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Posts Tagged ‘drop’

Interest rates expected to drop in 2011

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

Interest rates are expected to go down this year because they are presently too high and cannot rise any higher, an economist has said.

Transactions conducted at a Southern Bank branch in Ho Chi Minh City (Photo: SGGP)

This year has seen skyrocketing interest rates due to the soaring inflation in 2010, with savings interest rates and lending interest rates being 14 percent per year and 17-18 percent per year respectively.
According to economists, the rates are already too high for enterprises; therefore, it is unlikely that interest rates will go any higher.
Enterprises and commercial banks have hoped that the State Bank of Vietnam will regulate interest rates in compliance with the Law on Credit Institutions, which took effect early this year.
Banks said that this will give them the flexibility in adjusting interest rates in accordance with foreign exchange rates and inflation.
Economists said the interest rates will drop by the end of the first quarter of 2011, because demand for production and business funds from various enterprises will decrease after the Tet holiday.
In addition, banks will be able to mobilize funds from residents more easily. This is because the inbound remittance will increase, and people will have more money in cash.
Therefore, banks might reduce their lending interest rates to 15-16 percent by the second quarter of 2011.
Some commercial banks said they cannot lower the interest rates yet, because the expenses for mobilizing funds are still very high.
However, they said they can offer lower rates to their regular client base.
The central bank said early this year that it will use the prime interest rate to curb high interest rates, but not as a monetary policy management tool.  
The bank will focus its management on refinance, open market operations (OMO) and rediscount rates.
The central bank said OMO rates will be flexible and be adjusted to market rates.
Deputy general director of a joint stock bank said that to lower interest rates and stabilize the monetary market in 2011, drastic solutions will have to be taken to contain inflation.
Economists said there should be a special mechanism concerning small commercial banks.
They said for the long run, interest rates for the dong should be floated in the government’s direction. However, in abnormal market conditions, the central bank must regulate market interest rates.
The central bank also said that it has targeted credit growth at 23 percent for 2011, two percent lower than last year, and loans will be prioritized for the production sector.

Source: SGGP

Primary schools to shut as temperatures drop

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

The Hanoi Department of Education and Training announced on Wednesday that primary schools would close in the event of temperatures dropping below 10 degrees Celsius whilst secondary schools would shut down if temperatures dropped below 7 degrees Celsius.

A primary class student (in pink) braves the cold to go to school in Hanoi (Photo: VNA)

The department also instructed school administrative departments to remain open to monitor students who continued to come to school despite the cold temperatures and chilly winds.

The weather bulletin will be broadcasting the daily weather report at 6:30 am on the city radio station and television so that the district education departments could notify all schools in case of extreme cold conditions.

In the northeastern province of Cao Bang, several schools remained closed due to extreme weather conditions in Thong Nong and Quang Uyen districts.

Ho Thi Kim Hoa, head of the Lao Cai Province General Hospital pediatric ward claimed the number of children hospitalized during the last few days had doubled because of extreme cold weather. The hospital is already receiving around 70-80 children a day suffering from respiratory problems, diarrhea and fever.

Most of these children come from the worst affected districts of the province such as Sa Pa, Bac Ha, Muong Khuong and Si Ma Cai.

Source: SGGP

Vietnam’s stock markets drop most since August after Moody’s lowers rating

In Uncategorized on December 16, 2010 at 10:06 am

Vietnam’s benchmark VN-Index, which tracks 271 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, slumped on December 16 due to bad news on financial markets.

Moody’s Investors Service downgraded Vietnam government’s bond rating to B1 from Ba3, citing the risk of a balance of payments crisis and a drop in foreign reserves as inflation accelerates and the nation’s currency weakens. Along with this decision, the credit rating agency also cut long-term foreign-currency rating of six Vietnamese banks to B2 from B1.

The gauge tumbled the most since August, slashing 2.69 percent, or 13.26 points, to close at 480.21 points.

Among the index members, 28 advanced, 208 retreated, while 40 remained unchanged.

Trading volume stayed on high level as around 80.79 million shares worth VND1.9 trillion changed hands.

Tan Tao Investment Industry Corporation (ITA) led the list of most active shares by volume with 5.54 million shares changing hands.

It was followed by Saigon Securities Inc. (SSI), the country’s largest brokerage, with 5.29 million shares traded.

