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PetroVietnam joins Russian oil field venture

In the first quarter of the year, the group signed three contracts with Laos , Tunisia and Iran to exploit oil and gas abroad. In addition, it is negotiating for a project in Algeria with a view to turning out products by 2010.

Tax readjustment to reduce trade deficit

The Prime Minister has requested the Ministry of Finance (MoF) under the regulation of the Import-Export Tax Law, to readjust import taxes on a number of goods as a tool to reduce trade deficit.

In an official dispatch sent on May 11, the PM also asked the State Bank of Vietnam to deal with the gold import quota so as to maintain domestic market stability and reduce trade deficit.

Recently, the tax policy has been flexibly readjusted to limit the export of raw materials, increase export value and reduce trade deficit. The MoF has raised the tariff rates levied on natural resources such as coal from 10 to 15 percent, crude oil from four to eight percent and crude iron ore from between 7-15 percent to 20 percent. In the meantime, special consumption tax has been considerably increased on imported goods like automobiles and automobile components, electronics and refrigeration equipment.

However, trade has remained imbalanced. According to the General Office of Statistics, import surplus hit more than 11 billion USD in the first four months of the year, equivalent to almost 61 percent of the nation’s first four-month export value.

Auditing meeting target standards

The partnership could also help build trademarks, raise revenue and improve staff professionalism.

Autopetro to draw over 100 local and foreign exhibitors

The annual international “Autopetro 2008” aims to provide opportunities for domestic and foreign producers to seek partnerships and expand their markets.

First company exports plate steel to US

The Cuu Long Vinashin Steel Company is the first producer of hot-rolled plate steel for the shipbuilding industry in Vietnam , rolling out its first products in December 2007.

Autopetro to draw over 100 local and foreign exhibitors

The annual international “Autopetro 2008” aims to provide opportunities for domestic and foreign producers to seek partnerships and expand their markets.

France helps train Vietnamese hotel managers

The Accor hotel group and several French universities have joined the Hanoi National University in offering Masters of Hotel Management courses to aspiring young Vietnamese hoteliers.

The first course is scheduled to begin in October.

VN, Morocco sign 600 mln USD fertiliser plant deal

(Source: VNA)

Though Taiwan is already the largest foreign direct investment contributor to Vietnamese textiles, Vietnam ’s textile industry is attempting to lure still more investors. 

Local enterprises have expressed hopes that Taiwan investors could enhance sectors like fashion design, trademark building and the world distribution system, said Le Tien Truong, deputy director of the Vietnam Garment and Textile Corporation (Vinatex).

According to statistics from the Vietnam Textile Association (Vitas), there are about 500 foreign textile and garment enterprises operating in Vietnam , of which 150 are Taiwanese.

Market director of the Taiwan Textile Federation (TTF) Ruey Guang Tzou said that Taiwan enterprises were very interested in the textile market of Vietnam and would continue to provide raw materials for the industry.

Local sources supply only around 30 percent of raw materials needed for production, the remainder is imported from many countries and territories, of which Taiwan is the largest provider.

Taiwan would also invest in knitting and dying factories in Vietnam to ensure high-quality products, Tzou said. To attract more Taiwan investors, Vitas, the TTF and the Taiwan External Trade Development Council (Taitra) have jointly organised a meeting between 15 Taiwanese and local enterprises.

The factory spans 16.4 ha and its products will be geared for export.

(Source: VNA)

In the first quarter of this year, trade between the US and Vietnam reached almost 2.9 billion USD, but is still not rising as fast as it could, according to the Ministry of Industry and Trade.

Nguyen Hong Duong, deputy head of the ministry’s American Market Department said exports to the US still remained low at 2.3 billion USD in the first quarter of this year, an increase of 8.1 percent compared to the same period last year.

Imports, however, have soared, equalling 591 million USD, an increase of 101 percent over the same period last year, resulting in an imbalance of trade.

The ministry forecasts exports to the US will reach 11 billion USD, and imports will be under 1.7 billion USD this year.

Vietnam ’s major exports of the last 10 years to the US remain the same -textiles and garment, footwear, crude oil, aqua produce, wooden furniture, and agricultural products.

The ministry said it would apply for a Generalised System of Preferences (GSP) status for Vietnamese exports to the US , which would help strengthen the competition of Vietnamese products in the US market.

Thailand , Indonesia , Philippines and Russia have all received GSP status, the ministry said.

The ministry said its major mission was to be awarded market economy status by the US this year, which would liberalise trade even further.

The ministry was also preparing to modernise all Vietnamese customs offices. As of July 1,2012, all export items to the US must go through an X-ray system before shipping, as required by a US decree issued at the end of last year.

To succeed in the US market, Vietnam businesses should establish a representative office in the US , American experts said.

Elizabeth Rose Daly, international trade director of the New York Mayor’s Office, said there are two reasons to open a representative office in the US . Firstly, it helps strengthen the US client’s trust in Vietnam commodities; secondly, Vietnamese businesses can deliver better after-sales services which US clients are concerned about.

