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Vietnam to Promote Ways of Investment

Red river Delta is going to be a subject of conference in August 5.More than 500 investors and representatives from big domestic corporations, industries and international financial institutions are expected to attend the event, said Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.

A conference to promote the flow of investment into the Red River Delta provinces of Nam Dinh and Thai Binh will be held on August 5, said organizer on July 30. Loc said the conference aims to discuss ways to prepare to catch the new wave of investment by investors both inside and outside the country during the post-crisis period. The conference will serve as a forum for Nam Dinh and Thai Binh provinces to highlight their potential, strengths, and investment incentives as well as information about major projects, he said. It will also help speed up socio-economic development in the whole northern coastal region, which is expected to become a key economic region for the country, Loc stressed. Nam Dinh province is planning to call for more than 2.2 billion USD for 34 projects, focusing on industrial production, agriculture, healthcare, tourism, sports, transport and urban infrastructure. Meanwhile, its neighbour, Thai Binh, wishes to seek investors for 35 projects with an estimated capital of 1.7 billion USD, mainly in coal mining, hi-tech products, steel and building materials production, transport infrastructure, agricultural product processing and sea tourism. Both Nam Dinh and Thai Binh are considered provinces boasting great potential as they have successfully applied simplified administrative procedures and comprehensively developed infrastructure facilities and human resources. However, the influx of investment into the two provinces remained modest compared with other localities in the region. By the end of 2008, Nam Dinh had attracted only 20 foreign-invested projects with a combined registered capital of 200 million USD, while Thai Binh has no foreign-owned projects.

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vietnam

Vietnam farmers fall to bauxite bulldozers

By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.

By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.

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vietnam

Northern Vietnam's IZs and EPZs Draw More Investment

Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province.

Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province. The conference brought together 700 local and foreign investors and provided them opportunities in northern industrial zones, export processing zones and economic zones. Foreign direct investment projects account for 17 percent of Vietnam's gross domestic product.

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vietnam

Vietnam Trade Surplus Hits Record $1.7b

Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992.

Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992. The record trade surplus is attributed to the impact of a sharp drop in imports due to the global economic downturn. The country spent only $11.8 billion on imports during the first quarter of 2009, a 45 percent decline over the same period last year Vietnam only saw a 2.4 percent increase year-on-year in exports, earning $13.5 billion. The slight increase in exports is attributed to the re-export of gold.

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vietnam

Vietnam: Hanoi's GDP Growth At 3-Year Record Low

Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year.

Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year. But this is still its lowest year-on-year first quarter increase compared to the growth rates of 11.2 percent and 10.9 percent in 2007 and 2008, respectively. This modest increase is attributed to the economic downturn, which affected the city's industrial production and exports.

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vietnam

7,000 Vietnamese SMEs Bankrupt Amid Global Crisis

A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production.

A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production. Vietnman now has 349,309 enterprises with a total of registered capital of up to VND1.4 trillion (US$84.1 billion). 95 percent of these registered enterprises are SMEs. The SME's limited capabilities in technology, corporate governance, capital and access to markets make them vulnerable during economic downturns. The Vietnam SME association warned that the situation will be worse if businesses cannot access bank loans, with 20 percent of businesses being on the verge of bankruptcy.

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vietnam

Vietnam To Build Multilateral Cooperation With Qatar

A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation.

A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation. These measures include establishing a legal framework for long-term and effective cooperation, establishing partnerships in energy and foodstuffs, and running a joint investment fund worth $1 billion to expand investments and finances. The leaders of the two countries also signed a series of agreements on double taxation avoidance, investment promotion and protection, aviation transport cooperation, and agriculture cooperation.

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vietnam

Vietnamese Banks Give $4.6 In Subsidized Loans

The State Bank of Viet Nam recently reported that as of February 20, over VND80 trillion ($4.6 billion) has been disbursed at the government-subsidized interest rate of 4 percent.

The State Bank of Viet Nam recently reported that as of February 20, over VND80 trillion ($4.6 billion) has been disbursed at the government-subsidized interest rate of 4 percent. The subsidy program aimed to reduce the price of goods, maintain production and create jobs. The program was viewed as an overall success. Commercial bank representatives are now more focused on ways to improve the policy and regulations and simplify borrowing procedures.

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vietnam

Vietnam To Lease Cambodian Land For Rice Crops

Vietnam, the second largest rice producer in the world, is planning on leasing Cambodian farmland to grow rice in areas close to the border.

Vietnam, the second largest rice producer in the world, is planning on leasing Cambodian farmland to grow rice in areas close to the border. The move aims to stop Cambodian rice smuggling to Vietnam by encouraging Vietnamese companies to lease land in Cambodia and allowing them to export rice to Vietnam. Cheang Orm, the governor of Svay Rieng province, which is situated near the Vietnamese border, said that 10,000 hectares of farmland is already set aside for leasing. But they are awaiting approval from the Interior Ministry, who issued instructions that no land on the border can be leased to a foreign country unless it has been demarcated with border markers.

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vietnam

State Bank of Viet Nam Tackles Downturn

The State Bank of Viet Nam (SBV) will encourage commercial banks to expand their credit programs by improving access and addressing problems of enterprises regarding debt repayment.

The State Bank of Viet Nam (SBV) will encourage commercial banks to expand their credit programs by improving access and addressing problems of enterprises regarding debt repayment. The SBV plans on using its monetary policies to manage interest rates, exchange rates and gold trading to encourage production and exports and foster macro-economic stability. It will also try to prevent speculation and illegal foreign currency trading. The SBV will try to negotiate with international to send official development assistance and other aid inflows to the country.

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vietnam

Vietnam: New Highways To Spur Economic Growth Along Mekong River

The Ministry of Transport said that several highways will be built this year in the Cuu Long (Mekong) Delta.

The Ministry of Transport said that several highways will be built this year in the Cuu Long (Mekong) Delta. They include a 27.3km road from Chau Doc to Tinh Bien in An Giang Province, a 57km road from Nam Can to Dat Mui in Ca Mau Province, and a 47km highway from Can Tho City to Vi Thanh Town. The ministry also sped up plans on work on other transport projects so that they can be completed this year, such as the construction of the HCM City-Trun Luong highway. All these projects were included in a program to improve transport infrastructure in the Mekong Delta between 2006 and 2010 to help promote socio-economic development.

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vietnam

Vietnam's Overseas Investment hits 4.4 billion USD

Vietnam announced that its foreign investments has hit over $4.4 billion, with 368 projects overseas.

Vietnam announced that its foreign investments has hit over $4.4 billion, with 368 projects overseas. Vietnam has mainly invested in the industrial sector with 155 projects and over $3.4 billion in investments. Vietnam's businesses have shifted from making small scale investments to large scale investments, focusing on projects related to high-tech industries and energy.

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vietnam

Vietnam approves a VND 17 trillion demand stimulus package

Vietnam's government has approved a VND 17 trillion demand stimulus package aimed at improving the monetary market.

Vietnam's government has approved a VND 17 trillion demand stimulus package aimed at improving the monetary market. The government will prop-up lending rates for businesses by 4%. Authorities hope that the package will increase the demands for loans. The basic interest rate is currently set at 8.5% but may drop to 8% in 2009, as the government focuses on helping businesses reduce expenses.

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vietnam

Vietnam: Difficult Time Lies Ahead for Local Exporters

Vietnam's Ministry of Industry and Trade has announced its export target in 2009 to be $72 billion, a 13% increase from 2008.

Vietnam's Ministry of Industry and Trade has announced its export target in 2009 to be $72 billion, a 13% increase from 2008. The target will be difficult to reach as the global financial crisis has severely impacted Vietnam's exports due to falling prices and decreased foreign demand. Authorities plan to review tax policies by reducing or exempting certain taxes in order to help enterprises. The country also plans to apply more flexible exchange rates in order to allow for increased export activity. The government hopes to increase export diversity, quality of products and export volume. In 2008, Vietnam's exports increased by 32% compared to the previous year, surpassing the country's target of 22-25%.

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vietnam

Bulgarian Firms Eye Local Opportunities in Vietnam

Bulgarian enterprises expressed hopes to strengthen economic cooperation with Vietnamese firms in areas such as investment, trade, footwear, construction and handicrafts.

Bulgarian enterprises expressed hopes to strengthen economic cooperation with Vietnamese firms in areas such as investment, trade, footwear, construction and handicrafts. Bilateral trade between the two countries has been strong, reaching a total revenue of $46 million in 2007. Besides boosting economic cooperation between the two countries, Vietnam also aims to become a bridge between Bulgaria and the ASEAN member nations.

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vietnam

What's New: Vietnam Trade

Vietnam and Cambodia agreed to boost bilateral trade to $2billion by 2010.

Vietnam and Cambodia agreed to boost bilateral trade to $2billion by 2010. The two countries also agreed to collaborate in issues such as smuggling, drugs, human trafficking and terrorism. Vietnam and Cambodia also expressed their plans to increase the flow of goods and information across the border.

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vietnam

Vietnam's Building Industry to be Developed

To take advantage of the country's rich supply of mineral, technology, and labor resources, Vietnam is looking to further develop its building industry.

To take advantage of the country's rich supply of mineral, technology, and labor resources, Vietnam is looking to further develop its building industry. Vietnam plans on being able to manufacture building materials on mass-production lines with advanced technologies within the next seven years. By doing so, the country will be able to satisfy domestic demand and export demands.

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vietnam

Trade Between Vietnam and Japan Surges

In the first half of the year, trade between Vietnam and Japan increased 45.5% as compared to the same period last year.

In the first half of the year, trade between Vietnam and Japan increased 45.5% as compared to the same period last year. Trade was worth over $8.1 billion. At this rate, trade between the two countries could exceed the 2010 target of $15 billion. Exports of oil to Japan surged in the first half. Furthermore, Vietnam shipped more coal, coffee, and small motors to Japan than it did last year in the first half.

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vietnam

Price Surge Harms Handicrafts in Vietnam

Because of a lack of workers and materials, Vietnam will be unable to attain its 2010 target export turnover of $1.5 billion in handicrafts.

Because of a lack of workers and materials, Vietnam will be unable to attain its 2010 target export turnover of $1.5 billion in handicrafts. The country's craft business must now import 50% of their rattan and bamboo to keep their export contracts. The price of rattan and bamboo have nearly doubled in the past year.

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vietnam

Vietnam Economic Corridor Plan Approved

With the benefit of both Vietnam and China in mind, Prime Minister Nguyen Tan Dung has approved a plan to complete the economic corridor of Lang Son-Ha Noi-Hai Phong-Quang Ninh to 2020.

With the benefit of both Vietnam and China in mind, Prime Minister Nguyen Tan Dung has approved a plan to complete the economic corridor of Lang Son-Ha Noi-Hai Phong-Quang Ninh to 2020. The corridor is expected to raise the GDP of the cities in the corridor to at least 1.2 times the national average. Included in the plans are a six-lane expressway linking Ha Noi with Huu Nghi Quan and a highway linking Noi Bai international airport with Ha Long City.

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vietnam

Vietnam Economic Growth Slows to 6.5% Amid Inflation

Vietnam Economic Growth Slows to 6.5% Amid Inflation

Vietnam's GDP expanded at 6.5 percent in the first half of the year, down from 7.9 percent in the same period in 2007, the slowest pace in at least seven years.

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vietnam

Vietnam To Host Miss Universe 2008

Vietnam is the host of the Miss Universe Pageant in 2008.

Donald J Trump, President of the Miss Universe Organization, announced that the 57th Annual Miss Universe competition will air live from Nha Trang, Khanh Hoa, Vietnam.

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vietnam

Vietnam's Prime Minister Tackles Inflation

Vietnam's Prime Minister plans to visit U.S. officials to discuss measures to curb inflation.

Vietnam's Prime Minister plans to visit U.S. officials to discuss measures to curb inflation. The Prime Minister plans to meet with President George W. Bush and former U.S. Federal Reserve Chairman Alan Greenspan, among others.

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vietnam

Little Contagion Risk From Vietnam Problem-IMF

An IMF official has said that the risk of contagion from the country's problems into the rest of the region was low.

An IMF official stated that economic troubles in Vietnam showed the dangers of slow policy response but said the risk of contagion from the country's problems into the rest of the region was low.

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vietnam

Vietnam's PM Visits US

Vietnam's prime minister began his tour of the U.S. on monday.

Vietnam's prime minister began a visit to the United States on Monday, hoping to gain some economic tips to ease soaring inflation at home.

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vietnam

Vietnam Stocks Drop Most in Three Months After Widening Limits

Stocks tumbled amid concern that Vietnam is headed for a currency crisis triggered by soaring inflation.

Stocks tumbled amid concern that Vietnam is headed for a currency crisis triggered by soaring inflation. The benchmark stock index has slumped 60 percent this year.

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vietnam

Vietnam Lifts Rice Export Ban, Manila Seals Deal

Vietnam lifted its ban on rice export deals.

Vietnam lifted its ban on rice export deals. The Vietnamese government said they will limit the export of rice to 3.5 million tonnes for the first nine months of this year. And in a government-to-government deal valued at $564 million, the Philippines purchased 600,000 tonnes of rice from Vietnam.

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vietnam

Reformist Ex-Vietnam Premier Vo Van Kiet Dies

Former Vietnam Prime Minister Vo Van Kiet, who is best known for the economic reforms he largely started in the late 1980s, died Wednesday at the age of 85.

Former Vietnam Prime Minister Vo Van Kiet, who is best known for the economic reforms he largely started in the late 1980s, died Wednesday at the age of 85. In his role as a politician in the late 1980s, Kiet was a leader in moving Vietnam on the path to market-oriented reforms known as "doi moi" (renewal), which were begun to replace the failed system that had been built on the Soviet model.

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vietnam

Vietnam Raises Interest Rate to Highest in Asia, Lets Dong Fall

Vietnam increased the benchmark interest rate to the highest in Asia to cool the quickest inflation since at least 1992, and will allow the dong to weaken.

Vietnam increased the benchmark interest rate to the highest in Asia to cool the quickest inflation since at least 1992, and will allow the dong to weaken. Governor Nguyen Van Giau will raise the base rate to 14 percent from 12 percent to stabilize the economy from tomorrow, according to a statement on the central bank's Web site. The bank also lowered the dong's reference rate for tomorrow by 2 percent to avoid currency speculation.

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vietnam

Vietnam May Intervene to Maintain the Value of Dong

Prime Minister Nguyen Tan Dung said Vietnam has enough foreign-exchange reserves to intervene and keep the value of the dong stable.

Prime Minister Nguyen Tan Dung said Vietnam has enough foreign-exchange reserves to intervene and keep the value of the dong stable. Vietnam is suffering from 25 percent inflation, the most since at least 1992. Rating agencies lowered their outlook for the nation's debt, out of concern for a slow government response to inflation and a record losing streak by the benchmark stock index.

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vietnam

Vietnam Tops List of Emerging Destinations for Retail Investment

Vietnam was named the most attractive emerging market destination for retail investment, according to leading management consulting firm A. T. Kearney.

Vietnam was named the most attractive emerging market destination for retail investment, according to leading management consulting firm A. T. Kearney. Vietnam placed fourth among 30 nations in last year's annual study, but improved to first place thanks to strong GDP growth, changes in regulations that now favor foreign investors, and increasing consumer demand for modern retail fashions. Mike Moriarty, a partner with A. T. Kearney, said now is the "perfect time" to get involved in Vietnam's retail market.

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vietnam

Strikes Spread Across Vietnam As Yearly Inflation Tops 25%

Widespread labor strikes throughout Vietnam is harming foreign manufacturers, dragging them into the country's growing inflation crisis.

Widespread labor strikes throughout Vietnam is harming foreign manufacturers, dragging them into the country's growing inflation crisis. At Panasonic Communications Vietnam Co. Ltd.'s four Vietnamese plants, about 1,000 workers walked out over the weekend, demanding higher pay to keep pace with rising inflation, which reached over 25% in May, a 13-year high.

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vietnam

Vietnam Debt-Rating Outlook Cut to Negative by Fitch

Fitch Ratings today cut Vietnam's debt-rating outlook because the stability of the country's banking system may be at risk due to a slow government response to fighting inflation, which is running at 25 percent, the highest rate since at least 1992.

Fitch Ratings today cut Vietnam's debt-rating outlook because the stability of the country's banking system may be at risk due to a slow government response to fighting inflation, which is running at 25 percent, the highest rate since at least 1992. This year, the trade deficit tripled and the main stock market index has decreased by 55 percent. The long-term foreign currency rating is at BB-, which is three levels below investment grade.

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vietnam

Petrol, Sugar Smuggled In Southwest Border Provinces

Petrol and sugar smuggling over the Vietnam and Cambodia borders has been increasing as of late.

Petrol and sugar smuggling over the Vietnam and Cambodia borders has been increasing as of late. This is creating chaos on the local market. The price of petrol is significantly higher in Cambodia than in Vietnam, so petrol is brought from Vietnam to Cambodia, while the opposite is true in the case of sugar. Smugglers have strategies to avoid being caught at the border, while customs agents are doing their best to prevent the smuggling.

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vietnam

US Businesses Look For Long-Term Investment in Vietnam

More US businesses are looking to invest in Vietnam in the long run.

More US businesses are looking to invest in Vietnam in the long run. This would raise Vietnam's investment to a level equal to US businesses. The increasing interest of the US is due to Vietnam's social economic changes and the improvement of relations between the two countries.

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vietnam

Banks Nod On 12 Percent Interest Rate Cap

The Vietnam Banks' Association capped the yearly interest rate for Vietnamese dong deposits at 12 percent.

The Vietnam Banks' Association capped the yearly interest rate for Vietnamese dong deposits at 12 percent. This is termed over 6 months. This is to help reduce the inter-bank transferal of capital to make sure each bank has enough capital for operation. It will also help stop inflation.

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vietnam

Government Vows Sustainable Forests

The Vietnam government is still devoted to maintaining a sustainable forest management.

The Vietnam government is still devoted to maintaining a sustainable forest management. Vietnam has implemented programs to protect its forest such as Five Million Ha Reforestation Project and Programme 327. Due to this program Vietnam has experienced growing from 9.3 million ha to 12.87 million ha in almost ten years.

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vietnam

Investment in Viet Nam Less Risky

As Viet Nam develops more and more, the risk of investing in the country is becoming lower than in other Asian countries.

As Viet Nam develops more and more, the risk of investing in the country is becoming lower than in other Asian countries. This is due to the young and middle-class people making up a large portion of its population, in addition to open investment policies and strong development of financial institutions.

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vietnam

Banks Cut Deposit Interest Rates, Interbank Market Heats Up

All commercial banks are going to cut deposit interest rates, which is heating up the interbank market.

All commercial banks are going to cut deposit interest rates, which is heating up the interbank market. Some banks are not lending to other banks because of the plentiful capital they have, while some are requiring very high interest rates on loans. If this continues, it could cause rises in the interest rate, which is very dangerous for the banking system.

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vietnam

The Foreign Investment Agency Has Started a Website That Will Concentrate in Foreign Investment in Vietnam

Relevant subjects in the website include investment procedures and legal policies;

Relevant subjects in the website include investment procedures and legal policies; it will help the organizations or individuals to learn how to invest in the country.

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vietnam

High Deposit Interest Rates Drag Down Economy

Vietcombank's Ha Noi branch increased its annual rates on medium term loans from 2.4 to 2.6, and long term loans from 18 to 19 percent.

Vietcombank's Ha Noi branch increased its annual rates on medium term loans from 2.4 to 2.6, and long term loans from 18 to 19 percent. Even tough it is its highest increase on annual interest rates loans over the last 10 years, the average annual interest rates for dong loans are 18 and 19.2 percent.

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vietnam

Vietnam’s Government Cuts 2008 Economic Target

Vietnam's hot economic growth has slowed in the first quarter of 2008, forcing the government to lower its forecast as an anti-inflation measure.

Vietnam's hot economic growth has slowed in the first quarter of 2008, forcing the government to lower its forecast as an anti-inflation measure. The gross domestic product (GDP) grew 7.4 percent this year, while the growth was 8.5 percent during the same period of time a year ago. The first quarter growth was hampered because of higher oil prices, slower world growth, and the rapid depreciation of the U.S. dollar. Vietnam's growth has been behind only China in recent years because of a rapid economic liberalization drawing in foreign investment. However, rapid inflation (up to 16.4 percent) has threatened Vietnam's economic future.

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vietnam

Vietnamese Prime Minister to Attend Economic Conference in Laos

Vietnamese Prime Minister Nguyen Tan Dung is expected to attend the Greater Mekong Sub-region Summit (GMS) in Laos March 30-31.

Vietnamese Prime Minister Nguyen Tan Dung is expected to attend the Greater Mekong Sub-region Summit (GMS) in Laos March 30-31. The summit's theme, "Enhancement of Competitiveness via Greater Connectivity," will focus on boosting cooperation and transport between public and private sectors and to develop investment and trade in the Greater Mekong region. Aside from Vietnam and Laos, leaders from GMS members – Cambodia, Thailand, Myanmar and China will be in attendance.

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vietnam

Vietnam Prepped To Launch First Satellite.

Vietnam is preparing to launch the country's first telecommunications satellite in an effort to keep its technology in pace with the country's rapid economic development.

Vietnam is preparing to launch the country's first telecommunications satellite in an effort to keep its technology in pace with the country's rapid economic development. The launch of Vinasat No. 1 is scheduled for April 12th and will take place at the Kourou spaceport in South America. The Vinasat No. 1 cost USD 200 million and is designed to make internet services and television available throughout the country. Currently, Vietnamese businesses and the government rent satellites from Russia, Australia and Thailand.

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vietnam

Regulators Draw Interest Rate line at 12 percent

Nguyen Van Giau, the State Bank of Vietnam's Governor, has told commercial banks to limit the savings interest rate at 12 percent.

Nguyen Van Giau, the State Bank of Vietnam's Governor, has told commercial banks to limit the savings interest rate at 12 percent. Techcombank raised its annual interest rate to 14.2 percent, the highest among commercial banks, inciting customers to switch banks quickly. Small and Medium businesses might run into growth problems with interest rates raising on loans as a result of the increasing savings rates.

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vietnam

Vietnam’s Exporters Hit Hard by USD Decline

Local exporters in Vietnam have been hit hard by the falling value of the US dollar.

Local exporters in Vietnam have been hit hard by the falling value of the US dollar. As the dollar continues to decline, Vietnamese made products will be less competitive and more expensive on the international market. Exporters that signed contracts in US dollars are losing millions as the contracts become less valuable.

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vietnam

Vietnam Province Attracts USD 1.92 Billion in FDI in 20 Years

The northern province of Hai Duong has attracted 169 foreign investment projects with an estimated capital of USD 1.92 billion over the last 20 years.

The northern province of Hai Duong has attracted 169 foreign investment projects with an estimated capital of USD 1.92 billion over the last 20 years. 147 of those projects were in the industry sector alone and worth approximately USD 1.84 billion. Japan has been listed as the largest among the 21 foreign investors, investing a total of USD 592.2 million. Hai Duong is one of the top 10 provinces and cities attracting FDI to the country. These results were attributed to the province's geographical location and the efforts of local authorities to create favorable conditions for investors.

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vietnam

United States Leads Foreign Direct Investment in Vietnam with USD 1.3 Billion

The United States has invested nearly USD 1.3 billion in Vietnam in the first two months of this year.

The United States has invested nearly USD 1.3 billion in Vietnam in the first two months of this year. Of the 82 counties investing in Vietnam, the United States accounted for nearly 51.6 percent of the counties foreign direct investment (FDI). There are currently several major US projects in Vietnam, highlighted by the construction of a USD 1.29 billion hotel-entertainment complex in Ba Ria-Vung Tau province by Good Choice Inc. Adam Sitkoff, the Executive Director of the American Chamber of Commerce (AmCham), noted that many American investors consider Vietnam to be the world's most attractive emerging market.

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vietnam

Capital of Vietnam Earns USD 800 Million in Exports

Vietnam's capital city of Hanoi earned nearly USD 808 million in exports in the first two months of the year.

Vietnam's capital city of Hanoi earned nearly USD 808 million in exports in the first two months of the year. This increase represents a 26 percent increase over last year. The major items for export were laser jet printers, followed by agricultural products and garments. During the same amount of time, Hanoi imported USD 2.88 billion which represented a 33.7 percent increase over last year. USD 957 million of the USD 2.88 billion was earmarked for gas imports.

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vietnam

Vietnam Invests Nearly USD 600 Million in Laos

Since 1989 Vietnam has invested roughly USD 600 million in Laos according to the Lao Planning and Investment Ministry.

Since 1989 Vietnam has invested roughly USD 600 million in Laos according to the Lao Planning and Investment Ministry. The projects primarily focus on agriculture, industry, handicraft, garments, banking, energy, and hotel-restaurant businesses. The mining sector has accounted for 15 projects worth an estimated USD 33 million, while the agro-forestry industry has 25 projects worth USD 117 million. The energy sector has been the primary area of investment with two hydropower plants attracting nearly USD 270 million.

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vietnam

Vietnam Contemplates USD 10 Billion Tourism Project

US's Global C&D Inc. has submitted a USD 10 Billion tourism project to be built in the central province of Quang Nam.

US's Global C&D Inc. has submitted a USD 10 Billion tourism project to be built in the central province of Quang Nam. The project is estimated to be the largest of its kind in the central and central highland region. The project will include a luxury seaside resort with hotels. Casinos, trade center, convention center, a golf course and full entertainment facilities. No time frame has yet been determined for completion.

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vietnam

Vietnam Government Opens Up Aviation Market

Vietnam has begun to open up the aviation market with the introduction of VietJet, the first private airline in Vietnam.

Vietnam has begun to open up the aviation market with the introduction of VietJet, the first private airline in Vietnam. Policy has been in place in Vietnam since 1991 to deregulate the airline industry. In addition to VietJet, a second private airline, Phu Quoc Air, is in the process of being established. The establishment of the private airline industry in Vietnam is due to the rising demand for air transport in the country. VietJet will being hiring foreign experts to establish and train the management teams for the fledgling company. VietJet hopes to begin flights in November of 2008.

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vietnam

Vietnam Company to Build 9 Seaports in 2008

The Vietnam National Shipping Line (Vinalines) will be starting the year with 9 seaport projects and 2 additional projects.

The Vietnam National Shipping Line (Vinalines) will be starting the year with 9 seaport projects and 2 additional projects. These seaports include the construction of Van Phong international port (Khanh Hoa), Hai Phong international port, and a port in Ho Chi Minh City. Vinalines spent USD 630 million on 30 new ships last year and is targeting USD 1 billion in earnings.

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vietnam

Vietnam’s First Month FDI Breaks Record with 1.7 Billion USD

Vietnam's foreign direct investment (FDI) in January was nearly five times the size from the same period last year, according to the Foreign Investment Department under the Ministry of Planning and Investment, 35 new FDI projects with a total of USD 1.65 billion represented a 21 percent increase in the number of projects.

Vietnam's foreign direct investment (FDI) in January was nearly five times the size from the same period last year, according to the Foreign Investment Department under the Ministry of Planning and Investment, 35 new FDI projects with a total of USD 1.65 billion represented a 21 percent increase in the number of projects. The projects include a 1.3 USD billion five-star hotel in the Ba Ria-Vung provience and a 298 USD million in the central Thua Thein-Hue province. According to the Foreign Investments department, the amount of foreign investors is continually increasing.

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vietnam

Vietnam Expected to Increase Auto Import Tax

Vietnam's Ministry of Finance and Industry and Trade are considering raising the import tax on automobiles which will drive the cost up for the consumers.

Vietnam's Ministry of Finance and Industry and Trade are considering raising the import tax on automobiles which will drive the cost up for the consumers. The increased taxes are expected to help reduce traffic jams. Car dealers say that if the import tax increases by 3-10%, car prices will likewise increase by USD 500 per car. Local manufacturers are welcoming the tax, because they believe that imports will become less competitive.

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vietnam

Sweden Leaves Laos

Sweden has decided to close their embassy in Laos on Aug 15, 2008.

Sweden has decided to close their embassy in Laos on Aug 15, 2008. The Swedish Charge d'Affairs, AnnLis Aberg, cited the slow progress of political reforms as one one factor leading to the decision. Sweden is also closing embassies in Vietnam and the Philippines and the moves also reflect a larger movement towards focusing development in Africa instead of Asia.

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vietnam

Vietnam Issues New Regulations to Govern Petroleum Imports and Re-Exports

Vietnam's Ministry of Industry and Trade has instituted new regulations to govern petroleum imports and re-exports.

Vietnam's Ministry of Industry and Trade has instituted new regulations to govern petroleum imports and re-exports. The Ministry has decided that only businesses with licenses granted by the ministry may import and export petroleum products. The Licenses will be granted based on domestic supply and market prices.

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Vietnam Strives to Export More to China

Vietnam plans to strengthen export turnover to China, plans to increase to 4 billion in 2008

Vietnam plans to strengthen export turnover to China, plans to increase to 4 billion in 2008, 5.4 billion in 2010, and 11.1 billion in 2015, according to latest plan made by the Vietnamese Ministry of Industry and Commerce. It is advising the enterprises to intensify export of seafood, tropical fruits and vegetables, cashew nuts, rice, sliced manioc and cassava, electric wires and cables, and wood-based imitation antiques. The ministry is also instructing local firms to do business with stable well performing Chinese companies to facilitate export.

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Vietnam draws Pharmaceutical Industry Investors

After Vietnam entered the World Trade Organization, Vietnam's pharmaceutical industry became a draw for foreign investment with 58 new businesses in 2007.

After Vietnam entered the World Trade Organization, Vietnam's pharmaceutical industry became a draw for foreign investment with 58 new businesses in 2007. The Health Ministry has reported that they have licensed 370 foreign business engaged in the making of medicines. Vietnam is expected to continue to attract investors because of the booming population nearing 85 million and the abundance of tropical herbal plants available. The Vietnamese people's spending on medicines jumped from an average USD 0.3 per person in 1999 to USD 8.6 in 2004 and USD 12.69 in 2007.

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Business Leaders from Around the World Gather in Vietnam to Discuss Dynamic Economy

Representatives from the world's leading companies will be gathering in Hanoi for discussions with government representatives about investment policies and the current booming business climate in Vietnam.

Representatives from the world's leading companies will be gathering in Hanoi for discussions with government representatives about investment policies and the current booming business climate in Vietnam. The first Business Roundtable with the Government of Viet Nam is jointly organized by the Economist Conferences from the UK's leading The Economist and the Viet Nam Foreign Ministry's World and Vietnam Report. In 2007, Vietnam registered a growth rate of 8.48 percent, the highest in the past 10 years. The foreign direst investment (FDI) in Vietnam has skyrocketed with a 70 percent year-on-year increase this past year.

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Vietnam Seafood and Agro-forestry Exports Hit USD 12.5 Billion

In 2007 Vietnam gained USD 12.5 billion from seafood and agro-forestry exports.

In 2007 Vietnam gained USD 12.5 billion from seafood and agro-forestry exports. This increase represents a year-on-year increase of 20.6 percent. Agro-forestry exports made up for USD 8.7 billion while USD 3.8 billion came from the fisheries sector. Almost all key staple products hit highest in both volumes and sales. Rice and pepper exports declined in volume but recorded rise in value due to export price hike. The country fetched USD 1.46 billion from shipping abroad 4.5 million tones of rice, up 14 percent in revenue but down 3 percent in volume as compared against 2006.

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Vietnam Foreign Direct Investment (FDI) will hit record in 2007

Vietnam expects to receive USD 19 billion in foreign direct investment in 2007.

Vietnam expects to receive USD 19 billion in foreign direct investment in 2007. The number is higher than the USD 16 billion that had been predicted by the Ministry of Planning and Investment's Department for Foreign Investment. The investments were mainly based on Vietnam's key economic areas like construction, industry, electronics, infrastructure, and high technology. The major FDI project this past year is the USD 1.7 billion Vong Ro oil refinery by British Technostar Management.

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Vietnam to Target Sustainability and Balance in 2008

Deputy Prime Minister Hoang Trung Hai has declared that sustainable development and trade balance will be the main focus in 2008 and the following years.

Deputy Prime Minister Hoang Trung Hai has declared that sustainable development and trade balance will be the main focus in 2008 and the following years. He also emphasized the need to improve effectiveness of trade promotion activities, personal resources development and the operation of trade associations. The Ministry of Industry and Trade is targeting export revenue of over 58 billion USD for 2008, a year-on-year increase of 20-22 percent. Crude oil, garment, footwear, electronic and computer components, woodwork, rice, coffee, rubber and mechanical products are forecast to attain high growth rates in 2008.

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Overseas Remittance Flood into Vietnam

The season for overseas remittance has hit Vietnam's banking industry and commercial banks have entered the race to provide overseas remittance services.

The season for overseas remittance has hit Vietnam's banking industry and commercial banks have entered the race to provide overseas remittance services. According to the Deputy Director General of Vietcombank, the total turnover in remittances in the first ll months has hit USD 950 million, which represents a 60 percent increase over last year. To date, the word "overseas remittance' referred to the money sent by overseas Vietnamese to their relatives in Vietnam to support the relatives' lives. However, the concept has been expanded. The term now refers to money sent by overseas Vietnamese to their relatives or friends in Vietnam, which will be used in investment projects.

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Seven Development Projects worth USD 47 Million Get Green Light in Vietnam

Seven projects worth USD 47 million dollars were approved by the People's Committee December 10.

Seven projects worth USD 47 million dollars were approved by the People's Committee December 10. The largest development was a USD 160 million high end tourism complex , a USD 110 million housing scheme, and a USD 92 million plant to produce parts for solar energy. 3 of the seven development projects, capitalized at USD210 million), were foreign investments. The total of foreign-invested projects in the province of Hay Tay is 99 with capital worth USD 2.15 billion.

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Cambodian and Vietnamese State Banks Increase Cooperation

The state Banks in Cambodia and Vietnam have signed a memorandum of understanding to increase cooperation after a four day visit to Cambodia by Vietnam's state bank governor.

The state Banks in Cambodia and Vietnam have signed a memorandum of understanding to increase cooperation after a four day visit to Cambodia by Vietnam's state bank governor. The agreement will facilitate cross-border import-export activities, encourage Vietnam to provide technical expertise to Cambodia, and foster the opening of Vietnamese banks in Cambodia.

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Malaysian Firm Break Ground on USD 2 Billion Industrial and Convention Center Park in Vietnam

Gamuda Berhad, Malaysia's largest real estate development group broke ground on Yen So Park in Ha Noi, to be cost at the price of USD 2 billion.

Gamuda Berhad, Malaysia's largest real estate development group broke ground on Yen So Park in Ha Noi, to be cost at the price of USD 2 billion. The development will include a convention centre, residential unites, a hotel, commercial facilities, and parks and open space. It is expected to be Asia's largest urban park. The project is expected to be completed by 2010.

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Vietnam Government Considers USD 4 Billion Tourist Project

The Prime Minister of Vietnam has agreed in principle to a USD 4.18 billion tourist project which would primarily be invested by Brunei's New City Company.

The Prime Minister of Vietnam has agreed in principle to a USD 4.18 billion tourist project which would primarily be invested by Brunei's New City Company. The project would be a high-end tourist complex in central Phu Yen province. The project is still being considered by government officials because part of the compound would be used as casino for foreigners. The project would likely meet the requirements for casino activities because it is located a distance from residential areas and would meet security conditions.

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Ho Chi Mina City Hosts International Trade Expo

On December 4, foreign companies will be showcasing their products and services at the Annual Vietnam International Trade Expo.

On December 4, foreign companies will be showcasing their products and services at the Annual Vietnam International Trade Expo. The five day event features exhibitors from China, Indonesia, the Republic of Korea (RoK), Japan and many others. There will be 400 booths on food, farming, drink, garment, electrical products, furniture, construction materials and many other products. The highlight of the show is environmental technology where firms from Japan, RoK and Malaysia have brought machines for water and environment treatment. Of special note are the 50 RoK enterprises with their 170 stalls featuring electrical and home appliances, and medial and electrical engineering equipment. Rook is a major trading partner of Vietnam and bilateral trade between the two countries reached USD 3 billion this year.

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Vietnam’s Agricultural, Forestry, and Aquatic Exports to Reach USD 12 Billion

The Ministry if Agriculture and Rural Development reported that exports of agricultural, forestry, and aquatic products might reach USD 12 billion.

The Ministry if Agriculture and Rural Development reported that exports of agricultural, forestry, and aquatic products might reach USD 12 billion. There has been a year on year increase of 15 percent according to the ministry. Coffee was the first item to beat its 2007 target, with earnings of USD 1.7 billion compared to USD 1 billion in 2006. Aquatic products exports are expected to increase USD 150 million over last year. Other major increases were seen in furniture exports (USD 2.5 billion), rubber (USD 1 billion), cashew nuts (USD 650 million), and pepper (USD 249 million).

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Funding Gained for Road linking Vietnam and Cambodia

A recent agreement has provided $165.5m in outside funding to Cambodia and Vietnam to improve a section of the coastal road from Bangkok, Thailand to Nam Can, Vietnam.

A recent agreement has provided $165.5m in outside funding to Cambodia and Vietnam to improve a section of the coastal road from Bangkok, Thailand to Nam Can, Vietnam. The repaired portion consists of a 15km stretch in Cambodia that links to the Vietnamese border and 96km of highways within Vietnam. External funding comes from South Korea ($50m loans), the Asian Development Bank ($82m loans), Australia ($33.5 grants). Internal funding comes from Cambodia ($3.7m) and Vietnam ($58.2).

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Vietnam State Bank announces Foreign Bank Standards

Vietnam announces that Sate of Bank of Vietnam will only Allow foreign investors to sell shares if the have VND 1 billion

Vietnam announces that Sate of Bank of Vietnam will only Allow foreign investors to sell shares if the have VND 1 billion. The banks must also be in the green for five consecutive years before they can sell shares to foreign investors. Any foreign financial institutions desiring to invest in a local bank must have a global credit rating.

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Vietnam’s Industrial Output Reaches USD 33 Billion

The General Statistics Office (GSO) has announced that industrial output in Vietnam has reached USD 33 billion in the first 11 months of the year, a 17 percent increase over last year.