Saigon Thuong Tin Commercial Bank or Sacombank (STB) ranked third with 3.24 million shares.

Tan Binh Import – Export Joint Stock Company (TIX) nosedived for five straight days, giving up 5.05 percent to VND39,500. The company will pay dividends for the second term of this year in cash at a ratio of 20 percent to its current shareholders on December 30.

Other losers on the city bourse included Binh Dinh Minerals Company (BMC), Southern Rubber Industry Joint Stock Company (CSM), and Dien Quang Joint Stock Company (DQC).

Among a few gainers, seafood producer Vinh Hoan Corporation (VHC) accelerated 4.83 percent to VND30,400.

Mirae Joint Stock Company (KMR) rebounded 4.76 percent to VND8,800.

Viet Nam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG) advanced the fifth day, enhancing 4.72 percent to VND22,200.

The Hanoi’s HNX-Index plummeted 4.29 percent, or 5.17 points, to close at 115.43 points. Trading volume dropped to 57.7 million shares worth VND1.1 trillion.

Meanwhile, the UPCom-Index tripped by 1.02 points to 41.14 points this morning. A total of 123,200 shares changed hands at a value of VND1.31 billion.

Source: SGGP

12 more border gates to drop immigration declaration

In Uncategorized on November 5, 2010 at 3:55 pm

Harsh weather causes young coffee beans to drop in Central Highlands

In Uncategorized on August 13, 2010 at 11:20 am

The ongoing sweltering weather have led young coffee beans fall down in some portions of the Central Highlands province of Gia Lai.

The scorching weather leads young coffee beans to drop in Gia Lai Province (Photo: Gia Lai Newspaper)

Coffee fields have also seen plants bearing few beans or feeble beans in Chu Se, Chu Pah, Ia Grai and Dak Doa districts.

In addition, insects like bugs and cicadas develop amid the phase when coffee plants begin bearing beans.

Local farmers and authorities have sprayed pesticides and have bolstered efforts to take care of and irrigate their fields, to minimize damage to this year’s coffee crop.

Source: SGGP

Iran threatens to drop nuclear fuel deal

In Uncategorized on May 23, 2010 at 9:19 am

 Iran could abandon a nuclear fuel deal, which it says recognises Tehran’s right to enrich uranium, if world powers do not accept it in full, parliament speaker Ali Larijani said on Saturday.

“Parliament backs the Tehran Declaration (on a fuel swap deal) in its entirety. If they seek to consider it partially, the house will not accept that,” Larijani said, quoted by the state IRNA news agency.

“It will not be compatible with the Tehran Declaration if they have extra demands and pursue deception,” he said, without elaborating.

A deal brokered this week by Brazil and Turkey to ship half of Iran’s low enriched uranium (LEU) to Turkey for a swap with reactor fuel recognises Tehran’s right to enrich uranium for peaceful purposes, according to a joint declaration carried by Iranian media.

Iran could abandon a nuclear fuel deal, which it says recognises Tehran’s right to enrich uranium, if world powers do not accept it in full, parliament speaker Ali Larijani, pictured on May 11, said on Saturday

But the UN Security Council has called on Iran to halt uranium enrichment in five resolutions, and world powers led by the United States are seeking further sanctions against Tehran over its defiance.

Larijani insisted the deal has “things to offer for us and for the other party, and it is a logical framework for talks.”

The comments came after his deputy Mohammad Reza Bahonar also warned Iran would pull out of the fuel deal if the UN Security Council slaps further sanctions on the Islamic republic over its continued uranium enrichment.

Washington and its Western allies have been dismissive of the new deal, saying it does not address international concerns about Iran’s nuclear programme.

But a spokesman for Brazilian President Luiz Inacio Lula da Silva, a driving force behind the deal, said on Saturday that the agreement contained “to a great extent” provisions that US President Barack Obama suggested in a letter sent to Lula two weeks ago.

Influential cleric Akbar Hashemi Rafsanjani had earlier denounced Western reactions to the deal and their push for sanctions, saying “Iran is very serious and determined” in its pursuit of nuclear technology.

“Hostile countries headed by America should have welcomed Iran’s recent diplomatic move, which can still accommodate international discussions,” the former president was quoted as saying on the state television website.

“They should be aware that Iran will not back down on its right in the face of threats, intimidation and psychological warfare.”

