For number of years this was the website for VietNews newspaper in electronic form.
Content is from the site's 2010-2011 archived pages providing just a small glimpse of what this site offered its readership.
City Garden starts last apartment offering in city
Aug 9, 2011
HCMC – City Garden Apartments Vietnam Limited, in cooperation with a distribution company, on Sunday launched the last offering of the City Garden condo project in Binh Thanh District.
Rising rice prices hit exporters
Aug 9, 2011
HCMC – Expectations of market rallies buoyed by the Pheu Thai party’s pledges to buy rice from farmers at much higher prices and a record rise in rice export contracts in July have led Vietnam prices to soar, delivering a surprise blow to exporters.
Banks look for borrowers via incentives
on Aug 9, 2011 |
HCMC – Many banks have put on incentive programs by reducing Vietnam dong interest rates to lure back corporate borrowers to reverse their slowing credit growth.
Forex risk mounts on slowing credit growth
Aug 8, 2011 |
HCMC – July’s credit growth of 7.57% over late last year in the banking system has fueled concerns about volatility of the exchange rate towards the year’s end.
Technology helps reduce nation's infertility rate
Aug 8, 2011 |
Vietnamese and foreign experts in assisted reproductive technology (ART) discussed advancements and practical experiences in infertility diagnosis and treatment at the second national infertility conference held in HCM City on Saturday.
Youth urged to help fire up craft villages
Aug 8, 2011
While craft villages nationwide face closure due to various challenges, young people, with their initiative and enthusiasm, are considered key to the revitalisation of this traditional Vietnamese industry.
Work slows on upgrade of dilapidated housing
Aug 8, 2011 |
Ha Noi lags far behind its plan to upgrade old and dilapidated residential quarters, deputy director of the municipal Department of Construction Nguyen Quoc Tuan has said.
Confusion leaves State flats unsold
More than 52,000 flats in Ha Noi which the State built before doi moi (renewal) in 1986 and offered to transfer to individual ownership have not been sold due to disputes or problems with plans and procedures.
Cabinet urged to fulfill assignments
Prime Minister Nguyen Tan Dung has called on members of the 13th Government to uphold tradition, heighten their sense of responsibility and join in efforts to accomplish important tasks assigned it by the Party and people.
Nation targets 45% urbanisation by 2020
Viet Nam expects to reach an urbanisation rate of 43 to 45 per cent by 2020, experts have said.
IFC: Vietnam needs to increase PPP to support economy
Aug 18, 2010
HANOI - Increased cooperation between government and private companies is important in providing cleaner energy, better transportation routes, and reliable financial services to Vietnamese people, said an International Finance Corporation (IFC) leader.
Rashad R. Kaldany, vice president for Asia, Eastern Europe, Middle East and North Africa at IFC, a member of the World Bank Group, who is visiting Vietnam and Laos this week, discussed opportunities for scaling up IFC’s partnership with Vietnam during his meetings with private sector partners and senior government officials in Hanoi on Monday.
The talks centered on IFC’s support for the equitization of state-owned commercial banks, public-private partnerships in infrastructure, energy efficiency financing, and corporate governance.
In Hanoi, Kaldany met Deputy Prime Minister Nguyen Sinh Hung, Minister of Planning and Investment Vo Hong Phuc, Deputy Governor of the State Bank of Vietnam Nguyen Toan Thang, and Deputy Minister of Finance Tran Xuan Ha, among others.
“Vietnam is firmly on the path to becoming a middle-income country. To accelerate that process and lay the foundation for the next step of becoming a high-income country, Vietnam must improve the efficiency of its industrial base and relieve growing infrastructure bottlenecks,” he said. Upgrading the technological infrastructure is key to enabling modern global businesses to thrive. This means expanding internet coverage, attracting high tech workers like ecommerce software developers, big data firms, DevOps consultants, data science managers, as well as enacting laws that protect intellectual property and encourage development.
To attract world-class investors and companies, he said, “Vietnam must do more to adopt world-class standards in structuring investments (including protecting minority shareholder rights and granting mortgage to offshore lenders), establishing regulatory frameworks and in adopting global best-practice corporate governance.”
