Vietnam business

Investors ignore gold, securities

noreply@blogger.com (Nam) — Mon, 12 Jul 2010 23:13:33 PDT

Gold and securities, once the most attractive investment options for many people, are no longer the top choice as minor price fluctuations bring tiny profits.

In previous days, people rushed to purchase and sell gold when the ‘gold price wave’ towered. Investors profited hugely by buying when the price was low and selling when the price rose. However, others lost a lot of money surfing this wave and, since then, gold has become less attractive.

Gold loses luster

Financial analysts point out that these losses are just one reason that investors are ignoring gold. The main reason that investors are looking past gold is that price fluctuations are small and will not allow them to profit quickly.

Previously, gold price increases and decreases were predictable, shifting in accordance with economic laws. The gold price went down to certain levels and then rose sharply again. The clear status of the national economy also helped investors easily forecast the gold price performance.

Since then, the European debt crisis and the US economic woes have made the gold price move irregularly, no longer following economic laws (in principle, the gold price comes contrary to the dollar price), but rather in accordance with investors’ feeling.

In late June 2010, the gold price climbed to 28.7 million dong per tael when the world price reached $1260 per ounce, and then dropped to 28 million dong per tael. On July 9, gold traded at 28.15 million dong per tael (purchase) and 28,22 million dong per tael. These minor price shifts are not big enough to lure investors who think find it very difficult to predict the price bottoms and peaks.

Securities become insecure

Since mid-May 2010, the stock market has hovered around 500 points, though securities experts believe that the market will recover and grow strongly, thanks to positive economic indexes.

Previously, the domestic stock market operated independently of the world market. In many consecutive trading sessions, the VN Index and HNX Index increased despite world market decreases. Nowadays, the domestic market has more closely performed in accordance with the world market.

The world market has been shaken by the debt crisis in Europe, and investors have doubts about the recovery of the national economy, so securities have become much less appealing. Investors do not barter away stocks to flee from the market, because they have much more experience and knowledge about securities.

Hesitant investors have made the securities index unable to rise. After climbing to 549.61 points on May 6, the VN Index has been declining continuously and the closing index dropped to 496.91 points on July 7. On July 9, when the world stock market recovered strongly, the domestic market recovered only slightly, due to rumors that a large investment fund might withdraw its capital.

Securities companies complain that it is very difficult to define market tendencies because investors’ feelings depend so much on outside factors. If the world market performs well, the domestic indexes will not drop dramatically, and vice versa.

Source: Dau tu chung khoan

Support for small business urged

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 07:04:06 PDT

Stronger policies are needed to support small- and-medium-sized enterprises (SMEs) and help them better perform their role in the nation’s development, said Enterprise Development Agency deputy director Nguyen Trong Hieu at a workshop in Ha Noi yesterday, July 9.

"SMEs help mobilise all possible resources, bringing opportunities to all businesses and improve overall competitiveness," Hieu told the workshop entitled SME Development Support: Policies and Solutions for Implementation.

SMEs are also important in creating jobs and improving incomes, he added.

Another 34,000 enterprises have been established in the first five months of this year, bringing the country’s total number of businesses to 496,000, with a combined registered capital of US$121 billion, according to the Ministry of Planning and Investment (MPI).

Of these, SMEs constitute about 97 per cent, provide jobs for about half of Viet Nam’s labour force, and contribute 40 per cent of national gross domestic product (GDP).

But these enterprises face challenges including a lack of capital and access to land, backward technology, poor management skills, limited markets and poor linkage with larger and foreign-invested enterprises, Hieu said.

To counter this, the Government has provided favourable policies to help SMEs develop and strengthen their competitiveness, including financial support, land use rights, technology and technical skills improvement, market promotion and human resources training.

Hieu also urged policymakers to strengthen the capacity of SMEs to access credit and mobilise financial resources, resolving difficulties in land clearance and hastening administrative reforms.

The general secretary of the Viet Nam Small- and Medium-Sized Enterprises Association, To Hoai Nam, said the MPI should take charge of the SME Development Fund.

"Funding events and programmes that create strong linkages and collaboration among SMEs operating in the same industry or region should be given top priority," Nam said.

Francesco Russo, chief technical advisor of the UNIDO-MPI project in Viet Nam, said SME clusters could help increase competitiveness and allow SMEs "to scale up in the global value chain".

Nguyen Van Phung, deputy director of the Ministry of Finance’s tax policy department, said his ministry was also supporting SMEs in terms of incentives and tax policies.

Source: Viet Nam News

Vietnam’s overseas investment shifts to services, new markets

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:57:17 PDT

Vietnamese enterprises have moved into new international markets as they shift their overseas investment focus from farming and mining to the service sector.

According to the Ministry of Planning and Investment (MPI), as many as 38 overseas investment projects worth a total of US$170 million were licensed in the first four months of this year.

The projects were not only in traditional sectors like agriculture, mining and industrial forestation, but also in construction services, online games, trade centers, restaurants, investment consultancy services and real estate, the ministry said.

The shift in investment flows to the service sector was most clearly seen in Cambodia and Lao, Vietnamese investors’ favorite overseas markets.

In the first four months of this year, Cambodia has become home to Vietnam’s two largest overseas projects: a reforestation project by the Duc Nhan Joint Stock Company, and the establishment of a Vietnam Bank for Agriculture and Rural Development branch.

Vietnamese investment has also moved into countries and territories that are traditionally major investors in Vietnam, such as Japan, the US, the Republic of Korea and Singapore.

Vietnamese have invested in nine newly-licensed projects in the US, mainly focusing in the real estate, hotel, tourism and seafood processing sectors.

Vietnamese businesses have taken advantage of the economic crisis to buy hotels, tourism areas and office buildings in the US at good prices.

In other notable projects, the Vietnam Machinery Assembly Corporation (LILAMA) is investing in construction in the United Arab Emirates. The project will employ skilled Vietnamese workers and could help more Vietnamese enter the potentially very lucrative market.

Vietnam Multimedia Corporation has also established its business in Indonesia after successfully developing online game services in South Korea.

According to several experts from the ministry, although the size of most of the overseas services projects is small, worth around USD1 million each, the possibility of service exports through bidding, purchase and merger activities is opening up opportunities for Vietnamese businesses to reap higher added values in some foreign markets.

The ministry has predicted a boom in Vietnamese investment projects overseas, in both new markets and traditional destinations, over the next 5-10 years.

According to ministry statistics, in 2009, Vietnam’s total overseas investment capital reached a record of USD7.73 billion, allocated in 51 countries and territories worldwide.

source:VNN

Foreign forecasts are just . . . forecasts

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:57:40 PDT

Domestic investors say that they now have to keep wary of reports and forecasts released by foreign institutions, after they tasted losses because of these predictions.

