Vinalines has been focusing on three areas including shipping, port management and maritime services and logistics.— Photo vneconomy
An employee arranges money at a bank in Ha Noi. Bad debts accounted for approximately 9 per cent of total loans by the end of February. — VNA/VNS PhotoTran Viet
Korea was Viet Nam's second largest source of foreign investment with 3,827 projects, capitalised at US$31.2 billion with 58.7 per cent of the total coming to the food processing industry. — Photo baodautu
SEOUL (VNS) — The Vietnamese Government has always created the most favourable conditions for foreign investors including those from South Korea, Deputy Minister of Industry and Trade Do Thang Hai said on Wednesday.
The Deputy Minister was speaking at an investment promotion conference in Seoul.
Viet Nam's authorities have organised dialogues with the Korean business community in the country in order to solve their difficulties in a timely manner with regard to administrative procedures, tax and customs, Hai said.
Hai also briefed on Viet Nam's potentials and advantages in attracting foreign investment in many sectors especially food processing.
Details on the country's investment climate, preferential policies as well as some promising projects in food processing were also delivered to over 100 Korean enterprises operating in this sector during the event.
The event, which was organised as part of a four-day trade and investment promotion trip to Korea, was a good opportunity for Viet Nam to call on Korean investment in food processing, a potential industry in the country, the Vietnamese Ambassador to Korea Pham Huu Chi said.
As of June, Korea was Viet Nam's second largest source of foreign investment with 3,827 projects, capitalised at US$31.2 billion with 58.7 per cent of the total coming to the food processing industry. — VNS
HA NOI (VNS) — Agreement and sharing are critical in the current stage of handling purchased bad debts in Viet Nam, which helps save enterprises, avoid clashes and losses for all related parties.
Vice President of the Viet Nam Asset Management (VAMC) Nguyen Quoc Hung told Viet Nam News in a telephone interview yesterday, in a response to rumours that the company still faces issues in handling purchased debts.
The asset manager, which was formed last July to acquire bad debts, has purchased about VND45 trillion (US$2.13 billion) of bad debts, of which the principal debt was an estimated VND37.68 trillion ($1.78 billion).
Hung claimed that VAMC plans to restructure VND14.7 trillion ($696.68 million) of bad debts by 145 borrowers that have not gone bankrupt and to collect debts, sell collaterals and take legal actions against VND6.8 trillion ($322.27 million) of debts by 343 borrowers.
"We are definitely working to handle debts in the best possible manner, but it is not as easy as it sounds," Hung noted. "We could not apply practices in Malaysia or South Korea to handle bad debts in Viet Nam because these countries have different frameworks and different social situations."
Hung noted that VAMC will set time and space for borrowers to think, to cooperate and to voluntarily hand out assets before it takes immediate action against them. Initially, there were three borrowers who understood the message and were willing to comply.
"Of course, agreements take time," he added.
The vice president also stressed that timing and pricing sales of collaterals were challenges.
"Who will buy if we sell high, who will incur losses if we sell low? When will be the right time to act?" Hung questioned.
Industry experts suggested that related parties should share risks and economic values, or handling bad debts will come to a complete standstill.
If VAMC has to legally handle bad debts, it requires the collaboration of security forces, legal bodies and state administration units.
In the meantime, VAMC is waiting for guidance from the Ministry of Justice to legally conduct sales of collaterals.
According to the State Bank of Viet Nam, bad debts by the end of February accounted for approximately 9 per cent of the total loans. Handling bad debts, according to experts, is the definitive task that must be attended to in 2014-2015.
Prime Minister Nguyen Tan Dung set up an inter-disciplinary steering board to lead the mammoth projects of restructuring credit institutions by 2015 and solving bad debts of the system.
"The establishment of the committee shows a strong determination and commitment of the Government to deal with bad debts," Hung added.
The board is designated to advise the Prime Minister to implement and coordinate measures to reschedule and solve bad debts of the banking system. Also, the board will help ministries and municipal bodies supervise, detect and handle issues emerging from the policy practices related to bad debts at credit institutions.
Viet Nam's banking restructuring plan towards 2015 was initiated last April in the provision of improving the resilience of the money system, which is one of the three key reforms of the economy besides state-owned enterprises reform and public investment reform. — VNS
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On May 25, 2011, in Hanoi the Ministry of Transport and the Japan International Cooperation Agency (JICA) held a signing ceremony of the record of meeting on the 2-year technical assistance project for enhancing capacity of the operation and maintenance system of expressways within 2 years.
