Vietnam Licenses First 100% Foreign-Owned Life Insurer

VNA HANOI, June 28 - The first wholly foreign-owned life insurance cmpany has received an operation licence from the Ministry of Planning and Investment (MPI).

The Chinfon - Manulife Insurance Company (CMIC) a joint-venture between Taiwanese Chinfon Global Corp. and Manulife Financial of Canada, is capitalised with US$ 8.5 million to which the former contributes 40% and the later, 60%. It plans to begin operations in August.

Vietnam to Pursue One Price System

VNA, HANOI, June 28 - Vietnam officials are optimistic about related agencies next month beginning to implement the single-price policy for foreign investors.

The dual-pricing policy that discriminates against foreign investors will be gradually lifted and they will benefit from privileges on land lease price, salary payment in Vietnamese Dong and other measures.

US Vietnam trade negotiation

On 24 June, answering Dow Jones correspondent's question about Vietnam's comments on alleged failure of the 8th round of negotiations over the trade agreement between Vietnam and the U.S., the foreign ministry spokesperson said:

Answer: The correspondent's remark on the results of the 8th round of negotiations over the trade agreement between Vietnam and the U.S. was impractical. The head of the Vietnamese delegation and the American trade representative have noted much progress made during this round.

Vietnam-US Trade Agreement Gets Closer

From June 14th to 18th Vietnam and the US had conducted the eighth round of talks on their bilateral trade agreement in Washington DC. At the final session, the two sides summed up the results of the last eight rounds of talk, of which the first round began in September 1996.

Both sides agreed that with great efforts, two countries had narrowed the gap of the remaining issues and could find out a common view in almost every issue for a complete trade agreement.

The Spokesperson on peaceful solution to Kosovo

Answer by the Spokesperson of Vietnam Ministry of Foreign Affairs to foreign correspondent on June 10, 1999 with regard to peaceful solution to the Kosovo Issue.

Question: On 10 June 1999, Hanoi-based AFP correspondent asked about Vietnam's reaction to a piece of news that Yugoslavia signed an agreement with NATO on troop withdrawal from Kosovo on 9 June 1999.

Spokesperson on Vietnam - Cambodia relations

Answer by the Spokesperson of Vietnam Ministry of Foreign Affairs to foreign correspondent on June 9, 1999 with regard to Vietnam-Cambodia relations.

Question: On 9 June 1999, EFE correspondent asked about Vietnam's views on a piece of news that Cambodian students demonstrated to allegedly claim back Cambodia's land when General Secretary Le Kha Phieu arrived in Phnom Penh. How do the ongoing negotiations over Vietnam-Cambodia border reflect Vietnam's position with regard to that of non-interference and peaceful settlement of regional and interventional disputes?

Hoang Sa and Truong Sa Belong to Vietnam, Reaffirms FM's Spokesperson

"Vietnam has sufficient historical and legal evidences to prove its indisputable sovereignty over Hoang Sa (Paracels) and Truong Sa (Spratly) archipelagoes" reiterated Foreign Ministry (FM) spokesperson Phan Thuy Thanh in Hanoi on June 2.

The spokesperson affirmed Vietnam

Five more FDI projects in HCMC await licenses

(SGT-HCMCJune 4, 1999) The HCMC Service of Planning and Investment has received for appraisal five foreign-owned projects with a combined investment capital of US(USDollar) 3.1 million, reports the service's project appraisal department.

The 15-year, US(USDollar) 500,000 P.E.B. (Vietnam) Co. Ltd., a venture by P.E.B. (Indochina) Ltd. of Cyprus, plans to provide consulting for, design, install and maintain prefabricated houses made by Zamil Steel, together with providing after-sales service. It also plans to open a plant and a spare-parts warehouse in Dong Nai.

U.K. to become Vietnam's fifth largest investor

(SGT-HANOI) The U.K. would become Vietnam's fifth largest investor if BP signed a US(USDollar) 1.8-billion deal with Vietnam in the near future, the British Embassy's trade counselor, John Wales, said at a news briefing in Hanoi yesterday.

He said his country is currently the 13th largest investor in Vietnam, but with the current US(USDollar) 716 million worth of investments, is the largest European investor here.

International Call Charge Lowered

Foreigners and foreign invested businesses living in Vietnam will pay the same price as Vietnamese citizens when they install telephones in their homes and at work from July 1, 1999, according to a recent decision by the country