Financial sector modernization project extended

The PM asked the State Bank of Viet Nam to receive comments from the Ministries of Finance and Planning and Investment to make adjustments to the project documents, work with the WB on the adjustments, and supervise the implementation of the project

The objectives of the Financial Sector Modernization and Information Management System Project are to assist the State Bank of Viet Nam, the Credit Information Center (CIC), and the Deposit Insurance of Viet Nam (DIV) to improve the delivery of their main functions in accordance with relevant international standards for the banking sector.

Under the project, a centralized and integrated system of advanced business processes and a modern information technology architecture will be developed and institutional capacity in carrying out their operations will be enhanced.

By Thuy Dung

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Top legislator holds talks with Indian Speaker of 16th Lok Sabha

National Assembly Chairwoman Nguyen Thi Kim Ngan holds talks with Indian Speaker of the 16th Lok Sabha Mahajan, December 9, 2016 – Photo: VNA

Viet Nam regards India as a traditional and trusted friend and highly values crucial developments in their multi-faced relationship over the recent years, said Ms. Ngan, adding that Viet Nam’s legislature expects to strengthen bilateral cooperation as well as coordination at international and regional forums with the Indian Parliament.

She hailed the two nations’ legislative bodies for having signed cooperative agreements, affirming that these agreements will create an important legal framework for their cooperative relations.

The top Vietnamese legislator suggested two sides enhance cooperation in supervision and realization of high-ranking agreements, especially in political, economic, national defense and security, trade and investment, science and technology, culture and education areas.

She also urged the two countries to accelerate the exchanges of high-ranking delegations and experiences in a bid to strengthen mutual trust and understandings.

On the occasion, the Vietnamese NA Chairwoman invited Indian Speaker of the 16th Lok Sabha to pay an official visit to Viet Nam.

Ms. Sumitra Mahajan warmly welcomed the Vietnamese delegation to India as the two nations are heading to the 45th anniversary of the establishment of diplomatic ties and the 10th anniversary of the establishment of the strategic partnership.

She said there remain vast room for the two countries to further promote economic and trade ties while expanding expand cooperation in other fields like education and culture.

India always advocates Viet Nam’s viewpoint on the East Sea issue, she affirmed, adding that all relevant nations must comply with the 1982 United Nations Convention on the Law of the Sea and maintain peace and stability in the East Sea.

After the talks, the two leaders inked a cooperative agreement between the Vietnamese NA and the 16th Lok Sabha Sumitra, witnessing the signing ceremony of an agreement on cooperation in using atomic energy for peaceful purposes, a memorandum of understanding (MoU) on nuclear energy partnership and a MoU on opening direct air route between the two countries.

By Thuy Dung

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HCM City, Russia’s Kursk province seek to fuel partnerships

Vice Chairman of the HCM City People’s Committee of the southern Vietnamese city Le Thanh Liem (R) welcomes Kursk deputy governor Krivolapov Aleksandr Nikolacvich (Photo: VNA)Vice Chairman of the HCM City People’s Committee of the southern Vietnamese city Le Thanh Liem (R) welcomes Kursk deputy governor Krivolapov Aleksandr Nikolacvich (Photo: VNA)

HCM City (VNA) – Economics, trade and investment should be focal cooperation fields of Ho Chi Minh City and Russia’s Kursk province, Vice Chairman of the People’s Committee of the southern Vietnamese city Le Thanh Liem has said.

Meeting with a Kursk delegation on December 9, he said Vietnam and Russia have a sound traditional relationship which is a foundation for their localities to promote cooperation.

As the biggest economic hub in Vietnam, HCM City is now an attractive destination for many Russian localities and enterprises to seek investment and business opportunities.

Enhanced locality-to-locality cooperation will create favourable conditions for both Vietnamese and Russian companies, he noted, adding that his authorities pledge to facilitate Kursk firms’ activities in HCM City.

Talking about the two localities’ cooperation potential, Kursk deputy governor Krivolapov Aleksandr Nikolacvich said Russian localities, including Kursk, have designed plans to step up cooperation programmes with Vietnam. Notably, HCM City is the place that has drawn much interest from Russian enterprises.

He suggested Kursk and HCM City support each other in developing such spheres as industrial and hi-tech parks and mechanics. Kursk, which is also strong at producing energy and electricity equipment, can satisfy the demand of manufacturing, processing and construction companies in Vietnam.

