The government has instructed SBV to continue the plan on restructuring the banking system in 2016-2020. But the restructuring has not been implemented, though SBV once drew up a plan years ago.Determining the key tasks of the State Bank raised controversy then.The previous Law on the State Bank stipulated that the State Bank’s operation aims to stabilize the currency, help ensure the safe operation of the banking system, and foster socio-economic development.Later, one more task was added: the State Bank’s operation aims to ensure the safety and efficiency of the nation’s payment system.It needs to help control the inflation rate at below 5 percent, cut the lending interest rate, stabilize the dong/dollar exchange rate, increase the forex reserve, ensure credit growth at reasonable rates to help boost GDP and join forces with a fiscal policy to issue government bonds. … [Read more...] about Will Vietnam restructure the central bank?
The plan has raised controversy
Plans for another cable car in Vietnam’s UNESCO-listed Phong Nha-Ke Bang National Park have raised more questions than answers in a country where economic interests all too often eclipse limited environmental safeguards. The most troubling question is, according to experts, whether the masses stand to benefit from a project that is being promoted in the name of economic development. Authorities in the central province of Quang Binh proposed the cable car system across Phong Nha-Ke Bang National Park, which UNESCO recognized as a global heritage site in 2003, at a meeting with Prime Minister Nguyen Xuan Phuc on Friday. Phuc said that although the idea has raised widespread eyebrows, he and government agencies “agree in principle” with the plan. He said the project must “not interfere with the heritage site nor be overexploited”, asking the culture and tourism ministry to assess the project's possible impacts and consult UNESCO on the matter. The cable car … [Read more...] about Cable car plan for cave kingdom a stark reminder of Vietnam’s development mania
Failure to build a cable car in Vietnam's UNESCO-listed Phong Nha-Ke Bang National Park would be tantamount to a "waste of natural resources", hampering local tourism and economic growth, a provincial official told a parliamentary session Tuesday. Tran Cong Thuan, the deputy chief of Quang Binh's Communist Party unit, said at an ongoing session of the legislative National Assembly that the central province would need the government’s backing to materialize a tourism development plan that includes building a controversial cable car project through its world-renowned cave kingdom. Authorities in Quang Binh floated their plan to build the cable car system across Phong Nha-Ke Bang National Park, which UNESCO recognized as a global heritage site in 2003, at a meeting with Prime Minister Nguyen Xuan Phuc in August. Phuc said at that time that although the idea has raised widespread eyebrows, he and government agencies “agree in principle” with the plan. He said … [Read more...] about Vietnamese province holds fast to plan to build controversial cable car in cave kingdom
Although the controversial tourism development plan for the Son Tra Peninsula in Danang City is still waiting for final approval from the prime minister, a vast area of forest has already been cleared and illegally posted no entry signs are apparent. A No entry sign is put at a forest area on Son Tra Peninsula Following reports from local people, reporters from Lao Dong (Labour) Newspaper arrived at the Son Tra Nature Reserve and saw ‘forest plants, No entry’ signs in several areas.In the eastern side of Son Tra Mountain, No entry signs are also seen up along the entrance to Truong Mai Resort. Trees have also been felled in the forest.The same scene was also found on the northern side of the peninsula where hundreds of hectares of forest have been cleared for half a month to make way for new roads. Forest trees are cut down A local people, Tran Van Hoang, said that he visited Son Tra very often but was angry when being banned from the forest recently. "Why do … [Read more...] about Developers illegally proceed with Son Tra development plans
Nguyen Nga, a Vietnamese-French woman who has participated in various PR activities for Long Bien Bridge, said she is able to secure EUR80 million to preserve and restore the bridge. Ms Nguyen Nga With a lifespan of 112 years, it is still serving over 20 trains and thousands of vehicles a day. Nga said she knew many people who want the authorities to turn Long Bien Bridge into an icon such as the Eiffel Tower or the Statue of Liberty. Nga has been building a conservation plan since 2009 and submitted it to the Ministry of Transport and Hanoi authorities. She agreed with the plan to build a new bridge located 186 metres away. "The Japanese government also said they would provide ODA the project. The French government also said ten years ago that they would give EUR10 million to preserve the bridge but the local authorities haven't responded to offers or given feedback to my plan." As opposed to many, Nga does not want to make Long Bien Bridge into a national heritage … [Read more...] about Vietnamese-French woman to raise money to preserve Long Bien Bridge