The General Statistics Office (GSO) has announced that industrial output in Vietnam has reached USD 33 billion in the first 11 months of the year, a 17 percent increase over last year. The major industries that have reported growth include beer brewing (19.4 percent), machinery (74.5 percent), electric generators (26.2 percent) and auto assembly (62.7 percent). Production growth has risen steadily because of major investment and expansion into new markets. The GSO has predicted that the growth could be higher is there is less exploitation of oil and gas reserves.

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Prospering Vietnam Auto Industry Allows Manufacturers to Increase Investment

The Ministry of Industry and Trade in Vietnam has reported that 80,000 automobiles will be manufactured this year and an additional 25,000 will be imported.

The Ministry of Industry and Trade in Vietnam has reported that 80,000 automobiles will be manufactured this year and an additional 25,000 will be imported. The total amount of cars should reach 100,000 and 60,000 of those orders will be for cars. It is expected that the car market has seen a growth rate of 100% this year over 2006. The positive business results have prompted manufacturers to invest heavily in the future. The major investors include Vinaxuki which has invested VND 450 billion in vans and is expected to add a plant for cars worth VND 930 billion. GM Daewoo and Toyota of Japan are also expect to raise their capacities to meet rising demand.

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Foreign Professional in Demand in Vietnam

Labor shortages of capable and educated workers are forcing companies in Vietnam to seek foreigners for executive positions.

Labor shortages of capable and educated workers are forcing companies in Vietnam to seek foreigners for executive positions. Head hunting companies have reported that the supply for highly qualified workers is 30% lower than demand and is expected to become even greater. The Vietnam Online Labor Force Index has shown that Hanoi and Ho Chi Minh City are the two biggest labor focal points where 34% and 46% of jobs are located, respectively. Vietnam currently has a booming economy but the education system and market is not able to keep up with the growing need for experienced managers and executives.

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Vietnam and Russia to Raise Bilateral Trade to USD 2 Billion

The bilateral trade between Russia and Vietnam is forecast to hit USD 1 billion this year and is expected to hit USD 2 billion in the next three years.

The bilateral trade between Russia and Vietnam is forecast to hit USD 1 billion this year and is expected to hit USD 2 billion in the next three years. The announcement came from Mikhail Slipenchuk, chairman of the Russia-Vietnam Business Council, during a forum in Hanoi. During a recent trip by Vietnam businessmen in September to Russia, there was USD 1.14 billion worth of contract signed between Vietnamese and Russian business partners. Russia has invested in 54 projects with a value of USD 302 million in Vietnam, while Vietnam is currently engaged in 11 projects worth USD 73 million in Russia.

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Vietnam Real Estate Development in Golden Age

The real estate market in Vietnam has gone through several hot cycles in the past several years and 2007 has shown a serious market for high end apartments in Vietnam.

The real estate market in Vietnam has gone through several hot cycles in the past several years and 2007 has shown a serious market for high end apartments in Vietnam. High end apartments and office projects are becoming scarce on the market as prices soar. Experts have pointed to three major reasons for the demand increase. The Vietnam stock market has rebounded from a fall in late 2006 and has convinced investors to shift their money to the real estate market. Second, the demand for accommodations continues to increase with the Vietnam population increasing by 1.1 million people every year. Third, Vietnam has recently enacted new policies that allow for returning Vietnamese to own houses. Fourth, Vietnam has an increasingly high demand for offices due to the influx of foreign investment.

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Slow Equitisations of Vietnam’s State Owned Enterprises Annoys Foreign Investors

Foreign investors have already purchased all the available stakes in Vietnam's current blue-chip companies and are becoming frustrated at the approval process for the next set of State Owned Enterprises (SOE) waiting to become available.

Foreign investors have already purchased all the available stakes in Vietnam's current blue-chip companies and are becoming frustrated at the approval process for the next set of State Owned Enterprises (SOE) waiting to become available. The list of delayed SOE equitisations includes an IPO for MobiFone, Vietcombank, and the Mekong Housing Development. Some of the current delays stretch back as for as 2005. Foreign investors have bought into equitised companies at ceiling levels, now their ownership cannot further increase and there are few to no new blue-chips to invest in. This is why equitisation of big SOEs is currently so attractive to foreign investors. Vietnam's government worries that if the equitisation happens to rapidly that they will lose their control.

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The “Four Lords” to Join Hands and Form ATM Card Alliance

The four major ATM card alliances in Vietnam, often referred to as the "four lords' will combine efforts to offer greater service and availability.

The four major ATM card alliances in Vietnam, often referred to as the "four lords' will combine efforts to offer greater service and availability. Smartlink, VNBC, Sacombank/ANZ and Banknet currently operate separate ATM systems and cardholders could only withdraw funds from their specific card alliance. In the past, banks in Vietnam have resisted forming an alliance because of the fear of losing customers to a competitor. The alliance between Smartlink and Banknetvn will control 95% of the current ATM services available. There are 7 million cards in Vietnam which have been issued by 29 institutions. 25 domestic commercial banks own 4,000 ATMs and 22,000 POS.

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Vietnam Apparel Exports Rising Despite Fears of U.S. Monitoring System

The American Chamber of Commerce in Vietnam has reported a sharp rise in Vietnam apparel exports to the U.S. despite a monitoring system put in place by the U.S.

The American Chamber of Commerce (AmCham) in Vietnam has reported a sharp rise in Vietnam apparel exports to the U.S. despite a monitoring system put in place by the U.S. AmCham estimates exports around USD 4.3 billion, up from USD 3.4 billion last year, when quota systems were still in place. The monitoring system was believed to stifle exports from Vietnam and force retailers to move orders out of Vietnam. The US is Vietnam's biggest apparel market, buying nearly 60 percent of the latter's total exports.

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Vietnam Reports Provincial Economies Improve Efficiency

According to the recent Vietnam Provincial Competitiveness Index (PCI), recent reforms carried out by Vietnam's provinces have made their economies more efficient.

According to the recent Vietnam Provincial Competitiveness Index (PCI), recent reforms carried out by Vietnam's provinces have made their economies more efficient. The report by the Vietnam Chamber of Commerce and Industry (VCCI) rates the provinces on their efforts to improve their regulatory environment and promote private sector growth. The provinces that have made the most growth have all been in the Mekong Delta or central region, despite the area's infrastructure limitations. The main areas of improvement have been the entry costs and time costs. The average time cost for a firm to obtain a license has dropped from 15 days to 20 days in the last year. However, the authors of the 2007 report are concerned about the balance of improvement over the 64 regions. The PCI 2007 is a joint effort by the VCCI and the USAID-funded Vietnam Competitiveness Initiative Project.

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Japanese Companies Keen on Vietnam Investment

Eighty Japanese companies, lead by the Vice Chairman of the Japanese External Trade Organization (JETRO), will be visiting Vietnam on a 5 day visit on November 11th to promote investment in Vietnam. The companies represent such industries as electricity, manufacturing, automobile parts, plastics, logistics, and various services. The visit is part of the JETRO and Vietnam Trade Promotion Organization's Vietnam â€" Japan Supporting Industry Exhibition. JETRO has listed Vietnam as the fourth most sought after market for Japanese companies, trailing behind China, India, and Thailand.

Eighty Japanese companies, lead by the Vice Chairman of the Japanese External Trade Organization (JETRO), will be visiting Vietnam on a 5 day visit on November 11th to promote investment in Vietnam. The companies represent such industries as electricity, manufacturing, automobile parts, plastics, logistics, and various services. The visit is part of the JETRO and Vietnam Trade Promotion Organization's Vietnam â€" Japan Supporting Industry Exhibition. JETRO has listed Vietnam as the fourth most sought after market for Japanese companies, trailing behind China, India, and Thailand.

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US Commerce Secretary Praises Vietnam’s Burgeoning Economy

US Commerce Secretary Carlos Guiterrez met with Vietnam leaders yesterday and praised Vietnam's economy and explained the United States desire for expanding trade between the two nations.

US Commerce Secretary Carlos Guiterrez met with Vietnam leaders yesterday and praised Vietnam's economy and explained the United States desire for expanding trade between the two nations. Since the US and Vietnam implemented a bilateral trade deal in 2001, two-way trade has grown and should reach USD 12 billion this year. U.S. business concerns center around the lop-sided balance of trade which favors Vietnam. Guiterrez emphasized that the U.S. does not want to limit the imports from Vietnam, but would like the U.S. to have greater access to the emerging Vietnam market. U.S. business leaders also desire for Vietnam to improve their infrastructure, legal system and the enforcement of property rights. Currently there are more than 500 U.S. investment projects in Vietnam with a total value of more than USD 5 billion.

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US-ASEAN Business Council to Open Office in Hanoi

The US-ASEAN Business Council plans to open an office in Hanoi because of the sharp increase in business opportunities in Vietnam, according to the Council's President, Matthew P. Daley.

The US-ASEAN Business Council plans to open an office in Hanoi because of the sharp increase in business opportunities in Vietnam, according to the Council's President, Matthew P. Daley. The US-ASEAN Business Council has about 120 members and a quarter of them are currently operating in Vietnam. The Council is also arranging for a tour of Southeast Asia by American defense and security corporations and will conclude in Hanoi with a meeting with Prime Minister Nguyen Tan Dung.

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Bilateral Vietnam – Japan Trade to Reach USD 12 Billion

According to the Ha Noi Young Business Association, bilateral trade between Vietnam and Japan will reach USD 12 billion.

According to the Ha Noi Young Business Association, bilateral trade between Vietnam and Japan will reach USD 12 billion. This represents a 21 percent increase from 2006. Of the USD 12 billion, Vietnam exports will represent USD 6-7 billion. The biggest to Japan has been seafood, with shrimp exports representing USD 450 million and squid exports representing USD 92 million. Combined, the two exports represent 18.3 percent of Vietnam's total seafood export.

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The Vietnam Steel Corporation (Vnsteel) and Tata Group Join Together

The Vietnam Steel Corporation (Vnsteel) and the India based Tata Group will join forces to produce cool-rolled steel after coming to an agreement on October 3l.

The Vietnam Steel Corporation (Vnsteel) and the India based Tata Group will join forces to produce cool-rolled steel in Vung Ang economic zone in Ha Tinh province. The two sides were able to sign a Memorandum of Understanding in Ha Noi on October 31. The two corporations had already signed an agreement for a metallurgy plant in central Ha Tinh province.

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Vietnam Breaks Into Globalization Index Ranking

AT Kearney consulting group and Foreign Policy Magazine have just released their seventh annual "Globalization Index" and for the first time Vietnam has made the rankings at the 48th position among 72 total countries reviewed.

AT Kearney consulting group and Foreign Policy Magazine have just released their seventh annual "Globalization Index" and for the first time Vietnam has made the rankings at the 48th position among 72 total countries reviewed. The index quantifies economic integration by combining data on trade and foreign direct investment. The 2007 edition is the largest and most comprehensive to date and accounts for 97 percent of the world's gross domestic product. Vietnam's inclusion in the index demonstrates the country's progress toward economic liberalization and integration into the global supply chain.

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Ha Noi’s Export Value Estimated at USD 3.53 Billion

Ha Noi's export value estimated at USD 3.53 billion, a year on year rise of 21.4 percent.

Ha Noi's export value estimated at USD 3.53 Billion, a year on year rise of 21.4 percent. In the city's 10 month export turnover, State-run enterprises made up USD 1.85 billion while foreign-invested enterprises made up USD 1.35 billion. The leading earners in Ha Noi were ink jet printers, garment and apparels, and farm products.

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The Continued Weak VND Continues Profit Loss

The State Bank of Vietnam is continuing with its weak VND policy which benefits exporters in Vietnam. Experts have contended that the profit Vietnam receives is much smaller than the loss it incurs

The State Bank of Vietnam's weak VND policy has devaluated the VND by 2.02 percent per year. The devaluation has helped Vietnam's exporters while hurting the importers. Vietnam was able to export USD 14.455 billion worth of goods in 2000 and USD 39.826 billion in 2006, a growth rate of 20.8 percent per annum. The import turnover was only up 19.21 percent per annum. With the import material prices rocketing and the current high trade deficit, it is clear that the benefit Vietnam can get from exports is lower than the loss it suffers from imports. The devaluation of the VND will worsen the high inflation as it can "magnify' the "material price fever' on the world's market.

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Tokyo and Vietnam Stock Exchanges Connect

The Tokyo Stock Exchange and Ho Chi Minh City Stock Exchange have signed a deal to cooperate through possible cross listings of stocks.

The Tokyo Stock Exchange (TSE) and the Ho Chi Minh City Stock Exchange have signed an agreement that will allow the sharing of information and possible cross-listing of stocks. In addition, the TSE will consider offering further technical assistance. Vietnam's main stock exchange was opened in 2000 and has quickly risen, with the benchmark index rising 145 percent last year. Both the Tokyo Stock Exchange and the Ho Chi Minh City Stock Exchange have signed cooperation agreements with the London Stock Exchange.

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Vietnam Per Capita GDP To Increase

Vietnam's Prime Minister Nguyen Tan Dung predicts that Vietnam's per capita gross domestic product could reach USD 960 million this year and continue to grow.

Vietnam's current per capita GDP of less than USD 875 million has prompted the Prime Minister Nguyen Tan Dung to stress, during the 12th National Assembly, the improvement of the legal framework and administration of the market economy. These improvements are expected to help the country's overall GDP to grow 8.5-9 percent.

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Vietnam Air Increases Profit and Fleet

The State-owned airline, Vietnam Airlines, has earned in nine months almost as much as it earned last year.

The State-owned airline, Vietnam Airlines, has earned in nine months almost as much as it earned last year. With USD18.8 million in pre-tax profits, the Airline is not failing to recognize future set-backs as it said, "Despite the air transport market's growth of 17 percent year-on-year in the first nine months of the year, there remained a number of difficulties in the business environment." By 2020, as the Prime Minister has approved, the fleet will increase to 107 planes as it begins to privatize.

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Morgan Stanley Recieves 10 Percent Stake in PetroVietnam

PetroVietnam has signed two agreements with Ha Noi Securities Trading Centre and Morgan Stanley.

PetroVietnam has signed two agreements with Ha Noi Securities Trading Centre and Morgan Stanley. Morgan Stanley will gain a 10 percent stake in the Oil and Gas Company and they will support and assist PetroVietnam in raising capitol from global and regional markets in addition to providing management skills. Ha Noi Securities Trading Centre (HASTC) would help PetroVietnam obtain more money from the stock market. Both agreements allow for PetroVietnam to expand into fields such as insurance, securities and finance.

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Vietnam Dam Forces 90,000 to Relocate

14,000 people are being forced to relocate as Vietnamese officials are planning to construct the countries largest hydro-electric dam reservoir.

14,000 people are being forced to relocate as Vietnamese officials are planning to construct the countries largest hydro-electric dam reservoir. The dam, which will cost USD2.6 billion, should start operating in 2015. Construction of the dam, which is expected to relocate 90,000 people, began in 2005 and will be flooded in 2010. Those who were forced to move were generally poor people who relied on farming rice and tea and are now finding it difficult to adjust to the less fertile hillsides. As Asian Development Bank estimated, Vietnam is consuming energy at twice the rate the GDP is growing and the new dam will generate 2,400 megawatts of power.

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Vietnam to Launch First Telecom Satellite

Vice chairman of the Ho Chi Minh City Physics Society, Doctor Le Minh Triet, has announced that Vietnam will launch a telecommunications satellite next year.

Vice chairman of the Ho Chi Minh City Physics Society, Doctor Le Minh Triet, has announced that Vietnam will launch a telecommunications satellite next year. This will be the first Telecommunication satellite for Vietnam. Vietnam Posts and Telecommunications Group had the satellite, VINASAT-1, built by Lockheed Martin in order to improve the countries telecommunications system. The satellite could potentially allow telephone and television signals to be seen by 100 percent of the country. Another satellite, VINASAT-2, which is going to be used to help find natural resources, will be launched in 2011.

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Petrovietnam Proposes Limiting Oil Refining Project to Locals

After discussing a potential joint-venture with Idemitsu Kosan Co Ltd., who estimated the venture would cost USD5.25 billion, Petrovietnam has provided the government with two less costly alternatives.

After discussing a potential joint-venture with Idemitsu Kosan Co Ltd., who estimated the venture would cost USD5.25 billion, Petrovietnam has provided the government with two less costly alternatives. One would involve continuing the search for foreign investors and the other would be limiting the project to local firms. Dinh La Thang, chairman of the state oil monopoly, said Petrovietnam has five local companies who are potential partners in the project.

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vietnam

Vietnam to Recieve USD15 Million from Asia Development Bank

Asia Development Bank has decided to provide Vietnam with a USD15 million loan.

In order to help poor areas of Vietnam catch up to the rest of the country, the Asia Development Bank has decided to provide Vietnam with a USD15 million loan. It is hoped that the loan will improve the poor's access to health services and education while assisting them in land ownership. While the poverty rate has decrease significantly since 1993, Vietnamese officials want to cut poverty to 10 percent of the population. The economy in Vietnam is one of the fastest growing economies in Asia.

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Singapore Supermarket Enters Vietnam

Giant South Asia has permission to establish three stores and hopes to produce six in the near future.

Wellcome Supermarket, run by Singapore's Giant South Asia Investment Pte. Ltd., opened its first store in Vietnam on Saturday. Giant South Asia has permission to establish three stores and hopes to produce six in the near future. The Wellcome stores will sell consumer goods mainly produced by local companies. Wellcome hopes to increase employment and set higher standards for local professionals. When Giant South Asia obtained its permit to enter Vietnam, the Ministry of Planning and Investment only allowed it to set up in existing Citimart supermarkets. It is hoped that the retail giant will strengthen the retail market in Vietnam.

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vietnam

Vietnam Needs More Banks for Development

While some people believe the government should limit the number of banks to encourage established banks to widen their scope and become stronger, experts are asking for the opposite

While some people believe the government should limit the number of banks to encourage established banks to widen their scope and become stronger, experts are asking for the opposite, Vietnam needs more than eighty banks. Currently, while the countries economy is expanding via the development of the stock market and real estate, only 5-7 percent of the people use the banks. Charly Madan, of Citigroup Vietnam, suggests the government support the expansion of the banks by producing a viable development strategy to promote healthy competition and encourage investors.

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vietnam

Vietnam Now a Top 10 Exporter of Apparel

Vietnam has made the climb from 16th to becoming one of the world's top ten apparel exporters by setting a target of exporting approximately USD10-20 billion in apparel by 2010.

Vietnam has made the climb from 16th to becoming one of the world's top ten apparel exporters by setting a target of exporting approximately USD10-20 billion in apparel by 2010. The growth rate of 30 percent in Vietnam and quota cuts in competing countries allows Vietnam to be hopeful that by 2020 they will export nearly USD20 billion worth of apparel. The top export market for Vietnam is the United States, which accounts for 55 percent, followed by the European Union, with 20 percent.

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vietnam

Vietnam Finding Popularity Among Germans

German businessmen are recognizing the importance of Vietnam.

German Ambassador to Vietnam, Rolf Peter Gottfried Schultz, has announced his top priorities for his term, including: encouraging Germans to trade and invest in Vietnam, promote political dialogue between Germany and Vietnam and promote higher education in Vietnam by developing the Germany-Vietnam University as well as establishing German as a second language in Vietnamese universities. Germany is currently the largest trade partner of Vietnam, in the European Union, and recently has been increasing the imports of industrial products from Vietnam. In order to make investors feel safe, Vietnam will have to improve its legal environment.

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vietnam

UK to Invest More in Vietnam at Urging of Trade and Investment Executive

Chief Executive of UK Trade and Investment, Andrew Cahn, called on British businesses to contribute to the Vietnamese economy.

Chief Executive of UK Trade and Investment, Andrew Cahn, called on British businesses to contribute to the Vietnamese economy. Before making the call, Cahn met with several British investors already in Vietnam, like BP, Shell, and Standard Chartered Bank, all of which spoke positively of their experience. Cahn also called for Vietnam to build a better business environment as well as improve the infrastructure. In order to work out trade and economic relations, the two countries have decided to establish a working group.

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vietnam

Vietnam Airlines Spends USD5.5 billion in Hopes of Bringing in More International Passengers

In an effort to increase it's fleet by 2015 to 86 planes, Vietnam Airlines has split USD 5.5 billion between Beoing and Airbus SAS.

In an effort to increase it's fleet by 2015 to 86 planes, Vietnam Airlines has split USD 5.5 billion between Beoing and Airbus SAS. It plans to purchase twelve Boeing 787s, which seat 250 to 300 people, costing USD 1.8 billion. Vietnam Airlines will spend USD 3.7 billion at Airbus while buying ten nA350s, which seat 300, and 20 A321ss. The Airline has decided to expand after an increase in international passenger arrivals, which was fueled by a growing economy.

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vietnam

GE Energy Invests USD 50 Million to Build Plant in Vietnam

A USD 50 million manufacturing plant will be built by GE Energy in Vietnam.

A $50 million manufacturing plant will be built by GE Energy in Vietnam. The plant will produce parts for GE's power generation equipment. The plant will be built near the city Hai Phong and construction is scheduled to begin before the end of the year. The plant will employ 400 people and is expected to be operational in 2009. GE's chairman Jeff Immelt has stated, "Vietnam is growing fast and GE would like to position itself as a long term partner for Vietnamese customers by supporting the development of the country's economy and industry".

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vietnam

Proposed Luxury Tax Cut in Vietnam

Car prices were not reduced after the Ministry of Finance implemented it's decision to lower the import tax on new import cars by 10 percent.

Car prices were not reduced after the Ministry of Finance implemented it's decision to lower the import tax on new import cars by 10 percent. It was hoped that local manufacturers would reduce their selling price, as the import tax was reduced; however, manufacturers do not plan on doing so as the demand is higher than the supply. It is suggested by experts that in order to get car prices reduced, the government must lower taxes, like luxury tax, as cars should not be seen as a luxury but rather a normal means of transportation.

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vietnam

Vietnam Embraces Luxury Market

Since the late 1980s, the Vietnamese government has been making market changes which included acquiring foreign investors, which means western styles.

While most or Vietnam's 84 million workers live off a dollar or so a day, many others are enjoying the posh lifestyle via the booming luxury market in Vietnam. Since the late 1980s, the Vietnamese government has been making market changes which included acquiring foreign investors, which means western styles. Since Vietnam began implementing it's economic change not only have Gucci and Louis Vuitton stores been popping up but the per capita income has doubled in the past five years and the poverty rate has decreased significantly. While the older war generation is hesitant to embrace the new lifestyle, those born after 1975 remain optimistic and continue to support the luxury market.

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vietnam

France's EDF Recieves Approval to Invest in Vietnamese Power

The Vietnamese government has approved French Utility EDF's plan to invest $4 billion US dollars in a power plant powered by coal-fire in the province of Hau Giang.

The Vietnamese government has approved French Utility EDF's plan to invest $4 billion US dollars in a power plant powered by coal-fire in the province of Hau Giang. Several other international utility firms have openly expressed their desire to profit from the country's high energy demand. French plans hope to have the country's largest coal-fired electricity generator having a capacity of 3,600-MW. The government hopes that by encouraging private investors to invest in power would hopefully encourage economic expansion.

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vietnam

Vietnam's Finance Sector to be Modernized

At a recent meeting with the Finance Ministry, Permanent Deputy Prime Minister Nguyen Sinh Hung demanded the modernization of the Vietnamese finance sector. He suggests to focus in the upcoming year on the development of financial markets to increase the State's budget and facilitate businesses' operations.

At a recent meeting with the Finance Ministry, Permanent Deputy Prime Minister Nguyen Sinh Hung demanded the modernization of the Vietnamese finance sector. He suggests to focus in the upcoming year on the development of financial markets to increase the State's budget and facilitate businesses' operations.

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vietnam

Vietnam Aims to Grow Service Sector 16.3 percent by 2010

Currently, Vietnam's services sector accounts for just 10.8 percent of GDP, far below the 40 percent most developed countries earn in this sector. Although major obstacles may stand in the way of reaching this goal

Currently, Vietnam's services sector accounts for just 10.8 percent of GDP, far below the 40 percent most developed countries earn in this sector. Although major obstacles may stand in the way of reaching this goal, the nation plans to turn over USD 12 billion per year by 2010.

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Laos, Vietnam Agree to Strengthen Relations

At a meeting on Sunday, Vietnamese Deputy Prime Minister Nguyen Sinh Hung and his Lao counterpart Somsavat Lengsavat have agreed to strengthen relationships between the two countries.

At a meeting on Sunday, Vietnamese Deputy Prime Minister Nguyen Sinh Hung and his Lao counterpart Somsavat Lengsavat have agreed to strengthen relationships between the two countries. In particular, the fields of hydroelectricity, mining and cash crop cultivation are of great interest.

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vietnam

Brunei, Vietnam Help Strengthen Bilateral Ties

In a reception to mark the 62nd Anniversary of Vietnam's National Day, the Ambassador of Vietnam to Brunei, Mr. Pham Binh Man discussed the landmark achievements between both nations as the establishment of diplomatic relations commenced 15 years ago. Brunei's Minister of Communications, Pehin Dato Seri Setia Hj Abu Bakar Hj Apong, who was the guest of honor, touched upon the developed cooperation between the southeast Asia nations and how both, "Vietnam and Brunei will continue to be developed bilaterally, as well as multilaterally, in the interest of peace, stability and prosperity." Both nations are active members of Asean, Apec and Asem, as well as many other regional and international associations.

In a reception to mark the 62nd Anniversary of Vietnam's National Day, the Ambassador of Vietnam to Brunei, Mr. Pham Binh Man discussed the landmark achievements between both nations as the establishment of diplomatic relations commenced 15 years ago. Brunei's Minister of Communications, Pehin Dato Seri Setia Hj Abu Bakar Hj Apong, who was the guest of honor, touched upon the developed cooperation between the southeast Asia nations and how both, "Vietnam and Brunei will continue to be developed bilaterally, as well as multilaterally, in the interest of peace, stability and prosperity." Both nations are active members of Asean, Apec and Asem, as well as many other regional and international associations.

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vietnam

Laos, Vietnam, Thailand Ease Transport to Boost Trade

The transport ministers of Thailand, Vietnam and Laos have recently agreed on free travel of trucks between the three countries to boost trade. Further they agreed on avoiding too strong competition for Lao transport companies. Therefore, Thai and Vietnamese trucks will not provide service to local traders.

The transport ministers of Thailand, Vietnam and Laos have recently agreed on free travel of trucks between the three countries to boost trade. Further they agreed on avoiding too strong competition for Lao transport companies. Therefore, Thai and Vietnamese trucks will not provide service to local traders.

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Vietnam and Laos to Strengthen Relationship

Vietnamese Party General Secretary Nong Duc Manh and Lao Vice President Bounnhang Vorachit met in Hanoi on Wednesday to renew programs to further strengthen special solidarity and cooperation between both nations. The Vietnamese Party General Secretary lauded the recent Laotian achievements in construction, implementing infrastructure and defense and urged the neighboring country to make strides toward independence, democracy, unity and prosperity.

Vietnamese Party General Secretary Nong Duc Manh and Lao Vice President Bounnhang Vorachit met in Hanoi on Wednesday to renew programs to further strengthen special solidarity and cooperation between both nations. The Vietnamese Party General Secretary lauded the recent Laotian achievements in construction, implementing infrastructure and defense and urged the neighboring country to make strides toward independence, democracy, unity and prosperity.

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Thailand, Cambodia, Vietnam to Cooperate in Sea Tourism

Tourism officials from Cambodia, Thailand and Vietnam have met to discuss possibilities to develop their common sea area.

Tourism officials from Cambodia, Thailand and Vietnam have met to discuss possibilities to develop their common sea area. Measure that have been agreed on include training of human resources for sea tourism, linking tourism destinations in the three countries, and the exchange of experience and tour operation management.

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vietnam

Vietnam to Receive USD 5 Billion in Investments

Vietnam is set to receive USD 5 billion over the next five years from Hon Hai Precision Industry Co., the world's largest electronics contract manufacturer by revenue. The sheer magnitude of this investment is an attestation of Vietnam's economic stability and potential, and could attract additional investments by foreign technology companies as well as increasing Vietnam's employment capacity by up to 300,000 jobs.

Vietnam is set to receive USD 5 billion over the next five years from Hon Hai Precision Industry Co., the world's largest electronics contract manufacturer by revenue. The sheer magnitude of this investment is an attestation of Vietnam's economic stability and potential, and could attract additional investments by foreign technology companies as well as increasing Vietnam's employment capacity by up to 300,000 jobs.

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Cambodia, Thailand and Vietnam Look To Strengthen Tourism

Tourism officials from Cambodia, Thailand and Vietnam gathered last week in Cambodia's Sihanoukvile to discuss ways to boost the development of tourism in the three countries' common sea area.

Tourism officials from Cambodia, Thailand and Vietnam gathered last week in Cambodia's Sihanoukvile to discuss ways to boost the development of tourism in the three countries' common sea area. The meeting,an intiative of Cambodia, was held on August 24 under the sponsorship of the Asian Development Bank.

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Vietnam to Explore New Energy Source

Vietnam's Ministry of Natural Resources and Environment has initiated a project to explore the potential of gas hydrates as a new source of energy. With the gradual depletion of its oil and gas reserves, Vietnam is looking to establish a long term solution to the national energy security issue.

Vietnam's Ministry of Natural Resources and Environment has initiated a project to explore the potential of gas hydrates as a new source of energy. With the gradual depletion of its oil and gas reserves, Vietnam is looking to establish a long term solution to the national energy security issue.

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Vietnam Plan to Improve Seafood Processing and Exports

Provinces in Vietnam's Mekong Delta have devoted almost VND 6.5 trillion to developing seafood processing and exports in the region. There are plans to build 32 additional seafood processing plants by 2010 with a total annual capacity of 534,000 tons. It is expected that the volume of catfish products exported to Asia, the European Union and North America will reach 230,000 by 2010.

Provinces in Vietnam's Mekong Delta have devoted almost VND 6.5 trillion to developing seafood processing and exports in the region. There are plans to build 32 additional seafood processing plants by 2010 with a total annual capacity of 534,000 tons. It is expected that the volume of catfish products exported to Asia, the European Union and North America will reach 230,000 by 2010.

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ASEAN, Japan Now Keen on Free Trade Area by November

After nearly four years of talks, Japan and the Association of Southeast Asian Nations (Asean) may come to terms by November to form a free-trade area.

After nearly four years of talks, Japan and the Association of Southeast Asian Nations (Asean) may come to terms by November to form a free-trade area. As part of Asean's annual summit of dialogue between trade ministers, Japan's Trade and Industry Minister Akira Amari held meetings over the weekend in Manila with his Asean counterparts. Currently, Japan is Asean's largest source of foreign direct investment (FDI) with direct spending rising 50 percent last year to USD 10.8 billion. According to Asean data, Asean-Japan trade totaled USD 154 billion in 2005, which accounted for 13 percent of the groups total exports and imports. Asean members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

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vietnam

Japan-ASEAN Free Trade Agreement Reached

Japan has reached a trade agreement with the Association of Southeast Asian Nations (ASEAN) known as the ASEAN-Japan Comprehensive Economic Partnership Agreement. Under the free trade agreement, Japan will immediately repeal 90 percent of its import tariffs from ASEAN in order to be able to compete with China and South Korea. Japan and ASEAN will sign the agreement in Singapore when the leaders meet in November.

Japan has reached a trade agreement with the Association of Southeast Asian Nations (ASEAN) known as the ASEAN-Japan Comprehensive Economic Partnership Agreement. Under the free trade agreement, Japan will immediately repeal 90 percent of its import tariffs from ASEAN in order to be able to compete with China and South Korea. Japan and ASEAN will sign the agreement in Singapore when the leaders meet in November.

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Vietnam Firms' Listing Hindered by International Laws and US Exchange Requirements

Vietnam's local firms are hesitant to access the US market because many of them lack knowledge of international laws while US exchanges set some of the highest legal and performance requirements in the world. However, other foreign exchanges may present promising opportunities for Vietnamese companies to list abroad and put them on par with global corporations.

Vietnam's local firms are hesitant to access the US market because many of them lack knowledge of international laws while US exchanges set some of the highest legal and performance requirements in the world. However, other foreign exchanges may present promising opportunities for Vietnamese companies to list abroad and put them on par with global corporations.

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Vietnamese Leaders Meet With Cambodian Leaders To Foster Stronger Economic Ties

Vietnamese Deputy Prime Minister and Foreign Minister Pham Gia Khiem held talks on Monday with his Cambodian counterpart, Hor Namhong to boost their bilateral trade relationship. Both leaders agreed that trade and investment continued to be a positive driving force in their respective countries bilateral relationship. They also agreed on the need for continued cooperation in forums like the Association of Southeast Asian Nations. Later on, Deputy Prime Minister Khiem met with Cambodian Prime Minister Samdech Hun Sen who thanked Vietnam for providing human resources training and helping with healthcare infrastructure programs.

Vietnamese Deputy Prime Minister and Foreign Minister Pham Gia Khiem held talks on Monday with his Cambodian counterpart, Hor Namhong to boost their bilateral trade relationship. Both leaders agreed that trade and investment continued to be a positive driving force in their respective countries bilateral relationship. They also agreed on the need for continued cooperation in forums like the Association of Southeast Asian Nations. Later on, Deputy Prime Minister Khiem met with Cambodian Prime Minister Samdech Hun Sen who thanked Vietnam for providing human resources training and helping with healthcare infrastructure programs.

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World Bank Grants USD 70 Million Aid to Cambodia

Last Tuesday the World Bank announced it will give USD 70 million in aid to Cambodia. The aid is being given to reduce widespread poverty and includes a plan to import cheap electricity from Laos and Vietnam.

Last Tuesday the World Bank announced it will give USD 70 million in aid to Cambodia. The aid is being given to reduce widespread poverty and includes a plan to import cheap electricity from Laos and Vietnam.

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vietnam

China Borrows From ADB to Fund Road Project with Vietnam

China will borrow USD 300 million from the Asian Development Bank to build connecting roads to Vietnam, according to ADB. The whole operation is estimated to cost USD 1.57 billion, which will go towards building roads in the southwestern region of Guangxi. ADB said the construction of roads is important to that region because much of the poverty in that area is caused by poor transport infrastructure.

China will borrow USD 300 million from the Asian Development Bank to build connecting roads to Vietnam, according to ADB. The whole operation is estimated to cost USD 1.57 billion, which will go towards building roads in the southwestern region of Guangxi. ADB said the construction of roads is important to that region because much of the poverty in that area is caused by poor transport infrastructure.

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Vietnam, Singapore PMs Strengthen Bilateral Ties During Visit

Vietnam's Prime Minister, Nguyen Tan Dung, was formally welcomed in Singapore by the island state's Prime Minister Lee Hsien Loong to discuss Singaporean businesses' new projects in the Vietnamese localities of Bac Ninh, Thua Thien Hue and Hai Phong. After PM Lee Hsien Loong applauded Vietnam's recent reforms and the country's diplomatic policies of open and strengthening regional and international integration. Once the talks were formally concluded, the two PMs witnessed the signing of business cooperation contracts worth close to USD 185.5 million.

Vietnam's Prime Minister, Nguyen Tan Dung, was formally welcomed in Singapore by the island state's Prime Minister Lee Hsien Loong to discuss Singaporean businesses' new projects in the Vietnamese localities of Bac Ninh, Thua Thien Hue and Hai Phong. After PM Lee Hsien Loong applauded Vietnam's recent reforms and the country's diplomatic policies of open and strengthening regional and international integration. Once the talks were formally concluded, the two PMs witnessed the signing of business cooperation contracts worth close to USD 185.5 million.

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Vietnamese PM Welcomed by the Philippines’ President

Vietnam's Prime Minister Nguyen Tan Dung was formally welcomed at an official visit at the request of the Philippines' President Gloria Macapagal Arroyo today. Both heads of state lauded recent reforms and developments in their counterpart's nation. The two leaders agreed to further bilateral ties and affirmed their determination to implement the joint statement on Viet Nam-Philippines comprehensive cooperation for the first 25 years of the 21st century and the following stages.

Vietnam's Prime Minister Nguyen Tan Dung was formally welcomed at an official visit at the request of the Philippines' President Gloria Macapagal Arroyo today. Both heads of state lauded recent reforms and developments in their counterpart's nation. The two leaders agreed to further bilateral ties and affirmed their determination to implement the joint statement on Viet Nam-Philippines comprehensive cooperation for the first 25 years of the 21st century and the following stages.

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Indonesia and Vietnam to Cooperate on Anti-Corruption

The Indonesian government and the Vietnamese government have agreed to cooperate on fighting against corruptions in both countries. The Indonesian Foreign Affairs Minister hopes that this cooperation will not only strengthen bilateral cooperation, but also to effectively reduce the corruption cases in both Countries. This cooperation will be based on the exchange of both countries' experiences in handling various corruption cases.

The Indonesian government and the Vietnamese government have agreed to cooperate on fighting against corruptions in both countries. The Indonesian Foreign Affairs Minister hopes that this cooperation will not only strengthen bilateral cooperation, but also to effectively reduce the corruption cases in both Countries. This cooperation will be based on the exchange of both countries' experiences in handling various corruption cases.

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Oil Companies in Vietnam, Indonesia, and Malaysia Form Joint Stock Company

Oil companies in Vietnam, Indonesia, and Malaysia are expected to sign a contract today to explore oil and gas reserves in Block Randu Gunting, Indonesia. The three oil companies are forming a joint venture company, Joint Operating Company (PCPP), to extract energy resources from the region in Indonesia but also plan on expanding their business into Vietnam and Malaysia.

Oil companies in Vietnam, Indonesia, and Malaysia are expected to sign a contract today to explore oil and gas reserves in Block Randu Gunting, Indonesia. The three oil companies are forming a joint venture company, Joint Operating Company (PCPP), to extract energy resources from the region in Indonesia but also plan on expanding their business into Vietnam and Malaysia.

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vietnam

Vietnamese Treasury to Sell Government Bonds

The Vietnamese government is set to auction USD 43.3 million worth of government bonds through the Hanoi stock market. The plan is to sell 5-year bonds on August 14, 2007 for maturity on August 14, 2012. The government plans to increase the issuing of bonds through the end of the year to curb inflation and increase investment in transportation and irrigation projects.

