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Archive for September 8th, 2008|Daily archive page

Bourses down at beginning of week

In Uncategorized on September 8, 2008 at 4:49 pm

Hanoi (VNA) – Both bourses in Vietnam welcomed a new week with sales outnumbering purchase on Sept. 8.
VN-Index at the Ho Chi Minh Stock Exchange (HOSE) shed 13.95 points, or 2.55 percent, to close at 532.71.

The HOSE saw 35.5 million shares changing hands at a total value of almost 1.1 trillion VND.

At the northern bourse, the HASTC-index closed at 181.73, down 7.38 points, or 3.9 percent, from the previous session.

The HASTC witnessed the trading of 20.9 million shares worth 768 billion VND.-

UK bank attaches importance to Vietnam’s market

In Uncategorized on September 8, 2008 at 4:48 pm

Hanoi (VNA) – The United Kingdom’s leading bank, Standard Chartered, considers Vietnam a key growth market in Asia, Regional CEO for Southeast Asia Ray Ferguson said.

“Standard Chartered believes it [ Vietnam ] will have an increasingly powerful economic role in the region,” Ferguson said at the bank’s ceremony to launch its online internet banking service in Hanoi on September 8.

He said the bank is strongly committed to growing its business in Vietnam by combining the deep understanding of the local market with its experience in more than 70 countries to meet the diversified needs of its Vietnamese clients.

The world class online internet banking service will make banking and managing finances much more convenient for individual customers and also help to protect the environment by reducing the use of paper, according to the Standard Chartered.

Standard Chartered and another UK bank, HSBC, are expected to receive Local Incorporation licences in the attendance of visiting Prince Andrew, the Duke of York, in Ho Chi Minh City on September 9.

Prince Andrew, the UK Special Representative for International Trade and Investment, is on a five-day visit to Vietnam from September 6 at the invitation of Vietnamese Deputy Prime Minister and Foreign Minister Pham Gia Khiem.-

Binh Duong province courts Hong Kong investors

In Uncategorized on September 8, 2008 at 4:48 pm

Hong Kong (VNA) – A seminar on investment opportunities and environment in Vietnam in general and its southern industrial hub, Binh Duong province, was held in Hong Kong on Sept. 8.

The seminar was co-hosted by a business delegation from Binh Duong province and the Vietnamese General Consulate in Hong Kong and Macau, China, in coordination with the Hong Kong Trade Development Council (HK TDC).

Addressing an audience of over 200 Hong Kong businessmen, General Consul Pham Cao Phong said that in the first eight months of this year, Vietnam attracted about 47 billion USD in FDI, he said, adding that Binh Duong has been emerging as one of “hot” destinations.

Phong also asserted that the country’s potentials, political and social stability and the government’s commitments to give favourable conditions for investors will advantage foreign investors to obtain success in their projects in Vietnam .

Hong Kong with a total investment capital of nearly 6 billion USD now is standing sixth among countries and territories investing in Vietnam .

According to Tran Van Lieu, head of Binh Duong’s Industrial Zones Managing Board, the province is leading the country in economic growth rate, an average of 15 percent per annum, and FDI attraction.

So far, Binh Duong has attracted 10.7 billion USD in 1,800 projects from 36 countries and territories. China , including Hong Kong, stands second with 1.6 billion USD in 308 projects.

The provincial official also said Binh Duong will continue improving its investment climate to attract more investment.

On Sept. 11 and 12, Binh Duong businessmen will visit Shenzhen and Dongguan cities of Guangdong province, China , for other activities to promote investment.-

HSBC to establish subsidiary bank in Vietnam

In Uncategorized on September 8, 2008 at 4:47 pm

HCM City (VNA) – The Hong Kong-Shanghai Banking Corporation (HSBC) has got an official approval from the State Bank of Vietnam to set up a wholly foreign owned bank in Vietnam .

The licence is expected to help bring HSBC closer to achieving its goal of incorporating locally and strengthening its position as a leading foreign bank in Vietnam .

The new entity, HSBC Bank (Vietnam) Ltd, will be headquartered in Ho Chi Minh City and will be 100 percent owned by the Hong Kong and Shanghai Banking Corporation Ltd, the founding and a principle member of the HSBC Group.

Thomas Tobin, President and CEO of HSBC’s current operation in Vietnam , will be appointed President and CEO of the locally incorporated entity.

HSBC is one of the largest foreign invested banks in Vietnam which holds 10 percent of Bao Viet Group’s stake. The bank is also in the process of raising its stake at the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) to 20 percent from the current 14.4 percent.-

Second-rate drug rehab centres to be upgraded

In Uncategorized on September 8, 2008 at 4:45 pm

– About 45 percent of drug-detoxification centres nationwide to not have sufficient facilities, according to the Social Evils Prevention Department under the Ministry of Labour, War Invalids and Social Affairs.

Capital earmarked for detoxification works has been mainly spent on food and medicine for patients, although 65 percent of localities have provided fund for detoxification centres.

Some centres have created jobs for drug addicts to improve their living conditions rather than for rehabilitation due to the shortage of funding.

Meanwhile, some provinces have cut down expense on drug detoxification work, hindering the progress of projects to upgrade detoxification and rehabilitation centres in many communes and districts.

“The lack of capital, medical staff, and land are also reasons behind the low standards of drug detoxification centres,” said Tran Viet Trung, deputy head of the Social Evils Department.

“To help solve the problem, the Ministry of Labour, War Invalids and Social Affairs will map out a plan to upgrade low-quality detoxification centres for the next two years,” he said.