In the framework of technical cooperation project signed today, JICA will dispatch experts, supply equipments and organize training courses in Japan and Vietnam for the personnel and officials of Vietnam. Specifically, experts from Japan will help build the rules, standards and guidelines relating to the management, operation and maintenance of expressways. In addition, Japan also share their experiences by implementing training programs in the field (OJT) for personnel, officials of organizations undertaking operation and maintenance of expressways of Vietnam.The main activities of the project will be implemented in Hanoi and surrounding areas. JICA and the Ministry of Transport has selected three pilot stages for deployment in on-job training (OJT) through the basic operation of the pilots, as in the Hanoi’s 3rd Ring Road sector, the Phap Van - Cau Gie road sector and the Cau Gie - Ninh Binh expressway sector.The total investment cost of the project is $ 2.2 million granted from the Government of Japan and will begin implementation in mid 2011."Through this new project and other projects, JICA has been supporting the development of a comprehensive expressways in Vietnam, including construction, training and human resources management, operation”, Mr. Motonori Tsuno, Chief Representative of JICA in Vietnam, said.Currently, Vietnam is rapidly developing modern expressway network. Under a developing expressway network plan of Vietnam, which has been approved by the Prime Minister, Vietnam will build 2,355 km of expressways from now until 2020 and after 2020 will continue to build 3,518 km of expressways.In April 2011, Ministry of Transport has established the Office of Expressway Management under the Ministry of Transport, which is the agency advising the Ministry's leadership in the management and administration of expressway network.
Ministry of Transport
(See Vietnamese source)
Singapore-based SilkAir officially added four direct flights between Da Nang and Singapore on November 1.
SilkAir, which began operating in Da Nang in 2005, began with three weekly flights and has added four direct flights between Da Nang and Singapore via Siem Reap on Tuesdays, Wednesdays, Thursdays and Fridays weekly, while Singapore-Siem Reap-Da Nang-Singapore continues on Saturdays, Sundays and Mondays.
Separately, SilkAir flies between Ha Noi and Singapore four times weekly on Tuesdays, Thursdays, Fridays and Sundays.
According to the airline, 31,000 passengers have taken flights weekly between the two cities over past 10 months of the year.
Vung Tau City in the southern province of Ba Ria-Vung Tau has become the first city in the country to name a highway after General Vo Nguyen Giap died.
The name was given to Highway 51, which connects the February 3 Road's roundabout with the Co May Bridge in the city.
Other cities and provinces have been vetting suitable roads to name after the revered Vo Nguyen Giap. HCM City and Ha Noi have had plans to name their streets after the deceased General, with the final decision to be given by the end of this year.
General Vo Nguyen Giap, who was a former Politburo member, Secretary of the Central Military Commission, Defence Minister and Commander in Chief of the Viet Nam People's Army, passed away on October 4 at the age of 103.
Domestic and foreign researchers gathered at a recent workshop in Hanoi to share experience in ensuring traffic safety in the Asia-Pacific region. The October 22 workshop was organised by the National Transportation Safety Committee (NTSC), the University of Transport , and the Republic of Korea ’s Transportation Safety Authority (KOTSA) Head of the University’s Consulting Centre for Transport Development Le Thu Huyen cited the poor behaviour of commuters and awareness on traffic safety along with outdated transport infrastructure and road traffic signals as reasons behind traffic accidents. She suggested designing a long-term comprehensive roadmap to reduce the number of road casualties. A survey conducted by KOTSA showed that the rate of road fatalities in developing countries is high as a result of the rapid urbanisation and the increasing number of registered means of transport. It suggested that it is necessary to upgrade traffic infrastructure and launch educational campaigns on traffic regulations to ensure traffic safety in a sustainable manner. Vietnam ’s national strategy on road traffic safety till 2020 with a vision to 2030 emphasised the responsibility of the whole political system, the entire people and the society in ensuring traffic safety and reducing accidents.During the 2012-2020 period, the strategy targets to reduce the number of road death by 5-10 percent each year, and ease traffic congestions in big cities such as Hanoi and Ho Chi Minh City . All students nationwide must be educated about traffic regulations, while 85 percent of traffic participants are provided with traffic regulations and information. Relevant agencies continue implementing policies on the management of operations and business of vehicles while upgrading technical infrastructure and key highways.
