Jan. 5 - Vietnam is set to invest VND40 billion (US$2.35 million) for projects that promote an effective and economical use of energy for 2009.

The Ministry of Industry and Trade also plans to implement large scale projects that hot water sprays that utilize solar energy, bio-gas plants and energy saving buildings.

Nguyen Dinh Hiep, Chief of the ministry’s Energy Saving Office (ESO) told the Vietnam News Agency that it would create and broadcast radio and television programs that dealt with energy saving in addition to organizing training courses for agencies and top businesses.

Dec. 19 - The new international shipping container route starting from Cai Lan port in Quang Ninh province to China and Hong Kong has been officially launched.

The port is the first deep-water port located in northern Vietnam with a capacity of accommodating freighters weighing up to 50,000 DWT.

Previously, test-runs on the new route were done using the MSC's 1,090 TEU vessel, the Wellington, being the first to arrive in November.

Dec. 18 - South Korea's top retailer, Lotte Mart, said it would invest US$5 billion in the next 15 years to develop a chain of 30 shopping malls in Vietnam.

The company's first outlet opened in Ho Chi Minh City last Wednesday spanning 31,000 square meters making it the largest mall in the country.

Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, told Xinhua that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh and 15 more malls in the cities of Hanoi, Haiphong, Danangand Can Tho.

Dec. 17 - Hong Kong and Vietnam have finalized a double taxation agreement that will decrease the amount of tax being paid by each country's investors.

The agreement will stipulate that double taxation will be avoided by way of any tax paid in Hong Kong by Vietnam residents or companies shall be allowed as a credit against any tax payables in respect of the same incomes in Vietnam.

Vietnam News reports that pact was signed in Hanoi yesterday by visiting Hong Kong financial secretary John Tsang, who is on a five-day visit to the country to enhance understanding of its economic and business climate.

Dec. 16 - Results of a survey done by an international auditing company reports that although Vietnam’s banking sector has developed the credibility of the banks’ internal audit is still a concern.

PricewaterhouseCoopers Vietnam said that 92.6 percent of  of banks surveyed maintain internal audit function but only 41 percent of the existing internal audit functions were centralized.

The survey shows that in 78 percent of the cases the internal audit and the internal control functions overlap.

Dec. 15 - Vietnam is set to announce a US$6 billion economic stimulus package later this month, says Deputy Prime Minister Nguyen Sinh Hung.

In an earlier report, the government said it would release a US$1 billion into the economy to cope with the global economic slowdown.

The economic stimulus package will be invested in schools, hospitals, rural infrastructure and home construction, in addition to projects to boost production and consumption.

Dec. 13 - The Foreign Investment Agency reports that by early November registered foreign direct investment (FDI) in Vietnam amounted to US$61 billion.

According to Vietnam Net, by the end of the year the FDI could reach US$65 billion although FDI forecast for 2009 is only US$30 billion.

Vietnam's concept of FDI is different from the standard. While Vietnam reports FDI based on registered and implemented FDI, the usual standard is realized FDI.

Dec. 10 - Next year, Vietnam's currency may be devalued because of slipping exports, deteriorating balance of payments and bank debts.

"The exchange rate now is overly high in Vietnam and the government should ease the rate a little bit to support exports," Le Dang Doanh, a research fellow at the independent think-tank Institute of Development Studies, was quoted as saying by the Reuters during a conference.

Dec. 9 - The Ho Chi Minh City government will allow VND409 billion worth of zero-interest loans to nine food producers and retailers to maintain food prices for the coming Tet holidays.

The companies said they would not allow more than a 10 percent increase in food prices during the New Year Lunar holiday, which happens mid-January of 2009.

During the past Tet holidays, food prices have climbed by up to 50 percent.The companies availing of the loans are Saigon Co.Op, Vissan, Huynh Gia Huynh De, Phu An Sinh, and Saigon Agriculture Incorporation.

Dec. 8 - Vietnam's Ministry of Finance (MOF) says that it has fallen behind its equitization plan; selling less than a third of its estimates.

According to Thanh Nien News, for the first 11 months of the year the government was only able to sell shares in 73 companies in contrast to its goal of 262.

The MOF said on its website that the goal has been hampered by economic difficulties and the volatile stock market.