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    Vietnam Halts Joint-Stock Bank Licensing

    Aug. 11- The State Bank of Vietnam announced on its website that it will no longer issue licenses for establishing joint-stock commercial banks.

    The move is in response to the government’s call to revise rules for the industry.
    In a statement the government said, “Pending the revisions, the issue of permits for establishing new joint-stock commercial banks will be stopped temporarily.”

    The government has warned that state-owned companies should stay within their core businesses rather than diversifying to industries ranging from real estate to banking.

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    HCMC Shipping Companies to Charge Extra Fees on Exports

    HO CHI MINH CITY, Aug.8 – Shipping lines based in Ho Chi Minh City will start charging additional fees on backlog freight, ranging from US$50 to US$100 per ton due to delays at ports.

    Recently, Japanese company Mitsui O.S.K Lines announced that it would charge an extra fee on exports shipped from Vietnam to the US and Canada beginning September 1.

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    Vietnam Textile Sales to U.S. Surpass India, Second Behind China

    Aug. 8 – Vietnam has surpassed India to move to second behind China in apparel exports to the United States, shipping garments worth US$4.76 billion in May this year against India's exports of US$3.14 billion.

    Out of the total US$73 billion dollars annual imports by the US till May-end, Vietnam managed to capture 6.55 per cent share while China remained the largest exporter to the American market with 30.6 per cent share, according to data released by the U.S. Department of Commerce.

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    Dragonair to Launch Hong Kong-Hanoi Flights

    Aug. 7 – Hong Kong-based Dragonair announced yesterday that it will open a new air-route to Hanoi on October 26, 2008.

    Besides transporting passengers from Hong Kong to Hanoi and vice versa, Dragonair plans to conduct tourists and businessmen from North Asia, North America, Australia and New Zealand to Hanoi as well.

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    Emerging Economy Also Gives Rise to HIV/AIDS Along China Border

    by Chua Siew Joo

    Aug. 6 – At a recent HIV prevention and drug detoxification symposium in Hanoi, Deputy Prime Minister of Vietnam, Truong Vinh Trong, urged ministries, sectors and localities to prioritize prevention programs to curb the spread of HIV/AIDs.

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    Steel Export Duties Doubled to 20%

    Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.

    According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.

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    Yahoo! Vietnam Accused of Violating Content Laws

    Aug. 1 – Yahoo! Vietnam has been accused by the Vietnam Software Association (Vinasa) of breaking digital content supply laws.

    Vinasa says Yahoo! Vietnam had not obtained permission for its news website, www.yahoo.com.vn and is operating it illegally in the country.

    It went on to say that Yahoo's activities were competing with domestic IT and game companies. The company has been providing web services of Vietnamese versions of Yahoo!Messenger, Yahoo!Answers and Yahoo!Mail without Online Services Provider permission from the government.

    The company is licensed to operate in the country only as a representative office and is not allowed to engage in direct trading activities.

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    Foreign Visitors to Vietnam Increase in First 7 Months

    HANOI, July 31 – Vietnam welcomed an estimated 2.6 million international arrivals in the first seven months of this year, a year-on-year increase of 6.6 percent, the Vietnam National Administration of Tourism said Tuesday.

    The number of foreign tourists rose by 3.1 percent to more than 1.6 million while the percent of foreigners coming to Vietnam for business surged 38.4 percent to 505,500. Foreign visitors originated mainly from China, the United States, South Korea, Japan, Thailand and Australia the VNAT said.

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    From the Middle: Danang’s Profile Rises as Investors Move In

    July 30 – Located in the middle of Vietnam, Danang is the country’s fourth largest city and in recent years has become the commercial and industrial hub of central Vietnam.

    As one executive, the chairman of software development company Enclave has commented in the San Jose Mercury News, Danang is the Ho Chi Minh City of 10 years ago, a rising economic power. Its current 13 percent economic growth rate is higher than the nation’s whole.

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    Vietnam Attracts US$44.5 Billion Worth of Investments

    July 30 – For the first seven months of the year, Vietnam was able to attract 654 projects foreign direct investment projects worth an estimated US$44.5 billion.

    The month of July reported 167 foreign direct investment projects worth US$13.6 billion.

    The Department of Foreign Investment said the largest for the year thus far is the US$4.3 billion investment made by Brunei’s New City Group to develop an urban area in Phu Yen province. Two other huge project is the US$3.8 billion oil refinery in Ba Ria-Vung Tau province and a US$3.5 billion university facility in Ho Chi Minh city to be built by Malaysia’s Berjaya Leisure Company.

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