How long Resolution 11 will be kept in place is the question Professor David Dapice - Photo: Kinh Luan The Government’s Resolution 11 was issued on February 24 this year to tame inflation and stabilize the macro economy. The Saigon Times Daily had an email talk with Professor David Dapice, a professor of economics at Tufts University and an economist with the Vietnam Program at Harvard University’s John F. Kennedy School of Government, over the Government move. The Saigon Times Daily: Do you think the new package of measures under Resolution 11 will eventually bear fruit? - Professor David Dapice: The problem is not if the February measures (Resolution 11) will work, but how long it will be kept in place. Recent growth has been driven by SOE (State-owned enterprise) and real estate investment, both of which rely on rapid credit growth. If a real slowdown emerges, it is likely that there will be fierce pressures to reignite credit growth again and if that happened, then … [Read more...] about How long Resolution 11 will be kept in place is the question
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>> Mass fish deaths caused by Formosa’s toxic discharges: government According to surveys conducted by experts in the panel responsible for investigating the mass fish deaths in Vietnam’s central coast, Formosa’s discharge of toxic waste has caused serious damage to marine life. The surveys were conducted at a number of sites including Mui Ron Ma and Hon Son Duong (Ha Tinh province), Hon La port and Hon Nom Island, Vung Chua (Quang Binh province), Cua Tung and Con Co (Quang Tri province), and Hon Son Cha, Bai Chuoi and Bac Hai Van (Thua Thien-Hue province). It is estimated that half of the 800 hectares of coral in the above-mentioned provinces were destroyed. At Con Co, scientists discovered no abnormal deaths of coral, fish and other creatures living on reefs and found many fish with high economic value. Meanwhile, at other survey sites the ecosystem was rather poor and no fish with high economic value were found. Only some species of the Pomacentridae … [Read more...] about Formosa toxic discharge: How long will it take for marine life to recover?
Coal-exporting Vietnam to import coal Trung Chanh By Trung Chanh - The Saigon Times Daily CAN THO – A coal undersupply is looming large given the rapid development of thermo-power plants and the slow construction of renewable energy projects. Speaking at a seminar on sustainable energy development in the Mekong Delta region in Can Tho on Tuesday, Tran Dinh Sinh, deputy director of the Green Innovation and Development Center (GreenID), said Vietnam currently has 14 coal-fired power plants and some 57 more plants will go up in the coming time. Nine of the planned coal-fired projects will be invested by Vietnam Electricity Group (EVN), six projects by each of Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin), four by private and foreign enterprises, and 14 by build-operate-transfer (BOT) investors. The remaining 18 projects are awaiting investors. Under the nation’s Power Master Plan VII, … [Read more...] about Coal-exporting Vietnam to import coal
The national asset management firm, or Vietnam Asset Management Co (VAMC), was founded last week to buy non-performing loans from banks in an effort to revive the economy choked with bad debts but will it work? Managed by the State Bank of Vietnam (SBV), it was established on Decision No.1459/QD-NHNN signed by SBV Governor Nguyen Van Binh on June 27, 2013. "VAMC must sketch out a specific roadmap for the bad debt settlement process so that the rate must be scaled down to a manageable level as prescribed by the government," said Nguyen Van Binh, governor of SBV at the opening ceremony of the firm in Hanoi last week. Also at the ceremony, Nguyen Huu Thuy, deputy SBV governor cum VAMC general manager, said VAMC won’t force local banks to sell bad debts to them. "We expect that local banks can realize their responsibilities and their rights and actively sell their bad debts to unload their debt burdens and make their balance sheets healthier," he added. "Although operating just … [Read more...] about Newly-founded debt firm sheds hope but for how long?
VietNamNet Bridge - Last year, prolonged unstable macroeconomic policies made the panorama of the Vietnamese economy quite bleak for foreign businesses. Along with the Vietnamese government's efforts to tighten fiscal and monetary policy to reduce inflation, to restructure the banking system... whether foreign investors have a brighter view of the economic situation in Vietnam in 2013? The opinions of Mr. Herb Cochran, Executive Director of the American Chamber of Commerce (AmCham) in Ho Chi Minh City, Mr. Yasuzumi Hirotaka, Executive Director of the Japan External Trade Organization (JETRO) in HCM City and Mr. Paul John Jewell, Executive Director of the European Chamber of Commerce in Vietnam (EuroCham) will partly answer this question. Prospects for Vietnam's economy in 2013 Last year, the Vietnamese Government made great strides in economic reform but did not made tangible results. According to foreign investors, whether the Vietnamese economy will recover in … [Read more...] about Vietnam’s 2013 economy in the eyes of foreign entrepreneurs