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Archive for October 13th, 2008|Daily archive page

Japan-funded port project to start

In Uncategorized on October 13, 2008 at 12:51 pm

Hanoi (VNA) – Construction of the Cai Mep – Thi Vai Port in southern coastal Ba Ria-Vung Tau province will start on October 14.

The project comprises of 6 packages covering one consulting services package for construction supervision, three civil works packages, one channel dredging package, and one equipment package.

Japan implemented the detailed design study of Cai Mep- Thi Vai international terminals under a technical cooperation programme of the Japan International Cooperation Agency (JICA), according to JICA Vietnam said.

Civil works for the port facilities including consulting services for construction supervision are funded by ODA loans of the Japan Bank for International Cooperation (JBIC) with the total amount of 36,364 million Japanese Yen.

JICA hopes that once completed, the project would be able to accommodate the increasing demand of cargo in the southern part of Vietnam, thereby supporting economic growth not only for the southern part but also the whole country.-

ATM cards more popular but number of users limited

In Uncategorized on October 13, 2008 at 12:51 pm

The number of Vietnamese using debit and credit cards has grown to 900,000, or only one percent of the country’s population, according to VISA International.

The popularity of the cards in Vietnam, however, has soared in the past 10 years, as the country’s economic growth rate averaged 7 percent each year, with a record 8.44 percent growth last year.

The cards are used in the increasing number of shopping malls that carry luxury or world-class brands of consumer goods.

The number of card holders is much higher in other Asian countries, with 5 million in Malaysia or 20 percent of the population, and 3.08 million or 68.5 percent in Singapore.

In Thailand, 6.9 million or 10.6 percent of the population, hold cards, according to Truong Minh Ha, VISA International’s chief representative in Indochina area.

Hong Kong has one of Asia’s highest percentages, with multiple cards owned by individuals. The number of cards is double the territory’s population.

Still, most Vietnamese continue to make cash payments and the number of salaries paid via a bank account are still modest, according to Trinh Thuong Thuc, head of credit of Vietcombank’s HCM City branch.

Deputy General Director of East Asia Bank (EAB), Phung Duy Khuong, said that many people still thought that payment cards were only for those in a higher-income bracket and those who frequently travelled abroad.

Contributing to the problem were banks; weak regulations on loans and excessive amount of time spent on loan collections. Banks were still hesitant to issue cards for fear or risks, Thu said.

Ha, however, said bank’s had sufficient foreign currency exchange fees, service fees, and mortgaged assets, more than many other countries.

There are 22 banks’ participating in the VISA payment system, with 10,000 Point of Sale terminals (POS) at shops nationwide.

About 50 percent of banks charge fees for purchase made with credit or debit cards, while only 10 percent do so in Cambodia , leading to more infrequent use in Vietnam.

High services fees for card payments also account for the decline in the number of foreign tourists in Vietnam, according to Ha.

Nguyen Tu Anh, general director of SmartLink Card Service Co., said Vietnam’s personal database procedures on card issuance were not working well.

Banks had not identified the right customers, she said.

Some customers who qualify have low demand for the cards, while others who have high demand can only receive a card with a secured deposit paid in advance.

Banks should improve their marketing strategies so that consumers understand payment cards’ benefits, Khuong said.

More card alliance should be established and more POS should be installed throughout the country, Khuong said, adding that bonus point accumulation and service fee cuts should also be offered.-

Nam Hai selected as Asia’s best beach resort

In Uncategorized on October 13, 2008 at 12:50 pm

Central Quang Nam province’s luxury Nam Hai Resort has won the “Asia’s 2008 Best Beach Resort” title through the Travel Trade Gazette (TTG)’s voting.

The Hoi An-based resort was voted for the coveted award thanks to its modern facilities, high-quality services and experienced staff.

The 35ha resort, built by the Indochina Resort Hoi An Co, Ltd, includes five-star accommodation with a state-of-the-art spa, beachside restaurants and abundant recreational areas.

The Nam Hai resort is well-known by many domestic and foreign tourists who find a stop-over on the way to world cultural heritages such as the Hoi An Ancient Town and My Son Sanctuary although it just began operation in 2004.

The resort also won many other awards by the world’s prestigious travel magazines, including US Travel & Leisure magazine’s “The World’s 2008 Best-designed Resort” award.

It was selected as one of the world’s 75 leading hotels with the best spa services by the UK’s Conde Nast Traveller magazine and the world’s best new resort in 2007 by Cigar Aficionado magazine of the US.-

Vietnam Entrepreneurs’ Day marked in Laos

In Uncategorized on October 13, 2008 at 12:49 pm

Hanoi (VNA) – More than 200 delegates from nearly 100 Vietnamese businesses operating in Laos gathered at a function in Vientiane on Oct. 12 to celebrate the Vietnam Entrepreneurs’ Day (Oct. 13).

The event, co-hosted by the Embassy and the Trade Mission of Vietnam in Laos, saw the attendance of Chairman of the Party Central Committee’s Commission for Information and Education To Huy Rua, who has been on a visit to Laos .

Vietnamese Ambassador to Laos Nguyen Huy Quang applauded the efforts of the Vietnamese businesses and community in Laos to expand investment ties with the neighbouring country, thereby strengthening the bilateral special relations.

Representatives of the business circle pledged to well carry out projects and agreements signed with Laos and to help Vietnam realise its plan to become the top investor in the country.-

Stock indexes continue downward trend

In Uncategorized on October 13, 2008 at 12:49 pm


Hanoi (VNA) – The Vietnamese stock market experienced losses during the Oct. 13 trading session as the majority of shares continued to fall in value.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index suffered its seventh consecutive fall, dropping 7.39 points, or almost 1.94 percent, to close at 371.67 points.

