UK port businesses seek opportunities in VN

British seaport businesses are ready to help Vietnam obtain
breakthroughs in the industry and improve sea transport and management.

British
Ambassador to Vietnam Mark Kent made this statement at the seminar,
“UK-Vietnam Partnership in Ports” held in Hanoi on Oct. 5 during a
visit to Vietnam by a UK ports mission.

The seminar was
held by UK Trade and Investment (UKTI) in Vietnam with the
participation of nine leading businesses in UK port operations and
development, provision of equipment and maritime services, and
consultancies specialising in developing port infrastructure, coastal
and offshore engineering and finance and education.

Representatives
from UK businesses agreed that with over 3,200km of coastline and a
strategic location in the region, Vietnam has huge potential for
marine development. Vietnam is attracting interest from international
services and management companies who are seeking opportunities to
develop markets involving ports and take part in projects to expand
ports in Vietnam.

They said the UK, with its long and vast
history in port development and operation and its strength in global
markets, is well suited to assist Vietnam in this sector.

The
UK has accumulated significant experience in port design and
construction, providing marine safety, liquefied petroleum gas
facilities, equipment, consultancy services, project management,
training and financial, legal and logistical services.

Participants
agreed that the UK, the world’s leading country in revamping and
modernising port management, could help Vietnam create suitable
solutions for management of its developing port facilities.

Addressing
the seminar, Deputy Minister of Transport Nguyen Hong Truong said that
under the plan, from now till 2015, the Vietnamese government would give
priority to developing the infrastructure at Van Phong deep-water port
in central Khanh Hoa province and Lach Huyen international port in the
northern city of Hai Phong.

The UK port mission is on a
three-day visit to Vietnam from Oct. 4 to showcase the UK ’s
expertise in the port sector with the aim of highlighting the success of
the UK-Vietnam partnership in this key sector.

They visited
ports and worked with relevant agencies and sectors to study the
operations of Vietnamese ports and the nation’s port development
strategy, and to seek cooperative partnerships and investment
opportunities./.

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Central bank asks for foreign exchange reports

Photo: Tuoi Tre

The State Bank of Vietnam has asked credit institutions to provide reports concerning outstanding loans and investments that involve US dollars.

The State Bank is requesting the information so that the institution can begin drafting a monetary policy for the latter months of the year.

Lenders were also told to draw up plans concerning how they will use their foreign currency reserves to pay debt during this year's final quarter and next year's first quarter.

The report must be completed and delivered to the State Bank this Friday.

By the end of September, total outstanding loans in foreign currencies at banks in Ho Chi Minh City were VND186.1 trillion (US$9.5 billion), up 36 per cent against the same period last year.

The US dollar credit growth during September increased by 6.1 percent against August, while the month-on-month dollar credit growth in August was up just 1 percent against July.

In an unusual move, loans in foreign currencies exceeded mobilized capital. Financial experts explained that banks had a surplus of US dollars that they received from mother companies or foreign credit institutions.

This is the second time the central bank has asked for such reports.

In May, commercial banks and financial companies were ordered to provide a detailed report about their foreign exchange operations to help reduce the country's trade deficit and improve Vietnam's payment balance.

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Time right for Vietnam to woo Japan: economist

Photo: AFP

A Japanese economist who advises the Vietnamese Ministry of Planning and Investment has said Vietnam should take advantage of the current economic and political situation to boost exports to Japan and attract Japanese investment.

With the yen’s relentless rise taking it to a 15-year high against the dollar last month, Vietnam’s exports to Japan are cheaper while Japanese investors are doing business more aggressively overseas, Kyoshiro Ichikawa told Tuoi Tre in an exclusive interview.

The recent territorial tension between China and Japan will surely make Japanese investors think twice about pouring more money in China and they are likely to partially or wholly relocate their investments and production facilities to Vietnam, he said.

The yen is likely to rise further in the short term since US economic recovery is slower than expected, he said.

But he allayed the fears that the appreciating yen will mean Vietnam’s official development assistance debt to Japan will rise since the appreciation is a short-term phenomenon.

Japan ODA commitments to Vietnam are worth over 1.394 trillion yen.

It used to be the equivalent of $14 billion but has risen to nearly $16.3 billion. In terms of the depreciating dong, it has risen from VND251 trillion to VND304.5 trillion.

Projects funded by ODA loans and yen-denominated commercial loans will be affected adversely by the currency appreciation, the ministry had said earlier.

Japan is one of Vietnam’s largest trading partners.

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Time right for Vietnam to woo Japan: economist

Photo: Tuoi Tre

A Japanese economist who advises the Vietnamese Ministry of Planning and Investment has said Vietnam should take advantage of the current economic and political situation to boost exports to Japan and attract Japanese investment.

With the yen’s relentless rise taking it to a 15-year high against the dollar last month, Vietnam’s exports to Japan are cheaper while Japanese investors are doing business more aggressively overseas, Kyoshiro Ichikawa told Tuoi Tre in an exclusive interview.

