VN/News/VET :082799

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Friday, Aug 27, 1999 Bonds to be put for sales soon

(VET)- According to a reliable source from the State
Securities Commission (SSC) the government, corporate and bank bonds
would be issued for the trading at the securities transaction center
scheduled to be opened in HCMC later this year. 

SSC is reported to have selected eligible entities to underwrite the
bonds, and auctions may be held for the government bonds.  The total
values of the bonds to be issued by the commercial banks and projects
developers are estimated at VND 10,000 billion. 

Since the government has authorized for the sale up to 30 percent of the
stocks at the equitised SOEs to foreign investors, quite a few foreign
investors have expressed their interest in the business.  A Finance
Ministry's circular guiding the sale of securities to foreigners is
expected to come out possibly next month. 



Solution to capital glut in HCMC banks

(VET)- SGT reported that several commercial banks in the
city have lent out loans either with or without collateral for personal
consumption purposes in a move to reduce their huge mounting capital
glut. 

The paper said the Vietnam Bank for Agriculture and Rural Development in
the city has lent out unsecured loans of up to VND 10 million to a
single client at an interest ate of 1.05 percent/ month.  The eligible
borrowers of these banks include workers, office employees and teachers
who are allowed to repay their debts on installment payment for one to
two years.  While the loans of the East Asia Commercial Bank are
targeted at workers at the SOEs with an amount of up to VND 10 million
for a group of at least 5 workers.  Of course the clients need the
guarantee from their enterprises to apply for the loans at the interest
rate ranging from 0.79 percent to 1.05 percent / months.  The Asia
Commercial Bank (ACB) offers personal loans worth VND 10 million to VND
50 million at the monthly interest rate of 0.85 percent on condition
that the borrowers are HCMC residents, having property for mortgage or
guarantee by others who have property for the mortgage. 

At the same time ACB plans to lend out the three month maturity loans at
the monthly interest rate of 0.85 percent to companies that produce
commodities for export on condition that they have property to serve as
collateral, and make the repayment via the ACB as well as the sale of
their foreign currency they have earned to ACB. 



US ranks No.  2 market for Vietnamese seafood after Japan

(VET)- According to the Fishery Information Center the
official figures for the export values of seafood in the first 7 months
of the year amounted to US$ 505.4 million, or up 18 percent over the
same period last year.  Exports of most of the sea food items have
risen, while export of shrimps have lowered down both in terms of the
volume and the values.  The volume of exported shrimps during this
period was 31,100 tons, earning US$ 241.6 million, whereas in the same
period last year these figures were 32,890 tons and US$ 243.3 million
correspondingly.  In terms of the markets for Vietnamese seafood, US
market consumed US$ 73 million in the first 7 months, exceeding the EU
market and US has been ranked No 2 after Japan (US$190 million). 



Rice export exceeds 3 million tons

(VET)- According to Vietnam Food Association in the
first 17 months of August 332,000 tons of rice were exported nationwide,
raising the total number of rice to be export up to 3.1 million tons
since the beginning of the year.  Prices of rice have risen again from 3
to 5 dollars a ton.  At present the price of 25 percent of broken rice
is US$ 213/ton on average
(FOB price at Saigon port) and US$ 231 / ton to US$ 232
/ton for the 5 percent broken
rice. 



Dissolution for Telecom project proposed

(VET)- Mr. Ly Kiet, Deputy General Director of the
Vietnam Postal and Telecom Corporation or known as VNPT said VNPT has
suggested to the government that the 207 million dollar telecom project
between VNPT and Cable & Wireless of UK be dissolved.  VNPT argued that
Cable & Wireless has proposed the dissolution as it has changed its
investment stately including ceasing he investment mobile and fixed
telephones.  Cable & Wireless was reported to have submitted its
proposal to the government in June for dissolution and VNPT agreed with
the idea and asked the government to approve it and VNPT suggested they
be authorized to develop the project on their own.  The project in the
form of business cooperation contract between the two partners was
licensed last year aimed at developing 250,000 telephone lines in
southern Hanoi for duration of 15 years. 



Phuong Nam Co.'s shares in good sales

(VET)- Phan Thi Le, director of the Phuong Nam Joint
Stock Company was quoted by SGT as saying that investors had registered
to buy almost all the VND9.75 billion worth of shares of four days after
the sale was launched. 

The company located if HCMC's District 11 involved in trading
newspapers, books, videotapes, films and other cultural products, had
set a limit of 7,500 shares, worth VND 100,000 each, for any one
individual and 15,000 shares for any one corporate buyer. 

The company, staffed by 450 workers, has a chartered capital of VND 15
billion, with the State holding a VND 5.25 billion stake. 



VN-US meets this week to settled technical issues of the trade deal

(VET)-The Vietnamese delegation headed by Nguyen Dinh
Luong, assistant to the Minister of Trade has already been in Washington
DC to handle the technical aspects related to a long awaited trade deal
between VN and the US. 