Asked about IFC’s future support for Vietnam, he said, “IFC is committed to Vietnam, where we have more than a decade of hands-on experience in supporting the country’s economic growth.
“At a time when many financing sources have been scaled down, we have increased our commitments in Vietnam by combining long-term investments in support of small and midsized businesses with advice that fosters innovation and strengthens business standards.”
IFC’s investments in Vietnam during the year that ended on June 30, 2010 totaled a record US$369 million.
The international financial institution has a three-pillared strategy in Vietnam: working with the government to improve the country’s investment climate; helping build the capacity of small and midsized enterprises (SMEs) that are committed to good environmental and social performance; and supporting the development of projects with high impact in the financial, infrastructure, and manufacturing and services sectors.
* In a related development, Rashad R. Kaldany on Monday witnessed IFC signing with Thien Viet Securities (TVS) a US$5 million loan to help the joint stock company develop its investment banking services for local SMEs in Vietnam.
The loan has a three-year term and can be converted into shares of the company.
IFC also will advise TVS on risk management and corporate governance practices to help the young capital market player build its merchant and investment banking operations.
Thien Viet Securities offers investment banking services to local private companies seeking to gain access to capital market financing.
In addition, the company provides advice to its clients on strategic development, operational management, corporate governance, mergers and acquisitions, and initial public offerings.
By helping TVS enhance its capacity, products and services to meet international standards, IFC will be able to replicate these practices in other sectors of the economy, particularly small and midsize enterprises that are currently overlooked by foreign investment banks.
Established in early 2007, Thien Viet Securities now has VND430 billion and three offices in Vietnam.
The company provides various services in investment banking, brokerage, and advisory services.
(Source: Saigon Times)
PM foresees bright future for co-operation with Africa
Aug 18, 2010
HA NOI — The future is bright for traditional friendship and co-operation with Africa, though challenges remain, Prime Minister Nguyen Tan Dung said yesterday.
Dung was addressing the second Viet Nam-Africa International Forum held in Ha Noi over two days.
Also attending were Deputy PM cum Foreign Minister Pham Gia Khiem and Under Secretary General of the United Nations Cheick Sidi Diarra, who is also special advisor on Africa and high representative for the least developed countries, landlocked developing countries and small island developing states.
Ministers, ambassadors and representatives from various African countries, businesses and international organisations also attended.
Dung said all challenges for more effective co-operation, which included the insufficiency of exchange of visits at various levels, the incomplete legal framework and the failure to have adequate communication and promotion activities could be tackled through effective co-operation.
"We have much in common," Dung said, "and there are many noble goals and ideals that we share.
"We have the determination and we are here at this important forum to find ways and means to overcome difficulties."
Dung said the past years of working together had shown Viet Nam was capable of meeting the demands for co-operation in the development of Africa, especially in the areas of agriculture, education and training, energy, healthcare, labour, investment and infrastructure.
In opening remarks at the forum, Deputy PM Khiem said relations with African countries in recent years had become an important part of Viet Nam's foreign policy.
"Since the first Viet Nam-Africa International Forum in 2003, we have made great strides in our bilateral and multilateral relations," Khiem said.
They included strengthened political and diplomatic ties, a five-fold increase in trade turnover, positive transformations in many co-operation areas such as agriculture, energy and labour; the signing of over 70 co-operation agreements.
Cheick Sidi Diarra hailed Viet Nam's steady progress towards its Millennium Development Goals and the forum's importance in boosting co-operation between Africa and Viet Nam.
"The growing relationship between Africa and Viet Nam is welcome because it has great potential to develop productive capacity and contribute to the achievement of sustained growth and poverty reduction," Cheick Sidi Diarra said.
"The current Viet Nam-Africa International Forum on Co-operation for Sustainable Development is more than relevant and timely for this global effort towards the achievement of internationally agreed development goals including the Millenium Development Goals."
A panel discussion on food security, agricultural co-operation and poverty reduction was chaired by Minister of Agriculture and Rural Development Cao Duc Phat, and one on trade, energy and investment co-operation was chaired by Minister of Industry and Trade Vu Huy Hoang.
