to Pham Ngoc Dinh, the ministry's Head of Primary Education Department. Mr. Dinh said that the city has asked scientists, educationists and parents. If the project receives positive response from the public and it is feasible, the Department of Education and Training has to ask for permission. Otherwise, it must stop. Health authority fines substandard-imported drug importers The Drug Administration of Vietnam August 22 said that it has fined five pharmaceutical companies which imported several substandard medications. The drug administration also asked five importers to recall and re-export these medicines which fail to meet the standard or destroy these drugs as per regulation. Truong Quoc Cuong, head of the Drug Administration of Vietnam, signed the decision to fine VND 100 million (US$ 4,723) each to five companies including the branch of the Central Pharmaceutical Company No. 1 and No. 3 in Ho Chi Minh City and the central city of Da Nang’s Hai Chau District; the National Phytopharma Joint-Stock Company in HCMC's District 1; Sohaco Trading and Pharmaceutical Group JSC in Hanoi's Ba Dinh District and the Danang Pharmaceutical Medical Equipment Joint Stock Company in Da Nang City’s Hai Chau District. In addition to fine, the health watchdog will stop receiving registration document of these companies in one month or six months. Most of these companies have imported Indian-made substandard drugs. For instance the Central Pharmaceutical Company No. 1 imported six low quality drugs such as Korean Dea Han New Pharm Co.’s Proexen tablet, Indian-made Norash -20 skin cream manufactured by Raptakos, Brett&Co and Despite their important role in forest protection, Vietnamese those designated to protect and grow forests find it difficult to make a living. During the 2006-2011 period, a total of 10 hectares of forestland was allocated to 1.25 million households, with nearly five million workers, including 485,000 poor households from ethnic minority groups. Their incomes come from different sources, including sales of wood products from their planted forests and environmental service fees for forest protection, cultivation and husbandry. However, their incomes remain very modest. “It takes around five to six years to grow trees and harvest them. Growers earn an average of less than VND10 million per year, much lower than families who grow to other crops,” said the deputy director of the Ministry of Agriculture and Rural Development (MARD)’s Department of Forestry. Many growers opt to chop down their trees early, which results lower prices and low-quality wood. Also, growers have had difficulty finding stable markets for their products and depend on traders who take advantage of them. . “They do not have the ability to bargain and are often taken advantage of due to the lack of information and business skills,” said Nguyen Duy Luong, vice permanent chairman of Vietnam Farmers' Union (VNFU). In order to increase their incomes and protect the environment, the VNFU proposed an initiative to the United Nations’ Food and Agriculture Organisation (FAO)’s Jeffrey Y Campbell, director of FFF said, this is multi-financed programme that is funded by the governments of “In order to provide these growers with chances to protect their interests and contribute to the process of policy making, it’s necessary to encourage them to set up groups of producers and family-based enterprises so they can participate in the market and develop their business,” Jeffrey commented. |
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Article 6
Automobile market picks up steamThe latest sales figures confirm that despite lingering market difficulties, sales of domestic automakers continue to grow with According to statistics released by the Vietnam Automobile Manufacturers Association (VAMA), total automobile sales in July reached 12,609 units, up 35% on-year and 2% on-month. In the first seven months of the year, 77,998 cars were sold, a rise of 32% when compared to the same period in 2013. Exceptional growth Leading market analysts are saying the automobile market is continuing to rapidly expand and point to the July sales figures as demonstrable evidence. Specifically, Ford Jesus Metelo Arias, Ford “In its first month on the market we sold an amazing 269 units of the EcoSport model, Arias said.
