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VN/VET...081999
Last updated Saturday, August 21, 1999
Vietnamese overseas encouraged to remit money to VN
(VET)- The PM issued Decision No.170/1999-QD-TTg
dated August 19, under which
the Vietnamese overseas and foreigners were
encouraged to remit their money into
Vietnam in order to help their families, relatives or
for humanitarian purposes. The
remittance can be carried out in various forms -
through an authorized credit
organization, or through a company that provides
financial services through
international postal and communication system or the
money can be remitted
personally. If the remittance is carried out through
a credit organization, the recipient
can receive either in foreign currency or Vietnamese
dong on his/ her requirement,
and he /she would be exempted from the income tax and
can use the money
according to the rule on the foreign currency
management.
VET^Òs economic news in brief:
- With a cashew acreage of 220,000 hectares, Vietnam
can supply only around
70,000 tons of cashew/ year, which is not sufficient
to feed the processing plants.
Many companies expected to import 50,000 tons of
crude cashew in the rest of the
year (10,000 tons have already been imported).
- Vietnam's southern province of Can Tho has over 150
SOE s, 700 small production
units and nearly 10,000 small merchants. The averaged
GDP of the province is 12
percent, and the GDP per capital in 1998 was US$ 700
(US$ 600 in 1995).
- According to the Ministry of Health the Government
has decided to use VND 420
billion out of the total sales of the State bonds in
1999 to allocate to the health care
for the people in 1999.
- The selection by the Ministry of Industry of K&M
company of USA to serve as the
consultant for the Phu My thermal power plant No 2.2
has been approved.
Privileges given to medical investors
(SGT)- Firms setting up private health clinics and
private medical practitioners have
been given the privileges stated in the Law on
Domestic Investment Promotion
following a Health Ministry circular. Circular 15,
effective since August 15, also says
civil servants and military service people are not
allowed to participate in the founding
or management of private clinics that are established
according to the Law on Private
Enterprises or its success or Enterprise Law, to take
effect soon. They are only
allowed to do extra-work for the clinics if they have
written permissions by heads of
their organizations. The circular stipulates that
health clinics have to strictly abide by
rules on hospital charge levels and specific medical
coverage approved by relevant
authorities. The Health Minister will be the one who
endorses the certificate for private
clinics established under the Law on Private
Enterprises or the Enterprise Law. Chief of
provincial health services is authorized to approve
the others.
Southern rice farmers savor exports to Japan
(VNS)- Not content with being the world's
third-largest rice exporter, Vietnam is
seeking a bigger share of the import-hungry Japanese
market. The world's largest
rice exporters, Thailand and the US, have already set
up joint ventures (JVs) with
Japanese firms to grow Japanese rice strains. The
harvested rice is exported 'back' to
Japan. Several pilot projects of this kind began in
Vietnam in 1991 when the first
Vietnam-Japan JV, Angimex Kitoku Company, was
established in the southern
province of An Giang. No sooner had the first fields
of Japanese rice been harvested
than Vietnamese farmers realized that this could be a
profitable business.
FULL TEXT
US$ 5 billion for Chu Lai Open Economic Zone needed
(VET)- A report on the detailed project of Chu Lai
open economic zone will be
completed soon, so that it can be submitted to the
year-end National Assembly
session for consideration. The total capital needed
for Chu Lai project is estimated at
US$ 5 billion, US$ 600 million to US$ 700 million of
which will be spent during the
2000-2005 period, focusing on the construction of 8
infrastructure items and a
number of industrial establishments. The remaining
US$ 4 billion to US$ 4.2 billion will
be spared for the second phase (during 2006-2010
period). It is reported that the
domestic sources can afford to ensure 25 percent to
30 percent of the cost, and the
rest need to call for foreign investment.
Vietnamese companies need to be well prepared for the
US
market
(VET)- Speaking at a meeting in HCMC Trade Minister
Truong Dinh Tuyen urged the
Vietnam companies to strengthen their competitiveness
to prepare to jump into the
US market. He advised them not to wait passively till
a trade deal between the two
countries was sealed, but they should do their best
to promote their export items
such as coffee and marine products in order to
establish a solid foothold in the US
market, increase their market research to find
outlets for new products.
VN-US trade relations (million US$)
Year
1995
1996
1997
1998
VN
exports
191
307
371
534
VN
imports
220
289
239
200
(Source : Vietnam^Ò s Ministry of Trade)
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