Tehran denies seeking to make nuclear weapons through enrichment and insists it has the right to enrich uranium to produce fuel as a signatory of the nuclear Non-Proliferation Treaty.

However, Tehran sparked international concern in February by stepping up its enrichment level to 20 percent — still much lower than bomb grade.

On Tuesday, the United States submitted a draft UN resolution calling for an international clampdown on Iranian banks, shipping and business dealings that could be linked to its nuclear activities.

The draft has the backing of all five of the veto-wielding permanent members of the Security Council, including the usual standouts China and Russia, according to Washington.

On Monday, Iran will formally notify the International Atomic Energy Agency (IAEA) of the deal and has said it awaits a swift response from world powers.

To help resolve the long-running nuclear standoff, the IAEA made a proposal to Iran last October to ship most of its LEU out of the country in return for higher grade reactor fuel to be supplied by Russia and France.

Iran stalled on the deal, insisting it wants a simultaneous swap on its own soil, which was rejected by world powers.

Brazil and Turkey, which are among the 10 non-permanent Security Council members, have urged world powers to consider their agreement with Tehran and drop the drive for new sanctions.


Source: SGGP

Stocks drop to near 515 points

In Uncategorized on April 20, 2010 at 9:52 am

The Vietnam’s benchmark VN-Index lost ground for the second day on April 20 as investors were waiting for news.

The index of 224 companies and four close-ended funds on the Ho Chi Minh Stock Exchange slid 0.3 percent, or 1.54 points, to finish at 515.2. Around 58.6 million shares, worth VND2.13 trillion changed hands.

Among the index members, 89 advanced, 101 declined, and 38 were unchanged.

Tan Tien Plastic Packaging Joint Stock Company (TTP) and Vietnam Sun Corporation (VNS) fell the maximum daily allowed 5 percent limit to VND47,500 and VND57,000.

House Viet Nam Joint Stock Company (NVN) slid 4.85 percent to VND31,400.

Big gainers on the city bourse included Gia Lai Cane Sugar Thermoelectricity Joint Stock Company (SEC), Ho Chi Minh City Metal Corporation (HMC), and Becamex Infrastructure Development Joint Stock Company (IJC). They all added the daily maximum allowed limit of five percent to VND29,400, VND21,000, and VND37,800 respectively.

Huu Lien Asia Corporation (HLA) was the most active stock in volume with more than 2 million shares being traded at VND25,800. Saigon Commercial Bank or Sacombank (STB) was next with 1.88 million shares. Viet – Han Corporation (VHG) came next with more than 1.8 million shares.

The Hanoi’s HNX-Index rose 0.9 points, or 0.52 percent, to close at 173.94. More than 53.84 million shares were traded at VND1.84 trillion.

The over-the-counter market also performed well as the UPCoM-Index added 1.61 points, or 3.6 percent, to 46.34. A total of 191,242 shares, worth VND2.7 billion was changed hands.

Source: SGGP

Drop in Dong Nai River threatening southern hubs

In Uncategorized on March 24, 2010 at 5:32 am

Water levels in the Dong Nai River, which supplies fresh water to 12 provinces and cities in the south’s key economic areas, have been dropping at an alarming rate.

Ho Chi Minh City’s water-supply and treatment companies say they are concerned, especially as the low levels of fresh water in the river have led to an penetration of seawater from the ocean.

The depth of the river is now 20 cm lower than last year at the same time. This has allowed seawater to enter the river two months earlier than in previous years, said Truong Khac Hoanh, deputy general director of the Thu Duc Water Supply JSC, HCMC.

Our company can now only take water from the river when the ocean tide is ebbing, since this is when fresh water from the upper areas flows downwards, Mr. Hoanh said.

A water-collection station of the Binh An Water Supply Plant in HCMC. The station’s operation has experienced daily interruptions due to seawater penetration into Dong Nai River. (Photo: SGGP)

Similarly, the Binh An Water Supply Plant has experienced daily interruptions while attempting to take fresh water from the river since 2008, he added. “It now has to halt water-collecting operations for 4-6 hours every day.”

”If water levels continue to recede and saline penetration worsens, companies will face difficulties in treating water as their facilities are not designed to handle salt water,” he warned.          