The ministry will also survey and close unqualified centres with low capacity.

Vietnam now has 87 detoxification centres. Most of the qualified centres are in major cities, such as Ha Noi, Ho Chi Minh City and Hai Phong.

The number of drug addicts stands at around 170,000, according to the department.

In the past six months, centres treated more than 27,700 drug addicts, about 55.5 percent of those targeted. The Government plans to provide treatment for 80 percent of identified drug addicts by 2010.—

State leader urges students’ determination to learn

In Uncategorized on September 8, 2008 at 4:45 pm

090601_Triet.jpgHanoi (VNA) – State President Nguyen Minh Triet on September 6 called on Vietnamese students to make further efforts to gain better study results and make contributions to the society.

The state leader made the appeal while meeting with 75 students who won first prizes at national and international contests for excellent students and who came first in the university entrance exam in 2008.

The students also represented nearly 1,500 nationwide who were given the “Hoa Trang Nguyen Award” for their outstanding performance in study.

“In the context of inadequate condition for learning, gold and silver medals that you have bagged from international contests are really the country’s pride,” President Triet said.

He expressed his wish that these students will make further efforts to affirm Vietnam ’s will and intellectuality and contribute to the nation’s development.

During the meeting, the president also described the Hoa Trang Nguyen Award as an activity of great significance to stimulate the young’s determination to learn.-

Ministry approves 11.7 mln EUR for labour project

In Uncategorized on September 8, 2008 at 4:44 pm

Hanoi (VNA) – The Ministry of Labour, War Invalids and Social Affairs has approved a 11.7 million EUR project on better information of the labour market in Vietnam.

Of the sum, 10.5 million EUR is from Official Development Assistance fund and the rest from the state budget and other sources.

The project, financed by the Euro Union and the International Labour Organisation, aims to increase the quality of vocational teachers to meet the demand for skilled workers.

It will also assist in setting up labour market information centres at the Ministry of Labour, War Invalids and Social Affairs (Molisa) and its offices in a number of localities.

The project will be launched in 15 localities nationwide include Bac Ninh, Ben Tre, Can Tho, Da Nang, Dak Lak, Dong Nai, Ha Noi, Ha Tinh, Hai Duong, Ho Chi Minh City, Lam Dong, Long An, Ninh Binh, Phu Tho and Quang Ngai.-

Government steps up poverty reduction

In Uncategorized on September 8, 2008 at 4:43 pm

The Government will carry out a poverty reduction project at 61 districts throughout the country which register a poverty rate of over 50 percent.

Under the project, which will be carried out between 2009 and 2020, specific mechanism and policies will be introduced to help accelerate poverty reduction and ensure that it is maintained in a sustainable manner at the above-mentioned localities.

The poor districts will receive financial assistance to improve their infrastructure, education-training and health care systems in addition to re-planning their residential areas to help reduce human and property losses from natural disasters.

Along with preparations for this project, the Government has decided to introduce a new poverty line early next year to protect the poor from being hit by inflation.

Under a new poverty line submitted to the Government by the Ministry of Labour, War Invalids and Social Affairs, an urban resident who earns 390,000 VND or less a month and a rural resident earning 300,000 VND or less a month are considered poor.-

Japan donates equipment to northern clinic

In Uncategorized on September 8, 2008 at 4:43 pm

Hanoi (VNA) – The Japanese Government on September 8 donated 81,500 USD to the main hospital of the northern mountainous province of Tuyen Quang to buy medical equipment for cataract surgery.

The donation was part of a non-refundable aid programme of the Japanese Government to Vietnamese localities, which has been carried out through the Japanese Embassy in Hanoi .

Japanese Ambassador Mitsuo Sakaba expressed his hope that the medical equipment would help more eye patients in Tuyen Quang to get surgery as well as contribute to boosting mutual understanding and friendship between the two countries.

Tuyen Quang province has an estimated 2,000 people suffering from cataract, one of the main reasons causing blindness.

Japan has been a leading investor and ODA donor to Vietnam. The Japanese Government attaches importance to small-scale ODA projects in rural areas of Vietnam and plans to fund 25-30 such projects every year with average investment of 1.5 billion VND to each project.-

Vietnamese AO victims get support from Germany

In Uncategorized on September 8, 2008 at 4:42 pm

Berlin (VNA) – Activities to show support for Vietnamese children and Agent Orange (AO)/Dioxin victims were held during the 12th “Day of Solidarity” in the German capital of Berlin last weekend.

Among others, the Solidarity Service International (SODI) and the Help Children in Vietnam organisation showed pictures about Vietnamese AO victims. SODI also introduced projects relating to mine clearance and resettlement in Vietnam.

As many as 8,000 Euros were donated on the occasion. The money will be used to buy equipment for a primary school in Da Nang province and to support the Thuy An Rehabilitation Centre in Ba Vi district ( Hanoi ) where more than 100 AO heavily-affected children are given with care.

SODI opened an online campaign on its website to collect 100,000 signatures to support Vietnamese AO victims’ fight for justice. SODI also called on 37 US chemical companies that supplied AO toxin to the US armed forces during the Vietnam-American War to admit their responsibility and compensate the victims.

The “Day of Solidarity,” initiated in the time of the German Democratic Republic (GDR), became an annual event in 1996 with the aim of raising funds to support development projects in Africa, Asia and the Latin America.

This year’s event, which was held in the Alexanderplatz Square, drew the participation of 31 publishers and newspaper offices, 19 associations for solidarity, three union organisations and some 10,000 visitors. –