Hanoi

Remittances to Vietnam Forecast to Reach US$8 Billion

Dec. 4 – The State Bank of Vietnam estimates overseas remittances to the country may amount to US$8 billion by the end of the year, a 45.5 percent increase from last year's figures.

One of Western Union’s five agents,Vietnam Bank for Private Enterprises told Thanh Nien News, that revenues from money transfer service have increased by 70 percent this year.

Flooding Threatens Countries along Mekong River

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.

Steel Export Duties Doubled to 20%

Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.

According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.

From the Middle: Danang’s Profile Rises as Investors Move In

July 30 – Located in the middle of Vietnam, Danang is the country’s fourth largest city and in recent years has become the commercial and industrial hub of central Vietnam.

As one executive, the chairman of software development company Enclave has commented in the San Jose Mercury News, Danang is the Ho Chi Minh City of 10 years ago, a rising economic power. Its current 13 percent economic growth rate is higher than the nation’s whole.

China Warns Exxon to Drop Exploration Deal with Vietnam

July 22 – China is protesting a preliminary agreement that will allow state oil firm PetroVietnam and Exxon Mobil to explore oil in the South China Sea near Vietnam's south and central coast.

Chinese diplomats in Washington warned Exxon that the move is a breach of Chinese sovereignty and could affect its future business interests in the country.

According to Reuters, unnamed sources said that while Exxon Mobil was sure of Vietnam's sovereign rights to the area in question, it could not dismiss China's warnings as out of hand.

Five signs of Vietnam’s increasing global relevance

Mar. 21 – Although the VN-Index has just plunged 15 points, and soaring inflation continues to plague consumers and suppliers alike, several recent developments point to Vietnam’s growing global clout.