Weightlifter Tuấn wins gold medal at SEA Games

NDO - A Nhan Dan Online selection of notable events that made headlines over the past week. National Assembly Standing Committee convenes 13th session The 13th session of the National Assembly Standing Committee (NASC) opened in Hanoi on August 10 and will run for seven days. NA Chairwoman Nguyen Thi Kim Ngan stated that during this session, the NA Standing Committee will give opinions in regards to controversial issues of the four draft laws. Deputies commented at the NA’s third session in regards to the revised laws on forest protection and development and fisheries. The Standing Committee also discussed public debt management, along with denunciations at the convention. The committee will scrutinize five bills scheduled to be submitted to the NA for consideration at the upcoming fourth session. First Vice President of the Cambodian Senate Nay Pena visits Vietnam Party General Secretary Nguyen Phu Trong (R) and Nay Pena, Chairman of the Cambodian People’s Party (CPP) Central Committee’s Inspection Commission and First Vice President of the Cambodian Senate (Source: VNA) First Vice-President of the Cambodian Senate, Ney Pena paid a visit to Vietnam from August 8 to 11. The visit was hailed as a significant event which marked 50 years of Vietnam-Cambodia diplomatic ties (June 24, 1967-2017), contributing to strengthening the friendly and neighbourly relations between the two countries. During his stay in Vietnam, First Vice-President Ney Pena was received by Party General Secretary Nguyen Phu Trong; Prime Minister Nguyen Xuan Phuc;…... [read more]

NDO - The derivatives market has been officially launched in Vietnam in a move expected to fine-tune the country’s financial market and make it a major channel for providing medium and long-term funds for economic growth. The launch on August 10 made Vietnam the fifth country in ASEAN, along with Singapore, Malaysia, Indonesia and Thailand, and the 42nd country in the world to have a derivatives market. Vietnam’s equity and bond markets are currently equivalent to 80% of GDP, with the equity market equal to 57% of GDP and the bond market 24% of GDP. The amount of funds mobilised through these markets make up about 23% of total social investment. Under a plan to develop Vietnam’s capital market released in 2007, the government set a goal to establish a derivatives market by 2020. Since then the government has ordered the Ministry of Finance and the State Securities Commission to formulate institutions to put the derivatives into operation in a way that is appropriate with Vietnam’s conditions and in line with the best international practices. The derivatives market will help investors diversify their investment portfolios, hedge against risks and increase the attractiveness of Vietnam’s securities market. In regional countries, the derivatives market usually opened about 30 years after the primary stock market but Vietnam has made rapid progress with the birth of the derivatives market only 17 years after the opening of the primary market. Deputy PM Vuong Dinh Hue stated that on August 10 that the launch of the…... [read more]

Vietnam's farm exports dropped 7.7% year-on-year to around US$9.2 billion in the January-August period, and experts warn that further declines should be expected. They made the gloomy forecast at a conference held by the Institute of Policy and Strategy for Agriculture and Rural Development recently in Hanoi, news website Saigon Times Online reported. Nguyen Do Anh Tuan, chief of the institute, better known as Ipsard, said since China, which buys 20% of Vietnam's agricultural exports, depreciated the yuan last month, Vietnamese exporters have been under pressure to reduce their prices to be able to compete with Chinese products. Some other major competitors such as Brazil, India and Thailand have also let their currencies declined, he said. Over the past year, the Brazilian real has fallen 72% against the US dollar and the Thai baht, 18%, he said. Sales of robusta coffee beans could also shrink, now that arabica beans produced by Brazil and Columbia, which are preferred by roasters, have become almost just as cheap. Vietnam's seafood products are too facing difficulties, considering that its shrimp is now more expensive than similar products from India, Indonesia and Thailand, Kien said. Ipsard researchers urged local exporters to boost shipments to the US, as the US dollar has remained strong, especially for products that "have advantages" in that market such as seafood, coffee, pepper, cashew, and wood, the news website reported. For a mid- and long-term solution, the government should help local businesses diversify their markets, for instance by exporting rice to…... [read more]

Funded by the Rockefeller Foundation, the ACCRN project has been implemented in 10 cities in Vietnam, India, Indonesia, and Thailand since 2008 in order to improve these cities capacity to cope with and recover from the predicted impacts of climate change. In Vietnam, the project has helped the cities of Danang, Quy Nhon, and Can Tho to build their resilience in coping with the situation. The selected cities have evaluated the impact of climate change on key economic sectors and vulnerable populations to build a plan in the 2011-2013 period to address the issue. During the seminar, representatives of the three cities shared their experiences and discussed challenges and advantages in their implementation of the project. They all agreed that the capacity of most functional agencies is still weak and proposed more training for local staff and people. Speaking at the seminar, Thai van Quang, from Da Nang said there should be close cooperation between agencies and people to successfully deal with the problem.... [read more]

On the occasion, the US Embassy in Vietnam invited representatives from a number of Vietnamese agencies to visit the vessel. Captain David Lausman said that since June 4, the carrier has conducted a lot of activities in waters of Japan, Canada, Australia, Indonesia and Thailand, contributing to promoting relations between the US and the Asia-Pacific countries, especially in naval cooperation. USS George Washington aircraft carrier is equipped with modern facilities to serve humanitarian and healthcare activities, one of its advantages in offering support to regional countries to overcome the consequences of earthquakes and tsunami. In 2009 and 2010, the USS John Stennis and USS George Washington aircraft carriers also sailed through international waters near Vietnam’s waters and the US side invited Vietnamese agencies to visit the ships on the occasion.... [read more]