Kursk’s agricultural and food product businesses also want to distribute their goods in retail chains in the Southeast Asian nation, he noted, adding that his province’s administration wishes to boost connections with HCM City through tourism, youth exchanges and education.-VNA

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Vietnamese agriculture to become a developmental model

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Cambodia, China enhance security partnership

Cambodia and China want to boost cooperation in cybercrime prevention (Illustrative image. Source: internet)

Hanoi (VNA) – Cambodia and China have agreed to build a mechanism to enhance bilateral cooperation in security, counter-terrorism and cybercrime prevention.

The agreement was reached by Cambodian Foreign Minister Prak Sokhonn and director-general of the Department of External Security Affairs of the Chinese Foreign Ministry Liu Guangyuan during their meeting in Cambodia on December 9, according to Xinhua.

According to spokesman of Cambodia’s Foreign Ministry Chum Sounry, Minister Prak Sokhonn expressed his support for the mechanism and highly valued the sound cooperative ties between the two countries across the fields, particularly economics, trade, investment, and tourism.

The Minister said the high-level delegation visits of the two nations in 2016 have contributed to strengthening the bilateral comprehensive strategic cooperative partnership.

Meanwhile, the Chinese official stressed that his visit is intended to further bilateral collaboration in security./.

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Vietnam, Malaysia seek to increase bilateral trade to 15 billion USD by 2020

(VOVworld) – Prime Minister Nguyen Xuan Phuc said Vietnam treasures its relationship with Malaysia, particularly in economics, trade, and investment.

vietnam, malaysia seek to increase bilateral trade to 15 billion usd by 2020 hinh 0

At a reception for Malaysian Minister for International Trade and Industry Datuk Seri Mustapa Mohamad in Hanoi on Friday, Mr. Phuc urged the two countries to promptly complete and implement the Vietnam-Malaysia Action Programme for 2017-2019. He pledged favourable conditions for investors, including Malaysian investors, and suggested both sides work together more closely in tourism, energy, infrastructure, finance-banking, real estate, and manufacturing and processing industry.

Earlier, at a working session between Vietnam’s Minister of Industry and Trade Tran Tuan Anh and his Malaysian counterpart, both sides reiterated their determination to increase two-way trade to 15 billion USD by 2020. Minister Anh called on Malaysia to continue helping Vietnam in human resource development and sharing start-up experiences and initiatives for joint coordination in regional and international integration.

Vu Dung

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University asked to engage businesses in organic farming

Prime Minister Nguyen Xuan Phuc addresses the event (Photo: VGP)

Hanoi (VNA) – The Vietnam National University of Agriculture should seek to encourage businesses to reduce the use of pesticide and increase investment on organic and high-quality agriculture to achieve the green growth target, said Prime Minister Nguyen Xuan Phuc.

Attending the 60th founding anniversary of the university in Hanoi on December 10, he said the agricultural sector needs to forge ahead with reform to cope with challenges such as climate change, sea level rise, saltwater intrusion, declining production value, agricultural income inequality, and increasing non-agricultural activities, he said.

Others concerning issues include drawing private and foreign investment, developing agricultural cooperatives, devising land policies, and promoting farm produce brands, he noted.

In the context of the fourth industrial revolution, it is necessary to seek measures for Vietnam’s agriculture to become a model, but not to lag behind, he stressed.

The PM urged the university to study strategic priorities on rural infrastructure, early weather warning systems, diseases management, environmental institutional capacity, and farming tools usage.

He also ordered initiatives to improve the production system, and increase the quality of products and local income.

He suggested building agricultural clusters and forging connectivity between farmers and businesses.

On the occasion, the PM presented the second Ho Chi Minh Order to the university.

Established in October 1956, the Vietnam National University of Agriculture has trained over 90,000 local and foreign students in the fields of plantation, flora protection, land management, animal husbandry, veterinary, and aquaculture./.

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Vietnam, India agree to tighten parliamentary connections

Speaker of India’s Lower House Sumitra Mahajan (L) and National Assembly Chairwoman Nguyen Thi Kim Ngan sign a cooperation agreement between the two parliaments (Photo: VNA)Speaker of India’s Lower House Sumitra Mahajan (L) and National Assembly Chairwoman Nguyen Thi Kim Ngan sign a cooperation agreement between the two parliaments (Photo: VNA)

New Delhi (VNA) – Speaker of India’s Lower House Sumitra Mahajan and visiting National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan agreed on the need to enhance parliamentary relations during their talks at the Indian parliament’s headquarters in New Delhi on late December 9.

