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Coal and electricity price increases will make price control impossible 2008-03-17 04:42:00 Experts have expressed their concern that electricity
and coal price
increases will be bad for the national economy and nullify efforts to curb inflation.
Dr Vu Dinh Anh, Deputy Head of the Institute for Market and Price Research under the Ministry of Finance: Curbing inflation will be impossible
if coal and electricity prices increase.
It is necessary to keep pursuing the roadmap of
Construction of Que Vo 2 IZ starts in Bac Ninh 2008-03-17 04:41:00 The Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO) kicked off construction of the Que Vo 2 Industrial Zone in northern Bac Ninh
province on March 15.
The industrial zone covers 572 hectares more than 272 hectares of which are reserved for the first phase. Total investment is put at VND 490 billion.
The zone’s infrastructural facilities will be built so as to Read more:Construction
Thai companies plan to open stores in Viet Nam 2008-03-17 04:34:00 Thailand's leading technology and trading company Loxley and consumer goods giant Saha Group plan to open a chain of “convenience” stores
in Viet Nam.
The first store is expected to open by the end of this year in Ho Chi Minh City, Loxley's executive director Jingjai Hanchalash said.
He added that the stores would sell a variety of goods, including clothing and sports shoes made by Saha.
“
Dak Lak builds new shopping centre 2008-03-17 04:33:00 The Viet Nam Textile and Garment Group (VINATEX) on March 15 broke ground for the construction of a shopping centre in Buon Ma Thuat city, the Central Highlands province of Dak Lak.
The mart, bearing the group’s Vinatex trademark, covers 4,500 sq.m of land and will rise to six storeys.
The 80 billion VND project is scheduled to become commissioned by 2009 to sell commodities ranging from
PetroVietnam to launch big projects in Quang Binh 2008-03-17 04:29:00 The Viet Nam National Oil and Gas Group (PetroVietnam
) will invest in deep water seaport system, shipbuilding, thermoelectricity, LPG entrepot and fertiliser projects in central Quang Binh province’s Hon La area.
To this effect, an agreement to boost investment cooperation in the Hon La area was signed between PetroVietnam and the provincial People’s Committee in Dong Hoi city on March 16.
China's Nine Dragons to buy a paper mill in Vietnam 2008-03-16 23:43:00 Nine Dragons
Paper Holdings Ltd, China
's biggest maker of containerboard, announced on Sunday that it may buy a paper
mill in Viet Nam to increase productivity and lower costs.
Currently, the negotiation between the two sides is well on track and is expected reach an agreement in one or two months, the company said in a statement, without giving the target investment size.
The Hong Kong-listed Read more:Vietnam
Businesses struggle to meet surging rents in Viet Nam 2008-03-16 23:42:00 Increasingly high rents are pushing some Ho Chi Minh City businesses out of downtown. When HCMC’s Saigon Trade Center rent went up from US$28 to $35 per square meter (sq.m) last year, Bui Viet Thuy Tien had to move her travel company elsewhere.
Now that rent at the company’s new location in the nearby Miss Aodai building is likely to rise by as much as 45 percent from its current $24 per sq.m,
Work starts on two cement plants in Quang Binh 2008-03-16 23:38:00 The Truong Thinh Construction Company will build two cement
plants in central Quang Binh province with total investment capital of 3 trillion VND (187.5 million USD).
The two plants will be located in Tuyen Hoa district’s Chau Hoa commune and Bac Trach commune in Bo Trach district.
In the first phase, the investor will build a clinker producing factory with a daily capacity of 5,000 tonnes and
Dong Nai 2 Hydropower buys VND1.3 trillion insurance 2008-03-16 22:07:00 BIDV Insurance Co. (BIC), a subsidiary of the Bank for Investment and Development of Vietnam (BIDV), inked a contract Saturday to insure Dong Nai 2 Hydropower with a compensation package totaling VND1.33 trillion (US$84.3 million).
The package covers the construction process and risk on assets in the operation process.
The hydropower project is being developed by Trung Nam Investment and Read more:insurance
Lion Air ready to resume service to HCM City 2008-03-16 19:52:00 Lion Air is preparing to fly back to Ho Chi Minh City after three years the Indonesian low-fare airline suspended its four daily flights between Jakarta and this southern economic hub of the country, according to the carrier's senior manager of sales and marketing.
