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Posts Tagged ‘USD’

Cashew export value to reach 1b USD for first time

In Uncategorized on December 16, 2010 at 9:26 pm




Cashew export value to reach 1b USD for first time


QĐND – Thursday, December 16, 2010, 21:3 (GMT+7)

The cashew industry is expected to top the 1 billion USD mark in export value this year for the first time, helping the country maintain its position as the world’s leading cashew exporter for the fourth consecutive year, the Vietnam Cashew Association (Vinacas) says.


The industry was predicted to export 198,000 tonnes of cashews, earning 1.14 billion USD for this year, said Nguyen Thai Hoc, Vinacas chairman. Exports would jump by 11.8 percent in volume and 34 percent in value against last year.


A year-on-year increase of 32 percent in value to 1.5 billion USD was projected for next year, Hoc said.


“It might be difficult to hit this target because the industry may lack raw materials and workers for processing export products. It may also have to struggle due to low product diversification and increased processing costs.”


“However, Vinacas hopes that the business environment at home and abroad will help the industry reach next year’s target,” he added.


The association had already completed a draft development strategy for the cashew industry by 2015 and towards 2020 to submit to the Government and other relevant ministries and sectors, Hoc said.


According to the Ministry of Agriculture and Rural Development, the industry exported 179,000 tonnes of cashew in the first 11 months of this year, worth 1 billion USD, a year-on-year increase of 11 percent in volume and 31.9 percent in value.


The average export price of Vietnamese cashew jumped by 27 percent to 6,000 USD per tonne compared with the same period last year, said Hoc.


Vietnam ‘s cashew nuts are exported to 52 countries and territories, including the United States , China and the European Union.


Source: VNA


Source: QDND

17mln USD to be spent on education for minority groups

In Uncategorized on November 26, 2010 at 1:50 pm




17mln USD to be spent on education for minority groups


QĐND – Friday, November 26, 2010, 20:40 (GMT+7)

The Prime Minister has approved a 341 billion VND (17 million USD) project to improve educational facilities and training standards for students from nine minority groups with low populations from 2010-15.


The investment would help students to work their way out of poverty while preserving their own traditional identity, said Mong Ky Slay, head of the Ethnic Minority Education Department under the Ministry of Education and Training.


A ministry report showed that the nine groups live in poor disadvantaged areas, where literacy levels are between just 30-40 percent and only 15 percent of the people can speak the national language. Most children from the groups drop out of school after second or third grade and few make it to high school or higher education.


The project will focus on upgrading infrastructure and equipping schools with more teaching materials.


It will also pay for training to give teachers a better understanding of the minority groups they teach.


Each poor pre-school student will be entitled to 30 percent of the government minimum salary per month, which currently stands at 730,000 VND (37.5 USD).


Pupils enrolled in primary schools will receive assistance of 40-60 percent, students in secondary boarding schools will receive 60 percent while students at boarding high schools will receive 100 percent of the minimum salary.


All the students will be encouraged to follow further education and high school graduates wishing to attend colleges, universities or vocational schools will be given priority depending on their abilities and desires.


Van Trong Luu, deputy head of Kon Tum province’s Minority Group Education Management Division said that students from the Brau and Bo Mam ethnic groups have been given care and support under Government and provincial policies including scholarships and meals.


However, those students are included in a socio-economic development programme for remote disadvantaged areas whereas this project is the first of its kind aimed at minority groups with low populations.


The project will support the O Du, Pu Peo, Si La, Ro Nam, Cong, B’rau, Bo Y, Mang and Co Lao groups from the provinces of Lao Cai, Ha Giang, Dien Bien, Lai Chau, central Nghe An and the Central Highland province of Kon Tum; each has a population of 300-2,000 people.


Source: VNA


Source: QDND

Dak Lak approves 3 million USD elephant project

In Uncategorized on November 10, 2010 at 2:25 pm

Waste clean-up to cost 3 million USD

In Uncategorized on July 27, 2010 at 3:22 pm




Waste clean-up to cost 3 million USD


QĐND – Tuesday, July 27, 2010, 20:59 (GMT+7)

Ho Chi Minh City will spend 60 billion VND (3.15 million USD) to collect and treat hazardous waste accumulated at factories, according to the city People’s Committee Vice Chairman Nguyen Trung Tin.


