Thread: Latest news on the Dong!

Originally Posted by buddy54

thanx neno

Originally Posted by screwball

NENO: All we need is for the dinar to rv so we can buy s**t loads of dong!

Last updated: 16:59 - March 31, 2007


Vietnam expects bumper year in FDI attraction



Vietnam is expecting a bumper year in attracting foreign direct investment (FDI), according to an official from the Ministry of Planning and Investment (MPI).

Phan Huu Thang, head of the MPI's Foreign Investment Department, said there are good reasons for the optimistic view, as newly-registered FDI in the first quarter of this year surged 27% from the same period last year to US $2.071 billion, and a list of projects on offer, capitalised at nearly US $30 billion, is catching foreign investors' attention.

He added that Vietnam needs only one third of the potential FDI amount realised in order to meet its target of attracting US $12 billion in FDI this year. The country's yearly target is equivalent to the total FDI it attracted in the 2001-2005 period.

Adding capital flow in operating projects, Vietnam attracted US $2.503 billion in FDI in the first three months of this year, an increase of 22% year-on-year.

Don Lam, Managing Director of VinaCapital, a financial group which has invested in many big projects in Vietnam, said annual FDI into Vietnam is likely to reach US $15-17 billion.

Dominic Scriven, Director of the UK fund management firm Dragon Capital shared Don Lam's view, citing a series of projects which will be carried out in Vietnam in the future, including a US $5-billion project of the Hon Hai Precision Industry Ltd. of Taiwan.

Many foreign investors said Vietnam's young and quick-to-learn workforce is one of the main reasons behind their decision to pour their money into the market.

Vietnam's World Trade Organisation membership and the country's commitments to open the financial, banking and securities sectors also help it win investors' trust.

The Vietnamese government, and local authorities are striving to improve the investment environment in accordance with international commitments in order to create favourable conditions for foreign investors' activities in Vietnam. President Nguyen Minh Triet reiterated Vietnam's efforts in the work while receiving a delegation of the Council of US Chambers of Commerce in Asia-Pacific on March 21.

Investment promotion activities have become more focused with the aim of attracting major and multinational groups, and developed economies to Vietnam.

Another important factor is the recovery of global foreign investment since 2004, which continues until present, with Southeast Asia, including Vietnam, being investors' first choice.

Several top ranking investors in Vietnam have shown signs of boosting their presence in the country. The Republic of Korea (RoK), one of the top five investors in Vietnam, has decided to open a Business Support Centre in Vietnam, with the aim of helping more RoK investors to the country.

Japan has repeatedly surveyed its businesses' choices of destinations for their investment. A survey conducted in the last two months of last year showed that many Japanese investors wanted to do business in Vietnam.

The EU region, with modest direct investment in Vietnam so far, has also become aware that it is time to increase investment in Vietnam.

At a recent France-Vietnam commercial forum, French Ambassador to Vietnam Jean-Francois Blarel affirmed that France aims to rise to the top among EU member countries investing in Vietnam, and his country will create favourable conditions for French businesses to come to Vietnam as soon as possible. (VNA)

Nhan Dan ---Business

Getting feedbacks from grassroot level that rattles along with the Tuk-Tuk guys I exchange and not forgetting the cabbies that shuttle many coming across into Northern Thailand... the Dong has still quite some way and time to go ... not as soon as many would like to hear however, unless your blessed doctor had whispered to you about your terminally close end with nature and ROLClub or the Dinars....so what's the hurry or impatience to wait another 5- 7 years more...right?

That's what I'm hearing at the moment but don't take my word for it just because I get to hear and shares with you... you do what your heart throbs back at your safety wallet and I can only add, buy what you can as you can afford and when it arrives, only you know that you did it right... just wish you outlive the patience of the Viets themselves!!!


YB. - cheers but I'll stick to Guinness still...

Originally Posted by YogiBrood

Getting feedbacks from grassroot level that rattles along with the Tuk-Tuk guys I exchange and not forgetting the cabbies that shuttle many coming across into Northern Thailand... the Dong has still quite some way and time to go ... not as soon as many would like to hear however, unless your blessed doctor had whispered to you about your terminally close end with nature and ROLClub or the Dinars....so what's the hurry or impatience to wait another 5- 7 years more...right?

That's what I'm hearing at the moment but don't take my word for it just because I get to hear and shares with you... you do what your heart throbs back at your safety wallet and I can only add, buy what you can as you can afford and when it arrives, only you know that you did it right... just wish you outlive the patience of the Viets themselves!!!


YB. - cheers but I'll stick to Guinness still...

We stick with Ali at Iraq dinars Dinar Trade for now. That is all cool with me. Just Knowing that you will be there and have the oppritunity to become the goto Guy is exciting for me.

