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Posts Tagged ‘Policy’

Vietnam’s right policy alleviates hunger, poverty

In Uncategorized on December 16, 2010 at 9:47 am

Hunger elimination and poverty reduction program is one of biggest target in the essential service strategies of the government. The program has achieved certain accomplishments when the entire machinery of state and agencies are mobilized to fight hunger and poverty.

Kim Tay (2,R) at his fish brreding pond (Photo: SGGP)

Poverty and ignorance are great barriers to residents in the Mekong delta. However, some people have not given up to their fate; they worked hard to alleviate the poverty and stabilize their living.

Take Huynh Mai Ly in district Vi Thuy in the Mekong delta province of Hau Giang as an example.  When she got married, her parents gave 0,2 ha of paddy field to the newly married young couple. The crop usually failed, therefore they barely made ends meet. They were in despair when their twin baby boys were born.

She was preoccupied by seeking a job to escape poverty to bring up children. After many sleepless nights, she decided to knit water hyacinth into handicraft items like bags. She cannot remember the number of times she failed but her efforts have gone rewarded when her products are consumed.

The husband also learned how to net money from the neighbors. He at first bred pigs but it did not bring in much profit, he then raised snakehead fish. He achieved success with fish farm. The family’s economy is stable thanks to their determination to overcome difficulties.

The government supported the family VND12 million (US$600) last year. The couple spent their savings building a new house.

The program also got success in the Mekong delta province of Ca Mau which is famous for its poverty. Khmer ethnic minority group with a population of about one million has escaped from the poverty.

Mr. Kim Tay who has big family with 0,5 ha garden worked hard to grow high-yield vegetable and fruits and breed fish. His efforts have not been futile when he netted over VND100 million (US$5,000) per year from selling vegetable, fruits and fish.

Like Mr. Tay, inhabitants there grow trees and breed animal upon the demand. They therefore make rich from farming and breeding.

People in the Mekong delta province of Ben Tre enjoyed wealthy lives thanks to a project to support need women who earn money by collecting waste set up by the organization Terre des homes in 2004. The project managers have given loans with low interest to women who will conduct their own businesses to make money.

The entire machinery of state and relevant agencies have been mobilized to launch movements to make rich among farmers. Duong Tien Dung, deputy chairman of Ca Mau’s People’s Committee said the rate of poor household has decreased from 19.2 percent in 2006 to 8.15 percent in 2010. Most of needy households in communes can access to the preferential loan.

The program launched in 2005 has created jobs for 13,000 laborers, assisting to restore traditional industries and jobs for housewives.

Nguyen Quoc Bao, deputy head of Ben Tre’s People’s Committee, reported the province has satisfied its 5-year target of hunger elimination and poverty reduction a the poverty rate has fallen from 20,02 percent in 2005 to 9 percent this year. Nearly 30,000 poor families have raised their income in the province. The government has supported over 7,700 families to construct new houses, 12,000 people to pursuit vocational training to have stable jobs as well as transfer technologies of farming and breeding to farmers.

In the meantime, the Farmer Association in the Mekong delta province of Long An established funds to give farmers loan with low interest and help farmers to find market for their products.

Provinces have their own ways to assist farmers and need residents to fight poverty and hunger to reach its set targets.

Source: SGGP

Sunshine Policy failed to change North Korea: report

In Uncategorized on November 18, 2010 at 6:56 am

Dollar falls in Asia as stocks surge on hopes over US policy

In Uncategorized on October 14, 2010 at 2:27 pm

HONG KONG, Oct 14, 2010 (AFP) – The dollar fell to a new 15-year low against the yen Thursday and Asian stocks posted strong gains on growing expectations of new pump-priming measures in the United States.

The greenback dipped to 81.28 yen in early Tokyo trade, its worst showing since April 1995, while it was also under pressure from the euro and Singapore dollar.

Despite the dollar’s continued weakness against the yen Tokyo’s Nikkei stock index was 1.82 percent higher by the break as resource firms were lifted by surging commodity prices.

Traders are banking on the US Federal Reserve to introduce further monetary easing at its next policy meeting as it tries to kickstart recovery in the sluggish economy.

Hong Kong was 1.31 percent higher, Sydney added 1.55 percent, Shanghai gained 1.85 percent and Seoul was up 0.85 percent, while Singapore advanced 0.38 percent.

