Moody’s: negative outlook on Vietnam reflects uncertainty

The Vietnamese government has recently reversed its long-standing policy focusing on growth, unveiling a series of measures to combat major imbalances in the economy, which have been highlighted by increasing price pressures. Consumer prices rose 13.89% in March from a year earlier, the fastest on-year pace since February 2009, and far higher than the government’s target of capping inflation at 7% this year.

Lao commerce enters new era with stock market launch

Standing Deputy Prime Minister Somsavat Lengsavad struck a gong to launch trading at the LSX building in Vientiane at 11 a.m. on January 11 of 2011, ringing in a new era for Laos as it seeks to modernize its economy, maintain growth and draw more foreign investment.

NA Standing Committee analyses ineffective gov’t bonds

According to the committee’s figures, total investment in government bond projects between the period of 2003-2010 skyrocketed from VND246.447 trillion ($12.32 billion), to the current VND558.654 trillion ($27.93 billion) – an increase of 226.68 per cent. The projected budgets of almost all government bond-backed projects have increased substantially from what was originally approved. Some estimates have even been tripled or quadrupled. Government bond-backed projects are routinely expanded dozens of times, while the maximum rate considered acceptable is 20 per cent.

Garment sector looks to boost world export standing

Vinatex is preparing to establish a raw-materials manufacturing joint stock company with its member firms to work with provinces to earmark farmland for cotton growing. It will be looking for farms of 50ha to 100ha. Despite a number of difficulties, the garment sector still generated $11.2 billion from exports last year, up 23 per cent year-on-year. The localisation ratio rose from 46-49 per cent.

NA agrees to issue VND45 trillion in gov’t bonds

This is the first year of the national socio-economic development plan in the 2011-2015 period, however, the NA is yet to decide on the government bond issuance programme for the entire five-year period. The majority of Standing Committee members agreed to prioritise the allocation of government bond capital for urgent transport, irrigation projects, healthcare and educational facilities, especially in poor and less-developed localities and flood-hit areas, and projects that are likely to be completed in 2011 and 2012.

Expansion of handicraft village model needed in VN

Statistics show that export turnover of handicraft products to over 100 countries has increased on year-on-year basis, standing at US $273 million, US $850 million and US $900 million in 2000, 2008 and 2009 respectively. About 43% of handicraft villages locate in the Red River Delta, while some 12.2% and 10.5% are in the Northwest Region and Mekong Delta respectively. Major handicraft villages are involved in rattan and bamboo weaving, fabric knitting, and wood processing.

Utilities prices to kept stable until Q2 2011: MoF

The Ministry of Finance (MoF) also allowed to flexibly apply tools to stabilize the prices of essential goods and services such as tax and stabilization fund. Earlier, the domestic retail prices of fuel were promised not to rise in the coming time, even until the first quarter of 2011, although the world prices of fuel are standing at the high level, Nguyen Cam Tu, Deputy Minister of Industry and Trade said at the meeting on the fuel supply and price consensus held on December 16.

Tasks assigned

In the 2011 State budget plan presented to the National Assembly Standing Committee there is an item channelling VND5,180 billion ($265,5 million) to State groups and corporations to conduct infrastructure projects. Does this mean that the State budget for State groups and corporations will increase in 2011?

NPLs at foreign institutions rise 60% in Jan-Oct

The NPL ratio at local-foreign joint venture banks grew fast, at 143.9% in January-October, while foreign-owned banks had the best credit quality with the NPL ratio standing at a mere 0.4% of total outstanding loans, the State Bank of Vietnam said in the report.

Exhibition displays Vietnamese folk paintings

Vietnamese folk painting which is part of the country’s valuable cultural heritage has a long-standing history and been preserved and handed down through the generations. The paintings reflect the spiritual life and refined artistic sense of the Vietnamese people.

Better local care offers answer to crowded hospitals

This was agreed at a recent seminar on primary health care in commune health clinics held in Hoa Binh. Dr Jean Marc Olive, World Health Organisation Representative in Viet Nam, said Viet Nam had made positive changes to improve the national health sector, but problems remained on dividing treatment between primary and secondary-care. He said this was standing in the way of an efficient healthcare system.

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