The State Bank of Vietnam (SBV) recently requested foreign bank branches in Vietnam to stop providing information relating to the global economic crisis. Though the bank did not cite the reason behind the request, investors say they can guess.

In late March 2010, HSBC forecast that SBV would raise the basic interest rate by one percent in a couple of weeks and the inflation rate would reach 12 percent by the end of the second quarter of 2010. Instantly, the VN Index dropped from 512 to 503 points.

Le Dat Chi from HCM City Economics University noted that HSBC’s report was released at a sensitive moment for the stock market, and therefore has a big impact. Chi explained that the forecast also proved to be inaccurate and uninformed if considering conditions in Vietnam.

An analysis director of an investment fund commented that HSBC’s report was released when investors were afraid of high inflation and basic interest rate increases, so they bargained their shares away. As the result, many investors suffered losses because of the forecasts by HSBC.

In early 2009, reports by many foreign real estate consultant companies were released, predicting a slight boom at the end of 2009. Instead, a “virtual fever” occurred. The many reports and forecasts about business premises and offices for rent and investment gave forecasts based on virtual figures.

Many experienced investors, who incurred losses with information from foreign reports, say that they now have to keep wary of these foreign institutions.

Many domestic investors in foreign securities have increased stock purchases in Vietnam’s market, despite an HSBC report advising against purchasing Vietnam’s stocks.

According to Tien Phong newspaper, despite their own warnings, reports and forecasts, HSBC also endured losses in their operations.

Source: Tien phong

Forex market improves, currency pressure eased: central bank

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:57:51 PDT

The downward pressure on the dong has been eased as liquidity on the currency is improving, State Bank of Vietnam Governor Nguyen Van Giau said in a statement Friday.

“Enterprises have sold foreign currencies to commercial banks, which helps increase market liquidity,” Giau said, noting that local people are also considering selling their personal forex reserves and saving money in dong deposit accounts.

The government will take “strong measures” to control trade deficit and encourage exports, the governor said in the statement in which he answered several questions by local reporters.

Vietnam’s monthly trade gap in March was US$1.35 billion, pushing the year-to-date trade figure to $3.5 billion, the General Statistics Office in Hanoi.

The central bank had ordered the closure of gold trading floors and offshore accounts by March 30 as part of measures to stabilize the country’s financial system.

“Commercial banks have complied with the closure deadline,” Giau said. “There is information that some gold trading floors, which are not managed by a commercial bank, have continued offer gold trading services in disguise. We will cooperate with concerned authorities to inspect them and punish violators.”

As the global economic recovery has not yet fully stabilized and the local economy still faces many challenges, the pressure on the banking system will continue, he said.

At the end of last year and during the Tet Lunar New Year Holiday, local commercial banks had liquidity problems but the situation has improved, he said.

Deposits expanded 3.8 percent in the first quarter this year and the amount of individual deposits alone increased 9.2 percent, which means public confidence in the banking system is strong, Giau said.

Source: Thanh nien

HCM City still leads in attracting FDI

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:58:05 PDT

HCM City, the nation's economic hub, also remains one of the country's leading regions in attracting foreign investment, according to the Foreign Investment Agency (FIA).

The city licensed 85 new foreign-invested projects in the first quarter of this year, with a registered capital of over US$417 million, said the FIA. Meanwhile, 13 existing projects increased their level of registered investment by $30.5 million.

Cheap land and low labour costs were no longer the city's greatest advantages in terms of attracting foreign investment, said HCM City People's Committee Chairman Le Hoang Quan. He therefore vowed that the city would continue to hasten administrative reforms and make further investments in transportation infrastructure.

Improving the administrative capacity of local authorities and personnel in order to attract more investment was now the city's most important task, Quan said.

HCM City has targeted $8.4 billion in new foreign direct investment (FDI) commitments this year, as well as the disbursement of $1.43 billion worth of FDI, according to the city's Department of Planning and Investment.

Investors ignore positive signs

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:58:39 PDT

Despite a lift on Friday from the State Bank of Viet Nam's announcement that it would leave the prime rate unchanged through April, shares on the HCM City Stock Exchange saw a losing week overall last week, with the VN-Index dropping by a cumulative 2.07 per cent to a close on Friday of 505.30

Average daily trading volumes retreated from the previous week to about 45 million shares, a drop of 15.54 per cent, while average daily value declined by nearly 19.2 per cent to VND1.88 trillion (US$98 million).

On the Ha Noi Stock Exchange, meanwhile, the HNX-Index finished down on the week by a whopping 3.59 per cent, ending the day on Friday at 163.76 points. The average daily value of trades in Ha Noi fell slightly by 7.56 per cent to around VND898 billion ($47 million) on an average volume of just 27.2 million shares.

The markets were clouded by the release of four major items of economic news during the week, including announcements that inflation had climbed by 0.75 per cent in March, the trade deficit had expanded in the first quarter to $3.6 billion (a full 25.6 per cent of total export turnover), and the nation's growth rate had hit 5.83 per cent in the first quarter of the year, as well as the decision on the prime rate.

Except for the trade deficit number, the other news was regarded as positive but nevertheless failed to boost shares, said FPT Securities Co analyst Le Thi Bich Hang, suggesting that wary investor psychology continued to rule investor decisions rather than economic data or business results.

"Indices on both bourses were down, along with declines in both trading volumes and values, which sent another negative signal reflecting investor caution," Hang said.

Foreign investors concluded last week as net buyers on both exchanges, but the net value of their buys dropped by over 63 per cent from the previous week to VND114.8 billion ($6 million), Hang noted.

"The market seems to be being manipulated by a few speculators," said Le Dat Chi of the HCM City University of Economics.

While inflation in March was under control, investors were obsessed by and fixated on the prime rate, which actually had less significance, since real market lending rates were far beyond the base 8-per-cent rate, reaching 15-18 per cent.

Meanwhile, investors ignored much constructive information said Chi, including the Ministry of Finance decision to allow margin trading and a reduction in the clearance time for shares to just two days, information that would have given the market a real boost in prior years.

"Negative sentiment will continue to send the market down, and when share prices fall to the expectations of speculators, they will then start to buy," Chi said.

Bao Viet Securities Co analysts said the market concealed risk in the short term as investor sentiment was unstable and investors needed time to regain their confidence. They encouraged short-term investors to stay out of the market and wait for clearer signs of an uptrend, but they advised medium- and long-term investors to pick up shares that declined by more than 1 per cent.

Analysts of Saigon Securities Inc and Viet Capital Securities Co retained a brighter outlook, predicting the market this week would be buoyed by the release of first-quarter business results by listed companies and the movement of investment funds to close out their net asset values at the end of March.