This follows a back-up of dangerous wastes at the factories after the Ministry of Natural Resources and Environment, early this year, ordered waste-processing units to stop collecting hazardous wastes following a pile-up at these units too.


Tin ordered the Urban Environment Company to quickly build more warehouses and incinerators at Dong Thanh garbage dump to increase its waste-handling capacity from 30 tones a day to 80 tonnes.


According to the municipal Department of Natural Resources and Environment, the city’s treatment facilities receive and treat 30-40 tonnes of hazardous wastes every day but enterprises in industrial and processing zones produce around 300 tonnes.


No factory or any other facility in the city has the capability to treat hazardous wastes generated by industries.


Source: VNA


Source: QDND

Thua Thien – Hue: USD 120,000 project to clear bombs and mines

In Uncategorized on April 22, 2010 at 4:13 pm




Thua Thien – Hue: USD 120,000 project to clear bombs and mines


QĐND – Thursday, April 22, 2010, 21:42 (GMT+7)

On April 21, the office of the People’s Committee of the central province of Thua Thien – Hue announced that the committee chairman, Mr. Nguyen Ngoc Thien signed a decision adopting a project worth USD 120,000 to clear land of bombs and mines in the province, sponsored by Norwegian People’s Aid (NPA).


The project will be carried out in Hong Tien commune, Huong Tra district, aiming to identify areas in the communities that are affected by bombs and mines to promptly clear land to reduce fatalities and injuries among residents and develop agricultural cultivation.


The project is assigned to the provincial union of friendship organizations.


Source: CPV


Source: QDND

Deposit rates fixed; lending rates, USD price down

In Uncategorized on April 17, 2010 at 9:33 am

Most commercial banks have officially issued new interest rates on VND deposits and lowered lending rates to 15 percent, while the selling price of USD has declined to around VND19,000.

As of April 16, with the exception of a few banks applying deposit rates of 11.99 percent per year, the highest so far, the majority of banks fixed their rates at 11-11.5 percent.

Previously, most banks applied rates of 10.5 percent. But on top of this, they also added promotional rates to encourage depositors, meaning most account holders earned rates higher than 12 percent. Now, however, banks have put an end to such promotional programs.


As such, the newly announced deposit rates reflect  the exact interest that depositors will earn, said Duong Thu Huong, general secretary of the Vietnam Bankers’ Association.

Meanwhile, following a recent SBV circular on negotiable interest policy, many large commercial banks have agreed to lower lending interest rates to 15 percent per year on average.

Deals at a branch of Eximbank. Many banks lower lending rates to 15 percent on average, while the selling price of USD declines to around VND19,000  (Photo: SGGP)  

The Bank of Investment and Development of Vietnam (BIDV) fixed its maximum rate on short-term loans at 14 percent, while offering 13 percent to small- and medium-sized enterprises and businesses engaged in agricultural production and export. For medium- and long-term loans, the rate is 14.5 percent for borrowers engaged in production and trade.  

An Binh Commercial JS Bank (ABBank) is applying rates of 14-16 percent depending on the type of loan and client; and at Sacombank, the highest rate is set at 15 percent.


Financial experts forecast that lending rates could continue reducing in the future provided that inflation is under control.


Dr. Nguyen Tri Hieu, an independent member of the Management Board of ABBank, said, “The lending rate might be pushed down to less than 10 percent per year if the inflation rate is kept at 5 percent. In such conditions, the deposit rate could be 7 percent.”

In the past few days, the price of USD against VND has continuously declined at banks and on the open market as well. On April 16, one US dollar was selling for around VND19,000 at leading commercial banks, down VND20 from the day before.

On April 17, one US dollar sold for VND18,990-19,010 and was bought for VND18,920-18,950 at several banks.

Notably, at some points in recent days, the selling price of USD on the open market was lower than at commercial banks for the first time in the past three years.

The USD supply on the monetary market is currently quite abundant, the central bank has said, adding that some banks now have a USD reserve of $400-500 million.

The central bank attributed the positive situation to the ease of speculation of the hard currency by companies and individuals, considering it a result of the improved correlation between the foreign exchange market and bank interest rates.

