wiki globe

Posts Tagged ‘Increasing’

Vinatex spends $25 mil to cope with increasing cotton cost

In Uncategorized on December 21, 2010 at 10:25 am

The fashion supermarket chain Vinatex announced it teamed up with local cloth suppliers to allocate VND500 billion (US$25 million) for stabilizing prices of textile products, which are hit hard by a 45 percent increase in imported cotton cost.

Vinatex provides loans for local suppliers in an attempt to help them keep prices unchanged. The fashion supermarket chain, known as Vietnam National Textile Garment Group, has also guaranteed stable supply with unchanged prices during the upcoming shopping season.




By M. Thi – Translated by Vu Minh

Source: SGGP

State Bank tries to prevent banks from increasing their interest rates

In Uncategorized on December 16, 2010 at 10:04 am

The State Bank of Vietnam has ordered its branches to monitor all other banks that have an interest rate higher than 14 percent a year.

The State Bank is trying to prevent banks increasing interest rates

On Wednesday, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) raised its one month interest rate to 17 percent per year, which will apply from 8-10 December with deposits of more than VND100 million.  As soon as this happen, other joint stock banks, also changed their interest rates to 17.5 and 18 percent a year.

Specifically, the floating interest rate of 36 month deposit of a bank was rebounded up to 18 percent a year, for all deposits over VND5 million.

Ho Huu Hanh, director of the State Bank of Vietnam in Ho Chi Minh City, said he has asked four delegations to investigate the banks about the skyrocketing interest rate.

This discision immediately made some banks reduce their interest rate from 17-18 to 14 percent a year.

An official from Techcombank said, “That it had not increased the interest rate of savings deposit to 17 percent, but it was only a promotional program for those long term customers”.

Furthermore, the State Bank in Hanoi has expressed their disagreement with the rising interest rate, saying it that it gave some banks an unreasonable advantage, which may lead to unfair competition.

Techcombank’s action had lead to a movement of deposits from other banks, forcing them to elevate their interest rates.

Meanwhile, Nguyen Duc Vinh, general director of Techcombank, admitted his bank had not being able to anticipate this affect, and has promised to cancel the program.

After the meeting, thousand of banks, agreed to lower their rate to 14 percent a year.

A spokesperson from the State Bank said, “The inflation rate this year will not exceed 12 percent, so, there is no reason for banks to raise their interest rate to 17-18 percent a year”.

In a related move, the State Bank has pledged to provide loans to smaller banks. All these banks require is to present their credit contracts, to the State Bank, to approve their for loans.

However, a joint stock bank’s leader said, “Some small banks are afraid to borrow capital, because they will be closely monitored by the State Bank, and this will lead to the larger banks raising their interest rates again”.

Source: SGGP

Increasing spending to boost quality of tertiary education, says expert

In Uncategorized on June 7, 2010 at 10:24 am

Higher education quality relies on several factors, including how much is spent on students per capita at universities. Professor Pham Phu, a leading expert in tertiary education development, provided Sai Gon Giai Phong with his opinions related to this field.

Reporter: What is your comment about the State’s expenditure per student at public universities?

Prof. Pham Phu: The average State spending per public university student in 2009 was VND7.11 million (US$374), according to a report from the Ministry of Education and Training. Thus, with the current tuition fee being VND2.4 million per year, the input cost per university student now is VND9.54 million per year, or US$500-550 per student.

Professor Pham Phu (Photo: SGGP)

However, a recent National Assembly’s survey showed that the State spending per student was only VND3.5-4 million. With tuition fees added to the amount, the total training cost per student was only VND5.5-6 million, or $300-350.
How much is the training cost per student in non-public universities?

In most cases, the input cost ranges from $250-300. However, at some universities, where the tuition fees are high, the input cost is much higher, at $800-2,000.

You have proposed the NA double the State’s investment rate per public university student. However, as you may know, the State budget for education is limited.

But Vietnam needs to raise investment on higher education to improve the quality of human resources training, an important factor to the country’s social and economic development. Being a WTO member, Vietnam should seek ways to compete with other countries in terms of education quality.

Since 2005, the average unit cost per student has been $22,000 in the US, $12,000 in OECD countries, and $7,000 in Taiwan ( China )… What do you think about the gap between them and Vietnam?

Prof. Phu: Increasing the State investment per student does not mean that we have to reach such high levels of investment, but if Vietnam continues maintaining the rate of $500-550, then it will fail to compete with other countries in terms of human resources quality in the context of globalization.

In your opinion, how much is the reasonable investment rate Vietnam should apply?

According to World Bank experts’ estimates, for countries with high developed education, the ratio of educational investment to GDP per capita is 50-60 percent; for medium developed countries, the ratio is 80-100 percent; and for low developed countries, like Vietnam, it is 120-150 percent. Based on these indications, we can calculate that the reasonable investment rate in Vietnam should be $1,200 per student per year.

But where are the resources for such an investment of $1,200?

This issue can be addressed through a cost sharing between the State budget, students, and the community, including universities.