VietNamNet

The US dollar: now more precious than gold?

noreply@blogger.com (Nam) — Sat, 10 Jul 2010 06:58:51 PDT

As commercial banks continuously raise the deposit dollar interest rates, they lower deposit gold interest rates because banks lack dollar capital and are suffering from ‘gold indigestion’.

The US dollar deposit interest rates offered by Dong A Bank now hover around 4.2-4.5 percent for 12+ month deposits. High interest rates of 3.8-4.11 percent per annum are offered for shorter-term deposits.

Similarly, at HD Bank, the US dollar deposit interest rate has just been raised by 0.1-0.45 percent. The highest deposit interest rate offered is 4.8 percent per annum (for nine month term and higher deposits), while the lowest rate is 3.8 percent per annum (for one month deposits).

Dai A Bank has raised the dollar deposit interest rates sharply, now providing 4.7 percent per annum for 6-36 month term deposits and 3.7-4.4 percent for 1-3 month deposits.

Economists note that deposit interest rates in foreign currencies have generally increased by 1-1.5 percent.

Explaining the increases in dollar deposit interest rates, banks observe that the demand for dollar capital from businesses has expanded, especially after the State Bank of Vietnam allowed banks to apply negotiated interest rates for medium and long-term loans.

Many businesses, including exporters, have shifted to borrowing in dollars to enjoy lower interest rates, especially when the dong lending interest rate has jumped to 1.5 times higher than its previous 12 percent per annum.

Deputy General Director of ABBank, Pham Quoc Thanh, confirms that the demand for dollar is rising, thus forcing banks to seek dollar capital sources to develop credit. Thanh’s bank is lending at 5-7 percent in foreign currencies, and 14-17 percent in dong.

Asia Commercial Bank reports increases in dollar-based outstanding loans. The bank has raised the dollar deposit interest rate since mid-March 2010. Currently, 4.2 percent is offered for 36 month deposits.

While the dollar interest rates keep rising steadily, gold interest rates have has dropped. Dong A Bank is paying 0.5 percent for gold deposit certificates on 24 month plus deposits), while those of 1-12 months receive interest rates of only 0.15-0.33 percent.

Since March 20, Dai A Bank has slashed SJC gold deposit interest rates, which have decreased by 0.35-1.25 percent.

Eximbank also cut gold deposit interest rates on March 17, now offering 0.2 percent per annum for 4-12 month term deposits.

At ACB, Vietcombank and OCB, the highest rate now applied is 0.5 percent for long-term deposits and nearly zero percent for short-term.

According to Dau Tu Chung Khoan, some commercial banks do not even quote gold deposit interest rate in an effort to restrict deposits.

Banks now refuse to mobilize capital in gold because demand for gold loans has bottomed-out. ACB reported they can lend 40 percent of the total gold capital mobilized.

VietNamNet

Vietnamese people turn volte-face to US-sourced Toyotas

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:28:02 PDT

Vietnamese car buyers now say no to Toyota cars imported from the US, even though Toyota had been a favourite brand in Vietnam for decades.

Now that the Vietnam Registration Authority has proposed to stop providing ownership registration certificates to car models subject to manufacturers’ recall campaigns, the last hopes of dealers to sell their US-sourced Toyota cars in Vietnam have been dashed.

“Who dares to purchase these models now!” exclaimed Nguyen Anh T, a car dealer. “We try to explain to customers about technical aspects of the cars and probability percentages of problems. But we cannot do anything if customers have lost confidence in the brand.”

“The accelerator problem is very serious. Accidents may occur easily,” noted Do Thanh Long, who works in the field of media and advertisement.

“I met some friends at a café this morning and cars are always our favourite topic,” he added. “All of my friends say they are afraid of the recalled models.”

Before Tet, he planned to purchase a Corolla Altis at a little over $40,000. Luckily, he heard about the recall of some Toyota models in time.

As a result, many other manufacturers have benefited from the troubles of Toyota. “No one wants to purchase Venzas and Camrys from the US anymore,” acknowledged Vu T, director of a company specializing in US car imports.

“The imported car market is gloomy in general, but the Toyota market is much more lackluster,” T. admitted. “Clients have turned their backs on Toyotas.”

Dang Quang Huy of Kylin Car Company also complained that no one wants to purchase Toyotas.

“At first some planned to purchase Camrys, but then they changed their minds,” Huy revealed. A US-sourced Camry sells for $58-59,000, an amount they can easily use for models from other manufacturers.

Previously, US-sourced Toyota cars were always superior to those from Taiwan or made domestically. Now, Vietnamese customers ignore US-made cars.

The trouble has in no way upset Toyota Vietnam. As information about the accelerator problem spread, Toyota Vietnam sales staff advised clients against buying imports and to buy domestically-assembled products to enjoy good post-sale services. Only car importers are suffering heavily.

In the latest news, 200 clients who drive a US-sourced Camry came to V-Auto Club to have their accelerators checked by March 19. Of these, 40 had Denso accelerator pedals replaced with CTS accelerators. V-Auto Club reports that it has not seen any cases in which the cars operated abnormally because of accelerator problems.

Many car importers are worried stiff about the Vietnam Registration Authority proposal to halt ownership registration certificates for models with problems.

Tuan from Kylin asserted that the proposal, if approved, will seriously affect the operations of car import companies.

According to Tuan, all models that Kylin has imported recently also have certificates that say the problematic accelerators have been replaced. Therefore, the company still can sell these models and can continue to bring in cars ordered by clients.

“The registration agency should give certificates to cars certified to have had these errors fixed,” Tuan proposed.

Other car importers suggest that the registration agency should take a different path. Since problem like accelerators can be fixed, the agency can force importers to rectify car problems and provide certificates on their quality rather than halting certificate issuance altogether.

VietNamNet

Ford VN rebuffs malfunction in minivans

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:28:42 PDT

Ford Vietnam said at a press conference in Hanoi on Wednesday that 2007-model Ford Transit minivans were not malfunctioning, after customer Thien Truong Passenger Transit Co. complained about unintended acceleration.
The company also provided reporters with a briefing sheet that gives some background and technical data on the vehicle’s features.
“We have tried to put it in easy to understand wording – though a more detailed technical explanation is also available,” Pease said.

He added the model had a ‘Steady State Drive Feature’ that enables drivers to drive at a constantly low speed in all gears with no accelerator pedal input required.

This speed is dependent on the target idle speed and the selected gear, and is designed to provide the best trade-off between vehicle NVH (noise, vibration and harshness), for which higher rpm (revolutions per minute) speed is desirable, and vehicle drivability at slow speeds, for which lower rpm speed is wanted.

In first gear this provides a ‘steady state’ speed of about 8 km/h in first gear and progressively higher speeds to 40 km/h in fifth gear.

