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VN-Index recoils to near 480

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

Vietnam’s benchmark VN-Index dropped the second day, retreating to near 480 points on January 10 as investors lost confidence.

The measure of 276 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange shed 0.27 percent, or 1.31 points, to finish at 480.55 points.


Among the index members, 50 gained, 195 fell, while 36 remained unchanged.


Trading volume on the city bourse stayed at low level as around 33.8 million shares changed hands at a value of VND790.37 billion this morning.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) led the list of most active shares in volume with 2.39 million shares changing hands.


Saigon Securities Inc. (SSI), the country largest brokerage, followed with 2.13 million shares.


Tan Tao Investment Industry Corporation (ITA) came next with 1.28 million shares.


Cuong Thuan Investment Corporation (CTI), Hanoi Maritime Holding Company (MHC), and Seafood Joint Stock Company No4 (TS4) all plunged the daily maximum allowed limit of 5 percent to VND47,500, VND7,600, and VND20,900 respectively.


Duc Long Gia Lai Group Joint Stock Company (DLG) shrank 4.9 percent to VND27,200.


Cadovimex Seafood Import-Export and Processing Joint Stock Company (CAD) fell for the second day, eroding 4.88 percent to VND7,800.


H.A.I Joint Stock Company (HAI) capped its three-consecutive-trading-session losing streak, rebounding 4.94 percent to VND34,000.


Sao Vang Rubber Joint Stock Company (SRC) climbed for three straight days, adding up 4.93 percent to VND29,800.


PAN Pacific Corporation (PAN) advanced 4.69 percent to trade at VND20,100 from VND19,200 the previous trading session.


The smaller bourse in the north collapsed as the Hanoi’s HNX-Index slumped 2.34 percent, or 2.57 points, to close at 107.47 points. Around 31.4 million shares were traded at VND592.51 billion.


Meanwhile, the UPCom-Index treaded water this morning, remaining at 44.72 points. A total of 189,600 shares changed hands at a value of VND2.87 billion.

Source: SGGP

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Banks to start year with challenges and oppotunities

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

Commercial banks are set to cope with challenges and opportunities in 2011 as monetary policies will be more flexible, Dr. Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee, said in an interview with Dau Tu Tai Chinh Newspaper.

(Photo:Minh Tri)

With the global economy will surely recover in 2011, foreign investments will return strongly to emerging markets in Asia, including Vietnam, said Dr. Le Xuan Nghia, vice chairman of the National Financial Supervisory Committee.


“Statistics show foreign investments keep flowing constantly into Vietnam in the last four months. Despite the inflation rising relatively high, investors are not too worried about the possibly of an unstable macro economy as the basic rate caused by monetary policies remains low,” Nghia said.


The inflation will decrease to 7-8 percent in this year if the gasoline price is around US$85-90 per barrel, helping commercial banks to cut interest rates, he said.


“Commercial lenders had to cope with the difference between the long-term and short-term interest rates last year, which hit the banking system hard. Therefore they should strengthen their operation as soon as possible this year,” he said.


The deposit interest rate fluctuation at the end of 2010 showed the interest rate was not driven by both the monetary market and the governmental regulations, threatening the safety of banks’ operation, Nghia noticed.


“Lenders this year will also have to cope with issues from the foreign exchange rate. They should offer foreign currency loans with the interest rates, which are adequate to each type of clients,” he said.


The vice chairman of the National Financial Supervisory Committee also warned the competition of foreign-owned and local banks this year will become harsher as the formers will be allowed to take the dong deposits from Vietnamese clients.


“But I do not think local lenders will be so worried about that. Foreign banks remain behind local lenders as their weaker financial strength and a fewer number of branches nationwide. Moreover, the strict risk managements prevent them from taking risks in such a small market in Vietnam,” he said.


“Besides, human resource is also a tough challenge for foreign lenders. Therefore, the biggest competitor of local banks in the next couple year is still themselves.”


Local lenders will also have to change their entire accounting software to match up with new regulations in the Law of Credit Institutions, which took effective on Jan. 1st 2011, he said.


“The new Law of Credit Institutions has some more regulations including forbidding banks to deposit to each others and restraining the credit growth of banks,” Dr. Nghia said.

