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Water project to help Vietnam’s power, steel industries

A $142 million water project in Vung Ang Economic Zone is expected to supply industrial water for the Vung Ang I thermal power plant this month and ease water shortages for the rest of the economic zone. Dang Van Thanh, deputy director of Vung Ang Economic Zone (VAEZ) Management Authority, said that this water project was racing toward on a trial run on November 15, 2012. “Our water project with the designed capital of one million cubic metres of water per day would ensure stable water supplies for VAEZ as well as push key projects ahead,” Tran Dinh Dung, consultant for...

Flash autos roll in due to loop hole in Vietnam

An import incentive policy is being used to bring new expensive cars into Vietnam. Pursuant to Clause 3 in Ministry of Finance (MoF)’s Circular 118/2009/TT-BTC, overseas Vietnamese (Viet Kieu) repatriates are liable to bring one personal car into Vietnam for use. In reality after the import of fewer than nine seat brand-new cars into Vietnam was restricted following enforcement of Ministry of Industry and Trade’s Circular 20/2011/TT-BCT to reduce import of luxurious items into the country, traders have used this Viet Kieu import incentive loop hole. Circular 20, effective from June 26, 2011, stipulates additional procedures for imported cars from nine...

New law cannot reduce Hanoi’s rural-urban migration

The Capital Bill, which seeks to impose greater restrictions on the migration of rural people to Hanoi, is not likely to staunch the inflow and is likely to cause more difficulties for migrants, Nguyen Quang, manager of the United Nations Human Settlements Program (UN-HABITAT) in Vietnam, tells Vietweek.Vietweek: What is your opinion about the draft […]

Vietnam Project’S Bad Fashion Statement

The runaway foreign investors of Lifepro Vietnam’s Luxfashion textile and garment complex, leaving $150 million in debts behind, have underscored the ugly side of foreign-invested projects that go wrong. The $300 million European clothing complex, located in northern Ninh Binh province’s Gian Khau Industrial Park, has been totally locked down since early September, just six months after official becoming operational. In late August, the local authorities were reported by a Vietnamese representative of Lifepro Vietnam that all foreign managerial staff of Luxfashion complex...

Vietnamese Banker Explains About His VND4 Billion Stolen Rhino Horn

VietNamNet Bridge – Police of Tra Cu district, Tra Vinh province are tracing thieves of the rhino horn of a famous banker, Mr. Tram Be, from his mansion in Ham Giang commune, Tra Cu district. On the evening of September 27, Tram Be’s family discovered that the rhino horn weighing almost 4 kg (worth more than VND4 billion – $200,000) kept at the family mansion in Tra Vinh had been lost. Tram Be, former Chairman of the Southern Bank and is currently Vice Chairman of Sacombank, built the mansion...

Vietnam Business Briefs Sept 22, 2012

Dong Nai receives $1bn FDI The southern province of Đong Nai has attracted more than US$1 billion from foreign direct investment (FDI) despite the economic downturn, said Bo Ngoc Thu, director of the province’s planning and investment department. The figures places the southern province third nationally in attracting FDI after Binh Dương Province, also in the South, and the northern city of Hai Phong. In the past eight months, Đong Nai has granted investment licenses to 34 enterprises with registered capital of about $600 million. Among the new projects, two are in high-tech – Belmont Manufacturing specializing in health...

PRESS DIGEST – Vietnam newspapers – Aug 30, 2012

(Reuters) - These are some of the leading stories in the official Vietnamese press on Thursday. Reuters has not verified these stories and does not vouch for their accuracy. FINANCIAL NEWS: TUOI TRE - Long-term dong deposit rates have risen by 0.5-1 percentage point to 12.5 percent from early August, clients said. THOI BAO KINH TE VIETNAM - Vietnam has licensed 6,118 new businesses in the first eight months of this year, a 2.64 percent drop from a year ago, the Planning and Investment Ministry's business registration department said. - Petrovietnam Finance Corp will buy 500,000 shares in Pha Lai...

Business Briefs August 13, 2012

* Funderburk Lighthouse Limited, major shareholder of PetroVietnam Insurance Joint Stock Corporation (PVI) bought 182,754 out of 2 mil shares registered to buy from May 21- July 20, increasing its ownership to 22,889,954 shares or 11.16 percent stake. * Lilama 45.3 Join Stock Company (L43) announced to choose the International Finance Corporation (IFC) to audit its financial statement in H1/2012. The firm said in a filing sent to HNX’s website on August 10. * Phu Thinh Metallurgy Joint Stock Company on August 8, 2012 filed an application to list its all 21.6 million shares on the Hochiminh Stock Exchange (STC) with Ocean Securities JS Co. as the advising firm. With...

Vietnam ministry registers e-signatures

The Ministry of Finance expects that 350,000 enterprises will register to use digital signatures by the year-end, according to a report in Dau Tu (Vietnam Investment Review) newspaper. About 20 percent, or 124,594 enterprises, have used digital signatures for e-procedures such as business registrations, taxation declarations and banking transactions. Service suppliers said this is an impressive number, but still much lower than market demand. The Public Certificate Authority Services issues the signatures. Ngo Tuan Anh, Director of Bkav Telecom, which is one of six companies specialising in digital signature services, said the use of e-signatures saves transport and printing costs...

Vietnam Government Becomes Sole Bullion Producer; Bans Gold as A Medium of Exchange

Vietnam Prime Minister on April 3 issued Decree No.24/2012/NĐ-CP on gold trading management, stipulating that the government will hold a monopoly over bullion production as well as the import and export of material gold. cThe new regulation also lists 7 activities that will be prohibited once the decree comes into effect on May 25, including: using gold as a medium of payment, processing jewelry gold or trading bullion without license from the central bank and doing other gold-related businesses without relevant authority’s approval, etc. Local businesses qualified to trade bullion must have a charter capital of VND100 billion or higher...