Computer Science Corp. (CSC) Welcomes FCG Vietnam into Network of CSC Global Delivery Centers

Sun, May 11th, 2008

Major US IT services company confirms that Vietnam is an important part of strategy in the Asia Pacific region, and will help achieve the goal of "delivery to the world from around the world." CSC has more than 90,000 employees around the world, with annual revenues of over $ 16 billion in 2007, and is ranked in the "Fortune 200" list of top U.S.-headquartered companies.

U.S. Apparel imports from Vietnam up 29% in Jan-Mar, while China slows

Sun, May 11th, 2008

In the first three months of 2008, U.S. apparel imports from Vietnam are up 29% over the same period in 2007. U.S. apparel imports from China dropped slightly, down 5.4%, ending the long-standing constant monthly increases. Apparel imports from Mexico continued to slide, down 13.8%, while India's continued to increase 4.6%.

2008-04-22 Letter fr Minister of Industry & Trade re Trading Rights (Decree 23 and Circular 9)

Sun, May 11th, 2008

In response to requests from AmCham and other business associations and diplomatic missions, the Ministry of Industry and Trade revised regulations concerning implementation of Vietnam's WTO commitments regarding "Trading Rights" and "Distbituion Rights." AmCham welcomes this positive step.

More cars, more traffic jams in HCM City

Sat, May 10th, 2008

The city had 131,000 cars in 2000, the number was three times higher (around 400,000) at the end of 2007. According to a recent survey, the speed of vehicles in the city's centre is very low, around 10km/h during peak hour for two-wheel vehicles and 8km/h for cars, equal to bike speed.

Electric power plants way behind schedule

Sat, May 10th, 2008

Only three of 37 are on schedule. The slowdown places the country at risk of longer power shortages during a time of socio-economic development.

Food crisis gatecrashes ADB

Sat, May 10th, 2008

"Poverty from the birth of the ADB until now is a rural phenomenon. How are they going to achieve a poverty-free Asia without dedicating a huge part of their portfolio to agriculture?" The bank's annual lending to the agriculture sector has averaged 11%.

Vietnam splits alumina refining, bauxite mining projects between Alcoa, Chaico (China), Vinacomin

Sat, May 10th, 2008

Alumina refining project with 40% Alcoa share approved in principle; bauxite mining project with 20% Chaico share also approved. Railroad and port to be jointly developed. Vietnam has said it needs about US$ 15.6 billion to invest in major bauxite and alumina refining projects by 2025, to make use of its vast and largely unmined bauxite ore reserves of 5.5 billion tons, among the top five countries in the world.

Vietnam's New Collaboration Portal Goes Live on IBM Cloud

Sat, May 10th, 2008

The Vietnam Information for Science and Technology Advance Innovation Portal goes live on an IBM cloud computing infrastructure. Further, IBM and Vietnam National University in Ho Chi Minh City today signed a Memorandum Of Understanding about SSME education and IT Service Curriculum (ITSC) for students and information technology (IT) professionals. VNU-HCMC will be the first in the country to adopt such a program jointly created with IBM.

Yahoo! Southeast Asia Chief says VN potential is "great"

Sat, May 10th, 2008

Vietnam is Yahoo!'s top priority in Southeast Asia, he said. With 15 million users in Vietnam already, the country's potential is great. A new product, Blog 360o-Plus has been developed specifically for Vietnam's market.

Vietnam-Chipscale Advance Packaging Services (V-CAPS) receives "high-tech" investment license

Sat, May 10th, 2008

V-CAPS will set up a 35,000 square meter semiconductor assembly and test facility at the Hoa Lac Hi-Tech Park (HHTP) approximately 30 kilometers outside of Hanoi in Ha Tay province, to deliver an alternative low cost and low risk solution for integrated device manufacturers and fabless semiconductor companies.

The Liberty Cup 2008 - New Regatta in Vietnam

Sat, May 10th, 2008

Vietnam's first sailing regatta this century was held in Mui Ne - Phan Thiet over the Liberation Day/Labor Day holiday weekend. It epitomized all that is refreshing and beneficial about sailing, and heralds a new water sport for Vietnam.

Overfished Vietnam subsidizes more fishing boats - shift to ocean tourism?

Sat, May 10th, 2008

When you go fishing, you do not know whether you will catch anything. But carrying tourists, he says, you know you will make money.

Vietnam's lawmakers oppose pruning economic growth target, criticize SOE's

Sat, May 10th, 2008

"What we've seen is a corporation like Vietnam Electricity investing US$ 260 million to build a resort, while letting residents suffer from electricity shortage." The finance ministry estimates that the country's 70 state-owned corporations had borrowed more than VND 448.2 trillion (US$ 28 billion) as of last December. Delegates at the recent State-Owned Enterprise Reform Conference said the government had to act since state-owned corporations were "guzzling investments, yielding low returns and squandering funds."

Vietnam sets lower target for growth (7%)

Sat, May 10th, 2008

Key tasks for the government in 2008 will be fighting inflation and stabilizing the economy. The government will scale down its investment plans and slash expenditures by 10% this year. Money supply will continue to be tightened, including curbing loans to stock and property investors. The government will raise interest rates, increase the flexibility of foreign-exchange rates and boost capital requirements for banks as inflation-busting measures. Vietnam's consumer price index rose 21.4% from a year earlier in April in what analysts say was a clear sign that the economy is overheating after several years of rapid growth.

U.S. Department of Commerce Finds Insufficient Evidence to Self-Initiate Anti-Dumping Actions

Tue, May 6th, 2008

U.S. Department of Commerce officials announced that, after reviewing the second six months of data from the monitoring program of apparel imports from Vietnam, there is insufficient evidence to warrant self-initiating an antidumping investigation. This program began upon Vietnam's entry into the World Trade Organization (WTO) in January 2007, and will end in January 2009.

U.S. Apparel imports from Vietnam up 43% in Jan-Feb 2008 while China slows

Mon, May 5th, 2008

In the first two months of 2008, U.S. apparel imports from Vietnam are up 43% over the same period in 2007. U.S. apparel imports from China dropped slightly, down 2.5%, ending the long-standing constant monthly increases. While apparel imports from Mexico dropped 9.5%, and India's jumped 8.6%.

Trade deficit is worrying

Sun, May 4th, 2008

Figures from the General Statistics Office showed imports exceeding exports by US$ 11.1 billion over the first four months this year. Imports climbed 71 percent to $ 29.36 billion, while exports rose 28 percent to $ 18.26 billion.

Danang faces glut of homes

Sun, May 4th, 2008

Dam Quang Tuan, chairman of Investment and Construction Joint Stock Company 579 said Danang had potential to become a service and tourist hub of the Southeast Asia. "There is no adequate information to have an accurate assessment of local real estate market. But, I am confident Danang can be developed in the way Singapore has done," he said.

Rising wealth, luxury imports add to trade deficit

Sun, May 4th, 2008

According to the World Bank, Viet Nam's population can be divided into five groups, and the 20 per cent in the richest group accounts for 43.3 per cent of the country's consumption, compared with 7.2 per cent of the poorest group. Parkson will open three more luxury shopping centers in Hanoi. And Vietnam's increasing need for luxury cars has encouraged Rolls Royce to open a representative office in Vietnam.

Government lifts cap on foreign employees

Sun, May 4th, 2008

Enterprises always prefer local employees due to their deep understanding of the local culture, their relationship to their native country as well as relatively lower cost.