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Archive for September, 2008|Monthly archive page

Dak Lak earns 613 mln in exports in nine months

In Uncategorized on September 30, 2008 at 7:01 pm

Dak Lak (VNA) – Dak Lak posted a record export turnover of 613 million USD during the first nine months of this year, lifting the province to the number one spot in terms of export value in Central Highlands region.

Dak Lak has urged provincial businesses to ensure their presence in traditional outlets and seek more export opportunities in new markets in Asia and Europe , as well as increase capacities of agricultural products with high export turnover in the hope of generating 1 billion USD from exports by the end of the year.-

Development of rice and coffee industries a priority

In Uncategorized on September 30, 2008 at 7:00 pm

Hanoi (VNA) – Vietnam continues to place rice at the top of its future plantation development strategy as it looks to reap an annual output of around 40 million tonnes of paddy rice by 2020.

According to the strategy, the Ministry of Agriculture and Rural Development (MARD) will focus on using new high-yield rice strains at two granaries – the Mekong delta in the south and the Red river delta in the north to meet this target.

As of the start of this year, Vietnam has 4.1 million ha of land planted with rice, including 3.1 million ha of wet rice paddies.

Development of coffee production is the second priority outlined in the strategy with the MARD aiming to harvest as many as 1.1 million tonnes of coffee beans annually by 2020 whilst maintaining the total coffee-growing acreage at around 500,000 ha.

To reach the targeted coffee output, the MARD plans to invest about 33 trillion VND in strains, harvesting and processing techniques, and to fund a promotional campaign aimed at increasing the competitiveness of the staple.

The MARD has also given development priority to such hard currency earners for Vietnam as rubber, cashew, tea and pepper.

Taking into account different areas’ strengths and potential, the MARD plans to promote the growing of grain crops and fruit trees in the northwestern region, and short-term industrial crops and rice in the northeastern region.

In the past nine months, farm produce has made a significant contribution to the country’s export earnings, with rice contributing 2.4 billion USD, coffee 1.6 billion USD, rubber 1.2 billion USD, pepper 255 million USD, and cashew nuts 696 million USD.-

Hanoi welcomes 960,000 foreign visitors

In Uncategorized on September 30, 2008 at 6:59 pm

– Hanoi has received more than 960,000 foreign visitors from 160 countries and territories so far this year, according to the Hanoi Cultural, Sport and Tourism Department.

This figure is expected to increase to 1.5 million by the end of this year.

China is topping the list of Hanoi ’s tourist markets, with visitors from the country representing 12 percent of the total number of foreign visitors. It was followed by France , Australia , Japn, the Republic of Korea and the US .

The number of domestic visitors to Hanoi has also increased sharply since the city was expanded in August, reaching 4.9 million over the first nine months of this year. The capital expects to receive a total of 7.75 million Vietnamese visitors during 2008.

The city’s expansion has enabled the Hanoi tourism sector to develop its services, launching new tours to eco-tourism sites, craft villages and cultural and historical sites around the region.-

Vietnamese banks safe from global financial crisis

In Uncategorized on September 30, 2008 at 6:59 pm

Hanoi (VNA) – Vietnamese banks will not be affected by the financial crisis currently engulfing the US , the Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau said on September 30.

The governor told a press briefing held by the Government Office that the SBV has closely monitored the operations of commercial banks and will continue to intervene in the foreign exchange market to ensure liquidity for the banking system as well as the national economy.

Vietnamese banks, including foreign, joint venture, commercial state-owned and commercial joint stock banks, have moved to actively avoid the crisis, Giau further said.

According to Giau, a redundancy of liquidity has been recently observed at Vietnamese banks, reaching 40 trillion VND on the day and ranging between 30-35 trillion VND on previous days.

Inter-bank interest rates were reduced to 12 percent per annum for one-or two-week loans as a result of high liquidity.

The State Bank Governor said that Vietnam ’s foreign currency reserves have increased by 1.6 billion USD since early 2007 and are increasing further. The reserves are stored in safe banks in foreign countries. To date, 82 percent of Vietnamese’s foreign currency reserves were sent to central banks in the US , the UK , France and Germany and the remaining 18 percent have been deposited in foreign commercial banks of high credit ratings at 3A and 2A.

