I wonder...is there anyone here investing in FX, stocks (US stocks) or commodities ? I wanna have some kinds of discussion and analysis (sothat we can help each other), rather than reading and reading all of above articles

FDI vào Việt Nam tăng tốc
ANH QUÂN
27/04/2010 16:33 (GMT+7)
Báo cáo tình hình đầu tư trực tiếp nước ngoài (FDI) 4 tháng đầu năm vừa được Cục Đầu tư nước ngoài công bố hôm nay (27/4). Trên hầu hết các “mặt trận”, số liệu FDI đã cho thấy sự tăng tốc đáng kể.

Giải ngân vốn FDI tiếp tục ấn tượng khi đạt khoảng 900 triệu USD trong tháng 4, nâng tổng số vốn FDI giải ngân trong 4 tháng đầu năm 2010 lên 3,4 tỷ USD, tăng tới 36% so với cùng kỳ năm 2009.

Trung bình, giải ngân vốn FDI đạt khoảng 850 triệu USD/tháng. Đây là mức khá cao và tương đương giải ngân vốn FDI giai đoạn trước khủng hoảng.

Trong khi đó, vốn đăng ký đã thoát thế “lùng bùng” ở mức thấp mà có sự bứt phá ngoạn mục, tuy chưa theo kịp cùng kỳ năm ngoái.

Từ tương quan so sánh chỉ đạt 29% so với cùng kỳ trong báo cáo tháng trước đó, tương đương 2,14 tỷ USD, chỉ tiêu này trong tháng 4 tăng thêm gần 3,8 tỷ USD để đạt “chung cuộc” 5,92 tỷ USD, bằng 74,3% so với cùng kỳ.

Với các con số cụ thể, tính đến tháng 4, đã có 263 dự án cấp mới với tổng vốn gần 5,6 tỷ USD, so với cùng kỳ đã giảm 19,6% về số dự án cấp mới nhưng tăng tới 58,5% về vốn.

Tuy nhiên, chỉ tiêu về dự án FDI tăng vốn chưa lấy lại đà tăng trưởng. Cũng trong 4 tháng qua, mới có 92 lượt dự án tăng vốn với tổng giá trị đăng ký đầu tư đạt 325 triệu USD, bằng 69,7% về số lượt dự án nhưng chỉ tương đương có 7,3% về vốn so với cùng kỳ.

Trong 31 quốc gia, vùng lãnh thổ đầu tư vào Việt Nam 4 tháng đầu năm nay, các vị trí đầu bảng đã có sự thay đổi cả về đối tác đầu tư và lượng vốn đăng ký. Từ chỗ không có đối tác nào đạt tổng vốn đăng ký đầu tư quá 1 tỷ USD tại báo cáo tháng trước, đến nay đã có 3 đối tác vượt chỉ tiêu này.

Hà Lan chỉ thêm 1 dự án cấp mới trong tháng đã thế chỗ Hoa Kỳ giành vị trí “quán quân”, với trên 2,15 tỷ USD vốn đăng ký. Nhật Bản từ vị trí thứ 8 đã lên thứ nhì, với 1,1 tỷ USD vốn đăng ký; Hoa Kỳ đứng thứ 3 với 1,02 tỷ USD…

Về phía các địa phương, thu hút nhiều vốn FDI nhất là Quảng Ninh. Sau khi trao giấy chứng nhận đầu tư cho đối tác Hà Lan, tỉnh này trở thành địa phương thu hút vốn đầu tư nước ngoài lớn nhất trong 4 tháng qua. Tiếp đến là Nghệ An, Bà Rịa - Vũng Tàu, Tp.HCM…

Theo nhận định của một số chuyên gia, sự tăng tốc trong các chỉ tiêu quan trọng liên quan đến vốn FDI có thể phản ánh phần nào sự phục hồi kinh tế trên thế giới, cũng cho thấy kỳ vọng cao hơn của nhà đầu tư đối với triển vọng kinh doanh tại Việt Nam.

Tuy nhiên, vấn đề cơ cấu đầu tư, dòng vốn FDI, công nghệ lựa chọn, hay môi trường tại các dự án này vẫn còn nhận được nhiều nghi ngại. Đặc biệt, sau vụ việc Tung Kuang Hải Dương bị phát hiện xả chất thải không qua xử lý ra môi trường gần đây, có nhiều ý kiến đặt dấu hỏi về hiệu quả thực sự của các dự án tương tự.
Nguồn:http://vneconomy.vn/20100427041648742P0C10/fdi-vao-viet-nam-tang-toc.htm

http://english.vovnews.vn/avatar.aspx?ID=93161&at=0&ts=200&lm=634079902085700000

PM’s trip to China expected to boost bilateral ties
Prime Minister Nguyen Tan Dung’s week-long trip to the 2010 Shanghai World Expo and Jiangsu and Zhejiang provinces, starting April 26, is expected to create a new impetus for Vietnam-China comprehensive strategic co-operative ties.

Under the theme of “Better City, Better Life”, the exposition will focus on scientific and technological innovations and urban life in the 21st century. The six-month long event, scheduled to open on May 1, will attract participants from nearly 200 countries and 50 international organisations. Approximately 70 million visitors, including 3.5 million foreigners, are expected to visit the expo. (VNA)

Source: Nhan Dan, http://www.nhandan.com.vn/english/news/260410/domestic_dpm.htm


East China's Jiangsu, Vietnam ink memorandum of economic cooperation

NANJING, April 27 (Xinhua) -- East China's Jiangsu Province and Vietnam signed a memorandum on economic and trade cooperation at a China-Vietnam economic cooperation forum here Tuesday.

According to the memorandum, Jiangsu and Vietnam will cooperate in investment, finance, tourism, industry and trade.

Visiting Vietnamese Prime Minister Nguyen Tan Dung told the forum China is Vietnam's largest trading partner. He expects to further boost the cooperation in economics, trade and investment with Jiangsu.

Despite the global financial crisis, China-Vietnam trade volume increased to more than 20 billion U.S. dollars in 2009. China has been Vietnam's largest trade partner since 2004.

Luo Zhijun, governor of Jiangsu, promised to boost the trade and investment with Vietnam.

More than 500 guests from China and Vietnam, including government officials, representatives from chambers of commerce and enterprises, attended the forum.
Source: Xinhua, http://news.xinhuanet.com/english2010/china/2010-04/27/c_13269902.htm

Chinese businesses get red carpet treatment
rime Minister Nguyen Tan Dung has pledged to create the best possible conditions for Chinese businesses that operate in Vietnam.

The government’s leader stated this at the Vietnam-China Business Forum in the Chinese city of Nanjing (Jiangsu) on April 27, which was attended by representatives of nearly 500 businesses from both countries, in the fields of investment, trade, finance, real estate, electricity, coal, services, tourism, mineral processing, automobile assembly and shipbuilding.

On addressing the forum, Mr Dung highlighted the growing partnership between the two countries, whose two-way trade has increased annually by 30 percent over the past 10 years to reach US$21 billion in 2009. By March, he said, China had more than 700 operational projects in Vietnam with a total registered capital of nearly US$3 billion, not even counting Hong Kong and Macau.

However, Mr Dung said, these results have not been on a par with the two countries’ political relationship and potential as well as their people’s wishes. Trade and investments between Jiangsu province and Vietnam stood at only $2.2 billion in 2009.

PM Dung said Vietnam appreciates Jiangsu’s potential and proposed both step up cooperation, especially in economics, trade, investment, tourism, education and culture.

He said since the ASEAN-China Free Trade Area officially came into effect early this year, enterprises from both countries have enjoyed better business conditions.

PM Dung briefed the participants in the forum on Vietnam’s investment climate and called on Chinese businesses, including those from Jiangsu and Nanjing, to expand their operations in the country.

Also at the forum, many cooperation agreements were signed between tourism, trade and trade promotion agencies from Vietnam and Jiangsu.
Source: VOVNews, http://english.vovnews.vn/Home/Chinese-businesses-get-red-carpet-treatment/20104/115103.vov

http://vovnews.vn/Uploaded_VOV/manhhung/20100427/ky-ket.jpg

FDI GROWS IN FIRST FOUR MONTHS
HANOI, April 29 (NNN-VNS) -- Foreign direct investment rose in both newly-registered and disbursed capital during the first four months of the year, according to Vietnam Foreign Investment Agency.

Over 260 new projects were licensed during the period, worth a combined US$5.6 billion, an increase of 58.5 per cent in capital but a drop of 19.6 per cent in the number of projects over the same period last year.

FDI disbursement reached $1.1 billion in April, lifting total disbursement during the first four months of the year to $3.6 billion, an increase of 5.6 per cent over the same period in 2009.

During the period, the nation attracted $5.92 billion in FDI, a decline of 25.7 per cent year-on-year.

Among existing projects, 92 registered to increase capital by a combined $325 million, year-on-year decreases of 92.7 per cent in terms of capital and 30.3 per cent in the number of projects, respectively.

The Netherlands overtook the US as Viet Nam's leading source of foreign investment during the first four months of the year with $2.15 billion in registered capital. Japan ranked second with $1.1 billion, followed by the US with just over $1 billion and South Korea with $813 million.

During the period, the central province of Quang Nam topped the list of provinces attracting foreign investment with registered capital of $2.15 billion, followed by the central province of Nghe An with $1billion, the southern province of Ba Ria-Vung Tau with $902 million and HCM City with $510 milion.http://www.namnewsnetwork.org/v2/read.php?id=118562

Vietnam to spend billions on islands amid China dispute


HANOI (AFP) – Vietnam has announced an 8.5-billion-dollar economic and defence development plan for a string of islands along its resource-rich coastline, as a broader sovereignty dispute simmers with China.

A copy of the plan, dated April 28, was obtained by AFP on Tuesday.

It calls for development over a 10-year period of a string of islands stretching from Phu Quoc near Cambodia in the southwest to Cat Ba off Haiphong in the north near China.

The document says authorities aim to boost seafood, tourism, agro-forestry and other sectors under the plan, which will require an estimated investment of 162.5 trillion dong (8.5 billion dollars) over 10 years to 2020.

"That's a significant wad of cash for Vietnam to be spending," said Ian Storey, a fellow at the Institute of Southeast Asian Studies in Singapore.

The plan also calls for increased investment in the islands' defences.

"It is essential to pay attention to security and defence tasks during arrangements for economic and civil projects on islands," the document says, calling for them to become an "outer defence stronghold".

The stronghold would include the Spratlys, the document says, although the South China Sea archipelago is not among the islands listed for the economic development initiative.

Vietnam and China are engaged in a long-running dispute over sovereignty of the Spratlys and another archipelago to the north, the Paracels, which China occupies.

The archipelagos are considered strategic outposts with potentially vast oil and gas reserves and rich fishing grounds.

Taiwan also claims the Paracels, while the Spratlys are claimed in full or in part by China and Vietnam as well as the Philippines, Malaysia, Brunei and Taiwan.

Over the past year Vietnam has reported cases of fishing boats and equipment being seized by China.

In the latest incident, reported by the state Vietnam News on Monday, China released 23 Vietnamese fishermen but allegedly kept one of their boats and gear worth 500 million dong. The men were arrested while fishing off the Paracels.

Among the islands included in Vietnam's development plan are Phu Quy and Con Dao, off southern Vietnam, where the country already produces oil and gas.

Last year a US State Department official said Beijing told US and other foreign oil companies to halt work with Vietnamese partners in the South China Sea or face consequences.

While Vietnam's island initiative appears to be about economic development, "another factor would be the need to protect these offshore oil and gas deposits" as well as fishing stocks, Storey said.

