Vietnam visa - vietnam visa online - vietnam visa fee
Vietnam visa - vietnam visa online - vietnam visa fee
Jul 31 2012

VSMPO-Avisma signs accord to set up titanium venture in Vietnam

vsmpo avisma signs accord to set up titanium venture in vietnam

VSMPO-Avisma Corp., the largest titanium producer, signed a memorandum of understanding with Vietnam National Coal-Mineral Industries to develop output in the Southeast Asian nation.

The companies are interested in setting up a joint venture to make titanium products, VSMPO-Avisma said in a statement on its website on Tuesday. The terms of the deal will be discussed once Vinacomin, as the Vietnamese mining company is known, gets a license to develop titanium minerals in Binh Thuan province, the Russian metals company said.

The signing was attended by Vietnamese President Truong Tan Sang, who is visiting Moscow, according to the statement.

Jul 31 2012

Vietnam’s bonds gain on cash surplus at banks; dong holds steady

vietnam%e2%80%99s bonds gain on cash surplus at banks dong holds steady

Vietnam’s bonds gained on Tuesday, pushing the five-year yield to the lowest level in three weeks, on speculation banks have more funds to buy debt as an economic slowdown saps demand for loans. The dong held steady.

The yield on the benchmark five-year notes fell four basis points, or 0.04 percentage point, to 9.80 percent in Hanoi, according to a daily fixing from banks compiled by Bloomberg. The overnight interbank deposit rate slid for the eighth day, falling 36 basis points to 1.47 percent, data from lenders show.

“Bond yields dropped in line with declines in interest rates in the interbank market,” said Nguyen Thi Ngoc Anh, head of fixed-income trading at Asia Commercial Bank in Ho Chi Minh City. Banks face difficulties in lending as slowing growth hurts companies, according to Anh.

The economy grew 4.66 percent in the three months to June from a year earlier, and Deputy Prime Minister Vu Van Ninh said last month full-year expansion may fall below the government’s 6 percent target.

The dong traded at 20,868 per dollar as of 4 p.m. Tuesday in Hanoi, unchanged from Monday, according to data compiled by Bloomberg. The central bank set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the fixing.

Jul 30 2012

The slim line hood for your kitchen

the slim line hood for your kitchen

Leftover gas and odors in your kitchen from cooking could be the cause of certain health problems. These odors also seem to always stick to your hair and clothes making it inconvenient being inside the kitchen or hosting dinner parties.

Slim line hood EFT9516X is the perfect solution to retain an odor-free kitchen and prevent possible health risks. Its two air recirculation modes with dual motor have an extraction power of 550m3/hour, saving up to 40 percent of electricity consumption. Its engine has larger bearings allowing for a three-time powerful suction rate compared to the normal one.

Metal blades running at high intensity will eliminate all sorts of smell from the kitchen. An efficient five-layer aluminum grease filter leads the air outside to eliminate the oil while cooking, then an active carbon filter completely purifies and refreshes the air.

With a luxurious, sophisticated design, a space-saving height of 140mm, Electrolux’ latest air circulation hood is not only consistent with the interior decorations, but is also a real space maximizer. Price: VND4,490,000.

* This is an advertorial.

Jul 30 2012

Vietnam plans to rescue struggling firms

vietnam plans to rescue struggling firms

The Ministry of Trade and Industry is drafting a rescue plan for local businesses as the economic downturn forces many to cut back or stop production, local media reports say.

The plan will focus on helping companies reduce their inventory and access bank loans, news website VnExpress reported, citing Minister Vu Huy Hoang.

Hoang said it is necessary to prevent the trend of narrowing and halting production and create favorable conditions for local firms to grow next year.

“The ministry welcomes suggestions for the plan, which will be submitted to the government in the coming time,” he said, without providing a specific date or elaborating on the measures that will be taken.

According to the General Statistics Office, 26,324 companies shut down completely or suspended operations in the first six months, up 5.4 percent from the same period last year.

Hoang said the economy is still facing many challenges, with the inventory index rising 26 percent in the first six months compared to the same period last year and consumption slowing down.

The State Bank of Vietnam has already cut interest rates five times this year to boost the economy, which expanded 4.38 percent in the first half. Even though banks have been ordered to lower borrowing costs to below 15 percent, many businesses complain that the rates are not low enough.

