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Banks to start year with challenges and oppotunities

In Uncategorized on January 12, 2011 at 7:14 am

Commercial banks are set to cope with challenges and opportunities in 2011 as monetary policies will be more flexible, Dr. Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee, said in an interview with Dau Tu Tai Chinh Newspaper.

(Photo:Minh Tri)

With the global economy will surely recover in 2011, foreign investments will return strongly to emerging markets in Asia, including Vietnam, said Dr. Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee.


“Statistics show foreign investments keep flowing constantly into Vietnam in the last four months. Despite the inflation rising relatively high, investors are not too worried about the possibly of an unstable macro economy as the basic rate caused by monetary policies remains low,” Nghia said.


The inflation will decrease to 7-8 percent in this year if the gasoline price is around US$85-90 per barrel, helping commercial banks to cut interest rates, he said.


“Commercial lenders had to cope with the difference between the long-term and short-term interest rates last year, which hit the banking system hard. Therefore they should strengthen their operation as soon as possible this year,” he said.


The deposit interest rate fluctuation at the end of 2010 showed the interest rate was not driven by both the monetary market and the governmental regulations, threatening the safety of banks’ operation, Nghia noticed.


“Lenders this year will also have to cope with issues from the foreign exchange rate. They should offer foreign currency loans with the interest rates, which are adequate to each type of clients,” he said.


The vice chairman of the National Financial Supervisory Committee also warned the competition of foreign-owned and local banks this year will become harsher as the formers will be allowed to take the dong deposits from Vietnamese clients.


“But I do not think local lenders will be so worried about that. Foreign banks remain behind local lenders as their weaker financial strength and a fewer number of branches nationwide. Moreover, the strict risk managements prevent them from taking risks in such a small market in Vietnam,” he said.


“Besides, human resource is also a tough challenge for foreign lenders. Therefore, the biggest competitor of local banks in the next couple year is still themselves.”


Local lenders will also have to change their entire accounting software to match up with new regulations in the Law of Credit Institutions, which took effective on Jan. 1st 2011, he said.


“The new Law of Credit Institutions has some more regulations including forbidding banks to deposit to each others and restraining the credit growth of banks,” Dr. Nghia said.

Source: SGGP

Hanoi and Thua Thien-Hue boost tourism

In Uncategorized on January 12, 2011 at 7:10 am




Hanoi and Thua Thien-Hue boost tourism


QĐND – Tuesday, January 11, 2011, 21:36 (GMT+7)

Hanoi and Thua Thien-Hue Departments of Culture, Sports and Tourism signed an agreement on boosting tourism cooperation yesterday.


Under the agreement, between 2011 and 2012, the two cities will focus on popularisation, promotion and exploitation of UNESCO-recognised heritages in Hanoi and Thua Thien-Hue, including the Ancient Capital of Hue, 82 Doctoral Steles in the Temple of Literature, the central site of Thang Long Royal Citadel, the Giong Festival, ceremonial songs, Hue Royal Court Music.


Besides, Hanoi and Thua Thien-Hue Province will jointly organise road-shows, Festival Hue 2012 and the National Tourism Year 2012 in Thua Thien-Hue.


The same day, Thua Thien-Hue Provincial Department of Culture-Sports and Tourism held a road-show in Hanoi to introduce 13 big cultural, sports and tourism events to be launched in 2011 in the Province, namely Huyen Tran Temple Culture and Tourism Festival, Vietnam-Japan Food Culture Festival and Trans-Asia Road Tourism Festival, Vietnamese Food in Hue Garden and Lang Co-Legend of the Sea.


Notably, Thua Thien-Hue Provincial Department will enhance the building and improvement of tourist sites to attract more tourists.


Translated by Mai Huong


Source: QDND

Coal and mineral industry fetches VND70,000 billion in 2010 revenue

In Uncategorized on January 12, 2011 at 7:07 am




Coal and mineral industry fetches VND70,000 billion in 2010 revenue


QĐND – Sunday, January 09, 2011, 22:18 (GMT+7)

The Vietnam National Coal Mineral Industries Group (VINACOMIN) earned nearly VND70,000 billion in 2010 revenue, 11 percent more than in 2009, in which coal exports reached VND21,000 billion, up by 21 percent over 2009.


On January 8, VINACOMIN organised a conference to review business and production activities in 2010 and worked out the 2011 plan.


Despite facing a lot of difficulties due to the impact of the global economic crisis, VINACOMIN still perform well, carrying out its business plans. As a result, in 2011, VINACOMIN contributed more than VND8,000 billion to the State budget, 25 percent more than in 2009 while its mineral exploration hit VND2,500 billion, up by 31 percent; electricity production reached VND2,300 billion, up by 131 percent over 2009.


Asides from this, the group restructured its enterprises and production management while implementing key projects on mining, thermal-electric power and exploring new coal mines.