Hey, 5 to 7 years. That is much better than I antisipated. I have gotten in early on this ride along with plenty of others with alot of time for more to invest. I want to be like chouchou, 500 million plus sounds good to me.

6 Billion is just right for me and if I have to set up a business overthere to do it I will in the next 12 months

PM: Dung Quat oil refinery to operate in 2009
18:19' 01/04/2007 (GMT+7)
Soạn: HA 1071474 gửi đến 996 để nhận ảnh này

VietNamNet Bridge - Prime Minister Nguyen Tan Dung affirmed at the on-going session of the National Assembly on Mar. 31 that the Dung Quat oil refinery will be put into operation in 2009 as scheduled by a National Assembly resolution.

Work are also accelerated for construction of a number of other key projects. The 750 MW Ca Mau Power Plant, which is expected to generate electricity in 2008, was put into test operation on Mar. 31. For the Son La Hydro-power Project, even though many difficulties occurred, particularly in removing people for ground clearance, the progress of the project remains on schedule.

The PM stressed that the Government has been giving close instructions to ensure both the pace and quality of the key projects.

Regarding the oil spill in central and southern provinces, the PM said examinations proved that the problem did not come from oil wells in Vietnam's sea. He said he had asked the Foreign Ministry, the Ministry of Natural Resources and Environment and the Search and Rescue Committee to cooperate with foreign countries in the region and the world to find out reasons, work out measures to minimise damages to the country's environment.

On social housing development, the PM affirmed that the Government encourages investment from all economic sectors and the State will help set up fund to build houses for those who rendered services to the country, and low-income earners.

The PM also spoke about the Party and State's determination in the fight against corruption, saying key corruption cases will be tried publicly, strictly and clearly in accordance with the law.

PM Dung stressed that the fight against corruption would not be only task of the Central Steering Committee for Corruption Prevention and Control, but also of the whole political system, the Party and the people from all walks of life. Every Party committee, organisation and their leaders must set examples in preventing and combating corruption while facilitating citizens' involvement to ensure success.

(Source: VNA)

Thursday, April 05, 2007

Daily Times - Leading News Resource of Pakistan

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ASEAN working towards multilateral currency swap deals

CHIANG MAI, Thailand: Southeast Asian nations are working toward multilateral currency swap deals and ways to use capital flowing into the region to finance infrastructure, a senior Thai finance ministry official said on Wednesday.

Finance officials from a 10-member Association of South East Asian Nations (ASEAN) recommended the grouping push ahead with plans to broaden the Chiang Mai Initiative (CMI).

The CMI was set up seven years ago as a scheme to mobilise funds quickly to fight off any speculative attacks on the region’s currencies, such as those that occurred in the 1997/98 Asian financial crisis.

It has culminated so far in bilateral swap deals between 13 central banks worth about $80 billion, the Thai official, Suparut Kawatkul, said.

“We are pushing the CMI towards multilateral agreements in the form of self-managed pooling reserves,” he told reporters on the sidelines of the meeting in the northern city of Chiang Mai.

“But this will still allow each country to manage their own reserves” he said, adding details were being worked out. The officials also discussed plans to set up a mechanism to finance infrastructure that would use the heavy inflows of capital to the region, he said.

Asia, excluding Japan, has nearly $2.3 trillion in reserves, central bank figures show. The reserves are mostly invested in short-term, secure assets earning low yields, the Asian Development Bank says.

The CMI and the infrastructure proposals would be presented to ASEAN finance ministers, plus their counterparts from Japan, South Korea and China, in May.

Investors, flush with funds, have poured money into Asian markets in search of profit.

At the same time, Asia’s export-focused economies have generated large foreign currency flows into the region, putting upward pressure on them and giving governments cause for concern.

No country has taken more drastic action against so-called “hot money” than Thailand, where the central bank imposed capital controls in December to rein in a surging baht.

The move triggered the biggest one-day sell-off of Thai shares and shocked foreign investors who have yet to regain their confidence in Thailand’s shaky post-coup policy makers. Thai Finance Minister Chalongphob Sussangkarn is expected to push for coordinated regional action when he opens the formal finance ministers’ meeting on Thursday. Bangkok’s neighbours are wary of following its lead. Vietnam has no plans to impose controls to rein in foreign money driving its roaring stock market, saying last month it would focus on better management of stock trading. reuters

Viet Nam, model for developing world

Papua New Guinea ’s The Nation daily has carried an article called “ Viet Nam , a model for the developing world”, praising Viet Nam ’s socio-economic achievements during the past years as well as its future prospects.

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The paper said that during the past two decades, Viet Nam has gained remarkable socio-economic achievements.