Chandran Rama Muthy confirmed with the Daily yesterday during his business trip here that the carrier had got the approval of the Read more:ready
Viet Kieu now close to home ownership parity 2008-03-19 11:46:00 Viet Kieu are one step closer to unlocking the door to enjoying similar home ownership rights as their homeland-based compatriots. The Ministry of Construction has submitted a proposal to adjust Decree 90/2006/ND-CP, paving the wave for Viet Kieu to purchase homes in Viet Nam.
According to the proposal, Viet Kieu holding Vietnamese nationality who return for long-term investment under the
Viet Nam builds industrialisation strategy until 2020 2008-03-19 11:35:00 Viet Nam is making every effort to draw up a strategy for national industrialisation until 2020. In this process, it is coping with barriers, including inconsistent market institutions, sluggish development of the property market and the low accessibility to capital sources.
Local and foreign speakers at a workshop in Hanoi on March 19 shared the view that Viet Nam has achieved a rather high
Work starts on luxury resort and spa in Da Nang 2008-03-19 11:31:00 Ground was broken on March 19 as construction of the 100-million-USD Hyatt Regency resort and spa began in central coastal city of Da Nang.
Covering 20ha in Hoa Hai precinct, Ngu Hanh Son district, the Hyatt Regency Da Nang Resort and Spa will include 226 guestrooms, 150 apartments and 30 two-storey villas.
It will also house a 500sq.m hall equipped with modern facilities capable of hosting
Nation lacks container terminal 2008-03-19 11:21:00 Former Viet Nam National Shipping Lines (Vinalines) director Chu Quang Thu has called for the urgent building of an international ship container terminal
for Viet Nam.
"Currently we ‘give’ foreign traders at least US$3 billion in transshipment fees every year," he told reporters.
And these costs accounted for about 10 to 15 per cent of trade-goods value, he said.
The former director was also
Banks directed to ensure rice traders’ credit 2008-03-19 11:20:00 The State Bank of Viet Nam has directed commercial banks in the Cuu Long (Mekong) Delta provinces to ensure
capital sources to meet the borrowing needs of rice traders
, especially during the peak harvest season.
Under the directive, commercial banks are required to lend to rice traders if their projects appear feasible and solvent. Loan amounts, terms and interest rates should be determined Read more:credit
Corrugated iron factory inaugurated in Binh Duong 2008-03-19 11:16:00 The Hoa Sen Group on March 19 inaugurated
a 150,000 tonne aluminum-zinc plated corrugated iron factory in southern Binh Duong province.
Based in the Song Than II Industrial Park, the 30-million-USD factory is equipped with advanced burning technology to turn out high-quality products to be used in construction.
The group also put into operation the second 50,000 tonne plated corrugated iron
Hau Giang firm to build nation’s largest bulk carriers 2008-03-19 11:14:00 Hau Giang
Shipbuilding Company signed a contract to build five 20,000 DWT bulk carriers
, the largest of their kind, for the Vinashin Ocean Maritime Company on March 19.
The contract, worth more than 1.5 trillion VND, is part of the Vinashin’s project to improve maritime transport capacity.
These ships are expected to be operational in 2012. Read more:nation
Rolls-Royce, Vinashin to Develop Marine Industry 2008-03-19 06:01:00 Rolls-Royce
, a leading provider of power systems and services, yesterday signed a memorandum of understanding with the Vietnam Shipbuilding Industry Corporation (Vinashin) in Ha Noi to promote cooperation in the fast-growing marine industry.
The agreement provides a framework to establish a strong relationship between Rolls-Royce and Vinashin, according to John Paterson, Rolls-Royce president – Read more:Rolls
, Marine
Central Bank to Collect US$3.3 Bln State Funds from Banks 2008-03-19 05:36:00 Viet Nam’s central bank said it plans to collect VND52.8 trillion (US$3.3 billion) of the state funds which are held at state-owned banks in order to rein inflation and reduce losses for the State
budget.
The State Treasury should send the funds, which were worth VND52.8 trillion as of end-2007, to the central bank’s coffers, the central bank said in a statement published by its website.
Under Read more:Central
, Collect
, Funds
US dollar’s fall hurts farm exports 2008-03-19 05:35:00 Many agricultural exporters are on the brink of going under due to the continuing free-fall of the US dollar, according to the Ministry of Agriculture and Rural Development.
The ministry is urging the Government to come up with a rescue plan to avoid what could be an industrywide crisis.
