Saturday, December 11, 2010

Vietnam’s GDP grows 6.52 percent in nine months

Vietnam’s GDP grows 6.52 percent in nine months

Vietnam ’s economy grew 6.52 percent in the past nine months, the
Ministry of Planning and Investment (MPI) reported on Sept. 27.


The growth was hugely supported by industrial production value, which
hit 574 trillion VND or a rise of 13.8 percent compared with the same
period last year and exports, which rose 20 percent to 51.5 billion USD.


According to the MPI, the export figure was mainly contributed
by the foreign direct investment sector and the rising prices of rubber,
pepper, cassava, cashew nut, tea, rice and seafood in the world market.


In
the past nine months, retail and service sales raked in 1,146 trillion
VND, a rise of 25 percent compared to the equivalent period in 2009.


The
ministry reported that the State had collected 360 trillion VND for its
budget, which represented 78.2 percent of the yearly estimate.


Despite
gains, the national economy still faced a high trade deficit, the MPI
said, citing an import value of 60.08 billion USD, which represented a
rise of 22.7 percent compared with the corresponding period last year.


The
MPI predicted that prices of consumer goods would go up in the
remaining three months because of the rising prices of input materials
and commodities in the world market.


It asked relevant ministries and sectors to introduce detailed plans to retain the prices./.

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ADB backs State-owned enterprises reform

The State Bank of Vietnam and the Asian Development Bank (ADB) on Sept.
27 signed a plan to disburse a 630 million USD loan for the State-owned
enterprise reform and corporate governance facilitation programme.


The loan aims to assist Vietnam in reforming a number of State-owned
enterprises (SOEs) and their affiliated companies, improve corporate
governance via financial restructuring and renewing corporate
operations.


The first sum of 130 million USD will be
re-lent to the Song Da Group, the Southern Waterborne Transport
Corporation and the Debt and Asset Trading Company.


Speaking at the signing ceremony, SBV Governor Nguyen Van Giau said the
ADB’s loan affirms its commitment to supporting the Vietnamese
Government in effectively tapping resources of State-owned enterprises
and enhancing their competitiveness and operations.


The loan will also help Vietnam spur socio-economic development, speed
up hunger eradication and poverty reduction, and improve the quality of
growth.


By the end of 2008, 4,979 SOEs had been
restructured, of which 3,369 were equitised. During 2008-2010 period, an
additional 1,535 small and medium-sized enterprises are planned for
restructuring, including 948 businesses undergoing equitisation./.

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Securities companies do extra work to survive

Securities companies have chosen to gear their operation to other
businesses such as real estate development, financial services or
overseas investment to survive amidst the prolonged gloomy situation.


The President of the Trang An Securities Company Executive Council, Le
Ho Khoi, explained the company’s investment of almost 15 percent of a
property project as an extra source of incomes from 2012 when it is
inaugurated.


Project “Complex Building of services,
trade and electronic assembly workshop”, consisting of 15 storeys on a
compound of over 5,000 sq. m., has a total investment of 200 billion VND
(10.2 million USD). It is mainly invested by the Fortika Joint-stock
Company.


Another giant, the An Binh Securities
Company, together with two other affiliates of the An Binh holding
company, has signed an agreement on strategic cooperation with the
Vietnam Aviation Insurance Joint-stock Company (VNI) to develop new
financial services.


Some other leading companies in this field have decided to try their chances abroad with a plan to open overseas branches.


The Sacombank Securities Joint-stock Company (SBS) is preparing a plan
to enter into a joint venture with the Lao Development Bank (LDB) to
set up a securities company in Laos named Lanexang Securities Public
Company Limited, or SBS-Laos.


SBS said the
establishment of the SBS-Laos, scheduled for the fourth quarter of this
year, would offer an opportunity for investors from the two countries
and contribute to economic development in both countries, especially
Laos, which is making great efforts to open their market.


After reaching its peak of 1,300 points in late 2007, the stock market
in Vietnam began the falling trend due to the negative impacts of the
global economic crisis and domestic difficulties.


Despite great efforts made by the State Securities Commission, the
market has still been painting a dim picture with VN-Index fluctuating
between 400 and 450 points. The situation has forced a number of
securities companies to gear to other businesses for survival.