Last year, VINANCOMIN ensured job provision and stable incomes for more than 1.3 million workers with a monthly average salary of VND6 million each, 5 percent more than the level of the year before.


In 2011, the group will continue to implement measures to gain more than VND72,000 billion in revenue, apply advanced technology to increase production efficiency and reduce workplace accidents.


The group will also ensure social welfare for workers as well as adopt measures for sustainable environmental protection in its exploration process.


Source: VOV


Source: QDND

Outstanding groups and individuals for AO victims to be honoured

In Uncategorized on January 12, 2011 at 7:05 am




Outstanding groups and individuals for AO victims to be honoured


QĐND – Tuesday, January 11, 2011, 21:36 (GMT+7)

PANO – 99 outstanding groups and individuals from movements and campaigns in support of more than 3 million Vietnamese Agent Orange (AO) victims will be honoured at the program, “Gratitude to Golden Hearts to AO Victims”, to be on air at 08.00pm, on January 24th, 2011, on Vietnam Television’s S9 studio.


Among the honoured selected by the Vietnam Association for Victims of Agent Orange/Dioxin (VAVA) and its branches in cities and provinces nationwide, are General Vo Nguyen Giap and the late Professor Tran Van Giau.


Addressing a recent press conference in Hanoi, Senior – General Nguyen Van Rinh, Chairman of the VAVA, said the program will be a great encouragement to millions of AO victims and their families as well as organisations and individuals at home and abroad to continue their support to the victims.


According to Colonel Le Cuong, a member of the organizing board, it was not easy to select outstanding figures as thousands of local and foreign groups and individuals have been actively engaged in movements and campaigns supporting Vietnamese AO victims.


The program will be broadcast live on VTV and VTC channels, local TV channels of HCMC, Binh Duong, Dong Nai, Lam Dong and Lao Cai provinces. The event is jointly organised by the VAVA, the Southeast Asian Research Association of Vietnam (SEARAV), the People’s Police Newspaper, the ASEAN magazine, and the ASEAN C&C Company.


Duy Minh


Source: QDND

Millions of flowers and plants for Tet

In Uncategorized on January 12, 2011 at 7:05 am




Millions of flowers and plants for Tet


QĐND – Tuesday, January 11, 2011, 21:37 (GMT+7)

Flower growers and gardeners in Cho Lach District in the southern province of Ben Tre are preparing 4 million flowers and bonsais of different kinds for the coming Tet holidays. Mr. Bui Thanh Liem, Director of the district’s Agriculture and Rural Development Office said most of them are domestic products.


The District is expected to provide nearly all demands, except some kinds of foreign flowers imported from China and Thailand.


* Meanwhile, Da Lat City’s flower exports have not increased compared to previous years, said Mr. Tran Huy Duong, Chairman of the Da Lat Flower Association, at a recent seminar on agriculture.


There is only 5% of the City’s output to be exported to foreign markets due to lack of investment, small-scale production and ineffective plans.


Source: TT&TP


Translated by Duy Minh


Source: QDND

Top ten events in culture, sports and tourism in 2010

In Uncategorized on January 8, 2011 at 4:20 am

The Ministry of Culture, Sports and Tourism officially announced ten outstanding cultural, sports and tourism activities in 2010 in Hanoi on Dec. 30. They are:

One of cultural, sports and tourism activities mark the grand celebration of the 1,000th anniversary of Thang Long-Hanoi,

1. Cultural and fine arts activities mark major celebrations, including the 80th founding anniversary of the Communist Party of Vietnam, the national commemoration of the Hung Kings and the Hung King Temple Festival, the 35th anniversary of the liberation of the south and national reunification, President Ho Chi Minh’s 120th birthday, the 65th anniversary of the August Revolution and National Day (Sept. 2) and the 80th anniversary of the Vietnam National United Front.


2. Cultural, sports and tourism activities mark the grand celebration of the 1,000th anniversary of Thang Long-Hanoi, including the biggest-ever parade held at Ba Dinh Square on October 10, the opening of the Culture-Tourism Village of Vietnamese ethnic groups, an exhibition on Vietnam’s socio-economic achievements and Thang Long-Hanoi, the “Thang Long-Hanoi craft villages and streets” festival, the sport competitions and the Vietnamese film days for 1,000 years of Thang Long-Hanoi.


3. Vietnam’s heritages have been recognised by UNESCO, including the Thang Long Imperial Citadel recognised as a world cultural heritage site, the Saint Giong Festival in Phu Dong and Soc Temples as an Intangible Cultural Heritage of Humanity and the 82 doctoral stone steles at the Temple of Literature, Vietnam’s first university, recognised as a world documentary heritage.


4. Cultural activities were held to promote Vietnam’s land and people abroad, including the National Day at the 2010 Shanghai EXPO and the Vietnam Culture Week in Cuba, Mexico, Germany, Belgium, Cambodia, Japan, the Republic of Korea, Russia, China and India.