They said the enhancement can be made through increasing exchanges in lawmaking and between parliamentary friendship groups and parliamentary agencies.

Chairwoman Ngan, who is on an official visit to India, congratulated India on immense development achievements, affirming that Vietnam always considers this country as a traditional and trustworthy friend. She also highly valued recent important strides in the two countries’ multifaceted cooperation.

She lauded growing ties between their legislative bodies, noting that the Vietnamese NA wants to bolster bilateral connections with its Indian counterpart at regional and international forums.

Appreciating the Indian parliament’s support to the time-honoured friendship with Vietnam over the past years, she welcomed the two legislatures’ signing of a cooperation agreement which will serve as an important legal framework for bilateral cooperation.

Both sides should step up coordination in supervising and promoting the effective implementation of inked high-level agreements, especially on the pillars of politics, economics, defence-security, trade-investment, science-technology, and culture-education.

They need to foster visits at high levels, and between parliamentary agencies, parliamentary friendship groups, and parliamentarians to deepen mutual trust and understanding while exchanging lawmaking and supervision experience, Ngan said.

She also asked them to continue bringing into play the consultation mechanism and working closely at multilateral forums such as the Inter-Parliamentary Union and the Asia-Europe Parliamentary Partnership Meeting.

On this occasion, she invited Speaker of India’s Lower House Sumitra Mahajan to re-visit Vietnam in the near future.

For her part, Mahajan described Ngan’s visit as significant amidst their countries are preparing to celebrate 45 years of diplomatic relations and 10 years of the strategic partnership. She also congratulated her guest on her election as the first NA Chairwoman of Vietnam.

She noted that Vietnam and India boast time-tested relations, rejoicing at thriving bilateral ties. The countries share many common values and cultural similarities and will remain each other’s partners in the region and at international forums.

Echoing Ngan’s view, she said economic and trade links between their nations can develop more strongly. They can also expand partnerships in many other spheres such as education, culture and archaeology.

At the talks, Mahajan affirmed India’s support for Vietnam’s viewpoints on the East Sea issues, underlining that all countries in the region need to adhere to the United Nations Convention on the Law of the Sea and maintain peace and stability in the East Sea.

Speaking highly of the Southeast Asian nation’s development attainments in a short period of time, she said she is willing to re-visit Vietnam – the country of late President Ho Chi Minh, whom the Indian people respect.

Following the talks, Chairwoman Ngan and Speaker Mahajan witnessed the signing of a cooperation agreement between the Vietnamese NA and India’s Lower House, and an agreement on cooperation in peaceful use of atomic energy between the two governments.

A memorandum of understanding between the Vietnam Atomic Energy Institute and India’s Global Centre for Nuclear Energy Partnership, and another on opening a Vietnam-India air route between Vietjet Air and Indian Air were also inked in their presence.

Also on December 9, the top legislator of Vietnam met with Indian Vice President and Chairman of the Senate Mohammad Hamid Ansari at the latter’s residence.

She said the close-knit relationship between Vietnam and India was founded by President Ho Chi Minh and Prime Minister Jawaharlal Nehru. It has been nurtured by the countries’ following leaders and peoples.

Appreciating the Indian Senate’s support for the country’s traditional amity and strategic partnership, which was elevated to a comprehensive strategic partnership last September, with Vietnam, she highlighted the progress in their legislative bodies.

The Vietnamese NA wants to strengthen bilateral connections and closely cooperate with the Indian parliament at regional and international forums, she said, calling on both sides to beef up affiliation in realising reached high-level agreements, exchanging delegations, and promoting coordination at multilateral forums.

Meanwhile, Ansari highlighted the longstanding and strong foundation of the Indian-Vietnamese ties, valuing Vietnam’s development accomplishments and progress in ensuring human rights.

India always attaches importance to its relations with ASEAN member nations and its Government is pushing forward with the “Act East” policy, in which Vietnam is an important pillar, he noted.

It supports peace to be kept between countries in the region and around the world, along with the settlement of international disputes, including the East Sea issues, by peaceful means on the basis of the UN Charter and international law, he added.

Agreeing on the host’s opinions, the visiting leader said Vietnam advocates India’s “Act East” policy and increasing presence in and connectivity with Southeast Asia and backs India in a bid to win a deserving position in the global arena.

