Vietnam pours 1.28 billion USD in investment in Laos

Vietnam currently ranks third among 30 foreign investors in Laos with 117 projects capitalised at 1.28 billion USD.

The figures were revealed at a conference reviewing Vietnam-Laos investment cooperation, co-chaired by Lao Minister of Planning and Industry Soulivong Dalavong and his Vietnamese counterpart Vo Hong Phuc, in Vientiane , on August 12.

Vietnamese investors’ capital commitment to projects in Laos have increased rapidly, from 55 million USD in 2006 to 600 million USD in 2007.

In the year’s first seven months, Vietnamese businesses pledged 240 million USD in investment in Laos.

Minister Soulivong said the Laos Government encourages Vietnamese investors to invest in energy and mining.

The Lao Ministry of Planning and Investment is ready to aid those who want to do business in Laos, he said.-

HSBC allowed to increase stake at Techcombank

The Prime Minister has allowed the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) to sell an additional five percent of stake to the Hong Kong Shanghai Banking Corporation (HSBC).

With the permission, HSBC’s stake in Techcombank will rise to 20 percent, making it the first foreign bank to own up to 20 percent of stake at a Vietnamese bank.

Techcombank is now one of two leading joint stock banks of Vietnam in term of charter capital.

Meanwhile, HSBC has recently been named the best foreign bank in Vietnam by the leading financial publication Finance Asia for the third consecutive year. The prestigious award acknowledged HSBC’s performance in the second half of 2007 and the first half of 2008.

HSBC was the vanguard in introducing chip credit cards to Vietnam in March 2008.

In addition, the bank is owning the biggest number of automated teller machines (ATMs) among foreign banks in Vietnam with 82 ATMs.

It is the largest foreign bank in Vietnam in terms of capital, network of branches, kinds of products and numbers of staff and clients.-

Stock market continues upward climb

Hanoi (VNA) – The Vietnamese securities market continued its strong rally on the August 12 trading session with stock prices and trading volume surging on both bourses.

At the Ho Chi Minh Stock Exchange (HOSE), the VN-Index closed at 459.89 points, up 5.09 points over the previous session.
The trading volume at the main bourse also surged with over 23 million shares valued at 801 billion VND changing hands.

The most sought-after stocks at the session included STB (Sai Gon Thuong Tin Commercial Joint Stock Bank) with 3.48 million shares traded, SAM (Cables and Telecom Materials Company) with 1.16 million shares, and HPG (Hoa Phat Group) with 1.14 million shares.

The session saw 107 shares enjoy gains, 36 shares suffer losses and 17 shares inactive.

Foreign investors bought more than 2 million shares and sold 3.38 million shares.

Meanwhile, the HaSTC index of the Hanoi Securities Trading Centre won 2.52 points to rise to 139.54 points.

The floor saw a sudden increase in trading volume with over 12 million shares sold for 417 billion VND.

As many as 135 shares made gains, 9 saw loss and two had no transactions.

Almost all blue-chips continued their strong rise, such as ACB (Asia Commercial Bank), PVS (Petroleum Technical Services Corporation) and PVI (PetroVietnam Insurance) which saw their prices up between 2,400-5,100 VND per share.-

Deputy PM instructs rescue work in flood-hit areas

Deputy Prime Minister Hoang Trung Hai requested rescue forces and administrations of flood-hit localities to promptly move residents still stranded in inundated areas and danger-prone areas to safe places.

He was working with the Central Steering Committee for Flood and Storm Control and representatives of relevant ministries and agencies in Hanoi on Aug. 11 to seek ways to assist isolated and flood-hit northern communities.

Deputy PM Hai asked those agencies at the same time to work on plans to cope with possible floods forecast to occur in the wake of a low tropical depression, which is currently off the coast of northern Thai Binh and Thanh Hoa provinces about 180 km.

According to the Central Hydro-meteorology Forecasting Centre, the low tropical depression is moving at an average speed of 10 km per hour, likely causing heavy rains in northeastern localities and northern area of Vietnam’s central region from Aug. 12.

According to the latest figure, in the worst-hit Lao Cai province which borders China, 86 people have been killed and listed as missing, 37 injured. Around 1,000 local and foreign tourists remain marooned in the locality due to blockage in traffic.

The Head of the Central Steering Committee for Flood and Storm Control Minister Cao Duc Phat, who arrived in Lao Cai province to instruct rescue and relief work, said traffic jam on highway 70 was very serious, many vehicles and passengers were stuck and residents in isolated areas were in short of food.

At present, troops and disaster relief personnel are trying to reach isolated and water-logged areas to deliver food, water and medicines to the locals and stranded visitors.

