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Archive for October 15th, 2008|Daily archive page

TAQ1510.007 ASEAN to set up fund to cope with financial crisis

In Uncategorized on October 15, 2008 at 12:39 pm


Hanoi (VNA) – ASEAN and its three partners, namely China , Japan and the Republic of Korea have agreed to set up a standby fund that will aid Association of Southeast Asian Nations members amid the global financial crisis.

The fund will help the 10 ASEAN countries with severe liquidity problems, and can be used to purchase bad assets and recapitalize troubled financial institutions and private companies, Philippine President Gloria Macapagal-Arroyo was quoted by news reports as saying.

The Philippine President added that the World Bank (WB) initially committed 10 billion USD to the fund and alled on the International Monetary Fund, the Asian Development Bank, Japan, China, the RoK and the rest of ASEAN to contribute to the fund.

The WB and IMF will draft the implementing mechanism as soon as possible in consultation with ASEAN finance ministers and central bank governors, and another meeting will be convened on the sidelines of the Asia-Europe Meeting (ASEM summit) in Beijing next week to discuss the guidelines, President Arroyo said. –

85 billion VND for building inland water area conservation parks

In Uncategorized on October 15, 2008 at 12:37 pm

The Prime Minister has approved a 85 billion VND plan to develop a system of inland water area conservation parks until 2020 with the aim of protecting and developing fishery resources and water ecosystems.

Accordingly, 45 inland water area conservation parks will be built in 63 provinces and cities nationwide.

The first phase (2008-2010), costing 15 billion VND, will focus on building and operating five conservation parks in the Red River Delta, the Mekong Delta and the Central Highlands.

The second phase, 2011-2015 will need 50 billion VND for the establishment of 25 more conservation parks, including a national-level one, while 15 others will be set up in the 2016-2020 period at an estimate cost of 20 billion VND.-

Vietnam and regional nations share energy solutions

In Uncategorized on October 15, 2008 at 12:36 pm

HCM City (VNA) – Participants from the Republic of Korea , Indonesia , India and Vietnam met at a seminar in Ho Chi Minh City on Oct. 14 to share their experiences on new technologies, renewable energy and bio-energy policies.

The four countries shared information on potential opportunities for cooperation and policies on the development of bio-energy sectors. They examined methods to boost exports of commercial technology programmes and to work together to become globally competitive in the provision of renewable energy solutions.

The Vietnamese contingent paid particular interest to new technological developments in the treatment of waste water to generate power, currently being used in the Republic of Korea , plus techniques for industrial ethanol preparation and Indonesian models featuring villages able to supply their own energy through the use of local agricultural waste.

According to Deputy Minister of Science and Technology Nguyen Van Lang, Vietnam ’s bio-energy programme aims to develop a number of trial bio-energy projects capable of providing 100,000 tonnes of five-percent ethanol and 50,000 tonnes of five-percent bio-diesel a year to meet 0.4 percent of the country’s petroleum needs.

As bio-energy development is an urgent matter, the Government will give priority to investment in agricultural waste exploitation to produce a green energy source.

Currently, Vietnam has five bio-energy development projects in place in the northern, central and southern regions. Of these, the first three projects will commence production in 2009 with the two remaining plants coming online the following year.-

RoK firm to build environmentally-friendly resort in Hue

In Uncategorized on October 15, 2008 at 12:35 pm

Thua Thien-Hue (VNA) – Leaders of the central province of Thua Thien-Hue signed an agreement on Oct. 14 permitting RoK’s Dream Palace company to invest in the construction of a resort bearing its name in Chan May-Lang Co EZ.

The 32 million USD resort will occupy 26-27 ha of land and will include 130 villa apartments, all sea-facing, plus a number of other service and recreation areas.

The resort’s design complements its natural surroundings, and is environment-friendly, according to a statement issued by the company.

The construction project will be launched in the near future and is planned to be completed in 18 months time.-

Rice exports aim high for fourth quarter

In Uncategorized on October 15, 2008 at 12:34 pm

Hanoi (VNA) – Domestic rice exporters are striving to export 1 million tonnes of rice in the fourth quarter, double that of the same period last year, to meet the annual export target of 4.6-4.7 million tonnes, according to the Vietnam Food Association (Vietfood).

Vietfood said domestic rice exporters have so far signed contracts to ship roughly 600,000 to 700,000 tonnes in the fourth quarter, and are seeking new customers in Africa and the Middle East to meet the target.

According to Vietfood statistics, in the first two weeks of October exports reached nearly 150,000 tonnes, lifting total rice exports this year to more than 3.7 million tonnes, down roughly 7.4 percent year-on-year. However, thanks to the high price of roughly 620 USD per tonne on average, nearly double that of last year, the country earned more than 2.2 billion USD from rice exports in the period, up roughly 90 percent over the corresponding period last year.

Vietfood said demand for rice in the global market currently remains stable while domestic rice yields are significant thanks to the recent bumper crop in the Mekong Delta region, the country’s largest rice granary.

September reports from the General Statistics Office also said paddy rice yield would increase roughly 7.2 percent to 38.6 million tonnes if the country’s autumn-winter crop, the final harvest for the year, was not negatively affected by bad weather or infestation.

However, Vietfood forecast rice prices would continue inching upwards for the rest of the year due to rising demand from the Philippines and Africa .

With exports at 4.5 million tonnes last year, Vietnam became the world’s third largest rice exporter behind Thailand and India.-

VN-Index up following world market recovery

In Uncategorized on October 15, 2008 at 12:33 pm

Hanoi (VNA) – The local stock exchange witnessed an impressive rebound on Oct. 14, backed by less investor panic towards the global credit crunch as solution packages started to take effect.