Vietnam also supports India’s candidacy for a permanent membership in the UN Security Council when this Council admits more permanent members, as well as its participation in the Asia-Pacific Economic Cooperation (APEC) forum when APEC removes the suspension of accepting new members with the APEC member economies’ consent, Ngan said.-VNA

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Funding delay holds up Hanoi’s metro rail project: official

The construction of Line 3, linking Nhon and Hanoi Station, has been moving at a slow pace over the past few years.

Hanoi mayor Nguyen Duc Chung has promised to speed up the construction of the city’s Metro Line 3, blaming the sluggish progress so far on delays in fund disbursement.

He told the project’s creditors at a recent meeting that some contractors have finished between 30-58 percent of their work so far.

However, he admitted that there have been delays, including problems with engineering, procurement and construction contracts and with technical designs.

The line, running 12.5 kilometers from Nhon to Ha Noi Station, is one of several metro lines planned for the capital’s metropolitan area. Together they will form a rail network that can ease traffic congestion and reduce emissions.

Statistics showed that the city has just disbursed about 13 percent of official development assistance (ODA) funds, or 113.25 million euros out of the total 899 million euros, for the line. Work began in 2010, with the cost estimate originally set at $1.2 billion and operation scheduled in 2017.

Norio Saito from the Asia Development Bank, one of the creditors, suggested the city supervise and resolve difficulties in site clearance to speed up the construction process.

The city’s mayor pointed out that ODA funds and other low-interest loans often took a long time to be disbursed, and not only in Hanoi. He said there will be a meeting with the finance ministry to resolve the problem, adding that a new project manager has also been hired recently.

According to the investment ministry, Vietnam has managed to disburse only $2.68 billion or 56 percent of the targeted spending so far this year, down 18.6 percent from a year ago.

“Chronically low disbursement has hiked up the costs of [ODA-funded] projects and increased debt-service burden,” said Deputy Prime Minister Pham Binh Minh at a meeting with international donors in October.

“On average, a project which is one year behind schedule will cost 17 percent more than initially expected. If the project is delayed for two or three years, the cost will be 1.5 times higher than projected,” he said.

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> Hanoi motorbike ban unfeasible: traffic safety official

> Delays in ODA-funded projects drag down Vietnam’s economy

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Tek Experts sees skill in Hanoi

Tek Experts Vietnam, a subsidiary of multinational group Tek Experts, unveiled its new Hanoi headquarters in late November. The move aims to better serve the firm’s customers in Southeast Asia and internationally. Tek Experts founder Yaniv Natan spoke with VIR’s Thanh Tung about the new headquarters.

Tek Experts founder Yaniv Natan

Are there any particular reasons for Tek Experts to operate its new headquarters in Hanoi?

With offices and employees worldwide, Tek Experts provides industry-leading software support, application development, training and education, sales support, customer care, and software solutions across Europe, Asia, and the Americas. We started our business in Vietnam four years ago, and we have since grown from a small team of only 20 to an operation that employs more than 250, and this is just the start of our journey. We have ambitious plans to grow the size of our Vietnamese operation to more than 1,000 employees in the next two or three years. We believe Hanoi is perfectly placed to help us better serve Tek Experts’ customers in Southeast Asia and internationally.

The new office, located at Lotte Centre Hanoi, is part of Tek Experts’ plan to launch Vietnam as one of its strategic markets on the world map. We have invested heavily in our new site in Hanoi to become a world-class office space, which will provide our employees with one of the best places to work.

We have plans to grow and expand across the world, and now, we are able to offer exciting opportunities to people in Hanoi looking to pursue a rewarding career in the IT industry. We are excited to become an employer of choice in Vietnam.

How important is the Vietnamese market to Tek Experts?

Vietnam is the second biggest Tek Experts operation around the world, after Costa Rica, in terms of the number of employees. Currently, we have six global sites, in Vietnam, Costa Rica, the US, Malta, Bulgaria, and China.

In Vietnam, we really appreciate the diligence of local employees and it is also easy for us to find good IT talent. Our motto is to give employees a career and not just a job, so we provide them with continuous training and invest in developing their skills for the long term. All employees that join the company go through routine training development. The employees are not only trained technically, but are also prepped with the skills and experience to be good managers, to grow into other areas, and to have a long and rewarding career.

Do you believe a high salary is key to attracting high-quality talent in Vietnam?

Salary is always important, but we do not believe salary is the most important part of our offering. It is just one part that helps retain employees. Many companies assume that the only thing helping to retain employees is a high salary, but we think the whole package, including salary, promotion potential, career development, office culture, and atmosphere, and our company’s social activities are key to maintaining employees in the long term.