The Hanoi driving school where Hai works is inundated with people eager to get behind the wheel. About 300 have applied each month so far this year, double the rate in 2014. Hai, 45, says at least eight out of 10 learners don't own a car, but they all want one. "As soon as there is an intention to buy a car, they'll take a driving lesson," he said. Famous for its swarms of scooters, Vietnam is seeing auto sales surge amid the rapid expansion of a young, style-conscious middle class after 15 straight years of economic growth of over 5%. While major regional car markets Indonesia and Thailand saw annual declines in auto sales last year, Vietnam's leapt 43%, Vietnam Automobile Manufacturers Association (VAMA) data shows. Toyota, Mercedes-Benz, Ford and Honda reported solid annual sales increases, despite high import taxes. The number of households in Vietnam with financial assets of US$100,000 to US$2 million will soon be among the fastest-growing in the world, according to Economist Intelligence Unit research, fuelling luxury vehicles sales in a country where gross domestic product per capita is still only about US$1,500. Porsche Cayennes and Bentleys can nowadays be seen jostling with budget cars and scooters on the chaotic boulevards of Hanoi and Ho Chi Minh City. BMW says its sales in Vietnam since 2007 have jumped an average 20% to 30% annually, with more units sold in the past two years than the more populated Philippines, though still far behind more developed Thailand…... [read more]

According to the latest statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), the lower than expected figures led to an overall 16% drop to US$2.99 billion in aquatic exports for the six-month period. US importers are said to have large inventories of frozen shrimp and are holding off on the ‘big buy’ for the year-end holidays, which usually comes in June or July report several executives in the global shrimp market. Marc Nussbaum, president of International Marketing Specialists, a US importer says the picture is ‘100% demand driven’ and that many US importers still have plenty of shrimp, but can’t wait much longer. Nussbaum told Undercurrent News that most US importers will have to start buying soon to have adequate inventories of frozen shrimp for the Thanksgiving and Christmas holiday season later this year. World production of farmed shrimp is up, and wholesale prices are down, but US retailers have not passed the lower prices on to consumers, so demand in the US is very weak reports Shrimp News International. “I think the problem is really lack of demand,” said Jim Gulkin, managing director of Siam Canadian Group a frozen seafood supplier based out of Bangkok, Thailand. Gulkin said retailers are not trying to move volume. They just want to increase (profit) margin and don’t mind if they sell less. Raw material prices in Thailand, Vietnam, India and Indonesia are currently close to cost or even below cost and that will definitely impact the quantities the farmers…... [read more]

At the press conference held in Hanoi on October 22, he also expressed his delight at the second negotiation round for a new partnership and cooperation agreement (PCA) between Vietnam, the EU and other member countries held in Hanoi from October 21-22. He also announced some results of the negotiations which focused on issues related to human rights, non-proliferation of weapons, anti-terrorism, economic and trade relations, and investment between Vietnam and the EU. Mr Machado said that Vietnam and the EU were satisfied with the results achieved at this round and agreed to continue to conduct the third round of negotiation in Brussels, Belgium in early 2009. The results and consensus reached during this round will further speed up cooperation between the two countries. According to EU officials, the PCA will be a comprehensive one reflecting effective cooperation between the two countries in dealing with bilateral and multilateral issues. Mr Machado added that the EU is now negotiating similar agreements with other countries within ASEAN such as Indonesia, and Thailand.... [read more]

"Any extension of the EU anti-dumping duties on imports of leather footwear from China and Vietnam could damage the consumer purchasing power and hamper Europe's economic recovery," said EuroCommerce Secretary-General, Xavier Durieu, in a press release on October 12. “EuroCommerce urges European leaders to give their assurance now that the measures will end in January 2010." In 2006, the EU decided to impose duties on imports of Chinese and Vietnamese footwear for two years only. An expiry review requested by producers led to a 15 month extension. Now, on the eve of expiry, any additional political 'horse trading' would both be detrimental to consumers, importers and retailers alike and would also damage adherence to the principles of the European Trade Defence system. According to EuroCommerce, it is now time for the EU to keep its promise and to terminate these unjustified duties. European leaders must understand that abolishing these measures is essential to promote a truly competitive European industry, stimulate consumer demand and give the economy a boost it badly needs. Sources from Brussels say EU member states are divided over whether or not to extend the deadline. Shoemakers and many other European governments have strongly protested against the EU’s extension plan. In addition, the measures adopted by the EU have not proved effective. Shoe imports from China and Vietnam have come to a halt but those from Indonesia and Thailand have increased dramatically. The European Footwear Alliance (EFA), which represents famous brands such as Nike, Adidas and Timberland, says…... [read more]

Deputy PM welcomes more FDI The MPI’s Foreign Investment Agency (FIA) estimates this year’s FDI attraction at US$15-16 billion, US$1 billion higher than last year, and FDI disbursement at US$11 billion. FIA Director General Do Nhat Hoang says over the years, many foreign investors have kept pouring money into factories in Vietnam in order to make the most of investment and tax incentives applied for made-in-Vietnam and made-in-ASEAN products. They are keen to import goods to the country and re-export it after relabelling. In addition, many tend to maintain or even expand their production despite their claim to have suffered huge losses for years. What they usually do to dodge corporate income tax is to import input materials and machines from their parent companies at high prices and sell products to parent companies cheaply. This will cause a tax dodge and create an unfair business environment in Vietnam. According to economists, if the problem remains unsolved, FDI businesses will also take liberties with Vietnamese laws. The MPI will try to reduce the number of unsuccessful projects and focus more on industry, construction, high technology, and renewable energy, Hoang says. MPI Deputy Minister Nguyen The Phuong says his ministry will change its way of investment promotion, with a focus on those investors who can meet Vietnam’s demand, especially for developing “green” technologies. The Prime Minister has asked the MPI to work with related agencies to build a National Green Growth Strategy Framework for 2011-2020, which is aimed at developing new types…... [read more]

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