The VN-Index grew a strong 4.75 percent to 389.33 points, after ending at 371.67 on Oct. 13. The level was close to the VN-Index’s lowest mark so far at 366.02 on June 20.

The southern exchange saw all its 160 listed shares rise close to the top of the regulated trading band. The best performing stocks were BMC of Binh Dinh Minerals, VPL of Vinpearl and IMP of Imexpharm Pharmaceutical.

“The rebound today is not surprising as the local market is now governed by psychological factors (of the global economy),” said Vu Duc Nghia, the deputy director of Bien Viet Securities.

He explained that what happened in the international and regional stock exchanges on Oct. 13-14 influenced local investors’ attitudes towards securities trading.

Since the beginning of the week, Asian and EU stock markets started strong recoveries after the US Federal Reserve and finance ministers of the biggest global economies started injecting money into the banking system, and acquiring stakes in commercial banks.

The decisions reassured global investors who feared a spreading economic crisis.

“When local investors saw fervent sentiments appearing world-wide, they began worrying less. Then they came back to securities trading,” Nghia added.

Despite the strong recovery of shares, the market saw a modest trading volume of 9.07 million shares, worth 300.93 billion VND (17.91 million USD).

This figures represented a reduction of 29.03 percent over the volume on Oct. 13.

The HASTC-Index of the Hanoi Securities Trading Centre exceeded the regulated trading band of 7 percent to rise by 7.57 percent, and close at 128.37 points.

Only one share, SPP of Sai Gon Plastic Package, closed down, HSC of constructor Hacinco was not traded, while the remaining shares all hit the ceiling of the trading band.

Like the Ho Chi Minh Stock Exchange, the Hanoi centre also saw its trading volume at half of Monday’s at 3.53 million shares. The figure represented a turnover of 123.45 billion VND (7.35 million USD).-

On-line conference on global credit crunch to open

In Uncategorized on October 15, 2008 at 12:33 pm

Hanoi (VNA) – The local press VNeconomy will hold an on-line conference on Oct. 16 on the impact of the global credit crunch in Vietnam , offering readers an opportunity to share their views with local financial experts.

The conference will focus on the impact of US credit turmoil to the Vietnamese economy in general, as well as in some specific business sectors such as export and finance.

The discussion will be held on its web site http://www.vneconomy.vn , and will host some well-known financial experts, such as Cao Sy Kiem, the former governor of the State Bank, Vu Thanh Tu Anh, director of the Fullbright Programme in Vietnam , and Mac Quang Huy, an independent financial expert.-

Sacombank named Vietnam best bank in 2008

In Uncategorized on October 15, 2008 at 12:32 pm

HCM City (VNA) – The Saigon Thuong Tin Commercial joint-stock Bank (Sacombank) has been named Vietnam Best Bank in 2008 by the US leading magazine Global Finance.

The selection criteria for the award include stable growth, brand value, strategic vision, risk management, stable earnings, ability penetration and human resource development in 2007 and the first half of 2008.

Early this year, Global Finance named Sacombank as the “Best Foreign Exchange Bank” in Vietnam in 2007.

The bank was also selected “Best Bank in Vietnam ” in 2007 and 2008 by other organisations such as Euromoney and Finance Asia.-

Noi Bai industrial park to be expanded

In Uncategorized on October 15, 2008 at 12:32 pm


Hanoi (VNA) – The Noi Bai Industrial Park in Hanoi ’s Soc Son district is to be expanded by more than 15.8ha to help improve the prospects of stable, long-term development for businesses that are based there.

According to detailed plans announced on October 15, the expansion of the Noi Bai IP aims to help boost the locality’s socio-economic development in the industry-service-agriculture sectors and to provide more jobs for local residents.

The project’s investor, Noi Bai Development Co., Ltd, is also proposing a scheme involving further expansion of the park to the Hanoi authorities.

The 100-ha Noi Bai IP has to date attracted 39 foreign investors and employed more than 15,000 workers, 50 percent of them are locals.-

VN, Japan determined to bring corruption to light

In Uncategorized on October 15, 2008 at 12:30 pm

Hanoi (VNA) – On Oct. 14, Vietnam ’s Foreign Ministry spokesman provided the press with information regarding the visit by a Japanese delegation relating to alleged corruption involving Pacific Consultants International (PCI).

Spokesman Le Dung reported that a delegation from the Japanese Foreign Ministry’s Department for International Cooperation, led by Kitera Masato spent September 18 and 19 working alongside relevant Vietnamese agencies on the PCI case.

He said that during those working sessions, the Vietnamese and Japanese officials underlined the fact that their governments are taking the allegations over the PCI case seriously.

The Japanese delegation informed the Vietnamese officials of a number of allegations made by relevant Japanese agencies against PCI and four ex-PCI managers relating to misuse of Japanese ODA in Vietnam .

The two governments reiterated the fact that any cases of corruption relating to ODA-funded projects, including this suspected case, will be investigated thoroughly, leaving no stone unturned.

The Vietnamese and Japanese governments reasserted their determination to combat corruption linked to ODA, said spokesman Dung.

The two governments said they were ready to work together closely so that urgent measures to tackle corruption relating to ODA-funded projects, including establishing a Vietnam-Japan cooperation committee for prevention and fight of corruption in Japan ’s ODA-financed projects in Vietnam , will be implemented.

The Japanese Government is committed to reinforcing its assistance to Vietnam in the fight against corruption relating to ODA-funded projects, including a range of activities to help perfect the legal system and to assure greater transparency in the tender process for ODA-backed projects in Vietnam, added Dung.-