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Archive for October 3rd, 2008|Daily archive page

Sekaman power project gets investment raise

In Uncategorized on October 3, 2008 at 3:41 pm

Hanoi (VNA) – Prime Minister Nguyen Tan Dung has given the go-ahead to the Vietnam-Laos Power Company to increase investment in the Sekaman 3 hydroelectric project up to 311.7 million USD from the initial 273.1 million USD.

Construction of the 250 MW power plant started in the Lao province of Se Kong in April 2006 under the form of build-operate-transfer (BOT).

Eighty-five percent of the total investment is contributed by the Vietnam-Laos Power Company, while the rest is funded by the Lao Government.

Sekaman 3 is one of the five hydroelectric projects Vietnamese companies are building in Laos under an energy cooperation programme signed between the two governments. The projects have a combined capacity of 2,500 MW with an estimated output of 6.69 billion kWh per annum.-

Investors have herd mentality

In Uncategorized on October 3, 2008 at 3:40 pm

Hanoi (VNA) – Vietnamese investors should define their own bottom of market indices when taking part in day-trading, said Singapore-based Kim Eng Securities’ analyst Ken Tai at a conference on Oct. 2.

He made the suggestion to Vietnamese investors at a conference on the risks and opportunities of day-trading or short-term investment, held by Kim Eng Vietnam Securities.

According to Ken Tai, most Vietnamese investors were short-term, taking part in securities trading to make quick profits.

“Local traders tend to invest in a herd mentality, reflected by the harsh rises or falls of market indices,” said Kim Eng Vietnam Securities’ director Le Minh Tam.

“This makes it necessary to introduce them to investment measures which are scientific and prosperous with the market’s common trends,” noted Tam. A bottom of market index is the point, defined by the investor, when they need to sell to make a profit.

Investors should be defining their own bottom of market indices, making sales at this point rather than following others. This would be more profitable for the investor than others that follow, Ken Tai said.

Ken Tai concluded that investors should act independently in their decisions after defining the right moment to make a sale.

During the conference, Ken Tai also confirmed that foreign investors, which were rumoured to be withdrawing, were continuing to pump money into the local stock exchange. However, their pipelined capital would be less than it was before, due to the bad situation of the global market.

Kim Eng Vietnam Securities has recently opened a representative office in Hanoi , providing the same services as their HCM City headquarters.-

Vietnam gets its first index of business-confidence

In Uncategorized on October 3, 2008 at 3:40 pm

Hanoi (VNA) – Vietnam WVB Financial Intelligence Service (WVB FISL) and PetroVietnam Finance Investment and Consultancy Company (PVFC Invest) have devised their own Business Confidence Index (BCI) for Vietnam .

The new system will come into operation for the fourth quarter of the year, ending in December. It will be based on an average 100 points. Readings of 100 and above will denote expansionary situations, while those below this level will, according to the private assessors, reflect contraction.

The result of a survey in the third quarter of this year indicates that the majority of respondents basically have a strong belief in the positive changes and improvement in Vietnam ’s economy.

The survey and research team appointed to grade companies has selected the following six criteria – economic conditions, economic outlook, expected change in employment, planned investments, expected revenue growth and expected profit growth.

These six questions will be asked quarterly to build an index data base. Besides these six questions, other topical questions will also be included in the survey.

“After careful consideration, we finally have a list of survey participants across various industries. They are the country’s leading enterprises in branding, assets, revenue and number of employees,” said Nguyen Van Xuyen, CEO of PVFC Invest.

“Half of the survey participants selected are small and medium-sized enterprises (SMEs) because SMEs account for more than 95 percent of all businesses and contribute greatly to our economy,” he said.-

Vietnam, Canada discuss investment agreement

In Uncategorized on October 3, 2008 at 3:39 pm

Ottawa (VNA) – Vietnam and Canada held the second round of negotiations on investment encouragement and protection agreement in Ottawa from Sept. 30-Oct. 2, following the first round in Hanoi last year.

The focus of this round was on principles guiding national behaviours, preferences and regulations regarding investment in Vietnam.

The two sides also discussed issues relating to money transfer tax and the resolution of disputes between investors and investment recipients, as well as between the two countries.

