WB upgrades Vietnam GDP growth forecast to 6.2%

Sandeep Mahajan (R), lead economist at the World Bank in Vietnam, speaks at an event held in Hanoi on October 5 to announce the East Asia and Pacific Economic Update report - PHOTO: TU HOANG

Tu Hoang In an East Asia and Pacific Economic Update report released on October 5, the WB projects the impressive economic growth for Vietnam while China’s economy is forecast to expand by 7% this year before slowing to 6.7% next year. Other regional countries are expected to obtain a GDP growth rate of 4.6% this year, similar to the pace in 2014. Commenting on Vietnam’s economic growth, Sudhir Shetty, chief economist for the East Asia and Pacific region at the WB, said Vietnam as a crude oil exporting nation had countered the impact of the world oil price fall. As Vietnam is also a fuel importer, the price decline in general still does more good than harm for the country, the expert said. Though Vietnam’s economic activity continued to firm up this year, driven by strengthening domestic demand, the WB still noticed fiscal imbalances in the country. Lingering fiscal imbalances are a concern against the backdrop of rising public debt. Budget outturns thus … [Read more...]

FrieslandCampina Vietnam signs deal with environment agency

Nguyen Van Tai (L), head of the Vietnam Environmental Administration, and Arnoud van den Berg, Managing Director of FrieslandCampina Vietnam, sign a cooperation agreement last week - PHOTO: FRIESLANDCAMPINA VIETNAM

Thanh Truc In the cooperation agreement signed last week, the two sides will be implementing a joint program titled "Vi Moi Truong Viet Nam Xanh" (For a green environment in Vietnam). Over the years Vietnam has made high social and economic achievements and integrated deeper into the global economy, but the fast pace of industrialization and urbanization has left negative impact on the environment. This is why FrieslandCampina Vietnam is keen to join hands with the community to improve the living environment. The signing of the agreement with the VEA is a concrete step taken by the dairy processing firm to make that happen. In the first three years, both sides will jointly produce a couple of television programs intended to educate students on the environment and organize Green Innovation Awards, a community-based "Clean Up the World" campaign, and a World Environment Day celebration. These events are ultimately aimed at raising public awareness on environmental issues, and … [Read more...]

Malaysia slaps dumping duties on Vietnam steel coils

Tran Thu Temporary duties on color-coated steel products from Vietnam are set at 5.68%-16.45% from September 26 to January 23 next year, according to the preliminary results of a dumping investigation announced by the Malaysia Ministry of Industry and International Trade (MITI) late last month. The duties are much lower than 52.1% imposed on the same products imported into Malaysia from mainland China during this period because Chinese exporters did not cooperate with Malaysia in the investigation. Malaysia launched the dumping probe on April 28 after local firm FIW Steel Sdn. Bhd filed a lawsuit against imported color-coated steel coils. As the duties are applied temporarily, the Vietnam Competition Authority cited MITI as saying that the concerned parties could submit their complaints and evidence to Malaysia before October 14 to protect their rights and interests. Malaysia will make a final decision on dumping margins based on available evidence if its investigation agency … [Read more...]

Fourteen provinces attract no fresh FDI in Jan-Sept

Quoc Hung Tuyen Quang, Dien Bien and Lao Cai provinces in the north, and Bac Lieu and Dong Thap provinces in the Mekong Delta were among the provinces without new FDI approvals from January to September. Figures of the FIA under the Ministry of Planning and Investment showed that of 49 provinces with new FDI projects in the period, seven had only one project each, four with two projects each and three with three projects each. The FIA noted a number of projects with pledged capital of less than US$1 million or US$10,000-30,000 each were approved in Yen Bai, Son La, Binh Thuan and Bac Kan provinces. Despite small-scale FDI projects in many localities, FDI approvals reached US$17.15 billion in January-September, up a staggering 53.4% year-on-year. Bac Ninh took the lead with US$3.34 billion registered for both fresh and operational FDI projects in the period, making up 20.1% of the country’s total FDI approvals. HCMC came second with total FDI pledges of US$2.61 billion … [Read more...]

Fiber firms to benefit from more foreign yarn projects

An employee is at work at a fiber firm in Binh Duong Province. Pham Hong Giang of the Vietnam Cotton and Spinning Association says fiber demand is forecast to surge in this market - PHOTO: QUOC HUNG

Tran Thu HCMC - More foreign direct investment (FDI) companies are involved in textile-dyeing projects in Vietnam to tap opportunities from the Trans-Pacific Partnership (TPP), thus benefiting fiber producers. Speaking at a listing ceremony of Century Synthetic Fiber Corporation last week, Pham Hong Giang, general secretary of the Vietnam Cotton and Spinning Association, said new FDI inflows in textile and dyeing projects would benefit producers of polyester filament in Vietnam as fiber demand is forecast to surge. According to Giang, more polyester filament has been used as this kind of fiber is suitable for new apparel production technology. Currently, there are five producers of polyester filament in Vietnam, namely Formosa, Century Synthetic Fiber, Hualon, Dong Tien Hung and PVTex with a combined capacity of around 210,000 tons of fiber. Giang said Vietnam now turns out more than 800,000 tons of cotton fiber, with around 600,000 tons for export and the remainder for … [Read more...]

