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VN/VET: Long-distance truck drivers in Vietnam now have to pay tolls ...
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Monday, October 18, 1999 US$ 145.3 million for rural transport project
(VET)- The Prime Minister signed Decision No 951/ QD-TTg dated October 13, 1999,
under which he has approved a rural transport project worth US$ 145.3
million, US$ 103.9 million of which will come from the loan of the World
Bank WB; US$ 26.2 million from the UK’s non- refundable aid; and
US$ 15.2 million worth of the counter-capital from the Vietnamese
Government.
The project will include upgrading around 13,000 km of roads; and
building or upgrading 5,000 meters of bridges for 40 provinces. The
priority of this project will be given to the roads linking communal
centers to district towns. The project is expected to be completed in 5
years.
Incombank buys the government bonds
(VET)- The Industrial and Commercial Bank (Incombank) is reported to become the first
state run commercial bank to join the trading of the government bonds
from October 18. The price for the government bonds will be traded at
97 percent for the bonds having the face value of under VND 10 million;
at 97.5 percent for the bonds with the face value of between VND10
million and VND 100 million; and at 98 percent for bonds with the face
value of over VND100 million. The prices to be traded by the Incombank
seem more attractive than that by commercial joint stock banks. And a
number of commercial joint stock banks said they intended to re-sell the
bonds they had bought to the Incombank to earn the difference.
UK to rank No 5 in the FDI in Vietnam soon
(VET)- Speaking at a meeting held by VCCI in Hanoi, UK Ambassador in Vietnam Mr.David
Fall said the UK investment in Vietnam would increase considerably, once
the talks between Petrovietnam and BP-Statoil on the gas development in
Nam Con son Basin ended, as the project will bring into Vietnam the
invested capital of up to US$ 1.8 billion from foreign sources, US$1
billion of which will come from UK; and by then UK will become the fifth
largest investor in Vietnam from the current eleventh largest position.
As of late September this year UK had invested US$ 1.03 billion in
Vietnam and was the second largest investor among the EU in Vietnam.
Seventy percent of the UK projects in Vietnam are mainly invested in the
oil and gas industry and the remainder are in the construction,
insurance and services.
HCMC's project for public passenger bus system proposed
(VET)- HCMC authority has submitted to the Government a proposal for a public
passengers bus system and a project for the environmental improvement in
the city with the cost of US$ 86.5 million, US$ 69.5 million of which
will come from Japan’s ODA, and the remainder from domestic
sources. The project is expected to begin from the year 2000 and to be
completed within 5 years. The main part of the project is to bring into
the city 1,700 public passenger buses.
HCMC: monthly income for an unskilled worker VND 700,000
(VET)- According to a survey conducted recently the average income in HCMC has been
increasing, with an unskilled worker earning between VND 700,000 and VND
1 million a month; while a skilled worker earning VND 1.5 million a
month. Workers at the joint ventures companies with Asian partners earn
between US$ 32 and US$ 60/ month, while workers at JVs with Western
partners earn between US$ 40 and US$ 100 / month.
The survey also disclosed that the incomes of 82 percent of the workers
are "enough" to live on, while 16 percent of workers in the city are
said to remain under the official poverty line.
Prices of Vietnamese rice have risen a little
(VET)- The current prices of Vietnamese rice have risen a little - between US$ 6 and US$
8 /ton compared with that of early October, namely, the prices of the 5
percent broken rice and 25 percent broken rice are US$ 205 and US$185
respectively. The increase in the rice for export has helped encourage
the importers to buy paddy from farmers and process rice in domestic
market, so that they can fulfill their contracts already signed with
foreign partners. They expected to export over 500,000 tons of rice in
the rest of the year.
License for foreign tobacco firms extended till December
(VET)- Licenses for the three foreign tobacco companies including Philip Morris, Dunhill and
British American Tobacco should be granted a temporary extension till
December. That is the suggestion from Trade Ministry to the government.
The three companies' licenses are expected to expire later this month.
Deputy Minister of Trade Mai Van Dau argued that his ministry made the
suggestion following the news that a new circular regulating the
operations of the rep-offices and branches of foreign companies will be
issued later this year.
184 FDI projects in 9 months
(VET)- MPI licensed 184 foreign-invested projects with the total registered capital of
US$921 million in the first nine months of the year, or a drop of 5
percent in terms of the number of projects and a drop of 48 percent in
terms of the pledged capital compared with the same period last year.
