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Archive for October 14th, 2008|Daily archive page

Singaporean firm to invest in technology park in Binh Duong

In Uncategorized on October 14, 2008 at 12:31 pm

Binh Duong (VNA) – Singapore ’s Mapletree real estate corp. on Oct. 14 signed a land lease agreement with Becamex Investment and Development Trading company to build a technological park in southern Binh Duong province.

The 400 million USD project will take up 75 ha of land and is Mapletree’s first trading and production complex in Vietnam which aims to serve local companies operating in software development, software outsourcing and goods production.

Apart from the hi-tech park, Mapletree has inaugurated a 110 million USD storage facility in the Vietnam – Singapore II industrial zone.

The provincial People’s Committee chairman Nguyen Hoang Son promised that the province will create the most favourable conditions for the Singaporean investor to implement the project smoothly.-

100 foreign businesses to attend industrial products fair

In Uncategorized on October 14, 2008 at 12:30 pm

Hanoi (VNA) – Almost 100 businesses from 10 countries and territories around the world will participate in the 17th Vietnam International Industrial Fair in Hanoi from Oct. 17 to 21.

Joining businesses from Russia , India , the Czech Republic , Taiwan , the Republic of Korea , Japan , Iran , China , Malaysia and Singapore are 250 local firms operating in the field of industrial machinery.

This year’s event will focus on machine products, mechanical-metal equipment, industrial tools and new technologies. High on the agenda at the fair is a wide range of top-quality domestic products with competitive prices.

Businesses from Russia and Taiwan will also hold seminars and discussions with local businesses attending the fair.

The management board said that, since its establishment 17 years ago, the fair has helped to forge trade links between Vietnamese and foreign businesses and has successfully promoted the country’s international economic integration.-

Vietnam to chair IMF/WB 2009’s council of governors meeting

In Uncategorized on October 14, 2008 at 12:29 pm

Hanoi (VNA) – Vietnam State Bank Governor Nguyen Van Giau has been elected chairman of the IMF/WB 2009’s council of governors meeting slated for Istanbul , Turkey .

The selection, made at the 2008 annual meeting of the WB Group and the IMF held on Oct. 14 in the US, reflected the international community’s trust and appreciation of Vietnam’s achievements in socio-economic development, particularly the State Bank of Vietnam’s efforts in consolidating its relationship with IMF and WB, as well as in formulating and steering monetary policies.

Since resuming its financial links with the IMF and WB in 1993, Vietnam has enjoyed an excellent relationship with the two financial organisations.

During the 1993-2004 period, the IMF granted four loans worth nearly 1.1 billion USD to Vietnam .

Each year, working delegations from the IMF visit Vietnam in order to receive an update on the country’s macro-economic situation as well as providing policy-making consultancy services in the financial and banking, trade and state-owned enterprise renovation sectors.

The IMF also provides Vietnam with technical assistance in many areas such as foreign exchange, the open-market, banking inspections, tax reforms and anti-money laundering.

To the WB, Vietnam is one of the largest preferential loan recipients of the WB International Development Association (IDA). IDA’s financial support in the form of preferential loans and technical assistance plays a key role in Vietnam-WB relations.

From 1993 to August 2008, the WB committed 8.42 billion USD to over 80 projects in Vietnam , including 73 programmes and projects worth a total of 7.35 billion USD which have been carried out. Of the total loans, 4.6 billion USD have been disbursed so far.

In the 2008 fiscal year, Vietnam and the WB have negotiated nine programmes and projects worth 1.1 billion USD, the largest ever in a single fiscal year, focusing on poverty eradication and the development of education and infrastructure.

The WB plans to provide nearly 1.85 billion USD to Vietnam for the implementation of 15 programmes during 2009.

The financial assistance not only positively assists Vietnam ’s work towards poverty alleviation and socio-economic development, but also contributes to boosting the implementation of the Millennium Development Goals and the country’s international integration.-

Work starts on southern international seaport

In Uncategorized on October 14, 2008 at 12:28 pm

Ba Ria-Vung Tau (VNA) – A groundbreaking ceremony for Cai Mep-Thi Vai International Port took place in Tan Thanh district, southern Ba Ria-Vung Tau province, on Oct. 14.

Speaking at the event, Deputy Prime Minister Hoang Trung Hai stressed that once the port is completed, it will not only serve as a gateway to the southern key economic region, but also a large-scale international transit port for both the Southeast Asian region and the world.