Experts remain pessimistic about the market fate, saying there were no signs of taking off for the market in the near future./.

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Agro-forestry-seafood exports continue soaring

Agro-forestry-seafood exports continue soaring

The agro-forestry-seafood sector earned 1.75 billion USD from exports in
September, raising its total export turnover in the first nine months
of the year to 13.93 billion USD, a year-on-year increase of 22.3
percent.


Of the total, agricultural products
brought home 7.32 billion USD, up 21 percent and seafood, 3.47 billion
USD, up 14.2 percent.


Rice topped the
list of agro-forestry products in terms of both export volume and value
with 5.55 million tonnes worth 2.56 billion USD in the nine-month
period, representing respective increases of nearly 12 percent and over
14 percent. The prices of Vietnamese rice have come close to those of
Thailand , the world’s largest rice exporter.


Several other agricultural products also recorded increases in both
export volume and value, including coffee with 925,000 tonnes, earning
over 1.3 billion USD, up 4.2 percent in volume and nearly 1 percent in
value. Germany was Vietnam ’s largest coffee consumer with 13.5
percent of the country’s total export volume, followed by the US
with 12.7 percent.


Rubber exports rose only 10.9
percent in volume but saw a double growth in value compared to the same
period last year thanks to an 86-percent increase in price. In the first
nine months, Vietnam shipped 531,000 tonnes of rubber, earning 1.45
billion USD. China was Vietnam ’s biggest rubber importer that
accounted for over 57 percent of the country’s total export value.


The country’s tea export turnover reached 146 million USD, soaring
16.7 percent year-on-year while the export volume increased only 4
percent with 100,000 tonnes. Pakistan was the largest importer of
Vietnam ’s tea products, followed by Taiwan and Russia .


Vietnam remained the number one cashew nut exporter in the
world. In the reviewed period, the country exported 143,000 tonnes worth
780 million USD, up 10 percent in volume and 30 percent in value.
Vietnamese cashew nuts were shipped to 50 countries and territories
worldwide with the US being the largest consumer, accounting for
nearly 34 percent of the country’s total export value.


Pepper saw a decrease of 5.6 percent on volume but its export value
was up over 30 percent over last year’s correspondent period with
102,000 tonnes and 345 million USD respectively.


Forest products and timber recorded a high export turnover of 2.6
billion USD. However, the nine-month import turnover of timber material
still reached 827 million USD despite a year-on-year drop of up to 30.9
percent.


Seafood continued to affirm itself as the
country’s strategic export item with 3.5 billion USD in nine-month
export turnover. Japan and the US were the two largest consumers
of Vietnamese seafood with respective proportions of 18.4 percent and 18
percent.


In the nine-month period, Vietnam
imported 9.5 billion USD worth of materials for agro-forestry-seafood
production, up over 27 percent year-on-year./.

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ASEAN increases intra- and extra-bloc investment, trade

ASEAN increases intra- and extra-bloc investment, trade

The ASEAN Business and Investment Summit (ASEAN-BIS) will take place in
Hanoi from October 26-28 on the them of “Toward ASEAN Community: From
Vision to Action”.


The event is expected to draw between 800 and
1000 delegates, including government officials, policy makers,
economists, business leaders, from ASEAN countries and others around the
world.


ASEAN-BIS is an activity on the sidelines of the ASEAN
Summit and will be organised by the ASEAN Business Advisory Council
(ASEAN-BAC), ASEAN-BAC Chairman Doan Duy Khuong said at a press briefing
in Hanoi on September 27.


The event aims to build ASEAN
into an open, dynamic and prosperous community and is a dialogue forum
for the public and private sectors to propose measures on facilitating
and promoting ASEAN economic initiatives, he added.


Within the
ASEAN-BIS framework, a series of dialogues with the region’s strategic
partners, such as Australia , New Zealand , China , India , Japan ,
the Republic of Korea and Russia , will be held for the first time
under Vietnam ’s initiative.


The dialogues mark an important
period in the process of maintaining and promoting long-term,
sustainable cooperation between ASEAN and the strategic partners, Khuong
said.