The building of several hydroelectric plants in the upper area of the waterway has led to changes in the river basin and surrounding ecosystem, including the sharp drop in water levels, said Nguyen Van Nga, head of the Water and Mineral Resources Department under the HCMC Department of Natural Resources and Environment.

In addition, the vegetational cover in the area has also reduced from four layers to just one, along with a reduction in forest areas. Consequently, the volume of rainwater retained is much less than before, Mr. Nga added.

Professor Doan Canh of the HCMC Institute of Tropical Biology agreed that the exploitation of water to serve hydroelectric projects has affected the river’s depth. He blamed the problem on poor coordination between provinces and cities in managing the river.

To tackle the problem, leaders of all provinces and cities that utilize the river must outline new management policies, said Mr. Canh.

Specifically, “a master plan should be made for all such provinces and cities; forest preservation zones must be set up and vegetational cover must be maintained to retain rainwater; and awareness of protecting the river must be improved among official agencies and the public,” he said.

In addition, the management and use of rainwater should also be taken into account, since it is a vast natural resource, he advised. Yet, “no provinces or cities in the country are paying attention to the issue.”

Mr. Hoanh called on agencies to pay more attention to selecting locations for collecting river water.

For example, he said, one station built 10 years ago to collect water at the Dong Nai Bridge has been heavily affected by seawater, leaving it possibly useless.

Meanwhile, the Hoa An station in Bien Hoa City, Dong Nai Province, set up around 50 years ago, is still operational as it has not been penetrated with salt water.

Source: SGGP Bookmark & Share

Cost of many goods to drop before Tet

In Uncategorized on March 24, 2010 at 4:49 am

Nguyen Thi Hong, deputy chairwoman of the Ho Chi Minh City People’s Committee, led a recent delegation to check up on city enterprises participating in a price-stabilization program ahead of the upcoming Tet (lunar New Year) holiday.

Shopping at  a supermarket (Photo: SGGP)

According to the businesses, there will be an ample supply of traditional Tet goods available ahead of the busy season, while the price of many items has declined by up to 10 percent over last year.

At Ho Chi Minh City Food Company (Foocosa)’s FoocoMart on Tran Hung Dao Street in HCMC’s District 1, the cost of essential goods are being kept stable in accordance with Department of Industry and Trade regulations.

Mr. Huynh Cong Thanh, director of Foocosa said the company will provide 2,500 tons of rice at VND8, 000-13,500 per kilo during Tet, and the prices of other essential items at 40 company minimarts will remain fixed.

Director General of the Vinh Phat Investment Joint Stock Company, Tran Ngoc Trung, said his company will supply 2,200 tons of rice at reduced costs of 5-10 percent. However, special types of rice will increase from 10-12 percent.

According to the Phu An Sinh Food Processing company, prices of chicken and pork are down by 10-12 percent in comparison with last year. A kilo of two types of chicken costs VND44,000-80,000 while a kilo of three kinds of pork range from VND35,000-68,000.

Duck and chicken eggs at the Vinh Thanh Dat Company are now sold at VND2,500-1,550, said a company representative, adding that the company may be offered 10 millions of eggs during Tet.

Ms. Hong of the city People’s Committee said the zero percent interest rate on loans given to participating businesses in the Tet price-stabilization program has achieved great successes over the past six years.

Companies have also invested in modern machinery and equipment to efficiently manufacture products that ensure food and safety quality, she added.

City authorities say they plan to develop a price-stabilization program to maintain prices year-round.


Source: SGGP Bookmark & Share

Numbers of red head cranes drop

In Politics-Society on March 11, 2010 at 5:00 am

Numbers of red head cranes drop

QĐND – Wednesday, March 10, 2010, 21:30 (GMT+7)

PANO – Fewer red-headed cranes have flown to Kien Giang to shelter this year.

The number of red-headed cranes that chose the Vietnamese southern province to reside during winter in the northern hemisphere, sharply reduced.

According to statistics from the Vietnam Cranes Association, almost no red head cranes were seen in Kien Luong district, a major crane habitat, this year.

Meanwhile, only 28 cranes or 13.2 per cent from the same time last year were counted in Giang Thanh district, a new home for cranes.

Researchers said that impacts by man and the shrunken area of grassland, the habitat for cranes, are main causes of the reduction in the numbers of cranes.

Translated by Thu Nguyen-Phuong Linh

Source: QDND