To achieve these target speeds the idle speed controller will shortly over-compensate with a higher rpm and vehicle speed until the steady state condition is ready within a few seconds, Pease said.

“Our engineers have determined that these speeds are the optimal balance for vehicles under normal operating conditions,” he said.

Specifications and calibration of the system is maintained through mapping of the engine control module.

“It is our recommendation to customers that they always service their vehicles at Ford Authorized Service outlets to ensure they are using genuine Ford parts, and where we have the trained technicians and equipment to maintain their vehicles correctly,” he added.

Ford Vietnam still has not had the opportunity to check customers’ vehicles. However, Pease said that while they believed that the feature was operating as intended, they could not promise that all vehicles were within specification.

He invited customers to allow his company to check their vehicles to ensure correct specification and calibration. “We understand customers may not have always used a Ford Authorised Service Centre to maintain and service their vehicles and so we cannot be sure in this case that all vehicles are correctly calibrated,” he said.

“We would like to repeat that based on the description we have been given the feature is working correctly and is not malfunctioning,” Pease added.

However, based on feedback from most of the models’ 800 owners, the feature is a positive benefit and the company had not had any other reported cases of it malfunctioning.

Ford Vietnam Ltd representatives met on Monday in Hanoi with the Vietnamese transportation firm Thien Truong Passenger Transit Co. to address complaints of sudden acceleration in the minivans. Thien Truong filed complaints detailing repeated instances where the vehicles abruptly accelerated or the engines revved without driver input.

The complaints, similar to problems that caused recalls of Toyota sedans, prompted extensive coverage in the Vietnamese media.

Thien Truong said that with the minivan in first gear, the involuntary acceleration would take the engine up to 1,000 rpm. In an article on Monday in Tien Phong newspaper, a Ford technician was quoted as saying the increase in rpm was probably designed to keep the engine from stalling and should not cause acceleration. Since the complaints were reported, other Ford Transit owners have come forward with similar concerns.

Bui Danh Lien, chairman of the Hanoi Transportation Association, said he had sent documents to the national Traffic Safety Committee and Traffic Police, asking them to set up checkpoints around the country to inspect 2007 Ford Transits for safety.

Lien said he had advised the agencies to investigate Ford’s civil or criminal liability in case of any accidents with the minivans and raised the issue of liability of foreign investors for damages.

Ford Vietnam may also have accelerator problems

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:28:59 PDT

After Toyota, Ford Vietnam has also been accused of problems with its accelerator pedals. An enterprise owning five Ford Transits calls them “crazy cars” and has vocalized its complaints after only two years of use.

The owner of the “crazy” Ford Transits is Thien Truong Joint Stock Company, which provides cargo and passenger transport services, headquartered on Kim Dong street in Hanoi.

Director Dau Xuan Ngoc explained that the cars were purchased from a Ford Thu Do sales agent in December 2007. The problems with being unable to control the speed were discovered right after the company received them.

In order to prove his denouncements, on the morning of March 12, Mr. Ngoc and three drivers of the company drove one of the vehicles to Thuyen Quang Lake for reporters.

After driving the car around the lake, Huu Tho, a reporter of VnMedia told other reporters “The car accelerated even without gearing up the accelerator pedal.”

It is quite a surprise that even when driver the driver does not press the accelerator, the car automatically runs.

Thuc, a driver, complained that it is too dangerous to drive such cars. “We must be very focused so that we can deal with any sudden problems in the most effective way,” he remarked

Ngoc guessed that the Ford Transits manufactured in 2007 all had the same technical problems, while cars manufactured in 2008 do not.

“What have they done with the cars?” reporters asked the drivers.

“Service consultants of Ford Thu Do have many times confirmed the errors, but they have not done anything to fix the problems,” Ngoc replied.

He went on to say that the total value of the five cars is 2.8 billion dong. Ngoc had still been using the cars over the last two years until five days ago, when Ngoc reveals “he could not try any more” and asked Ford Thu Do to fix the problems.

“Ford Thu Do told us that this is a very new kind of error which it has never seen, and therefore, they cannot fix it. To date, the sale agent has not provided any written document in answer our request,” Ngoc added.

On March 11, Ngoc brought all the five Transits to Ford Thu Do headquarters and asked that the accelerators be repaired, but security officers threatened to call the police.

Hanoi Transport Association Chair Bui Danh Lien also arrived with Thien Truong Company to act as an intermediary and arbitrator, but he could not help.

Meanwhile, on March 12, Ford Vietnam released an official reply to the issue. The manufacturer said that the cars have not broken down nor suffered from any technical errors. This is just the function of “gas compensation” used in Transits with TCDi engines.

The Hanoi Transport Association has ordered that verification stations nationwide check the technical situation of all 16 seat Fords manufactured in 2007.

The order has also been sent to the National Transport Safety Council, the Vietnam Registration Authority, the Road Transport Agency and Ford Thu Do.

source: vienamnet

US releases shrimp probe results

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:29:13 PDT

The US Department of Commerce (DoC) has announced preliminary results from the fourth administrative review on Vietnamese warmwater shrimp imported to the country from February 1, 2008 through January 31, 2010, says the Vietnam Association of Seafood Exporters and Producers (VASEP).

According to DoC, 29 Vietnamese businesses shrimp exporters enjoyed duty at 2.89 percent, says VASEP, adding that the Minh Phu Corporation paid the highest duty at 3.27 percent while the Nha Trang Seafoods Company had the lowest duty at 2.5 percent.

The US Department also announced last month its fifth administrative review of the anti-dumping duty imposed on frozen warmwawter shrimp imported from India, Brazil, China, Thailand and Vietnam.

This was likely to be the final review of the duty, carried out in parallel with the five-year review announced in January which will examine details of US marine product import from 2004-2005.

VASE says although Vietnam earned US$1.67 billion from shrimp exports last year, 3 percent higher than 2008, its exports value to the US reduced by 15.4 percent to US$395 million. The association also says shrimp processors are now lacking raw materials for export contracts.

Ly Van Thuan, general secretary of the Ca Mau Province Seafood Exporters and Producers Association, says most of the 31 shrimp processors in the province are operating just 40 percent of the design capacity.

In the meantime, the area for shrimp farming in Bac Lieu province has downsized by almost a third last year, says the provincial Department of Agriculture and Rural Development.

To resolve the problem, VASEP chairman Tran Thien Hai suggests that the provinces reschedule their farming plans to avoid the constant swing between overabundance and severe shortages of shrimp.

Besides, there should be a closer cooperation between processors, authorities and breeders to ensure outlet for their products and expand farming areas.

VietNamNet/VOV

Scandal damages Toyota’s sales in Vietnam

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:29:27 PDT

Vietnamese customers now refuse to purchase Toyotas, even models that have no problems with accelerator pedals, although Toyota has been a reliable brand name in the eyes of Vietnamese consumers for many years.

