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Archive for August 14th, 2008|Daily archive page

Stock trading bands to further broaden

In Uncategorized on August 14, 2008 at 4:49 pm

The trading bands for transactions of stocks and fund certificates on both Ho Chi Minh City and Hanoi bourses will broaden as of August 18, according to the State Securities Commission (SSC).

The band for transactions on the Ho Chi Minh Stock Exchange (HoSE) will increase from +/-3 percent to +/-5 percent while the band on the Hanoi Securities Trading Centre (HaSTC) will widen from +/-4 percent to +/-7 percent.

SSC Market Development Department Director Nguyen Son said the decision was prompted by signs of recovery of the market. However, the trading bands can be readjusted depending on the market’s development in the future.

This will be the SSC’s fourth adjustment of the stock trading bands on both stock exchanges since the beginning of the year.

On March 27, the SSC narrowed the stock trading bands to 1 percent and 2 percent for HoSE and HaSTC respectively to stop massive sale of stocks and stabilise the market. It then raised the rates to 2 percent and 3 percent on April 7 and 3 percent and 4 percent on June 19, respectively.

Vn-Index has recently registered an increase for six consecutive trading sessions and HaSTC-Index for five consecutive sessions.

Experts say the loosening of the stock trading bands, along with positive signs in the economy such as dropping petrol price and slowing down inflation, is expected to help increase liquidity in the market.-

Vietnam, Russian promote cooperation in seafood export

In Uncategorized on August 14, 2008 at 4:48 pm

A delegation of Russian experts is on a working visit to Vietnam to study the production conditions and quality control of seafood for export to Russia , according to the Vietnam Association of Seafood Exporters and Processors (VASEP).

During the visit, running from August 12-18, the experts from Russia ’s Federal Service for Veterinary and Phytosanitary Surveillance (VPSS) will inspect the production conditions in businesses permitted to export products to Russia in Ba Ria-Vung Tau and Can Tho province. They will also examine measures taken by Vietnamese relevant agencies and businesses’ to overcome the shortcomings relating to previous batches of seafood warned by VPSS.

The two sides will together examine the analysis methods and results of tests conducted by the Vietnamese side, and compare them with Russia’s regulations on food quality and safety.

The VPSS inspection delegation on August 13 worked with the National Agriculture, Forestry and Fisheries Quality Administration Directorate of Vietnam (Nafiqad) on issues relating to Russia’s import of Vietnamese seafood.

According to VASEP, with tra and basa catfish being its export staples, Vietnam is currently Russia’s fourth biggest seafood supplier, after Norway, China and Denmark.

In the first seven months of this year, Vietnam fetched about 90 million USD from seafood exports to Russia, a 35 percent year-on-year increase.

VASEP has asked Vietnamese businesses to promote the export of fish fillet, dry seafood and white-leg shrimp to Russia.-

First Vietnamese-invested bank abroad on the horizon

In Uncategorized on August 14, 2008 at 4:48 pm

Hanoi (VNA) –The Governor of the State Bank of Vietnam on August 14 approved the Vietnam-Russia Joint Venture Bank’s plan to establish its wholly owned bank in Russia with a charter capital of 8 million USD.

The Ministry of Planning and Investment said this is the first Vietnamese-invested project in the banking area abroad.

The project will bring the number of Vietnamese- invested projects in Russia to 15 with a total capital of 200 million USD.

According to the Ministry of Planning and Investment, Vietnamese businesses by the end of July invested in 317 projects overseas capitalising at 2.5 billion USD.

The ministry said most of Vietnamese-invested projects abroad have been engaged in industrial, construction, service and agricultural sectors.-

Government approves foreign aid projects

In Uncategorized on August 14, 2008 at 4:47 pm

Deputy Prime Minister Pham Gia Khiem on August 13 gave the green light to the northern province of Thai Nguyen to receive a project worth 983,654 EUR to help local women to develop cooperative economy.

The project is funded by the European Commission and CARE Denmark through CARE International in Vietnam. It will be implemented in 48 months.

The same day, Deputy PM Khiem also approved a technical assistance project to improve living conditions of ethnic minorities, who were affected by the construction of the Bung River Hydro-power plant 4 in the central province of Quang Nam.

The project will use 2 million USD in non-refundable aid from the Asian Development Bank (ADB).

The State Bank of Vietnam will work with the ADB to sign documents to receive the project.-

Migrant workers still underpaid

In Uncategorized on August 14, 2008 at 4:45 pm

Hanoi (VNA) – Most migrant labourers from rural areas get jobs in industrial and export processing zones.

However, they still experience unfavourable living conditions due to low salaries, according to the General Statistics Office (GSO).

More than 70 percent of the estimated 1 million workers in industrial and export processing zones of big cities like Hanoi, HCM City, Da Nang, Dong Nai are migrants from the countryside.

About 75 percent of these migrant workers assume they’d got better jobs, according to the GSO.

However, two thirds of them are young people between 15-19 years so most of them have yet to be trained in vocational school or colleges, says Elsa Ramos, senior expert of International Labour Organisation (ILO).

They get low salaries which are insufficient for them to survive in big cities, let alone send money to their families in the countryside, added Ramos.

Nguyen Thi Hong Nhung, a worker at Duy Thinh Textile and Garment Company says she earns only 1.4 million VND (87.5 USD) per month.

“I have to spend 400,000 VND (25 USD) so with the rest, I must be very careful in spending on basic daily necessities. At the end of month, I have no money left to send to my family in Nam Dinh province,” says Nhung.