FM spokesman: TPP helps Vietnam expand cooperation


(VOV) -The fresh conclusion of the Trans-Pacific Partnership (TPP) agreement negotiations will enable Vietnam to expand cooperation and deepen her relations with leading partners in the region and beyond, Foreign Ministry spokesman Le Hai Binh said on October 6. "Vietnam highly values the resolve and remarkable efforts as well as the flexibility and creativity of TPP member countries to complete the pact in a balanced, comprehensive manner and with high standards, in Atlanta city, the US, on October 5", Binh said in reply to a reporter’s query on Vietnam’s response to the conclusion of the deal. He noted that together with current cooperation and connection mechanisms like the Regional Comprehensive Economic Partnership (RCEP) and the Transatlantic Trade and Investment Partnership (TTIP), the TPP conclusion marks an important milestone n promoting the multi-layered connectivity trend and maintaining peace, stability and dynamic development in Asia-Pacific. The deal … [Read more...]

Vietnam eager to bolster all-round cooperation with Kuwait


(VOV) -President Truong Tan Sang expressed his nation's wish to further strengthen friendship and multifaceted cooperation with Kuwait at a reception for outgoing Ambassador to Vietnam Hamad Saleh Al-Jutaili on October 6 in Hanoi. President Sang suggested both countries to intensify high-level visit exchanges and extended his invitation to Kuwait’s Emir to visit Vietnam in the coming time. He proposed that the two countries support each other at international forums and asked Kuwait to offer favorable conditions for Vietnamese products to enter its market. The State leader told his guest that Vietnam welcomes Kuwaiti businesses to invest in the country in the areas of oil and gas, construction, and infrastructure development. Vietnam backs Kuwait’s candidacy to the UN Security Council in the 2018-2019 tenure while Kuwait supports Vietnam’s candidacy to the 2016-2018 Economic and Social Council (ECOSOC) and the 2020-2021 UN Security Council, he added. The … [Read more...]

Vietnam earger to bolster all-round cooperation with Kuwait

President Sang suggested both countries to intensify high-level visit exchanges and extended his invitation to Kuwait’s Emir to visit Vietnam in the coming time. (VOV) -President Truong Tan Sang expressed his nation's wish to further strengthen friendship and multifaceted cooperation with Kuwait while receiving outgoing Ambassador to Vietnam Hamad Saleh Al-Jutaili on October 6 in Hanoi. He proposed that the two countries support each other at international forums and that Kuwait offer favorable conditions for Vietnamese products to enter its market. The State leader told his guest that Vietnam welcomes Kuwaiti businesses to invest in the country in the areas of oil and gas, construction, and infrastructure development. … [Read more...]

The 1st art festival of “Chau van” singing 2015 in Bac Giang

Illustrative image

(Cinet)- To maintain and develop some values of worshipping culture on 120th anniversary for establishing Bac Giang province, Department of Culture, Sports and Tourism organized the opening ceremony of the 1st art festival of "Chau van" singing 2015 on October 06. Participating into the festival is 300 amateur and professional artisans from 10 districts and cities in Bac Giang and 05 clubs from some provinces and cities such as Ha Noi, Bac Ninh and Lang Son. At the festival, each sector participates into 3 performances to praise the Party, Uncle Ho, countryside and land. The festival takes place on October 06. The activity aims to maintain and develop traditional culture of the worshipping activity in Vietnam and educate tradition of the country love to bring people a new view of "Chau van" singing. The festival is an opportunity for some clubs of "Chau van" singing in Bac Giang province to exchange and study, contributing to develop some good values of the arts in Bac Giang. … [Read more...]

Arts festival on Vietnam’s first general election

Illustrative image

(Cinet)- The art festival on the 70th anniversary of Vietnam's first general election (January 6, 1946 – January 1, 2016) took place at the qualifying round for the northern region at Vinh Phuc Provincial Theatre from October 2-3. The performances played the meaningful role of the National Assembly, which was the highest organ of state power and the highest-level representative body of the people. The event comprised 77 performances by artists from 17 provinces and cities in northern Vietnam. Three first prizes went to the teams of Hanoi, Vinh Phuc and Ha Tinh; while three second prizes were presented to Son La, Tuyen Quang and Hoa Binh teams. Additionally, the organising board presented many prizes to outstanding individuals. The festival includes qualifying rounds in five regions across the country and an overall final round. … [Read more...]

