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Vietnam welcoming third investment flow from the U.S

In Uncategorized on December 21, 2010 at 9:30 am




Vietnam welcoming third investment flow from the U.S


QĐND – Monday, December 20, 2010, 21:48 (GMT+7)

“Vietnam is expecting to have the third investment flow from the U.S.A. in the forthcoming time”, said Mrs Jocelyn Tran, Chairwoman of AmCham Vietnam.


According to Ms Tran, American businesses have been successful in doing business in Vietnam. Two-way trade between Vietnam and the U.S rose to around US$18 billion in 2010 from almost US$1 billion in the 1995-2000 period. Several large American companies such as Nike, MAST Industries and Target have made considerable contributions to this trend by increasing the volume of imported goods from Vietnam.


“I am confident to say that in the next ten years, the two countries’ trade turnover will reach US$35 billion and Vietnam will become one of the most important trading partners of the U.S.A. in ASEAN”, Ms Tran added.


However, at present only few big US manufactures are investing in Vietnam?


The U.S. investment in Vietnam can be divided into three main stages. The first stage is from 1995 to 2000, mostly in consumer goods to explore Vietnam’s market. The second stage started from 2001 to 2005 after the two countries had signed the bilateral trade agreement. The investment mostly came from foreign companies that cooperated with the American partners to build factories to manufacture textiles and garments, footwear and wooden furniture for export to the U.S.


The third investment flow, starting from 2006, came from the modern manufacturing industry with the construction of Intel Group’s assembling factory in Vietnam at the cost of  USD1 billion


During the first months of this year, 25 of the biggest companies in the U.S.A. in the list of top 500 Fortune companies with total turnover of around US$675 billion, set up their business in Vietnam, focusing on services,  energy, chemical and auto manufacturing.


Vietnam at present can attract foreign investment in modern manufacturing industries, however it should have more open policies in energy, transportation, telecommunications, retail trade and education.


Source: TTO


Translated by Vu Hung


Source: QDND

Aid begins to flow to flood-ravaged Pakistan

In Uncategorized on August 19, 2010 at 7:22 am

MULTAN, Pakistan (AFP) – Foreign aid has begun flowing to the 20 million victims of floods in Pakistan, but thousands remain without food or shelter as weather forecasts signalled there may be some let-up.


Monsoon systems were weakening after three weeks of torrential rains brought devastating floods that have left at least 1,400 people dead in the country’s worst natural disaster, with survivors hitting out at the government’s slow response.

(AFP) An aerial view shows water covering huge areas in the southern Punjab province.

The floods wiped out villages, farmland and infrastructure, and OCHA, the United Nations’ aid coordination body, said that more than 650,000 homeless families were still without basic shelter.


At a camp for 3,000 displaced people in the south of Punjab province, most sat in crippling heat, batting away mosquitoes. Concerns were growing about cholera and typhoid, while many were suffering from stomach problems.


Half were children, an army official told AFP, with a few crammed into tents furnished with straw cots, while others were held back by soldiers as they attempted to reach medical and food supplies arriving by helicopter.


The UN last week launched an immediate appeal for 460 million dollars, and said Wednesday that funding had reached 54.5 percent of this target, though that included pledges that were yet to turn into cash.


The nuclear-armed country is on the frontline of the US-led fight against Al-Qaeda and the Pakistani military is locked in battle with Taliban in the northwest, on the border with Afghanistan.


Pakistan Foreign Minister Shah Mehmood Qureshi has warned that the disaster could play into the hands of insurgents.


US ambassador to Islamabad, Anne Patterson, said: “We don’t know what impact it’s having on the insurgents… the idea that this flood would essentially come on top of a very corrosive insurgency is extremely worrisome.”


Zamir Akram, Pakistan’s ambassador to the UN in Geneva, said the country had received more immediate relief aid through the UN and direct bilateral aid totalling about 301 million dollars (235 million euros).


The World Bank has also agreed to lend Islamabad 900 million dollars, warning that the disaster’s impact on the economy was expected to be “huge” and would take years to put right.


The European Union announced that it would provide an additional 30 million euros (39 million dollars) in emergency relief assistance, bringing its total aid to 70 million euros.


In Washington, the State Department said US aid to Pakistan had reached around 90 million dollars, adding: “America’s response to this tragic flood has been consistent with our humanitarian values and our deep commitment to Pakistan”.


Islamabad has confirmed 1,475 deaths, but WHO representative Guido Sabatinelli told AFP he suspected the toll was much higher.


“We’re talking about 20 million people affected today and there is no infrastructure and no health centres that can register the deaths,” he said.


About six million people are deemed to be at risk of deadly water-borne diseases, with typhoid, hepatitis and cholera major concerns.


“Two million dollars are needed every day to provide water, this is not sustainable. We don’t have two million dollars a day,” said Daniel Toole, the regional director for the UN Children’s Fund (UNICEF).


Ambassador Akram said reconstruction in northern areas alone could cost 2.5 billion dollars and said the floods had ravaged an area the size of England.


In Islamabad Information Minister Qamar Zaman Kaira said the government was worried about some half million expectant mothers among the flood victims, and was making plans for those who would give birth soon.


“Among 14 million affected people there are about 500,000 pregnant mothers and we plan to move to or near hospitals those who are expected to deliver within two weeks,” Kaira said.


Kaira said the official toll of dead and injured, as well as the number of damaged houses, could rise once the floods began to recede.


“Total confirmed death toll is 1,475 and 2,052 people were wounded, and 970,520 houses were damaged. These numbers may change on the higher side as the flood water recedes and damage assessment begins.”