Car importers complain they have never seen such a gloomy business season as this one. They had hoped that after Tet sales would be better and allow them to clear their stock.

The recalls of Toyota models and higher taxes by customs agencies have combined to dash these hopes.

“Terrible!’ Nguyen The Hung, Chairman of Kylin Company (specializing in imports from the US), exclaimed when asked about sales in the first month after Tet.

Hung noted that just two months ago, Camry 2.5 LE (imported from the US) was a customer favorite. After the recalls, no one wants to purchase the model.

“Before Tet, we sold 30 Camrys. Now, we cannot sell any,” Hung complained.

He added that Toyota has been a very famous brand in Vietnam and the US for many years. No one could imagine that the market share of Toyota would drop so dramatically, especially, sales of models on the “black list.”

MT Auto also provides imports from the US and faces the same situation. A salesman admitted that before Tet the cars sold like hot cakes, with over 20 cars purchased. After the holidays, only three Toyotas have been sold.

Vu Manh Thuan, Director of Manh Thuan Import Car Company, also admitted that “Sales have been going very slowly.”

Manh Thuan has proven to be luckier than Kylin, selling three cars after Tet, including one Camry 2.5LE and a Lexus imported from the US.

Due to the Toyota scandal, car dealers who specialize in US imports have become “jobless.”. Many others are scared stiff and want to clear their stock as soon as possible to pay back the banks.

Nguyen Anh Tuan, owner of a company specializing in wholesaling Venza and Camrys from the US, asserted that no one would be foolish enough to purchase models on the “black list” right now.

“If you purchase a Camry 2.5 LE from the US at this moment, you will have to pay $63,000. Meanwhile, with the same sum of money, you can purchase a BMW 320i or Mercedes C200, two brands in higher positions than Toyota,” Tuan explained.

Hung described the Toyota car market as “frozen.” He went on to say that people do not have sufficient information about the VIN numbers, which can reveal which cars need to be recalled, and so they are all puzzled.

He said that loyal clients of Toyota will purchase them from Japan, Taiwan or those made in Vietnam.

Nguyen Thanh Long, Director of Sti Company, who owns a Toyota RAVF from the US, also admitted that Toyotas made in the US would certainly be less attractive in the eyes of Vietnamese customers.

Sluggish rice trade dampens local price

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:29:43 PDT

Sluggish rice trade in the year to date has driven local exporters from buying local rice, sending the local rice price into a downward spiral while harvest is peaking in the Mekong Delta as the country’s main granary.

Food traders refuse to buy rice despite being told to do so by the Vietnam Food Association (VFA), while farmers in the Mekong Delta are seeing the rice price to crash to under the suggested floor price of VND4,000 a kilo.

Stagnant trade

In the first two months of the year, only some 700,000 tons of rice has been shipped abroad, and the export volume for the first quarter is expected at 1.1 to 1.2 million tons compared to 1.6 million tons in the year-ago period. Therefore, despite better export price this year, the local price has hit farmers harshly.

In the Mekong Delta, rice supply is awash. Apart from some one million tons of rice carried over from last year, the commercial volume in this winter-spring crop is estimated at three million tons, which may rise to four million tons in the first six months of the year, according to VFA.

Until now, food traders have been able to sign contracts for 2.5 million tons, mostly under government-to-government agreements.

The vision for the rice trade is still blurred, said Pham Van Bay, vice chair of VFA.

The Philippines has signed agreements to buy 1.6 million tons of rice from Vietnam, but it is uncertain whether this country will order more, Bay said, adding that the situation is similar with other major buyers like Indonesia and India.

“Vietnam’s rice trade is locked in uncertainties this year, as major buyers are keeping a wait-and-see attitude,” Bay said.

A research institute under the agriculture ministry has called for measures to diversify markets if Vietnam is to boost rice trade and to lessen its reliance on traditional buyers. There should be a new mechanism that encourages food traders to look for new markets and new buyers, said the Institute for Development Strategy for Agriculture and Rural Development

Rice price tumbles

In fact, the local rice price has crashed by VND1,500 a kilo from two months ago, and VND500 since after Tet. Low-grade unhusked rice is now selling for some VND3,800 a kilo, while better-quality rice goes for between VND4,100 and VND4,500 a kilo.

Earlier, VFA has set the floor price at VND4,000, and this level was reiterated at a meeting of VFA in An Giang Province on Tuesday.

VFA has picked out 30 local food traders mandated to buy rice from farmers for stocking, but all these enterprises have been reluctant to make a move. Traders dare not buy rice at this time for fear of losses as they expect the price will fall further.

At the meeting on Tuesday, food traders said they were awaiting the final say from the Finance Ministry on the floor price. As food exporters are not ready to buy, intermediary agents also shun from buying rice despite prices are falling sharply.

Pham Van Bay of VFA said the association would conduct an inspection into the rice trade, and any of the food traders who ignore their mandate to buy rice would be disciplined, or even excluded from the association, according to Tuoi Tre. Under current practices, only members of the association are allowed to engage in the rice export business.

VietNamNet/SGT

Online black credit booms with high demand

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:29:55 PDT

While commercial banks deny loans and tighten credit, many individuals and organizations have plenty of money and promise to lend as much as demanded, but with high lending interest rates.

“Five trillion dong in capital is ready. Procedures are very simple. The lending interest rates are very attractive.” This is how one internet ad reads.

Another claims: “If you need money to expand your business, or if you want money for consumption needs, please come see me. I can offer many methods for you, which can help you borrow the sum of money you want, with or without mortgaged assets.” The person who posted the ad stated frankly that he has close relationships with the banks and so can provide as much money as demanded.

In replies to an ad offering 50 billion to one trillion dong, there are multiple entries below it, asking about procedures and interest rates. A person wrote that he lives in Hai Phong and wants to borrow money to breed fish. Another wants cash to develop a real estate project in HCM City. Some just need tens of millions of dong in capital, while other said they need billions.

Minh, a client who once contacted the advertisers, admitted that she never could borrow money from them because of the exorbitantly high interest rates. Instead she has to work with commercial banks, even with their complicated procedures.

Hai, a contractor, once had to use the ‘overnight lending’ service. At that time, he urgently needed 500 million dong to pay salaries.

He signed on to borrow the money at four percent.

“However, when filling out the documents, lenders required 10 percent more which they called ‘the document fee’. As I needed the sum of money urgently, I had to pay 50 million dong more,” he revealed.

In advertisements, many introduce themselves as coming from big financial institutions, but offer quite different interest rates. A man called Trung at 093625xxx said he is from Prudential and can lend at 1.2-1.8 percent per annum. Others claimed to be from Prudential too, but will lend at over 3 percent.