In December, Vietnam reached a major arms deal with Russia that was reported to involve the purchase of six submarines. Analysts said the deal aimed to bolster Vietnam's maritime claims against China.

The islands contribute about 0.2 percent of Vietnam's economy but this would more than double to 0.5 percent under the development plan, the government document said.


http://news.yahoo.com/s/afp/20100504/wl_asia_afp/vietnameconomydefencechina

I wonder...is there anyone here investing in FX, stocks (US stocks) or commodities ? I wanna have some kinds of discussion and analysis (sothat we can help each other), rather than reading and reading all of above articles

You seem like a bright guy but it seems like you never read your pms. Does that make you not so bright? Always willing to help the bright but Doehomey must get back to his work.

Export turnover up 33.5% in April
http://www.nhandan.com.vn/english/business/080510/images/image002.jpg

Nhan Dan – Export turnover was estimated at US$5.7 billion in April, a 1.9% increase over March and a year-on-year 33.5% rise.

Of the total sum, US$2.61 billion was the export value of the domestic enterprises, a 6.1% rise against March, and US$3.09 billion was export turnover of the foreign-invested enterprises, a 1.3% reduction.

In overall for the first four months, export turnover was estimated at US$20.16 billion, a year-on-year 8.9% rise. Of which, the domestic and the foreign-invested enterprises reached US$8.91 billion and US$11.25 billion in export turnover, a 10.7% decline and a 31.9% surge respectively over the same period last year.

Six items of goods which earned over US$1 billion in export turnover each include aquatic product, rice, crude oil, wood and wood products, garments and textiles, and footwear.http://www.nhandan.com.vn/english/business/080510/business_b.htm

Four-month aquatic product export turnover up 17.4%
http://www.nhandan.com.vn/english/business/070510/images/image004.jpg
Shrimps processed for export.

Nhan Dan – Aquatic product export turnover reached around US$350 million in April, bringing a total of aquatic product export value to over US$1.2 billion, a 17.4% year-on-year increase.

Of which, Tra and Basa fish are still leading exports.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), export value of white shrimps (the scientific name: Peneus Vannamei) is expected to double to US$500 million this year. The export turnover of black tiger prawns (the scientific name: penaeus monodon) is likely to attain US$1.4 billion. 500,000 tonnes of Tra fish worth around US$1.5 billion is anticipated to be exported this year.http://www.nhandan.com.vn/english/business/070510/business_f.htm

Foreign businesses believe in Vietnam’s prospects
Vietnam ranked third amongst the 17 countries and territories involved in the latest HSBC Trade Confidence Index (TCI), which shows the foreign business community’s increasing belief in the opportunities available in the country.

According to the TCI table, announced on May 4, Vietnam reached this position with 132 points out of 200, just after the United Arab Emirates (UAE) with 134 points and India with 133 points.

In a recent survey conducted by A.T. Kearney, called the FDI Confidence Index, Vietnam was 12th out of 80 other nations, to win the most confidence from international investors.

In the rankings, the country led the Southeast Asian region, followed by Indonesia (19th ), Malaysia (20th ) and Singapore (24th ).

Meanwhile, another survey by Singapore’s InsightAsia showed that the confidence index of consumers in Vietnam was high with 132 points in the first quarter, just after Singapore and outstripping China, Malaysia, Indonesia and Thailand. (VNA)http://www.nhandan.com.vn/english/business/070510/business_fr.htm

Viet Nam clampdowns on slow investment projects
Bac Ninh Province's recent decision to withdraw the investment licence of South Korean-invested IGS Viet Nam Co is the latest demonstration of Viet Nam's ongoing efforts to crack down on slow-moving foreign-invested projects.

The investor was licensed two years ago to develop an industrial and residential complex on a site of 630ha at a cost of US$240 million but failed to obtain financing for the project.

The central province of Khanh Hoa planned to withdraw the licence of a $500 million shipyard project licensed and allocated land in 2006, said the director of the province's Department of Planning and Investment, Vo Tan Thai. The province would go ahead after receiving the government's approval, said Thai, adding that it would invite the PetroVietnam Group to pick up the project.

The People's Committee of Ninh Thuan Province has also warned Malaysia's Lion Group that it would lose its licence to build a $9.8 billion steel complex if it did not carry out the project on schedule. The groundbreaking ceremony was carried out in late 2008 but no further construction followed.

Many foreign investors have encountered difficulties in raising capital to develop their projects due to the global economic downturn, the foreign investment agency (FIA) under the ministry of planning and investment has confirmed.

As a consequence, FIA re-evaluated all domestic- and foreign-invested projects in the first quarter of this year as an aggressive move to deal with suspended and slow-moving projects, the agency said.

Some localities have also misjudged the availability of land prior to granting investment licences, resulting in land clearance delays and a large number of sluggish projects, said FIA's former director Phan Huu Thang.

For instance, the central province of Ha Tinh was attempting to hasten land clearance efforts to facilitate the implementation of the Taiwan-invested Son Duong port and steel complex, with a first-phase budget of $7.9 billion. Construction on the project kicked off early last year.http://www.asianewsnet.net/home/news.php?id=11858&sec=2

The UPS-Vietnam joint-stock company made its debut in Hanoi on May 11 as a result of cooperation between the US-headquartered UPS and the Express Mail Service Joint-stock Company.
Deputy Minister of Information and Communication Nguyen Thanh Hung said the new company is expected to help connect Vietnam with the world.

Under the new deal, UPS’s committed to further investing in its branches located in major cities and industrial hubs nationwide in an effort to strengthen its Asian capacity and broaden UPS global connection.

UPS-Vietnam General Manager Jeff McLean said his company has set a target to become a leader in business connection in Vietnam, covering not only express delivery of mails and goods but also a wide range of services including consultancy in customs procedures, distribution and storage.

UPS will expand its network to 63 Vietnamese provinces and cities, said the UPS-Vietnam chief.

UPS signed up the Express Mail Service JSC under the Vietnam Post and Telecoms Group (VNPT) as its agent in 1994 and the two partners have now expanded operation to Hanoi and Ho Chi Minh City.

Source: vovnews
http://english.vovnews.vn/Home/UPS-sets-up-joint-venture-in-Vietnam/20105/115452.vov

Since the start of this year, Vietnam has exported more than 2.1 million tonnes of rice, earning US$983 million, according to the Vietnam Food Association (VFA). In the first week of May, Vietnamese businesses shipped 132,409 tonnes of rice, earning US$59.1 million. The VFA vice chairman Pham Van Bay said that the total amount of rice under contracts sighed by the end of April reached 4 million tonnes, up 13 percent from a year earlier. Mr Bay added that there is no reason for some businesses to complain that they are suffering from losses due to low export prices and high domestic prices. Over the past four months, export prices have been gradually falling but they already signed their export contracts, Mr Bay said.

Source: vovnews
http://english.vovnews.vn/Home/Rice-exports-hit-nearly-US1-billion/20105/115440.vov

Great news men! :banana:
Now huge vessels can arrive Vietnam to ship goods directly to other countries. We are now able to lessen dependence on Singapore port.:)

I hope the government will have Van Phong port built soon so we will have even much bigger capacity. :cheers:

Tàu hàng lớn nhất và dài nhất đến Việt Nam
(Dân trí) - Lần đầu tiên trong lịch sử hàng hải Việt Nam, một con tàu chở hàng siêu trọng có sức chở hơn 9.000 TEU (tương đương khoảng 9.000 container) đã cập cảng Việt Nam.
Con tàu mang tên Mathilde Maersk của hãng tàu biển Maersk Line (Đan Mạch) đã cập cảng quốc tế SP-PSA (thuộc hệ thống cảng Cái Mép - Thị Vải, Vũng Tàu) vào ngày hôm nay 11/5.

Với chiều dài gần 400m, đây cũng là con tàu dài nhất mà cảng biển Việt Nam từng tiếp nhận. Nếu xếp chồng 9.000 container mà con tàu này chuyên chở thì sẽ có một cột container cao hơn 23.000m, tức là cao gấp 7 lần chiều cao của đỉnh Phan-xi-phăng, đỉnh núi cao nhất nước ta.

http://dantri.vcmedia.vn/Uploaded/2010/05/11/Tauhanglonnhat.jpg
Đây là con tàu hàng có trọng tải lớn nhất và dài nhất đến Việt Nam.

Ông Peter Smidt-Nielsen, Tổng giám đốc điều hành Maersk Line Việt Nam & Campuchia cho biết: “Đây là chuyến tàu đầu tiên, khai trương cho tuyến TP6 sử dụng đội tàu lớn hạng post-panamax (siêu trọng) trực tiếp đi từ Việt Nam đến Los Angeles (Mỹ) của hãng tàu biển Maersk Line”.

Tuyến tàu này sẽ xuất phát từ cảng SP-PSA vào thứ tư hàng tuần. Thời gian vận chuyển là 21 ngày, tính từ ngày container hạ bãi tại cảng container ở TPHCM cho đến ngày cập cảng ở Los Angeles.

Đây là 1 trong 7 tuyến xuyên Thái Bình Dương trong mạng lưới toàn cầu của Maersk Line. Hàng hóa từ Campuchia cũng sẽ được chở bằng xà lan đến đây, sau đó mới chuyển vận sang Mỹ.

Trước đó, để thử nghiệm cảng SP-PSA có khả năng tiếp nhận những con tàu siêu trọng như trên không, ngày 12/2, tàu Albert Maersk đã được đưa vào cảng SP-PSA. Đây cũng là một con tàu khổng lồ với công suất thiết kế gần 8.300 TEU, dài hơn 350m.

Trước đó, tàu hàng lớn nhất mà cảng biển Việt Nam tiếp nhận là tàu MOL Premium, thuộc hãng tàu Mitsui O.S.K Line, với sức chở 6.350 TEU, đến Việt Nam trong tháng 6/2009. Và con tàu dài nhất mà cảng biển Việt Nam tiếp nhận là tàu du lịch Queen Mary II dài 345m cập cảng vào tháng 2/2010. Đến nay, cả hai kỷ lục trên đều bị phá.
Source: dantri
http://dantri.com.vn/c76/s76-395252/tau-hang-lon-nhat-va-dai-nhat-den-viet-nam.htm

Vietnam: The New Land of Opportunity



Describing Vietnam as a land of opportunity would have been preposterous not long ago. But times have changed, and so has Vietnam’s economy.

In a recent article, The Herald Sun quotes a visitor to the country (which joined the World Trade Organization in 2007) saying that “the natural entrepreneurship of the people is rapidly flourishing.” Less than 6% of its 86 million people are over the age of 65: a unique advantage for Vietnam in the global marketplace.

In September 2009, The Economist reported that credit in Vietnam is “cheap and flowing, and the stock market has more than doubled in value in the past six months.” As a result, Vietnam’s economy is expected to “grow robustly over the next couple of years.”

IndexMundi.com shows that Vietnam’s real (inflation-adjusted) GDP rose every year from 2003 to 2008,, with the exception of an anomalous 3% dip in 2007. And while GDP naturally went south in 2009 – as it did in most countries – the recession has done little to worsen Vietnam’s long-term economic prospects, which remain strong. In fact, investment bank Credit Suisse predicts 8.5% real GDP growth for Vietnam in 2010.

We continue our series on emerging markets by analyzing Vietnam’s economic landscape: the opportunities, incentives to producers and fastest-growing industries.
The Opportunities

(Eustaquio Santimano)

As noted earlier, Vietnam benefits from having a young and ambitious population. In fact, the Herald Sun says that Vietnam is “enjoying some of the most favorable demographics in the world” at a time when other nations are not nearly as fortunate. This translates into a population ripe for targeting by new businesses, eager and willing to consume.