Source: SGGP

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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

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Watercolor painting exhibition to be held to support poor people

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

An exhibition displaying nearly 50 pictures by Truong Han Minh, who is master traditional Chinese watercolor paintings in Vietnam, will be held at the Equatorial Hotel in Ho Chi Minh City from January 14 to 18.

Painter Truong Han Minh and his giant watercolor painting.

The show entitled ‘Painter Truong Han Minh – 60 years of Passion in watercolor painting’ aims to celebrate the artist’s career and launch the website www.truonghanminh.com.


The sale of some of his paintings will be donated to support the poor people of Ho Chi Minh City.

An auction of some of his works last year raised over VND2 billion (US$100,000) and this money helped many disabled children in Vietnam.


Truong Han Minh was born in 1951 in Cho Lon, HCM city. He original came from Guan Dong, in China. He has had a passion for painting since early childhood. Truong Han Minh is also Chairperson of the Chinese Fine Arts Association and a member of Vietnamese Fine Arts Association. He has taught at many Art schools in the city.


His paintings have been displayed at the Vietnam Fine Arts Museum; Ho Chi Minh City Museum; Museum of the Nationalities in Vietnam; and in many other countries such as the U.S., France, Australia, Canada, Japan, China and Taiwan.


 

Source: SGGP

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North Thien Cam tourist area to be constructed

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




North Thien Cam tourist area to be constructed


QĐND – Monday, January 10, 2011, 20:44 (GMT+7)

The Ha Tinh Provincial People’s Committee has allowed Thien Cam Development and Investment Joint-stock Company to build the North Thien Cam Tourist Area.


Under the project, a number of structures, including a trade area, coastal service and shopping site, art performance area, family hostels, hi-class villas, entertainment area, hotels and resorts, will be built at a cost of VND 11trillion, of which VND 289 billion will be for the first phase (2010-2013), while the remainder for the second phase that ends in 2017.


Construction of the North Thien Cam Tourist Area within the national standards requires land clearance and detailed planning to be promptly implemented.


Source: DDDN


Translated by Mai Huong


Source: QDND

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Hoi An to launch new tourist products

In Uncategorized on January 12, 2011 at 7:11 am




Hoi An to launch new tourist products


QĐND – Saturday, January 08, 2011, 20:41 (GMT+7)

Some new and interesting tourist products have been launched by Hoi An City from the beginning of this year in order to improve tourism promotion and attract more visitors to the famous tourist site in Central Vietnam.


The city also continues to improve the quality of tourism services and products, such as eco-tourism in villages, islands, scuba diving, yachting, and others. In particular, the city will introduce a new kind of tourism, “boating on the streets during flooding”, in the coming time.


This year, the city will also erect information kiosks to help visitors learn more about and explore local tourist sites.


During the first days of 2011, thousands of domestic and foreign tourists rushed to Hoi An to celebrate the new year. At present, the weather in the city is fine.


Source: TT


Translated by Duy Minh


Source: QDND

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WWF, Vietnam to increase protection of Saola

In Uncategorized on January 12, 2011 at 7:11 am

The World Wildlife Fund (WWF) announced on November 22 a financial aid package of US$213,773 for the central province of Thua Thien – Hue in order to protect the enigmatic Saola’s reserve.


The German government also plans to give US$2.1 million for the protection project for the Saola or Vu Quang ox (Pseudoryx nghetinhensis).

Pairs of Saola’s horns found in a residents house ( Photo: SGGP)

One of the goals of the project is to eliminate the use of traps and banned hunting dogs from protected areas.


Saola is a forest-dwelling bovine found only in the Annamite ranges of Vietnam and Laos. The species was first discovered in Vietnam in 1996 at a village in Ho, in the Thua Thien-Hue’s district of Huong Thuy.


Le Ngoc Tuan, director of the reserve in Thua Thien – Hue province, said his organization has carried out a survey from November 2006 to February 1997 in five districts. The survey showed that the rare mammal has appeared in 19 communes in five districts. These were A Luoi, Nam Dong, Huong Thuy, Huong Tra and Phong Dien. Officials also collected 27 pairs of horns and skulls.