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Jul 30 2012

Vietnam oil refinery receives 4-year tax exemption

vietnam oil refinery receives 4 year tax exemption

Dung Quat, Vietnam’s only oil refinery, received various tax incentives from the government last week, including a four-year income tax exemption.

Apart from the exemption, Binh Son Refining and Petrochemical Co, which runs the 130,500 barrels-per-day refinery, only needs to pay half its corporate tax for the first nine years after it begins earning taxable incomes.

Over the course of 30 years, it will be subject to an income tax of 10 percent, compared to the current 25 percent applied to other businesses, according to the government’s website. 

Dung Quat, which started operations in February 2009, is also allowed to claim depreciation deductions for its main production equipment in 20 years.

Nguyen Hoai Giang, chief executive officer of Binh Son, told news website VnExpress that the incentives will help the plant operate effectively and make it appealing to investors.

Dung Quat needs up to US$2 billion to expand its processing capacity by nearly a third to 9.5-10 tons. 

The plant resumed production early July following an eight-week shutdown for equipment checks.

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Jul 30 2012

Vietnam bonds advance on rate, inflation outlook; dong stable

vietnam bonds advance on rate inflation outlook dong stable

Vietnam’s government bonds gained on Monday, with the three-year yield sliding the most since May, after the central bank forecast lower inflation and borrowing costs by the end of the year. The dong was little changed.

Interest rates on the dong deposits could drop below 8 percent if annual inflation slows to less than 7 percent by year-end, according to a statement on the government website yesterday that cited Governor Nguyen Van Binh. The cost of some preferential loans may fall to levels below 10 percent in 2013, Binh said. The government had previously forecast 2012 inflation at 7 percent to 8 percent.

“This could be a hint from the governor that the central bank may reduce the dong deposit rate to below 8 percent from the current 9 percent,” said Nguyen Duc Hai, Ho Chi Minh City- based portfolio manager at Manulife Asset Management. The forecast has fuelled bond demand, according to Hai.

The three-year yield fell 20 basis points, or 0.20 percentage point, to 9.52 percent, the biggest one-day decline since May 15, according to a daily fixing from banks compiled by Bloomberg.

The dong traded 20,865 per dollar as of 3:14 p.m. Monday in Hanoi, compared with 20,868 last week, according to data compiled by Bloomberg. The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate.

Jul 30 2012

Thai Nguyen tourism area: well begun is half done

thai nguyen tourism area well begun is half done

Nui Coc, a reservoir built in 1973 in the northern province of Thai Nguyen, has 89 large and small islands, and a national tourism area is now under construction here

A half-built national tourism area around the Nui Coc Dam in the northern highlands province of Thai Nguyen is already an attraction.

Though the 19,000-hectare project is only scheduled for completion in 2020, the works that have been finished so far and the landscapes are worth a day trip from Hanoi.

The reservoir, built in 1973, has 89 large and small islands along its 17-kilometer length.

It takes an hour to go around the lake by boat, but those who love excitement can take high-speed boats.

Tourists can visit islands like Co (stork), De (goat), and Khi (monkey), named after animals inhabiting them.

On other islands, they can enjoy the quiet atmosphere of local villages, or pay a visit to the temple of Mau Thuong Ngan, one of Vietnam’s three goddesses.

The most famous island is Nui Cai (big mountain), where more than 1,000 products from more than 90 craft villages around the country are displayed at an old house. But to reach it one has to climb 108 steps, along which, on the hill, are hundreds of graves and large old trees that give the place an air of mystery.

Not far from the old house is another which is estimated to be 200 years old.

Also on this island is an outdoor museum displaying hundreds of terracotta copies of relics from cultures like the Sa Huynh, which is believed to have flourished between 1000BCE and 200CE in central and southern Vietnam, and the Oc Eo in the Mekong Delta in the first to sixth centuries.

Among them are statues of lions, tigers, and elephants and reliefs covered with human shapes.

Nui Cai offers a panoramic view of Thai Nguyen’s largest hydropower dam, which is 500 meters long.

One of the main attractions of the tourist area is a theme park that includes a water park covering some 3.4 hectares and a one-hectare forest with monkeys and deer and introduced species such as ostrich.

Huyen Thoai Cung (legendary palace), Ba Cay Thong (three pine trees), and The Gioi Co Tich (fairytale world) artificial caves have been completed for visitors to see as they pass through by boat, and have artworks on their walls.

At Huyen Thoai Cung, a legend about Nui Coc will be narrated with graphic and audio tools.