For the past several years, the structure of input cost per student in Vietnam has comprised 55 percent of the State budget, 42 percent from students, and 3 percent from communities. So if the rate you suggested is to be met, the State budget’s contribution to the input cost per student must double, but this will be hard to do.

Yes, given that the State has spent 20 percent of its revenue in education. Therefore, we should apply the “Japanese model,” which has been applied since late 1970s in South Korea and Taiwan, and then since 1980s in Malaysia, Indonesia and Singapore.

Describe that model in detail, please.

The rate of State budget spending in education to GDP in many Asian countries is much less than the world’s average, especially that of many developed European countries. For example, the rate is 28.1 percent in South Korea, 26.7 percent in Vietnam, and 26.5 percent in Malaysia, while in Sweden, France and Germany, the respective rates are 56.7 percent, 53.7 percent and 47 percent. 

Students conducting chemistry experiments in the lab at the Ho Chi Minh City University of Natural Sciences (Photo: SGGP)

With such a modest budget, Asian governments generally focus their resources on more on educational universalization and some scientific and technical fields than on secondary and higher education at public schools. Therefore, students and their families have to cover their expenses on education and as a result, many private schools have come into being to meet the demand.

In Japan, students at private universities accounted for 73 percent of the country’s total number of students in 1996. For the college level, the rate was 92 percent.

Nowadays, the same situation can be seen in South Korea, the Philippines, India and Indonesia.

Has such low State spending on higher education resulted in an increase in numbers of students who take overseas study on a self-sufficiency basis?

Yes, there have been over 50,000 Vietnamese studying abroad at their expense, with total expenses estimated at $0.8-1 billion per year, compared to an estimated total of $500 million spent by the State budget on students who study at home.  

Many universities have coordinated with foreign partners to launch training courses, but some of them are of poor quality.

To ease the cost burden on the State budget, the number of students at private universities should be boosted. Currently, that number accounts for less than 15 percent of the country’s total. What is your comment about this?

According to an estimate made before 2005, the number of private students in Vietnam is expected to reach 30-40 percent of the total this year. If the expectation is realized, the State can center its budget on public students.

If it is the case, the State can lower their contribution to the total input cost per student from 55 percent to 30-35 percent, as seen in many other Asian countries. And of course, the contribution from students, their families, and communities have to increase to 50-55 percent.

Source: SGGP

Increasing flights on the Can Tho-Hanoi route

In Uncategorized on March 26, 2010 at 3:56 pm

Increasing flights on the Can Tho-Hanoi route

QĐND – Friday, March 26, 2010, 20:45 (GMT+7)

Starting on March 28, the national flag carrier Vietnam Airlines will increase flights on its Can Tho-Hanoi route from 12 to 14 per week, said Luu Minh Chung, head of the airlines’ Can Tho branch.

On the same day, the airlines will open a Ho Chi Minh City-Can Tho-Phu Quoc route with 5 flights per week.

On this occasion, Vietnam Airlines has a special promotional programme at a price of VND304,000 per stop. The programme will be applied through late May, except for special days, from April 28 to May 4.

The window for booking tickets under the promotional programme is from March 22 to April 5.

Source: VOV

Source: QDND

Increasing leadership capacity and combative spirit

In Politics-Society on October 5, 2009 at 5:07 pm

Increasing leadership capacity and combative spirit

QĐND – Monday, October 05, 2009, 20:36 (GMT+7)

It is very important to develop a programme and strategy to prove the political staunchness, intellect, and revolutionary and scientific characters of the Party and increase its leadership role in the nation, said Party General Secretary Nong Duc Manh.

Mr Manh made the statement at the 11th conference of the Communist Party of Vietnam (CPV) Central Committee (the 10th tenure), which opened in Hanoi on October 5 to prepare and complete the draft documents to be submitted to the 11th National Party Congress.

Participants at the conference discussed and gave their opinions on a number of important documents relating to national construction during the period of transition to socialism, the 10-year plan for socio-economic development (2011-2020), the political report to the 11th National Party Congress, the report on socio-economic development and State budget for 2009, and the plan for socio-economic development and the State budget for 2010.

In his speech, Party General Secretary Nong Duc Manh expressed his condolences to the families of victims of tropical storm Ketsana in the central and Central Highland regions. He pledged further assistance to storm-hit areas to help local people overcome the aftermath of the national disaster and stabilise their lives as soon as possible.

Regarding the amendment and supplement to the Party’s programme and strategy, the Party leader noted that members of the CPV Central Committee and delegates at the conference should bring into play the democratic spirit, show creativeness, adopt a practical view, look towards national independence and socialism, adhere to Marxism-Leninism and Ho Chi Minh’s Ideology, and increase the Party’s leadership role and its policies on national construction and defence.

He emphasised that the Party’s programme will provide a theoretical, ideological and political foundation and the right direction for the entire Party and people. Therefore, participants at the conference should give an accurate assessment of both achievements and shortcomings, as well as the Party’s activities in order to introduce practical measures to increase the leadership capacity and combative spirit of the Party and help to build and enhance the Party’s key role in the cause of national construction and defence.

The 11th conference will last until October 10.

Source: VOV

Source: QDND