Foreign arrivals down 25 percent in October

Foreign arrivals down 25 percent in October

QĐND – Saturday, October 31, 2009, 20:30 (GMT+7)

The number of international visitors to Vietnam in October reached some 228,000, down 25 percent from last month, said the General Statistics Office (GSO).

Specifically, those coming to Vietnam by air and sea dropped against the same period last year to 158,000 and 3,000, respectively. Only those traveling by land rose, by 72.2 percent.

More than three million international visitors arrived in Vietnam in the past ten months, a decline of 16.3 percent from the same period last year. The biggest decrease was seen in the visitors coming from the Republic of Korea (over 24 percent), followed by China, Thailand and Taiwan.

The drops were attributable to the global economic crisis and the impact of the A/H1N1 flu.

The Vietnam National Administration of Tourism says that the target of receiving 3.7-3.8 million foreign tourists this year can be achieved with a policy of exempting tourists to Vietnam from entry visa charges through the end of the year, and the third Asian Indoor Games being held for the first time in Vietnam.

The agency has taken various stimulus measures and launched tourism promotions inside the country and abroad to attract more tourists as well as investment in the tourism sector.

The tourism sector has proposed that foreign embassies in the country help promote Vietnam’s National Tourism Year through their information networks, and that members of the Asian Network of Major Cities 21 and the Council for the Promotion of Tourism in Asia (CPTA) advertise the year of Vietnam Tourism in major Asian cities.

Source: VOV

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Five-star cruise ship to visit HCMC

Five-star cruise ship to visit HCMC

QĐND – Saturday, October 31, 2009, 20:30 (GMT+7)

The Costa Classica cruise liner carrying 2,000 tourists and crew on board, mainly from Italy, Spain, the UK and Germany, will visit Ho Chi Minh City and several Vietnamese central provinces and cities as of November 2^nd.

The five-star ship, owned by the Costa Croiciere S.p.A Group, will take tourists to Vietnam every two weeks under a cooperation programme with Saigontourist.

While highly appreciating Vietnam’s potential for sea tourism, Costa Croiciere S.p.A  has also planned to expand its market to China and other regional countries, said Le Quang Thang, head of Saigontourist’s Sea Tourism and Port Agency Department.

Source: thesaigontimes

Translated by Vu Hung

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Asian Indoor Games III opens in Hanoi

Asian Indoor Games III opens in Hanoi

QĐND – Saturday, October 31, 2009, 20:30 (GMT+7)

State President Nguyen Minh Triet declared the start  of the 3^rd Asian Indoor Games (AIG III) at its opening ceremony in Hanoi on October 30.

The ceremony was attended by many Vietnamese and foreign officials and athletes from 42 Asian countries participating in the event.

In his opening speech, Chairman of the Olympic Council of Asia (OCA), Sheikh Ahmad Al-Fahad Al-Sabah, said that the successful hosting of the Southeast Asian Games (SEA Games) in 2003 was testimony to Vietnam’s ability to organise other regional sporting event. He expressed his hope that the 3^rd Asian Games will be successfully hosted by Vietnam again this time.

He said over the past years the OCA has made every effort to promote the spirit of the games and AIG III offers the chance for athletes from countries and territories in Asia to show off their abilities.

Hoang Tuan Anh, Minister of Culture, Information and Tourism, thanked the OCA for supporting Vietnam in organising the event. He said the hosting shows Vietnam’s responsibility for the Asian sport development and promotes cooperation and peace for a rising Asia.

Asian gold medallist Bui Thi Nhung carried the flame to light the Games torch. It was followed by spectacular fireworks displays at My Dinh National Stadium. Over 5,000 artists and dancers then participated in a special art programme.

More than 4,000 athletes, coaches and officials from 42 countries and territories will be competing in 20 official sporting events and one performance event during the 10-day games.  

Competitions will take place at 27 venues in Hanoi, HCM City, Hai Phong, Bac Ninh, Hai Duong and Quang Ninh provinces.

