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Archive for August 11th, 2008|Daily archive page

Vietnam considers importing meat due to shortage

In Uncategorized on August 11, 2008 at 3:11 pm

Vietnam will have to import pork, beef and poultry at the end of this year if the animal breeding and feed processing industry fails to solve its current predicaments soon, Le Ba Lich, chairman of the Vietnam Animal Feed Association has warned.

Lich said many pig farmers, especially in southern provinces, quit the biz when feed prices shot up.

The current price of pig feed is 8,500 VND (0.5 USD) per kilogram. To produce one kilogram of pork 2.6 kilogram of feed are needed costing 22,100 VND (1.3 USD).

Meanwhile, a kg of live pig goes for 32,000-34,000 VND (1.9-2 USD) in the south and 28,000-30,000 VND (1.7-1.8 USD) in the north.

With capital used to buy breeding animals and animal feed coming from loans with 20 percent interest, breeders cannot afford to continue their line of work, Lich said.

On top of farmers moving on, blue ear disease and bird flu also contributed to the current meat shortage.

Pork accounts for 80 percent of the country’s meat consumption, chicken 11-12 percent, and beef 3-4 percent.

Local meat consumption is especially high during the Christmas, New Year’s, and Tet (Lunar New Year) holidays, according to Lich.

To avoid meat shortages and encourage pig farming, Lich said, the association plans to invest in production and imports of raw materials for producing animal feed.

The association asked the Ministry of Finance to eliminate the value added tax (VAT) for raw produce, banks to decrease interest rates and the Ministry of Industry and Trade to reorganise distribution systems.-

Foreigners permitted to practise real estate brokerage

In Uncategorized on August 11, 2008 at 3:11 pm

Foreign real estate brokers with valid licences granted by foreign agencies will be permitted to practise in Vietnam , the Construction Ministry has said.

These licences must be translated into Vietnamese, noterised or certified in accordance with the Vietnamese laws, and sent to local agencies in charge of managing real estate business activities, the ministry added.

The Ministry of Construction will issue specific regulations on granting real estate brokerage and appraisal certificates to foreign individuals in the coming time.

The present Law on Real Estate Business does not require educational and professional qualifications from individuals applying for real estate brokerage certificates.-

More than 11,000 cars violate emissions standards

In Uncategorized on August 11, 2008 at 3:10 pm

Of 76,000 cars evaluated, more than 11,000 failed to meet European Emission Standards for passenger cars (Euro 2), according to Nguyen Huu Tri, director of the Vehicle and Motor Test Department at the Vietnam Register.

Over 3,000 cars in violation used petrol and 8,500 used diesel.

“Most non-standard cars can get operation certificates after receiving necessary maintenance and repairs,” said Tri.

Since July 1, all cars nationwide are subject to new emission regulations, equivalent to Euro 2 standards. Cars found in violation will not get necessary environmental and technological safety certification.

Diesel cars must meet the average Free Acceleration Smoke limit, at 72 percent or below.

Two years ago, in Hanoi , Hai Phong, Da Nang , HCM City and Can Tho, the Euro 2 standard was applied, and around 10 percent of cars were found in violation during the first month of verification.

At present, there are 850,000 cars in operation nationwide.-

Agriculture sector needs more government investment

In Uncategorized on August 11, 2008 at 3:09 pm

Leading experts in agriculture say the Government needs to ensure the sustainable development of the industry and protect landless farmers.

Investment in agriculture has dropped and farmers are losing income, they said.

Land for agriculture has also been taken for commercial projects of various kinds, and as a result, the amount of arable land has shrunk.

Dr. Vu Trong Binh, Director of the Institute for Policy and Strategy for Agriculture and Rural Development, said the agricultural sector contributes an average 25 percent to the national economy.

However, the capital poured into agriculture accounts for only 14 percent of the total investment, and most of that was raised from non-state companies, Binh said. “The sector’s Gross Domestic Product (GDP) growth has slowed down.”

In 2005, the rate stood at 3.8 percent and in 2006 2.8 percent. In 2007, it was 2.3 percent and is predicted to be lower this year.

The rural-urban gap, natural calamities, and price hikes of input materials have all contributed to the drop.

Of the country’s current 4.1 million ha of rice, more than 70,000 ha are swallowed up by development projects every year.

Many farmers, forced to find other means of work, have not been able to find jobs because they lack skills.

With the drop in arable land, food security for the nation is also a concern.

Nguyen Ngoc Trieu, former Chairman of the Vietnam Farmers’ Association, said there was a need to train people in rural areas to create ties among scientists, farmers, companies and the State.

“At present, farmers have been forced to accept prices of fertilisers and pesticides set by traders,” Trieu said.

Dr. Le Xuan Ba, Deputy Director of the Central Institute for Economic Management (CIEM), said that even though the Government had tightened monetary policy to reduce inflation, investment in rural agriculture was still needed.

Ba said future agricultural policies would focus on scientific studies, technological transfer, training, monitoring and prevention of epidemics, as well as the development of the processing industry and diversification of products to reduce risks.-

Leading Russian realty business inaugurates office

In Uncategorized on August 11, 2008 at 3:09 pm

Russia ’s leading real estate business, Mirax Group, officially opened its representative office in Hanoi and received a licence for its first investment in Vietnam on August 11.

