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VNA: Ties between Chinese and Vietnamese CP strengthened
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Saturday, October 16, 1999 Hanoi lures the largest FDI
(VET)- Hanoi attracted 21 foreign-invested projects worth US$240 million in the first nine
months, in spite of the regional financial crisis; but if compared with
the same period last year the number of projects dropped 33 percent and
the invested capital dropped 20 percent.
Its largest project is a transport JV between Hanoi Tourist Car Company
and Daewoo Corp. (South Korea) with the total capital of US$134
million, followed by a US$57-million JV to build a race course, however
during this period licenses of four industrial and hotel projects worth
U$63.9 million were revoked.
Hanoi has so far licensed 332 FDI projects with total capital of US$8
billion, including 216 JVs worth over US$6 billion, 89 totally foreign
owned projects worth US$600 million and 27 business cooperation
contracts BCC worth US$1.3 billion.
Syndicated loans from local banks to EVN
(VET)- A group of eight major commercial banks have signed with Electricity of Vietnam
(EVN) a syndicated loan contract worth US$ 100 million to develop the Phu My 2.1
thermos-power plant in the southern province of Ba Ria-Vung Tau. It is
the biggest ever credit granted to EVN by State-run and joint stock
commercial banks and it is the biggest syndicated loan made so far by
domestic commercial banks.
The group of eight banks include Vietcombank, the Bank for Investment
and Development of Vietnam, the Vietnam Bank for Commerce and Industry,
the Asia Commercial Bank, the Maritime Stock Commercial Bank, the
Military Stock Commercial Bank, the Bank for Technology and Commerce and
Firstvina Bank. Bank officials say that a similar syndicated loan has
already been granted to the Nam Con Son Project, also in Ba Ria-Vung
Tau.
EVN general director Hoang Trung Hai said the capital invested in the
power industry amounted to VND 3,400 billion during 1995-1998 period,
and most of which came from foreign sources.
Insufficient cash boosts bartered trades
(VET)- The Ministry of Trade is reported to consider holding talks about an agreement on
payment balance with the Republic of Korea, which the trades between the
tow countries are in RoK' s favor. Vietnam has so far signed trade
agreements for mutual preferential tariffs with 69 countries and
territories.
Trade Ministry are drafting policies for bartered trades with Eastern
Europe, the Commonwealth of Independent States (CIS) and Laos since
enterprises of these countries have insufficient cash to pay for their
imports.
Japan donates US$ 42,000 to upgrade a hospital in Tuyen Quang
(VET)- Japan has donated US$42,000 worth of medical equipment including X-ray and
ultra-sound machinery to upgrade a hospital in remote Yen Son District
of Tuyen Quang Province.
The project is designed to help improve care for locals with timely
treatment. The project follows Vietnam Japan co-operation in health
care at hospitals including the Cho Ray in HCM City, Bach Mai in Ha Noi
and Viet Tiep in Hai Phong.
Dai Thi Hydro-power project study approved
(VET)- Prime Minister Phan Van Khai signed Official Letter No.10631 CP-CN dated October
11, 1999; under which he has approved a pre-feasibility study for the
Dai Thi Hydro-power project in northern mountainous Tuyen Quang
Province; and he has also assigned the Ministry of Agriculture and Rural
Development to work closely with Electricity of Vietnam EVN to complete
the Lo Gam River irrigation system plan, The PM has asked the Tuyen
Quang authority to work out the resettlement plans for residents at the
project sites.
Ties between Chinese and Vietnamese CP strengthened
(VET)- Pham The Duyet, Politburo permanent member of the Communist Party of
Vietnam made an eight -day visit to China, during which he met with Li
Peng, Politburo permanent member of the Central Committee of the
Communist Party of China (CPQ and Chairman of the Standing Committee of
the National People's Congress of China. Li stressed that the two
countries should build-up trust and mutual understanding; while Duyet
told Li that Vietnam's desire to develop ties was also for peace,
stability and development for the whole region.
They also discussed Party and personnel work, which they considered an
indispensable part of their duties.
