Malaysia announces new economic stimulus package

Kuala Lumpur (VNA) – The Malaysian government has announced it has another economic stimulus package in the pipeline, in addition to the 7 billion RM (2 billion USD) package announced in November.

“The Prime Minister has given the directive to begin preparing an additional package,” Second Finance Minister Nor Mohamed Yakcop was quoted by the Star Online as saying.

“We have the capacity to lend some more due to the fact that we have managed to reduce the budget deficit from 5.5% of GDP in 2000 to 3.2% in 2007,” he added.

Nor Mohamed reiterated the fact that projects covered by the 7 billion RM stimulus package would be under way at the various ministries within the first quarter of this year.

Included in the package is an allocation for skills training, including the possibility of retraining retirees for posts that require experience.

One of the key objectives of the first stimulus package was to “ensure that those who wish to work can work,” Nor Mohamed said.

He added: “I am confident that the 7 billion RM will have a positive impact, aggregating demand to mitigate unemployment.”-

Nation sees first implant surgery for spinal discs

Hanoi (VNA) – The first surgery in Vietnam to implant artificial spinal discs in a patient suffering from degenerated, herniated spinal discs, was successfully completed at Viet Duc Hospital on Jan. 7.

The 49-year-old patient, Pham Thi Huy, from southern Dong Nai province’s Bien Hoa City , can now move her arm for the first time in five years.

She is expected to recover a full range of motion within three weeks.

This surgery is the modernest method to treat patients with degenerated discs so that they can move normally without pain, said Associate Professor Nguyen Van Thach, deputy director of Viet Duc Hospital and head of the Spinal Surgery Department.
“Before this surgery, I tried a number of treatments, however, I still could not move without help from my children. Everything was difficult for me,” said Huy.

“Spinal discs act as cushions between vertebrae of the spine. When they are herniated or degenerate [tear or break] patients can suffer chronic pain in the neck, waist, and even paralysed limbs,” explained doctor Pham Van Dinh.

About 30 percent of people, mostly middle-aged, in Vietnam suffer from herniated or degenerated discs, according to Dr Thach.

“The new surgery is much better than the old method, in which doctors would screw vertebrae into place to prevent movement of the backbone, though it is not a cure-all for patients with severely herniated vertebrae,” he explained.

“The artificial discs are made from a special type of cushioning plastic, performs the same functions as the real discs and will last 15-20 years,” said Thach.

“The global successful rate for disc replacement surgery is 90 percent,” he added.

The cost for surgery at Viet Duc Hospital is 3,600 USD per disc, much lower than in Singapore where it costs 6,000 USD to replace a single disc.

While surgery may be less expensive in Vietnam , it is still more than many labourers, suffering bad backs from years of heavy lifting, can afford.

“People can decrease the risk of damaging their backs by learning how to correctly distribute weight when sitting and carrying heavy loads,” said Dinh.-

Stock market predicted to recover slightly in 2009

Hanoi (VNA) – This year, Vietnam ’s stock market will face numerous difficulties as a result of the global economic crisis, and may only show small signs of recovery as the year progresses, according to the State Securities Commission (SSC).

Speaking at a seminar examining the impact of accession to the WTO on the flow of foreign investment into Vietnam, held in Hanoi on January 9, SSC Vice Chairman Nguyen Doan Hung said that the stock market is governed and greatly affected by the macro economy and businesses’ operations, which are currently absorbing the negative impacts of the global economic crisis.

This means that Vietnam will have to overcome more difficulties that will affect production, import-export, banking and finance activities, indirect investment, and payment balance, he said, adding that these are the factors that will directly influence the recovery of the stock market.

To limit these adverse impacts, maintain stability and improve market conditions, Hung stressed the necessity of implementing a range of simultaneous measures, including promoting over-the-counter (OTC) and bond transaction markets, making improvements to infrastructure and technology, as well as increasing levels of financial transparency.

