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Posts Tagged ‘set’

National gold exchange to be set up

In Uncategorized on January 8, 2011 at 4:25 am

Vietnam’s National Financial Supervisory Commission said it has asked the government to open an official gold exchange in 2011 to decrease the dependence of Vietnam’s economy on US dollars and restore order to the market of this precious metal.  Government officials will discuss a concrete plan for the setting up of the national exchange next week, said Le Xuan Nghia, vice chairperson of the commission.


 


He said in other countries, gold is kept in reserve centers, under the management of the central Bank. In Vietnam, the ratio of gold controlled by the ordinary people is very high. He added that the state bank should help to mobilize the capital in gold in the population, by acting as the largest controller of gold and the final buyer and seller in the gold market. “The establishment of the Gold Exchange will help investors trade in gold methodically under the risk control of the State. The exchange is also a place where managing agencies can supervise, regulate and intervene in the market,” said NFMC Vice Chairman Le Xuan Nghia.


 

Under the project, the State Bank of Vietnam will establish a joint stock company to monitor and manage the operation of the exchange and build a technical infrastructure system to manage gold trading activities. Investors will buy and sell gold under the form of certificates.  The exchange will operate like a stock exchange in both Ho Chi Minh City and Hanoi. Gold will be traded in the form of certificates.


 


The launch of the exchange will allow investors to invest in gold officially, and at the same time, help authorities manage the market, Nghia said. He also informed that the government should apply the mechanism of issuing bonds in gold, allowing commercial banks to carry out services of refunding and rediscounting gold. Besides, commercial banks can be permitted to reserve gold as a foreign currency.


 


Vietnam closed all 20 gold exchanges in the country from March. The central bank said the closure was necessary to eliminate risks posed to the national financial system. After the shutdown, however, some illegal trading floors for gold ‘popped up’. This was because many investors still wanted to trade gold using accounts despite the huge risks involved.


 


Many experts proposed that this project would help stabilize, manage and develop the gold market better, as well as promote the role of the capital source in economic development.


Before, the Bank for Investment and Development of Vietnam (BIDV) proposes this project to the Prime Minister, a national gold exchange Department should be set up.  The Gold Exchange, which will be a state funded organization, will ensure the equity in the market and avoid any unnecessary price increases that may damage our economy, said Nguyen Manh, Head of BIDV’s Capital and Capital Business Department.


 


 

Source: SGGP

New set of stamps issued

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




New set of stamps issued


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

PANO – On January 5th, the Ministry of Information and Communication officially released a special set of stamps to welcome the 11th National Party Congress which opens on January 12th.


The stamp features the portrait of President Ho Chi Minh on the background of the Party’s flag, showing the spirit of the 11th National Party Congress under the theory of Marx and Lenin and Ho Chi Minh’s thoughts to outline vision, policy and strategy to promote Vietnam in the process of integration and development.


Vietnam Post Office has so far issued 13 stamp sets with 30 models to mark the opening of the National Party Congress ever since the 3rd Congress.


Translated by Tran Hoai


Source: QDND

Authorities set to turn Cam Ranh town into city

In Uncategorized on January 8, 2011 at 4:06 am

On December 23, Prime Minister Nguyen Tan Dung signed decision No 65/NP-CP, turning Cam Ranh Town into a city, which is in the central province of Khanh Hoa.

                      Cam Ranh international airport

Cam Ranh has a population of around 130,000 households and covers an area of more than 30,000ha.


The city has a deep-water bay with many beautiful beaches and it is some 30km away from the coastal city of Nha Trang.


The Khanh Hoa People’s Committee has approved a planning project to develop Cam Ranh. This will start now until 2025.


In addition, Cam Ranh airport became an international airport with the opening of an official direct air route linking Cam Ranh and Vladivostock in Russia last December.


The national aviation sector invested more than VND200 billion in building a new terminal, air traffic control station, a modern runway lights and other facilities in Cam Ranh Airport. The capacity of the new terminal doubles the old one which was only capable of loading 300 passengers per hour.