Thaco’s sales, in contrast, declined slightly in July. It sold just 3,232 cars in July, 200 units lower than previous month. A Thaco representative revealed, however, that the company had unfilled orders at the end of the month of 500 units. If the sales of the 500 had been consummated then their sales volume would not have decreased. In addition to the top three carmakers, a significant number of the 15 other VAMA members achieved high growth including Expanding market share The sales of Ford Jesus Metelo Arias says Ford will continue to expand production in Like Ford, many other automakers are bullish on the Vietnamese marketplace and optimistically see nothing but bright spots on the horizon. They are committed to the market with plans to increase investment in all areas of the Southeast Asian nation. Recently, Mitsubushi Motors announced its decision to shift its operations and jump into the Vietnamese market head-on. The company is focusing on Kazuhiro Yamana, Vinastar Director General, says the Mitshubishi Motors brand name is popular and trusted by Vietnamese customers. Macroeconomic stabilisation will spur market demand and in accordance with normal market rules, sales turnover in the second half of the year is often higher than that in the first half, Maruta said. Based on current market trends, Yoshihisa predicts that this year’s sales will be a record high, greatly outpacing last year. Meanwhile, VAMA’s is forecasting a rosy year for domestic automakers, projecting this year’s sales turnover may jump up 10% to 130,000 units over last year. VOV |
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Article 5
EU, VN aim to conclude free trade negotiations  Prime Minister Nguyen Tan Dung and President of the European Commission Jose Manuel Barroso review the guards of honour of Viet Nam People's Army. The agreement, which is considered a milestone in The two discussed measures to enhance co-operation between They agreed to increase exchanges of delegations, support each other at regional and international forums, create favourable conditions for businesses in each other's markets. They also agreed to increase co-operation in a wide range of areas, particularly those where the EU is strong, such as education and training, natural resources and environment, agriculture and rural development, transport and construction. PM Dung proposed measures to help boost trade and economic relations, such as the EU soon ratifying the PCA and considering the development gap between He thanked the EC and EU member countries in supporting The EC President said he believed The two sides also stressed the need to maintain peace, stability, security and maritime safety in the Later the same day, the EC President Barroso met Party General Secretary Nguyen Phu Trong. Barroso said he appreciated He said the EC attached great importance to developing the friendship and co-operation with Party leader Trong said he hoped the bloc would assist Yesterday, EC President Barroso was received by President Truong Tan Sang who said He proposed Barroso sign the EU-Viet Nam Free Trade Agreement as soon as possible. Trade expansion Yesterday, The two sides welcomed the continued expansion of bilateral trade and the EU's position as The two sides welcomed progress in negotiations towards a Viet Nam-EU Free Trade Agreement and expressed the wish to conclude the negotiations swiftly. They emphasised that a mutually beneficial Free Trade Agreement (FTA) would offer new business opportunities for economic operators, enhance inflow of Foreign Direct Investment and promote growth and employment. Both sides agreed to continue encouraging and facilitating Vietnamese and European businesses to step up investment and establish partnerships, particularly in prioritised areas including industry, infrastructure, transportation, energy, finance, services, health, space applications and tourism. The two sides stressed the importance of ASEAN – EU co-operation to the region and welcomed the achievements of both sides over the course of their relationship. Both sides highly valued the exchanges and co-operation between The two leaders discussed the ongoing tensions in the South China Sea/East Sea and agreed that territorial disputes should be settled peacefully in the spirit of co-operation and respect of international law, including the United Nations Convention on the Law of the Sea 1982 (UNCLOS 1982). VNS |
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Article 4
Trade surplus hits 1.7 billion USD The United States was the country's largest export market in the first eight months, accounting for $18.5 billion in exports, or 22.5 per cent more than that of the same period last year (Photo: VNA) Vietnam has gained a trade surplus of 1.7 billion USD for the first eight months of 2014, figures released from the General Statistics Office (GSO). The figures also showed that the nation incurred a trade deficit, worth 100 million USD, only in January, and began earning a surplus in February, at 244 million USD. The surplus reached 1 billion USD in the first quarter, 683 million USD in the first four months, 1.6 billion USD in the first five months and 1.3 billion USD in the first half. After seven months, the surplus increased to 1.26 billion USD. The nation's total exports reached 97 billion USD in the first eight months, which was 14.1 percent higher than that of the same period of last year. The nation's total imports reached 95.3 billion USD, which was 12 percent higher than that of the same period of last year. It mainly imported materials and sub-materials for production. The Other significant export markets include the European Union with 17.9 billion USD in exports, or a 13.3 percent rise from that of last year; ASEAN with12.4 billion, or a 0.5 percent rise; Japan with9.9 billion USD, or a 12.7 percent rise; and China with9.8 billion USD, or a 15.2 percent rise. Foreign direct investment (FDI) enterprises exported products worth 65.2 billion USD, or 15.6 percent more than in the same period of last year, while domestic enterprises exported products worth 31.8 billion USD, or 11.1 percent more than in the same period last year. A number of key exports achieved high growth in the first eight months of the year, including seafood with 5 billion USD, a 23.6 percent rise from that of last year; textiles and garments with 13.65 billion USD, a 19.7 percent rise; telephone and telephone components with 15.23 billion USD, a 13.7 percent rise; and crude oil with 5.59 billion USD, a 14.3 percent rise. However, a number of agricultural exports suffered a decline, including rice with2.46 billion USD, a 3.7 percent fall from that of last year; rubber with 992 million USD, a 31.7 percent fall; and tea with140 millionUSD, a 0.6 percent fall. The GSO also reported that the largest import market was FDI enterprises imported 53.4 billion USD worth of equipment and products, or 12 percent more than in the same period last year, while domestic enterprises imported 41.9 billion USD worth of equipment and products, or 13.4 percent more than in the same period last year.-VNA |