Taiwan topped the list of foreign investors during this period in terms
of number of projects with 57 capitalized at US$ 94 million, but South
Korea' topped the list in terms of the invested capital with US$ 150
million for 18 projects.
Caltex Vietnam’s lubricant plant inaugurated
(VET)- A lubricant and grease plant of the Caltex Vietnam Lubricant Company Ltd was
officially inaugurated at the Dinh Vu industrial zone in the port city
of Hai Phong last week. The plant has an annual capacity of 12,000 tons
of lubricants for motorcycles, autos and the industrial sector. The US$
14 million plant covers an area of 4 hectares.
The fourth big Red River Bridge started to be built
(VET)- The 1,065m-long Tan De Bridge will become the fourth bridge across The Red
River in North Vietnam delta. Tan De Bridge is designed to replace the
ferry service, once the construction is completed. Other three bridges
across the Red River are Long Bien, Thang Long and Chuong Duong, all in
the capital city of Hanoi. Tan De Bridge is part of a wider project to
link the provinces of Nam Dinh, Thai Binh and Ninh Binh in the northern
Red River Delta to the northern coastal Province of Quang Ninh.
The project with an estimated cost of VND 249.5 billion, or equivalent
to US$18 million is being built by the Republic of Korea's Keang Nam and
Vietnamese Civil Engineering Construction Corporations, No 1 and 4. The
bridge is expected to open for traffic in two years time.
Duty free for some telecoms components
(VET)- Import duty exemption will be applied to the imported components, spare parts
and semi-finished items by foreign invested projects to make
switchboards, transmission equipment and cables. That is the new rule
issued recently by the Ministry of Planning and Investment (MPI).
However in order to enjoy the import duty exemption, importers should
submit their applications to the Ministry of Trade with the list of
items to be confirmed as new or hitech by the Ministry of Science,
Technology and Environment.
Vietnam exports Sabin vaccines to Japan
(VET)- Japanese clients have offered to buy a big quantity of Vietnam’s Sabin vaccines of
high quality. Since 1996 Vietnam has exported to Japan 29 million doses
of Sabin vaccines, and in 1999 Vietnam has expected to export about 3
million doses of vaccine of the type to this market.
Rules on rep-offices needs to be revised
(VET)- At a meeting with the relevant agencies in HCMC last week to review the
operations of foreign rep offices over the past ten years, HCMC People's
Committee vice chairman Nguyen Van Chi was quoted by SGT as saying that
they should take measures to tackle any problems relating to the leasing
of houses by foreign offices and their recruitment of Vietnamese
employees.
He also asked the City's Department of Planning and Investment to draw
up a scheme to legalize unofficial investments; and called on the
City’s Department of Trade to consult the Ministry of Trade to
revise the rules with regard to foreign rep offices that no longer
suited the current situation.
These included the procedures for rep-office licensing and closure and
the regulations on the recruitment of Vietnamese and foreign employees,
scope of operations, and the settlement of violations. Currently the
city has licensed over 1,300 rep offices.
Ben Tre’s coconut processing project gets a go-ahead
(VET)- The BenTre Authority has granted license to a project to be invested by DC
Industries of Malaysia with the total capital of US$2.5 million to make
dried coconut flesh and coconut shell powder and coal. The project has
an annual capacity of 86 million processed coconuts, and most of the
products will be for export. The duration of the project is 30 years.
Three equitized firm record slower growth
(SGT)- The economic slowdown has delivered a blow to three of five equitized companies
affiliated to the HCMC Service of Industry, said an official with the
service. Nguyen The Mang, head of the service's Industry Management
Department, said shrinking markets and falling sales had placed these
enterprises in a difficult position.
FULL TEXT
Business Beat (Quoted from VNS)
1. Long-distance truck drivers in Vietnam now have to pay tolls
everywhere they travel. A driver covering the National Highway No.1
from Hanoi to HCM City said he had to pay 12 tolls at gates along the
route, costing VND 336,000 or 11.2 per cent of the transportation fee he
charged goods owners.
Another driver on the newly built road linking Hanoi and Hai Phong said
he had to pay a higher percentage from his earnings for tolls, about 13
percent as the quality of road is much higher.