The demand for ‘black credit’ is high. Tung, a civil engineer in Hanoi, said that he needs a big sum of money urgently for his business. He remarked that borrowing on ‘black credit’ is playing with fire, but Tung believes that the business deal will bring him a hefty profit.

It is quite a surprise that not only individuals, but also institutions borrow money this way. One business representative mentioned that his company must use black credit to pay bank debts and then obtain a new loan with a lower interest rate.

Why do these people have so much money to lend? Some explain that they gather capital from relatives. Some others boast of their close relations with banks. Others have idle money from selling off big assets.

Dao Minh Tuan, Deputy General Director of Vietcombank, admitted that the online black credit market has been booming because demand is high and commercial banks cannot cover it.

Tuan warned that both lenders and borrowers have to bear high risks. The lenders do not know the financial capability of borrowers, while borrowers always must pay extreme interest rates.

State Bank of Vietnam Hanoi Branch Deputy Director Nguyen Van Hung acknowledged that the watchdog agency knows about the black credit and is discussing the measures to deal with them. Hung emphasized that only licensed banks and credit institutions are permitted to borrow and lend capital.

VietNamNet

Many buyers expected for first ever HCM City Handicrafts Fair

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:30:05 PDT

Vietnam has yet to reap the benefits of hosting a world-class trade fair. ‘Lifestyle Vietnam’ is a beginning, but bigger budgets and better infrastructure are needed, says the Handicraft Exporters Association.

Vietcraft, the Vietnam Handicraft Exporters’ Association, is organizing its first ever international trade fair of handicrafts, fine arts, woodwork and gifts, ‘Lifestyle Vietnam,’ in HCM City in April. Generally, preparations are going well, Vietcraft Secretary General Le Ba Ngoc told the business journal Đau Tu; many foreign enterprises have confirmed that they will participate.

However, Ngoc adds, a partner from Canada has pulled out, explaining that it had received a better offer from a trade fair in Spain. The Spanish organizer subsidizes all the expenses for participants.

“We are inferior to our rivals, at least in terms of budget,” Ngoc notes.

Importers that attend a trade fair in Hong Kong will get $230 whether they place orders or not. In the Philippines, trade fair organizers not only gift the buyers $230, but also pick them up and deliver them back to the airport.

Though Lifestyle Vietnam is a big event for Vietnam, with three billion dong in support to vendors from the Government, on a world scale it’s really modest.

A second handicap is poor infrastructure. In Vietnam, no trade fair center is larger than 10,000 square meters. By comparison, there’s a 91,500 square meter venue in Hong Kong, a 60,000 square meter space in Singapore, and a 45,000 square metre site in Bangkok.

People are talking about these matters because enterprises have realised that organizing trade fairs is a very effective way to popularize Vietnam-made products. And it’s economical. Ngoc of Vietcraft says that 69 Vietnamese enterprises spent a total of $2,000,000 to show their goods at the Ambiente Fair in Frankfurt. That’s ten times what it would cost them to participate in a trade fair organized in Vietnam.

It’s obvious, Ngoc says, that Vietnam needs to hold more trade fairs, and to bring into play its national advantages. “We’re a country with 2017 craft villages,” he points out. “How’s that for diversity?”

Vietnamese enterprises’ experience in production, quality control and exporting should also be seen as a considerable advantage. It’s an industry that clocked $4 billion in total revenues in 2009. With the recovery of the import demand in the post-crisis period, Vietnam now has big opportunities to boost exports to the markets.

VietNamNet

Foreign hands in the money

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:30:15 PDT

Foreign investors are cashing in on Vietnamese equities on the back of the country’s forecasted positive economic growth. Foreign investors have in 2010 bought more than 114 million Vietnamese shares and sold 94 million local shares, becoming the net buyers of more than 20 million shares, according to Ho Chi Minh Stock Exchange (HoSE) statistics.

In January alone, foreign investors bought around 20 million Vietnamese shares, HoSE said. Dominic Scriven, chief executive officer of Dragon Capital, a leading foreign investment management company in Vietnam, said foreign investors’ heavy net buying was understandable as 2010 would be a time for economic growth after a positive recovery in 2009.

Vietnam’s economy grew 5.32 per cent on-year in 2009, one of the few economies to enjoy positive numbers. In 2010, Vietnam is targeting 6.5 per cent economic growth. “Cash holding is not the best option this year,” said Scriven, adding that banking, foodstuff, medicine, housing construction and export sectors would be his top priorities in 2010.

Ngo Quang Trung, Vietcombank Securities’ director, said when the global and domestic economic picture became clearer foreign portfolio investment capital would find Vietnam. “Foreign capital will not be a driving market force, but certainly a factor for domestic investors,” said Trung.

Vietnam Securities Depository in January granted trading codes to 64 foreign institutional investors and 1,289 foreign retail ones, bringing the total of foreign investors having trading codes in Vietnam to 13,728, of which 1,213 were institutional. Numerous foreign investors are trading Vietnamese stocks without using trading codes as they trade via investment banks.

Total market capitalisation of Vietnam’s HoSE, Hanoi Stock Exchange (HNX) and UPCOM markets was estimated at VND651 trillion ($35.2 billion), which is relatively small in comparison with big global players. “That provides much room for Vietnam’s markets to develop further and opportunities for strong growth are huge,” said Marc Djandji, head of Mekong Securities’ equities research.

Djandji added that local markets’ price-to-earnings ratio (P/E) in 2010 is 12, compared to 16.1 in Malaysia, 15.1 in Singapore, 13.8 in Indonesia, 13.1 in Philippines and 10.8 in Thailand. Vietnam’s price-to-book value (P/B) and price-to-cash flow (P/CF) are still below the ASEAN’s average rates.

“Therefore, Vietnam is still cheaper than other regional peers,” said Djandji. Hoang Xuan Quyen, a deputy general director with Tan Viet Securities Incorporated, said foreign investors were buying good Vietnamese shares at more reasonable prices. “Besides huge capital, they are upbeat Vietnam’s economic outlook,” said Quyen.

VIetNamNet

Year-end boom for tourist industry

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:30:41 PDT

Tourism and travel companies are enjoying a boom in foreign tour bookings for the holiday period.

Tran The Dung, deputy director of the The He Tre (Young Generation) Tourism Company, said the number of tourists booking trips abroad since November had increased by 43 per cent on the previous month, and that they had jumped by 10 to 15 per cent year-on-year.

Saigontourist Travel Service Company (Saigontourist) said 7,000 tourists had booked 30 differert tours abroad for Christmas and New Year, 8 per cent higher than last year’s holiday season.

Nguyen Song Dien Ha from the Vietravel Company said more than 2,100 tourists had booked foreign holidays with his company and that he expected about 2,000 holidaymakers to sign up for domestic tours over Christmas and the New Year.

