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EVNTelecom asks for government’s approval to sell 12pct stake for VTC

In January 2011, the government agreed the plan to make privatization for EVNTelecom whereby EVNTelecom will sell a part of state holding to strategic investor and offer preferential shares to the employees. Of which, EVN will hold 50.6% stake, 0.4% stake will be held by the employees and 49% stake for FPT Co and FPT Telecom Joint Stock Co (FPT Telecom).

Vietnam’s economy looks grim with ADB’s forecast

The government’s Resolution 11 released early this year is a timely response to the double-digit inflation, draining forex reserves and a devaluating local currency, said Tomoyuki Kimura, ADB’s country director in Vietnam.

Government okays anti-dumping suit against US

A recent VASEP conference pointed out that if Vietnam failed to pursue the lawsuit, it could lose the US market to other big exporters like India and Thailand who had won a similar suit, Thanh Nien newspaper said.

Tighter spending helps curb inflation

The report was launched by the Asian Development Bank (ADB) in Ha Noi yesterday. Bank country director for Viet Nam Tomoyuki Kimura said being faced with double-digit inflation, dwindling foreign reserves and a weakening currency, the Government’s Resolution 11, adopted in February this year, was a comprehensive policy package of fiscal and monetary tightening measures to curb inflation. Progress has been made but year-on-year inflation remained at more than 20 per cent, Kimura.

State strained by unnecessary works: ministry

The Ministry of Planning and Investment said there were an additional 333 new projects that have been started and cost the state budget a total 344 billion dong. The ministry thus suggested suspending certain public works that are being carried out by central government agencies to recover VND337.6 billion for the budget.

Vietnam govt to service debt for troubled cement projects

On Wednesday, state-backed newspaper Tuoi Tre said Dong Banh Cement Joint Stock Co, a subsidiary of state-owned Song Da Group, was asking the government for help in paying $3.4 million back to ANZ.

New law hopes to regulate direct bank wage transfers

Deputy director Hoang Minh Hao said payments via bank transfer were mentioned in the draft of the Labour Code, which has been proposed to the government for comments, as an alternative to cash payments.

Cement industry loses loan guarantees

The Government had guaranteed foreign loans worth US$1.36 billion for 16 State-owned cement companies out of whom Dong Banh, Thai Nguyen, Tam Diep and Hoang Mai companies were facing financial problems and could not repay, said the Minister of Finance, Vuong Dinh Hue, during a press meeting in Ha Noi on Thursday.

State to pay 100 per cent of farm insurance

Under the two-year pilot programme, the government will pay 100 percent of the insurance premiums for poor farming households and individual farmers.

Time not right to declare victory in fighting inflation

The government and the State Bank of Vietnam (SBV) are right to focus policy on reducing inflation and achieving stability for the value of dong. High interest rates have been a significant part of enforcing those policy aims. While the pace at which inflation is growing has slowed down, it would be viewed badly by the market if “victory” was declared too early and interest rates lowered before it is clear that inflation is on a downward trend. Once it is on a downtrend, there may be scope to reduce interest rates gradually.

Cautious rate rise on cards

The announcement dispels doubts that the government will ease monetary policy which could blow up already high inflation rates. “The government determines to cap the credit growth this year at 20 per cent and money supply growth at 16 per cent in accordance with Resolution 11,” said Vu Duc Dam, Government Office chairman.

JICA stands by cooperation commitments with Vietnam

Mr Kiyoshi spoke highly of the Vietnamese Government’s efforts to stabilise the macro economy and control inflation and considered this an important foundation for JICA to maintain its ODA cooperation commitments to Vietnam.

PPP projects slow to gain sufficient traction

Last November, Prime Minister Nguyen Tan Dung adopted a decision regulating the implementation of pilot PPP projects in a bid to encourage private investors to engage in infrastructure development. PPP involves collaboration between the government and the private sector in carrying out projects with social benefits. Both sides share the responsibilities and risks of such projects. The government now allows PPPs in nine sectors including airport and seaports, energy, roads, railway, water supply, healthcare and urban transport.

Cathay climbs with local aviation scene

It is undeniable that Vietnam is of the fastest and largest growing aviation markets in South East Asia and the world. With good government support, economic and infrastructure development, its aviation has gone a long way to reach today’s standards. The continued growth of the Vietnamese economy, people’s increasing purchasing power and desire to travel are obviously vital elements for Vietnam’s aviation to grow in significance.

‘Vietnam epitomizes development success story’

According to Kuroda, Vietnam is the most susceptible to climate change and the ADB is helping the Vietnamese government work out action plans to cope with its possible negative impacts. Kuroda cited urban traffic projects to reduce the emission of greenhouse gases by changing people’s habits to using public transport as an example of efforts to counter the effects of climate change.


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