BBY senior institutional trader Peter Copeland said: “As long as China remains on track and QE2 (quantitative easing) underpins the US economy and commodity prices, while sending the US dollar down, I see further upward momentum for equities.”

“You now have this perverse situation where bad economic news in the US is good news for equities because it supports the case for QE2,” he told Dow Jones Newswires.

Minutes from last month’s meeting of the Fed’s Open Market Committee said the central bank was prepared “to provide additional accommodation if needed” to help the economy.

The dollar’s losses have been capped, however, by threats from Japanese authorities that they would intervene again in currency markets to sell the yen.

The Bank of Japan last month stepped into the markets for the first time in six years as the dollar hit 82.86 yen. A strong yen hurts exporters as it makes them less competitive while also cutting their profits when repatriated.

A 0.69 percent rise on the Dow Wednesday provided Asian dealers with the impetus to continue buying as Wall Street welcomed a strong set of quarterly corporate data.

The dollar came under broad selling pressure on Thursday with the Singapore dollar surging against the US unit after the city-state’s central bank announced a surprise tightening of monetary policy.

The Monetary Authority of Singapore made the announcement after the government said the economy was likely to expend between 13 and 15 percent this year, leading to concerns over rising inflation.

Singapore’s monetary policy is conducted via the local currency, which is traded against a basket of currencies of its major trading partners within an undisclosed exchange rate band.

The weaker dollar sent commodities higher, with gold hitting a new high, opening at 1,376.00-1,377.00 US dollars an ounce in Hong Kong, up from Wednesday’s close of 1,359.00-1,360.00 dollars.

And on oil markets New York’s main contract, light sweet crude for November delivery, gained 71 cents to 83.72 dollars a barrel.

Brent North Sea crude for delivery in November advanced 53 cents to 85.17 dollars on its last trading day.

Source: SGGP

Vietnam and RoK discuss tax policy

In Uncategorized on October 13, 2010 at 3:54 am

Vietnam and RoK discuss tax policy

QĐND – Saturday, October 02, 2010, 20:19 (GMT+7)

More than 118 businesses from the Republic of Korea attended a dialogue on Vietnam’s tax and customs policies on October 1.

The dialogue was organised by the Vietnamese Ministry of Finance (MoF) and the RoK Small-and Medium-Sized Enterprises’ Association on the occasion of a Vietnamese delegation’s visit to the RoK.

The Vietnamese delegation briefed the audience on Vietnam’s tax and customs policies, incentives, corporate taxes, added value taxes and new regulations on customs procedures.

Deputy Minister of Finance, Do Hoang Anh Tuan, said that tax incentives and relevant policies are of interest to Korean businesses.

More than 70 percent of RoK businesses investing in Vietnam are small and medium sized so they face difficulties accesing policies and dealing with procedures and tax incentives.

The MoF and the General Department of Taxation planned to work with relevant RoK authorities to facilitate businesses easier operations in Vietnam. Vietnamese authorities will also help remove obstacles through the RoK Businesses Association and the Chamber of Commerce and Industry in Vietnam.

Mr Tuan said that this is the first time such dialogue between the two countries.

Source: VOV

Source: QDND

Salt farmers struggle despite ministry’s policy

In Uncategorized on July 20, 2010 at 11:19 am

Although the Ministry of Agriculture and Rural Development directed the Bac Lieu Salt and Trading Company to purchase over 30,000 tons of salt from farmers in the Mekong delta province of Bac Lieu, currently with 200,000 tons in stock, two weeks later, the company had only bought a small quantity of salt.

Salt farmers in Bac Lieu province have bumper harvest but can’t sell as the company only purchase white clean salt but farmers have more black variety (Photo: SGGP)

Company director Ho Thanh Tuan admitted his firm had only bought 1,000 tons of salt, despite the Ministry request to collect 10,000 tons of clean salt, justifying the tardiness on a lack of funds and means of transportation.

Tuan said that next week the salt company would pay salt makers and cooperatives money at their homes, with government representative there as witnesses and then would collect the salt afterwards.

As happy as salt farmers were to hear the government mandate for companies to buy their overstocked salt, they became even more disappointed when the company only sought to buy clean, white salt, as they had produced more black salt more than the white variety.

Dong Hai District salt farmer Do Van Thiet was in despair because he has produced 40 tons of salt, but has sold only half that quantity.

Most salt farmers in the region have borrowed money, which they spent immediately, promising to repay the loans when after harvesting salt. Thus, they have been forced to sell their salt to traders at very low prices, desperate to pay debts.