This is the first time Vietnam has hosted such a continental event.

Source: VOV

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Foreign investors still have good opportunities in Vietnam

Foreign investors still have good opportunities in Vietnam

QĐND – Saturday, October 31, 2009, 20:30 (GMT+7)

“How to attract more foreign investors” was the question raised at the recent annual investor conference of VinaCapital, a leading asset management, investment banking and real estate consulting firm in Vietnam.  

Investment attraction

On addressing the meeting, VinaCapital chairman Horst F.Geicke said that because of the government’s tight monetary policy and the adverse impact of the global economic crisis, liquidity of Vietnamese stock market fell sharply in early 2008.

Horst F.Geicke, however, confirmed that Vietnam has proved its potential by emerging well from the crisis to maintain a growth rate of five percent in 2009.

The company’s chairman also said the rapid recovery of both trading floors (Hanoi and Ho Chi Minh City) this year is a solid foundation for increasing investments in other sectors.

Vietnam’s stock market has experienced a significant rise of 80 percent by far this year. However, not many foreign investors are interested in the market and, as Mr. Geicke put it, this is attributed to the negative impact of the economic crisis. Another reason is that investors tend to draw comparisons markets before deciding to invest their money.

As a result, stocks of funds managed by VinaCapital as well as other funds are being transacted at a price lower than their real value. VinaCapital’s total asset value dropped to US$1.8 billion in October 2009 from US$2.2 billion in late 2007.

In the meanwhile, although the rate of FDI disbursement has been maintained at a high level, the number of new investors in Vietnam is not significant and FDI commitments have fallen by 80 percent compared to last year.

The company’s CEO Don Lam said there are good reasons to believe that Vietnam will be an “attractive investment destination” among the leading newly-emerging markets. Firstly, the Government has effectively weathered the economic crisis. Secondly, the stimulus package has helped the economy to recover. Finally, the temporary fall in the flow of FDI will not have long-term effect.

A new trend for investments in 2010

VinaCapital specialists said that the “hot spots” for investment inflows next year will be health services, consumer products, financial services, the energy industry, the high technology industry, retail malls and up market residential projects.

Don Lam said short-term speculation on the stock market and investment in high-class residential projects and office buildings will decrease in 2010.

VinaCapital is said to be launching an unlisted estate investment fund in 2010. The company believes it is a new trend that could attract organised investors who do not invest in listed funds.

Source: VOV

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Vinaconex urged to build up its brand name

Vinaconex urged to build up its brand name

QĐND – Saturday, October 31, 2009, 20:31 (GMT+7)

State President Nguyen Minh Triet has praised the Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) for its efforts to overcome difficulties and make outstanding achievements over the past 21 years.

At a working session with the corporation, Mr Triet noted that since its establishment in September 1988, Vinaconex has developed into a leading corporation working in various areas, mainly construction and real estate. It has more than 70 affiliated companies and over 42,000 skilled and experienced engineers, experts and workers in 63 provinces and cities across the country, as well as overseas.

He said that with its reputable brand name, Vinaconex has made a significant contribution to local socio-economic development through its infrastructure construction projects, giving a facelift to many provinces and cities.

The State President acknowledged the active role that leading economic groups, including Vinaconex, have played in helping Vietnam overcome the global financial and economic woes and maintain steady growth.

He asked Vinaconex to learn lessons from the global financial crisis and stand firm to meet new challenges ahead.

He made a fact-finding tour of the Da River Water Supply Company – an affiliate of Vinaconex – in Hoa Binh province, about 65km from Hanoi.

The company is assigned to supply safe water from the Da River to Hanoi City and Hoa Binh province. After five years of construction at a total cost of VND1.5 trillion, the first phase of the project has been completed and is now capable of supplying safe water to people living in the south-western part of Hanoi.

