Vietnam Briefing News

Vietnam Cuts Gas Prices for Second Time in a Row

joyce — Wed, 27 Aug 2008 21:03:34 -0600

Aug. 28 - Vietnam decreased fuel prices for the second time in a row this month. Gasoline prices will be cut from VND18,000 to VND17,000 a liter while kerosene from VND19,000 to VND18,000.

On August 14, the government cut the price of 92-RON gasoline by VND1,000 a liter in response to dropping world crude prices. Compared to a record US$147.27 a barrel last July 11, crude oil futures have dropped by 21 percent.

Flooding Threatens Countries along Mekong River

joyce — Wed, 27 Aug 2008 02:59:10 -0600

By Chua Siew Joo

Aug. 27 - According to the Integrated Regional Information Networks (IRIN), residents and environmentalists in Thailand have expressed suspicions that dams in China and destruction of small Mekong river islands to clear passage for Chinese cargo ships have contributed to severe flooding in the Mekong basin countries.

This year, Thailand experienced its worst flood in 100 years, causing an estimated damage of THB223 million. Large areas of Laos, Cambodia and Vietnam were also inundated.

The Mekong River Commission (MRC), established by Cambodia, Laos, Thailand and Vietnam in 1995, has since issued a statement in August accruing the abnormally high water runoff in the northern part of the Mekong basin following heavy rainfall to the tropical storm Kammuri.

Vietnam to Pass New Telecom Law

joyce — Mon, 25 Aug 2008 21:36:16 -0600

Aug. 26 - The government will soon pass the country’s first telecom law that will allow telecom operators to buy or re-sell licenses to other companies.

According to the current draft of the telecommunications law, each license purchase must be approved by the Ministry of Information and Communications (MIC) to ensure competition among operators and allow foreign investors to easily enter the market.

The license buyer must take all rights and duties of the seller. “Current regulations ban telecom license purchasing, while almost nations in the world allow this to happen”, said an MIC source.

Vietnam to Regulate Trade Unions and Wage Rates

joyce — Mon, 25 Aug 2008 01:35:36 -0600

Aug. 25 – The Ministry of Labor, War Invalid and Social Affairs has been tasked to manage wage rate regulations at foreign-invested enterprises (FIEs) for unskilled and skilled workers.

The Vietnam General Confederation of Labor (VGCL) said it will help expedite the establishment of grassroots trade-unions at FIEs. It added that only a third of operating FIEs had grassroots trade-unions despite the country’s labor code that required all companies to establish one within six months of obtaining their license.

ADB Calling For Single Customs Clearance For Mekong Region

joyce — Sun, 24 Aug 2008 22:42:33 -0600

Aug. 25 - The Asian Development Bank (ADB) is helping countries in the Mekong region implement a single customs clearance service to facilitate free movement of goods by 2010.

It has already conducted workshops on the subject in the Greater Mekong Subregion countries that include Cambodia, China, Laos, Myanmar, Thailand, and Vietnam.

Laos, Vietnam and Thailand are scheduled to implement the service by the year's end.Currently, each country in the region has their own customs checkpoints that requires each truck going into the country to be inspected. The regulations only serve to hamper the transport of goods across the region and does not promote free movement of trade.

Indian Firm to Build US$50 Million Hydropower Plant in Vietnam

joyce — Wed, 20 Aug 2008 22:27:27 -0600

Aug. 21 - Indian power equipment company, Bharat Heavy Electricals Limited (BHEL) has bagged a US$50 million contract to build a 200-megawatt (MW) hydroelectric power plant in Vietnam.

The Nam Chien Hydro Power project aims to meet the country’s growing energy demand and join its rapidly growing power sector that is expected to expand by 16 percent annually. The project will be financed through a US$45 million line of credit given by the Indian government and managed by the Export Import Bank of India.

Vietnam to Speed Up Development of Rural Areas

joyce — Tue, 19 Aug 2008 01:30:59 -0600

Aug. 19 – The Communist Party of Vietnam Central Committee has approved a resolution that will speed up development in its agricultural, forestry and fishery sector with target annual growths of 3 to 3.5 percent by 2010.

The resolution hopes to increase rural incomes by 2.5 times and incorporate rural laborers to account for 30 percent of the country’s total workforce by 2020.

The government plans to have more than 50 percent of the workforce to undergo training. It assured that despite the planned rural development, Vietnam will still maintain its capacity for rice production to ensure national food security.

Ho Chi Minh Real Estate Prices Rise

joyce — Sun, 17 Aug 2008 22:53:50 -0600

Aug. 18 - During the first two weeks of August, real estate prices increased in Ho Chi Minh City.

Apartments and land located on District 2’s main roads increased by VND1 million to VND2.5 million per square meter while prices on on Tran Nao and Luong Dinh Cua streets are now worth VND60 million to VND80 million per square meter.

In the Van Do Building, apartments are priced at more than VND20 million per square meter while those in the H3 Building on Hoang Dieu street are being sold at VND28 million to VND30 million per square meter.

Vietnam Reduces Fuel Prices By Up to 5.3%

joyce — Fri, 15 Aug 2008 02:07:01 -0600

Aug. 15 - Vietnam has reduced the price of gas by up to 5.3 percent beginning today. The new prices reflect the drop in world oil prices of more than 20 percent from July.

"The government has ordered us to reduce prices following world price declines," a Petrolimex official told Thanh Nien News.

Vietnamese Migration Fuels Remittance Industry Growth

joyce — Wed, 13 Aug 2008 21:45:00 -0600

By Chua Siew Joo

Aug. 14 - Vietnamese workers in Asia and the Middle East are sending money home like their counterparts in the United States, Australia and Europe.

It may be a sign that lives are getting better for these migrant workers as they are currently not only sending money back to their family but also investing in business.

The Dong A Money Transfer Company reported receiving remittances of US$631 million in the first half of 2008 and expects the figure for the whole year to be US$1.2 billion. Sai Gon Thuong Tin Bank and Vietcombank (VCB) reported remittances of US$420 million and US$730 million respectively.