Moreover, the hard work of farmers will go unrewarded if it rains over the salt fields, where they have invested much time and effort, their hopes now in danger of washing away in the rain.

To escape this plight, many salt farmers have left the countryside to seek jobs faraway from home. Truong Van Luom and Ha Van Duoc have relocated to Ho Chi Minh City to make money.

Despite selling 800 tons of white salt at VND700 per kilogram at fields, Nguyen Van Minh, deputy head of Diem Nghiep Cooperative, still complained that farmers in his cooperative have profited less than they would have had they grown rice; worse, farmers have grown large quantities of black salt, which fetches VND300 a kilogram, but has attracted very few buyers.

Phan Minh Quang, vice director of the province Department of Agriculture and Rural Development, said a solution is needed to help farmers escape their present plight; otherwise, the ministry’s policy to purchase salt from farmers would fail completely.

Related article:
Mekong salt makers can’t sell bumper harvest

Source: SGGP

Top ECB officials differ on bond purchase policy

In Uncategorized on June 1, 2010 at 7:46 am

FRANKFURT (AFP) – The head of the European Central Bank differed sharply Monday with his possible successor over a radical switch of ECB policy to buy up government bonds which critics say could stoke inflation.

ECB president Jean-Claude Trichet defended the ECB’s bond buying scheme, telling a conference organised by the Austrian central bank in Vienna that it did not undermine the ECB’s core policy of stable prices nor its independence.

ECB president Jean-Claude Trichet has called in an interview for a eurozone fiscal union to monitor public finances, saying France, Germany and Italy had set very bad examples. AFP file

“We are not printing money,” he declared, answering directly the charge that a central bank which buys government debt effectively creates money over which it then cannot exert any control.

“This confirms and underpins our commitment to price stability,” he said.

The ECB has come under fire for its unprecedented move earlier this month to buy up government debt in an effort to halt speculative attacks on eurozone members and restore stability to bond markets.

However, in Mainz, western Germany, German central bank governor Axel Weber, a key member of the ECB governing council, reiterated his criticism of the ECB programme.

“Monetary policy has taken new paths to fight the crisis that I continue to view critically owing to the risks” involved in buying a country’s debt, said Weber, an unofficial candidate to become the next ECB chief in late 2011.

The ECB decision covered bonds issued by troubled eurozone countries such as Greece, Portugal and Spain, allowing cash-starved commercial banks in those countries to now sell them to the ECB to get funding in return.

Weber voted against the measure and has repeatedly challenged it since.

The German central bank governor said Monday he was concerned above all about the ECB’s independence from political pressure.

One should “draw a clear line of separation between responsibility for monetary policy and fiscal policy,” Weber said.

Some analysts have argued that the ECB risks turning into a “bad bank” if it keeps buying government bonds from troubled eurozone countries.

The term “bad bank” refers to a financial structure created to take on risky debt from commercial banks so that they can get their own finances in order.

Trichet disagreed with this view.

“The latest measures address a malfunctioning of certain market segments,” he said in Vienna.

“Without such measures, the market problems could have created risks to the favourable outlook for price stability. However, we have not gone beyond the goal of re-establishing a more correct transmission of our monetary policy.”

Weber argued meanwhile that the ECB’s duty was to maintain price stability and that only an independent central bank can do that.

“We should now limit the risks,” Weber said. “The operation must be carried out in a very targeted and limited way.”

It should “serve as a bridge until new state financing facilities” agreed by the European Union can take over, Weber said in reference to a 750 billion euro rescue package drawn up by the EU and International Monetary Fund.

The German news weekly Der Spiegel said in its latest edition the the ECB is buying Greek bonds even though it no longer needs to do so because an EU-IMF rescue package for the country has already taken effect.

Quoting sources within the German central bank, the magazine claimed that the ECB was underpinning rates and allowing French banks, which have the biggest exposure to Greek debt, to sell their holdings down.

Der Spiegel spoke of fears of a “French plot” under which Trichet, who is French, had “ceded to massive pressure” from French President Nicolas Sarkozy.

German banks have pledged to hold on to their Greek bonds until 2013, the magazine added.

Source: SGGP

NATO ministers meet on Afghan trainers, nuclear policy

In Uncategorized on April 22, 2010 at 8:14 am

US Secretary of State Hillary Clinton arrived in Estonia Thursday for talks with her NATO counterparts about the alliance’s role in nuclear defence and ways to drum up more trainers for the Afghan army.