Source: VOV

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79 outstanding garment and footwear firms honoured

79 outstanding garment and footwear firms honoured

QĐND – Saturday, October 31, 2009, 20:31 (GMT+7)

Seventy nine garment and footwear makers were honoured at a ceremony in Hanoi October 31 for their efficient operations and significant contributions to society.

At the ceremony, Deputy Prime Minister Nguyen Sinh Hung said that garment and footwear are the nation’s crucial industries as they create jobs for more than 4 million people.

He acknowledged the two industries’ all-out efforts to cushion the impact of the global economic recession and reap high profits in production.

Such voting will help encouraged other businesses to work harder to weather the economic storm and maintain their growths, said Mr. Hung.

Le Quoc An, Chairman of the Vietnam Textile and Apparel Association (Vitas), said that Viettien Garment Joint Stock Corporation, Viet Thang Textile Joint Stock Company and Thai Binh Holding and Shoes Manufacturing Company have been the most prominent firms in recent years.

He added that, as the global and national economies have bounced back and started to grow again, garment businesses have developed investment strategies in the post-crisis period. They have set targets of earning US$10.5 billion in exports next year and US$16-18 billion by 2015.

The ceremony was jointly held by the Vietnam Textile and Apparel Association, the Vietnam Leather and Footwear Association and the Saigon Economic Times Newspaper.

Source: VOV

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Int’l transhipment port built will boost national economy

Int’l transhipment port built will boost national economy

QĐND – Saturday, October 31, 2009, 20:31 (GMT+7)

Construction of the Van Phong International Transhipment Port began in Van Ninh district, Khanh Hoa province, on October 31. It will be the sole port of this kind for containers listed in Vietnam’s master zoning plan for sea ports up to 2020.

The project has great significance in terms of economics, society, and national security and is expected to help Vietnam in its process of industrialization, modernization and international integration, said Prime Minister Nguyen Tan Dung at the groundbreaking ceremony.

The port will provide strong impetus for the development of the Van Phong Economic Zone in the future, he added.

In the first phase, two wharves will be built on an area of more than 42ha together with a synchronous system of warehouses, workshops, roads and technical infrastructure meeting international standards. The port will then be able to receive container ships of 9,000 TEUs and handle a total cargo of 710,000 TEUs per year.

The first-phase project, with a total investment of more than VND6,170 billion, is scheduled for completion in 2013.

When the overall project is completed by 2020, the port will have 37 wharves with a total length of 12,590m to transfer more than 15 million TEUs of cargo annually.

Source: VOV

 

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Vietnam, Cambodia plan new air routes

Vietnam, Cambodia plan new air routes

QĐND – Saturday, October 31, 2009, 20:31 (GMT+7)

Vietnam and Cambodia are planning to open two routes linking the coastal city of Sihanoukville in Cambodia with Phu Quoc Island and Can Tho city in the south of Vietnam.

Experts said that the new air routes will help create an attractive tourism triangle, facilitating the promising service sector of the two countries.

According to Undersecretary of the State at the Secretariat of Civil Aviation of Cambodia (SSCA), Soy Sokhan, SSCA and Vietnam Airlines are conducting a feasibility study for the two new routes.

Chairman of the Cambodian Association of Travel Agents Ho Vandy said both Phu Quoc island in Kien Giang province and Can Tho city are attractive tourism centres in Vietnam.

Once launched, the weekly flights will help transport a large number of foreign tourists to Cambodia, he added.

Source: VNA

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Going ahead with economic stimulus policies

Going ahead with economic stimulus policies

QĐND – Saturday, October 31, 2009, 20:30 (GMT+7)

The overall economic goal in the remaining months of this year is to maintain the growth rate, stabilize the macro-economy and reach set targets.  

The goal was announced at a monthly meeting in Hanoi on October 29-30. Prime Minister Nguyen Tan Dung and the cabinet members focused their discussion on the economic situation in October and the past 10 months.

Positive effects of economic stimulus policies

The cabinet agreed that in the past ten months of this year the macro-economy has been maintained, inflation has been controlled and State budget expenditures and international payments have all been covered.