The biggest opportunity for entrepreneurs and businesspeople in Vietnam, however, is exports. Exports of manufactured goods, textiles, shoes, oil and IT services are said to be high and rising. In 2008, they hit a record of nearly $63 Billion, a 29.5% increase compared with the previous year, according to the Vietnam Customs office. And while The Economist reported that exports fell by 14% year-on-year in the first eight months of 2009, this has generally been attributed to the worldwide financial crisis and most analysts anticipate continued export growth in the future. (A special section of Business-in-Asia.com offers information about the Vietnamese workforce and opening a factory there.)

Tourism is another source of opportunity in Vietnam, a country endowed with natural beauty and attractive scenery. While tourism declined in 2009, the national government has upped its own promotion of the country’s tourism sector, VOVNews reports. For example, many tourism businesses are offering discounts for tours and tourism services as part of a program called “Impressive Vietnam.” Even as it dropped 10% in 2009, tourism revenue grew 10% over the previous year, to VND 70,000.
Incentives to Producers

(Eustaquio Santimano)

Various incentives have been established for producers and entrepreneurs doing business in Vietnam. Those include tax incentives between Vietnam and neighboring nations. For example, Vietnam pledged to impose a 0% tax rate on 16 items imported from Laos, including automobiles, motorbikes, engines and components, according to Vietnam’s Customs office. In exchange, Laos agreed to give the same tax rate to 87 Vietnamese groups of commodities, including floral materials, processed fruits, cigarettes, garments, motorbikes, and interior furniture.

Incentives to exporters were also established in 2009 to help re-ignite growth in that sector. Last year, a tax reduction and exemption was enacted to assist businesses involved in exports and trade promotion programs to exploit potential markets in Africa, Latin America and the European Union. The Ho Chi Minh City website breaks down the tax rates that apply to different types of investments in Vietnam – 10%, 15%, or 20% – depending on the nature of the investment.

The Obstacles

Unlike many of the emerging markets we have explored, Vietnam has not been aggressive about expanding personal freedoms. The 2009 Legatum Prosperity Index, for example, finds that “Vietnamese citizens do not have freedom to exercise and practice their religious beliefs, speak freely without fear of government censorship, and travel freely within and out of their own country.”

The Index lists eleven procedures that stand in the way of starting a new business in Vietnam, suggesting that businesspeople should not relocate to Vietnam on the fuzzy hope of benefiting from a nationwide economic boom. Rather, consider relocating if you work in an industry which Vietnam’s autocratic government has decided to allow or encourage. Those working in tourism and exporting, for instance, will likely benefit from the Vietnamese government’s incentives. For businesses in any other industry, the political culture may not be advantageous.
The Future

Despite Vietnam’s autocratic government and some recent recession-induced sags in growth, the overall economic prospects are quite good. Vietnam’s unemployment rate, at just over 2%, is one of the lowest worldwide, according to the Legatum Prosperity Index. The country ranks 27th in the world in terms of trade, which measures the relative prices of a country’s exports to the prices of its imports.

Inflation, which peaked at 28% in August 2008, remains a concern, but has been tamed for the time being. Arguably, the best scenario for Vietnam’s continued growth will occur if the country follows the advice of World Bank country director Victoria Kwakwa, who exhorted Vietnam’s leaders to remain focused on eliminating “the fundamental constraints to the economy’s competitiveness.”


site : http://www.mint.com/blog/trends/vietnam-the-new-land-of-opportunity/

GE Energy Hải Phòng xuất xưởng tuabin gió phát điện đầu tiên

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10/05/2010 16:24 (GMT+7)


Lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy Hải Phòng.
Tập đoàn GE làm lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy Hải Phòng
Ngày 10/5, Tập đoàn GE làm lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy trong Khu công nghiệp Nomura - thành phố Hải Phòng.

Những chiếc máy này đã được ký hợp đồng xuất khẩu vào quí 1/2010, đây là một minh chứng cụ thể về khoản đầu tư hơn 60 triệu USD của GE cho nhà máy GE Energy Hải Phòng.

Ông Gergo Lencses, Tổng giám đốc GE Energy Hải Phòng cho biết: “Nhà máy là một phần trong chiến lược toàn cầu hoá của GE nhằm phát triển và sử dụng năng lực sản xuất tập trung để quản lý chi phí và đảm bảo chất lượng”.

Được biết, GE Energy Hải Phòng là nhà máy sản xuất đầu tiên trong ngành năng lượng tại khu vực Đông Nam Á và được xây dựng trong thời gian đúng 1 năm, kể từ lúc nhận giấy phép đầu tư đến lúc cho ra những sản phẩm đầu tiên.

Các sản phẩm của nhà máy sẽ được xuất khẩu đến hơn 70 quốc gia có mục tiêu phát triển năng lượng tái tạo trên thế giới, để chế tạo ra tuabin gió thành phẩm.

hope we have more more more wind's energy ...

GE Energy Hải Phòng xuất xưởng tuabin gió phát điện đầu tiên



Lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy Hải Phòng.
Tập đoàn GE làm lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy Hải Phòng
Ngày 10/5, Tập đoàn GE làm lễ xuất xưởng những chiếc máy phát điện tuabin gió đầu tiên được sản xuất tại nhà máy GE Energy trong Khu công nghiệp Nomura - thành phố Hải Phòng.

Những chiếc máy này đã được ký hợp đồng xuất khẩu vào quí 1/2010, đây là một minh chứng cụ thể về khoản đầu tư hơn 60 triệu USD của GE cho nhà máy GE Energy Hải Phòng.

Ông Gergo Lencses, Tổng giám đốc GE Energy Hải Phòng cho biết: “Nhà máy là một phần trong chiến lược toàn cầu hoá của GE nhằm phát triển và sử dụng năng lực sản xuất tập trung để quản lý chi phí và đảm bảo chất lượng”.

Được biết, GE Energy Hải Phòng là nhà máy sản xuất đầu tiên trong ngành năng lượng tại khu vực Đông Nam Á và được xây dựng trong thời gian đúng 1 năm, kể từ lúc nhận giấy phép đầu tư đến lúc cho ra những sản phẩm đầu tiên.

Các sản phẩm của nhà máy sẽ được xuất khẩu đến hơn 70 quốc gia có mục tiêu phát triển năng lượng tái tạo trên thế giới, để chế tạo ra tuabin gió thành phẩm.

hope we have more more more wind's energy ... let's go VN :banana::banana:

Vietnam's economy shows resilience in crisis
http://dangcongsan.vn/admin/Upload/News/2010/5/kinhtevn130510.jpg

Vietnam's growth has exhibited a sharp V-shape rebound from the global economic downturn despite a relatively high dependence on exports, according to the 2010 edition of the annual Economic and Social Survey of Asia and the Pacific conducted by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

In 2008, Vietnam's growth grew at a brisk 6.2 per cent, with inflation hitting 23 per cent combined with a current account deficit running at 11.9 per cent of GDP. In January of 2009, as a result of the crisis, exports fell by more than 20 per cent, and the GDP growth of last year was estimated to decline to 5.3 percent.

The survey recognised the Government's aggressive fiscal and monetary policy as responding in a timely manner, particularly through a number of gradual devaluations of the exchange rate in late 2009 and early 2010, as an important factor behind the Vietnamese economy's strong performance during 2009.

The growth was forecast to reach 5.8 per cent this year, much lower than the pre-crisis levels of 8 per cent. However, ESCAP still said Vietnam would see a stronger rebound compared to neighbouring Southeast Asian countries due to a large domestic commodity-rich market.

According to the survey, in Vietnam and other countries in Southeast Asia sub-region, the large export-driven industrial base, once seen as the source of strength, has become the source of vulnerability in the aftermath of the global economic crisis.

ESCAP, therefore, recommended the long-term measure toward a fairer, more balance and sustained economic recovery at the Asia-Pacific level should be focused on creating a more integrated and sustained regional market benefiting both national economies and a larger consumer class given the fact that as of now, the region is better connected through trade patterns with Europe and North America than it is with itself.

The survey also identified a number of priorities including enhancing regional economic integration and integrated trade and transport policies, and the development of a regional financial architecture that can lay the foundations for a more inclusive, interconnected and sustainable path of development for the region.http://dangcongsan.vn/cpv/Modules/News_English/News_Detail_E.aspx?CN_ID=403171&CO_ID=30107#PCQ0nBmu9zPW

SBV rejects devaluation of Vietnam dong
Nhan Dan Online – The State Bank of Vietnam (SBV) has affirmed that it will keep exchange rate stable after some mass media published the information that the SBV would devalue Vietnam dong (VND) by 4% against US dollar (US$).

It said that this is the wrong and groundless information, causing worries on the market.

According to the SBV, Vietnam’s foreign exchange market has been stabilised since late March with an abundant supply of foreign currencies. People’s and businesses’ demand for foreign currencies has been sufficiently met. Credit institutions have always maintained a positive foreign exchange position and had enough foreign currencies to sell to their customers and even to the SBV.

It said that it had bought more than US$1 billion for reserves from the credit institutions since mid-April. http://www.nhandan.com.vn/english/business/140510/business_b.htm

Work starts on Southeast Asia’s most modern milk plant
http://www.nhandan.com.vn/english/business/150510/images/image002.jpg

The Hanoi-based TH Food Joint Stock Company kicked off construction on a milk processing plant in the central province of Nghe An on May 14.

National Assembly Vice Chairwoman Tong Thi Phong attended the ground-breaking ceremony for the plant, which is part of a concentrated dairy cow breeding and milk processing project in the province.

Covering an area of 22 ha in Nghia Trung commune, Nghia Dan district, the plant is expected to be the most modern one in the Southeast Asian region as it will apply Sweden ’s advanced technology in production.

The 350 million USD dairy cow breeding and milk processing project aims to develop an international-standard dairy industry in Vietnam based on advanced Israeli technology and management.

It will build eight breeding farms with 2,400 dairy cows each. (VNA) http://www.nhandan.com.vn/english/business/150510/business_w.htm

Over the past year Vietnam has reported cases of fishing boats and equipment being seized by China.

In the latest incident, reported by the state Vietnam News on Monday, China released 23 Vietnamese fishermen but allegedly kept one of their boats and gear worth 500 million dong. The men were arrested while fishing off the Paracels.

Among the islands included in Vietnam's development plan are Phu Quy and Con Dao, off southern Vietnam, where the country already produces oil and gas.

Last year a US State Department official said Beijing told US and other foreign oil companies to halt work with Vietnamese partners in the South China Sea or face consequences.

-----------------------------------------------------------------------
What Consequences is that? China has already had a failed invasion of Vietnam in 1979, seized boat, and kill and capture Vietnamese fisherman. This 600 lbs guerrilla is doing to Vietnam what they always been doing to Taiwan, Tibet, and Mongolia. That is forcing is political will on a smaller nation and or the use threat and violence where it has no business to begin with.

Viet Nam targets 8% growth
http://www.pna.gov.ph/images/1801.bmp

HA NOI, May 18 (PNA/VNA) -- The nation is targeting economic growth of 7.5-8.5 per cent per year during 2011-15, under a socio-economic development strategy being drafted for the period.

At a meeting held yesterday by the Ministry of Planning and Investment and the World Bank, aimed at gathering comments on the draft, UN Resident Coordinator in Viet Nam John Hendra urged the country to adopt a strategy that took into account climate change, energy efficiency and the environment.

Viet Nam could also learn from the experiences of other countries that had gone through this stage of development, added Hendra.

However, Victoria Kwakwa, head of the World Bank in Viet Nam, reminded participants in the meeting that the nation should avoid duplicating the development strategies of different regions, as each region has its own unique problems and advantages.

