PM calls for more attention to family planning

Hanoi (VNA) – Spotlighting a surge in the number of women having a third child since the beginning of the year, Prime Minister Nguyen Tan Dung has asked the entire government system to implement population and family planning policies.

He made the request at a conference on population and family planning in the second half of the year held in Hanoi on July 18, stating the Government always regards population and family planning as a key responsibility of the state.

The PM said they are one of the important solutions in the country’s socio-economic development strategy and a primary solution for raising the living standard of each person, family and broader society.

He demanded administrations at all levels reinforce leadership and instructions on the matter, including running communication and education campaigns, to better implement population and family planning measures.

The Government leader also mentioned revisions to the decree on population and making the law on population relevant to fulfilling population goals.-

Thailand, Cambodia to meet over disputed temple

Bangkok (VNA) – A special session of Thailand and Cambodia’s General Border Committee (GBC) will be held on July 21 in the former’s northeastern province of Sa Kaeo, local media reported.

The GBC, a bilateral mechanism co-chaired by the Thai and Cambodia ministers of defence, or their representatives, was set up to address issues related to disputed borders between the two countries. It was scheduled to hold its next session in August, according to the Bangkok Post.

However, the two sides have agreed to hold urgent talks sooner than scheduled as tensions over temple Pread Vihear on Thai-Cambodian border were raised. –

Cambodian election committee rejects SRP accusations

Phnom Penh (VNA) – Cambodia’s National Election Committee (NEC) has rejected five petitions against the Cambodian People’s Party (CPP), local media reported on July 17.

The petitions, filed by the Sam Rainsy Party (SRP), said that CPP has offered money and presents to voters during its election campaigns, the Cambodia daily said.

NEC affirmed after carrying out investigations that the accusations were untrue and groundless.

In response to the committee’s statement, SRP leader Sam Rainsy said that the party will lodge an appeal to the Constitutional Council of Cambodia. –

VCCI to hold 2nd leadership training course

– The Vietnam Chamber of Commerce and Industry (VCCI) will organise a second course on leadership skill development under the support of the World Bank and the Australian National University .

The course, which is aimed at enhancing the knowledge and developing fundamental leadership skills of Vietnamese managers, is part of the “Business Leadership Vision 2008” programme.

The programme will use modern methods to help trainees acquire the latest knowledge and skills; build teamwork and independent working skills; and show them how to apply their new skills and knowledge to their business administration activities.

The two-month course start in Hanoi and HCM City on July 30.-

Stock market back to normal

The stock exchange’s trading session returned to normal on July 17. This followed a highly active session on Wednesday that led to a record trading volume of 34.11 million shares.

July 17, the VN-Index closed at 489.83, up 0.68 percent or 3.30 points.
Trading volume was just 13.98 million shares with a turnover of 505.27 billion VND (30.62 million USD), a fall of 59 percent from the record high on Wednesday.

Blue chips remained at the centre of trading with many codes advancing strongly. STB of Sacombank, SSI of Saigon Securities Inc, and DPM of Phu My Fertilisers were all up 2.78, 2.89 and 2.54 percent, respectively.

The Corporation for Financing and Promoting Technology (FPT) rose 2.32 percent to 66,500 VND on July 17, thanks to robust business performance in the first six months of the year, according to its report release on Wednesday.

As blue chips and market demand rise, investors are continuing to hold onto them to get higher profits. Consequently, trading volume of good stocks was quite modest.

Foreigners in the session bought 1.57 million shares, concentrating on stocks like PVD of PetroVietnam Drillings, TTF of Truong Thanh Furniture, and DPM of Phu My Fertiliser. Meanwhile, they sold 3.62 million shares, earning 136.82 billion VND (8.29 million USD).

On the Hanoi bourse overall, the HASTC-Index passed the 150-point mark, closing up 2.23 percent to 151.04. Trading turnover was 106.05 billion VND (6.42 million USD) with 4.26 million shares changing hands.-

Mirae Company to list

Mirae Company, a producer of absorbent cotton and materials for the textile and garment industries, will list shares on the Republic of Korea Stock Exchange in a bid to develop the business during 2007-08.

Through the offshore listing, the company aims to mobilise money for its projects, as well as expand marketing into overseas markets.

By the end of 2008, Mirae plans to branch out into producing absorbent cotton and padding in Da Nang and Cambodia.-

Full Power offers bonds

Full Power Company is set to auction 640 billion VND (38.78 million USD) worth of corporate bonds.

Commercial banks, brokerages and other financial institutions are the main targets of the auction.

The bond has a face value of 1 billion VND (60,606 USD), valid for 3 years and underwritten by Kim Eng Securities.

Winners of the auction will collect 10 percent of the interest rate in the first year.