The Vietnamese government is set to auction USD 43.3 million worth of government bonds through the Hanoi stock market. The plan is to sell 5-year bonds on August 14, 2007 for maturity on August 14, 2012. The government plans to increase the issuing of bonds through the end of the year to curb inflation and increase investment in transportation and irrigation projects.

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Vietnam to Build Power Plants in Laos

Nine Vietnamese companies have joined hands to open Vietnam-Laos Power Joint Stock Company (VLPC) aimed at building hydroelectric plants in Laos. VLPC, a charter capital of nearly USD 328 million, will build hydroelectric plants under a power cooperation program between the two countries. Electricity produced from these plants would be provided to the two nations' power systems.

Nine Vietnamese companies have joined hands to open Vietnam-Laos Power Joint Stock Company (VLPC) aimed at building hydroelectric plants in Laos. VLPC, a charter capital of nearly USD 328 million, will build hydroelectric plants under a power cooperation program between the two countries. Electricity produced from these plants would be provided to the two nations' power systems.

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Vietnam Implements Export Inspections

Vietnam's Ministry of Trade is taking steps to keep up with international standards by issuing random inspections of exports before leaving Vietnam. In particular, the ministry will inspect coffee exports and any exports that do not meet quality standards will not be exported. The chairman of the Vietnam Coffee and Cacao Association (VICOFA) claims that farmers are educated on methods to increase quality and production of coffee.

Vietnam's Ministry of Trade is taking steps to keep up with international standards by issuing random inspections of exports before leaving Vietnam. In particular, the ministry will inspect coffee exports and any exports that do not meet quality standards will not be exported. The chairman of the Vietnam Coffee and Cacao Association (VICOFA) claims that farmers are educated on methods to increase quality and production of coffee.

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vietnam

China to Set Up Steel Plant in Vietnam

China's Shengli Investment and Development Limited Company signed a contract to set up a USD 130 million steel processing facility in northern Vietnam. Once it is built, the steel plant will produce up to two million tons of steel per year. Korean and Indian companies have also partnered with Vietnam to build several large steel projects.

China's Shengli Investment and Development Limited Company signed a contract to set up a USD 130 million steel processing facility in northern Vietnam. Once it is built, the steel plant will produce up to two million tons of steel per year. Korean and Indian companies have also partnered with Vietnam to build several large steel projects.

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New Urban Area in Vietnamese City

Da Nang, a city in central Vietnam, has given approval to VinaCapital Fund to build the city's largest real estate project. The USD 325 million project will develop a new urban area in the city with two shopping centers, two hotels, a convention and exhibition center, and new residential buildings. The new project will bring the total amount of Foreign Direct Investment (FDI) in Da Nang to USD 1.3 billion.

Da Nang, a city in central Vietnam, has given approval to VinaCapital Fund to build the city's largest real estate project. The USD 325 million project will develop a new urban area in the city with two shopping centers, two hotels, a convention and exhibition center, and new residential buildings. The new project will bring the total amount of Foreign Direct Investment (FDI) in Da Nang to USD 1.3 billion.

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Vietnam’s State Capital Investment Corporation Receives US Aid

The United States Trade and Development Agency donated USD 453,000 in aid to Vietnam's State Capital Investment Corporation (SCIC). Founded in August, 2006, the SCIC primarily oversees capital investment in state-owned enterprises. The US agency's grant will help develop the required technology needed to manage the state-owned assets. As Vietnam integrates into the global economy, the SCIC's role is becoming increasingly important; by the end of the year, the SCIC's total assets are expected to be worth about VND 54 trillion.

The United States Trade and Development Agency donated USD 453,000 in aid to Vietnam's State Capital Investment Corporation (SCIC). Founded in August, 2006, the SCIC primarily oversees capital investment in state-owned enterprises. The US agency's grant will help develop the required technology needed to manage the state-owned assets. As Vietnam integrates into the global economy, the SCIC's role is becoming increasingly important; by the end of the year, the SCIC's total assets are expected to be worth about VND 54 trillion.

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HSBC's Reports Problems in Vietnamese Markets

In the Hong Kong and Shanghai Banking Corporation's (HSBC) most recent report, the HSBC claims there are five reasons why Vietnam's stock market has fallen in the past few months. The following reasons are pointed out in the report: the PE (price/earning) index of the shares is relatively high, investors are worried about the possibility of a tighter monetary policy, lower demand in the market due to delays in IPOs, the decline in share prices of recently privatized companies, and the general disappointment of individual investors.

In the Hong Kong and Shanghai Banking Corporation's (HSBC) most recent report, the HSBC claims there are five reasons why Vietnam's stock market has fallen in the past few months. The following reasons are pointed out in the report: the PE (price/earning) index of the shares is relatively high, investors are worried about the possibility of a tighter monetary policy, lower demand in the market due to delays in IPOs, the decline in share prices of recently privatized companies, and the general disappointment of individual investors.

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Study Finds Vietnamse Tax Procedures Strenuous

Vietnam's Central Institute for Economic Management (CIEM) reported that Vietnamese businesses spent approximately 245 working days per year on tax procedures. The study found that some businesses had to hire employees for the sole purpose of registering their tax codes. The General Department of Taxation (GDT) announced that a new tax appraisal would occur soon.

Vietnam's Central Institute for Economic Management (CIEM) reported that Vietnamese businesses spent approximately 245 working days per year on tax procedures. The study found that some businesses had to hire employees for the sole purpose of registering their tax codes. The General Department of Taxation (GDT) announced that a new tax appraisal would occur soon.

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New Joint-Stock Real Estate Firm in Vietnam

Six state-owned and private Vietnamese enterprises started the Lilama Land Joint Stock Co., a real estate development company worth USD 62.5 million. The joint stock company will focus on developing new urban areas but will expand into the domestic real estate market as well. The company has already committed to 10 projects and has signed contracts with Vinataba and Habeco.

Six state-owned and private Vietnamese enterprises started the Lilama Land Joint Stock Co., a real estate development company worth USD 62.5 million. The joint stock company will focus on developing new urban areas but will expand into the domestic real estate market as well. The company has already committed to 10 projects and has signed contracts with Vinataba and Habeco.

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Thailand Becomes 12th Largest Investor in Vietnam

Vietnam's Ministry of Planning and Investment has announced that after a significant increase in investment, Thailand is now the 3rd largest ASEAN investor and 12th largest overall investor in Vietnam. Thailand is now operating 153 investment projects in Vietnam worth about USD 1.54 billion. The majority of Thai investment is focused on building infrastructure for industrial zones, new urban centers and tourism facilities.

Vietnam's Ministry of Planning and Investment has announced that after a significant increase in investment, Thailand is now the 3rd largest ASEAN investor and 12th largest overall investor in Vietnam. Thailand is now operating 153 investment projects in Vietnam worth about USD 1.54 billion. The majority of Thai investment is focused on building infrastructure for industrial zones, new urban centers and tourism facilities.

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vietnam

Seven-Month Review of the Vietnamese Economy

For the past seven months, Vietnam has experienced significant increases in industry production values, both new and additional registered capital, the tourism industry, and domestic consumption. Industry production increased 17 percent, new and additional registered capital increased 49.8 percent, tourism services increased 44.7 percent, and other services increased 35.7 percent. Export turnover also reached almost USD 26.8 billion, a 19.6 percent increase from the same period last year.

For the past seven months, Vietnam has experienced significant increases in industry production values, both new and additional registered capital, the tourism industry, and domestic consumption. Industry production increased 17 percent, new and additional registered capital increased 49.8 percent, tourism services increased 44.7 percent, and other services increased 35.7 percent. Export turnover also reached almost USD 26.8 billion, a 19.6 percent increase from the same period last year.

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Vietnam Must Increase the Quality of Internet Use

The Asia Digital Marketing Yearbook has released that Vietnam is 17th in the world in internet users. Vietnam currently has 15.5 million users, which exceed the World and South Asian averages, but the internet is not used efficiently. The majority of big-city businesses do not use web services and 97 percent of entrepreneurs are not familiar with e-commerce.

The Asia Digital Marketing Yearbook has released that Vietnam is 17th in the world in internet users. Vietnam currently has 15.5 million users, which exceed the World and South Asian averages, but the internet is not used efficiently. The majority of big-city businesses do not use web services and 97 percent of entrepreneurs are not familiar with e-commerce.

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Surplus of Funds in Vietnamese Banks

Vietnam's banks are reporting a growing surplus of funds as deposits increase and loans decrease. Higher deposits are the result of investors selling stocks and depositing the cash. In response to the surplus, the central bank will try to drain money from the market to keep inflation down. The July annual rate rose to 8.4 percent from 7.8 percent in June.

Vietnam's banks are reporting a growing surplus of funds as deposits increase and loans decrease. Higher deposits are the result of investors selling stocks and depositing the cash. In response to the surplus, the central bank will try to drain money from the market to keep inflation down. The July annual rate rose to 8.4 percent from 7.8 percent in June.

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Thailand Investment in Vietnam Surges

Thai investment in Vietnam has begun to significantly increase, with a capital of USD 1.54 billion directly invested in Vietnam, according to the Foreign Investment Department of Thailand. Most of the investment projects involve infrastructure development and the production of urban centers in cities like Hanoi and Ho Chi Minh.

Thai investment in Vietnam has begun to significantly increase, with a capital of USD 1.54 billion directly invested in Vietnam, according to the Foreign Investment Department of Thailand. Most of the investment projects involve infrastructure development and the production of urban centers in cities like Hanoi and Ho Chi Minh.

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Vietnam’s Stock Market Falls to Three-Month Low

Vietnam's Ho Chi Minh City VN-Index fell 14.92 points and its main share indicator dropped 1.58 percent, bringing the Vietnamese stock market to its lowest point in three months. Analysts believe that market investors are tentative after the non-stop order matching mechanism was issued. The new mechanism matches orders immediately after they are placed, instead of at the end of each session.

Vietnam's Ho Chi Minh City VN-Index fell 14.92 points and its main share indicator dropped 1.58 percent, bringing the Vietnamese stock market to its lowest point in three months. Analysts believe that market investors are tentative after the non-stop order matching mechanism was issued. The new mechanism matches orders immediately after they are placed, instead of at the end of each session.

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Vietnam's HSTC Announces New Requirements for Securities Companies

The Ho Chi Minh City Securities Trading Centre (HCM) in Vietnam has announced that before getting HSTC membership, newly licensed securities companies must be inspected before deemed technically capable. The HSTC's Deputy Director does not want to worry securities companies, but he does believe that the HSTC needs to make sure companies meet technical and service requirements before becoming HSTC members.

The Ho Chi Minh City Securities Trading Centre (HCM) in Vietnam has announced that before getting HSTC membership, newly licensed securities companies must be inspected before deemed technically capable. The HSTC's Deputy Director does not want to worry securities companies, but he does believe that the HSTC needs to make sure companies meet technical and service requirements before becoming HSTC members.

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Vietnamese Government Hopes to Curb Inflation

At the 12th National Assembly in Hanoi, the Vietnamese government declared that it will take all the appropriate measures to keep inflation below the national economic growth this year. The consumer price index (CPI) grew 5.2 percent in the first six months of this year compared to 4 percent in the same period last year. To keep inflation down, the government plans to balance budget, money, and commodity flows as well as guarantee a sufficient supply of domestically-made indispensable commodities.

At the 12th National Assembly in Hanoi, the Vietnamese government declared that it will take all the appropriate measures to keep inflation below the national economic growth this year. The consumer price index (CPI) grew 5.2 percent in the first six months of this year compared to 4 percent in the same period last year. To keep inflation down, the government plans to balance budget, money, and commodity flows as well as guarantee a sufficient supply of domestically-made indispensable commodities.

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Vietnam Increases Exports to Indonesia

Vietnam expects exports to Indonesia to reach USD 1.3 billion by the end of 2007 and USD 1.75 billion per year by 2010. Although Vietnam has exported 838,000 tons of crude oil and 644,000 tons of rice to Indonesia in the first six months of this year, Vietnam should increase the diversity of the exports to ensure earning levels stay high. Currently, Vietnam's major imports from Indonesia include animal feed, petroleum, clinker, and construction glass.

Vietnam expects exports to Indonesia to reach USD 1.3 billion by the end of 2007 and USD 1.75 billion per year by 2010. Although Vietnam has exported 838,000 tons of crude oil and 644,000 tons of rice to Indonesia in the first six months of this year, Vietnam should increase the diversity of the exports to ensure earning levels stay high. Currently, Vietnam's major imports from Indonesia include animal feed, petroleum, clinker, and construction glass.

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vietnam

Foreign Companies Invest in Vietnam's Steel Industry

Vietnam's steel industry is attracting foreign investors because of strong domestic demand that is growing by 40 percent per year. India's Tata Group, one is the largest international steel companies, will operate a USD 3.5 billion facility in Vietnam that will produce 4.5 million tons of steel per year. Other steel companies including Korea's Posco Group, India's Essar, and Taiwan's Tycoons and E-United are all investing in Vietnam's growing steel industry.

Vietnam's steel industry is attracting foreign investors because of strong domestic demand that is growing by 40 percent per year. India's Tata Group, one is the largest international steel companies, will operate a USD 3.5 billion facility in Vietnam that will produce 4.5 million tons of steel per year. Other steel companies including Korea's Posco Group, India's Essar, and Taiwan's Tycoons and E-United are all investing in Vietnam's growing steel industry.

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vietnam

TNT Plans to Expand in Vietnamese Market

TNT, a global express service provider, has announced that, over the next 4 years, it will invest more than USD 9.7 million into its domestic services in Vietnam. TNT plans to open five more branches in Vietnam, develop additional vehicles, and hire more workers. The investment will make TNT the first international express mover in Vietnam to offer services including door-to-door express delivery of documents, parcels, and freight.

TNT, a global express service provider, has announced that, over the next 4 years, it will invest more than USD 9.7 million into its domestic services in Vietnam. TNT plans to open five more branches in Vietnam, develop additional vehicles, and hire more workers. The investment will make TNT the first international express mover in Vietnam to offer services including door-to-door express delivery of documents, parcels, and freight.

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vietnam

Vietnam Government Approves Plans for New Joint Stock Bank

Vietnam's Government Office has approved Bao Viet Insurance Group's plan to set up the Bao Viet Commercial Stock Bank. Although the Bao Viet Group had initially planned on holding at least 50 percent of the bank's shares, according to new regulations, the group may only hold 20 percent of total capital. Other corporations including FPT and MobiPhone are submitting proposals to the government to set up joint stock banks as well.

Vietnam's Government Office has approved Bao Viet Insurance Group's plan to set up the Bao Viet Commercial Stock Bank. Although the Bao Viet Group had initially planned on holding at least 50 percent of the bank's shares, according to new regulations, the group may only hold 20 percent of total capital. Other corporations including FPT and MobiPhone are submitting proposals to the government to set up joint stock banks as well.

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vietnam

Vietnam Auto Sales Increase Despite Raised Prices

Automobile sales in Vietnam have increased even though auto prices have continued to climb and waiting lists for cars are up to four months. The Vietnam Automobile Manufacturers' Association (VAMA) claims that because taxes are staying at a constant level and the middle class is growing in Vietnam, consumers are buying more cars. The secondhand market for automobiles is also facing the same increased consumer demand and price hikes.

Automobile sales in Vietnam have increased even though auto prices have continued to climb and waiting lists for cars are up to four months. The Vietnam Automobile Manufacturers' Association (VAMA) claims that because taxes are staying at a constant level and the middle class is growing in Vietnam, consumers are buying more cars. The secondhand market for automobiles is also facing the same increased consumer demand and price hikes.

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vietnam

Foreign Invested Enterprises Face New Laws in Vietnam

Vietnam's Ministry of Trade has declared that foreign invested enterprises (FIEs) are licensed to import goods directly, but they must select a qualified partner to actually distribute the goods. The FIEs are only licensed to sell in certain places and must submit an application to the government if they want to expand their business locations. The decree is part of Vietnam's commitment to the World Trade Organization.

Vietnam's Ministry of Trade has declared that foreign invested enterprises (FIEs) are licensed to import goods directly, but they must select a qualified partner to actually distribute the goods. The FIEs are only licensed to sell in certain places and must submit an application to the government if they want to expand their business locations. The decree is part of Vietnam's commitment to the World Trade Organization.

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vietnam

Vietnam Launches Real Estate Trading Floor

Vietnam's Ministry of Construction and the Vietnam Real Estate Association have officially opened an online real estate trading floor. The online exchange site allows people to access the real estate market direct and buy quality houses without paying intermediary charges. The launch comes after growing foreign interest to invest in Vietnam's infrastructure, urban development, housing and resorts.

Vietnam's Ministry of Construction and the Vietnam Real Estate Association have officially opened an online real estate trading floor. The online exchange site allows people to access the real estate market direct and buy quality houses without paying intermediary charges. The launch comes after growing foreign interest to invest in Vietnam's infrastructure, urban development, housing and resorts.

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vietnam

Vietnam Steel Association Reports High Price For Steel Imports

The Vietnam Steel Association (VSA) explained in a statement to the Price Control Department under Vietnam's Ministry of Finance that the increased cost of imported ingot steel forced VSA members to raise the price of finished steel. The VSA reported that the price of ingot steel rose USD 124 per ton over the past year, but according to statistics released by the General Department of Customs, the price is not as high as the VSA reported.

The Vietnam Steel Association (VSA) explained in a statement to the Price Control Department under Vietnam's Ministry of Finance that the increased cost of imported ingot steel forced VSA members to raise the price of finished steel. The VSA reported that the price of ingot steel rose USD 124 per ton over the past year, but according to statistics released by the General Department of Customs, the price is not as high as the VSA reported.

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vietnam

Honda Vietnam Reports High Exports

Honda Vietnam Co. Ltd. became the first motorcycle manufacturer to export motorcycles and spare parts to other countries in 2002 and has earned almost USD 15 million already this year. Since introducing their products on the market, more than 3.7 million customers nationwide have purchased Honda products. Honda recently announced its decision to invest USD 65 million in its second motorcycle plant to increase sales and demand in Vietnam.

Honda Vietnam Co. Ltd. became the first motorcycle manufacturer to export motorcycles and spare parts to other countries in 2002 and has earned almost USD 15 million already this year. Since introducing their products on the market, more than 3.7 million customers nationwide have purchased Honda products. Honda recently announced its decision to invest USD 65 million in its second motorcycle plant to increase sales and demand in Vietnam.

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vietnam

Possible Fee for Pollutants in Vietnam

Vietnam's Ministry of Natural Resources and the Environment announced a plan to charge businesses, production facilities, and other units a fee for dust, SO2, NO2, and CO emissions. The plan was devised in order to provide an incentive for companies to invest in environmentally-friendly technologies and reduce the amount of pollutants emitted. The collected money will help pay for environmental protection activities.

Vietnam's Ministry of Natural Resources and the Environment announced a plan to charge businesses, production facilities, and other units a fee for dust, SO2, NO2, and CO emissions. The plan was devised in order to provide an incentive for companies to invest in environmentally-friendly technologies and reduce the amount of pollutants emitted. The collected money will help pay for environmental protection activities.

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vietnam

Vietnam's Biggest Casino Delays Initial Public Offering

Royal International Corporation, which operates Vietnam's biggest casino, has delayed its initial public offering (IPO) because of problems with the listing paperwork, but the company should receive its IPO and listing license soon. Royal International applied to sell 8 million shares worth about USD 100 million to fund its expansion plans. The Vietnamese government is encouraging expansion in order to help promote and boost the rising tourism sector.

Royal International Corporation, which operates Vietnam's biggest casino, has delayed its initial public offering (IPO) because of problems with the listing paperwork, but the company should receive its IPO and listing license soon. Royal International applied to sell 8 million shares worth about USD 100 million to fund its expansion plans. The Vietnamese government is encouraging expansion in order to help promote and boost the rising tourism sector.

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vietnam

New Corporations for Vietnam's Ministry of Construction

With the government's approval, Vietnam's Ministry of Construction will set up three new corporations for industrial construction, heavy mechanical manufacturing, and housing and urban development. In addition to setting up new corporations, by the end of the year, the Ministry of Construction has plans to complete asset appraisals and privatization plans for 18 of its affiliates. However, many newly privatized companies have not been profitable due to a lack of supervision and inefficient management so the ministry must take the appropriate steps to overcome this problem.

With the government's approval, Vietnam's Ministry of Construction will set up three new corporations for industrial construction, heavy mechanical manufacturing, and housing and urban development. In addition to setting up new corporations, by the end of the year, the Ministry of Construction has plans to complete asset appraisals and privatization plans for 18 of its affiliates. However, many newly privatized companies have not been profitable due to a lack of supervision and inefficient management so the ministry must take the appropriate steps to overcome this problem.

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vietnam

Laos to Build USD 50 Million Road to Vietnam

The government of Laos plans to build a 121-km road that will link the country's southern province of Sekong to the border it shares with nothern Vietnam. The first phase of work will take place between Sekong to Dakcheung in Laos and the second phase will run from Dakcheung to the Vietnamese border. The road should be completed in 2013 and is expected to facilitate trade between the southern provinces of Laos and central Vietnam.

The government of Laos plans to build a 121-km road that will link the country's southern province of Sekong to the border it shares with nothern Vietnam. The first phase of work will take place between Sekong to Dakcheung in Laos and the second phase will run from Dakcheung to the Vietnamese border. The road should be completed in 2013 and is expected to facilitate trade between the southern provinces of Laos and central Vietnam.

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vietnam

High Anti-Dumping Tax Imposed on Vietnam

Argentina has decided to impose a high anti-dumping tax on motorbike and bicycle spokes imported from Vietnam, Indonesia, and Malaysia. Although the tax is reported to be overly high, Vietnam will not face huge losses because there is only one Vietnamese company who will be affected by the tax. According to the Vietnamese Ministry of Trade, the involved company was investigated and stopped exporting spokes to Argentina.

Argentina has decided to impose a high anti-dumping tax on motorbike and bicycle spokes imported from Vietnam, Indonesia, and Malaysia. Although the tax is reported to be overly high, Vietnam will not face huge losses because there is only one Vietnamese company who will be affected by the tax. According to the Vietnamese Ministry of Trade, the involved company was investigated and stopped exporting spokes to Argentina.

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vietnam

Japanese Company to Build a Port in Southern Vietnam

Vietnam's SP-PSA International Port Co. Ltd., a joint venture between Saigon Port and Port Singapore Authority Vietnam, has signed a contract with Japan's Penta Ocean Construction Co. Ltd. to build a deep-water port in southern Vietnam. Once the USD 165 million development project is completed, large vessels will have access into the port, and roads and inland waterway networks will link the port to other areas in southern Vietnam. Construction of the port will begin in less than two years.

Vietnam's SP-PSA International Port Co. Ltd., a joint venture between Saigon Port and Port Singapore Authority Vietnam, has signed a contract with Japan's Penta Ocean Construction Co. Ltd. to build a deep-water port in southern Vietnam. Once the USD 165 million development project is completed, large vessels will have access into the port, and roads and inland waterway networks will link the port to other areas in southern Vietnam. Construction of the port will begin in less than two years.

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vietnam

Switzerland to Aid Vietnam's Banking Sector

Switzerland is set to help aid the Vietnamese banking sector by providing USD 3.9 million. The aid will help the State Bank of Vietnam hold seminars and provide consulting and training services. Switzerland also hopes to help develop Vietnam's banking sector, which encounters challenges in the fluctuating international business environment.

Switzerland is set to help aid the Vietnamese banking sector by providing USD 3.9 million. The aid will help the State Bank of Vietnam hold seminars and provide consulting and training services. Switzerland also hopes to help develop Vietnam's banking sector, which encounters challenges in the fluctuating international business environment.

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vietnam

Vietnam Must Increase Industrial Exports and Production

Vietnamese enterprises have not taken advantage of the open market and lower tariff opportunities as a result of joining the World Trade Organization and this is hurting economic growth. In order to achieve the target GDP growth of 8.5 percent, industrial production must grow at 17.3 percent per month for the rest of the year. The Ministry of Industry is encouraging companies to focus on increasing their exports and production of products such as oil and gas, electricity, coal, steel and fertilizers.

Vietnamese enterprises have not taken advantage of the open market and lower tariff opportunities as a result of joining the World Trade Organization and this is hurting economic growth. In order to achieve the target GDP growth of 8.5 percent, industrial production must grow at 17.3 percent per month for the rest of the year. The Ministry of Industry is encouraging companies to focus on increasing their exports and production of products such as oil and gas, electricity, coal, steel and fertilizers.

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vietnam

Vietnam's Trade Promotion System Needs Improvement

Although there have been 130 development programs launched to help Vietnam's trade promotion system, the centers are still lacking skilled officials and sufficient budgets which are needed in order to promote change. According to the latest survey, the offices are lacking qualified staff with the required skills to succeed in trade promotion activities. Another problem is that the budget of most offices is less than USD 62,500 per year, just enough to cover administrative costs.

Although there have been 130 development programs launched to help Vietnam's trade promotion system, the centers are still lacking skilled officials and sufficient budgets which are needed in order to promote change. According to the latest survey, the offices are lacking qualified staff with the required skills to succeed in trade promotion activities. Another problem is that the budget of most offices is less than USD 62,500 per year, just enough to cover administrative costs.

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vietnam

Vietnamese Leading Companies Sign Cooperation Deal

Two of Vietnam's leading companies, Vietnam Post and Telecommunications Group (VNPT) and Vietnam Construction and Import-Export Corporation (Vinaconex) signed a strategic partnership agreement. As one of Vietnam's biggest contractors, Vinaconex is expanding globally and VNPT will benefit from the expansion by reaching new markets. Vinaconex will also benefit from the deal by having an opportunity to utilize VNPT infrastructure development contracts.

Two of Vietnam's leading companies, Vietnam Post and Telecommunications Group (VNPT) and Vietnam Construction and Import-Export Corporation (Vinaconex) signed a strategic partnership agreement. As one of Vietnam's biggest contractors, Vinaconex is expanding globally and VNPT will benefit from the expansion by reaching new markets. Vinaconex will also benefit from the deal by having an opportunity to utilize VNPT infrastructure development contracts.

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vietnam

JP Morgan Will Consult Vietnam's Incombank

Vietnam's state-run Industrial and Commercial Bank (Incombank) will be assisted by JP Morgan Securities Asia Pacific in planning its initial public offering (IPO) and seeking investors after it goes public. Although Incombank initially planned on selling 49 percent of its stakes, the government is insisting that they own 70 percent after the bank goes public.

Vietnam's state-run Industrial and Commercial Bank (Incombank) will be assisted by JP Morgan Securities Asia Pacific in planning its initial public offering (IPO) and seeking investors after it goes public. Although Incombank initially planned on selling 49 percent of its stakes, the government is insisting that they own 70 percent after the bank goes public.

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vietnam

New Power Plant Projects in Vietnam

The Vietnam Shipbuilding Industry Group (Vinashin) is planning to develop power plants which would provide stable and reasonably priced electricity to the shipbuilding industry. Vinashin has two advantages to make their building easier; they have put a lot of investment into their mechanical manufacturing and they have access to coal, minerals, and rivers. Although the power plants would be very helpful, they are very expensive and Vinashin may have a hard time raising the necessary capital.

The Vietnam Shipbuilding Industry Group (Vinashin) is planning to develop power plants which would provide stable and reasonably priced electricity to the shipbuilding industry. Vinashin has two advantages to make their building easier; they have put a lot of investment into their mechanical manufacturing and they have access to coal, minerals, and rivers. Although the power plants would be very helpful, they are very expensive and Vinashin may have a hard time raising the necessary capital.

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vietnam

Japan Assists Vietnam in Foreign Direct Investment

Vietnam currently has 7,490 foreign direct investment (FDI) projects worth a total of USD 67 billion. Japan has agreed to fund a project to help Vietnam manage and advance their FDI projects. The first phase of the project will create an information management system for all relevant government organizations and the second stage will focus on developing human resources.

Vietnam currently has 7,490 foreign direct investment (FDI) projects worth a total of USD 67 billion. Japan has agreed to fund a project to help Vietnam manage and advance their FDI projects. The first phase of the project will create an information management system for all relevant government organizations and the second stage will focus on developing human resources.

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vietnam

New Tax Will Hurt Vietnamese Companies

If the Vietnamese government imposes a 25 percent tax on income earned from dividends and stock trading, there will be major repercussions for Vietnamese companies. The tax will hinder investment in the capital market and affect growth and competition for companies. Those in opposition to the tax claim that many of the shareholders are also owners who already face a 28 percent tax on corporate earnings, so with the new tax they will bear a double tax. The alternative would be to enforce a smaller tax or wait until the securities market develops to introduce the high tax.

If the Vietnamese government imposes a 25 percent tax on income earned from dividends and stock trading, there will be major repercussions for Vietnamese companies. The tax will hinder investment in the capital market and affect growth and competition for companies. Those in opposition to the tax claim that many of the shareholders are also owners who already face a 28 percent tax on corporate earnings, so with the new tax they will bear a double tax. The alternative would be to enforce a smaller tax or wait until the securities market develops to introduce the high tax.

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vietnam

Australia & New Zealand Banking Group Ltd. Invests in Vietnam

Australia & New Zealand Banking Group Ltd. is paying USD 88 million for a 10 percent share of Vietnam's Saigon Securities Inc., joining other foreign banks that have recognized a real opportunity in the quickly expanding Southeast Asian nation's economy. The Vietnamese government is currently forecasting economic growth to be above 8.5 percent by 2010.

Australia & New Zealand Banking Group Ltd. is paying USD 88 million for a 10 percent share of Vietnam's Saigon Securities Inc., joining other foreign banks that have recognized a real opportunity in the quickly expanding Southeast Asian nation's economy. The Vietnamese government is currently forecasting economic growth to be above 8.5 percent by 2010.

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vietnam

HSBC Increases Stake in Vietnam's Techcombank

HSBC has increased its investment in Vietnam's Techcombank from 10 to 15 percent, making it the first financial institution to own fifteen percent of a Vietnamese commercial bank. HSBC plans on increasing its technical assistance to Techcombank and both parties are interested in exploring joint business opportunities. If the government permits, HSBC plans to increase its stake in Techcombank to 20 percent.

HSBC has increased its investment in Vietnam's Techcombank from 10 to 15 percent, making it the first financial institution to own fifteen percent of a Vietnamese commercial bank. HSBC plans on increasing its technical assistance to Techcombank and both parties are interested in exploring joint business opportunities. If the government permits, HSBC plans to increase its stake in Techcombank to 20 percent.

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vietnam

Vietnam's Commercial Banks Fail to Lower Deposit Interest Rates

The State Bank of Vietnam ordered that commercial banks increase their reserve ratios hoping that the increased cost for banks would force the number of new depositors down. The mandate did not succeed; in fact, banks have continued to raise their deposit interest rates in an attempt to increase the supply of US dollars as well as remain competitive by attracting business. The trend will hopefully reverse because some banks plan on decreasing deposit interest rates.

The State Bank of Vietnam ordered that commercial banks increase their reserve ratios hoping that the increased cost for banks would force the number of new depositors down. The mandate did not succeed; in fact, banks have continued to raise their deposit interest rates in an attempt to increase the supply of US dollars as well as remain competitive by attracting business. The trend will hopefully reverse because some banks plan on decreasing deposit interest rates.

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vietnam

Vietnam and US Firms Strengthen Ties

President Nguyen Minh Triet of Vietnam returned home after a visit to the United States with more than 20 contracts, memorandums of understanding, and economic cooperation agreements signed between Vietnamese and American firms. The agreements and contracts are together worth more than USD 11.5 billion and will all hopefully commence soon.

President Nguyen Minh Triet of Vietnam returned home after a visit to the United States with more than 20 contracts, memorandums of understanding, and economic cooperation agreements signed between Vietnamese and American firms. The agreements and contracts are together worth more than USD 11.5 billion and will all hopefully commence soon.

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vietnam

Vietnamese Government Worried as Prices Continue to Rise

As consumer prices continue to rise, the Vietnamese government is worried that the consumer price index might rise above the GDP growth rate. Agencies will take steps to control the prices; for instance, limiting credit could decrease consumer demand in the market. They will also try to reduce trade fraud, make commodity and service prices public, and watch the reserves of Vietnamese dong and the US dollar deposits.

As consumer prices continue to rise, the Vietnamese government is worried that the consumer price index might rise above the GDP growth rate. Agencies will take steps to control the prices; for instance, limiting credit could decrease consumer demand in the market. They will also try to reduce trade fraud, make commodity and service prices public, and watch the reserves of Vietnamese dong and the US dollar deposits.

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vietnam

Downturn in Vietnam's Bank Share Prices

The Vietnamese stock market is in a periodic slump and, as a result, bank share prices are decreasing. There is also an oversupply of bank shares on the market; approximately VND 100 trillion worth of bank shares will be issued on the market this year to increase capital. Although the prices are decreasing, experts remain hopeful and assert that bank shares are the most secure and profitable kind of securities, the commercial banks have notable growth rates, and the government has assured bank share stability.

The Vietnamese stock market is in a periodic slump and, as a result, bank share prices are decreasing. There is also an oversupply of bank shares on the market; approximately VND 100 trillion worth of bank shares will be issued on the market this year to increase capital. Although the prices are decreasing, experts remain hopeful and assert that bank shares are the most secure and profitable kind of securities, the commercial banks have notable growth rates, and the government has assured bank share stability.

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vietnam

Vietnam Sees Increase in Foreign Tourists

With more than 2.1 million foreign visitors traveling to Vietnam in the first half of 2007, Vietnam is set to fulfill its goal of hosting between 4-4.4 million tourists by the end of 2007. Although the number of tourists visiting the country has increased since 2006, Deputy Director Tu claims that the tourism sector needs to invest in infrastructure, increase tourism promotions abroad, and strengthen cooperation with foreign associates and the Vietnamese government.

With more than 2.1 million foreign visitors traveling to Vietnam in the first half of 2007, Vietnam is set to fulfill its goal of hosting between 4-4.4 million tourists by the end of 2007. Although the number of tourists visiting the country has increased since 2006, Deputy Director Tu claims that the tourism sector needs to invest in infrastructure, increase tourism promotions abroad, and strengthen cooperation with foreign associates and the Vietnamese government.

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vietnam

Vietnam's New Method of Calculating CPI

Vietnam will no longer calculate a monthly CPI; they will use a quarterly average or yearly average basis instead. Vietnam has used a monthly average since 1985 when inflation was high and managers needed monthly calculations to react appropriately. The quarterly average will allow managers to efficiently evaluate the effects of a price change on other goods as well as keep up with international standards.

Vietnam will no longer calculate a monthly CPI; they will use a quarterly average or yearly average basis instead. Vietnam has used a monthly average since 1985 when inflation was high and managers needed monthly calculations to react appropriately. The quarterly average will allow managers to efficiently evaluate the effects of a price change on other goods as well as keep up with international standards.

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vietnam

Vietnam Coffee Industry is Thriving

Vietnam is now the second largest coffee exporter in the world; they exported a total of USD 1.2 billion in the first half of 2007, doubling profits from the same period in 2006. The major influence behind the increase in profit is higher prices in the international market. Experts predict that 2007 will be the best year for the industry but stress that farmers should not flood the market with low-price coffee and the products should be tested to ensure hygiene standards are met.

Vietnam is now the second largest coffee exporter in the world; they exported a total of USD 1.2 billion in the first half of 2007, doubling profits from the same period in 2006. The major influence behind the increase in profit is higher prices in the international market. Experts predict that 2007 will be the best year for the industry but stress that farmers should not flood the market with low-price coffee and the products should be tested to ensure hygiene standards are met.

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vietnam

Vietnam Should Change Franchise Laws

Vietnamese franchise laws should be changed in order to keep up with international trends and support growth in the industry. Currently, Vietnamese firms have to take extra steps, which do not fully address intellectual property rights, in order to franchise their trademarks. The franchising industry is growing and it is necessary to address these problems to promote further development.

Vietnamese franchise laws should be changed in order to keep up with international trends and support growth in the industry. Currently, Vietnamese firms have to take extra steps, which do not fully address intellectual property rights, in order to franchise their trademarks. The franchising industry is growing and it is necessary to address these problems to promote further development.

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vietnam

Vietnam’s Development Bank and US Group in Cooperation

The Bank for Investment and Development of Vietnam (BIDV) and the American International Group (AIG) signed a Memorandum of Understanding (MoU) that will expand cooperation between the two groups. AIG is dedicated to furthering development in Vietnam and its partnership with BIDV. Under the MoU the two groups will assist each other in trading insurance, estate management, financial investment, banking services, and training support.

The Bank for Investment and Development of Vietnam (BIDV) and the American International Group (AIG) signed a Memorandum of Understanding (MoU) that will expand cooperation between the two groups. AIG is dedicated to furthering development in Vietnam and its partnership with BIDV. Under the MoU the two groups will assist each other in trading insurance, estate management, financial investment, banking services, and training support.

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vietnam

The EU is Committed to Development in Vietnam

Vietnam will receive almost USD 950 million from the European Union (EU) in aid development assistance packages. The aid will go towards improving the country's poverty level and enhancing their human development. The EU is fully committed to supporting Vietnam's development goals; it is Vietnam's biggest grant provider and second largest donor of development assistance.

Vietnam will receive almost USD 950 million from the European Union (EU) in aid development assistance packages. The aid will go towards improving the country's poverty level and enhancing their human development. The EU is fully committed to supporting Vietnam's development goals; it is Vietnam's biggest grant provider and second largest donor of development assistance.

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vietnam

Vietnam is World’s Leading Cashew Exporter

Vietnam has claimed the title of the world's leading cashew exporter. In the first six months of 2007, Vietnam exported 62,000 tons to over 40 countries and territories. The government will focus on the development of high-quality cashew growing areas such as the Central Highlands and the southern coastal region to maximize cashew exports. By 2010, the government hopes to export 500,000 tons per year.

Vietnam has claimed the title of the world's leading cashew exporter. In the first six months of 2007, Vietnam exported 62,000 tons to over 40 countries and territories. The government will focus on the development of high-quality cashew growing areas such as the Central Highlands and the southern coastal region to maximize cashew exports. By 2010, the government hopes to export 500,000 tons per year.