Deputy Minister of Planning and Invesment Cao Viet Sinh urged the adoption of a plan that would balance high growth with the need for sustainable development.

The draft strategy, he said, should reflect the Government's economic goals and modern development models, and it should create a fair, clean and stable business environment.

The strategy would seek to restructure the economy gradually from the current model. Industry and construction, which currently account for 40 per cent of growth, and services, which presently account for 39.8 per cent, would increase gradually over the five-year period to 40.7 and 40.3 per cent, respectively, while agriculture and seafood's share of the economy would decline from 19.9 per cent to 19 per cent.

The draft would qualify for improvements in labor quality and in higher education, as well as the application of advanced technology in industry, agriculture, services and public administration.

Under the plan, construction of infrastructure systems would also be a focal point for development over the next five years.

Sinh called for a focus on infrastructure development during the period that emphasized quality over quantity. Among the projects planned for the next 10 years were major highways and a north-south express railway, so it was critical that the incremental capital output ratio of these projects was evaluated for the medium term, not simply for the yearly period, he said.

Overarching goals in the five-year strategy would include economic stability, and improved business climate, social equity and advancement, and more efficient government.

Growth rates fell from 8.23 per cent in 2006 to 5.32 per cent during 2009, due to the global economic crisis. It has been predicted to reach 6.5 per cent this year.http://www.pna.gov.ph/index.php?idn=4&sid=&nid=4&rid=276366

President Triet hails Vinatex as spearhead sector
http://www.nhandan.com.vn/english/news/280510/images/image003.jpg

President Nguyen Minh Triet has hailed the efforts made by the Vietnam National Textile and Garment Group (Vinatex) to become the country’s spearhead export sector.

“Over the past 15 years Vietnam’s garment and textile sector has turned the country into one of the top ten exporters of garments in the world,” said the President at a ceremony in Hanoi on May 27 to mark the 15th anniversary of Vinatex’s establishment and its honour to receive the Gold Star order, the highest decoration the State can bestow.

However, he asked the group to keep progressing and to lift Vietnam to an even higher position on the world’s list of top garments manufacturers.

Vinatex needs to pay more attention to increasing its sales in the domestic market, said President Triet, adding that the more products it sells in Vietnam, the more competitive it will become. This will subsequently open up more markets for products made in Vietnam.

He stressed on the group’s strategic aims to enhance personnel training and human resource development.

The President also urged relevant ministries and agencies to come with new policies for Vinatex in particular, and the garment and textile sector in general, to remain the country’s main hard currency earner.

Vinatex is expected to earn US$10.5 billion from garments and textiles exports in 2010, 12 times higher than that 15 years ago. It now has trade ties with more than 70 countries and the group’s products are sold in over 3,000 supermarkets and shops nationwide.

Vietnam is the second largest exporter of garments and textiles to the US, third highest in Japan, and ninth biggest in the European Union. http://www.nhandan.com.vn/english/news/280510/domestic_dp.htm

PALME Vietnam 2010
Updated at: Tuesday, June 01, 2010 2:39:27 PM

(VEN) - PALME Vietnam 2010, an international showcase of professional audio, lighting, audio visual, broadcast, systems integration and entertainment technologies, will be held at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City from July 22-24.


The first ever PALME Vietnam exhibition promises to bring the very latest of professional audio, lighting and visual technologies to the shores of Vietnam. Renowned International brands from Germany, France, the UK, Spain, Denmark, Italy, the Czech Republic, Sweden and the US will be showcasing their latest innovations at PALME Vietnam. For the first time in Vietnam renowned international brands showcasing cutting-edge technologies will gather in one venue.
Register online by July 1, 2010 to win fabulous prizes and visit the website www.palme-vietnam.com for more information./.
PV
http://ven.vn/news/detail/tabid/77/newsid/14431/seo/PALME-Vietnam-2010/language/en-US/Default.aspx

E-commerce opens export doors in untapped markets
HCM CITY, June 3 (PNA/VNS) -- Vietnamese exporters should join a program that aims to promote trade between Vietnam, the Middle East, APEC and Africa through e-commerce, experts said at a seminar held in HCM City yesterday.

The program is being carried out under National Project 191 by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Alibaba.com and Ha Noi-based OSB (Opportunities Solutions Business) Joint Stock Co.

Allan Yau, in charge of marketing at Alibaba.com, a leading e-commerce company, said it has chosen 100 local businesses to receive assistance under the "Gold Supplier" service package on Alibaba.com to advertise their products and seek new partners.

The online company will also organize e-commerce training courses for these enterprises to help them improve customer service, Yau said.

This will open up opportunities for Vietnamese exporters to tap the Middle East, APEC and African markets because they can find abundant data on buyers in each category or each region, particularly in these three markets, on Alibaba.com.

"E-commerce is a good way for companies to expand their customer and international supplier network," he said.

A survey by the Ministry of Industry and Trade last year found 60 per cent of enterprises believed that e-commerce would increase their business growth rate, as against 37 per cent in 2005.

"Currently, the Middle East and African markets are interested in Vietnamese products including agricultural products, foodstuff, beverage, seafood, furniture and handicrafts," Yau said.

The number of Vietnamese firms registering on his company's website rose by 38 per cent over the last year to 120,000, he noted. The number of global members registered with Alibaba.com reached 12.5 million this March.

Vo Tan Thanh, director of the HCM City branch of VCCI said "apart from strengthening trade promotion programs, the application of information technology, especially e-commerce, is one of the effective tools that can promote business activities and increase their competitiveness."

Exporters need to get updated market information and use e-commerce to fully exploit these potential markets, he said.

Ly Quoc Hung, head of the Ministry of Industry and Trade's Africa – West Asia – East Asia Department, noted that products exported the Middle Eastern and African markets should be of clear origin and contain information in Arabic.

Last year, the two-way trade between Vietnam and the Middle East reached US$ 2.16 billion. The export of Vietnamese goods, mostly textile, leather shoes, seafood, rice, coffee, pepper, rubber and wood products, accounted for $ 1.13 billion, while plastic materials, oil, chemical and steel worth $ 1.03 billion were imported. (PNA/VNS) http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=279518

Vietnam: The new China?
I would like to think Vietnam is on the right track :)
Posted: 208 GMT
It’s been more than a decade since I was last in Ho Chi Minh City. The city then was dusty, noisy, frantic and, well, disorganized – a lot of energy but not a lot of focus.


But there are very few cities in Asia that you can return to after 10-year absence and expect things to be the same (except, perhaps, for Yangon and Colombo). Ho Chi Minh in 2010 is booming. The familiar landmarks are still there but this city is spreading - upwards and outwards.

This is what 10 years of an average annual growth of 7 percent looks like: The streets are even more clogged with motorbikes but now compete with a stream of Toyotas, Kias and Fords. The city center is clean - the dust in the air now is from building sites rather than badly-paved roads. (From my hotel room looking across the bustling Saigon River I can see perhaps 20 cranes perched on top of semi-completed high-rises.)

The brand name stores are starting to appear although still – some would say thankfully –no sign of McDonald’s.

To say Vietnam is open for business is an understatement – and this Southeast Asian growing powerhouse is deadly serious about drawing foreign business.

The World Economic Forum’s East Asia meeting chose Ho Chi Minh City (or Saigon, if you prefer) for its first event in a true emerging market. Organizers were expecting about 250 to 300 business people this week, but more than 400 came from across the world.

The government is out in force too. Prime Minister Nguyen Tan Dung is everywhere, chatting up the opportunities. He wants Vietnam to be Asia’s manufacturing base of choice after China.

It’s a tall order, and at the moment Vietnam is seen as a production base for lower value-added goods like textiles, furniture or footwear.

But times are changing. Samsung and Canon are both investing heavily in electronics manufacturing and service bases. Most of the big Asian carmakers as well as Ford are producing for the local market with an eye on exports later down the line.

I met Tom Schneider, a German businessman who has just outlaid $12 million to build a tanning factory at an industrial park on the outskirts of Ho Chi Minh City.

Forthright and ebullient, Schneider’s built eight factories in Asia in the past 16 years. In Vietnam it took him just 22 months, from finding the land, building the factory, and training the workforce – his fastest project anywhere.

He now produces 80,000 hides a month, enough for about 1.5 million pairs of shoes. Timberland is his biggest customer.

And he’s quick to point out that although tanning is “environmentally hostile” his new plant is greener than his existing plant in China, which has received a silver medal standard for environmental protection from Timberland.

So why move to Vietnam? It’s cheaper. Labor costs are about 60 percent of China’s although senior management is still more expensive. The country is close to many of his key customers, and there’s little state intervention, as long he observes workplace and environmental standards.

And in the long run, Vietnam has key access to a vast and cheap labor pool across the borders of Cambodia and Laos.

It’s not all upside. Transport links are still – as Tom describes – at the same level as China in 1988. And the law is still open to interpretation (nearly all big foreign investors insist in any contract on having litigation settled in an offshore court).

Foreign investment is coming. In 2008 about $70 billion was committed to Vietnam, up more than threefold from five years year. It’s fallen back to $20 billion last year. Not surprising, though, given the global economic picture.

I asked the Prime Minister how he would describe Vietnam’s economic model.

Vietnam, he replied, is a socialist system embracing capitalism. Helping the poor get out of poverty through foreign investment is key to his planning, he says.

Like China, Vietnam’s government looks long-term. And like China, it appears to be achieving its economic goals.

Posted by: Andrew Stevens, CNN World Business Today Anchor
Filed under: Business
Source: http://business.blogs.cnn.com/2010/06/09/vietnam-the-new-china/

Last update 06:46, Wednesday, 09/06/2010 (GMT+7)
,
While the 19th World Economic Forum (WEF) on East Asia was meeting in HCM City on June 7, VietNamNet had an opportunity to talk with WTO General Director Pascal Lamy about Vietnam’s three years of WTO membership.

Three years after: WTO membership not all plusses for Vietnam
Government reviews Vietnam’s two-year WTO membership
Vietnam one year after joining the WTO

http://english.vietnamnet.vn/dataimages/201006/original/images1978521_1.jpg


Lamy told VietNamNet that three years joining the WTO, Vietnam managed many tasks well. “It is important now to train workers and managers, raising their skills. If you can do that, the opportunities are wide open for Vietnam,” he said.

The Vietnamese economy was hammered in the recent economic crisis but Vietnam has overcome it, Lamy judged. “The lesson from that is that open economies are sturdier and more resiliant in the face of a crisis.”

VietNamNet: As Vietnam has integrated into the global market, it has faced many challenges, as well as opportunities. On balance, how’s Vietnam doing?

WTO Chief Pascal Lamy: There’s been a big surge in foreign investment capital (FDI) inflow since Vietnam joined the WTO three years ago. It is huge, taking into account the [still relatively low] quality of human resources. This is not theory but the fact. See the growth that Vietnam has achieved!

VietNamNet: As a WTO member, Vietnam still must face trade barriers set up by big economies like the US or the EU. It seems that the bigger economies have the upper hand. What opportunities are available for small economies like Vietnam in WTO, especially in commercial disputes?

Lamy: The newly emerging economies like China, India and Brazil have all benefited more when they have access to the EU, US and Japanese economies. There are some problems, certainly but on balance they benefit.

VietNamNet: After WTO accession, Vietnam has negotiated and implemented free trade area agreements (FTAs) with some countries and regions. Is there a lesson that Vietnam should learn from its WTO experience that it use when it joins FTAs?

Lamy: FTAs are “WTO plus” agreements. They go further than Vietnam’s commitments when it entered the WTO. Opening its market more widely as a member of ASEAN, Vietnam will benefit from ASEAN’s integration and association process.