The Road (Maintenance) Department said in one of its studies that tolls
should not exceed 6.5 per cent of transportation fees with a first grade
road, the percentage is 9.75 percent maximum. The studies compared to
reality are quite different for drivers who are also concerned about
further tollbooths to be installed as more roads are upgraded.
2. Vietnam Airlines has been licensed to engage in tourism-related
activities and local travel agencies are crying foul over this new
privilege. They say Vietnam Airlines- the national carrier, with a
worldwide network of offices and contacts will certainly drive them out
of the market. They say that Vietnam Airlines can organize tours, their
businesses would suffer because the airlines could easily cause flight
delays and other problems for their clients.
They are also afraid that Vietnam Airlines could use cutthroat pricing
policies to force them out of the market, because the airlines can offer
cheaper packages. The 177 travel agencies that have already been at the
mercy of Vietnam Airlines with flight schedules are concerned to now
find themselves competing on an unequal footing with a giant fully
equipped with state support.
---------------------------------
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<P>Monday, October 18, 1999<BR> <EM><STRONG>US$ 145.3 million for rural transport project</STRONG></EM></P>
<P> (VET)- The Prime Minister signed Decision No 951/ QD-TTg dated October 13, 1999,<BR> under which he has approved a rural transport project worth US$ 145.3 million, US$<BR> 103.9 million of which will come from the loan of the World Bank WB; US$ 26.2 million<BR> from the UK’s non- refundable aid; and US$ 15.2 million worth of the counter-capital from<BR> the Vietnamese Government.</P>
<P> The project will include upgrading around 13,000 km of roads; and building or upgrading<BR> 5,000 meters of bridges for 40 provinces. The priority of this project will be given to the<BR> roads linking communal centers to district towns. The project is expected to be completed<BR> in 5 years.</P>
<P> </P>
<P> <EM><STRONG>Incombank buys the government bonds</STRONG></EM></P>
<P> (VET)- The Industrial and Commercial Bank (Incombank) is reported to become the first<BR> state run commercial bank to join the trading of the government bonds from October 18.<BR> The price for the government bonds will be traded at 97 percent for the bonds having the<BR> face value of under VND 10 million; at 97.5 percent for the bonds with the face value of<BR> between VND10 million and VND 100 million; and at 98 percent for bonds with the face<BR> value of over VND100 millio!
!
!
n. The prices to be traded by the Incombank seem
more<BR>
attractive than that by commercial joint stock banks. And a number of
commercial
joint<BR>
stock banks said they intended to re-sell the bonds they had bought to
the Incombank
to<BR>
earn the difference. </P>
<P> </P>
<P> <EM><STRONG>UK to rank No 5 in the FDI in Vietnam soon</STRONG></EM></P>
<P> (VET)- Speaking at a meeting held by VCCI in Hanoi, UK Ambassador in Vietnam Mr.David<BR> Fall said the UK investment in Vietnam would increase considerably, once the talks<BR> between Petrovietnam and BP-Statoil on the gas development in Nam Con son Basin<BR> ended, as the project will bring into Vietnam the invested capital of up to US$ 1.8 billion<BR> from foreign sources, US$1 billion of which will come from UK; and by then UK will<BR> become the fifth largest investor in Vi!
!
!
etnam from the current eleventh largest position.</P>
<P> As of late September this year UK had invested US$ 1.03 billion in Vietnam and was the<BR> second largest investor among the EU in Vietnam. Seventy percent of the UK projects in<BR> Vietnam are mainly invested in the oil and gas industry and the remainder are in the<BR> construction, insurance and services.</P>
<P> </P>
<P> <EM><STRONG>HCMC's project for public passenger bus system</STRONG></EM><BR><EM><STRONG> proposed</STRONG></EM></P>
<P> (VET)- HCMC authority has submitted to the Government a proposal for a public<BR> passengers bus system and a project for the environmental improvement in the city with<BR> the cost of US$ 86.5 million, US$ 69.5 million of which will come from Japan’s ODA, and<BR> the remainder from domestic sources. The project is expected to begin from the year<BR> 2000 and to be completed within 5 years. The main part of the project is to bring into the<BR> city 1,700 public passenger b!
!