The two countries reached "agreement in principle" on the trade pact
last month in Hanoi.  A final agreement would pave the way for the U.S. 
to grant Vietnam Normal Trade Relations (NTR), previously called
most-favored nation status.  The spokeswoman of the US trade
representative was quoted by international media as saying that she
didn't know if the pact would be signed it this week, but they would
continue to work toward finalizing the (pact's) details. 

Once the deal is finalized the While House still would have to forward
it to the US Congress for approval. 

The agreement is expected to require Vietnam to open its market over
time to U.S.  goods, services and investments and make it easier for
U.S.  firms to do business in the country. 



Death sentence to Hanoi^Òs gold shop killer

(VET)- The Hanoi People's Court yesterday decided to
sentence the 39 year-old Nguyen Minh Chau to death on the charge of the
murder of four people at Kim Sinh gold shop in Hanoi's Dong Da District
a month ago. 

Chau, native of Nam Dinh Province, 80km south of Hanoi, was a regular
patron of the shop, where he used to sell gold he'd mined from northern
mountain provinces. 

Chau was found guilty of stabbing all four people to death on July 19,
while they were sleeping during the night, then Chau fled to his home
town of Nam Dinh, where he was arrested four days later by the Hanoi
Criminal Police. 



Viet Kieu grants rice to their homeland

(VET)- A Vietnamese Overseas couple- Phu Phi Hung and
Huynh Thi Huynh Mai living in the US are reported to have donated 2,000
kg of rice to 340 poor households in Thoi Quan Communes, Go Quao
District of Kien Giang province.  The kind-hearted couple has promised
to do even more to the province in the near future. 



More scholarships to local staff to study in Britain

(VET)- Nineteen candidates from key ministries including
Foreign Affairs, Trade, Planning and Investment, Justice, and Finance;
major organisations like PetroVietnam and Electricity of Vietnam and
from the local media are expected to leave Hanoi early next month to
study in Britain under the Chevening scholarship scheme. 

Most of the scholarships are funded by the British Government with the
support of a number of British companies operating in Vietnam like the
British Petroleum, John Swire & Sons, Prudential and the Standard
Chartered Bank. 

"The Chevening scholarships are among our most
prestigious awards world-wide," UK ambassador David Fall said in a
reception. 

An expansion of the scholarship scheme was first applied in Vietnam in
1993 and about 60 people have been sent to the UK to study since. 



Five more FDI projects expected to be licensed in HCMC

(VET)- The applications for licenses from five more FDI
projects including one joint-venture, three wholly foreign-owned
projects, and one business operation contract BCC with a total capital
of more than US$10.7 million, have been submitted to The HCMC
^Ñs Department of Planning and Investment for
consideration. 


FULL TEXT



Demand stimulus efforts yet to produce results, says PM

(SGT)- Prime Minister Phan Van Khai has said that the
country has yet to see any positive effect from efforts to stimulate
demand by boosting investment. 


FULL TEXT



Vietnam equitisation project gets go ahead

(SGT)- An Australian-funded project designed to boost
Vietnam's equitisation of state companies by using auctions for the
first time has been given the green light, officials said yesterday. 


FULL TEXT



Trade rules should be specific

(SGT)- Trade rules issued by State bodies should be
increasingly specific and clear to stimulate business activities said
Mr.  Nguyen Minh Chi, chief of the Trade Ministry's division for trade
legislation. 


FULL TEXT



Traffic conditions broadcast over radio

(VNS)- An estimated initial VND72 million (US$5,200)
will be spent establishing a special broadcasting programme to announce
to the public up-to-date daily traffic conditions in HCM City during
Traffic Safety Month, from August 29 to September 29.  The programme
will provide information about conditions on the road, suggested routes,
and routes to avoid due to traffic congestion or accidents.  The
programme will be aired throughout the day.  To enable this to happen, a
special telephone line will be used to connect important crossroads and
traffic police outposts in all districts to provide updated traffic
information for timely broadcast.  The broadcasting station will
continue to inform the public of any incidents until the traffic
problems are solved.  The programme aims to reinforce road safety for
travelers in the city and is to be implemented by the HCM City Bureau of
Road Traffic Police (BRTP) in conjunction with HCM City Radio
Broadcasting Station (RBS).  HBRTP and HRBS will also establish a
computer network to keep track of the traffic flow and to locate
congestion and accident sites and traffic violations. 



International donors fund Mekong River projects with
$31million

(VNS)- International donors have pledged to disburse
US$31.5 million for a Mekong basin development project and a programme
on water exploitation by Thailand, Laos, Cambodia and Vietnam, according
to General Secretary of Vietnam's Mekong River Committee Nguyen Hong
Toan. 


FULL TEXT



HCM City bank' starts overseas money transfers

(VNS)- The Saigon Thuong Tin Commercial Joint Stock Bank
(SACOMBANK) in HCM City
has officially opened a service to transfer money from abroad to
organisations or individuals in Vietnam. 


FULL TEXT



Vietnam industry losing steam

(VNS)- Vietnam's industrial growth rate slowed to 10.3
per cent over the first eight months of the year, down 1.7 per cent over
the same period last year. 


FULL TEXT





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