According to a GSO survey launches at the beginning of this month, most migrant workers lead an uneasy life in narrow and uncomfortable places lacking security and sanitation .-

Career website links RoK businesses and Vietnamese workers

In Uncategorized on August 14, 2008 at 4:45 pm

The career website of the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi has become a bridge linking businesses of the Republic of Korea (RoK) and Vietnamese workers.

Launched in early July 2008, the website or have been visited by more than 200 people each day. Almost 50 RoK businesses have posted their recruitment information and more than 200 employees have posted their resumes on the website.

The website is a channel to provide information on the employment by RoK businesses and those who wish to work for RoK businesses in Vietnam , a ccording to KOTRA Hanoi.

KOTRA Hanoi First Deputy Director Park Keun Hyung said that most of RoK enterprises operating in Vietnam are facing difficulties in human resource, especially senior staff and skilled workers. “The launching of the career website by KOTRA Hanoi aims to create a bridge linking RoK enterprises and workers in Vietnam ,” he said.

KOTRA Hanoi said that it will send its questions to the RoK businesses in Vietnam to survey the effectiveness of the website, adding it is ready to help RoK businesses in Vietnam if they want to send their staff to the RoK for further training or working.

According to the Ministry of Planning and Investment, the RoK currently ranks fourth among 81 countries and territories investing in Vietnam with 2,022 projects totalling 15.1 billion USD.-

American NGO presents wheelchairs to disabled in Phu Yen

In Uncategorized on August 14, 2008 at 4:44 pm

US charitable organization Hope Haven has presented 202 wheelchairs as well as canes and crutches to the disabled in central coastal Phu Yen province.

The organization also sent its experts to provide free medical checks-up to the disabled during the fifth donation.

Hope Haven has so far donated more than 1,800 wheelchairs to the disabled in the province.-

Alcohol takes larger toll on health

In Uncategorized on August 14, 2008 at 4:43 pm

A recent survey conducted by the Hanoi Mental Hospital found that mental health problems caused by excessive consumption of alcohol – something relatively rare in Vietnam before the 1990s – have risen markedly in recent years.

Symptoms of alcohol – abuse include hallucinations, delusions, trembling, loss of memory and stress.

Researchers also said that heavy drinking and alcoholism were among the major causes of domestic violence.

Furthermore, they said 70 percent of traffic accidents were caused by road users who were found to have alcohol in their blood.

Public sector employees were the main consumers of wine and beer, according to a survey conducted by the Health Strategy and Policy Institute in 2006.

They were followed by private sector employees, the retired and farmers.

The survey also found a high correlation between academic achievement and alcohol consumption.

The vast majority of those surveyed said they mostly drank in the afternoon and evening, and most of those who drank said they did so because they considered it macho.

The director of the Health Strategy and Policy Institute, Dam Viet Cuong, says it is considered normal in Vietnam to drink excessively.

”The overuse of wine and beer is a reality and many people think it is acceptable.”

Under World Health Organisation guidelines, men should drink no more than three small glasses of beer or wine a day, while women should drink no more than two glasses of beer or wine – due to their lower body mass.

To meet growing demand, roadside beer bars have mushroomed in major urban areas in recent years.

On a one-kilometre stretch of Bac Son Street in Hanoi , which links Ngoc Ha and Le Hong Phong streets, there are now five large beer (bia hoi) bars.

The Health Strategy and Policy Institute survey said investment in wine and beer making had soared since the early 90s.

The beverage industry is expected to produce 1.5 billion litres of wine and beer annually by 2010.

Vietnam has more than 10 million men aged between 25 and 54 – the main age group for alcohol consumption. They also make up the majority of the country’s labour force.-

Vietnam, Montana University to exchange students

In Uncategorized on August 14, 2008 at 4:43 pm

Vietnam and University of Montana of the United States signed an agreement on student and lecturer exchanges on August 13.

The deal, signed by Vietnamese Ambassador to the US Le Cong Phung and University of Montana President George Dennison, also cover curricular and information sharing.

“We are determined to upgrade the educational level of our people,” said Phung at the signing ceremony. “We are at a critical stage for the next 20 years.”

University of Montana is eager to welcome Vietnamese students and faculty to its campus, and looks forward to sending its people to Vietnam ‘s universities in exchange, Dennison said.

Montana Senator Max Baucus, who helped make the pact possible, revealed that the agreement is the first of its kind for Montana , saying it promised to open doors for educational, cultural and economic opportunities for both parties.

As many as 7,000 Vietnamese students are studying in the US . The figure is expected to increase to 10,000 over the next two years.-

Internet to reach all schools nationwide by 2009

In Uncategorized on August 14, 2008 at 4:42 pm

Hanoi (VNA) – The Ministry of Education and Training (MoET) is pursuing the target of connecting all schools nationwide, including kindergartens and vocational training establishments, with the Internet by 2009.

Together with internet connection, every teacher and student will be provided with a free email address to facilitate management work and communication between the school and pupils.

According to Quach Tuan Ngoc, Head of the MoET’s Information Technology Department, the project will help connect all education and training establishments throughout the country, facilitate the development of online education.

The MoET has signed a contract with the military telecommunications company Viettel, under which Viettel will offers schools nationwide internet subscription packages at preferential fees.

Hanoi is building an online database of school materials to be shared by all schools via the internet as from the 2008-2009 school year.-