Former Pakistani cricket hero and politician Imran Khan Wednesday, along with a leading newspaper group, launched a fund-raising campaign to aid the flood victims.


“People do not trust government, so we have come forward and every rupee donated for flood-hit people will be accounted for,” Khan told a news conference in Islamabad.

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Source: SGGP

BP halts Gulf oil flow for first time since April

In Uncategorized on July 16, 2010 at 8:46 am

NEW ORLEANS, Louisiana, July 15, 2010 (AFP) – British energy giant BP says it has temporarily stopped oil flowing into the Gulf of Mexico for the first time in three months as it began key tests hoping to stem the spill for good.


Shortly after BP engineers shut down the last of three valves on a giant new cap placed on the blown-out well at around 2:25 pm (1925 GMT) Thursday, senior vice president Kent Wells announced no oil was leaking into the sea.

AFP/BP — This still image from a live BP video feed shows apparently no oil leaking in the Gulf of Mexico.

“I’m very excited to see no oil flowing into the Gulf of Mexico,” Wells told reporters, but cautioned it was only the start of a painstaking testing process set to last 48 hours to analyze the condition of the underground wellbore.


The announcement was the first sign of real hope for desperate coastal residents who have had their livelihoods ravaged by the worst environmental disaster in US history, now in its 13th week.


Teeming fishing grounds have been closed and tourists have been scared away — two vital economic lifelines for the southern region still struggling to recover from the 2005 Hurricane Katrina.


Endangered wildlife has also been increasingly threatened by huge ribbons of oil fouling the shores of five states — Texas, Louisiana, Mississippi, Alabama and Florida. The costly, massive clean-up is likely to last years.


US President Barack Obama, whose administration has led pressure on BP to stop the oil flow, welcomed the news of the capped well as “a positive sign,” but cautioned: “We’re still in the testing phase.” He said he would address the issue again Friday.


BP’s chief operating officer Doug Suttles also warned it was not yet time to celebrate, saying more time was needed as the tests are completed.


“I think it’s an encouraging sign. In a couple of more days it may even be more encouraging, but no celebrations,” Suttles told reporters. “If you go talk to these people that live here, celebration is the wrong word.”


The tests are intended to determine whether the wellbore, which stretches 2.5 miles (four kilometers) below the seabed, was damaged during an April 20 explosion on the BP-leased Deepwater Horizon rig, which sank two days later.


BP is hoping to choke off the oil flow from the well, estimated at between 35,000 to 60,000 barrels a day. But doing so from the top could force oil out in new leaks if the wellbore was damaged.


During the test, engineers will take multiple readings from the 30-foot (nine-meter) capping stack placed on top of the wellhead on Monday to monitor the pressure inside.


High pressure readings would allow the three valves to remain shut and the well would effectively be sealed, but low readings could mean there is a hole somewhere in the casing of the well where oil is escaping.


After 48 hours, the engineers will open up the system again and begin capturing the oil through two surface vessels to allow a new seismic survey to be carried out, said the official in charge of the US response, Coast Guard Admiral Thad Allen.


A final solution to the leak is not expected before mid-August, when crews will complete the first of two relief wells, allowing the oil reservoir to be permanently plugged in a “kill” operation.


The Gulf disaster has so far cost BP some 3.5 billion dollars (2.78 billion euros) and compensation claims from devastated residents of the region could reach 10 times that.


Local officials who have seen their coasts sullied by the oil were cautious but hopeful.


Louisiana Senator Mary Landrieu described the stoppage as “the first piece of good news the Gulf Coast has received in three months.”


Still “it is too early to declare victory and there is still a lot more work that needs to be done. The next 48 hours will be critical as they test the pressure of the well and ensure the cap is working properly,” Louisiana Governor Bobby Jindal cautioned.


“We have been fighting a war against this oil for months now and we know our battles don’t end even when the well is capped. Millions of gallons of oil are still in the Gulf and some estimates show that oil will continue to hit our shores for many more months or maybe even longer.”


Meanwhile the Financial Times reported Friday that BP is speeding up the sale of up to 20 billion dollars (15.5 billion euros) of assets in a bid to boost funds after the Gulf oil spill.


BP is seeking to build up a disaster fund of 20 billion dollars to cover the clean-up costs for the disastrous oil spill.

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Source: SGGP

First oil flow from Nam Rong-Doi Moi oilfield tapped

In Vietnam Economy on March 8, 2010 at 2:39 am




First oil flow from Nam Rong-Doi Moi oilfield tapped


QĐND – Saturday, March 06, 2010, 20:34 (GMT+7)

The Vietsovpetro joint venture enterprise and the Vietnam-Russia-Japan company (VRJ) welcomed on March 5 the first flow of oil from the Nam Rong-Doi Moi oilfield.


Vietsovpetro and the VRJ invested more than 342 million USD in drilling and installing rigs for 10 wells along with other facilities under a cooperation agreement signed last June.


The first industrial oil flow was pumped from Nam Rong-Doi Moi on Jan. 26 this year. With its four current wells, the oilfield has an output of 700 tonnes per day.


In order to take associated gas and gas lift, Vietsovpetro on the same day started work on construction of the Rong-Doi Moi gas compressing rig with a total investment of 149.6 million USD. The Vietnam National Oil and Gas Group (PetroVietnam) is the investor.


The project is scheduled to be put into operation late this year.


Vietsovpetro plans to tap 6-6.2 million tonnes of crude oil and 595 million cu.m of gas next year. With an estimated average price of 495 USD per tonne, its turnover would be worth more than 3 billion USD.

Source: VNA

Source: QDND