Two people arrested for cash and gold smuggling
(VET)- Two people were arrested for allegedly trying to smuggle a large sum of foreign
currency and gold out of Vietnam across the Lao Bao border check point
in the central province of Quang Tri. They were caught in possession of
US$73,750, DM 2,900, C$1,000, FF10, 300 and 120 pounds sterling, as well
as VND112.6 million in cash, VND10million in money transfers and 84
taels of gold weighing 3.15kg. The case is under investigation.
SBV proposes ways to use surplus funds
(SGT)-The State Bank of Vietnam (SBV) in HCM City has proposed that foreign currency
available here should be utilized first before resorting to overseas
borrowing. The proposal has been made because some banks in HCM City
have large foreign currency deposits at banks overseas while others have
to take out foreign currency loans at high interest rates to settle
payments.
Outstanding deposits in foreign currency are reported at US$378 million.
The amount of foreign currency deposited at banks abroad by State
commercial banks is VND1, 804 billion equivalent, by joint-stock banks
V`ND5l8 billion, JV banks VND701 billion and foreign banks in Vietnam
VND2, 249 billion. The SBV in HCM City has suggested that the
Government and HCM City authorities should announce a list of projects
in need of foreign currency loans to help resolve the problem. At
present, some banks' foreign currency funds are in surplus and they have
to sell them to the SBV. In the first eight months, US$3.34 billion was
bought and US$3.24 billion sold on the southern interbank market.
The central bank has issued a new regulation, which requires all credit
institutions in Vietnam to undergo annual independent audits. According
to a document signed by SBV Deputy Governor Tran Minh Tuan, all credit
institutions, both local and foreign, are affected by the ruling.
Audits must include details of accounting balance sheets, business
results and currency flows.
Pubic administration reform presses on
(VNS)-Vietnam has made significant progress under the public administration reform
(PAR) programme launched by the Government five years ago, officials told a seminar
held in the capital city.
Among the achievements: New laws and ordinances such as the Budget Law
and the Civil Servant Ordinance have been passed by the National
Assembly. Administrative procedures have been streamlined, with the
number of ministries reduced from 37 in 1987 to the current 23.
UNDP Resident Representative and UN Resident Co-ordinater Edouard A.
Wattez said despite these achievements, much remains to be done. He
also said the National Steering Committee on PAR would naturally be an
important partner in the discussion process, as donors become ready to
participate in high-level policy dialogues.
First JV set up to build, operate movie theatres
(VNS)-The Dai Nam Culture Service Centre (DNCSC) under the Ministry of Culture and
Information has teamed up with US-based Far East Cineplex LLC to
establish the first joint venture company to develop, construct and
operate movie theatres in Vietnam.
A signing was held in Ha Noi yesterday on setting up of the US$40
million company that will upgrade the existing Dai Nam Theater into an
advanced cinema centre, and also build a chain of movie houses in big
cities and provinces nation-wide. Present at the signing ceremony were
Deputy Minister of Culture and Information, Trung Kien and the US
Ambassador to Vietnam, Pete Peterson. DNCSC Managing Director, Nguyen
Van Tien, said the joint venture is yet to be named officially.
He said the cinema complex in the capital city will be one of the most
advanced in the country, and would screen the latest motion pictures
released in the US and other countries.