The Central Steering Committee for Flood and Storm Control ordered northern local authorities to check dykes along the swollen Red and Thai Binh Rivers as possible floods have been forecast.

The Vietnam Fatherland Front Central Committee doled out 1.6 billion VND from its natural calamity fund for flood-hit provinces, 400 million VND of which was reserved for the worst-hit Lao Cai province.-

Floods leave 145 dead, missing

Nearly 200 people in the North were killed, injured or left missing due to rain and flooding, caused by Storm Kammuri, said the Central Steering Storm Control on Aug. 11.

The flooding began last Friday with torrential rains – the heaviest in 20 years – causing 97 people and damaging more than 4,000 houses. Victims included tourists travelling in the area.

Party General Secretary Nong Duc Manh offered his deep sympathies to flood victims in the north in a message sent to Prime Minister Nguyen Tan Dung, officials and people.

He called on Vietnamese soldiers and the public to demonstrate solidarity and to help one another overcome the challenges presented by recent floods.

The Party leader called on the Government to give priority to saving lives by ensuring stricken areas had adequate supplies of food and drugs. He also asked for a rebuilding plan to be quickly formulated.

Two military aeroplanes carrying 4.5 tonnes of food and water were sent to support victims in the province of Yen Bai – the area most affected by the disaster with 40 deaths and damages estimated at 80 billion VND.

Thousands of people remain trapped in the area, as landslides cut road links to outside help.

The military and militia forces are working to transport food and water to affected provinces.

The Vietnam Fatherland Front Central Committee allocated 1.6 billion VND (100,000 USD) from the committee’s fund for floods, storms and natural disaster control to help flood-stricken inhabitants in northern mountainous provinces, said committee member Ha Thi Lien.

She added that Lao Cai province would receive 400 million VND, Yen Bai and Phu Tho 300 million VND each, and Ha Giang, Tuyen Quang, Bac Kan 200 million VND each.

In the south, Ho Chi Minh City leaders have sent 1 billion VND (61,000 USD) in aid to the North, and called on people to support relief efforts with donations.

The Ministry of Health has told departments in the region to give free first aid and medical treatment to victims, and asked medical staff to move into flood-hit areas to administer help. Free Chloramin B tablets and life-jackets were distributed in Lao Cai and Yen Bai provinces.

National Highway No 70 re-opened on Aug. 11, connecting Yen Bai province with the capital, but travel was dangerous due to threat of further landslides, said Vu Van Quynh, Director of the Yen Bai province’s Transport Department, adding that the Northern Provinces have never been isolated like this before. His counterpart in Lao Cai province, Nguyen Ngoc Dung, said that railways and roads suffered heavily from erosion and landslides.
Minister of Agricultural Development, Cao Duc Phat, reached Lao Cai province on August 11, to take control of the situation. He also noted that National Highway No 70 was severely damaged and overwhelmed by traffic trying to leave the area.

The Northern Electricity Company estimated that total losses caused by Storm Kammuri to power networks in northern provinces reached more than 10 billion VND (625,000 USD).

Provincial electricity companies temporarily suspended power supply to flooded areas for safety reasons.

About 100 electricity poles and one transformer were damaged while one power cable and two other transformers were under water in Lao Cai province.

Some 4,500 electricity meters needed to be replaced in Yen Bai province.

Phu Tho province also lost two electricity poles and 17 transformers.

The 11kV power network was badly damaged. The company said the repairs would cost an additional dozens of billions of dong.

The company expected to resume power supply to the entire region by next Monday.-

Educational materials expo to be held in Hanoi

An exhibition on educational materials and technologies will be held in Hanoi from Dec 3-5.

More than 120 businesses from 22 countries such as the UK , Germany , the Republic of Korea and China will showcase their latest educational inventions and technologies in the hope of finding a niche in the Vietnamese market.

On the sidelines of the exposition, a forum of more than 600 educational officials will be held on curriculum reform and the role of technology and information technology in education.

The event is held by the Thailand’s Reed Tradex company with collaboration of the Vietnamese Ministry of Education and Training, the Southeast Asia Ministers of Education Organisation (SEAMEO) Regional Training Centre and the European-based World Association of Publishers, Manufacturers and Distributors of Education Materials (Worlddidac).-

Da Nang celebrates 30-year ties with Laos

A meeting was held in central coastal Da Nang city on August 12 to mark the 30 th anniversary of the Vietnam-Laos Friendship Chapter (August 14).

The meeting reviewed the relationship between Da Nang and Lao provinces over the past 30 years of development.

Annual two-way trade between Da Nang and Lao provinces has exceeded 10 million USD since 2000.

