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Adb: policy tightening will lower inflation

In its Asian Development Outlook 2011 Update (ADO Update), the ADB said Resolution 11, a comprehensive policy package, has made good initial progress by helping the exchange rate to stabilise, allowing foreign reserves to be replenished, and lowering monthly inflation outcomes during June – August.

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.

Bad debt of Vietnam’s whole economy at 7-8pct: Bidv’s chairman

According to the representative of state-run enterprises, the bad debts of some banks are still higher than the average level of the entire banking system, of which, Vietnam Bank for Agriculture and Rural Development (Agribank)’s bad debt is 6.67% and Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB)’s bad debt is 3.47%. Notably, Agribank still posted low capital adequacy ratio (CAR).

International tourism investment promotion conference kicks off

The International Tourism Investment Promotion Conference “Four Countries – One Destination” 2011 to enhance regional tourism development in Cambodia, Laos, Myanmar and Vietnam kicked off this morning in Ho Chi Minh City.

Vietnam borrows $75m from ADB to upgrade traffic system

Previously, under the authorization of the Prime Minister, on February 23, 2011 in Hanoi, the State Bank of Vietnam (SBV)’s governor, Nguyen Van Giau, signed the loan agreement on the aforementioned project with representatives of Asian Development Bank (ADB) in Vietnam.

ASEAN+3 eye higher, more strategic financial ties

During the one-day meeting, the ministers exchanged views on recent global and regional economic development and policy management, and reviewed progress of the regional financial cooperation since their last meeting, including the Chiang Mai Initiative Multilateralisation (CMIM), the Asian Bond Markets Initiative (ABMI) and the ASEAN+3 Research Group.

Can Vietnam contain inflation and achieve development goals?

Kenichi Ohno, an economic expert from Japan, proposed a number of measures, including developing practical industrial and financial policies, to deal with inflation and maintain growth rate. However, this remains a challenge for Vietnam, which was still considered as a low middle income country in 2008, despite having abundant human resources and holding a strategic position in the region.

VietinBank, UniCredit sign cooperation agreement

The agreement will offer opportunities for a tighter partnership, better exchange of information, experience sharing, and access to each other’s customer information. Such opportunities will allow both sides to expand their operations, enhance their financial strength, and undergo further development in the long term.

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.

VCCI supports business restructuring

VCCI aims to help local businesses restructure, improve the investment climate, promote administrative reform, obtain loans and ensure sustainable development.

‘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.

Vietnam sees need for more staff in health care

With an aim of increasing equality in the health care services in Asian countries by renewing personnel training, speeches delivered at the conference focused on analysing national plans on human resource development and orientations for the renovation. The participants also took the occasion to share their countries’ experience in this field.

VN seeks UNESCO help in heritage preservation

Vietnamese Ambassador Duong Van Quang, Head of Vietnam’s Mission to UNESCO, made the request at his presentation of credentials to Irina Bokova, Director General of UNESCO. The diplomat said that Vietnam also seeks UNESCO’s assistance in preparing and submitting new dossiers. Quang underlined UNESCO’s role in the context where nations are trying to link culture with sustainable development.

Mid-term CG meeting to take place in June

The mid-term CG meeting provides a forum for the Vietnamese government and international donors to review the country’s socio economic development and assess the progress of Vietnam’s commitments from the previous meeting and measures to improve the efficiency in using Official Development Assistance (ODA) resources.


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