As many as 12.93 million shares were traded, worth a total of 373.73 billion VND, a decrease of 20 percent in volume and 10 percent in value compared to the previous session.

The market saw only 48 shares rallying to record gains, with 104 falling in value and 10 remaining unchanged.

Meanwhile, the HaSTC-Index at the Hanoi Securities Trading Centre (HaSTC) saw a slight decrease of 0.53 points against the previous session to close at 119.34 points.

A total of 6.85 million shares worth 188.98 billion VND changed hands at the bourse, where 77 stocks fell, 61 shares increased in price, 10 remained unchanged and five saw no transactions.

In this context, Head of the State Securities Commission’s Market Development Department Nguyen Son confirmed that the market will not be shut down.

If the VN-Index dips below the 360-point benchmark, the State Securities Commission will take appropriate measures to reassure investors, Son said.-

More Lao students choose Hue University

In Uncategorized on October 13, 2008 at 12:47 pm

More than 150 Lao students are enrolling at colleges of Hue University, two-thirds of them under cooperation programmes between central Thua Thien-Hue province and seven localities of Lao.

Most Lao students are majoring economics, medicine-pharmaceutical, pedagogy, law and agriculture-forestry, Dr. Le Thanh Son, vice director of Hue University, said.

He added that the university has helped those students with everything it could, both materially and spiritually.
Thua Thien-Hue province recently built a dormitory complex for Lao boarding students in Hue.-

Religious followers active in humanitarian activities

In Uncategorized on October 13, 2008 at 12:47 pm

Thua Thien-Hue (VNA) – Religious people in central Thua Thien-Hue province have always preserved and promoted the tradition of solidarity, doing good things for both the religion and the nation, local officials said.

Catholics at the Phu Cam parish, for instance, have been known throughout the province for their frequent humanitarian activities, which have benefited more than 500 poor students and tens of homeless old people.

Many Buddhists have worked voluntarily at the Lien Hoa establishment – a traditional medicinal clinic – to provide medical examination and treatment for 200 patients a day. The Lien Hoa establishment has now become a popular clinic among disadvantaged local people.

Buddhist nuns at the Duc Son pagoda have been reputed for their efforts to bring up more than 200 orphans over the past 20 years. Their performance has been recognised and praised by former State President Tran Duc Luong.

Thua Thien-Hue is home to 60,000 religious followers, with 55,000 of them being Buddhists and the remaining being Catholics, Protestants and Caodai followers.

The religious followers are practicing their religions at over 100 places of worship, including popular ones such as An Truyen and An Bang in Hue city, Nhat Tay in Phong Dien district, Phu Xuyen in Phu Loc district, An Bang in Phu Vang district and Trong Duc in Quang Dien district.-

Deputy PM urges acceleration of refinery project

In Uncategorized on October 13, 2008 at 12:46 pm

Deputy Prime Minister Hoang Trung Hai has urged the need to speed up the implementation of the Nghi Son petrochemical refinery project to contribute to controlling trade deficit.

Speaking at a conference reviewing the implementation of the project in Thanh Hoa province on Oct. 12, the Deputy PM said that accelerating the Nghi Son petrochemical refinery complex – one of the country’s major and most important projects, would help the country attract more investment and sell petrol in the context of the rising world demand for energy.

The Deputy PM asked Thanh Hoa province, the Vietnam Oil and Gas Group (PVN) and relevant ministries to continue carrying out the remaining work on schedule in order to start the construction of the refinery in June 2010, which is expected to turn out products in 2013.

Deputy PM Hai agreed with proposals of Thanh Hoa province, PVN and relevant ministries for relocation of the export port of the Nghi Son complex, expansion of the Nghi Son port, relocation of a civil airport in the region and enlarging a section of Highway 1A running through the Nghi Son economic zone.-

Capital students join in journey to protect environment

In Uncategorized on October 13, 2008 at 12:46 pm

Hanoi (VNA) – More than 1,000 students joined in parade by bikes to call for environmental protection in Hanoi on Oct. 12.

The “Green and clean journey – 9X Caravan 2008” is a new programme jointly organised by the Ministry of Education and the Lotte Vietnam Company for school children to raise their scene of responsibility to the community, especially in environmental protection.

After the parade, the students participated in a series of extra-curricular activities and received free health checks-up.

The organising committee also presented 20 bicycles to outstanding students.

The “Green and clean journey – 9X Caravan 2008” programme is to take place in five cities – Hanoi, Hai Phong, Da Nang, Can Tho and Ho Chi Minh City.

The programme encourages students to go to school by bikes to prevent environmental pollution and to participate in the “Cycling for charity”.-

Hanoi to prioritise agricultural, new-technological products

In Uncategorized on October 13, 2008 at 12:45 pm

Hanoi (VNA) – Hanoi has issued a list of priority and key industries for the years up to 2010 and 2020.

Accordingly, the city will prioritise agricultural product processing, textile-garment and chemical industries.

During 2007 – 2015, it will promote textile-garment materials, milk products, pharmaceutical products, electronic, telecommunications and IT components, etc.

In the 2016 – 2020 period, it will accelerate meat product processing, production of antibiotic and anti-cancer materials.

The city also identified three key industries, including mechanic-manufacturing, electronics-telecommunications, and information technology.

It plans to attach special importance to new technological products such as software products, digital products, products using new and renewable energy.-