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<P>Saturday, October 16, 1999<BR> <FONT size=3>Hanoi lures the largest FDI </FONT></P>
<P> (VET)- Hanoi attracted 21 foreign-invested projects worth US$240 million in the first nine<BR> months, in spite of the regional financial crisis; but if compared with the same period last<BR> year the number of projects dropped 33 percent and the invested capital dropped 20<BR> percent.</P>
<P> <FONT size=3>Its largest project is a transport JV between Hanoi Tourist Car Company and Daewoo<BR></FONT> Corp. (South Korea) with the total capital of US$134 million, followed by a US$57-million<BR> JV to build a race course, however during this period licenses of four industrial and hotel<BR> projects worth U$63.9 million were revoked.</P>
<P> <FONT size=2>Hanoi has so far licensed 332 FDI projects with total capital of US$8 billion, including 216<BR></FONT> JVs worth over US$6 billion, 89 totally foreign owned projects worth US$600 million and<BR> 27 business cooperation contracts BCC worth US$1.3 billion.</P>
<P> </P>
<P> <FONT size=3>Syndicated loans from local banks to EVN</FONT> </P>
<P> (VET)- A group of eight major commercial banks have signed with Electricity of Vietnam<BR> (EVN) a syndicated loan contract worth US$ 100 million to develop the Phu My 2.1<BR> thermos-power plant in the southern province of Ba Ria-Vung Tau. It is the biggest ever<BR> credit granted to EVN by State-run and joint stock commercial banks and it is the biggest<BR> syndicated loan made so far by domestic commercial banks.</P>
<P> The group of eight banks include Vietcombank, the Bank for Investment and Development<BR> of Vietnam, the Vietnam Bank for Commerce and Industry, the Asia Commercial Bank,<BR> the Maritime Stock Commercial Bank, the Military Stock Commercial Bank, the Bank for<BR> Technology and Commerce and Firstvina Bank. Bank officials say that a similar syndicated<BR> loan has already been granted to the Nam Con Son Project, also in Ba Ria-Vung Tau.</P>
<P> EVN general director Hoang Trung Hai said the capital invested in the power industry<BR> amounted to VND 3,400 billion during 1995-1998 period, and most of which came from<BR> foreign sources.</P>
<P> </P>
<P> <FONT size=3>Insufficient cash boosts bartered trades</FONT></P>
<P> (VET)- The Ministry of Trade is reported to consider holding talks about an agreement on<BR> payment balance with the Republic of Korea, which the trades between the tow countries<BR> are in RoK' s favor. Vietnam has so far signed trade agreements for mutual preferential<BR> tariffs with 69 countries and territories. </P>
<P> Trade Ministry are drafting policies for bartered trades with Eastern Europe, the<BR> Commonwealth of Independent States (CIS) and Laos since enterprises of these<BR> countries have insufficient cash to pay for their imports.</P>
<P> </P>
<P> <FONT size=3>Japan donates US$ 42,000 to upgrade a hospital in<BR> Tuyen Quang</FONT></P>
<P> (VET)- Japan has donated US$42,000 worth of medical equipment including X-ray and<BR> ultra-sound machinery to upgrade a hospital in remote Yen Son District of Tuyen Quang<BR> Province.</P>
<P> The project is designed to help improve care for locals with timely treatment. The project<BR> follows Vietnam Japan co-operation in health care at hospitals including the Cho Ray in<BR> HCM City, Bach Mai in Ha Noi and Viet Tiep in Hai Phong.</P>
<P> </P>
<P> <FONT size=3>Dai Thi Hydro-power project study approved</FONT></P>
<P> (VET)- Prime Minister Phan Van Khai signed Official Letter No.10631 CP-CN dated October<BR> 11, 1999; under which he has approved a pre-feasibility study for the Dai Thi<BR> Hydro-power project in northern mountainous Tuyen Quang Province; and he has also<BR> assigned the Ministry of Agriculture and Rural Development to work closely with Electricity<BR> of Vietnam EVN to complete the Lo Gam River irrigation system plan, The PM has asked<BR> the Tuyen Quang authority to work out !
!
!
the resettlement plans for residents at the
project<BR>
sites.</P>
<P> </P>
<P> <FONT size=3>Ties between Chinese and Vietnamese CP strengthened</FONT></P>
<P> (VET)- Pham The Duyet, Politburo permanent member of the Communist Party of<BR> Vietnam made an eight -day visit to China, during which he met with Li Peng, Politburo<BR> permanent member of the Central Committee of the Communist Party of China (CPQ and<BR> Chairman of the Standing Committee of the National People's Congress of China. Li<BR> stressed that the two countries should build-up trust and mutual understanding; while<BR> Duyet told Li that Vietnam's desire to develop ti!
!