Besides speeding up the equitisation process to ensure business renovation programmes can be carried out, creating high-quality products for the stock market, and attracting investment flow, the country needs to work to improve the financial capacity of the banking sector through allowing banks to sell their stakes to foreign partners at rates of less than 5 percent without needing permission from the central bank, and raising foreign ownership limits in banks to 35 percent, he added.

Hung also recommended a temporary postponement of imposing personal income tax on securities investment activities, including taxes levied on revenues, dividends and bond interests, and suggested the establishment of a fund to support the market when it plunges beyond a certain level and to stimulate demand when the market shows signs of recovery.

2008 was the most volatile year yet for the Vietnamese stock market, as the VN-Index tumbled from 912.07 points in the first trading session of the year to 288.85 points on December 12, a return to the dark financial times experienced four years ago.

Plummeting stock indexes were followed by a sharp decrease in market liquidity. Last year, stock market capital accounted for just 17.5 percent of the country’s GDP, and the total capital mobilised through the market reached just 25,000 billion VND, compared to the 127,000 billion VND mobilised in 2007.-

First Golden Shoe award launched

HCM CITY — Journalists in HCM City have teamed with the Ideas company to institute the nation’s first “Golden Shoe” award for the top goal scorer in domestic, regional and international tournaments in a year.

The award, introduced yesterday by the HCM City Journalists Association’s Sport Reporters Club and the Ideas company, aims to foster better scoring skills as Vietnamese football is seen as weak in scoring goals.

All goals scored from the beginning to the end of a calendar year in main football contests will be included in deciding the winner.

These include the V-League, National Cup, Super Cup, First-Division matches, official competitions organised by FIFA, Asian Football Confederation (AFC) and the ASEAN Football Federation (AFF), as well as friendship matches.

Goals scored in the three international football tournaments annually held in Viet Nam – the HCM City Football Cup, T&T Cup and Binh Duong Television Cup, will also be included.

The Golden Shoes award will carry a prize money of VND15 million along with the Golden Shoe trophy, worth VND10 million.

The first Golden Shoe award in the country will be handed to the top scorer at a ceremony in January 2010.

The runner-up will receive VND12 million and a Silver Shoe, and the third player will get VND10 million and a Bronze Shoe.

The Viet Nam Steel Corporation is the major sponsor of this award. —

Nation sees first implant surgery for spinal discs

HA NOI — The first surgery in Viet Nam to implant artificial spinal discs in a patient suffering from degenerated, herniated spinal discs, was successfully completed at Viet Duc Hospital on Wednesday.

The 49-year-old patient, Pham Thi Huy, from southern Dong Nai Province’s Bien Hoa City, can now move her arm for the first time in five years.

She is expected to recover a full range of motion within three weeks.

This surgery is the most modern method to treat patients with degenerated discs so that they can move normally without pain, said Associate Professor Nguyen Van Thach, deputy director of Viet Duc Hospital and the head of the Spinal Surgery Department.

“Before this surgery, I tried a number of treatments, however, I still could not move without help from my children. Everything was difficult for me,” said Huy.

“Spinal discs act as cushions between vertebrae of the spine. When they are herniated or degenerate [tear or break] patients can suffer chronic pain in the neck, waist, and even paralysed limbs,” explained Doctor Pham Van Dinh.

About 30 per cent of people, mostly middle-aged, in Viet Nam suffer from herniated or degenerated discs, according to Dr Thach.

“The new surgery is much better than the old method, in which doctors would screw vertebrae into place to prevent movement of the backbone, though it is not a cure-all for patients with severely herniated vertebrae,” he explained.

“The artificial discs are made from a special type of cushioning plastic, performs the same function as the real discs and will last 15-20 years,” said Thach.

“The global successful rate for disc replacement surgery is 90 per cent,” he added.

The cost for surgery at Viet Duc Hospital is US$3,600 per disc, much lower than in Singapore where it costs $6,000 to replace a single disc.

While surgery may be less expensive in Viet Nam, it is still more than many labourers, suffering bad backs from years of heavy lifting, can afford.