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vietnam

Vietnam Wants to Increase Workers Abroad

Vietnam has implemented a model to recruit, train, and send workers abroad to positively impact the national employment and poverty level. The Bureau of Administration on Overseas Workers admits there are some flaws and problems that must be addressed for the process to run smoothly. These problems include the screening process of applicants and the lack of communication and cooperation between local authorities and enterprises.

Vietnam has implemented a model to recruit, train, and send workers abroad to positively impact the national employment and poverty level. The Bureau of Administration on Overseas Workers admits there are some flaws and problems that must be addressed for the process to run smoothly. These problems include the screening process of applicants and the lack of communication and cooperation between local authorities and enterprises.

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vietnam

Laos, Vietnam Organizations Join Hands

The Vietnam Fatherland Front (VFF) and the Lao Front for National Construction (LFNC) have agreed to create joint programs, particularly in information dissemination, in an effort to reinforce the special friendship between the two countries. Leaders of these mass organizations said they would encourage agencies, corporations, and individuals to help strengthen bilateral cooperation in economics, culture, science and technology.

The Vietnam Fatherland Front (VFF) and the Lao Front for National Construction (LFNC) have agreed to create joint programs, particularly in information dissemination, in an effort to reinforce the special friendship between the two countries. Leaders of these mass organizations said they would encourage agencies, corporations, and individuals to help strengthen bilateral cooperation in economics, culture, science and technology.

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vietnam

Vietnamese Insurance Company Seeking Foreign Investors

Now that Vietnam is a member of the World Trade Organization (WTO), the Bao Minh Insurance Corporation (Bao Minh) is searching for foreign investors in order to increase their international competitiveness. The Vietnamese corporation is looking for foreign companies that are technologically advanced with great management skills to help improve Bao Minh's management ability and product quality.

Now that Vietnam is a member of the World Trade Organization (WTO), the Bao Minh Insurance Corporation (Bao Minh) is searching for foreign investors in order to increase their international competitiveness. The Vietnamese corporation is looking for foreign companies that are technologically advanced with great management skills to help improve Bao Minh's management ability and product quality.

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vietnam

Vietnam to Double in Size Every Ten Years

Vietnam's government is aiming to double the size of the economy every ten years by increasing foreign investment to USD 100 billion by 2010 and lowering corporate taxes to allow for reinvestment. This goal is within reach if Vietnam continues to annually grow at a rate of 8-10 percent and cut corporate tax to less than 20 percent.

Vietnam's government is aiming to double the size of the economy every ten years by increasing foreign investment to USD 100 billion by 2010 and lowering corporate taxes to allow for reinvestment. This goal is within reach if Vietnam continues to annually grow at a rate of 8-10 percent and cut corporate tax to less than 20 percent.

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vietnam

Vietnam Opens First Bonded Gold Warehouse

Vietnam's Bank for Agricultural and Rural Development opened and is managing the first bonded gold warehouse at Hanoi's international airport. The opening of the warehouse is crucial in stabilizing the domestic gold market in Vietnam as well as easing the process of importing gold from the warehouse to sell on the market.

 

Vietnam's Bank for Agricultural and Rural Development opened and is managing the first bonded gold warehouse at Hanoi's international airport. The opening of the warehouse is crucial in stabilizing the domestic gold market in Vietnam as well as easing the process of importing gold from the warehouse to sell on the market.

 

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vietnam

Vietnam Province Reaches USD 370 Million in Exports

Dak Lak, a Central Highland province in Vietnam, enjoyed an export turnover of USD 370 million in the first half of this year. With this figure, Dak Lak fulfilled 93 percent of year's targeted export turnover and is the leading exporter in the Central Highland region. The exports which contributed to the growth significantly include coffee, rubber, cashew nut and pepper.

Dak Lak, a Central Highland province in Vietnam, enjoyed an export turnover of USD 370 million in the first half of this year. With this figure, Dak Lak fulfilled 93 percent of year's targeted export turnover and is the leading exporter in the Central Highland region. The exports which contributed to the growth significantly include coffee, rubber, cashew nut and pepper.

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vietnam

Foreign Retailers Increase Competition in Vietnamese Market

Many foreign retailers are making it hard for local businesses to stay afloat after a decision passed by the Ministry of Trade allowed foreign companies to enter Vietnam's domestic retail market. Due to better management and quality standards, foreign competitors are attracting consumers who are now able to buy superior goods with product guarantees such as warranties. Vietnamese companies are now consolidating their strengths by forming groups to effectively compete with foreign companies.

Many foreign retailers are making it hard for local businesses to stay afloat after a decision passed by the Ministry of Trade allowed foreign companies to enter Vietnam's domestic retail market. Due to better management and quality standards, foreign competitors are attracting consumers who are now able to buy superior goods with product guarantees such as warranties. Vietnamese companies are now consolidating their strengths by forming groups to effectively compete with foreign companies.

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vietnam

Vietnam Urged to Increase Exports to Russia

Although Russian consumers like the quality of Vietnamese products and are willing to buy them at a higher price than domestic consumers, Vietnamese businesses have failed to penetrate the Russian market. Vietnamese items account for only five percent of the consumer products sold in Russia. Despite Russia's potential of remaining a lucrative market for a long time, Vietnamese businesses are worried about the security problem in Russia and concerned about the lack of information about the market.

Although Russian consumers like the quality of Vietnamese products and are willing to buy them at a higher price than domestic consumers, Vietnamese businesses have failed to penetrate the Russian market. Vietnamese items account for only five percent of the consumer products sold in Russia. Despite Russia's potential of remaining a lucrative market for a long time, Vietnamese businesses are worried about the security problem in Russia and concerned about the lack of information about the market.

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vietnam

Vietnamese Sugar Producer to Expand Operations in Cambodia

Vietnam's Bien Hoa Sugar Company is expanding its sugarcane producing operations into Cambodia's Svay Rieng province. An additional 2000 hectares will be cultivated and the products will be shipped to processing plants in Tay Ninh province. The investment is expected to employ thousands of local farmers. The company will supply the initial capital and sugarcane cuttings and will transfer farming techniques to the growers.

Vietnam's Bien Hoa Sugar Company is expanding its sugarcane producing operations into Cambodia's Svay Rieng province. An additional 2000 hectares will be cultivated and the products will be shipped to processing plants in Tay Ninh province. The investment is expected to employ thousands of local farmers. The company will supply the initial capital and sugarcane cuttings and will transfer farming techniques to the growers.

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vietnam

Vietnamese City Records Highest GDP in Five Years

Ho Chi Minh City, Vietnam's largest city, is experiencing its highest growth rate in five years. The city has recorded its Gross Domestic Product (GDP) at VND 99 trillion (USD 6.1 billion) in the first six months of this year. Among the largest contributors to the GDP growth are the service, industry, and construction sectors. The city's export turnover also contributed, growing 9.6 percent over the last year.

Ho Chi Minh City, Vietnam's largest city, is experiencing its highest growth rate in five years. The city has recorded its Gross Domestic Product (GDP) at VND 99 trillion (USD 6.1 billion) in the first six months of this year. Among the largest contributors to the GDP growth are the service, industry, and construction sectors. The city's export turnover also contributed, growing 9.6 percent over the last year.

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vietnam

Consumer Goods Priced Too High in Vietnam

Prices of consumer goods in Vietnam are shooting up due to a lack of oversight by authorities, industry trends, and natural disasters. Among some of the goods affected are pork, fruit, vegetable, and milk products. Although there are some natural causes to the upward trend in prices, officials in the government claim that the situation could be alleviated if concerned agencies effectively punished businesses who are selling above the government's price limits.

Prices of consumer goods in Vietnam are shooting up due to a lack of oversight by authorities, industry trends, and natural disasters. Among some of the goods affected are pork, fruit, vegetable, and milk products. Although there are some natural causes to the upward trend in prices, officials in the government claim that the situation could be alleviated if concerned agencies effectively punished businesses who are selling above the government's price limits.

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vietnam

Thailand Exempts Neighbors From Agricultural Duties

The Thai government has approved exempting neighboring Cambodia, Vietnam, Laos and Myanmar from import duties on certain categories of agricultural products as part of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS). The ACMECS was begun in 2006 and is intended to run until 2008 with the intention of increasing trade and cooperation throughout the region.

The Thai government has approved exempting neighboring Cambodia, Vietnam, Laos and Myanmar from import duties on certain categories of agricultural products as part of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS). The ACMECS was begun in 2006 and is intended to run until 2008 with the intention of increasing trade and cooperation throughout the region.

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Vietnam's Agribank Set to Sign Foreign Deals

Vietnam's Bank for Agriculture and Rural Development (Agribank) is planning to sign agreements worth almost USD 1.55 billion with US's Wachovia bank, the UK's Standard Charter and Austria's RZB. In addition, Agribank is signing a deal with Microsoft which will allow Agribank to use Microsoft Office software. The deals will promote Agribank's plan of international integration and privatization.

Vietnam's Bank for Agriculture and Rural Development (Agribank) is planning to sign agreements worth almost USD 1.55 billion with US's Wachovia bank, the UK's Standard Charter and Austria's RZB. In addition, Agribank is signing a deal with Microsoft which will allow Agribank to use Microsoft Office software. The deals will promote Agribank's plan of international integration and privatization.

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Vietnam's Trade is Booming in Quang Ninh and Lao Cai

Trade has been growing through the border gates of Quang Ninh and Lao Cai in Vietnam. In total, the Quang Ninh and Lao Cai gates recorded over USD 1.26 billion in the first half of the year. Exports consist mainly of coal, rubber, and agricultural products; imports consist mostly of fertilizer, construction materials, electronic components and automobile parts.

Trade has been growing through the border gates of Quang Ninh and Lao Cai in Vietnam. In total, the Quang Ninh and Lao Cai gates recorded over USD 1.26 billion in the first half of the year. Exports consist mainly of coal, rubber, and agricultural products; imports consist mostly of fertilizer, construction materials, electronic components and automobile parts.

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Increased Hotel Prices Could Hurt Vietnam's Tourism Industry

Hotel prices may increase by 50 percent in Ha Noi and Ho Chi Minh City, two of Vietnam's largest cities. There are more foreign businessmen visiting the cities as foreign investment increases and Vietnam's stock market conditions are favorable, causing the demand for rooms to exceed the supply by hotels. Officials are claiming that an increase in room prices will hinder the development of the tourism industry because travel agents will be forced to recommend other, cheaper destinations for tourists. Hotels should look to other options in order to keep tourists traveling to Vietnam.

Hotel prices may increase by 50 percent in Ha Noi and Ho Chi Minh City, two of Vietnam's largest cities. There are more foreign businessmen visiting the cities as foreign investment increases and Vietnam's stock market conditions are favorable, causing the demand for rooms to exceed the supply by hotels. Officials are claiming that an increase in room prices will hinder the development of the tourism industry because travel agents will be forced to recommend other, cheaper destinations for tourists. Hotels should look to other options in order to keep tourists traveling to Vietnam.

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Qantas Air Invests in Vietnam's Pacific Airlines

Australia's Qantas Group signed a deal with Vietnam's State Capital Investment Corporation (SCIC) to purchase a 30 percent stake in Pacific Airlines (PA). The agreement will help develop both airlines; PA hopes to increase its share of the domestic aviation market as well as expand its international services and Qantas is able to fulfill its Southeast Asian expansion goal. This is the first agreement signed with foreign investors in Vietnam's domestic aviation market and more is to be expected soon.

Australia's Qantas Group signed a deal with Vietnam's State Capital Investment Corporation (SCIC) to purchase a 30 percent stake in Pacific Airlines (PA). The agreement will help develop both airlines; PA hopes to increase its share of the domestic aviation market as well as expand its international services and Qantas is able to fulfill its Southeast Asian expansion goal. This is the first agreement signed with foreign investors in Vietnam's domestic aviation market and more is to be expected soon.

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SE Asia Organization to Cooperate on Increasing Rice Exports

The five members of the the Ayeyawady-Chao Phraya-Mekong Economic Co-operation Strategy (ACMECS), which include Cambodia, Laos, Myanmar, Thailand, and Vietnam, are looking to come to an agreement on increasing the quality and image of the region's rice exports. The agreement would include rules on the transfer of farming techniques and market information so that Southeast Asian rice exports can better compete internationally.

The five members of the the Ayeyawady-Chao Phraya-Mekong Economic Co-operation Strategy (ACMECS), which include Cambodia, Laos, Myanmar, Thailand, and Vietnam, are looking to come to an agreement on increasing the quality and image of the region's rice exports. The agreement would include rules on the transfer of farming techniques and market information so that Southeast Asian rice exports can better compete internationally.

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A Joint Effort to Increase Rice Exports

Vietnam, Cambodia, Myanmar, Laos, and Thailand are joining together in an effort to improve the image and quality of the region's rice. In Vietnam alone, rice exports declined 21 percent in volume and eight percent in value during the first five months of this year compared to the same period last year. The countries hope to increase the competitiveness of their region's rice by exchanging global market information and farming techniques among each other.

Vietnam, Cambodia, Myanmar, Laos, and Thailand are joining together in an effort to improve the image and quality of the region's rice. In Vietnam alone, rice exports declined 21 percent in volume and eight percent in value during the first five months of this year compared to the same period last year. The countries hope to increase the competitiveness of their region's rice by exchanging global market information and farming techniques among each other.

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Inflation is a Growing Problem in Vietnam

Due to adjustments in electricity and petroleum prices combined with food supply shocks, inflation is remaining high. If inflation stays high, the Vietnamese economy could suffer. Economists suggest that the government should apply tighter monetary guidelines in order to prevent further inflation and ensure that the consumer price index (CPI) does not grow faster than GDP.

Due to adjustments in electricity and petroleum prices combined with food supply shocks, inflation is remaining high. If inflation stays high, the Vietnamese economy could suffer. Economists suggest that the government should apply tighter monetary guidelines in order to prevent further inflation and ensure that the consumer price index (CPI) does not grow faster than GDP.

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US' Eximbank to Facilitate Foreign Trade in Vietnam

The official Export-Import Bank of the US (Eximbank) is set to open branches in Vietnam, with bank officials citing Vietnam's accession to the World Trade Organization and a keen interest in expanding US-Vietnam trade ties as their reasoning. The move would require an investment of USD 300 million to open 4 branches, and would help Vietnamese enterprises import high-value goods and equipment from the US through soft-term credit and bank guarantees.

The official Export-Import Bank of the US (Eximbank) is set to open branches in Vietnam, with bank officials citing Vietnam's accession to the World Trade Organization and a keen interest in expanding US-Vietnam trade ties as their reasoning. The move would require an investment of USD 300 million to open 4 branches, and would help Vietnamese enterprises import high-value goods and equipment from the US through soft-term credit and bank guarantees.

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State-Run Bank and Vincom Join for Urban Development

Vincom Joint Stock Co., a prominent real estate company, and the Bank for Investment and Development of Vietnam will work together on a new urban development project that includes a high-end complex in Ho Chi Minh City. The bank will provide services and priority interest rates and in return will become a shareholder in Vincom when it goes public. The deal will hopefully promote long-term growth for both companies.

Vincom Joint Stock Co., a prominent real estate company, and the Bank for Investment and Development of Vietnam will work together on a new urban development project that includes a high-end complex in Ho Chi Minh City. The bank will provide services and priority interest rates and in return will become a shareholder in Vincom when it goes public. The deal will hopefully promote long-term growth for both companies.

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ADB’s Unfaltering Commitment in Vietnam

Since 1993, the Asian Development Bank (ADB) has been dedicated to furthering Vietnam's development, hoping to help the country become a middle-income and industrialized country by 2020. Within the next three years the ADB will focus on projects to further economic growth in poor regions, social equality, balanced development, and environmental sustainability in the urban and natural environments.

Since 1993, the Asian Development Bank (ADB) has been dedicated to furthering Vietnam's development, hoping to help the country become a middle-income and industrialized country by 2020. Within the next three years the ADB will focus on projects to further economic growth in poor regions, social equality, balanced development, and environmental sustainability in the urban and natural environments.

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JSM Plans to Develop Shopping Centers in Cambodia and Vietnam

JSM Indochina, an offshoot of JSM, is to be floated on London's AIM market to attract investors to develop shopping centers and housing in Cambodia and Vietnam. US-based JSM controls over USD 1.5 billion in shopping centers in the US. The plan envisions opening malls in Phnom Penh, Ho Chi Minh City, and Hanoi. The major tenant for the Cambodian center will be Malaysian department store Parkson, which will also feature a number of apartments. The company hopes to raise in excess of USD 300 million for the projects within the next year.

JSM Indochina, an offshoot of JSM, is to be floated on London's AIM market to attract investors to develop shopping centers and housing in Cambodia and Vietnam. US-based JSM controls over USD 1.5 billion in shopping centers in the US. The plan envisions opening malls in Phnom Penh, Ho Chi Minh City, and Hanoi. The major tenant for the Cambodian center will be Malaysian department store Parkson, which will also feature a number of apartments. The company hopes to raise in excess of USD 300 million for the projects within the next year.

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Vietnam and Japan Closer to Signing Their EPA

The third round of negotiations to draft the Vietnam-Japan Economic Partnership Agreement (EPA) ended, bringing the two countries closer to a prosperous trade relationship. Besides opening up the countries' markets, under the agreement, Vietnamese and Japanese businesses could develop relationships in areas including investment, tourism, human resources development, and cultural exchange. The two sides hope to sign the EPA this year.

The third round of negotiations to draft the Vietnam-Japan Economic Partnership Agreement (EPA) ended, bringing the two countries closer to a prosperous trade relationship. Besides opening up the countries' markets, under the agreement, Vietnamese and Japanese businesses could develop relationships in areas including investment, tourism, human resources development, and cultural exchange. The two sides hope to sign the EPA this year.

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New Foreign Investment Projects in Ha Noi

By the end of June, 125 new foreign-investment projects will be introduced in Ha Noi and 22 current projects will increase their registered capital in the city, bringing the total new foreign investment up to USD 930 million. New projects in the capital city include a Keangnam hotel, a shopping and apartment complex, a five-star hotel, and a new urban area.

By the end of June, 125 new foreign-investment projects will be introduced in Ha Noi and 22 current projects will increase their registered capital in the city, bringing the total new foreign investment up to USD 930 million. New projects in the capital city include a Keangnam hotel, a shopping and apartment complex, a five-star hotel, and a new urban area.

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Official Guidelines Set for Vietnam's Petrol Companies

The Ministry of Finance issued official guidelines for petrol companies in an attempt to help control and determine petrol prices. In deciding the pump prices, the ministries take import costs, taxes, and other fees such as transportation costs into consideration. The petrol companies must also submit applications to the trade and finance ministries before any price change can be applied.

The Ministry of Finance issued official guidelines for petrol companies in an attempt to help control and determine petrol prices. In deciding the pump prices, the ministries take import costs, taxes, and other fees such as transportation costs into consideration. The petrol companies must also submit applications to the trade and finance ministries before any price change can be applied.

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Low Tax is Not Helping Most Vietnamese Enterprises

According to the Ministry of Finance, only 5 percent of Vietnamese enterprises are taking advantage of the preferential tariff issued by the AFTA (ASEAN Free Trade Area). The other 95 percent of enterprises are not able to use the low tax rate to their advantage because they do not have enough information to consider their production costs. Although Vietnam's exports to the ASEAN market are increasing, the import growth rate is still higher than the export growth rate.

According to the Ministry of Finance, only 5 percent of Vietnamese enterprises are taking advantage of the preferential tariff issued by the AFTA (ASEAN Free Trade Area). The other 95 percent of enterprises are not able to use the low tax rate to their advantage because they do not have enough information to consider their production costs. Although Vietnam's exports to the ASEAN market are increasing, the import growth rate is still higher than the export growth rate.

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Thai Binh Investment is Weak

Authorities in the Thai Binh province of North Vietnam have made many attempts to attract investment in the region but the results are not what they anticipated. Only 175 out of 246 approved projects have been started and most are in basic industries, which do not reflect the agricultural strengths of Thai Binh. If businesses do more research on the economic and agricultural situation in the province before investing, the results may be more promising.

Authorities in the Thai Binh province of North Vietnam have made many attempts to attract investment in the region but the results are not what they anticipated. Only 175 out of 246 approved projects have been started and most are in basic industries, which do not reflect the agricultural strengths of Thai Binh. If businesses do more research on the economic and agricultural situation in the province before investing, the results may be more promising.

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Vietnam Stock Market's Top 20 Firms Are Growing

Saigon Securities, Inc. issued a report stating that the stock market's top 20 companies are projected to have average earnings growth of 58.32 percent and profit growth of 26 percent this year. The report is not intended to individually evaluate each company; it is designed to use the top 20 firms as indicators of market capitalization value and to track the outcomes of market changes.

Saigon Securities, Inc. issued a report stating that the stock market's top 20 companies are projected to have average earnings growth of 58.32 percent and profit growth of 26 percent this year. The report is not intended to individually evaluate each company; it is designed to use the top 20 firms as indicators of market capitalization value and to track the outcomes of market changes.

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No New Contracts for Vietnamese Rice Exporters

By the end of this year, rice farmers are forecasted to successfully export their intended total amount of rice if they continue at their current pace and deliver all contracted exports. The Ministry of Trade recommended that rice exporters should not commit to any additional contracts this year due to risk of flood or price fluctuation as the year progresses but assured farmers that the pause in exports will not negatively affect them.

By the end of this year, rice farmers are forecasted to successfully export their intended total amount of rice if they continue at their current pace and deliver all contracted exports. The Ministry of Trade recommended that rice exporters should not commit to any additional contracts this year due to risk of flood or price fluctuation as the year progresses but assured farmers that the pause in exports will not negatively affect them.

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Foreign Banks Must Cooperate with the State Bank of Vietnam

The State Bank of Vietnam (SBV) set standards that all foreign banks must meet in order to operate in Vietnam. In order to launch a foreign bank entity in Vietnam, the central bank or regulatory organization of the country where that bank has its headquarters must cooperate with the SBV in multiple areas, including those of management, activities supervision, and information exchange. In addition, the foreign banks are required to have total assets of at least USD 10 billion.

 

The State Bank of Vietnam (SBV) set standards that all foreign banks must meet in order to operate in Vietnam. In order to launch a foreign bank entity in Vietnam, the central bank or regulatory organization of the country where that bank has its headquarters must cooperate with the SBV in multiple areas, including those of management, activities supervision, and information exchange. In addition, the foreign banks are required to have total assets of at least USD 10 billion.

 

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World Bank to Help Construct Power Grid Connecting Cambodia, Laos, Vietnam

The International Development Agency (IDA) has granted the World Bank Greater Mekong Sub-Region (GMS) Power Trade Program USD 18.5 million to construct power transmission lines connecting Vietnam to Cambodia's rural provinces. High tariff rates, poor infrastructure, and little supply has prevented electrification of much of the country, with only 18 percent of the country's population connected to an electrical grid. This grant and another USD 15 million dollar grant to connect Cambodia to Laos will encourage energy trading and help mitigate the power shortage in Cambodia.

The International Development Agency (IDA) has granted the World Bank Greater Mekong Sub-Region (GMS) Power Trade Program USD 18.5 million to construct power transmission lines connecting Vietnam to Cambodia's rural provinces. High tariff rates, poor infrastructure, and little supply has prevented electrification of much of the country, with only 18 percent of the country's population connected to an electrical grid. This grant and another USD 15 million dollar grant to connect Cambodia to Laos will encourage energy trading and help mitigate the power shortage in Cambodia.

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Korea Criticizes 3 ASEAN Nations Over FTA Treaty

The new free trade agreement between South Korea and the Association of Southeast Asian Nations (ASEAN) has hit a road block as three ASEAN countries have failed to implement the necessary legal measures on time. The South Korean government strongly urged Indonesia, Myanmar, and Vietnam to correct the problem and refund the tariffs levied against Korean products since June 1, when the FTA treaty went into effect. Korea also threatened that, if the necessary changes were not implemented, Korea would exercise its rights under the agreement against them.

The new free trade agreement between South Korea and the Association of Southeast Asian Nations (ASEAN) has hit a road block as three ASEAN countries have failed to implement the necessary legal measures on time. The South Korean government strongly urged Indonesia, Myanmar, and Vietnam to correct the problem and refund the tariffs levied against Korean products since June 1, when the FTA treaty went into effect. Korea also threatened that, if the necessary changes were not implemented, Korea would exercise its rights under the agreement against them.

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Vietnam's Real Estate Market is Booming

After hitting a lull, the Vietnamese real estate market is recovering. The market's potential is growing due to increases in housing demand in big cities, foreign investment due to Vietnam's presence in the World Trade Organization (WTO), the number of Vietnamese overseas moving back to Vietnam, and stock investors shifting money into the real estate market.

After hitting a lull, the Vietnamese real estate market is recovering. The market's potential is growing due to increases in housing demand in big cities, foreign investment due to Vietnam's presence in the World Trade Organization (WTO), the number of Vietnamese overseas moving back to Vietnam, and stock investors shifting money into the real estate market.

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Vietnam Decreases Tariff on Korean Imports

As a result of the ASEAN-RoK Free Trade Agreement (AKFTA), the Ministry of Finance has declared that commodities shipped from South Korea, including consumer goods, materials, and industrial products, will be subject to the lowest committed tax rates, which are between 0 and 5 percent. Additionally, by 2010, tariff barriers against 92 percent of imports and exports are set to be removed.

As a result of the ASEAN-RoK Free Trade Agreement (AKFTA), the Ministry of Finance has declared that commodities shipped from South Korea, including consumer goods, materials, and industrial products, will be subject to the lowest committed tax rates, which are between 0 and 5 percent. Additionally, by 2010, tariff barriers against 92 percent of imports and exports are set to be removed.

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Vietnam and Japan Negotiate on Economic Partnership Agreement

Vietnam and Japan began the third round of negotiations on their comprehensive economic partnership agreement (EPA) in Tokyo. After in depth discussion on areas such as goods, services, hygiene, and technical standards, the Vietnamese chief negotiator hopes the deal is entering into its final stages. After the second round of negotiations, Japanese chief negotiator Jun Yokota stated that Japan has a clear understanding of Vietnam's viewpoints.

 

Vietnam and Japan began the third round of negotiations on their comprehensive economic partnership agreement (EPA) in Tokyo. After in depth discussion on areas such as goods, services, hygiene, and technical standards, the Vietnamese chief negotiator hopes the deal is entering into its final stages. After the second round of negotiations, Japanese chief negotiator Jun Yokota stated that Japan has a clear understanding of Vietnam's viewpoints.

 

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Kien Long Bank's Expansion Deal

An important cooperation agreement signed by the Asia Commercial Bank (ACB) and Saigontourist will support the nationwide growth and status of Kien Long Bank. Under the agreement, ACB will provide credit support and financial tools and Saigontourist will advertise products and services for Kien Long Bank. With the help of ACB and Saigontourist, Kien Long Bank plans to expand in Vietnam by opening multiple branches and transaction offices within the next month.

An important cooperation agreement signed by the Asia Commercial Bank (ACB) and Saigontourist will support the nationwide growth and status of Kien Long Bank. Under the agreement, ACB will provide credit support and financial tools and Saigontourist will advertise products and services for Kien Long Bank. With the help of ACB and Saigontourist, Kien Long Bank plans to expand in Vietnam by opening multiple branches and transaction offices within the next month.

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Adjusted Tax System for Petroleum Products in Vietnam

The Vietnamese Ministry of Finance announced their decision to adjust the tax system for imported petroleum products in order to provide stability for companies. Under Decision No. 40/2007, the tax on oil will decrease as the price of oil increases. In accordance with the adjusted tax system, authorities will not have to be concerned about adjusting tariffs when the price of oil fluctuates.

The Vietnamese Ministry of Finance announced their decision to adjust the tax system for imported petroleum products in order to provide stability for companies. Under Decision No. 40/2007, the tax on oil will decrease as the price of oil increases. In accordance with the adjusted tax system, authorities will not have to be concerned about adjusting tariffs when the price of oil fluctuates.

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Foreign Businesses Allowed Trading Rights in Vietnam

On May 31, Prime Minister Nguyen Tan Dung issued Decree No. 90/2007, stating that all foreign merchants with no business or investment registration in Vietnam can apply for import-export licenses. These licenses will grant the foreign organizations the right to engage in import and export activities with licensed Vietnamese businesses.

On May 31, Prime Minister Nguyen Tan Dung issued Decree No. 90/2007, stating that all foreign merchants with no business or investment registration in Vietnam can apply for import-export licenses. These licenses will grant the foreign organizations the right to engage in import and export activities with licensed Vietnamese businesses.

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Taiwan and Vietnam Encourage High-Tech Exchange

Taiwan and Vietnam agreed to strengthen their relationship by encouraging high-tech exchange. As a result, Taiwan will bolster its status as Vietnam's largest investor by infusing more capital to support Vietnam's economic growth, which has averaged a 7-8 percent growth rate over the past several years. By spreading and diversifying its investment to a locale other than China, Taiwan will benefit from a reduction in investment risk.

Taiwan and Vietnam agreed to strengthen their relationship by encouraging high-tech exchange. As a result, Taiwan will bolster its status as Vietnam's largest investor by infusing more capital to support Vietnam's economic growth, which has averaged a 7-8 percent growth rate over the past several years. By spreading and diversifying its investment to a locale other than China, Taiwan will benefit from a reduction in investment risk.

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Vietnam Should Improve Disbursement Rate

At the mid-term Consultative Group (CG) meeting for Vietnam, on June 1, a representative from the Asian Development Bank in Vietnam, donors, and the Vietnamese Government targeted the official development aid (ODA) disbursement rate as a problem. If Vietnam can improve their ODA disbursement rate, their economic growth is forecasted to be raised from the current 8 percent to 8.5-9 percent.

At the mid-term Consultative Group (CG) meeting for Vietnam, on June 1, a representative from the Asian Development Bank in Vietnam, donors, and the Vietnamese Government targeted the official development aid (ODA) disbursement rate as a problem. If Vietnam can improve their ODA disbursement rate, their economic growth is forecasted to be raised from the current 8 percent to 8.5-9 percent.

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Lanuage Barriers Slowing Vietnam-Laos Border Trade

Vietnam and Laos have had a long history of cross-border trade. Most items imported into Laos are agricultural implements, saplings, household goods, and chemical fertilizers. Trading at the Attapeu-Kon Tum border, however, has not seen much growth since the Phoukeua and Bo-y border trade checkpoint opened unofficially in 2004, which officials from Vietnam and Laos claim is the result of language barriers.

Vietnam and Laos have had a long history of cross-border trade. Most items imported into Laos are agricultural implements, saplings, household goods, and chemical fertilizers. Trading at the Attapeu-Kon Tum border, however, has not seen much growth since the Phoukeua and Bo-y border trade checkpoint opened unofficially in 2004, which officials from Vietnam and Laos claim is the result of language barriers.

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Hong Kong Seeks Trade Relations with Vietnam

A Hong Kong business delegation will depart to Vietnam from June 18-21, according to the Hong Kong Trade Development Council. This delegation will conduct market surveys in Vietnam, the purpose of which is to study Vietnam's investment environment and seek opportunities to develop trade relations between Hong Kong and Vietnam.

A Hong Kong business delegation will depart to Vietnam from June 18-21, according to the Hong Kong Trade Development Council. This delegation will conduct market surveys in Vietnam, the purpose of which is to study Vietnam's investment environment and seek opportunities to develop trade relations between Hong Kong and Vietnam.

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RoK Group Invests in Ho Chi Minh City

The Republic of Korea's (RoK) financial group Golden Bridge increased their investment in Vietnam by opening a USD 50-million fund in Ho Chi Minh City. The group already has a representative office in Ha Noi but believes that expanding their presence will help them access Southeast Asian financial markets. Golden Bridge's investment will go towards market research, corporate bonds, real estate, social indirect investment and minerals in Vietnam.

The Republic of Korea's (RoK) financial group Golden Bridge increased their investment in Vietnam by opening a USD 50-million fund in Ho Chi Minh City. The group already has a representative office in Ha Noi but believes that expanding their presence will help them access Southeast Asian financial markets. Golden Bridge's investment will go towards market research, corporate bonds, real estate, social indirect investment and minerals in Vietnam.

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Russia to Complete WTO Ascension Talks With Vietnam, Cambodia

Russia expects to complete bilateral World Trade Organization (WTO) ascension talks with Vietnam and Cambodia by the end of June, according to Economic Minister German Gref. That would leave Georgia as the only other country with which Russia must complete bilateral negotiations. Russia hopes to join the WTO by the end of this year and plans to gradually open its markets a year after ascension.

Russia expects to complete bilateral World Trade Organization (WTO) ascension talks with Vietnam and Cambodia by the end of June, according to Economic Minister German Gref. That would leave Georgia as the only other country with which Russia must complete bilateral negotiations. Russia hopes to join the WTO by the end of this year and plans to gradually open its markets a year after ascension.

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Korea's GS E&C Wins Vietnamese Approval to Develop New Town

Korea's GS Engineering & Construction announced that it has won Vietnam's approval to develop a new 330-hectare lot town in Nha Be area, about ten kilometers south of Ho Chi Minh City. GS E&C, therefore, becomes the first foreign builder to gain exclusive permission to develop a new town in Vietnam.

Korea's GS Engineering & Construction announced that it has won Vietnam's approval to develop a new 330-hectare lot town in Nha Be area, about ten kilometers south of Ho Chi Minh City. GS E&C, therefore, becomes the first foreign builder to gain exclusive permission to develop a new town in Vietnam.

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Vietnamese Development Calls for $43.5 Million Bond Auction

In an effort to sell $1.37 billion worth of government bonds in 2007 for the funding of transportation and irrigation development, the Vietnamese government will auction $43.5 million worth of five-year bonds with a VND100,000 face value on Monday, May 28. The bonds will yield 7.1 percent annually, down from the 7.15 percent yield offered in last month's auction, though they still hold Moody's recently upgraded outlook of "positive" and bear a rating of Ba3.

In an effort to sell $1.37 billion worth of government bonds in 2007 for the funding of transportation and irrigation development, the Vietnamese government will auction $43.5 million worth of five-year bonds with a VND100,000 face value on Monday, May 28. The bonds will yield 7.1 percent annually, down from the 7.15 percent yield offered in last month's auction, though they still hold Moody's recently upgraded outlook of "positive" and bear a rating of Ba3.

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Malaysians Interested In Vietnam

By catching the attention of wealthy individuals and companies with economic growth averaging over 7 percent over the past decade, Malaysian attendance at talks on infrastructure investment in Vietnam has increased markedly. It's estimated that by 2020 US$140 billion in infrastructure investment will be needed, and investment returns in excess of 20 percent are expected. Several funds that have been set up have reported growth from US$10 million to US$1 billion and higher in the last four years.

By catching the attention of wealthy individuals and companies with economic growth averaging over 7 percent over the past decade, Malaysian attendance at talks on infrastructure investment in Vietnam has increased markedly. It's estimated that by 2020 US$140 billion in infrastructure investment will be needed, and investment returns in excess of 20 percent are expected. Several funds that have been set up have reported growth from US$10 million to US$1 billion and higher in the last four years.

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South Korea Promises $100 Million to Vietnam

The Korean government has announced to offer $100 million credit assistance to Vietnam every year as they regard Vietnam as one of their largest trade and business partners. According to the statistics, bilateral trade between the two countries has reached about $4.8 billion dollars last year.

The Korean government has announced to offer $100 million credit assistance to Vietnam every year as they regard Vietnam as one of their largest trade and business partners. According to the statistics, bilateral trade between the two countries has reached about $4.8 billion dollars last year.

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Vietnam's Anti-Piracy Agreement: Good News for Budding IT Sector

Vietnam's signing of a government anti-piracy agreement with Microsoft Corp., which comes on the heels of chairman Bill Gates' April visit and Intel's announcement of plans for a $1 billion semiconductor plant in the southern region, is good news for the country's budding IT sector. Business Software Alliance officials have praised the agreement for showing Vietnam's dedication to curbing its nation's piracy rate, which currently stands at 90 percent.

Vietnam's signing of a government anti-piracy agreement with Microsoft Corp., which comes on the heels of chairman Bill Gates' April visit and Intel's announcement of plans for a $1 billion semiconductor plant in the southern region, is good news for the country's budding IT sector. Business Software Alliance officials have praised the agreement for showing Vietnam's dedication to curbing its nation's piracy rate, which currently stands at 90 percent.

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Vietnam's Internet and Telecom Sector Generates Revenue

Internet services are expected to make VND55 trillion (US$3.4 billion) in revenue by the year 2010. Additionally, according to the Ministry of Post and Telematics, they are expected to create an annual growth rate double that of the national economy. So far, Vietnam's internet and telecom sector has generated an annual growth rate of 35 per cent.

Internet services are expected to make VND55 trillion (US$3.4 billion) in revenue by the year 2010. Additionally, according to the Ministry of Post and Telematics, they are expected to create an annual growth rate double that of the national economy. So far, Vietnam's internet and telecom sector has generated an annual growth rate of 35 per cent.

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ILO Urges ASEAN Members to Boost Productivity Growth

The International Labor Organization (ILO) is urging the Association of Southeast Asian Nations (ASEAN) to increase productivity growth rates if it has any hopes of remaining competitive with its powerhouse neighbors China and India. Furthermore, the ILO warns that failure to lift productivity growth, even in instances of overall economic growth, will add to the already severe levels of poverty most of the ASEAN member nations face, while simultaneously widening the economic gap amongst them.

The International Labor Organization (ILO) is urging the Association of Southeast Asian Nations (ASEAN) to increase productivity growth rates if it has any hopes of remaining competitive with its powerhouse neighbors China and India. Furthermore, the ILO warns that failure to lift productivity growth, even in instances of overall economic growth, will add to the already severe levels of poverty most of the ASEAN member nations face, while simultaneously widening the economic gap amongst them.

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US$4 Billion Investment in Asia Planned by Chevron Corp.