In addition, the summit will hold the 2010 ASEAN Business
Award to honour businesses making contributions to the region’s economic
development.


Launching in Bali , Indonesia , in 2003, the
annual ASEAN-BIS has become one of the most prestigious and effective
forum in the region and a venue for sharing useful information for
regional and international enterprises./.

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Vietnam sees Egypt potential market for agro-forestry, fisheries

Vietnam sees Egypt potential market for agro-forestry, fisheries

Vietnamese businesses can open their representative offices and ask for
licences for aquaculture and agro-forestry and fisheries product
processing in Egypt to benefit from the country’s export preferential
policies to other Middle East markets, said an Egyptian official.


Addressing a seminar on enhancing Vietnam-Egypt
agro-fisheries cooperation held in Cairo, Egypt, on Sept. 26, Head of
the Federation of Egyptian Chambers of Commerce’s External Relations
Section Hosam Baharia said two-way trade will increase fast as Egypt has
a big demand for coffee, tea and other farm products and Vietnam’s
high-quality and diversified products will meet Egyptian consumers’
different tastes.


For his part, Deputy Minister
of Agriculture and Rural Development Diep Kinh Tan said that two-way
trade between the two countries recorded a year-on-year rise of 24
percent to more than 200 million USD last year with Vietnam ’s
seafood exports making a large proportion.


In
the context of the global economic crisis and unfavourable information
on Vietnam ’s seafood quality in Egypt in the past, the increase is a
positive sign of the two countries’ cooperation potential, reflecting
Vietnam ’s seafood quality and prestige to Egyptian consumers, Tan
said.


The result was attributable to the
exchange of information and working delegations and other trade
promotion activities, he said.


He went on to say
that Egypt highly valued Vietnam ’s environmental-friendly
agro-forestry and fisheries production process that meets quality and
hygienic safety requirements.


Apart from
fisheries, Vietnamese businesses expect that their cashew nuts, pepper
and coffee will penetrate Egypt with a population of around 85 million
people and other Middle East markets.


Vietnam ’s agro-forestry and fisheries export revenues has increased
over recent years to almost 16.5 billion USD by the end of 2009.
Vietnam ’s seafood has been exported to more than 150 countries and
territories. However, Vietnam ’s agro-forestry and fisheries
market-share at Northern Africa, especially Egypt , remained modest
and failed to meet the two countries’ potential and demand.


While in Cairo from Sept. 25-28, a number of Vietnamese
businesses participated in the Agriculture and Food International
Exhibition in Cairo./.

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France willing to protect Vietnamese consumers’ interests

Vietnam is one of the countries that pay due attention to protecting
consumers’ interests and France is ready to cooperate and share
experiences with Vietnam in this field.


The statement
was made by French Ambassador to Vietnam Jean Francois Girault at a
seminar entitled “Protecting Consumers from Asian and European Angles”
which opened in Hanoi on September 27.


The two-day
seminar is co-organised by the Vietnam-France Law House and the Ministry
of Industry and Trade (MoIT) with the support from the French Ministry
of Foreign Affairs and the International Francophone Organisation (OIF).


Speaking at the event, MoIT Deputy Minister Tran Tuan
Anh said that the rapid socio-economic development has not only brought
in many opportunities for consumers but also yielded violations of
their interests.


Meanwhile, there are many
shortcomings in the existing law’s regulations that raise difficulties
for the detection and settlement of violations, he added.


“Therefore, building a law on consumer protection is a necessary
requirement and an useful tool to protect the legitimate interests of
consumers,” Anh said, adding that the draft Law on Consumer Protection
is expected to be approved at the National Assembly’s upcoming session
scheduled for October this year.


According to Dr.
Nguyen Nhu Phat, Director of the Institute of State and Law under the
Vietnam Academy of Social Sciences, Vietnam’s law has acknowledged basic
rules on protecting consumers’ rights, including the rights to be
informed, to safety, to select and to complain as well as regulations on
responsibilities of agencies, units and individuals in protecting
consumers.


However, the protection of consumers in
Vietnam is still limited as few people know regulations on consumer
protection, he noted.


Experts from France, Thailand,
Cambodia and Laos emphasised the importance of protecting consumers’
interests in the market-oriented economy and integration process./.

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