“People can decrease the risk of damaging their backs by learning how to correctly distribute weight when sitting and carrying heavy loads,” said Dinh. —

Unchecked growth puts steel industry in a bind

Hanoi (VNA) – The domestic steel industry is caught in a legal and market tangle that has put production far ahead of demand, prompting a call to stop the licensing of new projects and to close sluggish firms.

As many as 32 unplanned projects have crowded the local industry, taking advantage of a legal loophole, according to the Ministry of Industry and Trade’s latest review of the industry’s development plans from 2007 to 2015.

The projects are scattered nationwide, mostly in the provinces of Ba Ria-Vung Tau, Hai Duong and Ha Tinh and Hai Phong city. Among them, only two have begun working and three others are exected to start operations this year.

Le Duong Quang, Deputy Minister of Industry and Trade, said the glut in the industry is a result of fluctuating market prices for steel.

“Before 2007, low prices made it impossible for domestic steel makers to launch expansion plans. However, as prices began rising in both international and domestic markets and the industry became lucrative, enterprises began pouring their money into it, breaking the Government’s development framework for the industry,” said Quang.

The ministry’s review also blames contradictory legal documents for causing the problem.

Based on the Investment Law, all metal producing projects whose investment is below 1.5 trillion VND (88.2 million USD) (also known as Type B) are not subjected to the industry’s strategic plan and do not have to be licensed by the ministry.

However, the Construction Law and its guidelines ask all these Type-B metal-producing projects to get permissions from relevant planning authorities. As a result, 24 and these 32 additional projects are on the list of law-breakers.

Despite its rapid growth over the past two years, the ongoing problems in the steel industry reveal the fact that the lack of sustainable development as well as a supply-and-demand imbalance has become a chronic shortcoming of the industry.

The ministry’s report further points out that steel-making capacity is forcing the industry to depend on recycled steel as its main source of raw material.

Moreover, it is estimated that only 15 and 20 million tonnes of steel are needed by 2015 and 2020 respectively, signalling a surplus of supply over demand that leads to fierce and unhealthy competition in the market.

The ministry admits in the review that the problems have not only risen from laws, but also from its planning approach.-

Hanoi’s Buddhists raise 1.15 billion VND for charity

Hanoi (VNA) – Buddhist monks, nuns and followers in the capital of Hanoi have over the past year contributed 1.15 billion VND to social and charity activities nationwide.

The figure was released by the Hanoi Buddhist Sangha’s Executive Board at a conference held on Jan. 7 to announce its working plan for 2009.

The donations were channeled to the poor, the disabled, the elderly, Agent Orange/dioxin and flood victims, and disadvantaged children across the country, according to the board.

With assistance from international charity organisations, the board set up healthcare centres for local residents and HIV/AIDS infected people at the Phap Van, Thanh Am, Thi Cam, Am Cua Bac and Tram Gian pagodas.

Meanwhile, the Dong Cuu Doi pagoda has organised classes to teach children with disabilities, the board said.

After its expansion, the capital city now is home to 2,059 Buddhist temples and 29 Buddhist representative boards at districts, with a total of 2,031 monks and nuns.-

We’re so proud of you, boys

Dream team: Viet Nam football team pay their respects at the Ho Chi Minh Mausoleum in Ha Noi yesterday. The team took the regional cup for the first time in history. — VNA/VNS Photo Quoc Khanh

HA NOI — Players and coaching staff were honoured for their success at the recent AFF Suzuki Cup tournament in a ceremony at Ha Noi’s Culture and Friendship Palace yesterday.

The national team grabbed the cup for the first time by defeating Thailand 3-2 on aggregate on December 28, a surprise after their 0-2 loss to Thailand in the group round. The squad’s 1-0 semi-final defeat of AFF Cup defending champions Singapore was also a stunner.

Thousands of excited fans clamoured for a seat inside the palace for yesterday’s event, requiring organisers to set up a giant screen outside with a live broadcast.

The Viet Nam Football Federation asked the Ministry of Culture, Sports and Tourism and the Government to award the Labour Order Third Class to head coach Henrique Calisto and six of the team’s most valuable players.

