Life insurance firm reports first profits

HA NOI — Prudential Viet Nam yesterday announced its first yearly profit of VND61 billion (US$3.9 million) gained last year after five years operating in Viet Nam’s life insurance market.

The Ministry of Finance statistics reported the company last year earned a turnover of VND3.1 trillion ($197.5 million), representing more than 41 per cent of the country’s total life insurance market share.

Viet kieu singers return to their homeland

Overseas Vietnamese (Viet kieu) singers, some of whom were once famous before the end of the American War, are starting to return to Viet Nam, and are once again experiencing the thrill of performing in front of audiences who appreciates their music.

More than 70 Viet kieu singers have been allowed to perform in the country since 1991, said Le Nam, head of the Department for Arts and Performance Arts Management Office. More than ten Viet kieu are expected receive a license to restart singing in the country within this year, Nam added.

Tuan Chau Island – Paradise of Vietnam

Tuan Chau Island in northern Ha Long Bay, known as the “Garden of Eden”, stands out from the thousands of other islands on the bay because of its ideal retreat from the hustle and bustle of city life.

It’s not completely by chance that the island was host to many international events including the Miss Vietnam 2004 Beauty Pageant, 22nd General Assembly of the ASEAN Inter-Parliamentary Organization (AIPO) and ASEAN foreign minister conference last year.

The island’s lush greenery, white sands and international-standard facilities have attracted many visitors.

Viet Nam celebrates its Hung founders

Over a million and a half people travelled north this weekend to honour Viet Nam’s eighteen original kings. The Hung Kings Festival 2005 is bigger and brighter than ever before. Khanh Chi reports on the history and festivities.

Beginning at 7am tomorrow morning, Vietnamese from all the parts of the country will converge in the northern Phu Tho Province to celebrate and pay respects to the nation’s fathers, the Hung Kings.

UN should end Security Council veto power

NEW YORK — Vietnamese representative to the United Nations, Nguyen Duy Chien, has called for limiting and eventually abolishing the veto power of the Security Council of United Nations as part of reforming the organisation.

Vietnam, Japan to proceed with currency swap talks

Vietnamese Finance Minister Nguyen Sinh Hung and his Japanese counterpart Hirosi Watanabe.
Vietnam and Japan will speed up negotiations for a bilateral currency swap agreement worth some 1 billion USD to stabilize Vietnam’s currency market, said the finance ministers of both countries.
Vietnamese Finance Minister Nguyen Sinh Hung and his Japanese counterpart Hirosi Watanabe reached an agreement about the issue at a meeting on the sidelines of the 9th Conference of Finance Ministers of Association of Southeast Asian Nations (AFMN). The conference opened in Laos on April 6.

Vietnam launches largest power complex

Five electricity plants were officially opened in Vietnam’s largest power center in southern Ba Ria-Vung Tau province April 10, helping the country meet growing demands for power.
The five plants, which have combined capacity of 2,258 MW, were built by the country’s biggest power firm, Electricity of Vietnam (EVN), in the Phu My Power Center.

Vietnamese Prime Minister Phan Van Khai was present at the inauguration ceremony of the facilities, which are expected to supply more than 23 billion KWh a year and consume more than 4.1 billion cubic meters of natural gas, EVN said.

Vietnam’s new enterprise bill excludes state-owned firms

Vietnam’s state-owned businesses need to be transformed to fall within the scope of the new Enterprise Bill, said experts at a Monday seminar in Ho Chi Minh City.
The new bill will only be applicable to four types of businesses: liability limited companies, joint-stock firms, partnerships and private enterprises, said Nguyen Dinh Cung, secretary of the bill’s drafting committee.

The seminar, hosted by the drafting committee in HCMC, was held to gather the suggestions from residents on the bill.

Electronic exports set to hit US$1.5 bln in 2005

With electronic exports expected to reach 1.5 billion USD in 2005, nearly 15 per cent higher than last year’s figure, Vietnam’s electronics producers are also combining efforts to further boost exports.
The Vietnam Electronics Industry Association (VEIA) said it had invested about 3 billion VND (around 200,000 USD) to promote trade and organize international electronic trade fairs and exhibitions with an aim of beating the expected forecast.

Vietnam imports expected to hit US$9 bln in Q2

Vietnam’s import value is forecasted to reach 9.1 billion USD in the second quarter of this year, roughly 14.8 per cent higher than last year’s same period, the Ministry of Trade said April 11.
Of the total, import goods by fully domestic-invested companies will be around 5.9 billion USD, the ministry said.

In the second quarter, the country will continue to trade in machines, equipments and production materials, the ministry said.

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