!
es was also for peace, stability
and<BR>
development for the whole region.</P>
<P> They also discussed Party and personnel work, which they considered an indispensable<BR> part of their duties.</P>
<P> </P>
<P> <FONT size=3>Two people arrested for cash and gold smuggling</FONT></P>
<P> (VET)- Two people were arrested for allegedly trying to smuggle a large sum of foreign<BR> currency and gold out of Vietnam across the Lao Bao border check point in the central<BR> province of Quang Tri. They were caught in possession of US$73,750, DM 2,900,<BR> C$1,000, FF10, 300 and 120 pounds sterling, as well as VND112.6 million in cash,<BR> VND10million in money transfers and 84 taels of gold weighing 3.15kg. The case is under<BR> investigation.</P>
<P> </P>
<P> <FONT size=3>SBV proposes ways to use surplus funds</FONT></P>
<P> (SGT)-The State Bank of Vietnam (SBV) in HCM City has proposed that foreign currency<BR> available here should be utilized first before resorting to overseas borrowing. The proposal<BR> has been made because some banks in HCM City have large foreign currency deposits at<BR> banks overseas while others have to take out foreign currency loans at high interest rates<BR> to settle payments. </P>
<P> Outstanding deposits in foreign currency are reported at US$378 million. The amount of<BR> foreign currency deposited at banks abroad by State commercial banks is VND1, 804<BR> billion equivalent, by joint-stock banks V`ND5l8 billion, JV banks VND701 billion and<BR> foreign banks in Vietnam VND2, 249 billion. The SBV in HCM City has suggested that the<BR> Government and HCM City authorities should announce a list of projects in need of foreign<BR> currency loans to help resolve !
!
!
the problem. At present, some banks' foreign
currency<BR>
funds are in surplus and they have to sell them to the SBV. In the
first eight
months,<BR>
US$3.34 billion was bought and US$3.24 billion sold on the southern
interbank market.</P>
<P> The central bank has issued a new regulation, which requires all credit institutions in<BR> Vietnam to undergo annual independent audits. According to a document signed by SBV<BR> Deputy Governor Tran Minh Tuan, all credit institutions, both local and foreign, are affected<BR> by the ruling. Audits must include details of accounting balance sheets, business results<BR> and currency flows. </P>
<P> </P>
<P> <FONT size=3>Pubic administration reform presses on</FONT></P>
<P> (VNS)-Vietnam has made significant progress under the public administration reform<BR> (PAR) programme launched by the Government five years ago, officials told a seminar<BR> held in the capital city.</P>
<P> Among the achievements: New laws and ordinances such as the Budget Law and the Civil<BR> Servant Ordinance have been passed by the National Assembly. Administrative procedures<BR> have been streamlined, with the number of ministries reduced from 37 in 1987 to the<BR> current 23.</P>
<P> UNDP Resident Representative and UN Resident Co-ordinater Edouard A. Wattez said<BR> despite these achievements, much remains to be done. He also said the National Steering<BR> Committee on PAR would naturally be an important partner in the discussion process, as<BR> donors become ready to participate in high-level policy dialogues.</P>
<P> </P>
<P> <FONT size=3>First JV set up to build, operate movie theatres</FONT></P>
<P> (VNS)-The Dai Nam Culture Service Centre (DNCSC) under the Ministry of Culture and<BR> Information has teamed up with US-based Far East Cineplex LLC to establish the first joint<BR> venture company to develop, construct and operate movie theatres in Vietnam.</P>
<P> A signing was held in Ha Noi yesterday on setting up of the US$40 million company that<BR> will upgrade the existing Dai Nam Theater into an advanced cinema centre, and also build<BR> a chain of movie houses in big cities and provinces nation-wide. Present at the signing<BR> ceremony were Deputy Minister of Culture and Information, Trung Kien and the US<BR> Ambassador to Vietnam, Pete Peterson. DNCSC Managing Director, Nguyen Van Tien, said<BR> the joint venture is yet to be nam!
!
!
ed officially.</P>
<P> He said the cinema complex in the capital city will be one of the most advanced in the<BR> country, and would screen the latest motion pictures released in the US and other<BR> countries. </P>
<P> </P><BR><BR>
<br><hr size=1><b>Do You Yahoo!?</b><br>Bid and sell for free at <a href="http://auctions.yahoo.com/">Yahoo! Auctions</a>.<br>
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