Coaches and players expressed their thoughts and feeling about the victory and vowed to strive for more glories in the future, with their next competition to be the Asian Cup qualifying round, where they will face Lebanon on January 14 at My Dinh National Stadium.

The team also paid their respects yesterday at the Ho Chi Minh Mausoleum and were presented with Uncle Ho insignia.

VFF general secretary Tran Quoc Tuan attributed the team’s victory to hard and diligent practise, unity and a great effort in every match, marking a turning point not only in the growth of the team but in Viet Nam football.

Record cash-prize

Members of the Viet Nam football team may receive a record cash-prize of VND600 million (US$35,000) each from the Viet Nam Football Federation (VFF) and other sponsors.

Last month, the team won a regional competition for the first time, the ASEAN Football Federation (AFF) Suzuki Cup after beating Thailand 3-2 on aggregate in a two-leg final.

According to VFF, the team will get a total of VND11 billion ($647,000) in prize money.

In a meeting in Ha Noi on Monday, players, coaches and team officials agreed to divide the cash-prize into four categories, with bigger sums being given to players with a greater contribution to the victory.

Key players and the coach will be awarded the biggest sum, while other players and officials will receive between VND400 million ($22,000) and VND200 million ($11,000) each.

For past matches in the Southeast Asian Games or the Asian Cup, players received only about VND60 million ($3,500) each, making the amount from the AFF Cup the largest windfall to date.

As soon as the team won the AFF Cup, the VFF announced its VND4 billion ($24,000) prize for the team, an addition to the $100,000 from AFF Cup and a seven-seat Suzuki car from the organising committee.

The Ministry of Culture, Sports and Tourism then announced a VND200 million ($12,000) award for the team’s triumph.

At the T&T Cup in Ha Noi last October Viet Nam, who ranked second after two draws against Thailand and North Korea to win $20,000, also received a VND400 million (US$23,500) award at that time from the VFF.

Prior to the AFF Cup, the team was given a boost when VFF signed a $250,000 sponsorship with Yamaha Motor and a five-year contract with Nike. —

City’s pet fish big hit abroad

HCM CITY — Ornamental fishes bred in a HCM City fish farm have become popular in Taiwan, France and the US.

Located in District 12, Chau Tong is one of only four farms in the country to apply biological security procedures, including strict design, hygiene and waste-treatment requirements.

Set up in 1991 by marine biologist Tong Huu Chau, the farm has nearly 50 varieties of fishes in 500 large aquariums.

Chau has used his extensive knowledge to look for new breeds and cross them to diversify his collection, which now includes discuses, a small and dazzling South American fish, tropical species and shellfish.

He speaks of how ravenous a species of African fish is and how a discus secretes milk to feed her babies.

“I want my fish to meet the strictest standards at all stages,” he says.

The convenience of online trading prompted Chau to launch chautongfishfarm.com, given many of his customers are from abroad.

Today, the Chau Tong brand is strongly established in the demanding Western markets and orders flow in continuously.

Chau is building a second farm in Cu Chi District. —

Giant investment project to Laos submitted to Government

Hanoi (VNA) – The Ministry of Planning and Investment (MoPI) has submitted to the Prime Minister for approval a 1 billion USD project to build a golf course, five-star hotels and hostels in Vientiane , Laos .

If approved, it will be Vietnam ’s ever largest investment project abroad.

The project’s investor, Long Thanh Golf Investment and Business Joint Stock Company, said it plans to mobilise capital from share holders, domestic and foreign partners and bank loans.

According to the MoPI, Vietnam is the largest foreign investor in Laos with 146 projects worth 1.5 billion USD.

In the first 11 months of 2008, Vietnamese businesses invested in 52 projects in Laos with total registered capital of 450 million USD.

Half of the investment (54.7 percent) is poured into hydro-power plants, while 29.9 percent go into industrial tree planting. Mining projects account for 8 percent of the capital, and the remainder is invested in wood processing, industry and pharmaceuticals.-