The legend has it that the lake was formed by the tears of a woman who was mourning the death of her lover. The man had died and turned into a mountain earlier, after her father separated them due to the differences in their family backgrounds.

Around 200 guest rooms are being built on hills while food and drinks, especially Thai Nguyen specialties like freshwater fish that weigh up to 10 kilograms, are sold. A hotel is also built inside three large statues near Ba Cay Thong Cave.

Jul 29 2012

Vietnam mulls ban on gold carried by travelers

vietnam mulls ban on gold carried by travelers

Vietnam is set to ban travelers from bringing gold into and out of the country, only allowing a small amount of jewelry to pass through customs, a central bank draft circular says.

The ban will be applied to gold bars and gold material, news website VnExpress reported. Travelers are currently allowed to carry the precious metal as long as they declare their gold holdings to customs.

Travelers will still be allowed to bring jewelry, but if the amount exceeds 300 grams they will be required to inform customs officials and pay tax.

Immigrants from Vietnam who want to take their gold assets to another country will need approval from provincial authorities.

The draft circular comes after the State Bank of Vietnam tightened regulations over gold trading earlier this year and took over the production of gold bars.

The VnExpress report did not say when the circular is expected to take effect.

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Jul 29 2012

Vietnam consumer confidence up a notch amidst deeper global gloom

vietnam consumer confidence up a notch amidst deeper global gloom

Vietnam’s consumer confidence slightly increased in the second quarter after falling to the lowest level since mid 2010 in the previous quarter, a new Nielsen survey has found.

According to the market research firm, the consumer confidence index for Vietnam inched up one point to stand at 95.

This is a rare positive sign since confidence levels across Asia have continued to decline, with just five markets recording an increase in the June quarter.

Malaysia posted the strongest gain in Asia, up four points compared to the first quarter. Meanwhile, Japan and South Korea recorded the lowest levels of confidence in the region with scores of 57 and 50 respectively, Nielsen said.

Despite weakening sentiment around the region, Asian consumers still outperformed their peers in other markets in terms of confidence.

“Continuing economic uncertainty is clearly impacting on consumers’ confidence levels across the region,” said Therese Glennon, Nielsen’s Managing Director of Consumer Insights in the APMEA Region. “Consumer confidence has failed to gain any momentum this year as global events, including a worsening Euro zone crisis coupled with slowing growth rates in China and India, impacted financial markets and consumer sentiment in many parts of Asia.”

In Vietnam, consumers have decided to stay very cautious in spending.

Savings remain the top choice for Vietnamese to put spare cash in after covering essential living expenses while out of home entertainment and home improvement became less attractive to them, Nielsen said.

Forty-six percent of Vietnamese respondents said their job prospects over the next 12 months were good or excellent, down 7 percentage points from the previous quarter.

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Jul 29 2012

Vietnam’s small banks work around interest limit to lure deposits

vietnam%e2%80%99s small banks work around interest limit to lure deposits

Small banks facing a liquidity crunch have breached the central bank’s short-term deposit cap of 9 percent in an attempt to attract more funds, and experts say the trend could spread to even large lenders.

Staff members of a small-sized bank in Hanoi said for short-term deposits of more than VND300 million (US$14,380), the bank could offer up to 12 percent by falsifying the term as 12 months to avoid the rate ceiling. The extra money would be paid in cash instead of going directly to the account, they said.

Former central bank governor Cao Sy Kiem told Thanh Nien that it is hardly a surprise to see small banks breaching the 9-percent limit.

Since banks are allowed to set interest rates on long-term deposits on a negotiable basis, they can easily avoid the short-term cap by changing the term, Kiem said. “Banks have taken advantage of this policy to contravene the short-term cap and it’s very difficult for the central bank to control the practice.”

He said most of the long-term deposits might be short-term funds in disguise, giving people a wrong impression about the liquidity of the banking system.

Analysts said with credit expanding less than 1 percent in the first six months, the banking system seems to have ample funds now. In fact small banks are still struggling to attract deposits since many clients have favored major banks of the G14 group, which accounts for 90 percent of the banking market in Vietnam.

An expert who asked not to be named said the central bank has also tightened regulations on the interbank market, banning cash-strapped banks from receiving deposits from other lenders.

That policy, coupled with the customer favor toward large banks, has forced small banks to pay out high interest rates on short-term deposits.

“If market surveillance is not strengthened, it’s possible that large banks enter the interest rate race too, bringing chaos to the whole market,” he warned.

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