Since 2002, Da Nang has annually provided each of four Lao provinces, namely Savanakhet, Salavan, Champassak and Sekong, with 20 scholarships and recently Khammoune and Attopu provinces also received scholarships from the city.

In addition, Da Nang has helped Savanakhet and Champassak provinces build schools teaching Vietnamese for Lao students before enrolling at Vietnam’s colleges and universities.

Da Nang and its neighbouring Quang Nam province are to launch the upgrade of a section of Highway 14 and build the Dac Uc international border gate to create a new economic corridor linking Da Nang through Quang Nam province to Laos’ Boloven Plateau and the Mekong River in Pacxe near Thailand.

The project aims to facilitate cultural, educational and scientific exchanges as well as investment between Vietnam and Laos.-

Vietnam, Slovakia look to stronger relations

Hanoi (VNA) – Vietnamese and Slovak officials have discussed ways to further multifaceted cooperation, particularly in economy, trade and investment, to bring bilateral ties to a new height.

Deputy Foreign Minister Nguyen Quoc Cuong held talks with Slovak State Secretary for Foreign Affairs Diana Strofova during the latter’s visit to Vietnam from August 11-13.

The diplomats noted with pleasure positive changes in Vietnam-Slovakia relations.

They looked into international and regional issues of mutual concern and pledged to increase cooperation and coordination between the two foreign ministries.

Strofova also made a courtesy visit to Deputy Prime Minister-cum-Foreign Minister Pham Gia Khiem.-

Vietnam-India people’s friendship festival begins

Hanoi (VNA) – The second Vietnam-India people’s friendship festival kicked off in Hanoi on August 12 with the participation of more than 50 Indian guests representing all walks of life from India .

The festival is co-organised by the Vietnam Union of Friendship Organisations, the Vietnam-India Friendship Association, and the All-India Peace and Solidarity Organisation (AIPSO).

Addressing the event, Deputy Prime Minister and Foreign Minister Pham Gia Khiem said the festival helps further strengthen the friendship between the Vietnamese and Indian nations whose foundation was co-laid by the late President Ho Chi Minh and the late Prime Minister Nehru.

He thanked the Indian people for their consistent valuable solidarity and support to Vietnam and said the two countries’ relationship has reached new heights following the establishment of a strategic partnership formation that was announced during Prime Minister Nguyen Tan Dung’s visit to India last year.

The Vietnamese leader particularly noted progress in bilateral economic ties, with two-way trade value to double the 2007 figure to reach 3 billion USD this year.

“As a faithful friend, Vietnam wants to further cement its strategic partnership with India ,” Deputy PM Khiem said.

The head of the Indian delegation to the festival, AIPSO General Secretary Pallab Sengupta said the friendship between the two nations will continue to be solidified and developed on the back of Vietnam ’s fast developing economy.

Indian Foreign Minister Pranab Mukherjee sent a message to the festival, emphasising “the people-to-people ties constitute an important part in the India-Vietnam relationship”.

He affirmed that Vietnam remains India ’s key partner in ASEAN and its “Orient-looking policy” and pledged to share development experiences with the Southeast Asian country through various assistance programmes.

Earlier the same day, the Indian guests paid tribute to the late President Ho Chi Minh at his mausoleum and visited his office and residency.

Within the framework of the festival, Vietnamese and Indian participants formed eight groups to work with the Vietnam National Assembly, the Ho Chi Minh National Political-Administrative Academy, the Vietnam Chamber of Commerce and Industry, the Water Resources University , and the Ho Chi Minh Communist Youth Union Central Committee, and other agencies on issues of concern.

As scheduled, the Indian delegation will stay in Ho Chi Minh City on Aug. 13-14 where they will visit the War Remnants Museum and Cu Chi tunnels, meet with representatives of the business circles from India and Vietnam , and attend the 61 st anniversary of Indian’s National Day.-

Japan sends condolences over flood losses

Hanoi (VNA) – Japanese Foreign Minister Masahiko Komura on August 12 extended condolences over great losses in humans and property caused by floods in Vietnam ’s northern mountainous provinces.

In a message, addressed to Deputy Prime Minister-cum-Foreign Minister Pham Gia Khiem, Komura wrote: “I’m deeply grieved to know that many Vietnamese people suffered losses due to floods over the past days in the country. I would like to extend my deep condolences to families whose relatives were killed and hoped the injured would soon recover.”

At least 145 people were reportedly killed or missing due to rain and flooding caused by storm Kammuri, according to the Central Steering Storm Control.

The flooding, which began on August 8 with torrential rains – the heaviest in 20 years – also damaged more than 4,000 houses.-