All economic stimulus policies have achieved practical results. PM Dung said this is a comprehensive policy to help the economy recover and increase. GDP increased by 3.14 percent in the first quarter, 4.46 percent in the second quarter, 5.76 percent in the third quarter and is expected to rise by 6.8 percent in the fourth quarter, reaching 5.2 percent for the whole year.

The cabinet said the progress can be seen most clearly in industrial production. After a sharp decline in January (down 4.4 percent), the industrial sector has grown steadily for the past nine months. Altogether industrial production has risen by 7 percent in the 10 months.

With positive signals from domestic and foreign markets, trade and service activities continue to achieve stable growth. Total retail and service revenue have increased by 18 percent compared to the same period last year. Exports in October were up 4.5 percent while the consumer price index rose by only 0.37 percent in October, 0.62 percent less than in September. Investment capital from the State Budget disbursed around VND14.6 trillion, accounting for 10.1 percent of this year’s projection.

In October, around 140,000 people found jobs, bringing the total number of people getting jobs since early this year to nearly 1.24 million, 72.76 percent of the plan.

Implementing adjusted economic stimulus policies

Prime Minister Nguyen Tan Dung emphasised that the general socio-economic goal in the remaining months of this year is to maintain the growth rate, stabilize the macro-economy and reach set targets.

To fulfill this goal, PM Dung urged relevant agencies to manage financial and monetary policies flexibly and implement export policy effectively.

Mr. Dung agreed to continue stimulus measures into 2010. However, the measures need adjusting to ensure a sustainable recovery.

For example, the 4 percent interest aid package for buying agricultural machines and equipment will continue until December 31, 2010 and the interest rate can be reduced to fit the situation. The 4 percent interest aid package to help businesses will be extended to the first quarter of 2010, but availability will be restricted; businesses with many workers and those producing goods for export will be given priority.

Social security should be safeguarded

The PM said the state budget for investment and development should be kept stable since it has such great impact on society.

To reduce the deficit, Mr. Dung said, we should try to increase revenues  and eliminate unnecessary expenditure items; we should not reduce spending for social security.

The PM asked the Ministry of Education and Training to improve state management in education and issue a standard for educational quality. He asked relevant ministries, agencies and localities to implement the second phase of the 30 project to cut administrative procedures by 30 percent.

Mr. Dung also asked ministries and agencies to continue their anti-corruption work.

Source: VOV

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Typhoon Mirinae approaches East Sea

Typhoon Mirinae will approach the eastern part of East Sea October 31 and will center 300 kilometers north-northeast of Truong Sa (Spratly) Islands late afternoon the same day, Vietnam’s national weather center said.

The chart shows Typhoon Mirinae’s direction on October 31 (Chart by the national weather center)

Strong winds near the storm’s eye will reach level 10-11, 89 to 117 kilometers an hour, with gusts at level 12-13. There will be strong winds in a radius of about 100 to 250 kilometers from its eye.

At 4am October 31, Mirinae was centered around the south of Luzon Island, off the Philippines, with winds near its eye reaching level 11.

Bui Minh Tang, director of the National Hydro Meteorological Forecast Center, said that a cold front from the north was moving toward Vietnam and will reach northern provinces November 1.

Deputy Prime Minister Hoang Trung Hai October 30 asked local authorities from Quang Binh Province to Ho Chi Minh City to prepare for the storm and possible floods and guide boats to shelter.

The same day, the Ministry of Health ordered its departments to safeguard health clinics, as well as medical staff and patients, and treat storm victims at flood and landslide prone areas.

The National Steering Committee for Flood and Storm Prevention and Control and the National Committee for Research and Rescue also asked relevant authorities from Quang Binh to HCMC to inform and call on boats at sea to seek safety, and prepare for heavy rains and floods.

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Typhoon destroys bridge, knocks out power in Philippines

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