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Archive for September 11th, 2008|Daily archive page

RoK considers resuming food aid to DPRK

In Uncategorized on September 11, 2008 at 9:47 am

Seoul (VNA) – The Republic of Korea (RoK)’s government is considering resuming food assistance to the Democratic People’s Republic of Korea (DPRK) next month, local media reported.

The Unification Ministry and the ruling Grand National Party have reached an agreement to resume food aid either through direct shipments or via the World Food Programme (WFP), Yonhap news agency on September 8 quoted a party’s official as saying.

The RoK suspended its food and other economic aid to Pyongyang after President Lee Myung-Bak took office in February. He wants to link aid to progress in Pyongyang’s nuclear disarmament. –

Cuba accepts UN economic aid for first time

In Uncategorized on September 11, 2008 at 9:46 am

– Cuba would receive economic aid from the United Nations for the first time after accepting assistance worth 3.5 million USD to overcome consequences caused by hurricane Gustav and Ike.

Ike struck Cuba on September 7 with 195 km per hour winds and wreaked havoc along the entire island. Gustav hit western Cuba 10 days before with 240 kph winds.

Losses are estimated at between 3 and 4 billion USD.

Earlier, Cuba received 150 tonnes of commodities from Russia, 16 tonnes of aid from Spain, 500,000 USD from East Timor and 300,000 USD from China.-

Four strong earthquakes strike Indonesia in one day

In Uncategorized on September 11, 2008 at 9:45 am

Jakarta (VNA) – Four tectonic quakes measuring 5.0 to 5.8 on the Richter scale occurred in Indonesia on September 10, local media reported.

Three of the quakes struck Aceh province while the other one shook West Java , Antara news agency said, citing the Meteorology and Geophysics Agency (BMG).

The first quake measuring 5.2 occurred at 7:18 am (local time) with its epicentre 36 km southwest of Sinabang, Aceh, in a depth of 30 km.

The other quake measuring 5.8 struck at 10 am with its epicentre 30 km southwest of Sinabang in a depth of 10 km, while the third took place in Aceh at 11:02 am measuring 5.0.
The epicentre of the last one measuring 5.0 was located 90 km southwest of Tasikmalaya, West Java, in a depth of 15 km.

Earlier on September 9, an earthquake measuring 5.6 on Sumatra island claimed at least 2 people and injured 60 others.

The Indonesian archipelago sits on the so-called Pacific Ring of Fire, where continental plates meet, causing seismic and volcanic actitivity.-

Vietnam, US cooperate in consumer product safety

In Uncategorized on September 11, 2008 at 9:44 am


Hanoi (VNA) – Vietnam and the US signed an agreement on consumer product safety cooperation in Hanoi on September 11.

Under the agreement, inked by General Director of the Goods Quality and Measurement Management Department Ngo Quy Viet and Nancy Nord, Acting Chairman of the US Consumer Product Safety Commission (CPSC), the two sides will exchange information and documents regarding consumer product safety as well as consumers’ welfare and awareness.

They will also exchange officials and experts and the CPSC is committed to provide training programmes for Vietnamese officials involving in consumer goods safety.-

Gov’t stresses environment issues in oil sector planning

In Uncategorized on September 11, 2008 at 9:43 am


Hanoi (VNA) – Deputy Prime Minister Hoang Trung Hai has requested the oil and gas sector to focus on the environment issue and energy saving and security in its development master plan for 2006-2015 and visions towards 2025.

During a meeting on the issue on September 10, Deputy PM Hai also said the plan should include detailed steps at every development stage of the sector in order to define clearly the country’s ability for self-sufficiency in energy.

The draft master plan, which has been circulated among relevant ministries and sectors for recommendations, forecasts that Vietnam ’s demand for oil and petrol products will grow by an annual 8-10 percent until 2010.

It calls for acceleration of oil and gas exploration and exploitation activities and stronger cooperation with foreign partners in the targeted period.-

Central economic zone booming

In Uncategorized on September 11, 2008 at 9:42 am


HCM City (VNA) – The central economic zone is poised to catch up with its northern and southern counterparts as it attracts increasing amounts of foreign and domestic capital, regional authorities say.

They are also buoyed by the upcoming inauguration of the country’s first oil refinery in Dung Quat.

The key economic zone comprises Da Nang City and the provinces of Thua Thien-Hue, Quang Nam , Quang Ngai and Binh Dinh.

Over the last eight months, 49 new foreign invested projects have been licensed in the region with a total registered capital of 1.8 billion USD, compared to 1.65 billion USD for the whole of 2007.

The biggest of these projects involves the development of a new urban area with eco-tourism facilities worth more than 1 billion USD. In addition to new investments, existing projects have registered to add capital to expand production. So far this year, four projects have applied to raise an additional capital of 25 million USD.

Authorities say this is evidence that foreign businesses are willing to invest more money in the region to capitalise on its resources for social and economic development plans.

As of last month, the economic zone had hosted 264 foreign invested projects with a registered capital of 5.8 billion USD, averaging about 20 million USD for each project.

On the anvil are several large investment projects involving transport infrastructure, industrial production, and tourism facilities that are awaiting government approval.