The Vietnamese side affirmed that the signing of the investment encouragement and protection agreement will create a legal framework for investment and trade between the two countries, but adding that Canada should consider Vietnam a developing country and thus limiting their requirements within the frame of the World Trade Organisation (WTO) and current international legal ones.

Vietnam also asked Canada to recognise its market economy in order to facilitate the expansion of comprehensive and effective cooperation between the two countries.

The two sides agreed to hold the next round of negotiations on the agreement in Hanoi.

In recent years, trade and investment between Vietnam and Canada have been growing with two-way trade reaching almost 1 billion USD in 2007.

Canada’s investment in Vietnam has hit 6.2 billion USD, ranking fifth among 82 countries and territories in Vietnam.

Vietnam has signed investment encouragement and protection agreements with 50 countries and territories in the world.-

BankInvest partners with local fashion company

In Uncategorized on October 3, 2008 at 3:38 pm

Denmark’s BankInvest Private Equity New Markets Group (BankInvest) will become a 20 percent shareholder of the Ho Chi Minh City-based Son Kim Fashion Corporation (SKF).

To this effect, a strategic partnership agreement was officially announced in Ho Chi Minh City on October 3.

Under the agreement, the capital provided by BankInvest will be used in developing its current brands, studying new brands in the fashion industry, building advanced and modern systems and attracting high-level human resources.

In addition to providing the afore-mentioned capital, BankInvest, with international experience of the fashion industry, will support SKF in their strategic planning and development of retail systems.

SKF is now the leading fashion company in Vietnam, with a range of well-known brands such as Jockey, Jox, JBUSS, WOW, WOWECO, and Elle.-

Police nab dumpers of industrial waste

In Uncategorized on October 3, 2008 at 3:37 pm

Hanoi (VNA) – Hanoi police intercepted 100 tonnes of untreated industrial waste sludge being transported to Hai Phong city’s Go Cay Potery Factory on Monday.

The untreated toxic material was seized from two trucks belonging to Tan Thuan Phong Ltd Company, which is supposed to treat industrial waste before selling it to other companies, said Senior Lieutenant Colonel Tran Trong Binh, head of the Hanoi Police Environment Department.

The pottery factory had signed a contract with Tan Thuan Phong Ltd Company to get shipments of treated industrial waste sludge as a material to mix with clay to make bricks, said Le Quang Dinh, deputy director of Go Cay Potery Factory.

The contract has been implemented for one month, and the factory has already received several deliveries from Tan Thuan Phong Ltd Company.

However, Dinh claimed his factory did not have any intention of getting untreated waste. “I have transported industrial waste sludge seven times to the Go Cay Pottery Factory. Each time is five tonnes,” said Pham Van Tiep, one of the two drivers of Tan Thuan Phong Ltd Company.

The perpetrators have intentionally transported untreated industrial waste to other places to decrease their production costs, said Binh.

Under environmental protection law, the owners of industrial waste have to take responsibility for its treatment. If they do not ensure their waste is being treated properly, they are in violation of the law. In this case, the waste mud was reported to have initially come from Hanoi Thang Long Industrial Area Zone.

The Hanoi Environment Police Department has taken the samples of industrial sludge and bricks from the factory to analyse the level of environment pollution coased, said Binh.

“This case is very complicated and is in the process of investigation,” said Binh.-

HCM City-Can Tho rail route to wrap up in 2020

In Uncategorized on October 3, 2008 at 3:36 pm

HCM City (VNA) – A new railway line linking Ho Chi Minh City and the Cuu Long (Mekong) Delta province of Can Tho will become operational in 2020, under a major project initiated by the Ministry of Transport.

The rail route will be 150-200 km long, and could be a direct link with no stop in between, as suggested by the Southern Transport Research and Development Centre.

The centre has also called for an early announcement about site clearance for the railway, so residents will have enough time to prepare for resettlement.

The railroad is part of a plan to develop multiple links between HCM City and Can Tho, including roads and waterways.

Road links envisaged by the plan will have Highway 1A and a new expressway linking the city and the province by 2010.

Many wasterway routes connecting HCM City with the southernmost province of Ca Mau , Kien Giang province’s Kien Luong district and Long An province’s Moc Hoa district are also expected to open in 2010.

Planners are hopping the opening of several routes by road, water and rail between the city and the Mekong Delta province’s will help develop transportation in the region, ease traffic congestion and promote commerce.