Kunduz air strike decision made within U.S. chain of command: general


U.S. General John Campbell, commander of NATO-led International Security Assistance Force (ISAF), speaks during a ceremony to commemorate Memorial Day in Kabul, May 25, 2015. Photo:Reuters/Omar Sobhani/Files The decision to carry out a deadly air strike that hit a hospital in the Afghan provincial capital of Kunduz was made within the U.S. chain of command, the American commander of international forces in Afghanistan told lawmakers on Tuesday. On Saturday, an Afghan hospital run by the medical charity Doctors Without Borders, or Medecins Sans Frontieres (MSF), was hit by an air strike that killed 22 people. MSF officials have demanded an independent investigation into the incident and called it a "war crime." U.S. forces provided close air support to Afghan forces engaged in a fight with Taliban militants in Kunduz on Saturday at their request, U.S. Army General John Campbell said in testimony to the Senate Armed Services Committee. "To be clear, the decision to provide aerial … [Read more...]

Vietnam beats Myanmar 1-0 to advance to AFC U-19 Championship finals


Vietnam's Trong Dai misses a penalty in a AFC U-19 Championship qualifying match against Myanmar on October 6, 2015. Although a draw would be enough to secure a ticket to the 2016 AFC U-19 Championships, Vietnam still defeated host Myanmar 1-0 on Tuesday and almost scored another goal with a penalty. Vietnam players pressured on Myanmar goalkeeper Sann Sat right from the beginning of the match at the Thuwunna Stadium in Yangon. The match’s only goal was scored by Duc Chinh in the 20th minute, after he passed several Myanmar defenders to get a pass from Trong Hoa. Myanmar rushed for counterattacks but faced tough defense by Vietnam in the rest time of the first half. In the 51st minute, Vietnam got a penalty after a foul by Myanmar goalkeeper Sann Sat against Lam Thuan. Trong Dai missed the penalty after the ball hit the bar and bounced out. A win over Myanmar proved Vietnam’s Coach Hoang Anh Tuan’s claims before the match. "Vietnam still top the Group with a … [Read more...]

U.S. charges ex-U.N. General Assembly president, 5 others for corruption


John W. Ashe, former President of the United Nations General Assembly, in shown in this file photo taken in New Delhi on March 21, 2014. Photo credit: AFP/Getty U.S. authorities arrested a former president of the United Nations General Assembly on Tuesday for engaging in a wide-ranging corruption scheme involving a billionaire Macau real estate developer and four other defendants. John Ashe, the U.N. ambassador from Antigua and Barbuda who was president in 2013, was accused in a complaint filed in New York of taking more than $500,000 of bribes from Ng Lap Seng, who wanted to build a multibillion-dollar U.N.-sponsored conference center in Macau. In exchange, Ashe told the U.N. secretary general that the center needed to be built, the complaint said. It followed the arrests of Ng and his assistant, Jeff Yin, last month on separate charges. The complaint also charged Francis Lorenzo, who had been a deputy U.N. ambassador from the Dominican Republic; Shiwei Yan, chief executive … [Read more...]

NATO rejects Russia explanation on Turkish air space


Russian President Vladimir Putin (C) with Defense Minister Sergei Shoigu (L) and armed forces Chief of Staff Valery Gerasimov observe troops in action during a training exercise at the Donguz testing range in Orenburg region, Russia, September 19, 2015. Photo: Reuters/Alexei Nikolsky/RIA Novosti NATO on Tuesday rejected Moscow's explanation that its warplanes violated the air space of alliance member Turkey at the weekend by mistake and said Russia was sending more ground troops to Syria and building up its naval presence. With Russia extending its air strikes to include the ancient city of Palmyra, Turkish President Tayyip Erdogan said he was losing patience with Russian violations of his country's air space. "An attack on Turkey means an attack on NATO," Erdogan warned at a Brussels news conference. NATO Secretary-General Jens Stoltenberg said the alliance had reports of a substantial Russian military build-up in Syria, including ground troops and ships in the eastern … [Read more...]

Da Nang to host 2016 Asian Beach Games

The countdown timer to the 2016 ABG in Da Nang

Preparations for the 2016 Asian Beach Games (ABG) were at the forefront of discussions during a conference held in central Da Nang city on October 6. After listening to a series of reports on coordinating the multi-sport event, representatives from the Olympic Council of Asia hailed the work carried out by the management board thus far. After the conference, participants made a field trip to practise and competition locations as well accommodations for sport delegations. Initiated by the Olympic Council of Asia, the ABG first took place in 2008 in Bali, Indonesia and has been held every two years since. Next year, it is scheduled to run in Da Nang from September 24 – October 5. There will be 3,000 athletes from 45 countries and territories, including 350 competitors from Vietnam, rivalling in 14 categories. VNA … [Read more...]