Etihad Airways, the national flag carrier of the United Arab Emirates (UAE), launched a direct air route between Ho Chi Minh City and Abu Dhabi on October 2. The airline uses Airbus A330-200 aircraft with a capacity of 22 business-class and 240 economy-class seats for the daily flights. The flights are expected to depart from HCM City at 8:15 am and arrive in Abu Dhabi after seven hours of flying time. Etihad Airways Chairman and CEO James Hogan said the flights will help meet the travelling demand for tourism and business purposes as well as cargo transportation between Vietnam’s bustling trade hub of HCM City and the UAE, the Middle East and the EU. With over 80 airplanes, the UAE’s carrier now offers passenger and cargo transportation services to 94 destinations across the world, and will increase its destinations to 150 by 2020, according to Etihad Airways Chief Commercial Officer Peter Baumgartner.
The inauguration of Cai Mep-Thi Vai international port in the coastal southern province of Ba Ria-Vung Tau was held by the Ministry of Transport on January 28.
Deputy Prime Minister Hoang Trung Hai and representatives of the Japanese embassy an the Japan International Cooperation Agency (JICA), along with leaders from Vietnam ’s ministries and sectors, attended the event. Addressing the ceremony, Hai appreciated the assistance of the Japanese Government and the project’s investors, noting that the project falls on the 40 th anniversary of Vietnam-Japan diplomatic ties, demonstrating the time-honoured cooperation between the two countries. The construction of the port, funded with 12.9 trillion VND (620 billion USD) by JICA and the Vietnamese government, was started in October 2008.It is expected to ease the strain on other ports in Ho Chi Minh City and improve trade links among southeastern provinces.
Kazakhstan’s national flag carrier, Air Astana, has announced it will officially launch a direct air route from Almaty, the country’s largest city, to Ho Chi Minh City in Vietnam on January 1, 2013, with two flights a week, every Wednesday and Friday.
A Boeing 757-200 aircraft will leave Tan Son Nhat International Airport in HoChiMinh City at 13:00 and arrive at Almaty International Airport at 19:50 Vietnamese time, then turn back to Vietnam at 0 1:15 the following morning.
According to Air Astana, the opening of the route, which coincides with Vietnam ’s preparations for the free trade agreement negotiations with the Customs Alliance of Russia-Belarus-Kazakhstan, marks a milestone in the relationship between the two countries, serving their long-term cooperation and bringing people from both countries closer together.
Passengers who book their ticket via Vietway Aviation Services before January 1, 2013, and fly within January, will be eligible for a 30 percent discount.
A national remembrance event for traffic accident victims was held on Nov. 19 in Hanoi , organised by the National Committee for Traffic Safety.
Speaking at the live broadcast event, Deputy Prime Minister Nguyen Xuan Phuc stressed that everyone knows the devastating effects of traffic accidents and every single Vietnamese citizen has to realise the impact they have on the lives of every family and the country's development.
He called on all Government agencies, localities and organisations to strive towards making Vietnam 's roads better and safer.
"We need to voluntarily follow traffic regulations so there are less cases of children losing fathers and mothers and families losing loved ones, and we call on everyone to pray for the victims and their families."
On average, 30 people die each day from traffic accidents in the country, and Vietnam has the 11th highest fatality rate globally from accidents of this kind.
At the meeting, documentaries featuring thoughts of well-known figures were screened, aiming to raise awareness among the public, and calling on them to create safer streets.
According to official government statistics, traffic accidents killed nearly 11,400 people in 2011 and injured more than 48,730.
In the first nine months of this year, the number of deaths reached 6,923 and nearly 25,000 people were injured.
Besides remembering those who lost their lives in traffic accidents, many localities across the country also gave presents and financial support to their families.
The centre, covering an area of over 46.5 sq. m to the north of the Cam Ranh peninsula, was built with the French Government’s loan worth about 30 million EURO. The centre plans to turn out between 20 and 35 civil pilots a year from now to 2020.Previously, Vietnamese pilots used to be trained abroad, mainly in France , at a cost of about 120,000-150,000 USD per person.Statistics show that the Vietnamese aviation sector has to pay between 30-40 million USD to hire foreign pilots. Currently, Vietnam Airlines employs 600 pilots with more than 200 being foreigners.
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