Vietnam’s 10 landmark economic events of 2004

Thu, 12/30/2004 - 11:17

As the year 2004 comes to an end, Thanh Nien newspaper has selected the ten most important events of the year that had the strongest impact on Vietnam’s economy.
This year saw many ups and downs in Vietnam’s economic development, but in general the country’s economy became more integrated into the global economy and its stature grew, according to economists.

Vietnam’s economic growth in 2004 was 7.7 percent, the second-fastest growing economy in Southeast Asia.

Here are the top ten events:

Foreign investment breaks record

FDI inflows to Ho Chi Minh City up 31%

Tue, 12/28/2004 - 17:57

(SGT-HCMC) HCMC has attracted over US$755 million in foreign direct investment (FDI) this year, or US$55 million higher than the target.

This pledged capital shows an increase of US$275 million over last year’s result, or an increase of 31%, according to the city’s Service of Planning and Investment. This is the first time in three years the city beats its FDI target.

The city has licensed 234 foreign-invested enterprises (FIEs) this year with combined capital of US$430 million. In addition, 140 FIEs have added a total of over US$324 million to their investment capital.

Vietnam beyond the affect of Asian earthquake

Tue, 12/28/2004 - 17:55

By KIM CUC

(SGT-HANOI) Vietnam is beyond reach of the powerful undersea earthquake on Sunday that unleashed tsunamis killing tens of thousands of people in south and southeast Asia, said the former head of the Geophysics Institute.

Professor Nguyen Dinh Xuyen said the tremendous earthquake was in the Mediterranean-Himalayas, one of the two strongest earthquake belts in the world. That belt originates from the Mediterranean countries then goes via Tiangshan of China and the Himalayas west of China and east of India to Myanmar before circling Indonesian island of Sumatra.

Overseas Vietnamese propose expatriate joint-stock bank

Tue, 12/28/2004 - 17:53

Vietnamese living in the U.S. have asked the Vietnam government to set up a commercial joint-stock bank with the shareholders being expatriate Vietnamese from all over the world.

Overseas Vietnamese have submitted the proposal to the State Bank of Vietnam for consideration, according to the Vietnam Committee for Overseas Vietnamese (COV.)

Capital for the bank raised by expatriates could reach $US 200 million, estimated some overseas Vietnamese businesses.

Overseas Vietnamese artists to attend Duyen Dang Viet Nam

Tue, 12/28/2004 - 17:51

At least three overseas Vietnamese artists are to join Duyen Dang Viet Nam 14, the Thanh Nien-sponsored performance show to take place early January.

The appearance of these overseas Vietnamese are expected to bring a breath of fresh air to Vietnamese music and Duyen Dang performances, said organizers.

Overseas singers Huong Lan, Elvis Phuong, and Duy Quang are expected to give special performances at the show.

Electronics, woodwork exports join “1 billion dollar club”

Tue, 12/28/2004 - 17:48

Electronics and woodwork became the fifth and sixth members of the “One Billion Dollar Club”, a so-called recognition group for exported goods which earn Vietnam at least one billion USD annually.
The robust growth of electronics and woodwork exports this year helped expand the club’s membership which had remained at four since 2003. The other members are crude oil, garment and textile, footwear and seafood.

The six goods are estimated to make up two-thirds of Vietnam’s export revenue.

Vietnam’s handiwork exports increase

Tue, 12/28/2004 - 17:46

Vietnam’s handicrafts exports for 2004 hit 410 million USD, up 11 per cent from last year, according to the Ministry of Trade.

The industry’s major products are woodwork, rattan, glassware, pottery and porcelain, lacquer, jewelry and gemstones.

Currently, Vietnam sells handicrafts to 133 countries and territories in the world.

Reported by X.Q – Translated by Hieu Trung.
Story from Thanh Nien News
Published: 27 December, 2004, 22:48:43 (GMT+7)
Copyright Thanh Nien News

Car sales in Vietnam to soar despite price hike

Tue, 12/28/2004 - 17:45

The cost of buying a new car in Vietnam is expected to sky-rocket starting early 2005 because of a government decision to increase tariffs on automobiles, but the market is likely to continue booming.
As planned, the government will raise the excise duty on five-seated cars to 40 percent from the current 25 percent. The new tax rate will go into effect on January 1, 2005.

Sky-high prices

The tax hike will raise car prices by about 10 percent on average, according to automakers.

US dollar plunge upsets Vietnamese businesses

Tue, 12/21/2004 - 16:46

Vietnamese importers and exporters are facing significant business risks driven by the US dollar’s steep fall against major world currencies, according to financial experts.

Although the US dollar has recovered ground from recent record lows against the Euro, no one can guarantee its downward run has ended, said experts, and the unclearness has Vietnamese businesses worried.

Significant threat

Deputy PM presses for faster land allocation to ethnic groups

Tue, 12/21/2004 - 14:03

Deputy Prime Minister Nguyen Tan Dung urged local authorities of the Central Highlands Dak Doa District to speed up their efforts in allocating farm land to ethnic people in a bid to lift them out of poverty.

The Deputy Prime Minister made the request during a visit to Dak Doa District in Gia Lai Province on Dec.18, part of his working tour of the Central Highlands provinces, said a local official.

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