Focusing on petroleum expansion and production in Asia, Chevron Corp. will invest about US$4 billion in a number of Asian nations this year, worth 20 percent of their projected global spending. Chevron's major endeavors include an offshore liquefied natural gas (LNG) project in Australia, petroleum production in Indonesia and Thailand, and enhanced exploration drilling in Bangladesh, Vietnam, and Cambodia. In addition, Chevron has slated five exploration and production projects in China.

Focusing on petroleum expansion and production in Asia, Chevron Corp. will invest about US$4 billion in a number of Asian nations this year, worth 20 percent of their projected global spending. Chevron's major endeavors include an offshore liquefied natural gas (LNG) project in Australia, petroleum production in Indonesia and Thailand, and enhanced exploration drilling in Bangladesh, Vietnam, and Cambodia. In addition, Chevron has slated five exploration and production projects in China.

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vietnam

Air Transport Services Open in the Mekong Sub-Region

An airline service between Cambodia, Laos, Myanmar, and Vietnam (CLMV) has plans for development in the near future. CLMV plans to grant travel privileges to the citizens of each country with less restrictions. Additionally, the countries will give investors more flexibility in the development of air transport services since it is now open to other CLMV countries.

An airline service between Cambodia, Laos, Myanmar, and Vietnam (CLMV) has plans for development in the near future. CLMV plans to grant travel privileges to the citizens of each country with less restrictions. Additionally, the countries will give investors more flexibility in the development of air transport services since it is now open to other CLMV countries.

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vietnam

Inflated Energy Costs Affect Vietnam's Steel Industry

Inflated energy costs have forced Vietnamese producers to keep steel and cement prices high. However, falling ingot prices on the world market have caused local manufactures to keep steel steady at VND9.1m (US$56) a tonne this year, despite the expectation that local steel prices should have fallen. The Viet Nam Steel Association (VSA) believes that steel prices have not fallen due to inventories of imported ingot and do not expect prices to drop anytime soon.

Inflated energy costs have forced Vietnamese producers to keep steel and cement prices high. However, falling ingot prices on the world market have caused local manufactures to keep steel steady at VND9.1m (US$56) a tonne this year, despite the expectation that local steel prices should have fallen. The Viet Nam Steel Association (VSA) believes that steel prices have not fallen due to inventories of imported ingot and do not expect prices to drop anytime soon.

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vietnam

Samsung Plans to Move Production Base to Vietnam

With wage costs soaring in South Korea, Samsung plans to commit to its global outsourcing strategy by moving its primary mobile phone factory to Vietnam. The move will allow the high-tech firm a tenfold decrease in labor costs. South Korean economists continue to express concern about the growing number of firms turning to global outsourcing and the impact it will have on domestic industry and unemployment.

With wage costs soaring in South Korea, Samsung plans to commit to its global outsourcing strategy by moving its primary mobile phone factory to Vietnam. The move will allow the high-tech firm a tenfold decrease in labor costs. South Korean economists continue to express concern about the growing number of firms turning to global outsourcing and the impact it will have on domestic industry and unemployment.

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vietnam

Rising Hotel Rates Cause Trouble in Vietnam's Tourist Business

Foreign tourists are overloading hotels in Vietnam, pushing up room prices and causing trouble in the tourist industry. During the first four months of 2007, 1.5 million foreign tourists came to Vietnam, an increase of 12.5 per cent. In April alone, 350,000 tourists were reported, a 96.8 per cent increase from the previous month. This has caused some hotels in Vietnam to raise room prices by up to 30 per cent. Despite the room rate increase, overbooking is still occurring, causing difficulties in business for tourist agencies.

Foreign tourists are overloading hotels in Vietnam, pushing up room prices and causing trouble in the tourist industry. During the first four months of 2007, 1.5 million foreign tourists came to Vietnam, an increase of 12.5 per cent. In April alone, 350,000 tourists were reported, a 96.8 per cent increase from the previous month. This has caused some hotels in Vietnam to raise room prices by up to 30 per cent. Despite the room rate increase, overbooking is still occurring, causing difficulties in business for tourist agencies.

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vietnam

Vietnam to Issue $1 Billion Bond on Overseas Markets

The Vietnamese Government has ratified to issue $1 billion in bonds on the international bond market and will select three major foreign banks to underwrite the issue. $700 million of these bonds will be spent for the Dung Quat oil refinery project, $240 million will be invested in purchasing new vessels for the Viet Nam National Shipping Lines Corporation, and the rest will be allocated to the Secaman Hydroelectric Plant No. 3.

The Vietnamese Government has ratified to issue $1 billion in bonds on the international bond market and will select three major foreign banks to underwrite the issue. $700 million of these bonds will be spent for the Dung Quat oil refinery project, $240 million will be invested in purchasing new vessels for the Viet Nam National Shipping Lines Corporation, and the rest will be allocated to the Secaman Hydroelectric Plant No. 3.

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vietnam

Vietnamese Real Estate is Red Hot

Vietnam's real estate market is red hot according to first quarter reviews. The demand for office space in Vietnam's capital, Ha Noi has been increasing continuously, with rental rates at a high, reaching US$35 per square meter per month. Rental rates are continuing to rise, with expected forecasts of rents reaching $40-46.

Vietnam's real estate market is red hot according to first quarter reviews. The demand for office space in Vietnam's capital, Ha Noi has been increasing continuously, with rental rates at a high, reaching US$35 per square meter per month. Rental rates are continuing to rise, with expected forecasts of rents reaching $40-46.

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vietnam

High Technology Energy Projects Attract Investors in Vietnam

A Taiwanese company, Foxconn Group, will invest US$5 billion in technology in Vietnam. Foxconn projects are some of the 38 technological projects already listed with the Ministry of Planning and Investment, with a combining total of $35 billion. Additionally, tourism projects along Vietnam's coastline are drawing interest to Western investors, while oil refinery projects worth $1.53 billion and $1.2 billion are being considered by ASEAN investors.

A Taiwanese company, Foxconn Group, will invest US$5 billion in technology in Vietnam. Foxconn projects are some of the 38 technological projects already listed with the Ministry of Planning and Investment, with a combining total of $35 billion. Additionally, tourism projects along Vietnam's coastline are drawing interest to Western investors, while oil refinery projects worth $1.53 billion and $1.2 billion are being considered by ASEAN investors.

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vietnam

Vietnam's Nascent Stock Market Attracts Japanese Investors

Due to domestic low interest rates, more and more Japanese investors regard Vietnam as an alternative investing target to China and India. Unlike some countries, Vietnam's stock market is small, premature and unregulated, but the low cost, friendly policies and shares' sharp jumps still attract Japanese investors to take risks. By now, Japanese investors are estimated to take about 5 percent of Vietnam's $20 billion stock market.

Due to domestic low interest rates, more and more Japanese investors regard Vietnam as an alternative investing target to China and India. Unlike some countries, Vietnam's stock market is small, premature and unregulated, but the low cost, friendly policies and shares' sharp jumps still attract Japanese investors to take risks. By now, Japanese investors are estimated to take about 5 percent of Vietnam's $20 billion stock market.

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vietnam

Vietnam's Service Sector Falls Short in Growth

The growth of the service sector in Vietnam is falling short, accounting for only 38 per cent of national GDP last month. Although Vietnam had earned $5.1b from tourism, air, and transportation, the same amount was due to foreign service suppliers to make up for the shortage in insurance, banking, finance, healthcare, education and technology.

The growth of the service sector in Vietnam is falling short, accounting for only 38 per cent of national GDP last month. Although Vietnam had earned $5.1b from tourism, air, and transportation, the same amount was due to foreign service suppliers to make up for the shortage in insurance, banking, finance, healthcare, education and technology.

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vietnam

ADB Reform Questions Produce Tension, Not Answers

The Asia Development Bank (ADB) seeks to enact reforms after their initial mission of poverty eradication in the region seems to be coming to a close. Richer members argue for a diversification of their interests to environmental preservation and sustainable development, while poorer nations insist that economic development in their countries is no where near finished.

The Asia Development Bank (ADB) seeks to enact reforms after their initial mission of poverty eradication in the region seems to be coming to a close. Richer members argue for a diversification of their interests to environmental preservation and sustainable development, while poorer nations insist that economic development in their countries is no where near finished.

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vietnam

Stock Market Rises Over 1,000 Points in Vietnam

More investors are purchasing shares of stock as the VN-Index continues to rise, closing at 1,015.43 points this morning's session, an increase of 31.81 points (3.23%). Moreover, the index in Ha Noi's bourse rose by 4.05 points, closing at 331.2, while market trading volume rose to 1.5 million shares (VND184.3b).

More investors are purchasing shares of stock as the VN-Index continues to rise, closing at 1,015.43 points this morning's session, an increase of 31.81 points (3.23%). Moreover, the index in Ha Noi's bourse rose by 4.05 points, closing at 331.2, while market trading volume rose to 1.5 million shares (VND184.3b).

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vietnam

ASEAN+3 Agree to Establish Foreign Reserves Pool

The finance ministers of ASEAN plus Japan, China and the Republic of Korea have agreed on setting up a pooling fund from their foreign reserves. This self-managed reserve pooling will be conducted by a single contractual agreement with a gradual approach to ensure the liquidity for currencies and protect the Asian economy against a possible future crisis. Additionally, all ministers announced to accelerate and deepen structural reforms and implement macro-economic policies in order to strengthen cooperation and to support sustainable economic growth.

The finance ministers of ASEAN plus Japan, China and the Republic of Korea have agreed on setting up a pooling fund from their foreign reserves. This self-managed reserve pooling will be conducted by a single contractual agreement with a gradual approach to ensure the liquidity for currencies and protect the Asian economy against a possible future crisis. Additionally, all ministers announced to accelerate and deepen structural reforms and implement macro-economic policies in order to strengthen cooperation and to support sustainable economic growth.

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vietnam

Statistics Play Vital Role in Vietnam's Socio-economic Tendencies

Officials from the General Statistics Office (GSO) and the Multilateral Trade Assistance Project II (MUTRAP II) agree that statistical analysis plays a vital role in predicting Vietnam's socio-economic tendencies. Soon, GSO will be able to calculate the import-export value of each service sector within the market, which will serve as an assessment of openness in the domestic market.

Officials from the General Statistics Office (GSO) and the Multilateral Trade Assistance Project II (MUTRAP II) agree that statistical analysis plays a vital role in predicting Vietnam's socio-economic tendencies. Soon, GSO will be able to calculate the import-export value of each service sector within the market, which will serve as an assessment of openness in the domestic market.

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vietnam

ASEAN-EU Launch Free Trade Negotiations

Free trade negotiations were launched by Southeast Asian states and the European Union. The agreement was made when EU Trade Commissioner Peter Mandelson reached an agreement with the Association of Southeast Asian Nations (AESEAN) economic ministers. The ASEAN-EU free trade zone will cover one billion people and will be one of the largest free trade zones in the world.

Free trade negotiations were launched by Southeast Asian states and the European Union. The agreement was made when EU Trade Commissioner Peter Mandelson reached an agreement with the Association of Southeast Asian Nations (AESEAN) economic ministers. The ASEAN-EU free trade zone will cover one billion people and will be one of the largest free trade zones in the world.

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vietnam

Vietnam's Economic Boom Attracts Korean Investors

Vietnam's economic boom has been attracting much foreign investment, especially from Korean companies. Over 1,000 Korean companies have been doing business in Vietnam, creating over 300,000 more jobs. Currently in Vietnam, economic growth is reported at reaching 8 per cent per year. Cheap labor, stable political leaders, and government efforts make the investment environment attractive to investors worldwide.

Vietnam's economic boom has been attracting much foreign investment, especially from Korean companies. Over 1,000 Korean companies have been doing business in Vietnam, creating over 300,000 more jobs. Currently in Vietnam, economic growth is reported at reaching 8 per cent per year. Cheap labor, stable political leaders, and government efforts make the investment environment attractive to investors worldwide.

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vietnam

Vietnam Cuts Fuel Tax to Rein in Hiking Price

The Ministry of Finance has made a decision to reduce import tariffs on gasoline from 10 to 5 percent or even to zero to curb any short term raising price. However, if cutting tariffs does not work, the government will resume fuel subsidies to reduce companies' losses.

The Ministry of Finance has made a decision to reduce import tariffs on gasoline from 10 to 5 percent or even to zero to curb any short term raising price. However, if cutting tariffs does not work, the government will resume fuel subsidies to reduce companies' losses.

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vietnam

Vietnam Attracts US$3.51b in FDI

Vietnam received US$3.51b in foreign investment during the first four months of 2007, a two-fold increase from last year. Investment incentives and simplified administrative procedures are believed to be the cause of the surge of investment from overseas. Moreover, another US$20b in foreign investment projects are awaiting the Minister of Planning and Investment's approval.

Vietnam received US$3.51b in foreign investment during the first four months of 2007, a two-fold increase from last year. Investment incentives and simplified administrative procedures are believed to be the cause of the surge of investment from overseas. Moreover, another US$20b in foreign investment projects are awaiting the Minister of Planning and Investment's approval.

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vietnam

Vietnam's Industry Grows 16.7% in the First Four Months

According to the General Statistics Office report, Vietnam's industrial output reached VND 176.8 trillion (US$11.4 billion) in the first four months. The domestic private enterprise' industrial output grew fastest, followed by the foreign-invested sector and the State-owned sector. A series of major processing industries had high growth, such as seafood processors, ready-made clothes, paper and cartons, rolled steel and machinery. But some industries, including coal, crude oil, electrical energy, and chemical fertilizers, showed slower growth.

According to the General Statistics Office report, Vietnam's industrial output reached VND 176.8 trillion (US$11.4 billion) in the first four months. The domestic private enterprise' industrial output grew fastest, followed by the foreign-invested sector and the State-owned sector. A series of major processing industries had high growth, such as seafood processors, ready-made clothes, paper and cartons, rolled steel and machinery. But some industries, including coal, crude oil, electrical energy, and chemical fertilizers, showed slower growth.

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vietnam

Vietnam's Energy Sector Demands for More Foreign Direct Investment

Due to Vietnam's rapid economic growth and development in modernization and industrialization, the demand for energy resources has risen dramatically, with electricity demand rising up to 20%. Only 30% of the required funding will be supplied by loans from international financial institutions and the Government, resulting in the rise for demand in foreign investment.

Due to Vietnam's rapid economic growth and development in modernization and industrialization, the demand for energy resources has risen dramatically, with electricity demand rising up to 20%. Only 30% of the required funding will be supplied by loans from international financial institutions and the Government, resulting in the rise for demand in foreign investment.

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vietnam

Asian Financial Chiefs Meet to Discuss Financial Cooperation

The Finance ministers from ASEAN plus Japan, China and South Korea will hold a conference on Saturday in Kyoto to discuss ways to improve financial cooperation, including a deal on multilateral currency swaps. During the meeting, all the issues being discussed are ways to ensure necessary liquidity in a prompt manner in the event of a crisis and to enhance the capabilities of local rating organizations and securitization.

The Finance ministers from ASEAN plus Japan, China and South Korea will hold a conference on Saturday in Kyoto to discuss ways to improve financial cooperation, including a deal on multilateral currency swaps. During the meeting, all the issues being discussed are ways to ensure necessary liquidity in a prompt manner in the event of a crisis and to enhance the capabilities of local rating organizations and securitization.

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vietnam

New Asean Body to Reduce Agriculture Risks

Thailand would serve as the center of the Asean Rapid Alert System on Food (RASF) in order to reduce farm and market risks and trade regulations for agricultural goods to member countries' farmers by distributing information on crops, livestock and aquaculture.

Thailand would serve as the center of the Asean Rapid Alert System on Food (RASF) in order to reduce farm and market risks and trade regulations for agricultural goods to member countries' farmers by distributing information on crops, livestock and aquaculture.

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vietnam

Qantas Will Buy Stake in Vietnam's Pacific Airlines

Australian flag-carrier Qantas and Vietnam's Pacific Airlines have reached an agreement that Qantas would buy a 30 percent stake in Vietnam's Pacific Airlines to expand in the Asian market. Both countries' governments support this investment.

Australian flag-carrier Qantas and Vietnam's Pacific Airlines have reached an agreement that Qantas would buy a 30 percent stake in Vietnam's Pacific Airlines to expand in the Asian market. Both countries' governments support this investment.

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vietnam

Vietnam's New Decree on Foreign Ownership in Banks

After a new decree was issued by the Vietnamese government on April 20, strategic foreign investors are now allowed to buy stakes of 15 percent in a domestic bank. Some exceptions might be made with up to 20 percent stakes per strategic foreign investor. These opportunities are subject to the condition that the investors have to wait at least five years to resell their shares.

After a new decree was issued by the Vietnamese government on April 20, strategic foreign investors are now allowed to buy stakes of 15 percent in a domestic bank. Some exceptions might be made with up to 20 percent stakes per strategic foreign investor. These opportunities are subject to the condition that the investors have to wait at least five years to resell their shares.

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vietnam

US$48.7b Target in Export Turnover for Vietnam Looks Unlikely

The target of reaching US $48.7b in export turnover in Viet Nam has reported to be unlikely to occur due to the lack of products to export. Rice exporters state that low rice stocks from last year and inflexible price settings from the Vietnam Food Association have caused difficulty. Rice export regulations have agreed to raise exports by 200,000 tonnes to keep the speed of the export pace going and to help domestic paddy prices high.

The target of reaching US $48.7b in export turnover in Viet Nam has reported to be unlikely to occur due to the lack of products to export. Rice exporters state that low rice stocks from last year and inflexible price settings from the Vietnam Food Association have caused difficulty. Rice export regulations have agreed to raise exports by 200,000 tonnes to keep the speed of the export pace going and to help domestic paddy prices high.

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vietnam

Viet Nam's Bank for Investment and Development

Two multinational financial institutions are expected to be selected by the Bank for Investment and Development of Viet Nam as foreign strategic partners. Viet Nam's Government believes that the selection of foreign institutions rather than domestic institutions will give their financial sector better consultation in technology and training.

Two multinational financial institutions are expected to be selected by the Bank for Investment and Development of Viet Nam as foreign strategic partners. Viet Nam's Government believes that the selection of foreign institutions rather than domestic institutions will give their financial sector better consultation in technology and training.

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vietnam

VN-index Drop Could Reach 900

Ho Chi Min City's VN-index dropped below the 1,000-point level to close at 983, down nearly 3 percent for the first time in more than 10 weeks. Analysts predict further declines in the near future.

Ho Chi Min City's VN-index dropped below the 1,000-point level to close at 983, down nearly 3 percent for the first time in more than 10 weeks. Analysts predict further declines in the near future.

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vietnam

In Vietnam, Consumers Demand for Gold

In Vietnam, there has been a substantial increase in gold sales despite the rise in domestic gold prices. Internationally, gold prices had fluctuated as of yesterday, closing at US$686 an ounce, with Vietnam's domestic gold price at VND120,000 per tael lower than the world price. It is expected that the rise in Vietnam's domestic gold prices will continue to increase with expectations of it to peak at VND14 million per tael.

In Vietnam, there has been a substantial increase in gold sales despite the rise in domestic gold prices. Internationally, gold prices had fluctuated as of yesterday, closing at US$686 an ounce, with Vietnam's domestic gold price at VND120,000 per tael lower than the world price. It is expected that the rise in Vietnam's domestic gold prices will continue to increase with expectations of it to peak at VND14 million per tael.

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vietnam

ASEAN Regional Financial System to be Established

The Association of Southeast Asian Nations (ASEAN) has published its plan to develop a regional financial system to "contribute to a prosperous and competitive ASEAN region". As ASEAN capital markets have tripled their size since 1997, the main goals of the yet to be established financial system include the harmonization of standards, rules and regulations; the mobilization of capital and savings for regional infrastructural development; the facilitation of greater capital flows within the region, and the participation of the private sector.

The Association of Southeast Asian Nations (ASEAN) has published its plan to develop a regional financial system to "contribute to a prosperous and competitive ASEAN region". As ASEAN capital markets have tripled their size since 1997, the main goals of the yet to be established financial system include the harmonization of standards, rules and regulations; the mobilization of capital and savings for regional infrastructural development; the facilitation of greater capital flows within the region, and the participation of the private sector.

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vietnam

Domestic Market Swamped with Foreign Competition in Viet Nam

An influx of competition from foreign companies has urged the Viet Nam Chamber of Commerce and Industry (VCCI) to help restructure domestic businesses for better competition. Seminars are aimed to provide helpful restructuring information and technical support will be available to companies facing difficulty.

An influx of competition from foreign companies has urged the Viet Nam Chamber of Commerce and Industry (VCCI) to help restructure domestic businesses for better competition. Seminars are aimed to provide helpful restructuring information and technical support will be available to companies facing difficulty.

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vietnam

Global Integration in Viet Nam

Viet Nam's economic development will be discussed at The Viet Nam Economic Forum (VEF) in Ho Chi Minh City on April 23rd with the intention to capitalise on the country's current movement in economic growth. Modernization and global economic integration policies have helped the development of Viet Nam's economy. Globally, the role of Viet Nam is on the rise, with business and economic trends looking promising.

Viet Nam's economic development will be discussed at The Viet Nam Economic Forum (VEF) in Ho Chi Minh City on April 23rd with the intention to capitalise on the country's current movement in economic growth. Modernization and global economic integration policies have helped the development of Viet Nam's economy. Globally, the role of Viet Nam is on the rise, with business and economic trends looking promising.

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vietnam

Vietnam Becoming a Power Import Nation

Richard Spencer, senior energy specialist under the World Bank in Vietnam, is predicting a power shortage in the next few years. This is all due to Vietnam's rapidly increasing economic development, which ultimately leads to a power demand. With Vietnam looking at a economic growth rate of 8.3% this year, the increase in power demand is estimated to reach as high as 20%. It will be interesting to see how Vietnam deals with this problem, as it may look to its neighbors for help.

Richard Spencer, senior energy specialist under the World Bank in Vietnam, is predicting a power shortage in the next few years. This is all due to Vietnam's rapidly increasing economic development, which ultimately leads to a power demand. With Vietnam looking at a economic growth rate of 8.3% this year, the increase in power demand is estimated to reach as high as 20%. It will be interesting to see how Vietnam deals with this problem, as it may look to its neighbors for help.

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vietnam

Viet Nam's First Bio-Ethanol Plant

A joint venture in building a bio-ethanol production plant in Viet Nam is planned to begin in the first quarter of 2009 with the help of Japan. The use of ethanol in industrial and transporation means should help reduce Viet Nam's petrol imports and the country's pollution.

A joint venture in building a bio-ethanol production plant in Viet Nam is planned to begin in the first quarter of 2009 with the help of Japan. The use of ethanol in industrial and transporation means should help reduce Viet Nam's petrol imports and the country's pollution.

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vietnam

Japan Loans Vietnam $590 Million USD

Japan has offered Vietnam $590 million USD for infrastructure development and various projects to improve Vietnam's investment environment. Some projects of note include the construction of a subway in Ho Chi Minh City, and the construction of two thermo-power plants. Over the years Japan has provided Vietnam over 1.1 billion yen in soft loans.

Japan has offered Vietnam $590 million USD for infrastructure development and various projects to improve Vietnam's investment environment. Some projects of note include the construction of a subway in Ho Chi Minh City, and the construction of two thermo-power plants. Over the years Japan has provided Vietnam over 1.1 billion yen in soft loans.

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vietnam

Increase in FDI to Vietnam

Vietnam has attracted 2.5 billion USD in foreign direct investment in the first quarter of this year. This is an increase of 22% from last year. The biggest investor was South Korea, followed by Singapore. 49% of this capital went to the service sector, 48% to industry, and the remaining 3% went to the agro-forestry-fishery sector.

Vietnam has attracted 2.5 billion USD in foreign direct investment in the first quarter of this year. This is an increase of 22% from last year. The biggest investor was South Korea, followed by Singapore. 49% of this capital went to the service sector, 48% to industry, and the remaining 3% went to the agro-forestry-fishery sector.

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vietnam

Vietnam and US Trade Relations Continue to Develop

The President of the US-Vietnam Trade Council (USVTC) believes that trade between the two nations will continue to develop. American companies continue to increase their investment in Vietnam, especially after Vietnam was allowed entry into the WTO in 2006. The United States Congress is also granting Vienam the Permanent Normal Trade Relations status.

The President of the US-Vietnam Trade Council (USVTC) believes that trade between the two nations will continue to develop. American companies continue to increase their investment in Vietnam, especially after Vietnam was allowed entry into the WTO in 2006. The United States Congress is also granting Vienam the Permanent Normal Trade Relations status.

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vietnam

HCMC Named Among World's Fastest Growing Cities

A British consultant group. Princewaterhouse Coopers, recently published a list of the one hundred cities with the fastest economic growth rates. Ho Chi Minh City, Vietnam's economic center, made this list. HCMC's GDP has been steadily increasing over the years. Between 2001 and 2005 the GDP doubed to reach 169 trillion VND.

A British consultant group. Princewaterhouse Coopers, recently published a list of the one hundred cities with the fastest economic growth rates. Ho Chi Minh City, Vietnam's economic center, made this list. HCMC's GDP has been steadily increasing over the years. Between 2001 and 2005 the GDP doubed to reach 169 trillion VND.

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vietnam

The State of Vietnam's Stock Market

The hottest story off the presses in the global economy focuses on a country that until recently has had a market capitalization smaller than that of Krispy Kreme Doughnuts. Vietnam has since emerged from its cocoon, and its markets are on fire. In the last year, its stock market index surged 145 percent. In just the first two months of this year, the index was already up an additional 44 percent. Additionally, Vietnam's market capitalization has grown from less than $1 billion to over $15 billion today. Although comparatively small, even by emerging-market standards, it has not discouraged waves of investors from pouring money into the economy. As Vietnam's middle class is growing, students, civil servants and state enterprise managers with cash to spare are all rushing to buy shares, hoping to catch a whiff of the enormous amount of profits to be made. The Vietnamese have turned away from traditional investments, such as real estate and gold, to invest in the stock market. To respond to the demand, the number of brokerage firms increased from 16 to 56 in one year.

The recent upsurge of the exchange, with 107 listed companies, has been partially propelled by foreign investors, eager for exposure to one of Asia's fastest-growing economies. Vietnam's long-term capital appeal is obvious. The economy is expanding around 8 percent annually; it recently joined the World Trade Organization; the government is rapidly privatizing industry; direct foreign investment is taking off, and half of the population is younger than 35.

Classic Bubble Trouble Concerns

Vietnam's stock market is showing signs of a classic bubble trouble. Share price valuations are approaching those of internet stocks in the 1990s, and according to Credit Suisse, foreign purchases of Vietnamese stocks in January exceeded those made in Taiwan, whose market size is about 15 times that of Vietnam. According to Jonathan Pincus, the UN's chief economist in Hanoi, "All the chatter in Hanoi is about people investing in the market. I don't know if anyone knows what these companies are worth, but they are buying the paper." Amidst the frenzy, there are concerns that the bubble could collapse at any point, with huge repercussions for Vietnamese and foreign investors alike. This frenzied investor interest has created some market distortions. The most popular stocks are now trading at more than 50 times their trailing 12-month earnings. Additionally, because the government is concerned that the stock market prices are increasing continuously and that they are grossly overvalued, they could impose capital controls at any time to curtail potential capital flight in the event of a market crash. This could lead to large fluctuations in prices that could endanger the savings of many citizens rather than lead them to riches and wealth.

A Call for Action

In response, rules on bank lending for stock market purchases have tightened and officials are also considering a rule to require foreign investors to keep their capital within Vietnam for at least one year to prevent capital flight. Although many refer to Vietnam as the "emerging China," investing in Vietnam now could be tricky. When the speculation ends, prices could fall hard. Gradually, the government should introduce more restrictions to regulate the market and ensure that accurate information about the market is made available to the public. At that point, entering the Vietnamese market would be a solid investment.

The hottest story off the presses in the global economy focuses on a country that until recently has had a market capitalization smaller than that of Krispy Kreme Doughnuts. Vietnam has since emerged from its cocoon, and its markets are on fire. In the last year, its stock market index surged 145 percent. In just the first two months of this year, the index was already up an additional 44 percent. Additionally, Vietnam's market capitalization has grown from less than $1 billion to over $15 billion today. Although comparatively small, even by emerging-market standards, it has not discouraged waves of investors from pouring money into the economy. As Vietnam's middle class is growing, students, civil servants and state enterprise managers with cash to spare are all rushing to buy shares, hoping to catch a whiff of the enormous amount of profits to be made. The Vietnamese have turned away from traditional investments, such as real estate and gold, to invest in the stock market. To respond to the demand, the number of brokerage firms increased from 16 to 56 in one year.

The recent upsurge of the exchange, with 107 listed companies, has been partially propelled by foreign investors, eager for exposure to one of Asia's fastest-growing economies. Vietnam's long-term capital appeal is obvious. The economy is expanding around 8 percent annually; it recently joined the World Trade Organization; the government is rapidly privatizing industry; direct foreign investment is taking off, and half of the population is younger than 35.

Classic Bubble Trouble Concerns

Vietnam's stock market is showing signs of a classic bubble trouble. Share price valuations are approaching those of internet stocks in the 1990s, and according to Credit Suisse, foreign purchases of Vietnamese stocks in January exceeded those made in Taiwan, whose market size is about 15 times that of Vietnam. According to Jonathan Pincus, the UN's chief economist in Hanoi, "All the chatter in Hanoi is about people investing in the market. I don't know if anyone knows what these companies are worth, but they are buying the paper." Amidst the frenzy, there are concerns that the bubble could collapse at any point, with huge repercussions for Vietnamese and foreign investors alike. This frenzied investor interest has created some market distortions. The most popular stocks are now trading at more than 50 times their trailing 12-month earnings. Additionally, because the government is concerned that the stock market prices are increasing continuously and that they are grossly overvalued, they could impose capital controls at any time to curtail potential capital flight in the event of a market crash. This could lead to large fluctuations in prices that could endanger the savings of many citizens rather than lead them to riches and wealth.

A Call for Action

In response, rules on bank lending for stock market purchases have tightened and officials are also considering a rule to require foreign investors to keep their capital within Vietnam for at least one year to prevent capital flight. Although many refer to Vietnam as the "emerging China," investing in Vietnam now could be tricky. When the speculation ends, prices could fall hard. Gradually, the government should introduce more restrictions to regulate the market and ensure that accurate information about the market is made available to the public. At that point, entering the Vietnamese market would be a solid investment.

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vietnam

Vietnam To Attract $15 Billion In FDI in 2007

The Ministry of Planning and Investment expects to attract US$15 billion in foreign direct investment (FDI) this year with the aid of government administrative reforms. There are many large-scale projects from a variety of sectors that are being given licenses to develop. These projects are from the IT, property, and electronics sectors. In order to reach this year's FDI target, the Foreign Investment Agency is visiting major cities and provinces to see which places are most attractive and lucrative for foreign investors to develop their projects.



The Ministry of Planning and Investment expects to attract US$15 billion in foreign direct investment (FDI) this year with the aid of government administrative reforms. There are many large-scale projects from a variety of sectors that are being given licenses to develop. These projects are from the IT, property, and electronics sectors. In order to reach this year's FDI target, the Foreign Investment Agency is visiting major cities and provinces to see which places are most attractive and lucrative for foreign investors to develop their projects.



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vietnam

Potential Market for Life Insurance in Vietnam

As Vietnam's socio-economic status improves, it is now apparent that there is a potential market for life insurance services in Vietnam. Rising incomes and improving living conditions are key indicators of this market's development. Dai-ichi Life will be the first company ever to provide life insurance to the citizens of Vietnam.

 

As Vietnam's socio-economic status improves, it is now apparent that there is a potential market for life insurance services in Vietnam. Rising incomes and improving living conditions are key indicators of this market's development. Dai-ichi Life will be the first company ever to provide life insurance to the citizens of Vietnam.

 

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vietnam

Vietnam's Second Thoughts about WTO

Less than two months into formally acceding to the World Trade Organization (WTO), Vietnam's Communist Party leaders are showing hesitance about their new global duties. The particular areas of concern are helping foreign investment and financial openness. They are debating how to manage both foreign and domestic speculation on their stock exchanges, which has seen a great increase in US dollars into the economy. Whatever the leadership of Vietnam decides, international markets will continue to look at Vietnam as a developing country that will have an important role in the future international world.

Less than two months into formally acceding to the World Trade Organization (WTO), Vietnam's Communist Party leaders are showing hesitance about their new global duties. The particular areas of concern are helping foreign investment and financial openness. They are debating how to manage both foreign and domestic speculation on their stock exchanges, which has seen a great increase in US dollars into the economy. Whatever the leadership of Vietnam decides, international markets will continue to look at Vietnam as a developing country that will have an important role in the future international world.

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Vietnam Exceeds Growth Targets

Vietnam exceeded economic growth targets in 2006. According to Minister of Planning and Investment Vo Hong Phuc, the country's GDP gained 8.17 percent exceeding the planned target of 8.1 percent. The nation's total export turnover, total investment gained, and foreign direct investment also exceeded planned targets by the government.

Vietnam exceeded economic growth targets in 2006. According to Minister of Planning and Investment Vo Hong Phuc, the country's GDP gained 8.17 percent exceeding the planned target of 8.1 percent. The nation's total export turnover, total investment gained, and foreign direct investment also exceeded planned targets by the government.

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Vietnamese Consumer Trends: Lessons From China

Vietnam underwent significant economic change since beginning its economic renovation program in 1986. The socialist government has loosened control over the economy and relaxed restrictions on foreign investment. In response, the Vietnamese economy has grown on average of 8 percent for the past several years, and analysts expect the trend to continue through 2011.

There are important parallels between China and Vietnam, and prospective investors can learn much from the Chinese experience. The Chinese economy has grown upwards of 9 percent for the past several years, and the country's consumer market now represents the largest market for new purchases, including automobiles, mobile phones, and electronics. The Chinese market and private consumption have been closely tied to urbanization.Urban incomes are generally higher, and consumers have better access to retail outlets. Consumer behavior has been another component. In general, Chinese consumers are spending more and saving less.Taken together, these trends have made the Chinese market a popular investment opportunity.

Vietnam has developed in a manner similar to China, and the country's consumer market seems set to follow China's example. Vietnam's current growth has come from mobilizing surplus labor, and many Vietnamese have relocated from the countryside to urban centers.

Changing demographic and employment trends have affected the Vietnamese market. Demographically, young Vietnamese have shown more consumer confidence than their parents, and spend more than they save.2 Consumer demand has also expanded for what were previously considered luxury items. Cars have begun to replace the more traditional bicycle and motor scooter as the preferred means of transportation. Most interesting has been the increase in luxury car sales. Sales of Mercedes Benz doubled during 2002.3 Department stores and retail outlets have become more popular among Vietnamese, and the Malaysian-owned Parkson Group has recently carved out a niche in the Vietnamese market.4 Even the Vietnamese diet has changed, providing an opportunity for new investment. Vietnam has seen an increase in per-capita milk consumption, especially in urban regions, and analysts have directly linked dairy consumption to economic growth.5

These trends are likely to continue. Asian Development Bank expects Vietnamese domestic demand to continue to grow by 8.5 percent for the next two years. The Vietnamese government has consistently prioritized economic growth and has taken measures to boost domestic demand.

The government has, for example, lifted restrictions on used car imports and has reduced the special consumption tax on foreign-made vehicles. Vietnam's recent entry to the WTO promises to further expand opportunities for foreign investors. As a result, consulting firm A.T. Kearney has recently ranked Vietnam as the third most attractive retail market for investment, and Wal-Mart and Carrefour, the French supermarket chain, have both included Vietnam in the companies' respective expansion plans.

However, there are important considerations to keep in mind. As with China, Vietnam's short-term and medium-term growth seem reasonably well-assured, while the long-term growth is less certain. Again, as with China, Vietnam's economic growth has for the most part not extended to rural areas. Many Vietnamese remain employed in agriculture, and farmers are very vulnerable to changes in commodity prices. The consumer market depends on per capita income, and to sustain current demand, Vietnam must transfer surplus agriculture workers to higher-income urban areas.

As always, the political context is extremely important. In China's experience, massive rural to urban migration resulted in civil unrest. Like in China, the Vietnamese consumer trends could be reversed in the event of political uncertainty or change in government economic policy.

Vietnam underwent significant economic change since beginning its economic renovation program in 1986. The socialist government has loosened control over the economy and relaxed restrictions on foreign investment. In response, the Vietnamese economy has grown on average of 8 percent for the past several years, and analysts expect the trend to continue through 2011.

There are important parallels between China and Vietnam, and prospective investors can learn much from the Chinese experience. The Chinese economy has grown upwards of 9 percent for the past several years, and the country's consumer market now represents the largest market for new purchases, including automobiles, mobile phones, and electronics. The Chinese market and private consumption have been closely tied to urbanization.Urban incomes are generally higher, and consumers have better access to retail outlets. Consumer behavior has been another component. In general, Chinese consumers are spending more and saving less.Taken together, these trends have made the Chinese market a popular investment opportunity.

Vietnam has developed in a manner similar to China, and the country's consumer market seems set to follow China's example. Vietnam's current growth has come from mobilizing surplus labor, and many Vietnamese have relocated from the countryside to urban centers.

Changing demographic and employment trends have affected the Vietnamese market. Demographically, young Vietnamese have shown more consumer confidence than their parents, and spend more than they save.2 Consumer demand has also expanded for what were previously considered luxury items. Cars have begun to replace the more traditional bicycle and motor scooter as the preferred means of transportation. Most interesting has been the increase in luxury car sales. Sales of Mercedes Benz doubled during 2002.3 Department stores and retail outlets have become more popular among Vietnamese, and the Malaysian-owned Parkson Group has recently carved out a niche in the Vietnamese market.4 Even the Vietnamese diet has changed, providing an opportunity for new investment. Vietnam has seen an increase in per-capita milk consumption, especially in urban regions, and analysts have directly linked dairy consumption to economic growth.5

These trends are likely to continue. Asian Development Bank expects Vietnamese domestic demand to continue to grow by 8.5 percent for the next two years. The Vietnamese government has consistently prioritized economic growth and has taken measures to boost domestic demand.

The government has, for example, lifted restrictions on used car imports and has reduced the special consumption tax on foreign-made vehicles. Vietnam's recent entry to the WTO promises to further expand opportunities for foreign investors. As a result, consulting firm A.T. Kearney has recently ranked Vietnam as the third most attractive retail market for investment, and Wal-Mart and Carrefour, the French supermarket chain, have both included Vietnam in the companies' respective expansion plans.