The challenge is to set up national policies that increase commercial strength. Part of the answer for this problem lies in infrastructure, hi-tech and especially education and training.

Becoming a WTO member, Vietnam has opportunities to raise the quality of its human resources, not just the skills of people in international trade.

VietNamNet: Free trade has created opportunities for everyone but it has also injured the poor. The gap between the rich and the poor is widening. What can Vietnam do to ensure the gains are shared by both the rich and the poor?

Lamy: That’s a matter of how you implement your internal policies: build infrastructure, strengthen commerce, transfer technology, and implement programs that transfer and distribute these gains to all segments of society.

WTO is about making the pie bigger. We don’t tell you how to share it. That’s the business of national leaders.

VietNamNet: Countries like Vietnam are seeking new models of development since the global financial crisis. What is your advice for Vietnam?

Lamy: The key here is improving the quality of human resources, including labour skills, aiming at transitioning from an economy that processes and exports raw materials to a value added economy. You should learn from South Korea. That’s a good example.

VietNamNet: You once said that “Vietnam is a rising star.” Is that still true?

Lamy: Of course. Look at the numbers; compare Vietnam of ten years ago and Vietnam today. You haven’t made a great leap but you have gained more than you’ve lost.

Xuan Linh

Source: http://english.vietnamnet.vn/reports/201006/%E2%80%98Vietnam-is-a-success-story%E2%80%99-says-WTO-chief-914979/

I thought Dr. Manhattan helped the USA to defeat the VC/NVA?

Anyway:

http://www.economist.com/node/16006876?story_id=16006876

I thought Dr. Manhattan helped the USA to defeat the VC/NVA?

Anyway:

http://www.economist.com/node/16006876?story_id=16006876

What is your point here?:ohno:

I thought Dr. Manhattan helped the USA to defeat the VC/NVA?



Watchmen movie suck lol

What is your point here?:ohno:

Great article Charlie! The point is you should move your money to Asia Commercial Bank (ACB). The best thing to do is move most or all of your money into The Bank of Mattress (BM).

Great article Charlie! The point is you should move your money to Asia Commercial Bank (ACB). The best thing to do is move most or all of your money into The Bank of Mattress (BM).

I dun think so. In the article, they mainly criticize the prohibition against a credit-rating company.
Mynameischarlie mentioned abt Manhattan. Did he want to relate something to the Wall street?

I dun think so. In the article, they mainly criticize the prohibition against a credit-rating company.

Yes, indeed.

Mynameischarlie mentioned abt Manhattan. Did he want to relate something to the Wall street?

No. My "headline" was an attempt of worldplay.

http://en.wikipedia.org/wiki/Watchmen

There is a alternative history line in the Watchmen, the USA won the Indochina Conflict with the help of two of the characters - The Comedian and Dr Manhattan.
In this comic the superheroes are either outlaws or tools of the government.

Obviously the Vietnamese government wants the companies to in line with party line...

BTW If you are still in the US, just check by a comic store and take a look at their offerings. Comics are not only for children and teens! Comic fans in the US and France can only be envied...

We have to very much disagree here Charlie. The criticism of the prohibition of a credit-rating company is not the important point. The important point and something that all ordinary people can do to preserve their wealth is to look at the credit ratings of all the banks:

Of the 48 domestic banks it rated, just one, Asia Commercial Bank (ACB), qualified for an A. The country’s largest bank, state-owned Agribank, was given a BB: “vulnerable to adverse changes”.


Moody’s gave ACB the highest marks in Vietnam; state-owned Techcombank and BIDV rated lower. Moody's gave none of the banks it rated in Vietnam anything higher than Ba2 issuer ratings (BB; two notches below investment grade)

So a Ba2 is "Non-investment grade speculative". If you value your money, would you want to leave it in a place that is "vulnerable to adverse changes" and 'speculative"? Why not throw it into the stock market? Things can be good for awhile but what happens when the black swan comes along? Instead fixing problems with Vietnamese banks, they might have enable the banks to take on more risks by directing the ratings to companies which they or the banks control. The authorities prevent a vietnamese company from rating the vietnamese banks but that does not prevent foreign companies from rating vietnamese banks. They've lost credibility with any serious depositors. The best place to put your money would have to be The Bank of Mattress (BM).

quote: "Moody’s gave ACB the highest marks in Vietnam; state-owned Techcombank and BIDV rated lower. Moody's gave none of the banks it rated in Vietnam anything higher than Ba2 issuer ratings (BB; two notches below investment grade)"

Something wrong with thosse lines: Techcombank is not a state-owned bank. I think the author might have confused it with state-owned Vietcombank.

@ doehomey: BM in Vietnam can be understood as Bank of Military (a real bank, not bank of matress) lol

financial world is a compilicated underground world, a hero today might easily turn out a culprit tomorow. In Vietnam if a foreign company, using internationly recogniized rating procedure will surely give joint-stock banks such as ACB, XXX, better rating than state-owned institutions namely Agribank, Vietcombank, Incombank (aka Vietin), BIDV

But the rating agency dont take into account behin-the-scene backup given by State bank to those state-owned banks.

Should there be a deadly financial tsunami and/or earthquake; the last survivors will be those Big Four

you may wonder why Goldman Sach blossoms amid storms, I guess it is because of the behind-the-scene backup they got from the FED

So In Vietnam, My Money, if any, :) will be deposited at state-owned banks though attitude of bank tellers is often not so nice. Safety comes first

The behind-the-scene backup from the FED was a very bad policy which transferred solvency issues from the private sector to the state. There are many bad US policies which Vietnam should not emulate. Also, there are many things the US can do which Vietnam cannot do. They can get away with it much longer then can Vietnam. The US can default on all debt owe China tommorrow and China cannot do anything. If Vietnam does it?

A currency's value is based upon the trust of the government. If the government cannot be trusted then currency loses its value as money. The government can control it's currency but cannot control it's value as money. Yes, the market is bigger then the government of Vietnam. This can be seen in the blackmarket price of the Dong/Dollar. The government of Vietnam had to adjust (devalue) their official price to match the blackmarket price. The Dong can be converted to Yuan, Yen or Dollar at anytime. The less trust the more it cost to convert.

Banning a Vietnamese rating agency does not instill trust. State owned banks which are 'vulnerable to adverse changes' and 'speculative' which could be backed up by the government of Vietnam does not instill confidence in the currency of Vietnam. How much bad debt is in the system? Does Vietnam have the financial strength to back up all these state owned banks? Does banning a rating agency show signs of fear or financial strength? Definitely not signs of financial strength and Vietnam is not known for vast amounts of foreign reserves.

The best way to fix this is not to kill the messenger but listen to the message. Why are these banks 'speculative' and 'vulnerable'? Is it the management or were they forced to loaned to money losing state enterprises? If it is the management of the banks then perhaps better management can be bought from ACB? If they were forced to loan to money losing state enterprises, then the managers of the state enterprises should be changed? It is better to have bad and corrupt managers fired then to have Vietnam's sovereign credit worthiness come into question (Cut out the cancer then to have the cancer spread and lose one's life).

How much is the explicit guarantee of the government and how much is the implicit guarantee? TheFuturistic can only win by having contacts in the government is case of the implicit guarantee. Not many can be so lucky. For the many, it is better to act on the available information. If TheFuturistic is so lucky to have the government back the state banks and therefore his full bank account in the case of a deadly financial tsunami, even the Bank of Military or the Bank of Mattress will not help him if he is long the Dong. He may lift the covers from his Bank of Mattress to find his Dong very very short because the sovereign credit worthiness of Vietnam has now come into play.

Lastly, why bank at a bank where the attitudes of the tellers are not so nice? If they treat you like dirt, how do they treat your money? There are better alternatives?

What I said doesnt mean that I support that behind-the-scene backup granted by State Bank (Central bank) to the state-owned commercial bank but that is the reality. Actually in a fragile financial enviroment like Vietnam, when you come to make a choice 'nice attitude of tellers' or 'low risk of bank collapse', people would usually take the latter. alternatives? yes there are HSBC, ANZ, Citi and many other cool banks on the ground but their services are not yet popular to the mass

to avoid the risk of dong devaluation, people may have their saving accounts in US dollar, Euro or other hard currencies in any VN banks but that solution is not totally safe too

Over the last decade, ordinary people in this world have realized that they are the victims of the greedy global financial systems; a currency usually plays roles as a tool of payment or a tool of wealth reserve but Central Banks (influenced or controlled by goverments; lobbied by big busineses) also use it as a tool of trade competition and that's a problem for the public. Just take a look at euro when US FED pumped a lot of liquidities into circulation and that pushed the rate up to 1.5 USD per EUR, european comodities became too expensive and could not be sold outside eurozone so to increase competitiveness, probably Euro Central Bank decided to lower its value by pumping more euro too. The result: people who have saving account in these currencies gained a loss. also loads of dong has been pumped into circulation over the last few years, causing rocket inflation. China pegged yuan tightly to dollar too. so everybody printed more money

in short, people all want transparency but that is just their wish. it may sound rediculous, non-academic, but I am afraid thats the ugly truth we have to live with

Red tape holds back cuttlefish exports
HANOI, June 16 (PNA/VNS) -- Exports of processed mollusc continued to increase last month, despite a shortage of the invertebrates and the need to import them.

This month, more than 9,200 tonnes of molluscs worth US$ 34.5 million were exported, $ 20 million higher than in April, the Department of Customs reported, bringing exports in the first five months of the year to 38,000 tonnes, earning $ 143 million.

The association expected a further sharp increase in coming months, especially among cuttlefish and octopus to Japan and all kinds of molluscs to the US, due to increasing demand after the oil spill in the Gulf of Mexico.

However, processors faced a shortage of molluscs, exacerbated by complicated regulations and quarantines on imported seafood, the association said.

The Government needed cut the import tax to zero for molluscs, like many countries in the region, instead of taxing then at the rate of 10-20 percent, the association said.

In addition, favourable conditions should be created for importing seafood for processing, including simplification of procedures.

In the past three years, seafood imports totalled 150,000 tonnes worth of $ 320 million, mostly raw frozen seafood to be processed for export.

Mollusc exports to the European Union began to recover from March to become one of the nation's largest export markets, the Viet Nam Association of Seafood Exporters and Producers said.

In the first four months, Mollusc exports to the EU reached 11,400 tonnes, earning $ 35.4 million, the association said.

Mollusc exports to South Korea ($ 35.5 million), Japan ($ 21.5 million), ASEAN ($ 6.5 million), China, Hong Kong and the US also increased sharply in the first four months of this year. http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=281873

Sorry that this interesting article is not available in English. Please use Google translator to get some ideas!^^


Trung Quốc đang trên đà trở thành nền kinh tế lớn thứ hai thế giới và ngày càng gia tăng sự hiện diện của họ tại các nền kinh tế mới nổi trong đó có Việt Nam. Sự lớn mạnh của nền kinh tế Trung Quốc, cũng như sự hiện diện ngày càng nhiều của các công ty Trung Quốc ở Việt Nam đem lại cơ hội, thách thức hay tác động gì tới nền kinh tế của Việt Nam. Mời quí vị nghe ý kiến của nữ Giáo sư Regina Abrami, tại trường đại học Harvard của Hoa Kỳ về vấn đề này.

Thưa quí vị, Giáo sư Regina Abrami có bằng Tiến sĩ về Khoa học chính trị tại Đại học California, Berkely, và hiện là giảng viên của chương trình Thạc sĩ Quản trị Kinh doanh (MBA) tại trường Đại học Harvard của Hoa Kỳ. Bà chuyên nghiên cứu về kinh tế chính trị so sánh, đặc biệt tập trung vào Trung Quốc và Viêt Nam.