Viet Nam-Africa bilateral trade turnover has increased from US$372.4 million in 2003 to $2.07 billion in 2009. Viet Nam has had trade exchanges with most African countries. Viet Nam's key import commodities from Africa include iron and steel, raw cashew nuts, cotton, wood materials, fertiliser and tobacco materials.
The nation mainly exports rice, garments, footwear, electronic equipment, wood products and motor vehicles to African markets.
The same day, President Nguyen Minh Triet received leaders of the African delegations and international organisations participating in the forum.
He affirmed that the Vietnamese people and State always kept in mind the valuable support that the African people had given to Viet Nam in the struggle for national independence and unity.
Having overcome many difficulties and attained achievements in the process of national reconstruction and development, Viet Nam was ready to share with African friends its experience in farming and food security, as well as lessons in hunger alleviation and poverty reduction, and healthcare and educational development.
Viet Nam was consistently willing to expand its co-operative relationship with African nations in the spirit of equality and for mutual benefit, he said.
He expressed his pleasure at the developments in trade and commercial co-operation between Viet Nam and Africa over the past six years.
Viet Nam would make its best efforts to enhance the effectiveness of co-operation between Viet Nam and each African country as well as the African community, he stressed.
Triet thanked UN undersecretary general Cheick Sidi Diarra for his presence at the conference, highly appreciating the UN's role in facilitating the relationship between Viet Nam and Africa as well as its support in implementing development programmes.
Diarra expressed his admiration for Viet Nam's achievements, saying that the country's experience and lessons would be very helpful to African nations.
Delegations would work actively in the forum to seek co-operative opportunities and fully make use of all sides' strengths and potential in order to bring ties to a new height.
On the sidelines of the forum, Deputy Prime Minister and Minister of Foreign Affairs Pham Gia Khiem held bilateral meetings with Diarra, Seychelles Minister of Forein Affairs Jean-Paul Adam, and Togo Minister of Foreign Affairs and Co-operation Ohin Ahlin Elliot, as well as the economics advisor to the Prime Minister of Ethiopia, Gebre Ab Newaychristo. — VNS
(Source: Vietnam News)
Market moves up sharply
Aug 17, 2010
Investors watch stock prices at Orient Securities Co. The VN-Index jumped 12.03 points, or 2.66%, against a session earlier to 464.76 on Monday - Photo: Le Toan
HCMC – The local market rallied strongly on Monday following a slight recovery@last Friday, with the VN-Index adding 12.03 points, or 2.66%, against the session earlier to 464.76.
The market opened higher and then climbed steadily throughout the second matching phase before closing at the high for the second consecutive phase.
On the southern bourse, investors bid for 79.7 million shares, a 3% increase, while they offered 50.9 million shares, decreasing by 19.8% from the previous session. Liquidity stayed low with the total trading volume of 42.9 million shares worth VND1.2 trillion, decreasing by 6.5% and 4% against the previous session respectively.
Up to 243 stocks gained ground on Monday while only seven stocks fell. There were 120 stocks closing at the ceiling prices and three others plunging to the floor. Many sectors were stronger and most small and medium caps hit the ceiling prices.
Saigon Securities Co. (SSI) was the most traded stock that ended the day up 4.9% at VND29,700 per share with 1.69 million shares traded. Refrigeration Electrical Engineering Corp. (REE) followed, rising 4.8% to VND17,400 with volume of 1.1 million shares.
Foreign investors, meanwhile, were less active as they acquired 1.6 million shares worth VND60 billion and sold 1.7 million shares worth VND52 billion. They accounted for around 4.7% and 4% of the market’s buying and selling value respectively.
Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets gained clear ground on Monday as investors took a more optimistic line following sharp falls last week. Volumes, albeit lower than Friday’s levels, were decent for a Monday and certainly high enough to imply an improvement in investor sentiment. Market breadth widened considerably although foreign participation levels were very low.
“The banking story will continue to dominate the markets this week... Visibility is quite low at the moment and we have not heard anything solid enough yet that would drive the market straight back up above 480 points on the VN-Index,” Mac Cana said.
“At the same time, investors will recall last year’s depreciation that involved a very abrupt shift in official policy. So on Tuesday’s gains may be followed up further on Wednesday but after that the going is likely to get tougher as we await the next move from the central bank.”
