VN bourse welcomes foreign firm

CN, 06/12/2005 - 15:25

(30-05-2005)

HCM CITY — An auction was held last Friday to sell shares of the Taya (Vietnam) Electric Wire and Cable Company, the first ever held for a foreign-invested business.

The auction was held at the HCM City and Ha Noi stock markets.

More than 2.440 million shares of the VND183 billion (US$11.5 million) Taiwanese-owned company were sold for almost VND46.2 billion, with the average price at VND18,922.

The highest price was VND29,100, while the lowest was VND18,000, the same as the starting price.

Commercial banks need equitisation

CN, 06/12/2005 - 15:23

(10-06-2005)

HA NOI — Bankers and their regulators met yesterday to discuss ways to raise foreign direct investment in the banking sector, with most agreeing that an immediate equitisation of State-owned commercial banks would give the slugglish sector a financial kick-start.

Nguyen Hoang Hai, general secretary of the Viet Nam Association of Financial Investors, said that State-owned commercial banks should move quickly to value their uncollectable loans and total assets in order to take the necessary steps towards equitisation.

New decree fights money laundering

CN, 06/12/2005 - 15:22

(10-06-2005)

HA NOI — The Government issued a legal framework for anti-money laundering that provides guidance for setting up systems to report and investigate suspicious transactions.

Experts have warned that cash-based economies such as Viet Nam are hotspots for money launderers. The move is seen as a strong commitment to combat these activities.

Decree No 74, issued on Tuesday, will come into effect on August 1.

Overseas Vietnamese to set up bank in Vietnam

T3, 05/24/2005 - 11:15

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

T3, 05/24/2005 - 11:13

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 WTO entry within reach

T3, 05/24/2005 - 10:20

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

T3, 05/24/2005 - 10:13

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

T3, 05/24/2005 - 10:11

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.

Fulbright Vietnam: the tool of knowledge

Enthusiastic and strong-willed Thomas Vallely, an US veteran from the Vietnam War, has returned as a dedicated educator.

Thomas, a graduate from the University of Massachusetts and holder of a postgraduate degree from John F. Kennedy School of Government at Harvard University, is director of the Harvard program in Vietnam (Fulbright Economics Teaching Program) and is one of the founders of VEF (Vietnam Education Fund).

VEF founder Thomas Vallely: Vietnam- big market for education

During online talks with VietNamNet yesterday, VEF founder Thomas Vallely, shared his ambition to establish an international university in Vietnam was well as views on Vietnam’s economy and relations with the US.

Vietnam’s economy and relations with America

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