Khanh Hoa has currently two big cities including Nha Trang and Cam Ranh, and a town called Ninh Hoa.

Source: SGGP

New treatments set to boost capital market’s liquidity, officials say

In Uncategorized on December 16, 2010 at 10:09 am

Many regulations will be released to boost Vietnam’s bond market, which has a healthy growth rate and a low liquidity, officials said.

A woman watches share prices updated on a computer screen at a HCMC-based brokerage (Photo:Minh Tri)

Deputy financial minister Tran Xuan Ha said it was necessary to set up tax exemptions for bond trading and focus on boosting the market’s liquidity. The Ministry of Finance released regulations on issuing bonds with large amounts and buying back bonds to increase the debts’ liquidity.


The ministry also speeded up the equitization and submitted plans on gradual sales of the state-owned shares to the government.


Statistics shows that bonds worth VND100 trillion (US$5 billion), mainly treasury bonds, were issued this year. However, only commercial banks were the buyers. Economists said the bond market’s liquidity was very low in the last 10 years.


The Asian Development Bank said in its recent report that Vietnam’s corporation bond market grew fastest among other countries in the region in the third quarter of 2010.


Corporation bond’s growth rate this year rose 51.9 percent year-on-year, almost double of the government bond’s 25.5 percent. However, in the third quarter of the year, corporation bond’s issue value fell 68 percent year-on-year, while government bond’s issue value dropped 43.6 percent year-on-year.


Despite its fast growth rate, Vietnam’s bond market with $15 billion in unpaid bonds at the end of September remains small compared with other countries in the region. Of the amount, government bonds are worth $14 billion.


Recovering stock market
Both stock markets in Hanoi and Ho Chi Minh City roared back last week as the investor confidence was restored. The daily trading volume at the two bourse reached an average amount of more than VND2 trillion ($100 million).


Analysts said the increasing trading volume showed investors pumped more money into market. Some brokers warned the stock market was overheated as many shares rose by the daily trading band of 5 percent for many days.


The Hanoi-based brokerage FPT expected the market would make corrections, as investors would take profits from the current winning streak.


However, financial experts said the market is often bullish at yearend. Foreign investors continued to be sellers recently, but they dumped penny shares only to restructure their portfolio, experts noticed.

Source: SGGP

Women’s club set to host annual charity bazaar

In Uncategorized on November 24, 2010 at 6:21 am




Women’s club set to host annual charity bazaar


QĐND – Tuesday, November 23, 2010, 20:52 (GMT+7)

An annual charity bazaar will be held on Nov. 28 by the Hanoi International Women’s Club, a non-profit social group of expatriate women.


The 19th annual bazaar, at the Water Sport Centre which is opposite to the My Dinh National Stadium, would showcase the diverse cultures of the expatriate community in Hanoi and so would be the perfect place to look for handicrafts from all over the world, a club spokesperson said.


There would be a kid’s corner to keep the little ones entertained while adults could bid on items in the silent auction or simply kick back with a cold drink and enjoy the cuisine of more than 30 countries.


The bazaar was supported by embassies and communities and local and foreign businesses. All the proceeds would go to supporting charities in and around Hanoi.


Tickets cost 100,000 VND (5 USD) for adults and 50,000 VND for children aged 3-12. Children under 3 are free. Tickets will be available at the gate or can be purchased in advance from Pure Heaven, JAFA, Jaspas, Oasis, and Restaurant Number Five. For more information please visit http://www.hanoi-iwc.com or contact bazaar@hanoi-iwc.com.


Source: VNA


Source: QDND

News Corp. set to unveil iPad newspaper, ‘The Daily’

In Uncategorized on November 22, 2010 at 10:07 am

Vietnamese, German districts to set up fraternal ties

In Uncategorized on November 18, 2010 at 1:57 pm

Gold decision to set market pace

In Uncategorized on November 10, 2010 at 1:57 pm

Manufacturing, exports set to surpass targets

In Uncategorized on November 10, 2010 at 1:57 pm

Vietnamese athletes set off for Asiad 16

In Uncategorized on November 8, 2010 at 5:12 pm