VOA: Thưa giáo sư Abrami, được biết bà đang có một cuộc nghiên cứu về những cơ hội cũng như tác động của việc Trung Quốc gia tăng sự hiện diện ở các thị trường mới nổi, xin bà vui lòng cho biết đôi chút về kết quả nghiên cứu tới thời điểm này, đặc biệt là trường hợp của Việt Nam?


GS. Regina Abrami: Việt Nam là một trong số những nước mà tôi đang nghiên cứu và chắc chắn trường hợp của Việt Nam là một trường hợp khá phức tạp bởi lịch sử và mối quan hệ giữa hai nước. Với quan điểm như vậy, khi xét tới sự hiện diện của Trung Quốc ở Việt Nam, thì tôi thấy có nhiều điểm tích cực hơn tiêu cực trong bối cảnh là sự tăng cường quan hệ thương mại và kinh tế giữa Trung Quốc và Việt Nam đã đem lại kết quả là nhiều hàng hóa Việt Nam có cơ hội được xuất khẩu sang thị trường Trung Quốc. Ngoài ra, sự tăng cường quan hệ kinh tế này cũng khuyến khích các nhà đầu tư nước ngoài cân nhắc đến việc bao gồm hai nước vào một chiến lược đầu tư rộng lớn hơn, và điều đó rất có lợi cho Việt Nam.

Nói về khía cạnh rộng lớn hơn thì sự gia tăng ảnh hưởng của Trung Quốc ở các thị trường mới nổi là một bức tranh hỗn hợp. Dĩ nhiên là không còn nghi ngờ gì về việc Trung Quốc xuất khẩu công nhân nước họ đến làm việc tại những dự án đầu tư của họ ở nước ngoài như những công trình xây dựng v..v. và nhiều chính phủ cũng như cộng đồng người dân địa phương không ủng hộ điều này, bởi đối với họ, đầu tư nước ngoài là cơ hội để tạo công ăn việc làm cho người dân của chính nước họ. Chính phủ Trung Quốc cũng nhận ra điều này và đang tìm cách điều chỉnh. Trong khi đó, ngày càng có nhiều chính phủ tại các thị trường mới nổi bắt đầu tiến hành đàm phán các hợp đồng trong đó đưa ra những qui định nhằm hạn chế số công nhân nước ngoài làm việc tại nước họ cho các dự án do Trung Quốc đầu tư.

VOA: Bà vừa nói đến việc Trung Quốc đưa công nhân sang các nước khác, chắc hẳn bà cũng biết về dự án bauxite ở Tây Nguyên của Việt Nam, và Trung Quốc cũng đưa nhiều công nhân của họ sang đó. Do bối cảnh lịch sử của hai nước cũng như những tranh chấp về chủ quyền chưa được giải quyết mà có nhiều người Việt Nam lo ngại về ý định thực sự của Trung Quốc trong những dự án như vậy. Còn ý kiến của bà thì sao?

GS. Regina Abrami: Tôi không nghĩ là họ nên lo ngại về ý định thực sự của Trung Quốc trong việc đầu tư vào Việt Nam, vì nếu là nỗi lo ngại thì cũng nên có những sự lo ngại như vậy đối với Hoa Kỳ. Nếu quí vị lo ngại về những nước trước đây có quan hệ căng thẳng và bây giờ lại đầu tư rất nhiều vào đất nước quí vị thì nỗi lo ngại đó phải được đặt cả vào hai bên. Ở Tây Nguyên cũng có những công ty mỏ của Mỹ đang đầu tư tại đó, nhưng không gây tranh cãi như với trường hợp của Trung Quốc. Tôi nghĩ là người Việt Nam nên xét xem tại sao họ lại đặc biệt thù nghịch với sự đầu tư của Trung Quốc. Tôi nghĩ rằng rủi ro sẽ cao hơn nếu đóng cửa với Trung Quốc thay vì đảm bảo duy trì mối quan hệ kinh tế, quan hệ thương mại vững mạnh, bởi đó vẫn là biện pháp tốt nhất để duy trì một mối quan hệ tích cực.

VOA: Vâng, nhưng thưa bà ngoài lịch sử lâu đời giữa hai nước và những tranh chấp chủ quyền khác thì sự lớn mạnh của quân đội Trung Quốc cũng khiến cho nhiều người có lý do để lo ngại, hơn nữa Trung Quốc lại là một nước láng giềng gần kề Việt Nam.

GS. Regina Abrami: Tôi hiểu điều đó, tôi không phủ nhận rằng nỗi lo ngại ấy bắt nguồn tử lịch sử và tình cảm mạnh mẽ của người Việt Nam. Dĩ nhiên là có một nước láng giềng hùng mạnh ở phương bắc thì người ta sẽ cảm thấy đó là mội mối đe dọa to lớn hơn so với một nước cách Việt Nam cả một đại dương. Nhưng chúng ta biết là những nước có quan hệ kinh tế và xã hội tích cực thì cũng có xu hướng có quan hệ chính trị tốt đẹp hơn. Vì vậy thực tế là bất cứ điều gì ít hơn một chiến lược giao tiếp và làm đối tác với Trung Quốc thì đều không có lợi cho Việt Nam.

Việt Nam phải giao thiệp với Trung Quốc và không nên né tránh nước này, và mối quan hệ đó không cần thiết phải là một mối quan hệ không công bằng. Tôi nghĩ là Trung Quốc hiện không tìm cách thôn tính Việt Nam và chắc chắn là người Việt Nam cũng sẽ không bao giờ cho phép điều đó xảy ra. Vì vậy với tinh thần độc lập mạnh mẽ của hai nước, chắc chắn là hai nước có thể hợp tác rất tốt với nhau thông qua các hoạt động kinh tế và đầu tư trong những thập niên tới, điều này sẽ giải quyết được những vấn đề mà người Việt Nam lo ngại. Chúng ta cũng cần nhớ rằng về mặt lịch sử trong quá khứ hai nước không chỉ có xung đột mà còn có cả mối quan hệ giao thương với nhau.

VOA: Trung Quốc sẽ vượt qua Nhật Bản để trở thành nền kinh tế lớn thứ nhì thế giới, và theo các phân tích gia thì một trong những nguyên nhân thu hút các nhà đầu tư nước ngoài tới Trung Quốc là do nền kinh tế phát triển nhanh chóng của nước họ, vậy so với Trung Quốc thì Việt Nam có lợi thế cạnh tranh gì trong việc thu hút đầu tư nước ngoài thưa giáo sư?

GS. Regina Abrami: Tôi nghĩ là Việt Nam đã thu hút được một khối lượng đầu tư nước ngoài lớn, nếu nhìn vào số liệu năm 2008, ý tôi là chúng ta chưa nên nhắc đến số liệu năm 2009, vì đó là năm xảy ra cuộc suy thoái kinh tế toàn cầu vì vậy mà nhiều nền kinh tế bị co cụm. Nếu nhìn vào số liệu của năm 2007 và 2008 thì Việt Nam đã trên đà thu hút rất nhiều đầu tư nước ngoài và số vốn đầu tư nước ngoài đã tăng một cách đáng kể, tôi cũng dự đoán rằng đầu tư nước ngoài vào Việt Nam sẽ tiếp tục gia tăng.

Về việc Trung Quốc trở thành nền kinh tế lớn thứ hai thế giới, điều đó đã xảy ra rồi, ý tôi là tùy thuộc vào cách tính toán số liệu, tôi không nghĩ điều này sẽ làm sao lãng các cơ hội thu hút vốn nước ngoài vào Việt Nam. Chúng ta đã chứng kiến nhiều công ty sử dụng chiến lược Trung Quốc + 1 (China +1), vì vậy có thể dự báo rằng Việt Nam sẽ là một đối thủ cạnh tranh với các lợi thế như lao động, giá lao động của Việt Nam rẻ hơn nhiều so với giá lao động của Trung Quốc, điều đó khiến Việt Nam trở nên hấp dẫn hơn đối với các nhà đầu tư nước ngoài trong lĩnh vực sản xuất.

Thêm vào đó, Việt Nam cũng là một nước thuộc khu vực Đông Nam Á, vì vậy chúng ta sẽ thấy khi một công ty tìm hiểu cơ hội đầu tư vào khu vực này, đặc biệt là với thỏa thuận tự do thương mại (FTA) giữa các nước ASEAN và Trung Quốc, thì họ ngày càng coi Việt Nam như một phần trong chiến lược rộng lớn hơn ở khu vực. Vì vậy tôi thấy việc Trung Quốc trở thành nền kinh tế lớn thứ hai trên thế giới sẽ không làm sao lãng các cơ hội thu hút đầu tư của Việt Nam, và cuối cùng thì đầu tư vào Trung Quốc sẽ trở nên tốn kém hơn.

VOA: Thưa bà còn về lĩnh vực xuất khẩu hàng hóa, Trung Quốc lâu nay vẫn bị cáo buộc là giữ giá tiền tệ của họ thấp một cách giả tạo để hàng hóa của họ cạnh tranh tốt hơn trên thị trường thế giới, vậy Việt Nam cần có chiến lược gì để cạnh tranh với hàng hóa Trung Quốc?

GS. Regina Abrami: Tôi nghĩ do giá lao động rẻ nên hàng hóa Việt Nam vẫn mang tính cạnh tranh cao so với hàng hóa Trung Quốc. Về ý kiến cho rằng Trung Quốc có lợi thế cạnh tranh không công bằng nhờ tỷ giá cố định, chúng ta sẽ ngày càng thấy nhiều lời phàn nàn như vậy. Từ trước tới nay chúng ta chỉ thấy Hoa Kỳ và các nước Châu Âu lên tiếng, nhưng thực tế là ngày càng có nhiều nền kinh tế mới nổi cũng cáo buộc Trung Quốc về vấn đề này. Tôi hy vọng là chính phủ Trung Quốc sẽ phải đáp ứng lại những lời phàn nàn này. Hơn nữa, sẽ không phù hợp ngay với bản thân họ nếu tiếp tục trợ cấp cho chính phủ Hoa Kỳ bằng việc mua trái phiếu ngân khố của Mỹ trong khi lại giữ giá tiền tệ của họ thấp hơn trị giá thực tế. Vì vậy tôi không nghĩ là chính sách này sẽ tồn tại mãi mãi.

VOA: Xin hỏi bà một câu hỏi cuối cùng, theo bà thì thách thức trước mắt của nền kinh tế Việt Nam là gì?

GS. Regina Abrami: Thách thức trước mắt của Việt Nam là khả năng nâng cấp cơ sở hạ tầng lên một mức độ hiệu quả hơn và có giá trị gia tăng nhiều hơn. Hiện tại cơ sở hạ tầng của Việt Nam không bằng với Trung Quốc và cũng không bằng với một số nước khác ở Đông Nam Á. Và chừng nào mà Việt Nam không khắc phục được tình trạng này thì Việt Nam sẽ phải đối mặt với nguy cơ sẽ chỉ có thể giậm chân tại chỗ với hoạt động sản xuất hàng hóa cấp thấp mà lại với chi phí vận chuyển cao. Việc vận chuyển hàng hóa ở Việt Nam do vậy sẽ không thể được thực hiện một cách hiệu quả.

VOA: Còn rất nhiều câu muốn hỏi bà, nhưng vì thời gian hạn hẹp nên hy vọng sẽ có cơ hội trao đổi với bà vào một dịp khác. Xin cảm ơn Giáo sư Abrami rất nhiều.