They expect that by 2020, transportation of goods by waterways will account for 50 percent, by roads, 35 percent and by railway, 15 percent.

Passengers using road routes will make up 63 percent, and those using the railway and waterways will account for 30 percent and 7 percent respectively.-

Foreign businesses explore Nha Trang’s tourism potential

In Uncategorized on October 3, 2008 at 3:36 pm

Khanh Hoa (VNA) – As many as 100 representatives of tourism associations, travelling businesses and media from Japan and the Republic of Korea arrived in southern coastal Nha Trang on October 1 to study the city’s tourism potential and products.

During the five-day stay, the foreign guests will work with representatives of the Vietnam Airlines, the Vietnam Administration of Tourisms as well as local tourism businesses and press agencies.

Over the first six months of 2008, Nha Trang welcomed a total of 200,670 Japanese guests and 245,000 visitors from RoK, as well as 165,000 other international tourists.-

New project hopes to rescue Hoi An river within 2 years

In Uncategorized on October 3, 2008 at 3:25 pm

QUANG NAM — A US$13 million project is expected to protect the environment in Hoi An City, Quang Nam Province, including the city’s iconic Hoai River, in the next two years, said Truong Van Bay, vice chairman of the city’s People’s Committee.

According to statistics from the city’s Department of Natural Resources and Environment, every day 8,950cu.m of waste water is dumped into Hoai River from hotels and restaurants. Another 8,300cu.m of waste water is dumped by residents of the city.

The situation should be solved over the next two years as the city launches a project to protect the environment.

The project is being funded by the French government’s official development assistance. It will cover three activities: the construction of a waste water treatment facility, a solid-waste treatment facility and a network to collect waste.

Hoai River has suffered from serious pollution in recent years and has developed a smell, according to Bay. Tourists and residents alike expressed their appreciation for such a project.

Jenni Anna, a tourist to the city, said that she felt sorry to see the river polluted, and that the city’s authority should really do something to save it. Meanwhile, the section of the river which runs through the canal of the Bridge Temple (Chua Cau) is even more seriously polluted, as around 12,000 residents living in Minh An, Cam Pho and Tan An wards as well as 28 hotels dump their waste water into the canal.

According to the Department of Natural Resources and Environment, the concentration of polluting substances in the canal is two to three times higher than allowed.

“We residents have been living with the pollution for years. We have made demands to city authorities but nothing has been done,” said Nguyen Nam, a resident of Minh An Ward.

Bay said that Japanese experts had previously issued warnings about the alarming levels of pollution in Hoai River.

The first phase of the project, which is choosing contractors, has been completed and the remaining parts of the project will be implemented by the end of this year, according to Bay.

World Heritage Site Hoi An City is one of the country’s most celebrated tourist spots, attracting thousands of visitors every year. —

Viet Nam youth team off to China

In Uncategorized on October 3, 2008 at 3:24 pm

HA NOI — A 23-member squad from Viet Nam left yesterday for a 10-day training session in China to prepare for the 40th Merdeka Cup taking place in Malaysia from October 15-25.

The team are scheduled to play two friendly matches during their training in China’s Nanjing before flying home next Sunday.

The team consist of the country’s best young players, who helped Viet Nam place third at the International U-21 football tournament in Hue City last week.

The team were unfortunately lacking national strikers Phan Thanh Binh and Nguyen Quy Suu for the training, who had to deal with personal matters, said the team’s coach Mai Duc Chung.

The team also have another four players injured – Nguyen Van Khai, Nguyen Duc Thien – top scorer of the International U-21 football tournament – Truong Dac Khanh and Nguyen Trong Binh, who are still attending the training.

Viet Nam will meet rivals from Myanmar, Sierra Leone, Afghanistan, Nepal, Bangladesh, Kazakhtan and Malaysia, competing in a round-robin format in two groups at the Merdeka Cup.

The winning team will receive US$10,000, while the runners-up will get $5,000.

After the cup, the team will play a friendly game against former Brazilian stars including Paulo Sergio, Ze Carlos and Cesar Sampaio.

The team will also compete in the Grand Royal Challenge in Myanmar and the International Binh Duong Television Cup next month.

The U-22 team will be the main squad competing in the 25th Southeast Asian Games in Laos next December. —