Meanwhile, around 1,000 tourists have booked foreign trips with Ha Noi Redtours Company, up 10-15 per cent on the same period last year.

Nguyen Cong Hoan, Ha Noi Redtour deputy director, said holidaymakers often travelled at this time of year to take a break and shop abroad.

Hong Kong is traditionally the most attractive destination, followed by mainland China, Singapore, Malaysia and Thailand, he said.

Meanwhile, about 150 Vietnamese have chosen to splash out on holidays to South Korea, Japan, Australia and Eastern Europe, 15 per cent higher than last year, he said.

Tour prices this year have also increased by 5-15 per cent because of increases in the price of low-cost air tickets and additional services, he said.

Tourism firms have also seen an increase in the number of domestic bookings over the holiday period. They are hoping that bookings will be up for the celebrations to mark Ha Noi’s 1,000th anniversary and the Da Lat Flower Festival next year.

Top destinations in Viet Nam are again expected to be Nha Trang City, Phu Quoc Island and Phan Thiet Town.

Dung said domestic bookings for air tickets with The He Tre Tourism Company had increased three-fold, while holidays by bus had gone up by 25 per cent compared with the same period last year.

Viet Nam News

Vietnam’s stock market in 2010 opens up to investors

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:30:52 PDT

Vietnam’s stock market remains one of the most attractive for medium term investors.

That was the verdict of a workshop on Vietnam’s capital and finance market held on November 30.
Vietnam’s stock market once witnessed very rapid growth. The VN Index once reached 1,173 points in early 200, however, it fell dramatically to 235 points at the end of February 2009.

Andy Ho, director of VinaCapital fund management company, while trying to persuade people that Vietnam is a market deserving of investment, said investors have learned from the mistakes of the boom period of 2006-2007. ,

He added the market will be attractive because the Government will speed up the equitization of big state owned general corporations, which means more valuable commodities will be available.

VinaCapital has invested in some 10 businesses in Vietnam and the investment value has increased significantly, Andy Ho said.

As the stock market has bottomed out, it has been attracting the interest of foreign investors. Nguyen Xuan Minh, chairman and general director of Vietnam Asset Management Limited (VAM) said that a lot of investors have shown signs of willing to pour investment in Vietnam’s stock market.

Louis Nguyen, chairman of Saigon Asset Management (SAM) said that SAM is moving ahead with the setting up of a new fund which will aim to make investment in the companies planning to have IPO (initial public offering)

As an emerging market, experts say, Vietnam’s stock market can b too sensitive to state policies.

However, government agencies have promised to apply flexible and reasonable policies in order to make the stock market more attractive.

Deputy chairman of the State Securities Committee (SSC) Nguyen Doan Hung said Vietnam will raise the foreign ownership ratio allowed in local companies, except banks, to 49 percent.

Also in an effort to attract portfolio investment, Hung said the Government plans to remove tax on transferring profits abroad.

They will allow joint ventures and foreign invested enterprises to turn into joint stock companies, issue more shares to increase capital and list on exchanges.

Vietnam stock market now has the market capitalization volume of 38 billion dollar, accounting for 40 percent of GDP.

Source: DTCK

Vietnam to have submarine cable network direct to US

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:31:03 PDT

The Vietnam Telecom International (VTI) company, a member of VNPT, on November 27 inaugurated Vietnam’s hook up point for a 20,000 km submarine optical cable network that will connect the country, along with seven other countries across the Asia Pacific region with the US.

The Asian America Gateway ( AAG) network, which is designed to provide a capacity of up to two Terabits of data per second, will supplement existing cable systems.

It will link up ten locations in eight countries and territories including Malaysia, Singapore, Thailand, Vietnam, Brunei, Hong Kong, the Philippines and Guam with Hawaii and California in the US. Later it will probably incorporate other countries such as Australia and India.

With an initial capacity of 500 Gigabits per second, the undersea cable network can be upgraded using field tested Dense Wavelength Division Multiplexing (DWDM) technology, which will enables it to provide upgradeable transmission facilities that can support internet and e-commerce traffic in the future.

The agreement to lay the new AAG cable network was reached in April 2007 in Malaysia.

The project has a total investment capital of nearly US$554 million, to which the Vietnam Post and Telecommunication Group (VNPT) contributes US$40 million.

Source: ND

Atletico Madrid to play in Vietnam

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:31:13 PDT

Spain’s Atletico Madrid football club will come to Hanoi the next summer, according to AS newspaper on November 24.
They will play against T&T Hanoi and another unidentified Vietnamese club team.

Continue reading...

They will be paid EURO 1.5 million for this match and are also believed to be about to lease their stadium name to a Vietnamese business for 10 years at a cost US$10 million.

Last week, Atletico Madrid’s CEO Manuel Agel Gil, Peter Kenyon and Jorge Mendes visited Hanoi at the invitation of T&T Hanoi’s Chairman Do Quang Hien.

Atletico Madrid currently ranks the 18th at the Liga after ten matches.

Selling stadium names has become a trend in modern football circles. Arsenal sold its stadium name to Emirates Airways of the UAE for GBP100 million for 15 years. Chelsea also hopes to sell the name of its stadium (Stamford Bridge) to Samsung.

In the last two football seasons, the name of Vietnam’s Hoang Anh Gia Lai group has appeared on advertising boards during Arsenal’s matches.

source : vietnamnet

LIFESTYLE IN BRIEF 25/11

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:31:29 PDT

Flowers, fireworks to welcome Tet in HCM City

Flowers, fireworks, and musical performances will all be part of HCM City’s Tet (Lunar New Year) festivities from February 11 to 16 next year.

Like in previous years, Nguyen Hue Street will become a "flower street" reserved for pedestrians.

From February 11 to 16 – the Lunar New Year falls on the 14th – the street will be covered in flowers and trees from many parts of the country, including Ha Noi peach blossom trees, Sa Dec kumquat trees, HCM City’s apricot flower trees and Da Lat roses.

Fifteen-minute fireworks displays will be set off at seven spots around the city.

Special music shows to herald the arrival of the New Year will be held throughout the city, with the biggest one to be in front of Sunwah building on Nguyen Hue Street.

Australian brand opens live music venue in HCM City

Australia’s premier live music venue operator, The Hi-Fi group, has opened its first facility in HCM City.

The music group has partnered with local hospitality operator Huynh Thi Bich Hong to open a world class venue capable of hosting international standard concerts.

The company’s first venture in the Southeast Asian region and the first such facility in the country, the 1,000 person venue will host famous international touring artists and support and cultivate the local and regional live music scene.

"HCM City has been crying out for live music of an international standard on a regular basis and this partnership will mean we have the world class venue and facilities to satisfy the artists’ needs and a music partner capable of accessing the international touring market," she added.

