Economy & Trade

Vietnam’s Car Sales Plunge by 37 Percent

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Nov. 10 – According to an industry report made by the Vietnam Automobile Manufacturers Association, car sales in Vietnam for the month of October dropped by 37 percent to 5,679 units from the same figure last year due to rising taxes and registration fees.

For the first 10 months of the year, sales figures reported by 16 automakers operating in the country increased by 64 percent to 95,736 units from the same period last year.

Dealers complained that demand would wind down until the end of the year after the government tripled registration fees amounting to 15 percent of the car's purchase price.

Cambodia and Vietnam Sign Pact for Railway Link

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Nov. 10 – Cambodia and Vietnam have agreed to a deal that would connect the railways from Phnom Penh to Vietnam at a cost of more than US$500 million.

"China has promised to build the railroad from Phnom Penh to Vietnam as part of the project to create a link from Singapore to Kunming in China," Hor Namhong was quoted as saying by the AFP.

In the past, there have been plans to link Southeast Asia by rail. So far, only Singapore, Malaysia and Thailand operating cross-border links.

Vietnamese Premier: Global Economic Turmoil will Impact Mekong Region

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Nov. 7 – Speaking at the opening of a regional summit, Vietnam's premier said that the ongoing global economic slowdown would not exclude Southeast Asia's Mekong river countries.

The premiers of Cambodia, Laos, Myanmar and Vietnam met in Hanoi for the fourth summit of the CLMV group. Thailand's new prime minister, Somchai Wongsawat, also attended the summit.

Mr. Somchai said that he wanted to talk about the effects of high food prices with the country's regional neighbors, in addition to the border issues with Myanmar.

Russia to Help Develop Vietnam’s Civil Nuclear Program

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Nov. 7 – The Russian Deputy Foreign Minister Andrei Denisov said that Russia is willing to help develop Vietnam's nuclear energy program.

"We know that such plans were made in Vietnam, very daring and far-reaching plans. We hope that Russia will be among those who will work with Vietnam in this hi-tech area and continue the traditions of our cooperation," Denisov was quoted as saying by the AFP.

Last month, Vietnamese President Nguyen Minh Triet visited the Kremlin to sign oil and gas deals with Russian President Dmitry Medvedev.Gazprom is set to work with oil firm PetroVietnam for a joint exploration project of Vietnam's offshore oil reserves.

Hanoi to Host Regional Gas Industry Conference

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Nov. 6 – Vietnam's capital of Hanoi is scheduled to host the 10th Gas Information Exchange Conference and Exhibition (GASEX 2008) from Nov. 12 to 15.

The gas industry event will feature the latest equipment, products and services offered by regional companies.

The GASEX Conference and Exhibition is the only forum that focuses on the natural gas industry in the Western Pacific region. It has been held since 1990 to develop the region’s gas industry by providing a venue for discussing current business and technical challenges.

Vietnam’s State Bank Lowers Interest Rates

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Nov. 4 – The State Bank of Vietnam has announced that the prime interest rate in Vietnamese dong will be reduced to 12 percent while the maximum lending interest rate for credit organizations lowered to 18 percent beginning November 5.

The move signals Vietnam's efforts to facilitate capital and ensure their liquidity.The new refinancing interest rate will be set at 13 percent from the previous 14 percent while the discount rate will be pegged at 11 percent from 12 percent.

Vietnamese Coffee Exports Surpass US$2 Billion

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Nov. 3 – According to the the Vietnam Coffee Association (VCA), exports of Vietnamese coffee have surpassed US$2 billion.

Vietnam is the world's second largest exporter of coffee. The country's 520,000 hectares of coffee plantations exports to 75 countries, including Germany, the United States, Italy, Spain, Belgium, Japan, Korea, France and the UK.

Instant coffee, roasted coffee grounds and 3 in 1 coffee mixes are sold domestically in addition to international markets in Canada, Germany, the United States, Australia and Korea.

Vietnam’s Ministry of Finance Proposes Raising Fuel Import Tariffs

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Nov. 3 – Vietnam's Ministry of Finance has submitted a proposal that will increase fuel import tariffs to compensate state budget losses due to falling global prices of crude oil.

Crude oil is a staple Vietnamese export. According to VietNamNet, locally sourced crude oil output will remain at around 18 to 20 million tonnes annually.

The import tax on gasoline should be increased to 25 percent from 15 percent, diesel to 15 percent from 10 percent, and kerosene and mazut to 25 percent from 15 percent, Minister Vu Van Ninh was quoted by Thanh Nien News as saying during a National Assembly session.

Vietnam Cancels Ban on Short, Flat-Chested Motorists

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Oct. 31 – Vietnam has cancelled a proposal to ban short, thin and flat-chested people from driving after it drew widespread criticism and ridicule from the public.

According to the ban, people shorter than 1.5 meters (4.9 feet) and weighing below 40 kilograms (88 pounds) or with a chest circumference of less than 72 centimeters would be prohibited from driving and applying for new drivers' licences.

The Vietnamese are naturally slender so the proposal led to jokes being made about the traffic police enthusiastically stopping female motorcyclists with tape measures or resorting to the use of padded bras to increase chest circumference.

Vietnam to Host Mekong Nation Summit

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Oct. 31 – Vietnam is set to host the third Ayeyawadi-Chao Phraya-Mekong Economic Cooperation Summit (ACMECS) and the fourth Cambodia-Laos-Myanmar-Vietnam Summit (CLMV) from Nov. 4 to 7.

The event is expected to attract foreign leaders and officials from relevant ministries of member countries to discuss solutions to improve cooperation agreements reached at previous summits.

Four hundred businessmen from regional countries, plus representatives from international organizations, and investors from Japan, the Republic of Korea, the US and European Union are also expected to attend.

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