In the short-term, the port will help to reduce the volume of import-export stock at local ports as well as speed up the moving of seaports out of Ho Chi Minh City , Hai said.

The project is estimated to cost more than 11.47 trillion VND (695 million USD), sourced from the Japan Bank for International Cooperation (JBIC) and the Government of Vietnam.

Two wharfs capable of receiving 80,000 DWT vessels, plus two others with the capacity to accommodate 50,000 DWT ships will be built, with work expected to be completed in 2012.

The project will also cover the construction of an 8.3 km road linking the port with highway No. 51, the installation of necessary equipment at the port, and the dredging of a 37.2 km canal.-

KPMG becomes Vinashin’s auditor

In Uncategorized on October 14, 2008 at 12:28 pm

Hanoi (VNA) – The Vietnam Shipbuilding Industry Group (Vinashin) has appointed KPMG, one of the leading international consultancy companies in Vietnam , as its auditor.

The move aims to transform Vinashin into an international-level group with healthy financial resources and affirms the group’s commitments to following international law and practices.

Apart from financial auditing services, KPMG will also help Vinashin in the areas of risk administration and corporate financial management, based on international rules and norms.

According to Business Manager Nguyen Quoc Anh, the group plans to issue shares worth 3 trillion VND at home and 400 million USD worth of shares abroad.

The wholly state-owned enterprise, which is also the country’s largest shipbuilding and industry group, operates in various types of businesses, including shipbuilding and repair, maritime transportation, heavy industries, offshore and civil engineering, and financial and market research.

In the first nine months of this year, Vinashin, which now has 200 affiliates, posted a revenue of over 19.6 trillion VND, an increase of 71 percent over the same period last year.-

Northwest pushes for more investment

In Uncategorized on October 14, 2008 at 12:27 pm

Lao Cai (VNA) – A forum to promote investment in the northwest was considered a roaring success as agreements were reached regarding 19 projects in the region, with a total investment capital of more than 3 billion USD.

More than 500 representatives of economic groups, investment funds and local and foreign businesses participated in the forum, which took place in Sa Pa city in Lao Cai province on Oct. 14.

Addressing the event, Deputy Prime Minister Truong Vinh Trong said the northwest is the heartland of planning and development in accordance with the “two corridors, one economic belt” scheme being implemented by Vietnam and China .

Accordingly, the Government and the northwestern authorities are eager to hear investors’ opinions regarding the on-going administrative reform so that favourable conditions and the best possible environment for investors can be created, Deputy PM Trong said.

According to the Northwest Steering Committee, the northwest posted a GDP growth rate of 12.38 percent in 2007 and made remarkable improvements in its production capacity, infrastructure, and socio-economic performance.

However, the committee pointed out that the region has been slow in adapting its economic structure, with its development strategy lacking a vision of long-term sustainability and its socio-economic infrastructure remaining weak.

“Despite its potentials and strengths, the northwest remains the poorest region in the country,” the Northwest Steering Committee commented.

The northwest requires at least 10 billion USD in investment capital to reach its set targets of an annual GDP growth rate of 11 percent and an average per capita income of 517.8 USD over the 2001-2010 period.

This sum seems out of reach for the region as it has attracted 689.8 million USD in investment to date, a modest figure given its rich potential in hydro-electricity generation, mining and ecotourism, plus its favourable geographical position on the stretch of border shared with Laos and China .

At the forum, Deputy PM Trong, who headed the Northwest Steering Committee, stressed that the northwest needs to formulate a plan focusing on the development of hydroelectricity, the mining industry, the production of construction materials, ecotourism, and forging and strengthening economic ties with neighbouring countries.

Currently, the northwest produces more than 300,000 tonnes of food in order to meet the demands of provinces in the region.

In 2007, the region saw the construction of 100 hydro-electric power plants with a total output capacity of 1,600 MW and the operation of the Cam Duong apatite sorting plant, the Sinh Quyen copper complex and the Lao Cai iron and steel plant.

Localities have invested in the expansion of more than 400 km of border beltways and thousands of kilometres of inter-commune and inter-district roads and in linking remote, mountainous communes with the national grid in order to create favourable preconditions to inviting more investors into the region.

The government has also applied special incentives to lure investors to the region, including preferential credit, land lease reduction and exemption, subsidies for materials transport, assistance in infrastructure construction in industrial zones and income tax cuts.-

Exhibition on Russian first ladies opens in Hanoi

In Uncategorized on October 14, 2008 at 12:25 pm

Hanoi (VNA) – An exhibition on Russian first ladies during the 20 th century opened in Hanoi on October 13.