Source: VOA Vietnamese, http://www1.voanews.com/vietnamese/news/women/Chinas-growing-presence-05-15-10-93848014.html

FAO TO HELP TRAIN VIETNAMESE FARMERS ON GOOD AGRICULTURAL PRACTICES
TIEN GIANG, VIETNAM, June 17 (NNN-BERNAMA) -- The United Nation's Food and Agriculture Organization (FAO) has decided to fund a training programme for farmers in southern Vietnam on Integrated Pest Management (IPM) using Good Agricultural Practices (GAP), according to the Vietnam News Agency (VNA).

The Director of the Ministry of Agriculture and Rural Development (MARD)'s Southern Plant Protection Centre, Ho Van Chien, was quoted by the VNA Wednesday as saying that FAO specialists would run two courses for 70 farmers from the central province of Ninh Thuan and the southernmost province of Ca Mau.

Theese farmers would later teach other farmers the skills they learn.

The two courses, which will cost Vietnam some 84,000 USD to implement, are scheduled to begin later this month and in November. During the three-month courses, the trainers will learn about IPM, which was first introduced in the country almost 15 years ago, for other crops apart from rice.

They will be equipped with knowledge of the Vietnam and Asean (Association of South East Asian Nations) Good Agricultural Practices and the Global Partnership for Good Agricultural Practices.

They will also learn about the consequences of climate change on plants and intensive farming techniques to build up sustainable methods of cultivation. http://namnewsnetwork.org/v2/read.php?id=123954

Coffee exports soar with spike in global demand
HA NOI, Oct. 6 (PNA) -- Rising global demand has pushed the price fetched by Vietnamese coffee exporters to its highest level in two recent years, according to the Viet Nam Coffee and Cocoa Association.

The price of coffee exported from Central Highland provinces stood at about VND30.2 million (US$ 1,550) per ton, the association announced on Monday.

Coffee exports in September totalled $ 100 million, on a volume of 700,000 tons.

Export value in the first nine months of the year reached $ 1.32 million, an increase of just 0.9 per cent over the same period a year ago, while volume only climbed to 925 million tons, an increase of 4.2 per cent.

These results exploded expert predictions at the beginning of the year that total coffee exports in 2010 would struggle to reach VND1 billion ($ 50,000) due to low global prices.

Germany has become the leading importer of Vietnamese coffee, buying up 13.5 per cent of total Vietnamese coffee exports. The US, the Philippines and Russia are also leading markets.

Coffee growers, meanwhile, hope to harvest over a million tons of coffee before the end of the year, a yield 2.5 per cent higher than last year's. Global yield so far in 2009-10 has totalled only 1.26 million tons, contributing to the spike in prices, with global exporters shipping only 78.5 million tons between October 2009 and July of this year.

An expert from the Viet Nam Coffee and Cocoa Association, Doan Trieu Nhan, expected prices to remain stable through the end of the year at around $ 1,700-1,800 per ton. http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=305064

CENTRAL BANK CONSIDERS IMPORTING GOLD AS PRICES SURGED TO RECORD HIGH
HANOI, Oct 7 (NNN-VNS) -- Gold trading enterprises may be allowed to import gold if domestic gold prices continue to surge, said the head of the State Bank of Viet Nam's Foreign Exchange Management Nguyen Quang Huy.

The statement was made public after domestic gold prices soared on Wednesday. One tael of gold costs VND33.05 million (US$1,690), a record high. One tael is equivalent to 1.2 troy ounces.

"The central bank may consider allowing dealers to import a suitable quota to stabilise market prices in line with global changes," Huy said.

Huy said the sudden surge in gold prices was caused by the increase in global gold prices, which are now at a record high $1,349 per ounce. Speculation and psychological worries also likely effected the inflation.

As of Wednesday afternoon, the price of domestic gold was VND1 million ($51.28) higher than the global price of gold.

"The unbalance between supply and demand is making gold prices 'crazy'," said Huynh Trung Khanh, International Gold Council's senior consultant official in Viet Nam. "The supply is drying up."

In July, the State Bank allowed enterprises to import seven tonnes of gold. However, gold dealers said the volume was unable to meet the market's growing demand.

In August, the Viet Nam Gold Trading Association asked the central bank to allow them to import more gold bars to process, but the proposal was rejected.

The increase in the price of gold caused the US dollar's exchange rate to increase to VND19,850 yesterday from VND19,750 on Tuesday.http://www.namnewsnetwork.org/v2/read.php?id=135538

http://vnexpress.net/Files/Subject/3B/A2/16/85/mayban2bai.jpg

The Eastern Asia Commercial Bank (DongA Bank) introduced the first gold-selling Automated Teller Machine (ATM) in its branch in District 5, Ho Chi Minh City on October 9.

Apart from normal ATM functions, it has a feature that allows users to make direct gold transactions.

Tran Phuong Binh, General Director of DongA Bank, said the machine aims to meet the increasing demands of customers.

The bank is scheduled to produce and install 50 more Gold ATMs over the country by the end of this year, he added.

(VOV)

Over the last decade, ordinary people in this world have realized that they are the victims of the greedy global financial systems; a currency usually plays roles as a tool of payment or a tool of wealth reserve but Central Banks (influenced or controlled by goverments; lobbied by big busineses) also use it as a tool of trade competition and that's a problem for the public. Just take a look at euro when US FED pumped a lot of liquidities into circulation and that pushed the rate up to 1.5 USD per EUR, european comodities became too expensive and could not be sold outside eurozone so to increase competitiveness, probably Euro Central Bank decided to lower its value by pumping more euro too. The result: people who have saving account in these currencies gained a loss. also loads of dong has been pumped into circulation over the last few years, causing rocket inflation. China pegged yuan tightly to dollar too. so everybody printed more money


What I said few months ago is eaxactly what IMF is talking about now :nuts:

every country is using its currency as a tool to navigate trade competition
and thats a big problem for public :ohno::ohno::ohno:

Only way to solve this issue is everyone uses the exact same currency! Have one central committee to print them and manage them, back them up with gold or some shits.

in that case I prefer gold to shit. lol. but who can be in charge of that committee? Logically, UN is the only one. However so far UN is efficient only for charity works :(

http://home.nestor.minsk.by/build/news/2010/10/1504.html

Foster Wheeler awarded contract in Vietnam

Foster Wheeler AG announced that a subsidiary of its Global Power Group has been awarded a contract by Japan's Marubeni Corp for the design and supply of two pulverized coal steam generators for the Nghi Son 1 Project for Vietnam Electricity (EVN). The project is located in the central province of Thanh Hoa in Vietnam.

Foster Wheeler has received a full notice to proceed on this contract. The terms of the agreement were not disclosed and the contract value will be included in the company's fourth quarter 2010 bookings. Commercial operation of the new steam generators is scheduled to begin in the fourth quarter of 2013 and second quarter of 2014 respectively.

Foster Wheeler will design and supply the two 300 MWe pulverized coal steam generators and auxiliary equipment for the project. Once fully operational, Nghi Son 1 is estimated to generate an average of 3.6 TWh a year (total annual power production) and would contribute to the economic development in Thanh Hoa Province and the northern central region of Vietnam.

PM ORDERS REVIEW OF INDUSTRIAL PROJECTS IN VIET NAM
HA NOI, Oct 18 (NNN-VNA) -- Prime Minister Nguyen Tan Dung has instructed the Ministry of Industry and Trade to work with relevant institutions to inspect major industrial projects in Viet Nam.

Eight major industrial projects are stalled or have failed to make significant progress and the ministry was Monday ordered to discover why the projects were stalled and to propose solutions to the government.

The stalled projects included a transformer production plant, shipping factories, and a crane production plant. The projects were aimed at developing the country's industrial sector.

However, the projects' completion are pending credit agreements and capital disbursement.

In April, Deputy Prime Minister Hoang Trung Hai announced that the government had created favourable conditions to develop the industries.

If these major projects were completed, they would increase the country's production capacity, which would dramatically reduce Viet Nam's trade deficit. http://www.namnewsnetwork.org/v2/read.php?id=136563

Số người giàu VN tăng nhanh thứ 3 châu Á
Cập nhật lúc 10:40, Thứ Ba, 19/10/2010 (GMT+7)
,
- Tỉ lệ người giàu ở Việt Nam đang tăng nhanh, vươn lên vị trí tứ 3 trong khu vực châu Á, chỉ xếp sau Trung Quốc và Ấn Độ.
Đây là báo cáo được ông Lance Tay – Giám đốc Cấp cao chuyên về dịch vụ tài chính toàn cầu của tập đoàn Oracle tại Châu Á đưa ra trong buổi giới thiệu “Hệ thống giải pháp quản lý tài sản lấy khách hàng làm trung tâm” hôm 14/10.

http://images.vietnamnet.vn/dataimages/201010/original/images2054376_042socvoi29xerollroyce1.jpg

Một chiếc Rolls Royce Phantom màu độc vừa về Hà Nội vào cuối tháng 9

Theo đó số lượng người giàu Việt Nam hiện tại chiếm khoảng 1% tổng dân số, tương đương khoảng 900.000 người. Con số này dù còn kém xa tỉ lệ 5% của quốc gia nằm trong khối Asean là Singapore (250.000 người trên tổng số dân 5 triệu người) nhưng đây là những dấu hiệu bước đầu cho thấy người Việt Nam đang dần giàu lên.
Một thống kê gần đây cho thấy, số lượng người sở hữu biệt thự, xe hơi triệu đô ở Việt Nam ngày càng nhiều. Chỉ tính riêng dòng xe siêu sang Roll-Royce đã có tới 29 chiếc có mặt tại Việt Nam với mức giá sau thuế trên dưới 1 triệu USD/chiếc. Đây cũng chính là lý do khiến hãng ô tô nổi tiếng của Anh quyết định mở chi nhánh đại diện tại Việt Nam.
Ông Lance Tay cũng cho biết hiện người tiêu dùng trong nước đang dần có xu hướng chuyển sang sử dụng các đồ hiệu của nhiều hãng nổi tiếng trên thế giới. Điều này chứng tỏ mức sống của người dân đang được nâng cao rõ rệt và nền kinh tế Việt Nam đang có những bước chuyển không ngừng.

http://vietnamnet.vn/tinnhanh/201010/Ti-le-nguoi-giau-Viet-Nam-tang-nhanh-thu-3-chau-a-943247/

Mình trong top giàu nhất VN nè.

Mình trong top giàu nhất VN nè.

Yea right! btw is that you in the avatar? you look so chinky :lol:

Beautiful sir. :D

..A joint statement read: "Prime Minister Nguyen Tan Dung announced that Vietnam has decided to have Japan as a partner for exploration, mining, development, and separation and production of rare earth minerals in the country."

'Strategic partners'

The Japanese government believes it will win exploitation rights for rare earth minerals in Vietnam's northwestern Lai Chau province.

The statement said Tokyo would provide financial and technical support for the rare earths development.

Prime Minister Kan told reporters: "These projects symbolise the start of a close relationship that sees (the two nations) as strategic partners over the long run."

China produces around 97% of the so-called rare earths used around the world to make goods such as mobile phones, computers, lasers, televisions and cars.

But China has been restricting exports of some products in recent years.

It then stopped shipments to Japan altogether, after a Chinese fishing boat captain was arrested near the contested islands in the East China Sea seven weeks ago.

The islands - known in Japan as Senkaku and in China as Diaoyu - are controlled by Japan, but claimed by China, in an on-going dispute.

The Chinese Foreign Minister Yang Jiechi gave assurances on Saturday that Beijing would remain a "reliable supplier" of the high-tech ores.

But Japan, the US and other countries have already started looking at ways to diversify their sources.

Japan and Vietnam have also agreed to work towards the early signing of a bilateral nuclear cooperation pact.

The joint statement released after the prime ministers met said: "The Vietnamese government chooses Japan as a cooperation partner to build two nuclear reactors".