The auction will be divided into two phases, including 400 billion VND of bonds issued in the third quarter of this year, and 240 billion VND of bonds issued in the first quarter of 2009.-

Vietnam, Thailand eye tie-up in rubber industry

Vietnamese and Thai representatives have met in Ho Chi Minh City to discuss cooperation in the rubber industry.

The working session on July 17 saw the participation of Deputy Minister of Agriculture and Rural Development Bui Ba Bong, and representatives from the Rubber Industry Group and the Rubber Association of Vietnam.

The Thai side included Thai Deputy Minister of Agriculture and Cooperative Theerachai Saenkaew among others.

Thai Deputy Minister Saenkaew suggested cooperation in exchanging scientific information, training, and expanding outlets for rubber production.

The Thai official also put stress on his country’s concern about developing value-added products instead of exporting raw materials.

Thailand now is the biggest rubber producer in the world with an annual output of 3 million tonnes. Its domestic rubber industry every year consumes 300,000 tonnes as compared to 40,000-50,000 tonnes used in Vietnam .

According to the Thai Deputy Minister, Thailand has focused on developing the industry in its northeastern region to turn the region into a trade centre for rubber in Indochina .

Cooperation with Vietnam would facilitate Thai rubber products to enter the markets of China, Japan and the Republic of Korea, he said.

Vietnamese Deputy Minister of Agriculture and Rural Development Bui Ba Bong agreed with Thailand ’s suggestions for cooperation.

He entrusted the Vietnam Rubber Industry Group to serve as a link for the cooperation.-

Another 53,000-tonne ship handed over to foreign owner

The Ha Long Shipbuilding Company in northern Quang Ninh province on July 18 handed over a 53,000-tonne ship, named White Diamond-HL04, to its owner, the British financial investment group Graig.

The ship is the third in a series of 15 large ships built by the company.

White Diamond-HL04 ship, measuring 190m long, 32.26m wide and 17.5 m high, can operate at 14 nautical miles per hour.

The ship has five holds and has been equipped with four 36-tonne cranes.

It meets the standards for the US ’s sea environmental protection and standards required for ships to pass Suez and Panama Canals .

The fifth 53,000-tonne ship of the series is expected to be launched early next month.

Ha Long Shipbuilding Company of the Vietnam Shipbuilding Industry Group has built and handed over a number of large ships and a series of new products including 12,500-tonne freighters and 1,800 TEU container ships.

The company has become Vietnam ’s large shipbuilder for export.-

Banks in race to reduce interest rates

Three banks sharing the largest segments of the domestic market have consecutively decided to slash their lending interest rates, jostling other minors to enter the race to also reduce their loan rates.

In early July, the Bank for Development Investment of Vietnam (BIDV) pioneered the move, cutting its foreign currency lending rates by 2 percent per annum and Vietnamese dong by 0.2-0.6 percent a year.

Following BIDV’s lead, the Vietnam Bank for Agriculture and Rural Development (Agribank) and the Bank for Foreign Trade of Vietnam (Vietcombank) made similar changes on July 17.

Agribank reduced its lending interest rates in US dollar and Vietnamese dong by 2 percent and 0.5 percent per annum, respectively, while Vietcombank dropped its rates to 0.5 percent and 1 percent per annum, respectively.

Though they claimed the rate reduction would affect the business efficiency, the three banks said their decisions would also help enterprises get loans at more rational interest rates in order to recover and develop their production, thus making the economy regain its rapid and sustainable growth rate.

Economists at a July 15 seminar on market and prices management for curbing inflation also agreed the rates cut would put the banks in disadvantage in the short term but benefit them in the middle and long term.

In addition, the market has shown positive signals, particularly in US dollar transaction, and this has persuaded commercial banks to consider their rate cuts.

Presently, loans in US dollars in the inter-bank market are available at decreasing interest rates, standing at around 2-2.5 percent per annum for a duration of 1-2 days as compared with the rate of 3.8-5 percent per annum in late April.

Meanwhile, the demands for loans in USD for importing goods, particularly luxury cars, have been decreasing, softening the tension of foreign currency demand on the market. By July, the total debts in USD reduced by 0.3 percent as compared with that in late May.

The USD exchange rate on the free market also plummeted from its peak at 19,500 VND per one US dollar in mid-June to 16,880 VND per one US dollar on July 17, close to the inter-bank exchange rate, helping stabilise the market.

However, according to Academy of Finance Deputy Director Nguyen Thi Mui , the interest rate cut should not “follow the crowd” but must be based on the situation in each bank.

According to the State Bank of Vietnam , the volume of deposits in VND is not equal between banks.

Big banks’ capital reserves are currently exceeding the required levels while some joint stock commercial banks have not met the requirements and have to use interest rates as tools for adjustment, leading many commercial banks to believe the interest rates for deposits in VND will not drop in the near future.-