The Hanoi market added to Friday’s gains but in slightly lower turnover of VND835 billion. The HNX-Index jumped 5.24 points, or 3.81% and ended the day at 140.11.
There were 303 stocks advancing and 12 others falling, with 60 stocks shooting up to the ceiling prices and two others dropping to the floor prices. Foreigners were@net sellers and accounted for 0.53% and 0.68% of the market’s buying and selling value respectively.
Post from: Saigon Times
PM sets agenda for insolvent shipbuilder
Aug 18, 2010
HA NOI — Prime Minister Nguyen Tan Dung signed an order late yesterday that sets the agenda for insolvent shipbuilder Vinashin.
The group must spearhead a shipbuilding, repair and auxiliary industry of suitable scale while training skilled labour during the next five years with a vision toward 2020.
The prime minister also instructed the Transport Ministry to quickly and thoroughly assess the business of Vinashin group, its subsidiary companies, joint venture companies and existing projects.
Final solutions for dealing with its accumulated difficulties must go to the prime minister within the last quarter of the year.
The Transport Ministry will have responsibility for stabilising production and business as well as ensuring works and income for it employees.
More than 5,000 Vinashin workers, or almost 10 per cent of its work-force, had lost their jobs and the group had failed to pay VND234 billion (US$12.18 million) in salaries and social insurance as of June.
The Finance Ministry will restructure Vinashin's financial system; settle its debts; assess its debt-payment capacity - especially due-debts- balance the books and ensure capital for business and production.
It will also re-scale the group's charter capital.
Vinashin was the single recipient of the proceeds from Viet Nam's maiden $750 million sovereign bond issue in October 2005.
It has invested the money in ship building and will start repaying the debt from 2012.
The State Bank of Viet Nam has been instructed to work with commercial banks to reorganise the group's debt and provide it with new loans.
The Home Affairs and Transport Ministries will work together to find key personnel for the shipbuilder.
Vinashin - a pilot scheme to reform State-owned enterprises - has to review investment porfolio and propose proper plans for sale, transfer and equitisation of its non-core businesses.
Vinashin's debts totalling VND86 trillion ($4.48 billion) as of June against charter capital of VND90 trillion ($4.69 billion).
The group's management allegedly made numerous illegal decisions; falsely reported the use of capital for investment and made faulty decisions about the use of its investment capital.
Deputy Prime Minister Hung has told a media briefing that the Government will work to halt the group's losses by 2012 and become stable by 2015.
The prime minister has also instructed eight ministries and the State Bank of Viet Nam to make a general review and assessment of the business methods, capital raising and spending, investment as well as the development of State-owned enterprises with particular reference to Vinashin.
Their findings must go to the prime minister before the end of October.
The ministries are Transport, Planning and Investment, Home Affairs, Construction, Trade and Industry, Natural Resources and the Environment and Labour - Invalids and Social Affairs. — VNS
(Source: Vietnam News)
12-16 mln Vietnamese infected with Hepatitis B
Sep 11, 2010
The Vietnam Association for the Study of Liver Disease recently estimated that 15 to 20 percent of Vietnam’s population (12 to 16 million people) is infected with the hepatitis B virus (HBV).
The association’s report, released on September 4, showed that four to five million Vietnamese infected with HBV suffer from liver cirrhosis or liver cancer.
Hepatitis B is the most common form of viral hepatitis in the world. HBV is transmitted primarily through parental routes (e.g. blood transfusions), intravenous drug use, tattooing and acupuncture with contaminated needles. This virus is also a major sexually-transmitted disease.
HBV can cause chronic liver inflammation leading to liver cirrhosis, liver cancer and other complications.
The association also estimated that 5 percent of the population is afflicted with cirrhosis of the liver. The degenerative condition is primarily caused by hepatitis B, hepatitis C and auto-immune disorders. It may also be brought on by chronic alcoholism.
Doctors advised that, to prevent oneself from being infected with the HBV virus, one should avoid sharing needles with drug users, tattooing, unsafe sex, and alcohol abuse. Vaccination is a safe and effective method to protect against a hepatitis B infection, they said.
(Source: Thanh Nien News)