Overseas Vietnamese to set up bank in Vietnam

A group of Vietnamese living abroad has said they are planning to establish a join-stock bank to back investment projects involving expatriates returning to do business in Vietnam.

The Overseas Vietnamese Business Club (OV Club), based in Ho Chi Minh City, is launching a campaign to attract the support of expatriate Vietnamese to the plan.

The bank would provide support for investment projects involving overseas Vietnamese in all provinces of the country, said Nguyen Ngoc My, OV Club chairman.

Vietnam’s theatre, film firms re-invest profits in new sites

With major revenues generated from the growing popularity of the film industry in Vietnam, movie and film companies are moving to erect new complexes to meet the demand of the increasing number of movie-goers.

Moviegoers in Ho Chi Minh City now frequent existing high-grade cinemas like the Diamond Cinema, Dong Da, and Cinebox filling them to capacity, thus generating interest in building new venues.

Vietnam’s filmmakers have potential to compete at int’l level

Vietnamese directors have the potential to make excellent films that can compete for international prizes, an international prize-winning director, Bui Thac Chuyen, said recently.

According to Mr. Chuyen, local directors have to actively contact potential sponsors and persuade them to invest money into their scripts.

Vietnam’s WTO entry within reach

Vietnam has huge potential to join the World Trade Organization by the end of this year, Vietnamese and foreign trade representatives said after a recent unofficial round of multilateral talks.
“WTO accession by the end of this year is within reach,” said Hoang Phuoc Hiep, a Vietnamese negotiator, who has just returned to Hanoi from Geneva after unofficial multilateral talks.

“After unofficial talks, I think Vietnam has a good chance to join the WTO in December this year if the country can complete bilateral negotiations before September,” he said.

Modernise or else, HCMC industry told

HCM CITY — HCM City industries are beginning to modernise, yet still more needs to be done according to experts, if companies want to compete in the global market place.

Professor Dr Nguyen Mong Hung, Chairman of the HCM City’s Union of Science and Technology, said hundreds of enterprises in the city are beginning to automate their businesses using sophisticated computer systems.

In the field of garments and textiles, Characteristics of Computer Aided Design and Manufacturing (CDA/CAM) and Computer Numeral Control (CNC) systems are the two most common systems.

Draft regulations will benefit US-owned companies

HA NOI — Draft regulations now being written by the Ministry of Trade (MoT) will allow US - owned enterprises in Viet Nam to import materials and goods.

The new regulations accord with provisions of the 2002 Viet Nam – US Bilateral Trade Agreement, says a statement issued by MoT.

The provisions stipulate that America-owned producers and manufacturers would be allowed to import material three years after the agreement became effective.

The exceptions are the export-processing industry and services, including hospitality, insurance and consultancy, it says.

Laws on navigation, international treaties passed

HA NOI — Two laws – the Maritime Navigation Law (revised) and the Law for Signing, Accession and Enforcement of International Treaties – were approved by the National Assembly yesterday morning.

In his report explaining the changes to the maritime law, the National Assembly Legal Committee Chairman Vu Duc Khien said they would ensure it conformed with international practise.

This would further develop Viet Nam’s maritime industry.

The law with its 18 chapters and 261 articles will come into force early next year.

Construction ‘genie’ moves pagoda

VietNamNet - The three-door pagoda gate weighing more than 100 tons moved slowly to the cheers of hundreds of people as Nguyen Cam Luy, dubbed the “Lamp Genie”, completed his 201st project.

Located on Nam Ky Khoi Nghia Boulevard, the highway that connects Tan Son Nhat Airport with HCM centre, Vinh Nghiem pagoda is an important historic and cultural relic. The City’s plan to widen the road, however, required moving the 100-ton gate 4 meters back.

State budget audit to be published in media

Vietnam’s National Assembly on May 20 approved the proposed Audit Law, which requires the audit report of government budget spending to be published in the media.
The bill also requires other audit reports to be disclosed to the public as agreed by the country’s legislative body.

The draft law allows the NA to establish a State Audit authority to help the NA tighten control over government budget spending.

Cape Varella – where sunlight seeps into Vietnam

One of Vietnam’s most fascinating and unforgettable attractions is Cape Varella, located in central Phu Yen province,where visitors can catch the first sunlight into the country as the Cape lies at the easternmost point.

Locally known as Dien, Dai Lanh or Ke Ga, visitors can capture the beauty of sunrise at Cape Varella where the sea color changes from dark purple to pink and then into a brilliant light after the sun slowly rises.

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