The Governor stressed that Vietnam does not have a relationship with the investment banks and groups that have collapsed in the US .

The US financial crisis has not affected the Vietnamese banking system at this point in time, he noted.

According to the Governor, in the remaining months of this year, the world and Vietnamese economies will undergo complex developments.

Implementing the instructions of the Party Central Committee’s Political Bureau and the Prime Minister, the State Bank of Vietnam will continue with the strict but flexible monetary policy, while strictly monitoring developments of the world financial and monetary markets as well as the operations of commercial banks in order to make the correct management decisions.

The State Bank will ensure the payment capacity of the banking system and the economy, increase inspections, prevent and deal firmly with violations of regulations on currency and banking activities, and strengthen the current system of credit organisations.-

France funds infrastructure project in Lao Cai

In Uncategorized on September 30, 2008 at 6:57 pm

Lao Cai (VNA) – A 27.68-million Euro project was launched on Sept. 29 to develop infrastructure and ecotourism in the northern mountainous province of Lao Cai.

The French Development Agency (AFD) contributed 22.8 million Euro to the project, including a loan of 22 million Euro and a grant of 800,000 Euro, while the rest has been sourced from the French Fund for World Environment (FFEM) and the Government of Vietnam.

The project will support the upgrading of 305 km of rural roads in the four districts of Sa Pa , Bat Xat, Bac Ha and Si Ma Cai to facilitate local socio-economic development.

Sa Pa town is also expected to receive a facelift as a result, as it will be provided with part of the funding to improve urban roads, drainage, public lighting and waster water treatment facilities in the town.

New waste water treatment facilities will also be built in Bat Xat district and Lao Cai city.

In addition, the project will also help Lao Cai to develop tourism, particularly ecotourism and adventure tourism, combined with the protection of wildlife, the environment and the cultural identities of local ethnic minority groups.

AFD has provided a total of around 870 million EUR to Vietnam since it began working in the country 14 years ago –

Japan helps build school in Thai Binh

In Uncategorized on September 30, 2008 at 6:56 pm

Japanese Ambassador Mitsuo Sakaba on September 30 signed a contract of non-refundable aid to build a junior high school in Thai Thuy district, northern Thai Binh province during his visit to the locality.

The new school, estimated to cost 80,000 USD, will include a 2-storey building with 10 rooms, on a total area of 600 sq.m. It is expected to provide classrooms for 440 pupils in Thuy Thanh commune.-

Japan, Vietnam jointly provide phytosanitary training

In Uncategorized on September 30, 2008 at 6:56 pm

The Japan International Cooperation Agency (JICA) and the Vietnam Ministry of Agriculture and Rural Development’s Plant Protection Department (PPD) are working together to provide knowledge on phytosanity for 25 trainees from Cambodia.

This course is part of the JICA Third Country Training Programme on Phytosanitary signed by JICA and PPD in December 2007 with Cambodia, Laos and Myanmar as target countries.

The Third Country Training Programme on Phytosanitary is implemented by JICA and PPD as a part of Japan’s support to the four countries aiming at improving their phytosanitary capacity and strengthening regional cooperation.

The ability to protect countries with shared borders and similar ecosystem, such as Cambodia, Laos, Myanmar and Vietnam, from pest and disease invasion largely depends on their ability to provide reliable phytosanitary services, JICA said. However, one of the constraints for harmonisation of plant protection system amongst the four countries is the discrepancy in plant quarantine capacity, it added.

According to JICA, significant progress has been made in plant protection in Vietnam. The expertise and resources in this area that Vietnam has developed can be utilised to narrow such gap.

The Programme is to be implemented in 3 years from 2007 to 2009. The first course was conducted last February for 10 participants from Laos. After this course for Cambodia, scheduled to close on October 2, JICA and the PPD will continue working together to organise more courses for all of the three countries.-

Workshop on provinces human resource development and growth

In Uncategorized on September 30, 2008 at 6:55 pm

Hanoi (VNA) – The National University of Economics (NUE) held a workshop on Vietnam ’s human resources and economic growth in provinces and cities in Hanoi on Sept. 30.