5. International cultural and sport events were held for the first time in Vietnam, including the International Photo Exhibition, International Film Festival, International Piano Contest, Miss Earth and the Thang Long-Hanoi International Football Cup to celebrate the capital city’s millennium birthday.


6. Director and People’s Artist Dang Nhat Minh was honoured by the US Academy of Motion Picture Arts and Sciences for his contributions to the Vietnam’s cinematography.


7. Sports festivals at all levels and the seventh national sports festival were held.


8. The Vietnamese sport delegation bagged 33 medals including those at five Olympics sport events for the first time at the 16th Asian Games (ASIAD 16); and the Vietnamese disabled athletes secured 17 medals, placing 11th out of 42 delegations at the first Asian Para Games.


9. Vietnam’s tourism sector welcomed five millionth foreign visitor.


10. Tourism promotion campaign in 2010 “Vietnam-Your destination” contributed to attract foreign tourists to Vietnam and promoting domestic tourism. The campaign helped Vietnam welcome over five million foreign arrivals, 28 million local visitors and grossed an estimated revenue of 100 trillion VND.

Source: SGGP

Apricot and peach blossoms to be transported by air

In Uncategorized on January 8, 2011 at 4:15 am




Apricot and peach blossoms to be transported by air


QĐND – Friday, January 07, 2011, 21:31 (GMT+7)

The national flag carrier, Vietnam Airlines, has launched a service to transport apricot and peach blossoms of passengers for Tet holidays.


Each passenger can only bring one bunch of apricot or peach blossoms, at a surcharge of between VND100,000 – 300,000 depending on different routes. This service should be booked beforehand otherwise they will be treated as part of the passenger’s luggage.


In addition, the air carrier also transports apricot, peach and kumquat trees for passengers as cargo.


The new service of transporting branches of apricot and peach blossoms will be available on domestic flights, using Boeing B777, Airbus A330, A321 and A320.


Source: HNM


Translated by Duy Minh


Source: QDND

5.7 billion VND for disadvantaged people and orphaned children

In Uncategorized on January 8, 2011 at 4:09 am




5.7 billion VND for disadvantaged people and orphaned children


QĐND – Friday, January 07, 2011, 21:31 (GMT+7)

The Hanoi Fund for Disabled People and Orphaned children has reviewed its operations in 2010 and worked out tasks for this year.


Last year, the organisation were able to present 1,428 wheelchairs for disable people, 665 bicycles for orphaned children, 1,047 scholarships to needy pupils thanks to more than 5.7 billion VND raised from groups and individuals inside and outside the country.


This year, the Association plans to focus activities on providing vocational training for disadvantaged people to enable them integrate in the society, and offering more scholarships for orphaned children.


Source: HNM


Translated by Duy Minh


Source: QDND

Friendship concert marks cooperation relations between Vietnam and

In Uncategorized on January 8, 2011 at 4:08 am

A ‘friendship concert’ featuring Chinese and Vietnamese musicians will take place at the Ho Chi Minh City Conservatory of Music on December 12.


The concert will present music lovers with sweet melodies from compositions including: Flying Partridge; Song of the Chu Kingdom; Song of Zhaojun; Milou River Carriccio; Fishing Birds Playing on Water; Fishermen’s Song at Dusk; and Flower music.


Musicians of the China Conservatory of Music and Ho Chi Minh City Conservatory of Music will join the event.


The music show aims to mark the development and cooperation for better relations between China and Vietnam.

Source: SGGP

Improving the quality of prosecution and supervision

In Uncategorized on January 8, 2011 at 4:07 am




Improving the quality of prosecution and supervision


QĐND – Friday, January 07, 2011, 21:31 (GMT+7)

The Supreme People’s Procuracy of Vietnam (SPPV) has greatly contributed to protecting the Party, State, and people’s legitimate rights and to developing a strategy for judicial reform.


State President Nguyen Minh Triet emphasized this at a conference in Hanoi on January 7 to review the work of the SPPV in 2010 and define tasks for 2011, with the participation of Vice Chairman of the National Assembly Uong Chu Luu.


In 2010, the SPPV effectively carried out its prosecution and supervision activities, as well as its investigations into criminal and civil cases.


However, there are still shortcomings the SPPV needs to overcome such as slowness in dealing with denunciations and complaints and handling a number of cases.


Deputy Prosecutor General Hoang Nghia Mai said in addition to improving the quality of prosecution and supervision work. In 2011, the SPPV will focus on improving the professional skills and ethics of the staff members.


President Triet insisted that the SPPV work out effective measures to comprehensively carry out judicial reform, strengthen the organizational structure, and improve the quality of prosecution and supervision work.


He expressed his belief that with its 50-year history, the SPPV will well fulfill its new mission in 2011.


Source: VOV


Source: QDND