In 1998, forest wardens and local residents manage to save a female pregnant Saola and in 1999, eight-kilogram Saola was discovered in the wood in the district of A Luoi. However, it died after eight days. Since then, scientists have not found any more Saolas in the wild, although many searches have been conducted.


The Saola’s rarity, distinctiveness and vulnerability make it one of the greatest priorities for conservation in the region. Despite little information available on the Saola, there is no doubt that its existence is severely threatened.


Since its discovery, it is believed to have rapidly declined in the face of ever-increasing human presence, although the actual size of the remaining population is still unknown. According to scientists and researchers on wildlife, Saola numbers had crashed to around 200 worldwide.


Mr. Tuan said that the Saola is at a high risk of being hunted and will panic if it sees hunting dogs in the woods. Moreover, many Saola’s are trapped and killed, since the illegal sales and hunting of the Saola are rampant in the province.


The WWF and Vietnam authorities have carried out a plan for the period between 2005-2010 in six central provinces (from Nghe An to Quang Nam). Forest wardens have eliminated all traps to catch the Saola. Three protection stations now protect the endanger species. However, Mr. Tuan complained that he still needs more personnel in order to perform his protection work of the Saola successfully.


From 2006-2008, the WWF and the Forest Protection Department of Thua Thien – Hue province, have run a four-year Green Corridor project, with funding from the World Bank – GEF, WWF, Thua Thien Hue PPC and SNV. The aim of this project is to strengthen the capacity of local stakeholders and conserve the landscape of the Green Corridor area.

The project is expected to save and facilitate the development of Sao La deer and several endemic animals that are in extreme danger of extinction, such as Truong Son Muntjac, the douc langur, the white-cheeked gibbon and other newly discovered species.

Two reserves in districts A Luoi and Nam Dong were established in April, 2010. The reserves have an area of 12,153 hectares.

Source: SGGP

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VND 2,600 billion to build Thanh Hoa Airport

In Uncategorized on January 12, 2011 at 7:11 am




VND 2,600 billion to build Thanh Hoa Airport


QĐND – Sunday, January 09, 2011, 22:17 (GMT+7)

The project to build Thanh Hoa Airport was officially announced on January 8th by the Thanh Hoa Provincial People’s Committee and the Vietnam Aviation Department.


Under the plan, the project will be implemented in two phases with the first oneto be completed by 2020 and the second one to be completed by 2030 at a cost of 2,600 billion VND in aggregate.


The airport will be erected in Hai Ninh Commune, Tinh Gia District, 30 km south of Thanh Hoa City, and 1.3 km away from National Highway 1A.


The airport is designed to carry 250,000 passengers and 10,000 tons of cargo per year after the first phase is completed. The designed capacity for the second phase is 1 million passengers and 20,000 tons of cargo per year. The airport will then be able to serve both regular domestic and international flights. 


Source: VnExpress

Translated by Thu Nguyen

Source: QDND

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U13 Vietnam to face U14 ASEAN

In Uncategorized on January 12, 2011 at 7:10 am




U13 Vietnam to face U14 ASEAN


QĐND – Monday, January 10, 2011, 20:26 (GMT+7)

The U13 PFV from Ho Chi Minh City, the defending title of the National Youth Football League 2010, will present Vietnam to play with U14 Indonesia in Jakarta on January 12.


The team, coached by former famous player Tran Minh Chien is training at the Thanh Long Sports Complex Centre.


The U14 Indonesia defeated U14 Thailand 3-1 in the final match of the Yamaha ASEAN Cup to win the U14 ASEAN Championship.


Source: VOV


Source: QDND

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Michael Jackson doctor to face manslaughter trial

In Uncategorized on January 12, 2011 at 7:06 am

LOS ANGELES (AFP) – A judge ordered Michael Jackson’s personal doctor to stand trial on involuntary manslaughter charges for allegedly killing the singer with an overdose of powerful sedatives.


Conrad Murray denied the charges, saying he was just treating the pop icon for insomnia when he died in June 2009.

AFP file – File picture shows Conrad Murray

Murray also had his license to practice medicine in California suspended.


The doctor will be arraigned on January 25, the Los Angeles Superior Court judge ruled after six days of pre-trial hearings in which evidence was presented that Murray tried to cover up evidence of drugs he gave the star immediately before his death.

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Source: SGGP