However, there are important considerations to keep in mind. As with China, Vietnam's short-term and medium-term growth seem reasonably well-assured, while the long-term growth is less certain. Again, as with China, Vietnam's economic growth has for the most part not extended to rural areas. Many Vietnamese remain employed in agriculture, and farmers are very vulnerable to changes in commodity prices. The consumer market depends on per capita income, and to sustain current demand, Vietnam must transfer surplus agriculture workers to higher-income urban areas.

As always, the political context is extremely important. In China's experience, massive rural to urban migration resulted in civil unrest. Like in China, the Vietnamese consumer trends could be reversed in the event of political uncertainty or change in government economic policy.

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vietnam

APEC's Free Trade Area Woes

The Asia Pacific Economic Cooperation (APEC) forum held in Hanoi from November 17 to 19 resulted in renewed discussions on trade. APEC leaders drafted a statement on the WTO's Doha Development Agenda and the Hanoi Action Plan. The leaders agreed on the need to continue the stalled round of Doha trade negotiations. However, they refuse to empower negotiators to execute this goal until all members are better prepared for liberalization.

The longer APEC nations put off negotiating a multilateral agreement, the more difficulties they are likely to face. It will be considerably harder to catch up with developed nations and trade blocs such as the EU. APEC will also be losing potential profits. To prevent unequal economic gains, protection of smaller, vulnerable nations is necessary. However, all will lose if Asian economies continue to interact with one another as inefficiently as they currently do. If these nations are going to remain internationally competitive, they must consolidate economic power.

The slow pace of progress invites criticism. Is APEC really as inefficient as its detractors claim? APEC allows smaller nations to balance against stronger players such China and the US, while still cooperating with them for economic gain. With the kinds of obstacles that the leaders face, some wariness is justified. A free trade area only has potential if developing countries in APEC take necessary precautions. They must be strong enough to withstand fluctuations in international markets before they open their economies to free trade. Capacity-building measures and the flexibility for leaders in determining national trade policies will prevent an agreement from benefiting members unequally.

APEC nations should not delay too long, or they risk lagging behind economically. A free trade agreement between APEC nations would facilitate trade within the bloc and internationally. These countries already control nearly half the world's trade and 56 percent of global gross domestic product. WTO negotiations had come to a halt because of disagreement on subsidies. In Hanoi, the US and Japan did not complete unfinished discussions on reductions in agricultural subsidies. China and Australia also have yet to consider further tariff cuts on industrial goods. The conference, however, did open debate for the first time since Doha and concessions are likely to follow. The Hanoi Action Plan outlines details of a multinational agreement. The agreement will streamline the negotiation process and replace 50 bilateral treaties. It proposes that members institute measures which will prepare economies for trade liberalization. The Plan also identifies corruption as an obstacle to growth. The leaders also focused on energy security. Development of renewable technologies and cleaner use of fossil fuels are among the issues of concern. The difficulties in WTO negotiations have made leaders wary.

The chances for success may be higher for a regional trade area. The EU for instance has proved more successful, but APEC will face different challenges. Singapore's Prime Minister Lee Hsien Loong thinks that the EU trade bloc was easier to create because of greater political similarities between nations. APEC includes some of the world's richest and poorest countries. The disparity in economic backgrounds also makes it difficult to find common ground. The conference agenda included discussions of pandemic diseases such as AIDS and disaster response plans. Vietnamese President Nguyen Minh Triet issued a statement on North Korea's nuclear arsenal. Some are critical of the meeting's success since no declaration was issued. APEC does provide a forum for world leaders to discuss pressing concerns, but international security is not the organization's primary focus. Those types of discussions would diffuse its main purpose which is to discuss economic development and trade.

APEC should begin negotiations much sooner than it plans. It can simultaneously help its smaller members strengthen their economies. The bloc could integrate weaker economies, seeking to strengthen vulnerable industries, at a slower pace. Other necessary measures include improving infrastructure and reforming laws. Meanwhile, nations can continue to sign bilateral or even smaller multilateral agreements. They can also provide aid to some of the lesser developing nations. APEC should also begin to develop enforcement procedures. As a trade bloc, the organization could later leverage its influence to more effectively address security and health issues.

 

The Asia Pacific Economic Cooperation (APEC) forum held in Hanoi from November 17 to 19 resulted in renewed discussions on trade. APEC leaders drafted a statement on the WTO's Doha Development Agenda and the Hanoi Action Plan. The leaders agreed on the need to continue the stalled round of Doha trade negotiations. However, they refuse to empower negotiators to execute this goal until all members are better prepared for liberalization.

The longer APEC nations put off negotiating a multilateral agreement, the more difficulties they are likely to face. It will be considerably harder to catch up with developed nations and trade blocs such as the EU. APEC will also be losing potential profits. To prevent unequal economic gains, protection of smaller, vulnerable nations is necessary. However, all will lose if Asian economies continue to interact with one another as inefficiently as they currently do. If these nations are going to remain internationally competitive, they must consolidate economic power.

The slow pace of progress invites criticism. Is APEC really as inefficient as its detractors claim? APEC allows smaller nations to balance against stronger players such China and the US, while still cooperating with them for economic gain. With the kinds of obstacles that the leaders face, some wariness is justified. A free trade area only has potential if developing countries in APEC take necessary precautions. They must be strong enough to withstand fluctuations in international markets before they open their economies to free trade. Capacity-building measures and the flexibility for leaders in determining national trade policies will prevent an agreement from benefiting members unequally.

APEC nations should not delay too long, or they risk lagging behind economically. A free trade agreement between APEC nations would facilitate trade within the bloc and internationally. These countries already control nearly half the world's trade and 56 percent of global gross domestic product. WTO negotiations had come to a halt because of disagreement on subsidies. In Hanoi, the US and Japan did not complete unfinished discussions on reductions in agricultural subsidies. China and Australia also have yet to consider further tariff cuts on industrial goods. The conference, however, did open debate for the first time since Doha and concessions are likely to follow. The Hanoi Action Plan outlines details of a multinational agreement. The agreement will streamline the negotiation process and replace 50 bilateral treaties. It proposes that members institute measures which will prepare economies for trade liberalization. The Plan also identifies corruption as an obstacle to growth. The leaders also focused on energy security. Development of renewable technologies and cleaner use of fossil fuels are among the issues of concern. The difficulties in WTO negotiations have made leaders wary.

The chances for success may be higher for a regional trade area. The EU for instance has proved more successful, but APEC will face different challenges. Singapore's Prime Minister Lee Hsien Loong thinks that the EU trade bloc was easier to create because of greater political similarities between nations. APEC includes some of the world's richest and poorest countries. The disparity in economic backgrounds also makes it difficult to find common ground. The conference agenda included discussions of pandemic diseases such as AIDS and disaster response plans. Vietnamese President Nguyen Minh Triet issued a statement on North Korea's nuclear arsenal. Some are critical of the meeting's success since no declaration was issued. APEC does provide a forum for world leaders to discuss pressing concerns, but international security is not the organization's primary focus. Those types of discussions would diffuse its main purpose which is to discuss economic development and trade.

APEC should begin negotiations much sooner than it plans. It can simultaneously help its smaller members strengthen their economies. The bloc could integrate weaker economies, seeking to strengthen vulnerable industries, at a slower pace. Other necessary measures include improving infrastructure and reforming laws. Meanwhile, nations can continue to sign bilateral or even smaller multilateral agreements. They can also provide aid to some of the lesser developing nations. APEC should also begin to develop enforcement procedures. As a trade bloc, the organization could later leverage its influence to more effectively address security and health issues.

 

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vietnam

Trade Between China, Vietnam Increasing

Bilateral ties between China and Vietnam have gained strength in recent years. The latest numbers indicate that two-way trade turnover between the countries reached US$10.42 billion in 2006. This is an increase of 19.2% from 2005. Credit for this increase is given to Vietnam's accession into the WTO, which has made Vietnamese markets more conduscive to international investment and trade. Experts believe that cooperation between China and Vietnam will continue to grow.

Bilateral ties between China and Vietnam have gained strength in recent years. The latest numbers indicate that two-way trade turnover between the countries reached US$10.42 billion in 2006. This is an increase of 19.2% from 2005. Credit for this increase is given to Vietnam's accession into the WTO, which has made Vietnamese markets more conduscive to international investment and trade. Experts believe that cooperation between China and Vietnam will continue to grow.

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Vietnam's Exports to Grow 18.9 Percent

Vietnam's exports to Asia and the Asia-Pacific region are expected to grow 18.9 percent in the next year, according to Ministry of Trade officials. The country's membership to the World Trade Organization (WTO) and permanent trade relations with the US will help expand export volumes. Department officials also predict that export growth to Asia will remain strong through 2009.

Vietnam's exports to Asia and the Asia-Pacific region are expected to grow 18.9 percent in the next year, according to Ministry of Trade officials. The country's membership to the World Trade Organization (WTO) and permanent trade relations with the US will help expand export volumes. Department officials also predict that export growth to Asia will remain strong through 2009.

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The State of Labor Migration in Southeast Asia

The migration of people to other countries in search of employment has occurred throughout history, and is by no means a new occurrence. This phenomenon has become especially prevalent in Southeast Asia. In the Philippines for instance, human resources is the main export. In year 2000, more than 1 million Filipinos left home to seek work abroad as sailors, maids, nurses, and in other low-paying jobs.1 More and more South-east Asians have become wandering workers, moving out of their countries to work for their better-off neighbors.

The Case of the Philippines

Many overseas workers eventually return to their home countries—but not before sending home substantial sums. In the case of the Philippines, remittances from abroad account for over 10% of its GDP, enough to compensate for the opportunity cost of having over 8 million of its best and brightest workers abroad. From January to November of 2006, remittances summed to $11.4 billion, up 18% from the same period during 2005.2 This does not include the wads of cash returning in workers' luggage. Although poverty and unemployment are still a source of serious concern in the Philippines and many other labor-exporting countries, their situation would be far worse if the outflow of bodies and immense inflow of capital did not occur.

Labor Migration in South East Asia

Out of the ten ASEAN countries, the Philippines, Indonesia, Myanmar, Vietnam, Laos, and Cambodia export labor while Singapore and Brunei import it. The UN's International Labor Organization believes that the total labor force of the worker exporting countries should grow by about a third within the next ten years. However, labor migration, both legal and illegal, is growing twice as fast. A 2005 study estimated that over 8.4 million Southeast Asians worked outside their home country.3 This figure fails to include the large number of illegal and undocumented workers. To combat the growing problem of illegal and undocumented workers, the leaders of ASEAN met on January 13th and signed an agreement to aid and regulate migrant workers. Although the agreement is full of loopholes, it is a first step for governments to guarantee workers' rights and welfare services.4

Negative Reception by the Locals

Labor-importing nations are terrified that attempts to improve immigrant circumstances will only encourage more masses to enter their countries. Competition for jobs is creating a negative response to the establishment of welfare structures for immigrant workers in these nations. Malaysians believe that foreign workers have worsened crime rates. Additionally, over 59% of Thais believe that their government should stop admitting foreign workers, and even in Singapore, over half of the population opposes more foreign workers.5

Conclusion

Opinions might change if the public receives a more balanced picture of the pros and cons of importing labor to do the jobs that none of the locals would ever consider taking. Locals need to realize that their economies are dependent on the foreign workers for stability. These large migrations should not be thought of as a transient or temporary phenomenon. Labor receiving countries should attempt to formulate a suitable migration policy based on longer run considerations of their labor market needs and the basic human rights of migrant workers rather than ad hoc decisions. Incentives and taxes may be levied on enterprises to discourage the perpetuation of unproductive non-competitive industries based on cheap unskilled foreign workers. At the same time, migrant-exporting countries should attempt to reduce undue dependence on overseas employment through efforts to reduce labor-outflow pressure at home. It is a delicate balance that Southeast Asia has yet to strike.

 

This article was originally published in Asia Economic Institute Vol. 1 No. 5.

 

Tell us what you think about this issue by adding a comment.

The migration of people to other countries in search of employment has occurred throughout history, and is by no means a new occurrence. This phenomenon has become especially prevalent in Southeast Asia. In the Philippines for instance, human resources is the main export. In year 2000, more than 1 million Filipinos left home to seek work abroad as sailors, maids, nurses, and in other low-paying jobs.1 More and more South-east Asians have become wandering workers, moving out of their countries to work for their better-off neighbors.

The Case of the Philippines

Many overseas workers eventually return to their home countries—but not before sending home substantial sums. In the case of the Philippines, remittances from abroad account for over 10% of its GDP, enough to compensate for the opportunity cost of having over 8 million of its best and brightest workers abroad. From January to November of 2006, remittances summed to $11.4 billion, up 18% from the same period during 2005.2 This does not include the wads of cash returning in workers' luggage. Although poverty and unemployment are still a source of serious concern in the Philippines and many other labor-exporting countries, their situation would be far worse if the outflow of bodies and immense inflow of capital did not occur.

Labor Migration in South East Asia

Out of the ten ASEAN countries, the Philippines, Indonesia, Myanmar, Vietnam, Laos, and Cambodia export labor while Singapore and Brunei import it. The UN's International Labor Organization believes that the total labor force of the worker exporting countries should grow by about a third within the next ten years. However, labor migration, both legal and illegal, is growing twice as fast. A 2005 study estimated that over 8.4 million Southeast Asians worked outside their home country.3 This figure fails to include the large number of illegal and undocumented workers. To combat the growing problem of illegal and undocumented workers, the leaders of ASEAN met on January 13th and signed an agreement to aid and regulate migrant workers. Although the agreement is full of loopholes, it is a first step for governments to guarantee workers' rights and welfare services.4

Negative Reception by the Locals

Labor-importing nations are terrified that attempts to improve immigrant circumstances will only encourage more masses to enter their countries. Competition for jobs is creating a negative response to the establishment of welfare structures for immigrant workers in these nations. Malaysians believe that foreign workers have worsened crime rates. Additionally, over 59% of Thais believe that their government should stop admitting foreign workers, and even in Singapore, over half of the population opposes more foreign workers.5

Conclusion

Opinions might change if the public receives a more balanced picture of the pros and cons of importing labor to do the jobs that none of the locals would ever consider taking. Locals need to realize that their economies are dependent on the foreign workers for stability. These large migrations should not be thought of as a transient or temporary phenomenon. Labor receiving countries should attempt to formulate a suitable migration policy based on longer run considerations of their labor market needs and the basic human rights of migrant workers rather than ad hoc decisions. Incentives and taxes may be levied on enterprises to discourage the perpetuation of unproductive non-competitive industries based on cheap unskilled foreign workers. At the same time, migrant-exporting countries should attempt to reduce undue dependence on overseas employment through efforts to reduce labor-outflow pressure at home. It is a delicate balance that Southeast Asia has yet to strike.

 

This article was originally published in Asia Economic Institute Vol. 1 No. 5.

 

Tell us what you think about this issue by adding a comment.

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The Asian Stock Markets: Boom or Bust?

The year 2006 for the Asian stock markets saw unprecedented gains of the kind rarely witnessed. The stock markets of China, Hong Kong, Singapore, India, Indonesia, Malaysia, New Zealand and Vietnam hit record highs while Japan, South Korea and Taiwan also posted muted though respectable gains. With this state of affairs, it was perhaps unsurprising that global investors flocked to the Asian markets just hoping to reap some of the big rewards. However, some people feel that the amazing growth of these stock markets needs to be tempered with a healthy dose of caution since the nightmarish memories of the 1997-meltdown in the region's equity markets just refuse to die out. This has raised a few doubts among analysts studying the region and has prompted many to be skeptical about the potential growth prospects of these markets in the future.

A Year of Skyrocketing Growth

During the last few years, many stock markets in Asia have been rising rapidly. In China, during 2006, stocks in the home market sizzled, at long last reflecting the country's gathering economic might after years of paltry returns. The MSCI China A, an index of domestically listed stocks, soared 128 percent.1 The scenario was also quite rosy in India when the Bombay stock exchange rocketed another 46.7 percent in 2006.2 Elsewhere in the region, markets bolted ahead on sound economic fundamentals, with markets in Indonesia, the Philippines and Singapore returning 55.3 percent, 42.3 percent and 27.2 percent, respectively.3 Even the so-called stragglers, Taiwan and Malaysia, clocked returns of 19.5 percent and 21.8 percent in 2006, a reflection of just how turbo-charged the growth trend has been. The only disappointments were South Korea which rose by a modest 4 percent last year and Japan, which, contrary to expectations, managed to end the year up only 6.9 percent. This is creditable given that these enormous returns occurred despite a plunge in the region's stock markets during May and June, when foreign investors were spooked by the prospect of rising interest rates and fled riskier assets.4 With massive investor confidence and a huge amount of global liquidity, it is no wonder that there has been a mad rush by global investors to invest in the region.

Factors Driving the Growth

Many changes have transformed the domestic economies of the Asian region radically over the last decade. Many market watchers believe that these emerging economies are on a much surer financial footing than in the past. Many have pared their deficits, increased their reserves and reduced their dependence on exports to the US, thereby decreasing their vulnerability to a potential US economic slowdown.5 Some investors believe that these countries are finally beginning to decouple from the US economy either by trading more among themselves or relying more on local consumer demand.6 Skeptics discount this hypothesis and consider it too early to draw conclusions. A slow US economy could still trigger a region-wide recession in the near future.

Impediments to Sustainable Growth

Despite all the hype and hoopla surrounding the Asian economies and their booming stock markets, the future growth outlook for these economies is strangely benign. Experts believe that even though Asia is presently more resilient to a US slowdown than in the past, a drastic slowdown to the US economy might seriously upset the status quo. Currently, investor sentiment remains strong as evidenced by several positive factors like lower international oil prices and a recovery staged by Wall Street after the mid-year slump in 2006. However, financial markets might feel the impact if institutional investors in the US and Europe become more risk-averse, or if the global liquidity that has been funding portfolio investment in Asia dries up.7 The region is still highly export-dependent and vulnerable to developments in the US. In fact, many of the goods traded within Asia are still used as inputs for products that are ultimately sold to the US and other OECD economies.8 These emerging economies are currently characterized by weak inflation levels, strong growth, solvent governments and a lesser degree of dependence on foreign money to finance their investment requirements.9 Although the domestic economies in Asia seem to be in impressive shape, they remain vulnerable to disruption if investment-positive factors begin to wane. Potential investors should exercise a significant degree of caution and restraint while deciding whether or not to invest their money in Asia's growing bourses.

 

This article was originally published in Asia Economic Institute Vol. 1 No. 5.

 

Tell us what you think about this issue by adding a comment.

The year 2006 for the Asian stock markets saw unprecedented gains of the kind rarely witnessed. The stock markets of China, Hong Kong, Singapore, India, Indonesia, Malaysia, New Zealand and Vietnam hit record highs while Japan, South Korea and Taiwan also posted muted though respectable gains. With this state of affairs, it was perhaps unsurprising that global investors flocked to the Asian markets just hoping to reap some of the big rewards. However, some people feel that the amazing growth of these stock markets needs to be tempered with a healthy dose of caution since the nightmarish memories of the 1997-meltdown in the region's equity markets just refuse to die out. This has raised a few doubts among analysts studying the region and has prompted many to be skeptical about the potential growth prospects of these markets in the future.

A Year of Skyrocketing Growth

During the last few years, many stock markets in Asia have been rising rapidly. In China, during 2006, stocks in the home market sizzled, at long last reflecting the country's gathering economic might after years of paltry returns. The MSCI China A, an index of domestically listed stocks, soared 128 percent.1 The scenario was also quite rosy in India when the Bombay stock exchange rocketed another 46.7 percent in 2006.2 Elsewhere in the region, markets bolted ahead on sound economic fundamentals, with markets in Indonesia, the Philippines and Singapore returning 55.3 percent, 42.3 percent and 27.2 percent, respectively.3 Even the so-called stragglers, Taiwan and Malaysia, clocked returns of 19.5 percent and 21.8 percent in 2006, a reflection of just how turbo-charged the growth trend has been. The only disappointments were South Korea which rose by a modest 4 percent last year and Japan, which, contrary to expectations, managed to end the year up only 6.9 percent. This is creditable given that these enormous returns occurred despite a plunge in the region's stock markets during May and June, when foreign investors were spooked by the prospect of rising interest rates and fled riskier assets.4 With massive investor confidence and a huge amount of global liquidity, it is no wonder that there has been a mad rush by global investors to invest in the region.

Factors Driving the Growth

Many changes have transformed the domestic economies of the Asian region radically over the last decade. Many market watchers believe that these emerging economies are on a much surer financial footing than in the past. Many have pared their deficits, increased their reserves and reduced their dependence on exports to the US, thereby decreasing their vulnerability to a potential US economic slowdown.5 Some investors believe that these countries are finally beginning to decouple from the US economy either by trading more among themselves or relying more on local consumer demand.6 Skeptics discount this hypothesis and consider it too early to draw conclusions. A slow US economy could still trigger a region-wide recession in the near future.

Impediments to Sustainable Growth

Despite all the hype and hoopla surrounding the Asian economies and their booming stock markets, the future growth outlook for these economies is strangely benign. Experts believe that even though Asia is presently more resilient to a US slowdown than in the past, a drastic slowdown to the US economy might seriously upset the status quo. Currently, investor sentiment remains strong as evidenced by several positive factors like lower international oil prices and a recovery staged by Wall Street after the mid-year slump in 2006. However, financial markets might feel the impact if institutional investors in the US and Europe become more risk-averse, or if the global liquidity that has been funding portfolio investment in Asia dries up.7 The region is still highly export-dependent and vulnerable to developments in the US. In fact, many of the goods traded within Asia are still used as inputs for products that are ultimately sold to the US and other OECD economies.8 These emerging economies are currently characterized by weak inflation levels, strong growth, solvent governments and a lesser degree of dependence on foreign money to finance their investment requirements.9 Although the domestic economies in Asia seem to be in impressive shape, they remain vulnerable to disruption if investment-positive factors begin to wane. Potential investors should exercise a significant degree of caution and restraint while deciding whether or not to invest their money in Asia's growing bourses.

 

This article was originally published in Asia Economic Institute Vol. 1 No. 5.

 

Tell us what you think about this issue by adding a comment.

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vietnam

Vietnam's Banking in Need of Reform

On January 11, 2007, Vietnam became the newest member of the World Trade Organization (WTO). Accession into the world's largest trading club will doubtlessly affect every facet of the Vietnamese economy. However, experts predict that the area most affected will be the service sector. Vietnam's banking industry, for instance, will be affected due to its ongoing equitization and relative underdevelopment. Without swift adaptation, the banking sector is going to falter as foreign competition is introduced to the market.

Banking Sector


When asked which sectors would likely be impacted first by the new WTO membership, Deputy Minister of Trade Luong Van Tu noted that the service industry will be most affected, because the sector is still weak compared to most of the country's other industries.1 Experts have foreseen this weakness, and expect that the Vietnamese banking sector will be in for some difficult times. In an interview with Vietnam Economic News, Jonathan Pincus, chief economic expert of the United Nations Development Program in Hanoi, predicted that domestic companies in the service sector would likely be forced into giving up some business to foreign businesses moving in after WTO accession.2

A large part of the country's financial sector is owned and operated by the government. This contributes to the sector's vulnerability to the possible entry of foreign competition. There have been plans to equitize the banks, but this process has been slow. Delays in equitization are being attributed to inadequate legal guidelines for the process and the inexperience of the banks.3 The banks, meanwhile, blame government procedures for slowing down the equitization. Do Duc Cuong, the Senior Advisor to the Mekong Housing Development Bank (MHB), explains that the MHB would like to speed up the process, but the bank is not allowed to make crucial decisions, such as hiring consultants, without the input of government officials.4

Lack of Information


The disagreement between the banks and the government acts as an indicator of the sector's health. There are other factors pointing to a weak financial sector. A recent survey by Visa International and ACNielsen shows that only 2 percent of Vietnamese have borrowed money from a financial institution. Most Vietnamese choose to borrow from friends and relatives rather than banks. In fact, only half of the survey's respondents in Hanoi and just 31 percent in Ho Chi Minh City had bank accounts.5

The banking system in Vietnam is simply not being used. The Visa survey indicates that the banks are underused because of lack of education about their services. Many Vietnamese are reported as believing that banking is excessively complicated and that interest rates are restrictive. Many also felt that their assets were not large enough to warrant opening a bank account, and those that did possess enough wealth to justify banking felt that it was not secure.6

These problems seem to reflect a lack of knowledge as to how the banking system works, the benefits it can provide and the actual costs involved. There is no question that opening up the sector to foreign competition will make the current Vietnamese banks seem outmoded and clumsy. This will certainly upset the services sector, but Jonathan Pincus explains that this will benefit consumers. When the competing foreign companies move in, Vietnamese businesses will either have to learn from the competition and evolve their methods, or simply cede their businesses to foreign companies. Either way, "service quality in Vietnam is sure to increase and prices will go down.7"

The Targeted Goals


Beginning in 2006, banks have made a conscious effort to improve their capital supplies and stay updated on technology.8 This is complemented by a series of reforms designed by the State Bank of Vietnam. It has created a series of six goals for the banking sector, and a timeline for accomplishing the goals, beginning this year and concluding in 2010.

Two of the aims are to create a legal framework for the banking system, and to provide more inspection and supervision of the banking operations.9 Such a framework and oversight should soothe any doubts about the security of funds in bank accounts. These actions will be most effective if paired with a major publicity movement, informing Vietnamese of the changes and ensuring them of the safety and reliability of banks. Other goals include turning the State Bank into a modern central bank, improving monetary policy and policy management, and restructuring commercial banks. The final goal is to promote international cooperation. These structural changes should create a system conducive to sector development. If these structural changes are paired with the goal of capital accumulation, the Vietnamese banking sector should be able to rise and meet the challenges posed by the introduction of foreign competition.

 

Let us know what you think about this issue by posting a comment.

 


On January 11, 2007, Vietnam became the newest member of the World Trade Organization (WTO). Accession into the world's largest trading club will doubtlessly affect every facet of the Vietnamese economy. However, experts predict that the area most affected will be the service sector. Vietnam's banking industry, for instance, will be affected due to its ongoing equitization and relative underdevelopment. Without swift adaptation, the banking sector is going to falter as foreign competition is introduced to the market.

Banking Sector


When asked which sectors would likely be impacted first by the new WTO membership, Deputy Minister of Trade Luong Van Tu noted that the service industry will be most affected, because the sector is still weak compared to most of the country's other industries.1 Experts have foreseen this weakness, and expect that the Vietnamese banking sector will be in for some difficult times. In an interview with Vietnam Economic News, Jonathan Pincus, chief economic expert of the United Nations Development Program in Hanoi, predicted that domestic companies in the service sector would likely be forced into giving up some business to foreign businesses moving in after WTO accession.2

A large part of the country's financial sector is owned and operated by the government. This contributes to the sector's vulnerability to the possible entry of foreign competition. There have been plans to equitize the banks, but this process has been slow. Delays in equitization are being attributed to inadequate legal guidelines for the process and the inexperience of the banks.3 The banks, meanwhile, blame government procedures for slowing down the equitization. Do Duc Cuong, the Senior Advisor to the Mekong Housing Development Bank (MHB), explains that the MHB would like to speed up the process, but the bank is not allowed to make crucial decisions, such as hiring consultants, without the input of government officials.4

Lack of Information


The disagreement between the banks and the government acts as an indicator of the sector's health. There are other factors pointing to a weak financial sector. A recent survey by Visa International and ACNielsen shows that only 2 percent of Vietnamese have borrowed money from a financial institution. Most Vietnamese choose to borrow from friends and relatives rather than banks. In fact, only half of the survey's respondents in Hanoi and just 31 percent in Ho Chi Minh City had bank accounts.5

The banking system in Vietnam is simply not being used. The Visa survey indicates that the banks are underused because of lack of education about their services. Many Vietnamese are reported as believing that banking is excessively complicated and that interest rates are restrictive. Many also felt that their assets were not large enough to warrant opening a bank account, and those that did possess enough wealth to justify banking felt that it was not secure.6

These problems seem to reflect a lack of knowledge as to how the banking system works, the benefits it can provide and the actual costs involved. There is no question that opening up the sector to foreign competition will make the current Vietnamese banks seem outmoded and clumsy. This will certainly upset the services sector, but Jonathan Pincus explains that this will benefit consumers. When the competing foreign companies move in, Vietnamese businesses will either have to learn from the competition and evolve their methods, or simply cede their businesses to foreign companies. Either way, "service quality in Vietnam is sure to increase and prices will go down.7"

The Targeted Goals


Beginning in 2006, banks have made a conscious effort to improve their capital supplies and stay updated on technology.8 This is complemented by a series of reforms designed by the State Bank of Vietnam. It has created a series of six goals for the banking sector, and a timeline for accomplishing the goals, beginning this year and concluding in 2010.

Two of the aims are to create a legal framework for the banking system, and to provide more inspection and supervision of the banking operations.9 Such a framework and oversight should soothe any doubts about the security of funds in bank accounts. These actions will be most effective if paired with a major publicity movement, informing Vietnamese of the changes and ensuring them of the safety and reliability of banks. Other goals include turning the State Bank into a modern central bank, improving monetary policy and policy management, and restructuring commercial banks. The final goal is to promote international cooperation. These structural changes should create a system conducive to sector development. If these structural changes are paired with the goal of capital accumulation, the Vietnamese banking sector should be able to rise and meet the challenges posed by the introduction of foreign competition.

 

Let us know what you think about this issue by posting a comment.

 


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vietnam

Vietnamese Banks Change Strategy

The State Bank of Viet Nam announced that it has established a new nine-step strategy process for all Vietnamese banks to follow. The strategy comes in the wake of Vietnam joining the WTO and was created to promote stability, security, growth, and crisis prevention within the banking sector. The move was necessary to protect the industry now that the nation is open to the global economy.

The State Bank of Viet Nam announced that it has established a new nine-step strategy process for all Vietnamese banks to follow. The strategy comes in the wake of Vietnam joining the WTO and was created to promote stability, security, growth, and crisis prevention within the banking sector. The move was necessary to protect the industry now that the nation is open to the global economy.

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vietnam

Foreign Banks Accept VND Deposits

Foreign banks with branches in Vietnam are now allowed to accept deposits of VND. These deposits may be made by Vietnamese individuals who have no credit relationship with the bank. The amount of the deposit depends on the capital of the particular bank. This new policy falls in line with promises made upon WTO accession in terms of opening up the banking industry.

Foreign banks with branches in Vietnam are now allowed to accept deposits of VND. These deposits may be made by Vietnamese individuals who have no credit relationship with the bank. The amount of the deposit depends on the capital of the particular bank. This new policy falls in line with promises made upon WTO accession in terms of opening up the banking industry.

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vietnam

Vietnam Fund to Open in London Exchange

A Vietnamese investment fund hopes to raise up to $350 million by selling shares in a unit on the London Stock Exchange. Indochina Capital Corp. invests in Vietnamese secuties and real estate and is the first Vietnamese fund on the main market of the London Exchange. Investor demand is high in anticipation of Vietnam's acceptance into the WTO next month.

A Vietnamese investment fund hopes to raise up to $350 million by selling shares in a unit on the London Stock Exchange. Indochina Capital Corp. invests in Vietnamese secuties and real estate and is the first Vietnamese fund on the main market of the London Exchange. Investor demand is high in anticipation of Vietnam's acceptance into the WTO next month.

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vietnam

New URL - www.asiaecon.org

The Asia Economic Institute has moved to the new URL www.asiaecon.org for your convenience. The old URL will still forward to the AEI site and all links are still functional.

The Asia Economic Institute has moved to the new URL www.asiaecon.org for your convenience. The old URL will still forward to the AEI site and all links are still functional.

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vietnam

Vietnam Can't Meet Japanese Production Demand

Japanese firms operating in Vietnam are having problems meeting their local input needs, a recent government study reported. Because of a scarcity of high-quality inputs, Japanese firms are turning to suppliers from neighboring Malaysia and Thailand for up to 45% of their total inputs. Vietnamese suppliers complain that the Japanese producers are too demanding but both sides agree that the local market must improve for Vietnam to continue to grow.

Japanese firms operating in Vietnam are having problems meeting their local input needs, a recent government study reported. Because of a scarcity of high-quality inputs, Japanese firms are turning to suppliers from neighboring Malaysia and Thailand for up to 45% of their total inputs. Vietnamese suppliers complain that the Japanese producers are too demanding but both sides agree that the local market must improve for Vietnam to continue to grow.

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vietnam

Vietnam Following Path of Taiwan

Vietnam has decided to follow the path of Taiwan in the 1980s, by pouring resources into the information technology sector. With the government's support, high interest among students and young professionals, and a vast amount of non-natives from around the world, Vietnam hopes to set a foundation where IT companies can grow and develop. Having some established connections with other Asian countries provides Vietnam with an advantage Taiwan never had, giving Vietnam high hopes for being the "next big thing" in the world of IT.

Vietnam has decided to follow the path of Taiwan in the 1980s, by pouring resources into the information technology sector. With the government's support, high interest among students and young professionals, and a vast amount of non-natives from around the world, Vietnam hopes to set a foundation where IT companies can grow and develop. Having some established connections with other Asian countries provides Vietnam with an advantage Taiwan never had, giving Vietnam high hopes for being the "next big thing" in the world of IT.

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vietnam

Vietnam Works to Improve Use of Aid

Vietnam is planning to improve its use of Official Development Assisstance (ODA) by overseeing the processes behind the attraction and use of this aid. The government has instructed the relevent agencies to streamline their bureaucracies and minimize transaction costs in order to improve the dispersal of ODA. The government also requested that donors be given access to information on ODA use in Vietnam.

Vietnam is planning to improve its use of Official Development Assisstance (ODA) by overseeing the processes behind the attraction and use of this aid. The government has instructed the relevent agencies to streamline their bureaucracies and minimize transaction costs in order to improve the dispersal of ODA. The government also requested that donors be given access to information on ODA use in Vietnam.

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vietnam

Emerging Asia’s Growth and Integration - How Autonomous are Business Cycles?

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for external factors, and use sign restrictions to identify structural domestic shocks. Variance decompositions indicate that Asian emerging economies are to a large part driven by external developments, and even more so employing a more recent sample. We analyse to what extent structural domestic shocks exhibit a regional dimension by comparing shocks across countries using correlation and principal component analysis. The extent of regional co-movement between structural shocks is relatively limited. While the principal components analysis indicates a moderate increase in co-movement over time, the correlation analysis finds a decline. This may reflect a broadening of regional integration at the expense of bilateral economic ties.

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for external factors, and use sign restrictions to identify structural domestic shocks. Variance decompositions indicate that Asian emerging economies are to a large part driven by external developments, and even more so employing a more recent sample. We analyse to what extent structural domestic shocks exhibit a regional dimension by comparing shocks across countries using correlation and principal component analysis. The extent of regional co-movement between structural shocks is relatively limited. While the principal components analysis indicates a moderate increase in co-movement over time, the correlation analysis finds a decline. This may reflect a broadening of regional integration at the expense of bilateral economic ties.

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vietnam

Efficiency of Construction Firms in Vietnam

This paper uses both parametric and non-parametric approaches to estimate technical efficiency for 2,298 construction firms in Vietnam in the database of the 2002 Economic Census for Enterprises by the General Statistics Office of Vietnam (GSO). It is found that results from both approaches are consistent, and they could help explain the performance efficiency of these firms. Estimates from the non-parametric approach (data envelopment analysis [DEA] model) and the parametric approach (stochastic frontier production function [SFPF] model) indicate that the average pure technical efficiency of these firms was about 60 percent (58.6% and 57.8% for DEA and SFPF, respectively). Models to test the factors influencing efficiency scores in both approaches show relatively similar results that state firms were more efficient than non-state ones, and location in Hanoi and Ho Chi Minh city did have impacts on efficiency scores. However, exploration of the net capital-labor ratio variable show that it did not influence efficiency scores in the DEA model, while it had clear influence in the SFPF model.

This paper uses both parametric and non-parametric approaches to estimate technical efficiency for 2,298 construction firms in Vietnam in the database of the 2002 Economic Census for Enterprises by the General Statistics Office of Vietnam (GSO). It is found that results from both approaches are consistent, and they could help explain the performance efficiency of these firms. Estimates from the non-parametric approach (data envelopment analysis [DEA] model) and the parametric approach (stochastic frontier production function [SFPF] model) indicate that the average pure technical efficiency of these firms was about 60 percent (58.6% and 57.8% for DEA and SFPF, respectively). Models to test the factors influencing efficiency scores in both approaches show relatively similar results that state firms were more efficient than non-state ones, and location in Hanoi and Ho Chi Minh city did have impacts on efficiency scores. However, exploration of the net capital-labor ratio variable show that it did not influence efficiency scores in the DEA model, while it had clear influence in the SFPF model.

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vietnam

Growing Richer and Taller: Explaining Change in the Distribution of Child Nutritional Status During Vietnam’s Economic Boom

Over a five-year period in the 1990s Vietnam experienced annual economic growth of more than 8% and a decrease of 15 points in the proportion of children chronically malnourished (stunted). We estimate the extent to which changes in the distribution of child nutritional status can be explained by changes in the level and distribution of income, and of other covariates. This is done using data from the 1993 and 1998 Vietnam Living Standards Surveys and a flexible decomposition technique that explains change throughout the complete distribution of child height. One-half of the decrease in the proportion of children stunted is explained by changes in the distributions of covariates and 35% is explained by change in the distribution of income. Covariates, including income, explain less of the decrease in very severe malnutrition, which is largely attributable to change in the conditional distribution of child height.

Over a five-year period in the 1990s Vietnam experienced annual economic growth of more than 8% and a decrease of 15 points in the proportion of children chronically malnourished (stunted). We estimate the extent to which changes in the distribution of child nutritional status can be explained by changes in the level and distribution of income, and of other covariates. This is done using data from the 1993 and 1998 Vietnam Living Standards Surveys and a flexible decomposition technique that explains change throughout the complete distribution of child height. One-half of the decrease in the proportion of children stunted is explained by changes in the distributions of covariates and 35% is explained by change in the distribution of income. Covariates, including income, explain less of the decrease in very severe malnutrition, which is largely attributable to change in the conditional distribution of child height.