!
uses.</P>
<P> </P>
<P> <STRONG>HCMC: monthly income for an unskilled worker VND<BR> 700,000</STRONG></P>
<P> (VET)- According to a survey conducted recently the average income in HCMC has been<BR> increasing, with an unskilled worker earning between VND 700,000 and VND 1 million a<BR> month; while a skilled worker earning VND 1.5 million a month. Workers at the joint<BR> ventures companies with Asian partners earn between US$ 32 and US$ 60/ month, while<BR> workers at JVs with Western partners earn between US$ 40 and US$ 100 / month.</P>
<P> The survey also disclosed that the incomes of 82 percent of the workers are "enough" to<BR> live on, while 16 percent of workers in the city are said to remain under the official<BR> poverty line. </P>
<P> </P>
<P> <STRONG><EM>Prices of Vietnamese rice have risen a little</EM></STRONG></P>
<P> (VET)- The current prices of Vietnamese rice have risen a little - between US$ 6 and US$<BR> 8 /ton compared with that of early October, namely, the prices of the 5 percent broken<BR> rice and 25 percent broken rice are US$ 205 and US$185 respectively. The increase in the<BR> rice for export has helped encourage the importers to buy paddy from farmers and<BR> process rice in domestic market, so that they can fulfill their contracts already signed with<BR> foreign partners. They !
!
!
expected to export over 500,000 tons of rice in the rest of
the<BR>
year.</P>
<P><STRONG></STRONG> </P>
<P><STRONG> License for foreign tobacco firms extended till December</STRONG></P>
<P> (VET)- Licenses for the three foreign tobacco companies including Philip Morris, Dunhill and<BR> British American Tobacco should be granted a temporary extension till December. That is<BR> the suggestion from Trade Ministry to the government. The three companies' licenses are<BR> expected to expire later this month. Deputy Minister of Trade Mai Van Dau argued that his<BR> ministry made the suggestion following the news that a new circular regulating the<BR> operations of the rep!
!
!
-offices and branches of foreign companies will be issued later this<BR> year. </P>
<P> </P>
<P> <STRONG>184 FDI projects in 9 months</STRONG></P>
<P> (VET)- MPI licensed 184 foreign-invested projects with the total registered capital of<BR> US$921 million in the first nine months of the year, or a drop of 5 percent in terms of the<BR> number of projects and a drop of 48 percent in terms of the pledged capital compared<BR> with the same period last year.</P>
<P> Taiwan topped the list of foreign investors during this period in terms of number of<BR> projects with 57 capitalized at US$ 94 million, but South Korea' topped the list in terms of<BR> the invested capital with US$ 150 million for 18 projects.</P>
<P> </P>
<P> <STRONG>Caltex Vietnam’s lubricant plant inaugurated</STRONG></P>
<P> (VET)- A lubricant and grease plant of the Caltex Vietnam Lubricant Company Ltd was<BR> officially inaugurated at the Dinh Vu industrial zone in the port city of Hai Phong last week.<BR> The plant has an annual capacity of 12,000 tons of lubricants for motorcycles, autos and<BR> the industrial sector. The US$ 14 million plant covers an area of 4 hectares. </P>
<P><STRONG></STRONG> </P>
<P><STRONG> The fourth big Red River Bridge started to be built</STRONG></P>
<P> (VET)- The 1,065m-long Tan De Bridge will become the fourth bridge across The Red<BR> River in North Vietnam delta. Tan De Bridge is designed to replace the ferry service, once<BR> the construction is completed. Other three bridges across the Red River are Long Bien,<BR> Thang Long and Chuong Duong, all in the capital city of Hanoi. Tan De Bridge is part of a<BR> wider project to link the provinces of Nam Dinh, Thai Binh and Ninh Binh in the northern<BR> Red River Delta to the n!
!
!
orthern coastal Province of Quang Ninh.</P>
<P> The project with an estimated cost of VND 249.5 billion, or equivalent to US$18 million is<BR> being built by the Republic of Korea's Keang Nam and Vietnamese Civil Engineering<BR> Construction Corporations, No 1 and 4. The bridge is expected to open for traffic in two<BR> years time.</P>
<P><STRONG></STRONG> </P>
<P><STRONG> Duty free for some telecoms components</STRONG></P>
<P> (VET)- Import duty exemption will be applied to the imported components, spare parts<BR> and semi-finished items by foreign invested projects to make switchboards, transmission<BR> equipment and cables. That is the new rule issued recently by the Ministry of Planning and<BR> Investment (MPI). However in order to enjoy the import duty exemption, importers<BR> should submit their applications to the Ministry of Trade with the list of items to be<BR> confirmed as new or hitech by t!