The gathering in the Estonian capital Tallinn, starting at 1030 GMT, will first focus on plans to reform NATO to deal with modern security threats, followed by a working dinner on nuclear and missile defence policy.

The United States “wants to see a more efficient and streamlined alliance,” which has grown rapidly to 28 members, a senior State Department official told reporters traveling with Clinton.

The official also said on condition of anonymity that Clinton, at the dinner with her counterparts, would build on US-sponsored efforts to reduce nuclear arms as well as tackle “the question of non-strategic nuclear weapons in NATO.”

He did not elaborate.

But Germany, Belgium and several other countries appear intent on calling for the United States to remove its tactical nuclear weapons, something Washington is reluctant to do without Russia cutting its tactical arsenal.

There are no official figures published but there are thought to be some 240 US nuclear weapons scattered around Europe in five NATO nations; Belgium, Germany, Italy, the Netherlands and Turkey.

Another senior US official said earlier it would be NATO’s first real talks on nuclear policy since the early 1990s.

“Our principle, and most important guide-post for moving into this discussion is that we don’t want to divide the alliance on this issue,” he said.

The ministers will also mull whether to grant Bosnia-Hercegovina membership action plan (MAP) status, the penultimate step to joining the 28-nation North Atlantic Treaty Organisation. Officials suggest this is unlikely to happen.

The senior US official praised Bosnia for taking positive steps toward gaining MAP status by its deploying 100 troops to Afghanistan and agreeing to dispose of surplus ammunition and weapons.

Friday’s morning session will include talks about cooperation with Russia — although no Russian officials are due to attend — and talks among NATO nations and partners fighting the Taliban, Al-Qaeda and their backers in Afghanistan.

Clinton is scheduled to have talks with Zalmai Rassoul, the new Afghan foreign minister.

Ahead of the meeting, NATO chief Anders Fogh Rasmussen urged the allies to help find 450 new trainers to help build up the Afghan army and police to take responsibility for national security on their own.

“For transition to take place, we need Afghan forces to play their part. Which means we need trainers,” he told reporters in Brussels.

“We are still short about 450 trainers. It’s a relatively small number. But those trainers have a big effect,” he said, and urged the ministers “to see what they can do to free up these mission-critical resources.”

Rasmussen said the ministers would also seek to agree “on the principles and decision-making framework” for security duties to be handed from NATO and US-led forces to the Afghans.

NATO leads a force of some 90,000 troops drawn from more than 40 nations and whose aim is to restore stability and democracy to Afghanistan in the face of a virulent insurgency.

Source: SGGP

Ethnic population embrace policy of great national unity

In Uncategorized on April 21, 2010 at 4:15 pm

Ethnic population embrace policy of great national unity

QĐND – Wednesday, April 21, 2010, 22:1 (GMT+7)

Solidarity and unity are the most important characteristics shared by the Vietnamese people, including its ethnic minority populations, said Permanent Vice Chairman of the National Assembly Council of Nationalities Be Truong Thanh at a conference here on April 20.

Speaking at the national workshop entitled “Community of Vietnamese ethnic minorities and the policy of national solidarity”, one of the many activities being held in preparation for the upcoming national congress of ethnic minorities which is slated to take place next month, Thanh said solidarity in building a united community among various ethnic groups has been an age-old tradition practiced in Vietnam.

Ha Van Nui, Vice President of the Vietnam Fatherland Front, reiterated his organisation’s commitment to participate in all activities to consolidate the great national unity and solidarity among Vietnamese people.

He promised to supervise the enforcement of laws by government agencies, elected representatives and public servants in mountainous regions, where the majority of the country’s ethnic minority people live, to ensure they will not be marginalised, and to pay more attention to issues in these areas.

Tran Huu Thang, Deputy Minister of Home Affairs, said his ministry had always paid due attention to ethnic minorities in its development of national programmes, projects and legal documents.

“We have organised many training courses on state governance, political theories, legal aid and information technology for local officials involved in ethnic minority areas,” said Thang.

Nong Van Luu, Lieutenant General and deputy director general of the Department of Security at the Ministry of Public Security, expressed his appreciation of the important role of the people, including ethnic minorities, in the All People’s Defence movement

“It is important to win trust in Party leadership and the great national unity of the ethnic people,” said Luu.