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vietnam

Efficiency Performance of Hospitals and Medical Centers in Vietnam

The purpose of this paper is to analyze the efficiency performance of the hospitals and medical centers in Vietnam by using a non-parametric approach, namely the data envelopment analysis (DEA) model. The data from the Economic Census for Enterprises by the General Statistics Office of Vietnam (GSO) consists of 44 observations, which include 17 hospitals and 27 medical centers in different provinces and cities in 2002. The results indicate that the average scale efficiency of the hospitals was 77.4 percent, while that of the medical centers was 58.7 percent. Further, hospitals were clearly more efficient than medical centers due to some possible factors. Locations in Hanoi and Ho Chi Minh city had no influence on either overall technical efficiency or scale efficiency. Despite differences in the results of testing the impact of net capital-labor ratio on efficiency for hospitals and medical centers, these organizations appear to operate in labor-intensive ways.

The purpose of this paper is to analyze the efficiency performance of the hospitals and medical centers in Vietnam by using a non-parametric approach, namely the data envelopment analysis (DEA) model. The data from the Economic Census for Enterprises by the General Statistics Office of Vietnam (GSO) consists of 44 observations, which include 17 hospitals and 27 medical centers in different provinces and cities in 2002. The results indicate that the average scale efficiency of the hospitals was 77.4 percent, while that of the medical centers was 58.7 percent. Further, hospitals were clearly more efficient than medical centers due to some possible factors. Locations in Hanoi and Ho Chi Minh city had no influence on either overall technical efficiency or scale efficiency. Despite differences in the results of testing the impact of net capital-labor ratio on efficiency for hospitals and medical centers, these organizations appear to operate in labor-intensive ways.

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vietnam

Exchange Rate Pass-Through in ASEAN: Implications for the Prospects of Monetary Integration in the Region

This paper investigates, for the first time, the degree of exchange rate pass-through to domestic prices in all five founding members of ASEAN. For this purpose, a three variable recursive VAR model was applied which uses the Choleski decomposition method along the distribution chain of pricing, using data for the period 1968 to 2001. The results show that a strong case for entering a currency union can only be made for the cases of Singapore and Malaysia as in these countries there appears to be a case of exchange rate disconnect. A case for a common currency can also be made for Indonesia but for entirely different reasons. For this country, an independent monetary policy is a clear source of shocks to the economy and therefore a currency union would tend to eliminate then. A weaker case for a common currency can be made for the Philippines as evidence of some exchange rate pass-through to inflation was found but not to import prices. Finally, Thailand exhibits a clear case of exchange rate pass-through to import prices (but not to inflation) and thus evidence that a flexible exchange rate might be preferable as it provides the means to improve the country's price competitiveness.

This paper investigates, for the first time, the degree of exchange rate pass-through to domestic prices in all five founding members of ASEAN. For this purpose, a three variable recursive VAR model was applied which uses the Choleski decomposition method along the distribution chain of pricing, using data for the period 1968 to 2001. The results show that a strong case for entering a currency union can only be made for the cases of Singapore and Malaysia as in these countries there appears to be a case of exchange rate disconnect. A case for a common currency can also be made for Indonesia but for entirely different reasons. For this country, an independent monetary policy is a clear source of shocks to the economy and therefore a currency union would tend to eliminate then. A weaker case for a common currency can be made for the Philippines as evidence of some exchange rate pass-through to inflation was found but not to import prices. Finally, Thailand exhibits a clear case of exchange rate pass-through to import prices (but not to inflation) and thus evidence that a flexible exchange rate might be preferable as it provides the means to improve the country's price competitiveness.

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vietnam

Currency Futures Volatility During the 1997 East Asian Crisis: An Application of Fourier Analysis

We analyze a recently proposed method to estimate volatility and correlation when prices are observed at a high frequency rate. The method is based on Fourier analysis and does not require any data manipulation, leading to more robust estimates than the traditional methodologies proposed so far. In the first part of the paper, we evaluate the performance of the Fourier algorithm to reconstruct the time volatility of simulated univariate and bivariate models. In the second part, the Fourier method is used to investigate the volatility and correlation dynamics of futures markets over the Asian crisis period, with the purpose of detecting possible interdependencies and volatility transmissions across countries amid a period of financial turmoil.

We analyze a recently proposed method to estimate volatility and correlation when prices are observed at a high frequency rate. The method is based on Fourier analysis and does not require any data manipulation, leading to more robust estimates than the traditional methodologies proposed so far. In the first part of the paper, we evaluate the performance of the Fourier algorithm to reconstruct the time volatility of simulated univariate and bivariate models. In the second part, the Fourier method is used to investigate the volatility and correlation dynamics of futures markets over the Asian crisis period, with the purpose of detecting possible interdependencies and volatility transmissions across countries amid a period of financial turmoil.

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vietnam

Progress toward a Common Currency Basket System in East Asia

Ogawa and Shimizu (2005, 2006a) have proposed a possible way to create an Asian Monetary Unit (AMU) as a weighted average of the thirteen East Asian currencies (ASEAN + China, Japan, and Korea) and developed AMU Deviation Indicators for a surveillance process under the Chiang Mai Initiative. Both the AMU and the AMU Deviation Indicators are important in helping the countries in the region to recognize the necessity of moving toward a common currency basket system. However, there remains an open question about how to implement this system in East Asian countries. The purpose of this paper is to compile the latest issues of currency basket itself and to develop concrete steps toward a common currency basket system in East Asia. Particularly, we simulate possible individual currency basket weights based on trade shares of each East Asian country and convert them to G3 currency (the US dollar, the euro, and the Japanese yen) basket weights. We also investigate the discrepancies between the converted G3 currency basket weight of the AMU and the weights of the common G3 currency basket, which is to illustrate the reality of implementing a common currency basket system. We propose a possible way to shift from an individual G3 currency basket system to the AMU currency basket system. In this process, we expect that the Japanese yen would play a varying role at each stage toward monetary coordination in East Asia.

Ogawa and Shimizu (2005, 2006a) have proposed a possible way to create an Asian Monetary Unit (AMU) as a weighted average of the thirteen East Asian currencies (ASEAN + China, Japan, and Korea) and developed AMU Deviation Indicators for a surveillance process under the Chiang Mai Initiative. Both the AMU and the AMU Deviation Indicators are important in helping the countries in the region to recognize the necessity of moving toward a common currency basket system. However, there remains an open question about how to implement this system in East Asian countries. The purpose of this paper is to compile the latest issues of currency basket itself and to develop concrete steps toward a common currency basket system in East Asia. Particularly, we simulate possible individual currency basket weights based on trade shares of each East Asian country and convert them to G3 currency (the US dollar, the euro, and the Japanese yen) basket weights. We also investigate the discrepancies between the converted G3 currency basket weight of the AMU and the weights of the common G3 currency basket, which is to illustrate the reality of implementing a common currency basket system. We propose a possible way to shift from an individual G3 currency basket system to the AMU currency basket system. In this process, we expect that the Japanese yen would play a varying role at each stage toward monetary coordination in East Asia.

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vietnam

Vietnam Promotes Enterpises on the Singaporean Stock Market

Vietnam and Singapore are planning on improving financial ties between the two countries by listing some Vietnamese companies on the Singapore Stock Exchange. Vietnamese business leaders will be introduced to the processes involved in listing on international stock markets in seminars to be held in Hanoi and Ho Chi Minh City. Then, they will be invited to Singapore to meet Singaporean strategic investors.

Vietnam and Singapore are planning on improving financial ties between the two countries by listing some Vietnamese companies on the Singapore Stock Exchange. Vietnamese business leaders will be introduced to the processes involved in listing on international stock markets in seminars to be held in Hanoi and Ho Chi Minh City. Then, they will be invited to Singapore to meet Singaporean strategic investors.

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vietnam

More Action Near the Border for Vietnam

Nong Duc Manh, Vietnam's Party General Secretary, called to better utilize the border areas, during his tour of the southern province. The leader commented that Tay Ninh, which borders Cambodia, is the most important economic zone of Vietnam. Manh said the province should take advantage of industrial zones near its borders and agricultural production. He also added that Tay Ninh should promote further growth in service sectors and attract more domestic and foreign investment into the region.

Nong Duc Manh, Vietnam's Party General Secretary, called to better utilize the border areas, during his tour of the southern province. The leader commented that Tay Ninh, which borders Cambodia, is the most important economic zone of Vietnam. Manh said the province should take advantage of industrial zones near its borders and agricultural production. He also added that Tay Ninh should promote further growth in service sectors and attract more domestic and foreign investment into the region.

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vietnam

Vietnam's Quang Ngai Stepping Up with The Dung Quat Economic Zone

Quang Ngai province is now raked 11th in attracting foreign direct investment within Vietnam, becoming the biggest economic block in Veitnam's central region. These improvements are mainly from the Quang Ngai province's Dung Quat Economic Zone. A total of 5 billion US dollar worth of projects has been licensed in this Economic Zone. Experts say that The Dung Quat has entered the "investment acceleration stage."

Quang Ngai province is now raked 11th in attracting foreign direct investment within Vietnam, becoming the biggest economic block in Veitnam's central region. These improvements are mainly from the Quang Ngai province's Dung Quat Economic Zone. A total of 5 billion US dollar worth of projects has been licensed in this Economic Zone. Experts say that The Dung Quat has entered the "investment acceleration stage."

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vietnam

Vietnamese Trade Starts Strong in 2007

Vietnam's Ministry of Trade announced that the country had improved revenue from trade by nearly 8% when compared to January 2006. Seafood exports brought in US$250 million, a 40% increase. Clothing and footwear also exported at high volumes, worth US$500 million and US$350 million respectively. The value of coffee exports increased an impressive 85%, while the tea industry followed closely behind with 70% growth compared to this time last year.

Vietnam's Ministry of Trade announced that the country had improved revenue from trade by nearly 8% when compared to January 2006. Seafood exports brought in US$250 million, a 40% increase. Clothing and footwear also exported at high volumes, worth US$500 million and US$350 million respectively. The value of coffee exports increased an impressive 85%, while the tea industry followed closely behind with 70% growth compared to this time last year.

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vietnam

Vietnamese Garment Industry Risks Anti-Dumping Lawsuits

The United States has warned Vietnam that they may face anti-dumping lawsuits if they are found to be dumping apparel in the US market. The investigation began this January and will continue until June. Some companies in Vietnam have reacted by reevaluating their market strategies. In the future, these companies will avoid the risks of such lawsuits by diversifying their export partners, and not relying on the US. Some are also switching from making many low-cost items, to fewer high-cost items.

The United States has warned Vietnam that they may face anti-dumping lawsuits if they are found to be dumping apparel in the US market. The investigation began this January and will continue until June. Some companies in Vietnam have reacted by reevaluating their market strategies. In the future, these companies will avoid the risks of such lawsuits by diversifying their export partners, and not relying on the US. Some are also switching from making many low-cost items, to fewer high-cost items.

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vietnam

An Empirical Study of Asian Stock Volatility Using Stochastic Volatility Factor Model: Factor Analysis and Forecasting

This paper is an empirical study of Asian stock volatility using stochastic volatility factor (SVF) model of Cipollini and Kapetanios (2005). We adopt their approach to carry out factor analysis and to forecast volatility. Our results show some Asian factors exhibit long memory that is in line with existing empirical findings in financial volatility. However, their local-factor SVF model is not powerful enough in forecasting Asian volatility. This has led us to propose an extension to a multi-factor SVF model. We also discuss how to produce forecast using this multi-factor model.

This paper is an empirical study of Asian stock volatility using stochastic volatility factor (SVF) model of Cipollini and Kapetanios (2005). We adopt their approach to carry out factor analysis and to forecast volatility. Our results show some Asian factors exhibit long memory that is in line with existing empirical findings in financial volatility. However, their local-factor SVF model is not powerful enough in forecasting Asian volatility. This has led us to propose an extension to a multi-factor SVF model. We also discuss how to produce forecast using this multi-factor model.

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vietnam

Real Estate and the Asian Crisis

This paper suggests that activities in the real estate markets in Southeast and East Asian economies were an important contributing force to the financial crises of 1997 in the Asian economies. The analysis relies upon unpublished data reported contemporaneously by financial institutions and market watchers to document the extent of the imbalances in the real property market that were evident to informed observers at the time of the financial collapse. The analysis argues that a series of reforms in the regulation of the property market and the treatment of real property loans by financial institutions are necessary to prevent the recurrence of the kind of speculative bubble that contributed to the financial crises in Asia. Given the recentness of the crisis, the nature of the data and the absence of definitive statistical sources, the results are tentative, but they are certainly consistent with a financial collapse whose proximate cause was unchecked activity in the property market.

This paper suggests that activities in the real estate markets in Southeast and East Asian economies were an important contributing force to the financial crises of 1997 in the Asian economies. The analysis relies upon unpublished data reported contemporaneously by financial institutions and market watchers to document the extent of the imbalances in the real property market that were evident to informed observers at the time of the financial collapse. The analysis argues that a series of reforms in the regulation of the property market and the treatment of real property loans by financial institutions are necessary to prevent the recurrence of the kind of speculative bubble that contributed to the financial crises in Asia. Given the recentness of the crisis, the nature of the data and the absence of definitive statistical sources, the results are tentative, but they are certainly consistent with a financial collapse whose proximate cause was unchecked activity in the property market.

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vietnam

Monetary and Exchange Rate Stability in South East Asia

Regaining exchange rate stability has been a major monetary policy goal of East Asian countries in the aftermath of the 1997/98 currency crisis. While most countries have abstained from re-establishing a formal US Dollar peg, they have typically managed the US Dollar exchange rate de facto. We show that most of these countries were able to regain their monetary credibility within a relatively short time period. The Argentine crisis in 2001 caused a minor setback in this process for some countries. We measure the credibility of monetary policy by separating the fundamental and excess volatility of the exchange rate on the basis of a chartist fundamentalist model. The degree of excess volatility is interpreted as the ability of the central bank to manage the exchange rate via the coordination channel.

Regaining exchange rate stability has been a major monetary policy goal of East Asian countries in the aftermath of the 1997/98 currency crisis. While most countries have abstained from re-establishing a formal US Dollar peg, they have typically managed the US Dollar exchange rate de facto. We show that most of these countries were able to regain their monetary credibility within a relatively short time period. The Argentine crisis in 2001 caused a minor setback in this process for some countries. We measure the credibility of monetary policy by separating the fundamental and excess volatility of the exchange rate on the basis of a chartist fundamentalist model. The degree of excess volatility is interpreted as the ability of the central bank to manage the exchange rate via the coordination channel.

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vietnam

Post-crisis Exchange Rate Regimes in ASEAN:A New Empirical Test Based on Intra-daily Data

The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand, and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing possible estimation biases which the choice of numeraire may cause. It can also contrast exchange rate movements during the time zone when the government intervention is active with those when the intervention is not active. We examine how and when the ASEAN currencies changed their correlations with the U.S. dollar and the Japanese yen. We find significant structural breaks in the correlations during the time zone when East Asian market is open. In the post-crisis period, the first structural break happened when Malaysia adopted the fixed exchange rate and the second break happened when some East Asian countries introduced inflation targeting. The structural breaks suggest strong monetary and real linkages among the ASEAN countries.

The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand, and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing possible estimation biases which the choice of numeraire may cause. It can also contrast exchange rate movements during the time zone when the government intervention is active with those when the intervention is not active. We examine how and when the ASEAN currencies changed their correlations with the U.S. dollar and the Japanese yen. We find significant structural breaks in the correlations during the time zone when East Asian market is open. In the post-crisis period, the first structural break happened when Malaysia adopted the fixed exchange rate and the second break happened when some East Asian countries introduced inflation targeting. The structural breaks suggest strong monetary and real linkages among the ASEAN countries.

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vietnam

Proposed Rules of Origin in Emerging Asia-Pacific Preferential Trade Agreements: Will PTAs Promote Trade and Development?

World trade is increasingly being dominated by preferential trade agreements that have taken precedence over multilateral trade negotiations. Within Asia and the Pacific an explosion of bilateral deals is taking place that seems likely to produce a tangle of hub-spoke trade blocs centered on major Asian or Pacific countries.

World trade is increasingly being dominated by preferential trade agreements that have taken precedence over multilateral trade negotiations. Within Asia and the Pacific an explosion of bilateral deals is taking place that seems likely to produce a tangle of hub-spoke trade blocs centered on major Asian or Pacific countries.

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vietnam

More Aid Pledged to Vietnam to Fight Avian Flu

On Jan. 1, 2007, the United Nations pledged $16.2 million (USD) in aid to fight the Avian Flu in Vietnam. This aid is part of the second phase of a project called the Avian Flu Joint Prevention Program. This phase will establish vaccination programs, improve diagnoses and pandemic control, as well as improve information on the disease and how it is spread. A serious outbreak of Avian Flu could stifle Vietnam's unprecidented growth.

On Jan. 1, 2007, the United Nations pledged $16.2 million (USD) in aid to fight the Avian Flu in Vietnam. This aid is part of the second phase of a project called the Avian Flu Joint Prevention Program. This phase will establish vaccination programs, improve diagnoses and pandemic control, as well as improve information on the disease and how it is spread. A serious outbreak of Avian Flu could stifle Vietnam's unprecidented growth.

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vietnam

After Violations, Vietnam Fisheries to Improve Quatity of Exports to Japan

Recent shipment to Japan from Vietnamese fisheries have violated quality standards. The Vietnamese Minister of Fisheries plans on fixing this problem, beginning Jan. 15, by requesting that fisheries authorities and export businesses critically examine the production processes. Fisheries have begun undergoing inpesctions of their raw materials. A delegation has also been sent to Japan to work on finding a solution.

Recent shipment to Japan from Vietnamese fisheries have violated quality standards. The Vietnamese Minister of Fisheries plans on fixing this problem, beginning Jan. 15, by requesting that fisheries authorities and export businesses critically examine the production processes. Fisheries have begun undergoing inpesctions of their raw materials. A delegation has also been sent to Japan to work on finding a solution.

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vietnam

ASEAN Summit Comes to a Close

The 12th association of South East Asian Nations (ASEAN) summit being held at Cebu, Philippines drew to a close yesterday. The North Korean nuclear situation was one of the biggest issues discussed during these meetings. ASEAN is highly involved in the effort to denuclearize North Korea. Also discussed was the idea of economic integration in Southeast Asia and an overall community building in the region. The next ASEAN summit meeting will be held on Nov. 21st in Singapore.

The 12th association of South East Asian Nations (ASEAN) summit being held at Cebu, Philippines drew to a close yesterday. The North Korean nuclear situation was one of the biggest issues discussed during these meetings. ASEAN is highly involved in the effort to denuclearize North Korea. Also discussed was the idea of economic integration in Southeast Asia and an overall community building in the region. The next ASEAN summit meeting will be held on Nov. 21st in Singapore.

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vietnam

Huge Growth of Vietnam's Shipping Sector

The shipping sector is racing towards massive growth with approval for the conversion of Vinalines into an industry group. The government approved Vinalines reorganization and development plan for 2006-10 and towards 2020, with the goal of making it the leading shipping group in the region. The group will aim to support the nation's process of global integration by servicing import and export goods traded with major markets in the EU, the US, China, Japan and ASEAN.

The shipping sector is racing towards massive growth with approval for the conversion of Vinalines into an industry group. The government approved Vinalines reorganization and development plan for 2006-10 and towards 2020, with the goal of making it the leading shipping group in the region. The group will aim to support the nation's process of global integration by servicing import and export goods traded with major markets in the EU, the US, China, Japan and ASEAN.

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vietnam

Switzerland’s Credit Suisse Joined Vietnam’s Stock Market

Credit Suisse received a securities trading code certificate from the Vietnam State Securities Commission (SSC) enabling it to trade equities, government and corporate bonds in Vietnam. There are now around 20 foreign invested funds with total capital of over $2 billion in Vietnam, according to the SSC

Credit Suisse received a securities trading code certificate from the Vietnam State Securities Commission (SSC) enabling it to trade equities, government and corporate bonds in Vietnam. There are now around 20 foreign invested funds with total capital of over $2 billion in Vietnam, according to the SSC

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vietnam

Is the Rapid Growth Sustainable?

Significant investor enthusiasm is turning Vietnam's stock market into an exceptional success story. However, after the VN-Index hit its 809-point record, the director of the Ho Chi Minh City Securities Trading Centre alerted investors to the danger of overheated values. While it's difficult to anticipate whether exchange screens will turn red in a large correction or stay chiefly green, the Vietnam equities market is still widely viewed as an unexploited gold mine, and government bonds are considered increasingly attractive.

Significant investor enthusiasm is turning Vietnam's stock market into an exceptional success story. However, after the VN-Index hit its 809-point record, the director of the Ho Chi Minh City Securities Trading Centre alerted investors to the danger of overheated values. While it's difficult to anticipate whether exchange screens will turn red in a large correction or stay chiefly green, the Vietnam equities market is still widely viewed as an unexploited gold mine, and government bonds are considered increasingly attractive.

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vietnam

Improving the Business Climate

Prime Minister of Vietnam, Nguyen Tan Dung, is urgently looking for recommendations from ministries and local governments for methods to advance the business climate and draw more investment as Vietnam joins the WTO. the Ministry of Planning and Investment will give priority to enhancing administrative reform and building a market economy that will operate efficiently.

Prime Minister of Vietnam, Nguyen Tan Dung, is urgently looking for recommendations from ministries and local governments for methods to advance the business climate and draw more investment as Vietnam joins the WTO. the Ministry of Planning and Investment will give priority to enhancing administrative reform and building a market economy that will operate efficiently.

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Vietnam speeds up bank equitisation process

Four primary state-owned commercial banks, Vietcombank, MHB, BIDV and Incombank, will be equitised this year, under a new decision made by the Prime Minister. The state will keep a majority stake in the equitised banks, which together grasp a market share of 70 per cent.

Four primary state-owned commercial banks, Vietcombank, MHB, BIDV and Incombank, will be equitised this year, under a new decision made by the Prime Minister. The state will keep a majority stake in the equitised banks, which together grasp a market share of 70 per cent.

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vietnam

India Expands Trade Ties with ASEAN

India said on Thursday it was close to reaching a free-trade agreement with the Association of Southeast Asian Nations (ASEAN) and expected to have it wrapped up by July. India, an emerging economy which adopted a free-market policy in the early 1990s, is keen to expand in the global market.

India said on Thursday it was close to reaching a free-trade agreement with the Association of Southeast Asian Nations (ASEAN) and expected to have it wrapped up by July. India, an emerging economy which adopted a free-market policy in the early 1990s, is keen to expand in the global market.

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vietnam

Vietnam Became the 150th Member of WTO

After nearly 11 years of protracted negotiations and intense horse-trading with the United States, Vietnam on Thursday officially became the 150th member of the World Trade Organization (WTO). Many economic analysts predict that Vietnam's accession to the WTO will facilitate faster foreign-trade and capital flows and boost Vietnam's economic growth.

After nearly 11 years of protracted negotiations and intense horse-trading with the United States, Vietnam on Thursday officially became the 150th member of the World Trade Organization (WTO). Many economic analysts predict that Vietnam's accession to the WTO will facilitate faster foreign-trade and capital flows and boost Vietnam's economic growth.

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Vietnam Among Most Corrupt Nations

Vietnam ranked among the most corrupt nations in a World Bank backed report. This should alarm investors who have showered Vietam with FDI. One source involved in performingthe study claimed "Vietnam is still like the wild west for investors, with great opportunity for profit along with considerable risk."

Vietnam ranked among the most corrupt nations in a World Bank backed report. This should alarm investors who have showered Vietam with FDI. One source involved in performingthe study claimed "Vietnam is still like the wild west for investors, with great opportunity for profit along with considerable risk."

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vietnam

Understanding the Latest Wave and Future Shape of Regional Trade and Cooperation Agreements in Asia

Asia accounts for more than 30% of world GDP and contributes half of the global growth in recent years. Despite high growth rates, Asia is still facing considerable socio-economic challenges. If Asia is to reemerge as a major power in the global economy and in order for the region to successfully address its own challenges and issues there is a need to make the region's economies more integrated regionally and internationally. Following the recent global trend, Asia witnessed a wave of subregional and bilateral trade agreements. This paper analyzes the recent trends and patterns and nature of regional trade and cooperation agreements (RTCAs) in Asia and associated problems and prospects. It also attempts to understand the latest wave and the future shape of RTCAs and examines if these RTCAs provide the basis for a new Asia-wide cooperation or for the emergence of new regional trade in blocs of several subregional groupings.

Asia accounts for more than 30% of world GDP and contributes half of the global growth in recent years. Despite high growth rates, Asia is still facing considerable socio-economic challenges. If Asia is to reemerge as a major power in the global economy and in order for the region to successfully address its own challenges and issues there is a need to make the region's economies more integrated regionally and internationally. Following the recent global trend, Asia witnessed a wave of subregional and bilateral trade agreements. This paper analyzes the recent trends and patterns and nature of regional trade and cooperation agreements (RTCAs) in Asia and associated problems and prospects. It also attempts to understand the latest wave and the future shape of RTCAs and examines if these RTCAs provide the basis for a new Asia-wide cooperation or for the emergence of new regional trade in blocs of several subregional groupings.

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vietnam

Asian Economic Integration: ASEAN+3+1 or ASEAN+1s?

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

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vietnam

Asian Equity Markets: Growth,Opportunities, and Challenges

Asian equity markets have grown significantly in size since the early 1990s, driven by strong international investor inflows, growing regional financial integration, capital account liberalization, and structural improvements to markets. The development of equity markets provides a more diversified set of channels for financial intermediation to support growth, thus bolstering medium-term financial stability. At the same time, as highlighted by the May-June 2006 market corrections, the increasing role of stock markets potentially changes the nature of macroeconomic and financial stability risks, as well as the policy requirements for dealing with these risks.

Asian equity markets have grown significantly in size since the early 1990s, driven by strong international investor inflows, growing regional financial integration, capital account liberalization, and structural improvements to markets. The development of equity markets provides a more diversified set of channels for financial intermediation to support growth, thus bolstering medium-term financial stability. At the same time, as highlighted by the May-June 2006 market corrections, the increasing role of stock markets potentially changes the nature of macroeconomic and financial stability risks, as well as the policy requirements for dealing with these risks.

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vietnam

Vietnam's Membership in WTO to Increase Investment Competition

Taiwan currently leads all foreign investments in Vietnam at US$7.9 billion. However, with Vietnam's recent acceptance to the WTO, Taiwan will be facing tough competition from the US, Europe, Japan, and Korea. If three major projects are approved by the Vietnamese government, US investment will double to $8 billion, possibly eclipsing Taiwan's total. Taiwanese investors need to adjust their investment strategies in line with Vietnam's shift from labor intensive industries to IT and hi-tech manufacturing. According to figures from the Taiwans Bureau of Foreign Trade, two-way trade between Vietnam and Taiwan amounted to $4 billion last year, with Taiwans export of $3.4 billion from Taiwan.

Taiwan currently leads all foreign investments in Vietnam at US$7.9 billion. However, with Vietnam's recent acceptance to the WTO, Taiwan will be facing tough competition from the US, Europe, Japan, and Korea. If three major projects are approved by the Vietnamese government, US investment will double to $8 billion, possibly eclipsing Taiwan's total. Taiwanese investors need to adjust their investment strategies in line with Vietnam's shift from labor intensive industries to IT and hi-tech manufacturing. According to figures from the Taiwans Bureau of Foreign Trade, two-way trade between Vietnam and Taiwan amounted to $4 billion last year, with Taiwans export of $3.4 billion from Taiwan.

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vietnam

IBOR Rates in Asia

Inter Bank Offered Rates (Ibor Rates), Benchmark Rates, and Date Last Changed.

Inter Bank Offered Rates (Ibor Rates), Benchmark Rates, and Date Last Changed.

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vietnam

Viet Nam's Rising Currency May Hit Exports

As the VND gains against the USD, the government fears exports will be affected negatively. However, the rise in currency prices is the result of improved economic conditions within Viet Nam. With trade booming and remittances high, Viet Nam continues to be an attractive destination for foreign direct investment.

As the VND gains against the USD, the government fears exports will be affected negatively. However, the rise in currency prices is the result of improved economic conditions within Viet Nam. With trade booming and remittances high, Viet Nam continues to be an attractive destination for foreign direct investment.

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vietnam

Dong Savings Profitable

Despite 1% depreciation against the dollar, saving in Viet Nam's Dong is about 40% more profitable than saving in the US dollar due to high interest rates and stable currency valuation.

Despite 1% depreciation against the dollar, saving in Viet Nam's Dong is about 40% more profitable than saving in the US dollar due to high interest rates and stable currency valuation.

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vietnam

State Bank of Viet Nam: Rates Stable

The State Bank of Viet Nam announced that the basic interest rate will begin the 2007 at 8.25% APY and will remain stable for the beginning of 2007. Credit institutions enjoy a 6.5% APY with a 4.5% APY discount rate.

The State Bank of Viet Nam announced that the basic interest rate will begin the 2007 at 8.25% APY and will remain stable for the beginning of 2007. Credit institutions enjoy a 6.5% APY with a 4.5% APY discount rate.

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vietnam

Vietnam's Central Bank to Permit Loans to Local Firms

The State Bank of Vietnam has new regulations to open doors for creditors to lend local enterprises capital destined for foreign investments. The bank issued Circular 10/2006/TT-NHNN which will help Vietnamese companies' expansion into foreign markets. Credit agencies can now lend in either dong or US dollars, under the new regulation.

The State Bank of Vietnam has new regulations to open doors for creditors to lend local enterprises capital destined for foreign investments. The bank issued Circular 10/2006/TT-NHNN which will help Vietnamese companies' expansion into foreign markets. Credit agencies can now lend in either dong or US dollars, under the new regulation.

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vietnam

How to Prioritize Policies for Pro-poor Growth: Applying Bayesian Model Averaging to Vietnam

Poverty reduction is the main goal of global development policy today. A comprehensive framework to evaluate the effectiveness of single policy measures and of policy packages for poverty reduction, growth and pro-poor growth is lacking, though. Bayesian Model Averaging is very valuable in this context as it addresses the parameter and model uncertainty inherent in development policies by not choosing a single model but averaging over all possible ones. Using data for the 61 Vietnamese provinces we are able to ascertain the most important determinants of poverty, growth and pro-poor growth out of a large number of potential explanatory variables.

Poverty reduction is the main goal of global development policy today. A comprehensive framework to evaluate the effectiveness of single policy measures and of policy packages for poverty reduction, growth and pro-poor growth is lacking, though. Bayesian Model Averaging is very valuable in this context as it addresses the parameter and model uncertainty inherent in development policies by not choosing a single model but averaging over all possible ones. Using data for the 61 Vietnamese provinces we are able to ascertain the most important determinants of poverty, growth and pro-poor growth out of a large number of potential explanatory variables.

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vietnam

Leap in FDI Capital Flow into Vietnam

Vietnam has attracted US$10 billion of foreign direct investment (FDI) capital so far in 2006, a yearly record since the Law on Foreign Investment was promulgated in 1987. Analysts attribute the sharp increase to the stable investment environment, potential and durability of Vietnam's economy. Under its WTO commitments, Vietnam will continue to open doors for foreign investors and the same growth rate is expected in the coming years.

Vietnam has attracted US$10 billion of foreign direct investment (FDI) capital so far in 2006, a yearly record since the Law on Foreign Investment was promulgated in 1987. Analysts attribute the sharp increase to the stable investment environment, potential and durability of Vietnam's economy. Under its WTO commitments, Vietnam will continue to open doors for foreign investors and the same growth rate is expected in the coming years.

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vietnam

Vietnam and Thailand Agree to Strengthen Bilateral Ties

Vietnam and Thailand will increase trade and investment through bilateral economic cooperation. This year both countries celebrate 30 years of Official Diplomatic Relations. The two countries signed a joint statement on security and agreed to mutual high level visits. The two countries seek to increase trade to $US5bn from $US3.4bn in the coming year. Leaders also talked about the construction of a super-highway connecting Myanmar, Laos, Thailand to Vietnam's Ports.

Vietnam and Thailand will increase trade and investment through bilateral economic cooperation. This year both countries celebrate 30 years of Official Diplomatic Relations. The two countries signed a joint statement on security and agreed to mutual high level visits. The two countries seek to increase trade to $US5bn from $US3.4bn in the coming year. Leaders also talked about the construction of a super-highway connecting Myanmar, Laos, Thailand to Vietnam's Ports.

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vietnam

Singapore Struck a Deal with Vietnam

Singapore has struck an exclusive deal with Vietnam to help modernize the latter's capital markets, placing it in pole position to draw potential overseas listings from Singapore. The signing of a financial cooperation agreement with Vietnam includes the Monetary Authority of Singapore and the Singapore Stock Exchange advising Vietnam's Ministry of Finance and its chief regulator, the State Securities Commission. Credit Suisse, the investment bank, and SGX will provide the technical expertise to both governments and to corporations which seek advise about listing.

Singapore has struck an exclusive deal with Vietnam to help modernize the latter's capital markets, placing it in pole position to draw potential overseas listings from Singapore. The signing of a financial cooperation agreement with Vietnam includes the Monetary Authority of Singapore and the Singapore Stock Exchange advising Vietnam's Ministry of Finance and its chief regulator, the State Securities Commission. Credit Suisse, the investment bank, and SGX will provide the technical expertise to both governments and to corporations which seek advise about listing.

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vietnam

Securities Businesses List on Hanoi's Securities Trading Centre

Recently, three major firms listed their shares at the Hanoi bourse. These three companies' total listed value of VND 562 billion pushed the Hanoi bourse's value to VND 8,7012 Billion.

Recently, three major firms listed their shares at the Hanoi bourse. These three companies' total listed value of VND 562 billion pushed the Hanoi bourse's value to VND 8,7012 Billion.

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vietnam

Vietnam Ready for Long Term Bonds

Vietnam's Government Bonds are looking more attractive to offshore investors. The Bonds high yields are complimented by favorable tax treatment, limited foreign exchange risks, and modest access costs. Yet, with moderate market liquidity investors will need to be in for the long term.

Vietnam's Government Bonds are looking more attractive to offshore investors. The Bonds high yields are complimented by favorable tax treatment, limited foreign exchange risks, and modest access costs. Yet, with moderate market liquidity investors will need to be in for the long term.

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vietnam

Viet Nam Ready for Long Term Bonds

Vietnam Government Bonds yields are becoming attractive to offshore investors. Investors are attracted to favorable tax treatment, limited foreign exchange risks, and modest access costs. With moderate market liquidity these bonds are viewed as long term investments.

Vietnam Government Bonds yields are becoming attractive to offshore investors. Investors are attracted to favorable tax treatment, limited foreign exchange risks, and modest access costs. With moderate market liquidity these bonds are viewed as long term investments.

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vietnam

Asian Economic Integration: ASEAN +3+1 or ASEAN +1s?

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

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vietnam

A New Era in US-Vietnam Relations

The US Congress' approval of a bill to grant permanent normal trade ties with Vietnam has been welcomed by the US administration. President George W Bush stated that the approval will advance trade and investment relations with Vietnam and guarantee that the US shares in the economic benefits generated by Vietnam's imminent membership in the WTO. Vietnam will formally join the World Trade Organization as its 150th member on January 11 next year.

The US Congress' approval of a bill to grant permanent normal trade ties with Vietnam has been welcomed by the US administration. President George W Bush stated that the approval will advance trade and investment relations with Vietnam and guarantee that the US shares in the economic benefits generated by Vietnam's imminent membership in the WTO. Vietnam will formally join the World Trade Organization as its 150th member on January 11 next year.

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Australian Development Group Eyes Vietnamese Property

Watpac--a Brisbane development firm- plans to expand into Asia begining with Vietnam. Venture capital firms see Vietnam's entry into the WTO as a promising signal for increased FDI and hope to grow the propety sector.

Watpac--a Brisbane development firm- plans to expand into Asia begining with Vietnam. Venture capital firms see Vietnam's entry into the WTO as a promising signal for increased FDI and hope to grow the propety sector.

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vietnam

Viet Nam Cuts Import Tariffs on Oil Products

The Finance Minstry's decision to cut tariffs on oil imports to 10 per cent will benefit consumers of both oil based products and gasoline. The cuts will allow retailers to cut their prices, but this move also hedges against the possibility of OPEC cuts in production.

The Finance Minstry's decision to cut tariffs on oil imports to 10 per cent will benefit consumers of both oil based products and gasoline. The cuts will allow retailers to cut their prices, but this move also hedges against the possibility of OPEC cuts in production.

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vietnam

Korean Businessmen Want to Collaborate with Vietnamese Partners

Korean businessmen want to establish a long-term partnership with Vietnamese partners in the construction materials, plastics, audio equipment, medicine, cosmetics, and tourism industries, according to Choi Chul, president of Eum Seong Chamber of Commerce and Industry. In addition, the Deputy Director of Viet Nam Chamber of Commerce and Industry stated that the cultural similarity between the two countries will help boost their investment and commercial collaboration.

Vietnam exports raw materials, agro-forestry products, and seafood to Korea. Meanwhile, the latter's exported goods to Vietnam include raw materials for production of clothing, footwear, and machines.

Korean businessmen want to establish a long-term partnership with Vietnamese partners in the construction materials, plastics, audio equipment, medicine, cosmetics, and tourism industries, according to Choi Chul, president of Eum Seong Chamber of Commerce and Industry. In addition, the Deputy Director of Viet Nam Chamber of Commerce and Industry stated that the cultural similarity between the two countries will help boost their investment and commercial collaboration.

Vietnam exports raw materials, agro-forestry products, and seafood to Korea. Meanwhile, the latter's exported goods to Vietnam include raw materials for production of clothing, footwear, and machines.

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vietnam

Asean-India Trade Agreement Expected by June

India is expecting to sign a free trade pact with the Association of Southeast Asian Nations (ASEAN) by June next year after both sides failed to meet the December deadline due to some conflicts on goods to be excluded from the agreement. Both parties are in disagreement on items such as agricultural products that India wants to exclude from tariff cuts. If the free trade agreement will push through, ASEAN will open up new overseas market for India's software and other services. In turn, the pact will give ASEAN more access to the world's second fastest growing economy.