The State Capital Investment Corporation (SCIC) has earned trillions of VND via bank deposits, accounting for 40% of its revenues in 2012. SCIC’s primary objectives are to represent the interest of state capital in enterprises and invest in key sectors and essential industries in order to strengthen the dominant role of the state sector. However SCIC seems to have earned more through savings. According to SCIC’s report, in 2012, out of its total revenues of VND3.888 trillion (USD185.7 million), VND2.151 trillion (USD102.4 million), or 55%, were derived from dividends. Interest from the corporation’s deposits accounted for up to 40% of its revenues in 2012. Meanwhile, the sale of state capital, SCIC’s main business area, accounted for just 4% of its revenues this year. SCIC revenues in 2012 were directly affected by the slump in deposit interest rates, which went from 14% in 2011 to only 8%, the report said. Lower interest rates reduced SCIC’s revenue to … [Read more...] about SCIC’s revenue sources raise concerns
THE GOVERNMENT SOCIALIST REPUBLIC OF VIET NAMIndependence - Freedom - Happiness No. 113/NQ-CP Ha Noi, December 31, 2016 RESOLUTIONTHE GOVERNMENT’S REGULAR MEETING - DECEMBER 2016 THE GOVERNMENT Pursuant to the Law on Organization of the Government dated June 19, 2015; Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government; Based on the discussion of the Cabinet members and the conclusions of the Prime Minister at the Government’s meeting with local authorities and the Government’s regular meeting in December 2016, held on December 28 and 29, 2016, RESOLVES: 1. Regarding the socio-economic situation in 2016; the implementation progress of the Resolution No. 01/NQ-CP dated January 07, 2016 of the Government on major … [Read more...] about The Government’s regular meeting – December 2016
GOVERNMENT --------------- No. 56 / NQ - CP SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness -------------------- Ha Noi, August4, 2014 RESOLUTION The Government’s regular meeting – July 2014 GOVERNMENTPursuant to the Law on Organization of the Government dated December 25, 2001;Pursuant to the Government’s Decree 08/2012/ND-CP, dated February 16, 2012 promulgating the Working regulation of the Government;Based on the discussions among the Cabinet members and the conclusion of the Prime Minister at the Government’s regular meeting held in June 2014, RESOLVES:1. Regarding socio-economic performance in July … [Read more...] about The Government’s regular meeting – July 2014
HA NOI (Biz Hub)— The Vietnamese gold market spent the last days of the Year of the Snake, 2013, with less fuss than usual, and entered the Year of the Horse, 2014, silently too.Will this year be energetic, cheerful and nice, just like a horse's nature, towards local gold and gold holders? Would gold stay in demand?The Year of the Snake was one of the worst years of the Vietnamese gold market, which plunged 25 per cent in value against 2012, and ended the 12-year bull run of the yellow metal. This tarnished the sheen of the traditional asset of Vietnamese people, but the attractiveness of gold remains controversial.Nguyen Tri Hieu, a gold expert told Investment newspaper: "In the mid to long term, local gold will follow the downtrend of world gold. Many investors have rejected this metal, which I see as a wise move because there are no signs of a recovery happening this year."Huynh Trung Khanh, senior consultant of the World Gold Council in Viet Nam, argued that world gold would … [Read more...] about Will gold rebound in Year of the Horse?
HA NOI — The Ministry of Construction has called for the establishment of a housing-development fund to help low-income earners become home owners. However, concerns have been raised about the feasibility of the fund, as it would require buyers to stump up 30 per cent of the property's value and then settle in full in five years' time. Prospective home-owners would be lent a maximum of two times the sum they had contributed to the fund, and would have to pay back the loan within 15 years at an annual interest rate of 6.5 per cent to 8.5 per cent. If they do not require a loan, they would instead receive 2 per cent interest on their contribution above the lending rate at the time of their contribution, annually. Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company, said the fund would not help those on low incomes as they would still be required to contribute 30 per cent of the property's value, which would amount to VND5 million (US$238) every month for a house … [Read more...] about Housing fund plan criticised