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Vietnam to Announce US$6 Billion Stimulus Plan
Dec. 15 - Vietnam is set to announce a US$6 billion economic stimulus package later this month, says Deputy Prime Minister Nguyen Sinh Hung.
In an earlier report, the government said it would release a US$1 billion into the economy to cope with the global economic slowdown.
The economic stimulus package will be invested in schools, hospitals, rural infrastructure and home construction, in addition to projects to boost production and consumption. -
Vietnam’s November FDI Hits US$61 Billion
Dec. 13 - The Foreign Investment Agency reports that by early November registered foreign direct investment (FDI) in Vietnam amounted to US$61 billion.
According to Vietnam Net, by the end of the year the FDI could reach US$65 billion although FDI forecast for 2009 is only US$30 billion.
Vietnam's concept of FDI is different from the standard. While Vietnam reports FDI based on registered and implemented FDI, the usual standard is realized FDI. -
Daily Rail Service Between Hanoi and South China to Begin in January
HANOI, Dec. 12 - Passenger trains between Vietnam and Guangxi Zhuang Autonomous Region in Southern China will begin regular daily service starting on Jan. 1, China's railway authorities said on Thursday.
Daily trains will leave Nanning, the capital of Guangxi, at 6:15 p.m. and arrive in Hanoi at 7 a.m. the following day. Trains will also depart Hanoi at 8:30 p.m, reaching Nanning at 10:05 a.m. the next day.
The trains will be operated by the Nanning Railway Bureau, said Chen Boshi, the bureau's director, who also told Xinhua that the regular passenger route would alleviate high demand from Vietnam's businessmen, laborers and students in Guangxi. -
Vietnam May Devalue Currency Next Year
Dec. 10 - Next year, Vietnam's currency may be devalued because of slipping exports, deteriorating balance of payments and bank debts.
"The exchange rate now is overly high in Vietnam and the government should ease the rate a little bit to support exports," Le Dang Doanh, a research fellow at the independent think-tank Institute of Development Studies, was quoted as saying by the Reuters during a conference.
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Ho Chi Minh City to Allow Interest-Free Loans to Local Businesses for Tet
Dec. 9 - The Ho Chi Minh City government will allow VND409 billion worth of zero-interest loans to nine food producers and retailers to maintain food prices for the coming Tet holidays.
The companies said they would not allow more than a 10 percent increase in food prices during the New Year Lunar holiday, which happens mid-January of 2009.
During the past Tet holidays, food prices have climbed by up to 50 percent.The companies availing of the loans are Saigon Co.Op, Vissan, Huynh Gia Huynh De, Phu An Sinh, and Saigon Agriculture Incorporation. -
Vietnamese Government Falling Behind Equitization Plan
Dec. 8 - Vietnam's Ministry of Finance (MOF) says that it has fallen behind its equitization plan; selling less than a third of its estimates.
According to Thanh Nien News, for the first 11 months of the year the government was only able to sell shares in 73 companies in contrast to its goal of 262.
The MOF said on its website that the goal has been hampered by economic difficulties and the volatile stock market.
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Ho Chi Minh City May Implement New Land Tax Valuation System Next Year
Dec. 5 - The Ho Chi Minh City People’s Committee has submitted a proposal that calls for the land tax re-evaluations of the city's districts starting January 1st.
The city has decided to increase land use taxes due to improved infrastructure. Thanh Nien News reports that property valuations in some districts of the city will more than double next year under a new land valuation system.
If the proposed value system is approved, charges will span from VND110,000 per square meter to VND81 million per square meter. -
Remittances to Vietnam Forecast to Reach US$8 Billion
Dec. 4 - The State Bank of Vietnam estimates overseas remittances to the country may amount to US$8 billion by the end of the year, a 45.5 percent increase from last year's figures.
One of Western Union’s five agents,Vietnam Bank for Private Enterprises told Thanh Nien News, that revenues from money transfer service have increased by 70 percent this year.
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Vietnam to Spend US$1 Billion for Economic Stimulus
Dec. 3 - Vietnam has decided to spend US$1 billion taken from State reserves to create an economic stimulus plan that should remedy the effects of the global downturn.
The country's policy makers formulated a package of measures to help the economy and has already been approved by Vietnamese Prime Minister Nguyen Tan Dung.
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Vietnam’s First Oil Refinery Receives Shipment
Dec. 2 - Vietnam’s first oil refinery, the Dung Quat Oil Refinery located in central Quang Ngai Province, received a shipment of 80,000 tons of crude oil for its initial test run.
The crude oil shipment came from the Petrol Vietnam Oil Corporation, one of the Petrol Vietnam Group's subsidiaries and also a buyer for goods processed at the refinery.
The PetroVietnam Oil Corporation (PV Oil) supplied the oil from Bach Ho oil field off the coast of Vietnam, reports Thanh Nien News.