India is expecting to sign a free trade pact with the Association of Southeast Asian Nations (ASEAN) by June next year after both sides failed to meet the December deadline due to some conflicts on goods to be excluded from the agreement. Both parties are in disagreement on items such as agricultural products that India wants to exclude from tariff cuts. If the free trade agreement will push through, ASEAN will open up new overseas market for India's software and other services. In turn, the pact will give ASEAN more access to the world's second fastest growing economy.

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vietnam

Manila Postpones ASEAN Summit to January

An official announcement released by Ambassador Marciano Paynor, head of the Philippine organizing committee, said that the 12th Association of Southeast Asian Nations (ASEAN) summit, scheduled next week in Cebu, has been postponed to January due to a strong storm heading the island. The ambassador also denied reports that the postponement was made due to possible terrorist attacks at the site of the summit.

An official announcement released by Ambassador Marciano Paynor, head of the Philippine organizing committee, said that the 12th Association of Southeast Asian Nations (ASEAN) summit, scheduled next week in Cebu, has been postponed to January due to a strong storm heading the island. The ambassador also denied reports that the postponement was made due to possible terrorist attacks at the site of the summit.

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World Bank Praises Vietnam's New Five Year Plan

The World Bank commended the Vietnamese Government on its plan to promote economic growth while reducing poverty. The Vietnamese government plans to consult with its own civil society and private sectors. Vietnam's strategy is based on four "pillars" that include structural reform, social inclusion, environmental sustainability, and good governance.

The World Bank commended the Vietnamese Government on its plan to promote economic growth while reducing poverty. The Vietnamese government plans to consult with its own civil society and private sectors. Vietnam's strategy is based on four "pillars" that include structural reform, social inclusion, environmental sustainability, and good governance.

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vietnam

ADB: Economic Growth in East Asia to Remain Strong in 2007

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

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vietnam

Vietnam to Open Financing Leasing Market to Foreign Investors

The State Bank of Viet Nam (SBV) is building a road map to open the leasing market to foreigners. Under the plan, the financial leasing market would completely open to foreign companies by 2010. According to the deputy head of SBV, the bank is considering on proposing a new law on credit organizations in 2008, which would include regulations defining the establishment and operation of financial leasing companies.

The State Bank of Viet Nam (SBV) is building a road map to open the leasing market to foreigners. Under the plan, the financial leasing market would completely open to foreign companies by 2010. According to the deputy head of SBV, the bank is considering on proposing a new law on credit organizations in 2008, which would include regulations defining the establishment and operation of financial leasing companies.

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vietnam

Vietnam's Ministry of Planning and Investment is Lynchpin for Growth

Vietnam seeks to improve its investment climate. The planning and investment sector will decentralise power to cities and provinces in an attempt to draw increased investment. Encouraging local competitiveness and increasing investment is said to be critical "to ensure the 8.5 per cent GDP growth [target] will be reached next year."

Vietnam seeks to improve its investment climate. The planning and investment sector will decentralise power to cities and provinces in an attempt to draw increased investment. Encouraging local competitiveness and increasing investment is said to be critical "to ensure the 8.5 per cent GDP growth [target] will be reached next year."

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vietnam

US and Asian Economies Differ Over Free Trade Bloc Process

The United States and Asian economies are at odds on how to implement a plan to set up a Asia-Pacific free trade area. The Asian economies want to start a free trade area among themselves before considering a free trade area for the Asia-Pacific. However, the US government wants to implement these plans simulataneously. Washington is pushing a prompt implementation of the Asia-Pacific plan because it would jolt non-Apec members, such as Brazil and India, to restart talks for a new global trace pact.

The United States and Asian economies are at odds on how to implement a plan to set up a Asia-Pacific free trade area. The Asian economies want to start a free trade area among themselves before considering a free trade area for the Asia-Pacific. However, the US government wants to implement these plans simulataneously. Washington is pushing a prompt implementation of the Asia-Pacific plan because it would jolt non-Apec members, such as Brazil and India, to restart talks for a new global trace pact.

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vietnam

Viet Nam's ODA Capital Disbursements Witness Improvements

Official Development Assistance disbursements have improved, but are still below average levels in the region. Viet Nam faces many challenges in improving efficiency and governance of its projects and programmes, but plans to addresss these concerns in order to receive accelerated disbursements.

Official Development Assistance disbursements have improved, but are still below average levels in the region. Viet Nam faces many challenges in improving efficiency and governance of its projects and programmes, but plans to addresss these concerns in order to receive accelerated disbursements.

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vietnam

Integration of ASEAN Economies a Sound Way to Navigate Globalizing World

Economic ministers from the Association of Southeast Asian Nations are expected to endorse plans to step up regional economic integration and create a common market by 2015. ASEAN aims to eliminate tariffs by 2015 under the ASEAN Free Trade Area (AFTA). The free trade pact will provide members "a sound way to navigate" the rapidly globalizing world by liberalizing and integrating economies.

Economic ministers from the Association of Southeast Asian Nations are expected to endorse plans to step up regional economic integration and create a common market by 2015. ASEAN aims to eliminate tariffs by 2015 under the ASEAN Free Trade Area (AFTA). The free trade pact will provide members "a sound way to navigate" the rapidly globalizing world by liberalizing and integrating economies.

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vietnam

Central Bankers Upbeat Over Global Growth Next Year

The world's top central bankers discussed the future of global growth. There seems to be a consensus that the global economy was strong and sustainable, but in order to mitigate risks banks would have to fix their attention on inflation. Some hint to continued raises in interest rates to offset "overly optimistic investment".

The world's top central bankers discussed the future of global growth. There seems to be a consensus that the global economy was strong and sustainable, but in order to mitigate risks banks would have to fix their attention on inflation. Some hint to continued raises in interest rates to offset "overly optimistic investment".

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vietnam

Vietnam Brings Innovative Thinking to the Table

APEC membership is seen as beneficial to Vietnam, which has actively attempted to increase its regional cooperation agreements as well as its international economic integration by liberalizing trade and investment. Vietnam seeks to send a message that it is foward looking by increasing the free flow of resources, enhancing business and institutional transparency, and adopting macro-management frameworks provided by the experience of other APEC members.

APEC membership is seen as beneficial to Vietnam, which has actively attempted to increase its regional cooperation agreements as well as its international economic integration by liberalizing trade and investment. Vietnam seeks to send a message that it is foward looking by increasing the free flow of resources, enhancing business and institutional transparency, and adopting macro-management frameworks provided by the experience of other APEC members.

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vietnam

Vietnam's Trade Tariff Reductions to Hit Treasury Where it Hurts

The Ministry of Finance announces tariff reductions as Vietnam makes good on its WTO commitments. This may hurt state revenue, but is a necessary measure for long-term economic growth. The cuts will be made on everything from automobiles to beer. Local businesses will have to increase their competitiveness.

The Ministry of Finance announces tariff reductions as Vietnam makes good on its WTO commitments. This may hurt state revenue, but is a necessary measure for long-term economic growth. The cuts will be made on everything from automobiles to beer. Local businesses will have to increase their competitiveness.

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vietnam

FDI to Flow into Vietnam in Coming Years

APEC Delegates say FDI will continue to flow into Vietnam for many years to come due to its recent WTO accession as well as the economy's strength and stability, cheap skilled labor, and geographical position between ASEAN and East Asian countries.

APEC Delegates say FDI will continue to flow into Vietnam for many years to come due to its recent WTO accession as well as the economy's strength and stability, cheap skilled labor, and geographical position between ASEAN and East Asian countries.

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vietnam

APEC Shelves Free Trade Zone Plans

The Asian Pacific Economic Co-operation forum has shelved plans to create a "vast free trade area" that would aggregate the numerous bi-lateral and regional tarde agreements in the region. The ambitious proposal lost mometum to various side deals at the forum. APEC has shifted its focus to resurrecting talks on the Doha round of the WTO.

The Asian Pacific Economic Co-operation forum has shelved plans to create a "vast free trade area" that would aggregate the numerous bi-lateral and regional tarde agreements in the region. The ambitious proposal lost mometum to various side deals at the forum. APEC has shifted its focus to resurrecting talks on the Doha round of the WTO.

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vietnam

Officials from Viet Nam, Australia, New Zealand, and Brunei Discuss Regional Ties

Viet Nam's Deputy Prime Minister and Minister of Foreign Affairs Pham Gia Khem met with Australian Minister for Foreign Affairs Alexander Downer, New Zealand's Minister of Foreign Affairs Winston Peters, and Brunei's Second Minister of Foreign Affairs and Trade Lim Jock Seng to discuss regional and bilateral co-operation.

Viet Nam's Deputy Prime Minister and Minister of Foreign Affairs Pham Gia Khem met with Australian Minister for Foreign Affairs Alexander Downer, New Zealand's Minister of Foreign Affairs Winston Peters, and Brunei's Second Minister of Foreign Affairs and Trade Lim Jock Seng to discuss regional and bilateral co-operation.

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vietnam

Vietnam Streamlines Its Business Start Up Process

Vietnam seeks to simplify business entry procedures in order to increase business start ups. This is viewed as a strategy to increase jobs, investment, productivity, and overall economic growth. Simplifying the start up process will increase business transperancy and the local government's tax based revenues, which will have widespread economic benefits for Vietnam.

Vietnam seeks to simplify business entry procedures in order to increase business start ups. This is viewed as a strategy to increase jobs, investment, productivity, and overall economic growth. Simplifying the start up process will increase business transperancy and the local government's tax based revenues, which will have widespread economic benefits for Vietnam.

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vietnam

No Russia-ASEAN Summit This Year

The Russian President Vladimir Putin won't be coming to Cebu, the Philippines, and that's as good as official and final. The reason is, the second Russia-ASEAN Summit that could have been organized back-to-back with an annual ASEAN Summit in that city, is not fit for a show.

Officially in any Foreign Ministry worth its salt, be it Russian or Asian ministry, you may get a comment that there was no invitation for Mr. Putin to come to the summit, so we are talking about wrong assumptions and failed expectations. Besides, the first Russia-ASEAN summit in Kuala Lumpur on December 13th last year ended with an obligation to hold "regular", not "annual", summits.

But that's very feeble explanation, because there was a lot of unofficial talk about the Cebu summit. So what really happened? First of all, the Russian leader takes Moscow's ties to Asia in general, and the ASEAN 10 in particular, very close to his heart. You may say there's a lot of expectations in Moscow from everything and anything Asia-oriented (and we shall elaborate on that a bit later). But there is one thing that Mr. Putin hates, and that is "summits for summit's sake". The style of his presidency presumes that a presidential visit is a culmination of work of a lot of people, with serious agreements signed and shown to the voters. Making a trip across the globe and delivering a speech is definitely not enough to stir Mr. Putin's juices.

A year ago in KL three documents have been signed between Russia and ASEAN. These were: the Joint Declaration on progressive & comprehensive partnership; the Program of Action for 2005-2015 (mentioning trade, industry, energy, transport, antiterrorist cooperation, natural disaster prevention, etc); finally, the agreement on Economic and Development Cooperation. But nothing much happened in these 11 or so months after that summit.

On November 3 a joint committee on cooperation between Russia and ASEAN was hold in Moscow, the co-chairmen being the department heads of the Foreign Ministries. From the Russian side that was Mr. Bakhtiar Khakimov, from the ASEAN side Mr. Luis Cruz, the Philippines. The main issue was a cooperation fund – about 1 million US Dollars that Russia has to invest into a cooperation infrastructure. E-commerce development and studies of the Russian language – that's how some of this money will be spent. But in any case the programs will start only in 2007.

Several discussion groups are agreed to be set up – like, on transnational crime and technological cooperation. Energy security will also be under discussion, as well as many other subjects. But Moscow thinks that all this is not enough to justify a summit right now. You have to start carrying out the agreements reached at the previous summit, first.

The diplomatic sources are saying that the ASEAN side understands and even "respects" Moscow maximalism on the matter. To add, a lot of blame might be put on the Russian bureaucracy, too, and nobody is denying it.

You may feel, though, Russian leadership's deep dissatisfaction with its relations with ASEAN behind all the niceties. The reasons for this can be summed up as "too little, too slow" in business, in spite of almost complete harmony in political and diplomatic contacts.

Gone are the days when the Soviet Union was causing plenty of uneasy feelings in South East Asia. 10 years ago Russia has become ASEAN's Dialogue Partner, and 1 year ago it was elevated to the status of a Summit Partner. Look who is ASEAN's Summit Partner, and especially who is not, and you will see that Moscow is very, very close to ASEAN in global diplomacy and in its views on what the world should look like.

But thinking alike is not making us big trade partners, and that's the source of Moscow's frustration, and sometimes overreaction. The trade between Russia and ASEAN 10 has reached 4 billion dollars in 2004, 5 billion in 2005 and may touch 6 billion in 2006. It's a good show if you look at the growth rate, but a very weak one if you consider that it is still less than 1% of overall trade of both ASEAN and Russia. Moscow is trailing far behind US or China or Australia in that regard.

If you look close at the model of that trade, you will see that basically Russia is supplying ASEAN countries with metals, fertilizers and chemicals in exchange for purchases of commodities like the palm oil, and foodstuffs.

But this is definitely not what Russia wanted from that part of the world. Russia's basic economic problem is not unlike what Indonesia struggled with in the 70-s and 80-s – to diversify export, to eliminate dependence on oil and gas supplies to the world, to develop hi-tech export, be it in aerospace or nuclear power stations or anything else that the Russia researchers are good at.

You cannot hope for that with partners and regions where your hydrocarbon exports are bringing as much revenue as they do now to Russia. But Asia, notably in its South East, does not need Russia oil and gas. You just have to rely on hi-tech in all the exchanges with this area.

Essentially, Moscow was pinning high hopes on Asia to help diversify the Russian economy. And so far these hopes stay almost where they were.
Being a participant in the first and second Russia-ASEAN business forums, as well as in many similar meetings, I may say that we see some measure of success only in the aircraft sales – be it fighter jets or a wonderful Be-200 forest firefighter supplied to Indonesia. That's not enough, compared to the volume of offers made by the various Russian companies.

It's worth noting that anything good that happened to the Russian-ASEAN trade happened on bilateral basis, between businessmen of Russia and some particular countries, like Singapore, Malaysia and Vietnam as leaders. While the capabilities of ASEAN as an organization in facilitation of the hi-tech cooperation may be put in serious doubt. You may even say that the Russia-ASEAN relations history is the history of declarations signed. And you cannot really blame Mr. Putin for trying to change that situation, even by some rather dramatic gestures.

The Russian President Vladimir Putin won't be coming to Cebu, the Philippines, and that's as good as official and final. The reason is, the second Russia-ASEAN Summit that could have been organized back-to-back with an annual ASEAN Summit in that city, is not fit for a show.

Officially in any Foreign Ministry worth its salt, be it Russian or Asian ministry, you may get a comment that there was no invitation for Mr. Putin to come to the summit, so we are talking about wrong assumptions and failed expectations. Besides, the first Russia-ASEAN summit in Kuala Lumpur on December 13th last year ended with an obligation to hold "regular", not "annual", summits.

But that's very feeble explanation, because there was a lot of unofficial talk about the Cebu summit. So what really happened? First of all, the Russian leader takes Moscow's ties to Asia in general, and the ASEAN 10 in particular, very close to his heart. You may say there's a lot of expectations in Moscow from everything and anything Asia-oriented (and we shall elaborate on that a bit later). But there is one thing that Mr. Putin hates, and that is "summits for summit's sake". The style of his presidency presumes that a presidential visit is a culmination of work of a lot of people, with serious agreements signed and shown to the voters. Making a trip across the globe and delivering a speech is definitely not enough to stir Mr. Putin's juices.

A year ago in KL three documents have been signed between Russia and ASEAN. These were: the Joint Declaration on progressive & comprehensive partnership; the Program of Action for 2005-2015 (mentioning trade, industry, energy, transport, antiterrorist cooperation, natural disaster prevention, etc); finally, the agreement on Economic and Development Cooperation. But nothing much happened in these 11 or so months after that summit.

On November 3 a joint committee on cooperation between Russia and ASEAN was hold in Moscow, the co-chairmen being the department heads of the Foreign Ministries. From the Russian side that was Mr. Bakhtiar Khakimov, from the ASEAN side Mr. Luis Cruz, the Philippines. The main issue was a cooperation fund – about 1 million US Dollars that Russia has to invest into a cooperation infrastructure. E-commerce development and studies of the Russian language – that's how some of this money will be spent. But in any case the programs will start only in 2007.

Several discussion groups are agreed to be set up – like, on transnational crime and technological cooperation. Energy security will also be under discussion, as well as many other subjects. But Moscow thinks that all this is not enough to justify a summit right now. You have to start carrying out the agreements reached at the previous summit, first.

The diplomatic sources are saying that the ASEAN side understands and even "respects" Moscow maximalism on the matter. To add, a lot of blame might be put on the Russian bureaucracy, too, and nobody is denying it.

You may feel, though, Russian leadership's deep dissatisfaction with its relations with ASEAN behind all the niceties. The reasons for this can be summed up as "too little, too slow" in business, in spite of almost complete harmony in political and diplomatic contacts.

Gone are the days when the Soviet Union was causing plenty of uneasy feelings in South East Asia. 10 years ago Russia has become ASEAN's Dialogue Partner, and 1 year ago it was elevated to the status of a Summit Partner. Look who is ASEAN's Summit Partner, and especially who is not, and you will see that Moscow is very, very close to ASEAN in global diplomacy and in its views on what the world should look like.

But thinking alike is not making us big trade partners, and that's the source of Moscow's frustration, and sometimes overreaction. The trade between Russia and ASEAN 10 has reached 4 billion dollars in 2004, 5 billion in 2005 and may touch 6 billion in 2006. It's a good show if you look at the growth rate, but a very weak one if you consider that it is still less than 1% of overall trade of both ASEAN and Russia. Moscow is trailing far behind US or China or Australia in that regard.

If you look close at the model of that trade, you will see that basically Russia is supplying ASEAN countries with metals, fertilizers and chemicals in exchange for purchases of commodities like the palm oil, and foodstuffs.

But this is definitely not what Russia wanted from that part of the world. Russia's basic economic problem is not unlike what Indonesia struggled with in the 70-s and 80-s – to diversify export, to eliminate dependence on oil and gas supplies to the world, to develop hi-tech export, be it in aerospace or nuclear power stations or anything else that the Russia researchers are good at.

You cannot hope for that with partners and regions where your hydrocarbon exports are bringing as much revenue as they do now to Russia. But Asia, notably in its South East, does not need Russia oil and gas. You just have to rely on hi-tech in all the exchanges with this area.

Essentially, Moscow was pinning high hopes on Asia to help diversify the Russian economy. And so far these hopes stay almost where they were.
Being a participant in the first and second Russia-ASEAN business forums, as well as in many similar meetings, I may say that we see some measure of success only in the aircraft sales – be it fighter jets or a wonderful Be-200 forest firefighter supplied to Indonesia. That's not enough, compared to the volume of offers made by the various Russian companies.

It's worth noting that anything good that happened to the Russian-ASEAN trade happened on bilateral basis, between businessmen of Russia and some particular countries, like Singapore, Malaysia and Vietnam as leaders. While the capabilities of ASEAN as an organization in facilitation of the hi-tech cooperation may be put in serious doubt. You may even say that the Russia-ASEAN relations history is the history of declarations signed. And you cannot really blame Mr. Putin for trying to change that situation, even by some rather dramatic gestures.

read source article
vietnam

Vietnam Enjoys Inflows of Foreign Direct Investment

The Korea Investment Trust Management Company KITMC has opened its first representative office in Ho Chi Minh City. This marks the changing dynamics in stock market rekations between the two countries. This recent move further highlights Vietnam's overall economic potential for growth. The Vietnamese government seeks to secure favorable investment climates for foreign investors in order to increase the surge of financial inflows it is currently receiveing.

The Korea Investment Trust Management Company KITMC has opened its first representative office in Ho Chi Minh City. This marks the changing dynamics in stock market rekations between the two countries. This recent move further highlights Vietnam's overall economic potential for growth. The Vietnamese government seeks to secure favorable investment climates for foreign investors in order to increase the surge of financial inflows it is currently receiveing.

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vietnam

Thai and Vietnamese Leaders Meet to Raise the Volume of Bilateral Trade

Thai Prime Minister, General Surayud Chulanont, stated that strengthening bilateral cooperation and relationships with the Socialist Republic of Vietnam would be the first priority for improving both parties' long-lasting relations.

During a meeting with General Secretary of the Central Committee of the Communist Party of Vietnam Nong Duc Manh, Surayud expressed gratitude for his warm reception. The premier echoed his intention that during the short period of his one-year administration, he would emphasize fostering relations with Vietnam and other member countries of the Association of Southeast Asian Nations (ASEAN).

The prime minister and his Vietnamese counterpart will also discuss the ways in which the two countries can raise the amount of bilateral trade to five billion US dollars a year.

General Surayud left for Vietnam this morning on a one-day official visit which is the sixth in a series of his visits to member countries in the Association of Southeast Asian Nations (ASEAN), reports Thaisnews.com.

Information Department Director-General Kitti Vasinond said the Thai and Vietnamese leaders are determined to jointly push the annual bilateral trade volume to five billion US dollars. General Surayud will also ask Vietnam to help facilitate investment from Thailand before they become a member of the World Trade Organization. The two leaders are also expected to discuss cooperation in the fields of public health including bird flu prevention, security matters as well as the promotion of people-to-people cooperation in celebrating the 30th anniversary of Thai-Vietnamese diplomatic relations.

Besides, Thailand will reaffirm commitments with Vietnam under multi-lateral framework, particularly its efforts to push for concrete cooperation under the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy or ACMECS.

Prime Minister Surayud Chulanont had already visited Laos, Cambodia, Malaysia, Indonesia and the Philippines, in respective order, before his visit to Vietnam. The Information Department Director-General said leaders of Brunei Darussalam and Singapore have already confirmed their meetings with General Surayud on the sidelines of their participation in the ASEAN-China summit in Nanning, the People's Republic of China at the end of this month.

The content of this article has been provided courtesy of Business Day.

Thai Prime Minister, General Surayud Chulanont, stated that strengthening bilateral cooperation and relationships with the Socialist Republic of Vietnam would be the first priority for improving both parties' long-lasting relations.

During a meeting with General Secretary of the Central Committee of the Communist Party of Vietnam Nong Duc Manh, Surayud expressed gratitude for his warm reception. The premier echoed his intention that during the short period of his one-year administration, he would emphasize fostering relations with Vietnam and other member countries of the Association of Southeast Asian Nations (ASEAN).

The prime minister and his Vietnamese counterpart will also discuss the ways in which the two countries can raise the amount of bilateral trade to five billion US dollars a year.

General Surayud left for Vietnam this morning on a one-day official visit which is the sixth in a series of his visits to member countries in the Association of Southeast Asian Nations (ASEAN), reports Thaisnews.com.

Information Department Director-General Kitti Vasinond said the Thai and Vietnamese leaders are determined to jointly push the annual bilateral trade volume to five billion US dollars. General Surayud will also ask Vietnam to help facilitate investment from Thailand before they become a member of the World Trade Organization. The two leaders are also expected to discuss cooperation in the fields of public health including bird flu prevention, security matters as well as the promotion of people-to-people cooperation in celebrating the 30th anniversary of Thai-Vietnamese diplomatic relations.

Besides, Thailand will reaffirm commitments with Vietnam under multi-lateral framework, particularly its efforts to push for concrete cooperation under the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy or ACMECS.

Prime Minister Surayud Chulanont had already visited Laos, Cambodia, Malaysia, Indonesia and the Philippines, in respective order, before his visit to Vietnam. The Information Department Director-General said leaders of Brunei Darussalam and Singapore have already confirmed their meetings with General Surayud on the sidelines of their participation in the ASEAN-China summit in Nanning, the People's Republic of China at the end of this month.

The content of this article has been provided courtesy of Business Day.

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vietnam

ASEAN Countries Discuss Open Skies

Singapore's Prime Minister proposed an open skies agreement between China and ASEAN countries to be implemented in the coming year. Along with other sets of open-transit initiatives that are being planned, ASEAN hopes to work towards a free trade agreement with China by year 2010. With 1.7 billion people, this could be the world's biggest free trade area.

Singapore's Prime Minister proposed an open skies agreement between China and ASEAN countries to be implemented in the coming year. Along with other sets of open-transit initiatives that are being planned, ASEAN hopes to work towards a free trade agreement with China by year 2010. With 1.7 billion people, this could be the world's biggest free trade area.

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vietnam

US Bank Offers Remittances to China, Vietnam

Wells Fargo, a major US bank, is offering services in which one can send remittances to Vietnam and China. For $8 dollars one can send up to $1,000 dollars a day to China and $3,000 a day to Vietnam. The money can be picked up at ATM machines and ABC Branches throughout China and Vietnam. This is the first major bank to offer such a service.

Wells Fargo, a major US bank, is offering services in which one can send remittances to Vietnam and China. For $8 dollars one can send up to $1,000 dollars a day to China and $3,000 a day to Vietnam. The money can be picked up at ATM machines and ABC Branches throughout China and Vietnam. This is the first major bank to offer such a service.

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vietnam

PetroVietnam, Lilama Ink US$305 Million Power Plant

The Viet Nam Oil and Gas Corporation signed a US$305 million contract to build a power plant that will help stabilize the national power supply.

The Viet Nam Oil and Gas Corporation signed a US$305 million contract to build a power plant that will help stabilize the national power supply.

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vietnam

Asian Bankers Push for Market Reforms

An Asian Development Bank official has stated that creating a region-wide free-trade area is a realistic goal in contrast to the hopes of establishing a common market, which is currently blocked by major obstacles.  According to the official, there are currently 183 free trade agreements either signed or in negotiation across Asia, where intra-regional trade has risen to 55% last year compared to ~40% in the early 1990's.  The ultimate goal would be "consolidating these various inter-Asian FTA's into a single, Asia-wide, best practices FTA."  Howeover, many domestic issues must be resolved before most countries would be able to fully open up their markets.

An Asian Development Bank official has stated that creating a region-wide free-trade area is a realistic goal in contrast to the hopes of establishing a common market, which is currently blocked by major obstacles.  According to the official, there are currently 183 free trade agreements either signed or in negotiation across Asia, where intra-regional trade has risen to 55% last year compared to ~40% in the early 1990's.  The ultimate goal would be "consolidating these various inter-Asian FTA's into a single, Asia-wide, best practices FTA."  Howeover, many domestic issues must be resolved before most countries would be able to fully open up their markets.

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vietnam

Singapore Encourages Investment in Vietnam

During the APEC Small and Medium Enterprises Ministerial Meeting, Singapore's Minister of State for Trade and Industry, Lee Yi Shyan, encouraged companies to invest in Vietnam.  He also welcomed Vietnamese companies to use Singapore as a base for expansion.  Singapore's Prime Minister, Lee Hsien Loong, and his Vietnamese counterpart Nguyen Tan Dung are both pleased with the cooperative attitude that has fostered positive bilateral relations between the countries. PM Loong stated that "Singapore and Viet Nam are cooperating in many areas such as in seaport and infrastructure development as well as trading... We are very happy that our bilateral relation is heading towards the direction under bilateral cooperative framework."

During the APEC Small and Medium Enterprises Ministerial Meeting, Singapore's Minister of State for Trade and Industry, Lee Yi Shyan, encouraged companies to invest in Vietnam.  He also welcomed Vietnamese companies to use Singapore as a base for expansion.  Singapore's Prime Minister, Lee Hsien Loong, and his Vietnamese counterpart Nguyen Tan Dung are both pleased with the cooperative attitude that has fostered positive bilateral relations between the countries. PM Loong stated that "Singapore and Viet Nam are cooperating in many areas such as in seaport and infrastructure development as well as trading... We are very happy that our bilateral relation is heading towards the direction under bilateral cooperative framework."

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vietnam

Vietnam Lures US$5.15billion of FDI in 9 Months

In the period from January-September 2006, Vietnam attracted US$5.15billion in FDI, which is 25.9% greater than the same period last year.  The industry and construction sector represented 69.3% of FDI projects (67.41% of capital) during the January-September period, followed by the service sector with 24.66% (30.97%) and then the agricultural/forestry/fishery sector with 6.04% (1.62%).  Over a quarter of this also took place in Ho Chi Minh City; exactly 28.6% of all projects and 27.69% of capital.  High-tech projects also played a great role in FDI revenue, helping the average project capital sit at a respectable figure of US$6.6 million.

In the period from January-September 2006, Vietnam attracted US$5.15billion in FDI, which is 25.9% greater than the same period last year.  The industry and construction sector represented 69.3% of FDI projects (67.41% of capital) during the January-September period, followed by the service sector with 24.66% (30.97%) and then the agricultural/forestry/fishery sector with 6.04% (1.62%).  Over a quarter of this also took place in Ho Chi Minh City; exactly 28.6% of all projects and 27.69% of capital.  High-tech projects also played a great role in FDI revenue, helping the average project capital sit at a respectable figure of US$6.6 million.

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vietnam

Vietnam's Export Revenues Surge in First 9 Months

During the period from January to September in 2006, Vietnam's export earnings totaled an estimated US$29.4 billion.  Items with the highest export value growth include rubber, coffee, and seafood.  Vietnam is estimated to have shipped abroad over 4.1million tons of rice totaling over $1.1billion.  The country's export turnover skyrocketed 21.6% to $32.2 billion in 2005 and is expected to reach $38 billion by the end of 2006, according to local trade experts.

During the period from January to September in 2006, Vietnam's export earnings totaled an estimated US$29.4 billion.  Items with the highest export value growth include rubber, coffee, and seafood.  Vietnam is estimated to have shipped abroad over 4.1million tons of rice totaling over $1.1billion.  The country's export turnover skyrocketed 21.6% to $32.2 billion in 2005 and is expected to reach $38 billion by the end of 2006, according to local trade experts.

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vietnam

Oil Prices Fall Below $60 in Asia

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

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vietnam

ASIA DEVELOPMENT OUTLOOK 2007

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

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vietnam

Ho Chi Minh City to Host Tech Expo

From Sept. 13th-Sept. 15th, there will be an international exhibition on IT and electronics products at the HCM International Exchibition Centre.  There will be 180 participating groups and enterprises from countries such as the US, Australia, Canada, Japan, China, Singapore, and Thailand, hosted in an exhbition floor exceeding 6,000 square meters.  It will open new business opprtunities for all participants and help facilitate the use of IT in Vietnam.  Ho Chi Minh City has  seen high turnover rates in the computer equipment sector ($320 million) and even higher rates in the telecom and internet service sectors ($375 million) helping demonstrate that it is the fastest growing IT/electronics market worldwide.

From Sept. 13th-Sept. 15th, there will be an international exhibition on IT and electronics products at the HCM International Exchibition Centre.  There will be 180 participating groups and enterprises from countries such as the US, Australia, Canada, Japan, China, Singapore, and Thailand, hosted in an exhbition floor exceeding 6,000 square meters.  It will open new business opprtunities for all participants and help facilitate the use of IT in Vietnam.  Ho Chi Minh City has  seen high turnover rates in the computer equipment sector ($320 million) and even higher rates in the telecom and internet service sectors ($375 million) helping demonstrate that it is the fastest growing IT/electronics market worldwide.

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vietnam

Domestic Enterprises Lack Awareness of Dumping Rules

Vietnamese enterprises lack the knowledge and expertise to protect their products from imported competition that is being dumped into their domestic market. Most companies are unfamiliar with the anti-dumping legislation, passed in October 2004, and furthermore, lack the financial resources to pursue any sort of enforcement. It is expected, however, that when Vietnam accedes to the WTO, international arbitration will be accessible.

Vietnamese enterprises lack the knowledge and expertise to protect their products from imported competition that is being dumped into their domestic market. Most companies are unfamiliar with the anti-dumping legislation, passed in October 2004, and furthermore, lack the financial resources to pursue any sort of enforcement. It is expected, however, that when Vietnam accedes to the WTO, international arbitration will be accessible.

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vietnam

Corruption Troubles In Vietnam

Under direcition from the Prime Minister, Vietnam's Ministry of Security is looking into four "major cases" of graft from Government funds.  The missing funds from only two of these cases total over US$12.8 million (VND205 billion).  To date, government efforts have already recovered US$1.6 million (VND26 billion) from thieving government officials involved in these four case.

Under direcition from the Prime Minister, Vietnam's Ministry of Security is looking into four "major cases" of graft from Government funds.  The missing funds from only two of these cases total over US$12.8 million (VND205 billion).  To date, government efforts have already recovered US$1.6 million (VND26 billion) from thieving government officials involved in these four case.

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vietnam

Vietnam and US Inch Closer to Trade Agreement

Reuters reports Republican insiders expect vote before U.S. President Bush's visit to anual APEC conference in mid-November.  The will open vietnam to U.S. agricultural, manufacturing, and service industries.  In return, the U.S. woud lift quotas on textile products from Vietnam. This bill would put Vietnam one step closer to WTO membership.

Reuters reports Republican insiders expect vote before U.S. President Bush's visit to anual APEC conference in mid-November.  The will open vietnam to U.S. agricultural, manufacturing, and service industries.  In return, the U.S. woud lift quotas on textile products from Vietnam. This bill would put Vietnam one step closer to WTO membership.

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vietnam

Asian Stocks Up During U.S. Trading

Asian stocks rose due to heavy US trading for third day in a row.  Precious Metals also rallied.

Asian stocks rose due to heavy US trading for third day in a row.  Precious Metals also rallied.

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editor picks 

Other Important News In Vietnam


Vietnam farmers fall to bauxite bulldozers

By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.

By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.

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Northern Vietnam's IZs and EPZs Draw More Investment

Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province.

Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province. The conference brought together 700 local and foreign investors and provided them opportunities in northern industrial zones, export processing zones and economic zones. Foreign direct investment projects account for 17 percent of Vietnam's gross domestic product.

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Vietnam Trade Surplus Hits Record $1.7b

Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992.

Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992. The record trade surplus is attributed to the impact of a sharp drop in imports due to the global economic downturn. The country spent only $11.8 billion on imports during the first quarter of 2009, a 45 percent decline over the same period last year Vietnam only saw a 2.4 percent increase year-on-year in exports, earning $13.5 billion. The slight increase in exports is attributed to the re-export of gold.

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Vietnam: Hanoi's GDP Growth At 3-Year Record Low

Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year.

Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year. But this is still its lowest year-on-year first quarter increase compared to the growth rates of 11.2 percent and 10.9 percent in 2007 and 2008, respectively. This modest increase is attributed to the economic downturn, which affected the city's industrial production and exports.

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7,000 Vietnamese SMEs Bankrupt Amid Global Crisis

A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production.

A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production. Vietnman now has 349,309 enterprises with a total of registered capital of up to VND1.4 trillion (US$84.1 billion). 95 percent of these registered enterprises are SMEs. The SME's limited capabilities in technology, corporate governance, capital and access to markets make them vulnerable during economic downturns. The Vietnam SME association warned that the situation will be worse if businesses cannot access bank loans, with 20 percent of businesses being on the verge of bankruptcy.

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Vietnam To Build Multilateral Cooperation With Qatar

A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation.

A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation. These measures include establishing a legal framework for long-term and effective cooperation, establishing partnerships in energy and foodstuffs, and running a joint investment fund worth $1 billion to expand investments and finances. The leaders of the two countries also signed a series of agreements on double taxation avoidance, investment promotion and protection, aviation transport cooperation, and agriculture cooperation.

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Vietnamese Banks Give $4.6 In Subsidized Loans

The State Bank of Viet Nam recently reported that as of February 20, over VND80 trillion ($4.6 billion) has been disbursed at the government-subsidized interest rate of 4 percent.

The State Bank of Viet Nam recently reported that as of February 20, over VND80 trillion ($4.6 billion) has been disbursed at the government-subsidized interest rate of 4 percent. The subsidy program aimed to reduce the price of goods, maintain production and create jobs. The program was viewed as an overall success. Commercial bank representatives are now more focused on ways to improve the policy and regulations and simplify borrowing procedures.

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Vietnam To Lease Cambodian Land For Rice Crops

Vietnam, the second largest rice producer in the world, is planning on leasing Cambodian farmland to grow rice in areas close to the border.

Vietnam, the second largest rice producer in the world, is planning on leasing Cambodian farmland to grow rice in areas close to the border. The move aims to stop Cambodian rice smuggling to Vietnam by encouraging Vietnamese companies to lease land in Cambodia and allowing them to export rice to Vietnam. Cheang Orm, the governor of Svay Rieng province, which is situated near the Vietnamese border, said that 10,000 hectares of farmland is already set aside for leasing. But they are awaiting approval from the Interior Ministry, who issued instructions that no land on the border can be leased to a foreign country unless it has been demarcated with border markers.

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State Bank of Viet Nam Tackles Downturn

The State Bank of Viet Nam (SBV) will encourage commercial banks to expand their credit programs by improving access and addressing problems of enterprises regarding debt repayment.

The State Bank of Viet Nam (SBV) will encourage commercial banks to expand their credit programs by improving access and addressing problems of enterprises regarding debt repayment. The SBV plans on using its monetary policies to manage interest rates, exchange rates and gold trading to encourage production and exports and foster macro-economic stability. It will also try to prevent speculation and illegal foreign currency trading. The SBV will try to negotiate with international to send official development assistance and other aid inflows to the country.

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Vietnam: New Highways To Spur Economic Growth Along Mekong River

The Ministry of Transport said that several highways will be built this year in the Cuu Long (Mekong) Delta.

The Ministry of Transport said that several highways will be built this year in the Cuu Long (Mekong) Delta. They include a 27.3km road from Chau Doc to Tinh Bien in An Giang Province, a 57km road from Nam Can to Dat Mui in Ca Mau Province, and a 47km highway from Can Tho City to Vi Thanh Town. The ministry also sped up plans on work on other transport projects so that they can be completed this year, such as the construction of the HCM City-Trun Luong highway. All these projects were included in a program to improve transport infrastructure in the Mekong Delta between 2006 and 2010 to help promote socio-economic development.

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