The workshop aimed to define education needs for each province and region for the target of higher economic growth.

Reports delivered at the workshop indicated that among Red River Delta and northeastern provinces, Hanoi , Hai Duong , Nam Dinh, Ha Nam , Thai Binh, Bac Giang and Phu Tho provinces have the highest literacy rates. In mountainous provinces, including Ha Giang, Son La, Lai Chau and Gia Lai, however, the rates are lowest, resulting in low economic growth rates and incomes

According to a World Bank study on tertiary education and skills andVietnam’s growth, 75 percent of Vietnamese holders of university degrees are working in education and training, service and public service sectors.

Prof. Tran Tho Dat of NUE suggested southern and low-income provinces should promote primary education universalisation. While provinces in the Red river delta, the northeastern and north central provinces should develop high-quality labour force to continue boosting their development.-

Forged note distributor sentenced to death

In Uncategorized on September 30, 2008 at 6:54 pm

Tien Giang (VNA) – The People’s Court of southern Tien Giang province on Sept. 30 sentenced Quach Kim Hoa of Chinese nationality to death for “circulating counterfeit money”.
According to the court, Hoa plotted with Mai Van Truc and 35 others to bring counterfeit notes totalling 4.7 billion VND from China into Vietnam for circulation.

The notes, in cotton and polymer and with face values of 50,000 VND, 100,000 VND, 200,000 VND and 500,000 VND, were produced in Taiwan before being brought to Vietnam via China ’s Guangxi province, confessed Hoa.

At the trial, the court sentenced Mai Van Truc to life imprisonment and Tran Van Trieu to 23 years in jail, with other accomplices receiving sentences ranging from 2-year suspended prison sentences to 19 years imprisonment-

Economy grows 6.52 percent amid global crisis

In Uncategorized on September 30, 2008 at 6:53 pm

Hanoi (VNA) – A cabinet meeting was wrapped up on September 30 with a report showing that Vietnam ’s GDP has continued to grow despite the global economic crisis while the consumer price index hit a 17- month low in September.

The two-day regular meeting, chaired by Prime Minister Nguyen Tan Dung, heard Minister of Planning and Investment Vo Hong Phuc report that the gross domestic product grew 6.52 percent in the first nine months of the year . He said the rate was slower than the same period last year, but showed encouraging signs in the wake of the world’s adverse financial developments.

The service sector posted a growth rate of 7.23 percent and export revenues continued their rapid growth, recording a 39 percent year-on-year increase to 48.6 billion USD despite tough competition for market share.

The top ten list of hard currency earners in the first nine months of the year include crude oil with 8.8 billion USD in export revenues and apparel with 6.83 billion USD.

Trade deficits have been gradually reduced, a fact highlighted by the September figure which hit a nine-month low at 500 million USD.

Foreign direct investments in the past nine months have increased five-fold compared to the same period last year, with FDI disbursement increasing by 37 percent.

Progress has also been made in the agricultural sector as the paddy production output is expected to reach 38.6 million tonnes this year, representing a year-on-year increase of 2.6 million tonnes.

As a result, by mid September tax revenues met 90.5 percent of the yearly target, reaching 292.3 trillion VND.

Most worthy of note was a CPI growth rate of just 0.18 percent in September, the lowest rate for 17 months.

However, cabinet members admitted that it will be difficult to achieve the GDP growth target of 7 percent for the entire 2008 as to do so, the national economy would need to record a growth of 8.1 percent in the fourth quarter.

The Government’s monetary polices, which aim to control inflation, would also have an adverse impact on the economy to some extent.

Experts also warned of complex developments relating to the CPI in the remaining quarter due to the year-end shopping season which usually hikes prices.

The Prime Minister therefore called for greater efforts to curb inflation as the year’s top priority, while stabilising the macro economy, ensuring social welfare and maintaining economic growth.

He instructed relevant agencies to tackle problems on investment supply for production and businesses, with emphasis placed on medium and small-sized enterprises by allowing them preferential tax and bank loan interest rates.

Dung ordered due punishment of any attempt at goods speculation, production of fakes or trade fraud.–