The recent territorial tension between China and Japan will surely make Japanese investors think twice about pouring more money in China and they are likely to partially or wholly relocate their investments and production facilities to Vietnam, he said.

The yen is likely to rise further in the short term since US economic recovery is slower than expected, he said.

But he allayed the fears that the appreciating yen will mean Vietnam’s official development assistance debt to Japan will rise since the appreciation is a short-term phenomenon.

Japan ODA commitments to Vietnam are worth over 1.394 trillion yen.

It used to be the equivalent of $14 billion but has risen to nearly $16.3 billion. In terms of the depreciating dong, it has risen from VND251 trillion to VND304.5 trillion.

Projects funded by ODA loans and yen-denominated commercial loans will be affected adversely by the currency appreciation, the ministry had said earlier.

Japan is one of Vietnam’s largest trading partners.

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High gold price fails to deter shoppers

Photo: AFP

Demand for gold jewelry on the domestic market has not significantly changed despite the fact that the cost of gold has climbed to its highest ever level, according to industry experts.

"In recent days, we have had a large number of customers across the country," said General Director of Bao Tin Minh Chau Joint Stock Co Vu Minh Chau.

Chau added that as the wedding season approached, his company had seen no change in customer volume.

Sai Gon Jewelry Holdings Co (SJC) reported business had remained unchanged.

"The number of people buying wedding jewelry still remains high. However, the number of customers shopping for everyday jewelry is down 20 percent," said Tran Thi Ngoc Suong, head of SJC's Jewelry Department.

To maintain customer volume, gold companies have designed a variety of new products comprising less gold.

"Our company has introduced many new products. We cut down the gold weight so that more customers can afford them," said Chau.

He added that with only about VND1 million (US$52), customers could buy a wedding ring.

"We use modern technology, which helps us produce light weight gold jewelry," he added.

The company has also organized a number of discount promotional programs.

These new methods seem to be working for the gold companies, attracting large numbers of mid-income earners.

"It is a clever choice to buy cheaper wedding jewelry with good design when the gold price is so high," said Van Anh, a customer.

The price of gold on the domestic market has significantly increased. It climbed to VND31.64 million ($1.600) per tael (1.2 troy ounces) on Monday.

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ASEAN Summit helps increase intra-bloc strength

The ASEAN Summit to be held in Hanoi from October 28-30 will help consolidate the bloc’s economic strength, said ASEAN Secretary-General Surin Pitsuwan Monday.

He earlier said ASEAN will hold a high-level meeting with its leading trade partners, including China, Japan, the Republic of Korea and India .

The association also plans to organise a special high-level meeting with Russia , Australia , New Zealand and UN Secretary-General Ban Ki-moon, he added.

The meetings on the sidelines of the summit will include the fifth East Asian Summit (EAS) and the ASEAN Business and Investment Summit (ASEAN-BIS), he said, adding that the US and Russia Secretaries of State have been invited to attend the ASEAN Summit as observers.

According to the association’s leader, a master plan on ASEAN connectivity will be submitted to ten ASEAN leaders at the summit in Hanoi . The plan includes important policies on regional infrastructure development, especially in transport, energy and information technology, as well as people-to-people exchange activities through tourism, cultural exchange and education.

Meanwhile, the first meeting of ASEAN defence ministers with eight dialogue countries (ASEAN+8) scheduled for October 12 in Hanoi aims to encourage regional cooperation in security issues, including maritime security, anti-terrorism, peacekeeping, army medicine and disaster rescue, he said.

 

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ASEAN Summit helps increase intra-bloc strength

The ASEAN Summit to be held in Hanoi from October 28-30 will help consolidate the bloc’s economic strength, said ASEAN Secretary-General Surin Pitsuwan Monday.

He earlier said ASEAN will hold a high-level meeting with its leading trade partners, including China, Japan, the Republic of Korea and India .

The association also plans to organise a special high-level meeting with Russia , Australia , New Zealand and UN Secretary-General Ban Ki-moon, he added.

The meetings on the sidelines of the summit will include the fifth East Asian Summit (EAS) and the ASEAN Business and Investment Summit (ASEAN-BIS), he said, adding that the US and Russia Secretaries of State have been invited to attend the ASEAN Summit as observers.

According to the association’s leader, a master plan on ASEAN connectivity will be submitted to ten ASEAN leaders at the summit in Hanoi . The plan includes important policies on regional infrastructure development, especially in transport, energy and information technology, as well as people-to-people exchange activities through tourism, cultural exchange and education.

Meanwhile, the first meeting of ASEAN defence ministers with eight dialogue countries (ASEAN+8) scheduled for October 12 in Hanoi aims to encourage regional cooperation in security issues, including maritime security, anti-terrorism, peacekeeping, army medicine and disaster rescue, he said.

 

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