Still, we are proud that the salary of our employees is better than what is typically offered in the local industry. But we did not select Vietnam because of cheap or low-salary workers. We chose Vietnam because of its high-quality employees.

What makes Tek Experts’ policy of attracting talent different from other companies in Vietnam?

Competition means we have to try to perform better. Without competition, you will fall behind. We are attractive to our employees because we focus on three key things:

First, we focus on career development. We recruit fresh graduates and train them not only in technical aspects but also in commercial and social behaviours.

Second, we expose our employees to a multinational environment. They have the chance to sharpen their English, and other languages, and work with top companies in the world.

And lastly, we have a strong family culture. At Tek Experts, the environment is very open and friendly. Our employees enjoy many social activities. It is a fun and lively place to work, and we aim to create an atmosphere where employees want to come into the office in the morning.

How will the expanded operation help you connect foreign investors with Vietnam?

We know we can convince our clients to bring their investment and business to Southeast Asia and, in particular, Vietnam. We are very confident of this because we already deliver high-level services from Vietnam. What we can tell you is that our clients are operating worldwide, and we can influence them to bring business from other nations to Hanoi.

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130,000 overseas Vietnamese to return home for Tet holiday

130,000 overseas Vietnamese to return home for Tet holiday

People wait for relatives and friends at Tan Son Nhat International Airport. Photo by VnExpress/Huu Khoa

Tan Son Nhat Airport in Ho Chi Minh City is working hard to make sure passengers can move quickly during this holiday season.

The Business Association of Overseas Vietnamese expects about 130,000 overseas Vietnamese to fly home for the upcoming Lunar New Year, or Tet, the country’s most important holiday.

Nguyen Hong Hue, chairman of the association, said the estimate is based on visa application data.

The number of returning Vietnamese overseas is forecast to sharply increase from mid-December to mid-February, with an estimated 3,000-4,000 arrivals daily.

Tet begins on the first day of the first lunar month, which falls on January 28 next year, but festive celebrations can stretch over days both before and after that. The official break for the upcoming Tet is one week.

Tan Son Nhat, the country’s largest international airport, will be under more pressure during this holiday season.

The airport, designed for both domestic and international flights, has become increasingly strained. It is expected to handle up to 31 million passengers by the end of this year, far beyond its maximum capacity of 25 million, said Lai Xuan Thanh, director general of the Civil Aviation Administration.

Customs officials at the airport said they stand ready to make sure that customs check only takes about 25-27 seconds.

There are around five million Vietnamese overseas, according to the World Bank.

By 2014, 1.3 million Vietnamese immigrants resided in the U. S. It was followed by Australia with 227,000 Vietnamese immigrants, Canada with 183,000, and France with 126,000, according to mid-2015 estimates by the United Nations Population Division.

Remittances from Vietnamese overseas remain a key source of funds for the country’s economy, equivalent to about 8-10 percent of gross domestic product.

Vietnamese-Americans alone sent back about $7 billion last year. The number is expected to reach $8 billion this year.

Vietnam recorded roughly $13 billion in overseas remittances last year, slightly up from $12 billion in 2014, according to the World Bank.

Related News:

> Away from home: More Vietnamese leaving for richer countries

> Nearly 4,500 Vietnamese renounce citizenship in 2015

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Arts festival honours diverse ethnic cultures

A dance to pray for raining of Thai people will be performed at the festival (Photo:

Hanoi (VNA) – An arts festival dedicated to the unique and diverse culture of ethnic minorities in Vietnam will take place at Hoan Kiem Lake fountain (Dong Kinh Nghia Thuc Square) on December 11 morning from 9:30am.

The festival will gather over 100 members of different groups nationwide, including Khmer, Tay, Gia Rai, Pa Co, Muong, Pa Then and Mong. All dances and songs are rehearsed, curated, and performed by ethnic people themselves, just as they do in everyday life.

Following the huge success last year, the fourth festival, themed “Indigenous knowledge – Spring of life”, aims at the practical values of indigenous knowledge, a complete system accumulated and refined after thousands of years.

The event is organised by the Institute for Studies of Society, Economics and Environment (iSEE).

The festival will also take place on December 13 at the Vietnam National Academy of Music, 77 Hao Nam, Hanoi, with exhibitions, traditional games, performances and interactive activities. Entrance is free. — VNA

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