The group currently operates venues in Melbourne and Brisbane with a Sydney venue opening in 2010.

Sia Town to host first Tam Giang Festival next May

The first Tam Giang Festival which seeks to promote tourism destinations in Thua Thien – Hue Province’s Sia Town will be held next May.

This was announced by the Quang Dien District People’s Committee on Monday.

The festival gets its name from the Tam Giang Lagoon where it will be held, and is distinct from other Tam Giang Festivals that are celebrated as traditional fishermen’s rituals elsewhere in the country.

On May 1 and 2, next year, the main stage on the surface of Tam Giang Lagoon at the Con Toc pier will host several events including cultural activities of the village including traditional music and art performances and a food fair.

Visitors to the festival will also be able to participate in voyages of discovery with organised tours to historic Quang Dien District destinations like the Hoa Chau cidatel (major town in South Viet Nam during the Tran and Le dynasties), the Phuoc Yen and Bac Vong citadels (metropolis of South Viet Nam under the Nguyen dynasty) and other cultural monuments.

Source: Viet Nam News

Children with colds inundate hospitals

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:31:56 PDT

It is 10am and the consulting room of the Central Paediatric Hospital is packed with parents and their children. Peering out from multi-layered winter clothing, the children’s faces are filled with weariness as their noses steadily drip.

Some children are flushed red as they repeatedly hack with winter coughs.

All of them are waiting for consultation, while have fallen into impatience due to the long queue.

Nguyen Minh Ngoc, mother of a four-year-old child, said: "Last night, my daughter couldn’t get asleep because of her cough. This morning, I had to ring my office to take her to the hospital. I am worried about her health."

Many with bronchitis

Ngoc’s child has bronchitis, as do many in the waiting room. Ha Noi has experienced the first spell of cold weather and there are clear signs that respiratory diseases, especially among those whose immune systems are weaker such as children and the elderly, have been on the rise, according to head of Communicable Diseases Control Unit-Ha Noi Preventive Medicine Centre Nguyen Nhat Cam.

Doctor Can Phu Nhuan, head of the Central Paediatric Hospital’s Consulting Faculty, said the average number of children coming for check-ups and admittance into hospital was running at about 1,000 per day. Common problems include bronchitis, high fever and diarrhoea.

The paediatric wards in hospitals in the city including Bach Mai and Saint Paul repeat the same story. Some families are instead calling out doctors for home visits to save them from waiting in crowded hospitals.

Doctor Nguyen Van Loc, deputy director of the Central Paediatrics Hospital, said that children were particularly susceptible to asthma, bronchitis and pneumonia during cold weather. If children have breathing difficulties, fevers or seizures, parents should bring them to the hospital for immediate treatment.

"It becomes increasingly dangerous if children don’t receive immediate treatment as their conditions can worsen into respiratory disorders or shock infection. In the worst scenario, it could turn into fatal pneumonia," Loc said.

Besides respiratory problems, the typical cold and dry weather of the North brings a host of skin complaints. Among patients visiting the Consulting Room of the National Dermatology Hospital, there are a few-month old children whose cheeks are suffering from skin eruptions, according to Nguyen Thanh, head of the ward.

Doctors hope that the situation will improve when the weather begins to warm in the next few days.

Source: Viet Nam News

Rice price to rise as Vietnam wins Philippines export prize

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:32:06 PDT

The Southern Food Corporation (Vinafood 2) won a bid to export 150,000 tonnes of rice to the Philippines, which, analysts believe it will push up export rice prices.

According to Saigon Tiep Thi, Vinafood 2 won the rice exporting contract at the relatively high price of $480 per tonne - much higher than previous deals.

Therefore, Agroinfo, the information centre under the Ministry of Agriculture and Rural Development, believes the deal will help raise Vietnam’s rice export price in the world market.

Agroinfo also believes that the Philippines’ bid invitation for providing 600,000 tonnes of rice early next month gives Vietnam a competitive edge in terms of export price in comparison with Thailand’s.

Meanwhile, Saigon Tiep Thi quoted Nguyen Dinh Bich, a senior economist as saying Vietnamese businesses should not be too overjoyed by the bid winning, even though the export price of $480 (C&F) is higher than the prices of previous deals

He said that the rice price keeps rising in the world market. Thai 15 percent broken rice was sold at $451 per tonne in October, while it has jumped to $490 per tonne on November 13 and then to $495 per tonne on November 19, which means a total increase of $44 per tonne (9.8 percent).

Vietnam’s five percent broken rice has also increased from $410 per tonne to $460 per tonne and then $480, representing a record price increase of $70 per tonne (17.1 percent).

The upward tendency has been seen after the Philippines announced plans to import a large volume of rice. Meanwhile, India is facing the risk of crop failure.

Saigon tiep thi quoted foreign sources saying that Thai Prime Minister Abhisit Vejjajiva on November 18 said India was seeking to purchase two million tonnes of rice.

In the meantime, the Minister of Agriculture of the Philippines has predicted that the world rice price may return to the record price of 2008 due to the bad weather which has made output decrease sharply and has forced a number of countries to import rice.

Agroinfo said, meanwhile, the domestic rice price keeps rising. In the rice granary province of Tien Giang, the retail rice price has increased by another 900 dong to 7,600 dong per kilo. In Dong Thap province, the wholesale price has surged by 450 dong to 7100 dong per kilo.

However, Saigon tiep thi has also said that a quite different scenario may happen. Under the scenario announced by the US Agriculture Department, India may ease the rice price fever. In order to have 16.15 million tonnes of rice which India lacks, it may launch the 7.1 million tonnes from its reserves into the market. Besides, it may also use 6.1 million tonnes of wheat instead of 4.15 million tonnes of rice

If so, the serious rice price fever will be over.

Source: SGTT

Mekong Story: Challenge and Dream

noreply@blogger.com (Nam) — Sat, 03 Jul 2010 21:32:31 PDT

This is the name of a mobile exhibition organized by 15 agencies in Laos, Cambodia, Sweden and Vietnam that will open at the Vietnam Ethnology Museum in Hanoi from November 25, 2009 to February 25, 2010. The exhibition will then travel on to An Giang province, Cambodia, Laos and finally Sweden in 2012.

The exhibition will open at the Vietnam Ethnology Museum in Hanoi from November 25, 2009 to February 25, 2010.

The exhibition reflects life along the Mekong River through nine stories. The materials used in this show are from the Cultural Heritage for Sustainable Development in Southeast Asia.

Fifteen agencies in Laos, Cambodia and Vietnam joined the World Cultural Museum of Sweden to organize this exhibition. Vietnamese agencies participating in this project are the Vietnam Ethnology Museum, the Cultural Heritage Agency, the Vietnam History Museum and An Giang Province Museum.

Source: Tien Phong