Hanoi’s polluted craft villages to get environmental clean-up


Fifty highly-polluted craft villages across Hanoi will be helped with waste treatment between now and 2020, according to the municipal Department of Industry and Trade. The most polluted villages are operating in farm produce processing, iron and steel, pottery, mechanical engineering and garment making. Almost all craft villages do not have facilities for production solid waste collection and wastewater treatment. Surveys showed all wastewater samples from craft villages surpassed the permitted levels of pollution in at least three categories. In 2010-2015, Hanoi carried out wastewater treatment projects in several communes of Hoai Duc, Quoc Oai and Thanh Oai districts. The city also piloted a model to treat wood dust at Van Ha craft village in Dong Anh district, and launched the 5S (sort, set in order, shine, standardise, sustain) project at Thanh Thuy commune, Thanh Oai district, among others. This year, construction has started on concentrated sewage treatment facilities … [Read more...]

Vietnam to have both benefits and challenges from TPP agreement

Minister of Industry and Trade Vu Huy Hoang at the meeting in Atlanta

The Trans-Pacific Partnership (TPP) agreement will benefit Vietnam in not only economic but also institutional and social terms, said Minister of Industry and Trade Vu Huy Hoang. In an interview granted to the Vietnam News Agency on October 5 following the conclusion of the TPP talks in Atlanta, the US, on the same day, Minister Hoang said the pact is expected to help raise the country’s gross domestic product (GDP) by an additional 23.5 billion USD in 2020 and 33.5 billion USD in 2025. Under the deal, major markets such as the US, Japan and Canada will eliminate import taxes, creating an impetus for Vietnam’s exports, adding 68 billion USD to the country’s total export earnings in 2025, the official noted. According to him, the country’s key export sectors such as garment-textiles, footwear and fisheries are bound to see outstanding breakthroughs in these markets. Vietnam will also have new opportunities afforded by the supply chain formed after the trade … [Read more...]

Hanoi succeeds at birth rate control

Photo: vietnamplus.vn

Hanoi’s birth rate this year is likely to stand at 15.8 per 1,000 members of the population, a sharp drop from 19.36 in 2012 and meeting the city’s yearly target, according to the municipal Steering Committee for Population and Family Planning. From 2011-2015, about 120,000 children were born each year. Gender imbalance at birth has also declined with an expected 114.5 boys per 100 girls in 2015 from 117 boys per 100 girls in 2010, revealed the committee. The committee attributed the achievements to the great attention of the Party as well as close coordination among sectors and agencies. During the period, the city spent 191 billion VND (8.5 million USD) on population and family planning activities. However, it also pointed to difficulties facing the city, including a large population and extensive geography, which led to a high birth rate in 18 districts and towns as well as unstable birth rate reduction. From 2016-2020, the capital aims to maintain reasonably low … [Read more...]

Korea supports Vietnam-Laos railway connection for ASEAN integration

At the signing ceremony

PANO – The Ministry of Transport and the Korea International Cooperation Agency (KOICA) signed a Record of Discussion (RD) to conduct a Feasibility study on a railway link (about 500km) from Vung Ang port, Vietnam to Vientiane, Laos on October 6th. KOICA plans to support US$3 million in ODA grant for three years from 2015 to conduct the Feasibility Study, establish a master plan and provide capacity building in railway sector for the two countries. In an effort to contribute to the ASEAN's integration and prosperity, Korean government has supported to conduct a Feasibility study on construction of a railway linking Lao and Vietnam. On October 6th 2015, the agency responsible for ODA KOICA (President Mr. Kim Young-mok) and Vietnam’s Ministry of Transport signed the Record of Discussion on the Project for Feasibility Study on the construction of a railway linking from Vietiane in LAO PDR to Vung Ang in Vietnam via Thakhet and Mugia. The signing ceremony was also … [Read more...]

WB: Vietnam’s economic growth in 2016 reaches 6.3 per cent

Photo: cpv.org.vn

PANO - Vietnam’s GDP expands by 6.2 percent in 2015 and 6.3 percent in 2016, according to the World Bank’s East Asia and Pacific Economic Update released on October 5th. Particularly, Vietnam’s economic growth performance is being driven by its stronger output from the manufacturing sector and services, which contribute nearly half of the country’s GDP. Thanks to low inflation, the State Bank of Vietnam has gradually loosened monetary policy in order to speed up economic activities, and has adjusted exchange rates to ensure economic competitiveness. However, the country’s consumer price index (CPI) in August 2015 only rose 0.61 per cent year-on-year in comparison with 4.3 per cent last year. Thus, Vietnam should continually boost the implementation of State-owned enterprise and banking sector restructuring. Meanwhile, the East Asia-Pacific region continues gaining momentum as it makes up nearly two-fifths of the world’s economic growth. The … [Read more...]