A Japanese official said the move makes it highly likely that Japanese companies will get the contract.

Japan is the world's third-biggest nuclear power generator, and the government is keen to develop nuclear plants in fast-growing markets like Vietnam.

Vinashin May ‘Jeopardize’ Vietnam Debt, Moody’s Sayshttp://www.businessweek.com/news/2010-12-27/vinashin-may-jeopardize-vietnam-debt-moody-s-says.html

December 27, 2010, 8:19 AM EST
More From Businessweek
Bloomberg News
(Updates with political context from eighth paragraph.)

Dec. 24 (Bloomberg) -- Vietnam and its state-backed companies will face greater difficulties borrowing money after reports Vietnam Shipbuilding Industry Group defaulted on a loan, according to Moody’s Investors Service.

Vinashin, as the shipbuilder is known, failed to meet an extended deadline to make a $60 million loan payment to foreign creditors yesterday, the Financial Times reported, citing unidentified people familiar with the situation. Vinashin Chairman Nguyen Ngoc Su declined to comment when contacted on his cell phone by Bloomberg News today.

“The implication of the Vinashin default is that it might not be company-specific after all,” Alan Greene, a Moody’s senior credit officer, said in a phone interview from Singapore. “The question now is why, seemingly for the sake of $60 million, has Vietnam jeopardized access to credit markets?”

Vietnam’s debt rating was cut by Standard & Poor’s yesterday by one rung to BB-, three levels below investment- grade, putting it on par with Bangladesh and Mongolia. The downgrade followed a similar move by Moody’s earlier this month, adding to pressure on a government striving to tackle inflation of 11.75 percent, a 22-month high, and a weakening currency.

Vinashin, which the government says had debt of about 86 trillion dong ($4.4 billion) as of June, asked lenders for a one-year delay on repayments on a $600 million loan, organized by Credit Suisse Group AG in 2007, Chairman Su was quoted by the Vietnam News Agency as saying Dec. 20. The first payment of $60 million was due the same day.

Vinacomin

State-owned miner Vietnam National Coal-Mineral Industries Group, or Vinacomin, was downgraded to B2 from Ba3 by Moody’s on Dec. 15, and its outlook was lowered to negative from stable by Standard & Poor’s yesterday.

Vinacomin may be downgraded again if Moody’s takes further rating action on the sovereign, Greene said. The Hanoi-based- coal miner postponed a planned sale of as much as $500 million of 10-year bonds, a person familiar with the matter said last month.

Vinashin’s debt issues may be linked to politics before the Communist Party Congress next month, according to Hanoi-based Tony Foster, managing partner at law firm Freshfields Bruckhaus Deringer, said in a telephone interview. “It’s not an economic decision, it’s something political going on,” Foster said.

Prime Minister Nguyen Tan Dung faced calls for a confidence vote at a National Assembly meeting last month as lawmakers demanded accountability for Vinashin’s deteriorating finances.

Credit Swaps

The cost to insure Vietnam’s debt against default soared to the highest level in almost 18 months on Dec. 21 after closing at 300 basis points, the most since July 15, 2009, CMA prices show. Credit-default swaps were little changed at 305 basis points as of 11:05 a.m. today in Singapore, according to Royal Bank of Scotland Group Plc prices. A basis point is 0.01 percentage point.

A lender steering committee, including representatives from Credit Suisse, Standard Chartered Plc and hedge fund Elliott Advisors Ltd., was set up to negotiate with Vinashin, a person with direct knowledge of the matter said. KPMG LLP confirmed earlier this month it had been hired as advisers by Vinashin.

Vinashin Chairman Su and Chief Executive Truong Van Tuyen also didn’t respond to faxed questions about the payment. Officials at the Ministry of Finance weren’t available for comment.

Credit Suisse’s Hong Kong-based spokesman Adam Harper declined to comment, as did Standard Chartered’s Hong Kong-based spokeswoman Joyce Li, citing client confidentiality.

Pledged foreign investment in Vietnam totaled $18.6 billion in 2010, “slightly lower” than expected, according to a statement today on the Vietnam government’s website, which cited figures from the Foreign Investment Agency.

“To allow this deadline to come and go would be a blow to Dung, definitely,” Carlyle A. Thayer, professor of politics at the Australian Defence Force Academy in Canberra, said in a telephone interview.

--Katrina Nicholas in Singapore and Nicholas Heath in Hanoi. Editors: Hugh Chow, Tom Kohn

To contact the reporters on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net; Nicholas Heath in Hanoi at nheath2@bloomberg.net

To contact the editor responsible for this story: Tom Kohn at tkohn@bloomberg.net

Vietnam's Economic Problems Driven by Unchecked Growth
http://www.voanews.com/english/news/asia/Vietnams-Economic-Problems-Driven-by-Unchecked-Growth-112594804.html

Daniel Schearf | Bangkok29 December 2010

The stability of Vietnam's economy is under scrutiny as the country confronts soaring inflation, a growing deficit, a weakening currency and falling foreign exchange reserves. Financial and political analysts say the problems are symptomatic of Vietnam's rapid growth.

Vietnam's economy is often cited as one of the most promising emerging economies in Asia. The economy expanded by about 6.5 percent in 2010, continuing a decade of strong growth.

But the country finds itself grappling with serious problems, including a trade deficit this year that topped $12 billion.

The trade deficit and inflation fueled by the economic growth have put pressure on the country's currency, the dong. The government, which tightly control's the dong's movement, has devalued it three times in the past 13 months.

Yet inflation continues, with consumer prices jumping 11 percent this year.

Partly to prop up the currency, Vietnam has spent its foreign exchange reserves, dropping them from a peak of $24 billion in 2008 to $14 billion in September.

Tom Byrne is senior vice president of ratings agency Moodys Investors Service in Singapore. He says there is increasing downward pressure on the dong and if reserves drop further, the risk of a debt repayment crisis will increase.

"If the exchange rate does weaken further, of course it leads to short-term ramifications on inflation, maybe even more capital flight," Byrne said. "But, over the long term it would help Vietnam's exports gain some competitiveness. But, the key thing is that whatever the authorities do, what we think would support the rating would be greater macroeconomic stability. Strong growth, yes, but probably not so strong that it leads to high inflation."

Byrne says government policies favor fast growth, which is good for employment and short-term economic development but not sustainability.

Many people fear the dong could weaken further, and they are investing in gold and U.S. dollars - which also adds to the pressure on the dong.

Moodys and other rating agencies downgraded Vietnam's credit rating this month because of the unbalanced economic data and an announcement that a state-owned ship building company defaulted on a foreign loan.

Vinashin, one of Vietnam's largest employers, failed to make a payment on a $600 million loan. The Communist Party Politburo has told the company to restructure.

The default raises concerns the government may now be less able to offer financial support to other state-owned enterprises with heavy debts.

But Carl Thayer, a professor of politics at the Australian Defense Force Academy, says the decision was likely a political rather than economic one. He says senior leaders probably decided to restructure Vinashin as a show of displeasure with Prime Minister Nguyen Tan Dung's fast growth economic policies.

"Vinashin was a showcase of the prime minister. So, it's hard for me not to see this as being political. I don't really think the Vietnamese leadership has made a moral-hazard stance and said 'state-owned enterprises you've got to fend for yourselves'. I mean, there is that sentiment but it isn't dominant because that's shooting yourself in the foot because that's what the government depends on," Thayer said. "They want state enterprises to be effective and they've coddled them. But, Vinishin is just too big to be allowed to go."

Last month the prime minister accepted responsibility for Vinashin's problems - its debts are estimated at $4.5 billion.

Thayer says the Communist Party Congress in January is unlikely to make any major pronouncements on the economy.

And, he says, despite criticism over the economy, the prime minister is likely to retain his position as he has few eligible rivals.

"Even when they faced the donor's meeting this year, the prime minister, despite their criticism, and I'm mirroring some of that, was basically saying we can do growth, have macroeconomic stability, and maintain political stability all at the same time. So, he's juggling three balls and the odds are that it looks like one might be dropped. And, that could be the macroeconomic stability," Thayer stated.

Financial and regional analysts say that Vietnam's recent problems, including the Vinashin default, may scare off some foreign investors. But Byrne at Moody's says Vietnam's long-term economic outlook is still positive.

"Vietnam has made measures, has taken steps to welcome foreign direct investment, and therefore, I think, boost the long-term growth potential. What really gave Vietnam a shot in the arm was the bilateral trade agreement with the U.S. that was signed some years ago, giving Vietnam access to the U.S. market," he said.

Byrne says aside from balancing payments, Vietnam needs to improve transparency on economic data and policies.

For instance, he says updates on foreign exchange reserves are released much later than other countries at similar stages of development.

More information on debt distress and support for state-owned companies, he says, would also improve the investment environment.

A number of commercial banks have reported exceeding profit targets very early, while some others have reported difficulty in reaching their destination.

In the third quarter, the banking operation started to be narrowed again in the wake of the central bank request to ask banks to meet the new safety standards under Circular 13, or mobilisaiton and lending of gold was narrowed, while interest rates and exchange rate started the tensions on the market.

As planned, this year Vietnam’s Eximbank set before tax profit targets at 2.2 trillion dong. Till the end of November, the bank reported it achieved 96 percent of the profit target. By mid-December, the pre-tax profit of this bank had reached nearly 2.3 trillion dong. This year, Eximbank is expected to certainly exceed its target.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) also has disclosed the parent bank’s profit in first 11 months reached 2.192 trillion dong. President of Sacombank Dang Van Thanh projected that the Hochiminh Stock Exchange-listed bank will surpass 2.4 trillion dong of its profit target for the whole year 2010.

Leaders of the two above banks, said that the targets identified early this year, are quite ambitious, but minimal, which must be completed by a commitment to shareholders, as well as put in the required balance of only financial ratios to assess the stability and efficiency.

In some other banks, including of Military Bank, Ocean Bank, AnBinh Bank, and Habubank, those lenders also released the announcement on the completion of the 2010 profit target, or the possibility to exceed their profit plan in also turn published two months ago.

Quite optimistic as some securities companies have recently made the comments that banking operations in the fourth quarter are significantly more difficult than the third quarter, but there are some “abnormal” factors bringing positive effects: stock market rebounded with a strong rally of VN Index, from nearly 420 points up to 497 points, the investment activities of banks can make a significant boost to profits in order to help them achieve the profit target as planned and more convenient.

However, there are many commercial banks that have had to cut down the profit target due to the unfavourable conditions of the banking sector. Notably, Techcombank has recently had to reduce its own profit targets from 3.207 trillion dong to 2.8 trillion dong this year. – Vneconomy

Ca Mau seafood exports to reach $850 million in 2011
The southernmost province of Ca Mau hopes to increase seafood exports by 11.8 per cent next year to US$850 million, local officials said.

To achieve the target, the province will tackle the current raw-material shortage by zoning 10,000 ha for breeding tiger prawns by 2015.

By next year it will also expand the area under prawn farming from1,500ha to 2,800ha.

It will also continue to promote various prawn-farming models like extensive farming and rice-shrimp cultivation, organic farming, and others, and advanced technologies to increase output.

Ca Mau is home to 34 seafood processing plants with a total capacity of 150,000 tonnes a year, 31 of them specialising in prawns.

Most of them use modern technologies that match international standards and trade with partners in 40 countries and territories.

While continuing to focus on key products and key markets, the province also hopes to diversify its export markets, products, and trading methods.

For the purpose, next year it will continue to explore new markets, especially those that import a large variety of seafood products.

Processing plants’output this year was 93,000 tonnes, an increase of 10.5 per cent over last year, with shrimp accounting for 83,000 tonnes.