It has been suggested that the Government give priority to buying the export-derived US dollar, as it would Read more:exports
Viet Nam, U.S. Meet over Trade and Investment Framework Agreement 2008-03-19 05:31:00 U.S. and Vietnamese senior officials on March 19 started their three-day meetings on the bilateral Trade
and Investment Framework Agreement
(TIFA) to further strengthen the two countries’ economic relationship.
Officials from the U.S. Trade Representative’s Office, the U.S. Patent and Trade Office, and the U.S Embassy are meeting with their counterparts from the Vietnamese Government in Ha Noi
Anti-Inflation Policy to Be Effective, Banker Says 2008-03-19 05:29:00 The Vietnamese Government’s recent measures to contain inflation will be effective in the long term, said Mr. Ayumi Konishi, Asian Development Bank’s country director for Viet Nam, in a lecture at Singapore’s Institute of Southeast Asian Studies.
Mr. Konishi said the market reacted sharply right after the State Bank of Viet Nam raised compulsory reserve and interest rates for the commercial Read more:Inflation
, Policy
, Banker
Good news cannot heat real estate market up 2008-03-19 05:25:00 Though the Ministry of Construction has submitted to the government the draft decree on allowing Viet Kieu and foreigners to buy houses in Viet Nam, the HCM City real estate market remains lackluster, while prices keep decreasing.
The HCM City real estate market, which is considered very sensitive to any state policy, surprisingly remains quiet despite the news about allowing foreigners and Viet
HT Mobile consigning subscribers to S-Fone for 2 months 2008-03-19 05:23:00 HT Mobile
, a joint venture between Hanoi Telecom and Hutchison (USA), announced March 18 that it wasn’t selling, but consigning 200,000 subscribers to S-Fone during the 2-month period when it will change technology.
“This is the best we can do for our customers. In this case, not only customers but HT Mobile is suffering losses,” said an official of HT Mobile.
HT Mobile’s subscribers can choose
Three paradoxes in foreign currency market 2008-03-19 05:19:00 Experts have identified three main paradoxes now existing in the domestic foreign currency market.
1. Viet Nam is an economy which imports more than exports with big trade deficits. However, it is now facing a foreign currency excess, with the supply of foreign currencies bigger than the demand.
The oversupply of dollars has led to the dramatic decrease of the VND/US$ exchange rate in all three Read more:Three
Controlling inflation: no more action in immediate time 2008-03-19 05:17:00 With the issuance of compulsory bonds completed, the State Bank of Viet Nam does not intend to take any other measure to tighten the VND supply in the market, at least from now to the end of June 2008, according to Le Xuan Nghia, Director of the Banking Development Strategy Department under the State Bank of Viet Nam.
Nghia said some time needs to pass to allow the central bank’s measures to Read more:Controlling
, immediate
Seaport theft giving importers headaches 2008-03-19 05:14:00 The theft
epidemic at seaports has become alarming as several hundred tonnes of cargo are missing from every consignment. Importers and insurers complain that they are incurring heavy losses due to the lost commodities, while seaports are indifferent to the theft.
Billions VND lost on every consignment
On February 29, 2008, the Royal Crystal ship carrying 18,400 tonnes of soybeans docked at Cai Read more:Seaport
, headaches
Government lends a hand to handicrafts 2008-03-19 05:10:00 The government will spend over 11 trillion VND to preserve and develop handicraft - making villages, boosting an industry that brings in around 600 million USD in annual exports.
In the government plan as many as 240 new handicraft villages will be developed alongside 320 existing villages that need further development and assistance.
Around 114 villages will also be helped to develop tourism Read more:Government
Retail distribution project launched 2008-03-19 05:08:00 The Viet Nam Chamber of Commerce and Industry (VCCI) on March 19 launched a project to help Vietnamese businesses develop sustainable distribution
services.
The Chamber’s Business Development Institute Deputy Director Nguyen Minh Tuan said that Viet Nam has great retail market potential with strong competitors such as giant distribution groups like BigC, Metro, Parkson, Coop Mart and MaxiMark. Read more:Retail
US microchip firm opens $1 mln design center in Viet Nam 2008-03-19 00:14:00 US-based Applied Micro Circuits Corp. (AMCC) Tuesday opened a US$1 million design
center in Ho Chi Minh City as its first overseas chip design facility.
The Viet Nam Design Center, located in Tan Thuan Export Processing Zone, will focus on microchip design and software solution development.
The center also enhances AMCC resource development capacity to accelerate its penetration into growing
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