VietNamNet/Xinhuanet

From building bridges to tutoring rural kids, youth volunteers make a difference around the country

“For a safe, civilised and developed city” is the title of the 2008 Youth Volunteer Summer Campaign from May to August.

Youth volunteers in Bac Son District of Lang Son City distribute family planning leaflets as part of Youth Month in the area.

The campaign will be divided into four one-month phases - “For the next generation - a resolute Youth Union,” “Volunteer youth for the community” and “Youth and Ha Noi culture.”

A number of activities have been organised to help students coming to Hanoi to sit their university entrance exams, such as cleaning the city’s lakes, helping out at rehabilitation centres and promoting road safety. Students will also be given the chance to donate blood.

Free health checks will be conducted and free medicines handed out to those in need.

Other activities include assisting rural youth to access loans and technology for agriculture production, and promoting reproductive health among young workers in industrial zones.

The Ha Noi Youth Union will also carry out voluntary activities in Laos and set up club for foreign students in Hanoi.

The Youth Union also plans to promote computer science and the internet.

Voluntary youth programmes have made an invaluable contribution to the development of the country in recent years.

Over the last few years, volunteers have actively contributed towards poverty reduction in rural and mountainous areas.

Youth association members built bridges in the Cuu Long (Mekong) Delta region, launched environmental protection programmes and actively promoted road safety.

Last year, Youth Union campaigns attracted nearly 9mil volunteers - twice as many as the year before.

More than 2,400 youth groups visited the provinces to increase technological awareness and popularise computer science.

The Youth Union last year organised summer camps for more than three million children and raised some VND80bil (US$5mil) for 66,000 impoverished youngsters.

Around 94,000 student volunteers participated in environmental protection programmes, while more than 30,000 volunteers donated blood.

Volunteers last year built 775 houses for the needy and handed out presents to more than 64,000 families of war martyrs and invalids.

(Source: Viet Nam News)

The Ministry of Finance (MOF) is considering adjusting the import taxes of commodities that are believed to have impacts on the trade deficit and foreign currency payment balance.

MOF is joining forces with the Ministry of Industry and Trade and the State Bank of Vietnam to take a series of measures in an effort to curb inflation.

The State Bank is considering adjusting the quota on gold imports in order to limit imports and stabilise the domestic market.

Gold in Asia’s market this morning saw prices increase for the third consecutive trading session on the firmly high oil price at over $125/barrel and the slight decrease of the dollar against the euro. The market seems to be waiting for more information to create bigger changes.

At 10 am, the gold price with spot delivery in Asia was $885.8/oz, up by $1/oz (0.1%) over the previous trading session. Meanwhile, the price for later deliveries has surged by $0.4/oz to $886.2/oz.

The domestic market did not see big changes this morning. SJC gold prices are quoted at VND17,380,000/tael (purchasing) and VND17,450,000/tael (selling). While the purchasing price remains unchanged, the sale price saw the slight increase of VND10,000/tael over Saturday.

Bao Tinh Minh Chau gold is now trading at VND17,400,000-17,540,000/tael (purchasing and selling), increasing by VND20,000 and 40,000/tael, respectively.

Last week, the Vietnam Association of Financial Investors (VAFI) proposed raising the import tax on gold from 10% currently to 20%, and closing gold trading floors.

However, the proposal has not been applauded by experts, who called this the coercive measure of investors.

It is the right of investors to choose kinds of assets to hold. Therefore, measures that force investors to give up one kind of asset to hold another must not be applied.

Chu Van Hoc, Deputy Business Director of SJC Hanoi, said that the trading volume of the company did not see any changes after the said proposal by VAFI.

Hoc said that the proposal does not come in line with the gold market tendency and comes contrary to Vietnam’s WTO commitments.

“Raising the tax will bring losses to people, who need gold as a tool to protect them in times of high inflation,” Hoc said.

Hoc added that the domestic gold price is equal to the world’s level. Currently, gold importers are purchasing dollars from commercial banks at VND16,200/US$1.

The world’s oil price, though witnessing a slight decrease, is staying firmly above $125/barrel. At 10 am this morning, light sweet oil with delivery in June 2008 was traded at $125.5/barrel. At the same time, one euro is converted to $1.54.

Hoc has declined to give any forecasts about the gold price for this week.

Meanwhile, Bloomberg gave different forecasts about gold prices. Quoting an investment expert, Rowan Menzies with Sydney-based Commodity Warrants Australia, a newswire forecasts that the dollar is becoming stronger against the euro, which may lead to a gold price decrease.

A survey conducted by the same newswire showed that 9 of 19 polled investors advocated purchasing gold this week, six selling gold and four had a neutral viewpoint.

On Saigon Gold Trading Floor, the trading volume reached 133,550 taels.

The dollar value keeps rising on the domestic market. Vietcombank quotes prices at VND16,140/US$1 (purchasing) and VND16,155/US$1 (selling). Eximbank’s quotes are VND16,130/US$1 and VND16,155/US$1, respectively. However, the prices slightly decrease. Bao Tin Minh Chau purchases dollars at VND16,290/US$1 and sells at VND16,340/US41.

(Source: VNE, TBKTVN)