The exhibition is jointly hosted by the Vietnamese Museum of Revolution, the Vietnamese Women’s Museum and the State Central Museum of Contemporary History of Russia.

The exhibition is part of a long-term project entitled “Russian Women’s Faces”, aims to showcase the potential of Russian women and their influence on social development in the new millennium.

The exhibition features almost 200 images and documents highlighting the influence of 11 Russian first ladies on the political-economical and socio- cultural development of Russia during the 20 th century.

Among the exhibits being displayed are a painting of the house in which V.I.Lenin and Nadezhda Konstaninova Krupskaia lived in Eniseiski province from 1898 – 1900, plus a number of images documenting the social and diplomatic activities of the wives of President V. Putin and President D.A. Medvedev.

The exhibition will run until the end of 2008.-

Bank presents wheelchairs to disabled children

In Uncategorized on October 14, 2008 at 12:25 pm

Ca Mau (VNA) – The Vietnam Bank for Industry and Trade (Vietinbank), in coordination with the Vietnam Children’s Fund, presented 30 wheelchairs to disabled children in the southernmost province of Ca Mau on October 13.

This marks the first activity as part of the bank’s charity programme to grant 210 wheelchairs to disabled children across seven central and southern provinces, including Binh Thuan, Lam Dong, Ca Mau, Soc Trang, Ben Tre, Dong Thap and Dong Nai.

The 315 million VND (19,000 USD) programme will continue until October 24.

Vietinbank plans to donate 900 million USD to the Vietnam Children’s Fund duving 2008 to enable them to provide 600 wheelchairs for disabled children in 19 provinces and cities nationwide.-

Baptist church recognised as religious organisation

In Uncategorized on October 14, 2008 at 12:24 pm

Hanoi (VNA) – The Government Committee for Religious Affairs presented the Baptist Churches in Vietnam (Southern) with a certificate recognising its legal status as a religious organisation on October 13 .

This is the third Protestant church to have been recognised as a religious organisation in Vietnam since the Ordinance on Belief and Religion took effect in 2004.

The committee’s Director Nguyen The Doanh said the Baptist church is expected to coordinate with other churches and people of all walks of life across the nation in order to contribute more towards national construction and development.

Pastor Nguyen Thong said it was a great joy for his church to be recognised and pledged on behalf of all Protestant followers to do good for both his religion and his nation.

On the same day, a church delegation visited the Party Central Committee’s Commission for Mass Mobilisation and the Vietnam Fatherland Front Central Committee.

The Baptist Churches in Vietnam has more than 18,000 followers and 500 dignitaries, including over 5,000 from ethnic minorities, practising in 409 congregations across 42 cities and provinces throughout the country.-

Rice quality and yield ensure food security

In Uncategorized on October 14, 2008 at 12:23 pm

To ensure food security, the main target are rice quality and yield, not the expansion of rice acreage, Deputy Prime Minister Nguyen Sinh Hung told a working session on food security of concerned government agencies on Oct. 13.

He suggested mapping out a national food security programme until 2020, stressing national food security firstly means to ensure the supply of rice for people, then meet the demandS for national reserve and export.

According to the statistics, Vietnam’s rice yield averaged 4.98 tonnes per ha in 2007, and obtained an average output of approximate 35 million tonnes of rice per annum in the 2001-2007 period. The country’s rice processing capacity currently meets the requirements of the domestic and export markets.

As far as drying, protecting and storage of rice is concerned, Vietnam still has a way to go to reach optimum profitability and quality standards.

The Ministry of Agriculture and Rural Development (MARD) said that the portions of commercial rice in different regions are various, about 25-30 percent in the Red River delta, 8-10 percent in northern mountainous area, 15-20 percent in central and central highland areas, 55-60 percent in southeast region and 70-75 percent in the Mekong Delta.

The MARD pointed out the State’s responsibility to control the national food reserve system and urgent distribution system. Together with appropriate sanctions, this was an important means to prevent illegal trade, phase out “food fevers” and ensure the food market and national food security, he said.

According to the Ministry of Industry and Trade, the price of Vietnamese rice is lower than Thai rice, so that more attention should be paid to the quality of rice. High-yield and high-quality rice varieties suitable to Vietnam’s conditions should be selected for production, while simultaneously focusing on agricultural modernization. Also, a policy on rice reserve and circulation should be implemented.-