The foreign invested projects are making remarkable contributions to the industrialisation and modernisation of the region, and expediting the region’s economic renewal and integration into global economy, authorities say.

The region is also attracting several domestic investment projects, particularly in aquaculture development.

Quang Ngai based Dung Quat Oil Refinery, the first in Vietnam , is said to be on target to begin operations next February.

Regional authorities are confident that this would provide a huge fillip
to economic development in the region, enabling it to catch up with other parts of the country.-

Blue chips continue downward spiral

In Uncategorized on September 11, 2008 at 9:42 am


Hanoi (VNA) – Significant purchases of blue chips occurred at the beginning of Sept. 10 session which made the VN-Index fall by 2.10 percent to close at 514.45 points.

Some blue chips on Sept. 10 recorded a bounce, including PetroVietnam Drilling (PVD), Kinh Do Corporation (KDC), and Vietnam Dairy Products – Vinamilk (VNM).

”Substantial purchase of big stocks at the beginning of Sept.10 session contributed to their rebounding. It also turned a potential crash of the VN-Index into a slight decline,” said broker Nguyen Hoang Hai at An Binh Securities.

Hai also said that a massive sale of big stocks mid-session swept away all attempt to warm up large stocks.

”As a result, most blue chips continued to slip and the VN-Index stayed down,” Hai added.

Blue chips that suffered the biggest losses included Imexpharm Pharmaceuticals (IMP), Binh Dinh Minerals (BMC), and Financing and Promoting Technology (FPT).

In the market as a whole, 26.15 million shares changed hands, generating a turnover of 860.89 billion VND (52.18 million USD).

In the Hanoi Securities Trading Centre, the HASTC-Index made a consecutive downturn on Sept. 10, slipping 0.94 percent to 175.19 points. The centre saw 12.99 million shares transacted on the day with a total revenue of 540.88 billion VND (32.78 million USD).-

Mekong airport well under way

In Uncategorized on September 11, 2008 at 9:41 am


Can Tho (VNA) – Can Tho International Airport will be put into operation by the end of this year in order to develop the local economy and benefit the people of the Mekong Delta.

Airport officials said it costs over 2.5 billion VND (151 million USD) to build the facility which has a total area of over 400ha. Construction of the terminal with a capacity of 2 million passengers began in March.

The initial stages of construction of the runways and landing areas are nearly completed.

Additionally, a team of flight attendants has already been hired to service the flights into the new airport.

At the current rate of progress, the Can Tho International Airport can begin serving domestic flights on Airbus 320, Airbus 321, Boeing 737 planes by the end of this year, said Pham Manh Khien, Director of Can Tho province Airport.

He added that the Can Tho City People’s Committee was already-cooperating with relevant agencies on electricity, water supply and telecommunications in order to install underground electric cables, water pipelines and information networks for the airport.

The airport is currently in the process of completing the legal procedures necessary such as registration and flight regulations so that the airport can be opened on schedule.-

TCL grants Dong Nai students scholarships

In Uncategorized on September 11, 2008 at 9:41 am


Dong Nai (VNA) – As part of the celebration of the 9 th year of TCL Vietnam Co. on Sept. 10, the Chinese corporation TCL handed 100 million VND (6.250 USD) to the Dong Nai Province’s Study Promotion Fund, which provides assistance to poor students and excellent teachers in the province.

This is the third time TCL handed scholarships to the fund.-

US cuts tariffs for shrimp exporters

In Uncategorized on September 11, 2008 at 9:40 am

HA NOI — The US Department of Commerce (DOC) decided to exempt four Vietnamese frozen warm-water shrimp export and processing companies from anti-dumping tariffs after a lengthy second administrative review, according to the Viet Nam Association of Seafood Exporters and Processors (VASEP).


The four companies are Minh Phat Seafood Co Ltd, Ca Mau Frozen Seafood Processing Import Export Corporation (Camimex), Grobest &I-Mei Industry Viet Nam and Viet Hai Seafoods Company Ltd (Viet Nam Fish One Co Ltd).


The DOC said in a Federal Register Notice on Tuesday that the four companies did not sell merchandise at less than normal value during the period of review, February 1, 2006 through January 31, 2007.


Under the final decision, the department imposed a tax of 4.3 per cent for Minh Hai Joint Stock Seafoods Processing Company (Seaprodex Minh Hai), a tax of 4.57 per cent for 23 exporters, and a higher tax rate of 25.76 per cent for another 35 exporters.


The average rate is applied retrospectively to revenue for exports shipped to the US between February 1, 2006 and January 31, 2007.


The final decision conflicted with preliminary results announced in March, indicating 28 exporters and processors getting zero or minimal rate.


Truong Dinh Hoe, deputy general secretary of VASEP, said the association would require the DoC to re-consider the final decision on imposing the tax for the 24 shrimp export and processing firms with a high tax rate.


In the first administrative review on Vietnamese shrimp exporters in September 2007, the DoC decided to cut tariffs from 4.57 per cent to 0.01 per cent for Viet Hai and to 1.08 per cent for Grobest.


The country expected to earn $1.68 billion from shrimp exports this year, accounting for roughly 40 per cent of Viet Nam’s total seafood export earnings. —