Under the license, the group will invest 200 million USD in a 300-room five-star hotel and 100 villas on the Cam Ranh peninsular of central Khanh Hoa province.

A deputy chairman of the group said the opening of the representative office in Vietnam is Mirax’s first step in its plan to get involved in property development in Southeast Asia .

Founded in 1994, Mirax is one of the five largest groups of its kind in Russia . It is carrying out projects in Ukraine , France , Turkey , Cambodia , the US and Switzerland .

In Russia , it has built the 432-metre Federation, the tallest building in Europe.-

Argentine businesses eye investment in Vietnam

In Uncategorized on August 11, 2008 at 3:08 pm

Many Argentine businesses have showed their interest in developing cooperation, particularly in tourism, with Vietnamese partners.

At a seminar on Vietnam-Argentina business cooperation held in Hanoi on August 11, Argentina ’s leading entrepreneurs scrutinised Vietnam ’s policies for foreign investors.

Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Van Dung said there are vast opportunities for Argentine investors in Vietnam as the Southeast Asian country needs some 140 billion USD to develop infrastructure, energy, agro-fisheries, light industry, tourism, mining, transport and mechanical engineering during the 2006-10 period.

Deputy Minister of Industry and Trade Do Huu Hao appreciated Argentine Ambassador Thomas Ferrari’s efforts to boost bilateral relationship and his initiative in organising the seminar to enhance Vietnam-Argentina economic ties.

The seminar was held on the occasion of the Vietnam visit by an Argentine business delegation led by State Secretary for Foreign Affairs Ambassador Luis Kreckler.

Argentina is currently the biggest South American trade partner of Vietnam in term of trade volume with over 450 million USD recorded in 2007, surging 500 percent over the figure of 2000.-

Stock market rebounds strongly

In Uncategorized on August 11, 2008 at 3:08 pm

The stock market marked the new week with green colour dominating electronic boards in both floors.

The Ho Chi Minh Stock Exchange’s benchmark VN-Index rose 2.37 percent or 10.25 points to end at 454.8.

The floor witnessed over 15.7 million shares worth almost 635 billion VND changing hands. As many as 151 stocks enjoyed gains, including 140 hitting the ceiling level, while only seven stocks suffered losses.

All blue-chips such as the SSI of the Saigon Securities Company, STB of the Sacombank and FPT of the Financing and Promoting of Technology Company saw their prices skyrocket and purchase orders outnumbered sales.

The Hastc-Index of the Hanoi bourse won 1.7 points or 1.26 percent to 137.02 points. Trading volume was almost 3.2 million shares for turnovers of 113.5 billion VND.

A fresh fall in crude oil prices and sharp reduction in gold prices have prompted investors to turn their interest to the stock market which is on the trend of rally.

The market was also supported by the cut in lending interest rates by commercial banks and the Government’s toughness in inflation control.

These measures included the State Bank of Vietnam ’s permission given to commercial banks to buy back their shares and a suspension of new banks licensing.

All these are good news for the stock market, said experts.–

Vietnamese trade mission to visit Egypt, Turkey

In Uncategorized on August 11, 2008 at 3:07 pm

Trade and Industry Minister Vu Huy Hoang will lead a delegation to visit Egypt and Turkey in late October to boost cooperation.

The Vietnamese delegation will attend meetings of the joint commissions between Vietnam and the two said countries.

The delegation will be accompanied by businesses specialising in farm produce export, garments and textiles, footwear, fisheries, wood furniture, fine arts and handicrafts and natural rubber to explore market and carry out trade promotion in those countries.

They will also hold business forums during their stay in the two said countries.-

First relief for storm victims in northern provinces

In Uncategorized on August 11, 2008 at 3:05 pm

The Vietnam Red Cross (VRC) has decided to give almost 1 billion VND in relief to flood victims in northern provinces which were hit by storm Kammuri.

Lao Cai, Yen Bai and Phu Tho provinces will receive 100 million VND each and Lai Chau, Son La, Ha Giang and Bac Kan provinces will be given 50 million VND each to buy essential goods for the victims.

The VRC has also sent 600 boxes of goods, including blankets, cookers and water containers, to these provinces and will give 2 million VND to the family of each dead victim.

The Vietnam Fatherland Front Central Committee Presidium on August 10 sent a message of sympathy to storm-hit provinces, including Lao Cai, Yen Bai and Phu Tho.

Tropical storm Kammuri, that slashed northern provinces on August 8, has left an estimated 100 locals either killed, injured or missing and caused heavy material damages.-

Seven miners trapped underground rescued

In Uncategorized on August 11, 2008 at 3:04 pm

Seven out of the eight miners trapped underground in a coal mine accident in northern Quang Ninh province have been rescued.

Search is continuing for the remaining trapped miner.

The accident triggered by a water leakage occurred at 3 a.m. on August 10 at the Tay Khe Sim coal mine when 17 workers were dismantling equipment to halt production there.

The coal mine is currently operated by the Khe Tam Coal Enterprise, a subsidiary of the Ha Long Coal Company.

The cause of the accident is under further investigation.-