Five key themes were discussed during the workshop, including the great national unity; economic development and poverty reduction; conservation and enhancement of traditional cultures; education and training; and the building of the All People’s Defence movement and security in mountainous and border regions.

Source: VNA

Source: QDND

Prime Minister endorses nuanced monetary policy

In Uncategorized on April 21, 2010 at 10:41 am

The State Bank of Vietnam (SBV) should continue its flexible monetary policy to help cut the trade deficit and restrain inflation, Prime Minister Nguyen Tan Dung has said.

The Prime Minister’s main concern was ensuring that the country reaches its 6.5 percent GDP growth target for the year.

PM Nguyen Tan Dung speaks at a meeting with state bank leaders on April 20, encouraging the bank to maintain its flexible monetary policy (Photo: VNA) 

Working with the SBV leaders in Hanoi on April 20, Mr. Dung said he appreciated the central bank’s contributions to achieving a GDP growth of 5.83 percent in the first quarter.

The central bank’s efforts have helped reduce lending rates, stabilize exchange rates and boost capital mobilization at commercial banks, he said

However, the bank should try to lower the deposit interest rate to about 10 percent and the lending interest rate to 12-13 percent per year in order to boost exports and reduce the trade deficit, he said.

He also asked the bank to ensure credit growth at 25 percent and total means of payment growth at 20 percent while strengthening control over the foreign exchange market and the trade balance.

Cutting the trade deficit would also require banks to coordinate with the finance, and industry and trade ministries to control market prices and restrict the import of non-essential goods like cars, mobile phones and liquor, Mr. Dung said.

The Prime Minister added that the central bank should continue ensuring that credit organizations provide loans at negotiable interest rates. He also asked SBV to keep a close watch on foreign currency loans used for imports.

He instructed small commercial banks to increase their capital to at least VND3 trillion each or be merged.

Mr. Dung also said the bank needs to work harder to provide the public with prompt and official information, especially about financial and monetary policies, and prices.

Source: SGGP

War on inflation requires flexible monetary policy, expert says

In Uncategorized on April 20, 2010 at 5:41 am

A nuanced and flexible monetary policy is the best way to restrain inflation in Vietnam, a prominent economist has said, eschewing one-size-fits-all remedies.

Dr. Tran Hoang Ngan, a member of National Advisory Council for Financial and Monetary Policy, said increasing global demand fueled by the ongoing world economic recovery had pushed Vietnam’s consumer price index (CPI) up 4.12 percent since the beginning of the year.

Dr. Tran Hoang Ngan, a member of the National Advisory Council for Financial and Monetary Policy (Photo: SGGP)

The surging cost of imported materials, electricity, water, and fuel has upped manufacturing input costs, resulting in commodity price hikes, he said, adding that a large money supply on the market had also contributed to the hikes.

The common prescription international financial organizations give for inflation is to tighten financial and monetary policies, but Ngan said monetary policy must be based on the specific conditions present in each country.

In Vietnam, inflation has been caused by both the increased money supply and increased production costs, he said.

“Therefore, the country should run a flexible financial and monetary policy, ensuring a large-enough capital supply for the economy, especially for production and trade activities.”

Such a policy will help meet the Government’s target of keeping inflation under 10 percent for the year, and it will boost economic growth, he said.

He said it was not necessary to raise the prime rate or the compulsory reserve rate at commercial banks.

The best way to meet the 6.5 percent GDP growth target for the year, he said, would be for Government agencies to keep petrol, oil, electricity and coal prices stable “on a long-term basis and strengthen control over market prices.”

To ease the trade deficit, which stood at US$3.5 billion in the Jan-Mar period, or 25 percent of total export turnover, Ngan said Vietnam should restrain its imports of luxury goods and boost exports by supporting exporters and export manufacturers.

Dr. Ngan also urged that exchange and interest rates be dealt with cautiously.
“The State Bank of Vietnam should prevent exchange rates from fluctuating because fluctuation may give rise to inflation. It should also strengthen foreign exchange reserves as an instrument to stabilize exchange rates.”

Dr. Ngan suggested that the state lender and commercial banks gradually reduce interest rates, though he said the current deposit and lending rates of 11-12 percent and 14-15 percent, respectively, were reasonable.
He said that lowering the deposit rate to 9-10 percent and the lending rate to 12-13 percent over time could help facilitate business growth in Vietnam.

Source: SGGP