Source: SGGP

2.6 mln USD to for sustainable tourism in Quang Binh

In Vietnam Travel on March 23, 2010 at 4:21 pm




2.6 mln USD to for sustainable tourism in Quang Binh


QĐND – Tuesday, March 23, 2010, 20:55 (GMT+7)

Some 2.6 million USD from the “Greater Mekong Subregion Sustainable Tourism Development” project will be injected into the central province of Quang Binh to preserve and upgrade ecological tourism in the locality.


This is part of a five-year ADB-funded project, starting from 2009, to boost socio-economic development with focus on poverty reduction, infrastructure, heritage preservation in five provinces of Vietnam.


 Of the funding, over 2.1 million USD will be provided by the Asian Development Bank (ADB) and the remaining, about 400,000 USD, will be reciprocal capital.


The project will concentrate on the preservation of the Phong Nha Ke Bang National Park, which is home to two villages living in the core zone and six others in buffer zones, the project’s director, Le The Luc, said, adding that their livelihoods mainly depend on forestry that leads to the degradation of the whole park.


The investment will be spent to upgrade Phong Nha and Tien Son caves, use environmentally friendly materials like composite for making boats to reduce pollution while developing some services serving ecological tourism in other tourist sites.


Apart from setting up a database on local geography, ethnic minority groups and their traditional culture, the project will develop pastoral and community-based tourism to help improve earnings of people in buffer zones. Thus, more than 56,500 people are expected to directly or indirectly benefit from the project.


Source: VNA


Source: QDND

236.8 mln USD for upgrading and building schools

In Politics-Society on March 10, 2010 at 8:04 am




236.8 mln USD for upgrading and building schools


QĐND – Tuesday, March 09, 2010, 20:22 (GMT+7)

The government has decided to spend 4,500 billion VND (236.8 million USD) on a project to upgrade and build schools in the country this year, according to a report prepared by the Ministry of Education and Training (MOET).


In the report launched on March 8, MOET asked municipal and provincial people’s committees to urgently approve the allocation of the capital for beneficiaries with top priorities given to poor districts.


The capital source is reportedly from the sale of government bonds.


In 2008 and 2009, more than 55,000 classrooms were built in the country, of which 32,496 were put into use.


Source: VNA


Source: QDND

Indian group to build 27 million USD campus in Malaysia

In Uncategorized on December 13, 2008 at 12:14 pm

Kuala Lumpur (VNA) – One of India’s leading education groups, the Vinayaka Missions University, has announced plans to invest 100 million RM (roughly 27.5 million USD) in an engineering, technical and management branch campus in Iskandar, Malaysia.

The VMU group has earmarked 220 million RM (60.6 million USD) for various education based projects as part of its expansion plans in Malaysia between now and 2015.

The proposed branch campus in Iskandar will provide education in engineering, management and basic sciences.

“Another 40 million RM has been set aside to be invested in education-related ventures in Penang up until 2015. We will announce the details in due time,” VMU Pro-Chancellor, Dr. S Sharavanan was cited by Bernama news agency as saying.

Established in 1981, VMU currently manages 21 colleges and universities in India, Canada, US, Thailand and in Penang in Malaysia.-

Australia offers 1 bln USD standby loan to Indonesia

In Uncategorized on December 10, 2008 at 5:23 pm

Jakarta (VNA) – Australia will provide one billion USD standby loan to Indonesia, to help the country tackle the deepening impact of the global financial routs, the Jakarta Post reported.

Indonesia has sought sources of loans from Japan, Australia, the World Bank (WB) and the Asian Development Bank (ADB) to plug budget deficit in 2009, after the country plans to cut bond sales by a third due to the seeping of investors appetite.

The offer was made by Australian Prime Minister Kevin Rudd during his meeting with Indonesian President Susilo Bambang Yudhoyono.

Indonesia has forecast its budget deficit around 52.7 trillion rupiah (roughly 4.37 billion USD) in 2009.

The Southeast Asia’s largest economy, has slashed its 2009 growth forecast from 6.3 percent to 4.5-5 percent next year, as global economic conditions deteriorate.

The Indonesian authorities are moving quickly to ease the fallouts of the global economic downturn by boosting purchasing power at its huge domestic market with over 230 million population.-