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 Wind and Water Bar in votrongnghia.com  Wind and Water Bar in votrongnghia.com The Wind and Water Bar in southern The Vietnamese bar, located in Binh Duong Province, is ranked among other places around the world on the “25 Most Extraordinary Bars To Experience In Your Lifetime” list, including the Laundromat Café and Northern Lights Bar in Iceland, the Clinic Bar in Singapore, the Blue Frog Lounge in India, the Club 33 in California, the Sky Bar in Thailand, the Joben Bistro in Romania, Bab-al-shams in Dubai, and the Sunland Pub in South Africa. “The Water and Wind Bar is set on a flooded area of land, creating an incredible reflection in the water,” the site describes the place on its list announced two weeks ago. “Stepping stones lead across the reflection and into the massive thatched hut. Lamps adorn the walls, creating an incredibly cozy hideout for a few drinks.” The Wind and Water Bar is a well-known purely bamboo structure designed by Vietnamese architect Vo Trong Nghia in 2008. It was built by local workers over 3 months. The venue has won numerous international awards, including the International Architecture Awards in 2009 and the Architects Regional Council Asia Awards in 2011. TUOI TRE NEWS |
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Unscrupulous Chinese contractors hawking outmoded technology plague  Work at a thermal power plant conducted by Chinese contractors in the northern port city of Vietnamese economists say that unscrupulous Chinese businesses and contractors have capitalized on the pursuit of low bids to offload old technology into The Vietnam National Chemical Group recently sought a government bailout for a US$700 million fertilizer plant which went into operation in 2012 only to lose more than US$47 million. The group admitted the plant in the Insiders said Costlier in the long-run Nguyen Van Thu, chairman of the Vietnam Association of Mechanical Industry, said The Chinese contractors handled some of those projects in their entirety--from planning to procurement to construction. Most of the thermal plants built by Chinese contractors opened three months to three years behind schedule, Thu said noting that many turned out to be of remarkably poor quality. An unidentified energy expert said Chinese contractors “are shifting outdated and polluting technologies from The food processing industry suffers the same problem. Chinese contractors were chosen to build processing facilities because they offered the cheapest prices. Pham Vu Ha, general secretary of the Vietnam Cassava Association, said most cassava processing plants in the country use Chinese technologies that are between 10 and 15 years old. Ha said Vietnamese cassava powder is known for being of middling quality and cannot compete with Thai products in terms of whiteness, fineness and purity. Dr Tran Dinh Long, vice chairman of the Vietnam Electrical Engineering Association, said cheap Chinese bids always end up costing more in the long run due to the constant need for repairs. He blames Economist Le Dang Doanh, former head of the Central Institute for Economic Management, said the country needs an independent review process to evaluate contractors. Doanh suggested that government officials have been bribed by Chinese contractors to secure bids. Dirty competition? Dr Tran Dinh Thien, director of the He pointed to the Hanoi-Ha Dong railway project, now three years behind schedule, as an example. Dr. Thien said the tendency of Chinese contractors to submit artificially low bids and then blow their deadlines doesn't just cost Vietnam precious time, it eliminates the possibility of fair competition. He said lagging thermal power plants projects have hampered “These technical delays will have terrible consequences for development,” he said. At the same time, he blamed local businesses for valuing cheap prices over competitive technology. The government should issue environmental protection policies to filter out such schemes, he said. |
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Banks lower deposit rates en mass Several large Vietnamese banks have decided to lower deposit interest rates by 0.1-0.5% for VND accounts for the last months of 2014.  Banks cut interest rates On August 25, the Foreign Trade of Vietnam JSC Bank (Vietcombank) announced that interest rates for short-term deposits of two to nine months will be lowered to 5-5.7%. Annual rates of 6.8% will only apply to 24-month to 60-month term deposits. This is the second time in 2014 that Vietcombank lowered their deposit interest rates. Interest rates for terms of less than six months for deposits at Bank for Investment and Development of Vietnam JSC (BIDV) and Asia Commercial Bank (ACB) were also reduced to less than 6%. The rate for a 12-month term deposit at BIDV is 7.2%, while ACB has slashed it to 6.8%. According to experts, the lower deposit rates show that banks may plan to reduce their lending rates in the near future. The National Financial Supervisory Commission of Vietnam said that the stable inflation rate has created favourable conditions for banks to lower interest rates. A report from National Financial Supervisory Commission pointed out that deposit rates tend to decrease faster than lending rates. As of July, the average deposit rate decreased by 0.6% compared to rates in December 2013. Meanwhile, the lending rates only reduced by 0.25%. Their report also noted that, "If the inflation remains stable, interest rates may continue to be lowered." On the other hand, the State Bank of By Nguyen Hien, dtinews.vn |
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