!
!
he Ministry of Science, Technology and Environment.</P>
<P><STRONG></STRONG> </P>
<P><STRONG> Vietnam exports Sabin vaccines to Japan</STRONG></P>
<P> (VET)- Japanese clients have offered to buy a big quantity of Vietnam’s Sabin vaccines of<BR> high quality. Since 1996 Vietnam has exported to Japan 29 million doses of Sabin<BR> vaccines, and in 1999 Vietnam has expected to export about 3 million doses of vaccine of<BR> the type to this market.</P>
<P><STRONG></STRONG> </P>
<P><STRONG> Rules on rep-offices needs to be revised</STRONG></P>
<P> (VET)- At a meeting with the relevant agencies in HCMC last week to review the<BR> operations of foreign rep offices over the past ten years, HCMC People's Committee vice<BR> chairman Nguyen Van Chi was quoted by SGT as saying that they should take measures<BR> to tackle any problems relating to the leasing of houses by foreign offices and their<BR> recruitment of Vietnamese employees.</P>
<P> He also asked the City's Department of Planning and Investment to draw up a scheme to<BR> legalize unofficial investments; and called on the City’s Department of Trade to consult the<BR> Ministry of Trade to revise the rules with regard to foreign rep offices that no longer suited<BR> the current situation.</P>
<P> These included the procedures for rep-office licensing and closure and the regulations on<BR> the recruitment of Vietnamese and foreign employees, scope of operations, and the<BR> settlement of violations. Currently the city has licensed over 1,300 rep offices.</P>
<P><STRONG></STRONG> </P>
<P><STRONG> Ben Tre’s coconut processing project gets a go-ahead</STRONG></P>
<P> (VET)- The BenTre Authority has granted license to a project to be invested by DC<BR> Industries of Malaysia with the total capital of US$2.5 million to make dried coconut flesh<BR> and coconut shell powder and coal. The project has an annual capacity of 86 million<BR> processed coconuts, and most of the products will be for export. The duration of the<BR> project is 30 years.</P>
<P> </P>
<P> <STRONG>Three equitized firm record slower growth</STRONG></P>
<P> (SGT)- The economic slowdown has delivered a blow to three of five equitized companies<BR> affiliated to the HCMC Service of Industry, said an official with the service. Nguyen The<BR> Mang, head of the service's Industry Management Department, said shrinking markets<BR> and falling sales had placed these enterprises in a difficult position.</P>
<P> FULL TEXT</P>
<P><STRONG></STRONG> </P>
<P><STRONG> Business Beat (Quoted from VNS)</STRONG></P>
<P> 1<EM><STRONG>. Long-distance truck drivers in Vietnam now have to pay tolls</STRONG></EM> everywhere they travel. A<BR> driver covering the National Highway No.1 from Hanoi to HCM City said he had to pay 12<BR> tolls at gates along the route, costing VND 336,000 or 11.2 per cent of the transportation<BR> fee he charged goods owners.</P>
<P> Another driver on the newly built road linking Hanoi and Hai Phong said he had to pay a<BR> higher percentage from his earnings for tolls, about 13 percent as the quality of road is<BR> much higher.</P>
<P> The Road (Maintenance) Department said in one of its studies that tolls should not exceed<BR> 6.5 per cent of transportation fees with a first grade road, the percentage is 9.75 percent<BR> maximum. The studies compared to reality are quite different for drivers who are also<BR> concerned about further tollbooths to be installed as more roads are upgraded.</P>
<P> 2. Vietnam Airlines has been licensed to engage in tourism-related activities and local<BR> travel agencies are crying foul over this new privilege. They say Vietnam Airlines- the<BR> national carrier, with a worldwide network of offices and contacts will certainly drive them<BR> out of the market. They say that Vietnam Airlines can organize tours, their businesses<BR> would suffer because the airlines could easily cause flight delays and other problems for<BR> their clients.</P!
!
!
>
<P> They are also afraid that Vietnam Airlines could use cutthroat pricing policies to force them<BR> out of the market, because the airlines can offer cheaper packages. The 177 travel<BR> agencies that have already been at the mercy of Vietnam Airlines with flight schedules are<BR> concerned to now find themselves competing on an unequal footing with a giant fully<BR> equipped with state support.</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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