The World Bank-affiliated International Development Association (IDA) said that “ Viet Nam is one of the best performing developing economies in the world.”

“When the World Bank re-engaged with Viet Nam in 1993, the country’s income per capita was 170 USD. Today it is 620 USD and by 2010, it could reach 1,000 USD,” it said.

The IDA added that “electricity, once a luxury, is now commonplace. Clean water is now more accessible.” Viet Nam is expected to achieve by 2015 most of the ambitious Millennium Development Goals set by the United Nations.

The paper wrote that a shift from collective farming to industrial farming has enabled Viet Nam to move from a situation of being a significant rice importer to become the world’ second largest exporter. The share of agriculture in gross domestic product fell from 25 percent to 20 percent between 2000 and 2006, by which time industry was contributing 48.1 percent and services 38.1 percent.

The number of people living in abject poverty has dropped from 70 percent to less than 20 percent and there is now a smaller proportion of people having to survive on less than 1 USD a day than in China , India or the Philippines .

Klaus Rohland, who is due to leave his World Bank post in Ha Noi this month to take up his new position as “country director” for the Russian Federation , says in an online video interview that Vietnamese employees in his office all faced the reality of hunger in the 1980s.

The paper quoted Klaus as saying that “Their children now don’t know hunger. They are well fed. They have access to health care. They are well educated and there’s a general sense of optimism because of that.”

In its country strategy and programme for Viet Nam , the Asian Development Bank (ADB) said that the Vietnamese government was aiming to reduce the poverty level by half to around 10 percent by 2010, The Nation added.
VNA/Bvom – 04/04/07

Harmonising exchange rates ranks high among Asean finance concerns

Closer exchange-rate coordination among Asean+3 countries is a critical step for regional economic stability.

Harmonising exchange rates ranks high among Asean finance concerns


Finance Minister Chalongphob Sussangkarn will chair the 11th Asean Finance Ministers' Meeting in Chiang Mai today and tomorrow.


He and his counterparts from the other nine Asean countries have an important agenda - the roadmap for financial and monetary integration which would pave the way to achieve an Asean Economic Community by 2015.


The meeting will highlight capital market development, financial services liberalisation, capital account liberalisation and Asean currency cooperation.


Yesterday senior officials of central banks and finance ministries from Asean+3 (China, Japan and South Korea) met in Chiang Mai.


The most interesting topic at the ministers' meeting, however, is expected to be the appreciation of regional currencies against the US dollar and how to deal with the trend to produce a win-win result, as East Asian countries also compete with each other for export markets in the United States, Europe and other parts of the world.


Capital flows into the region have strengthened regional currencies in general and the baht in particular. Thailand would be a centre of focus as its central bank in December imposed severe capital controls that shocked the market.


Chalongphob earlier said he would brief his colleagues on the latest developments on the matter. He conceded that Thailand had not yet found a better solution to the capital-inflow problem. He hoped to learn from the experiences of the other ministers, and vice versa.


Individual countries have been trying to solve their own problems, however. If they have to cooperate more closely, some suggest that they should hold more financial assets denominated in Asean currencies, such as baht bonds.


Officials have agreed that this would be an important part of how they could use surplus savings to invest in the region's infrastructure.


And cooperation among small countries in Asean is inadequate. Chalongphob said he would also discuss the exchange-rate issue with China, Japan and South Korea ahead of the Asean+3 meeting in Japan next month.


Suparut Kawatkul, permanent secretary for the Finance Ministry, said yesterday's meeting reached a broad consensus that interest rates should be low in order to discourage capital inflows.


Officials also apparently acknowledged that a flexible exchange-rate or floating-rate regime could cause volatility in currencies and would be more efficient when the market was deeper and wider.


They realised that effective communications with the market were necessary and supervision of financial markets must be done carefully.


The senior officials also urged member countries to expand domestic demand. They needed to boost consumption and private investment. They agreed to promote Asian bonds as an important tool for promoting investment infrastructure in both Asean and Asean+3. They would keep a close eye on hedge funds that are behind short-term capital flows, potentially creating instability in the region.


In the wake of the 1997 Asian financial crisis, competitive devaluation of currencies erupted among East Asian countries. Then other countries, however, praised China for not devaluing its yuan, which saved the region from a deeper crisis.


The situation today is different. Many countries, especially Thailand, watch China with unease, as China has kept the yuan virtually unchanged against the US dollar, while Thailand has suffered from the fast-rising baht due to its floating exchange-rate regime. And Thailand is worried that its exports could lose competitiveness against China's exports.


Asean and China have agreed on the Chiang Mai Initiative (CMI), a swap arrangement that serves as a reserve pool that a member could borrow from when it runs into financial problems. Asean plans to strengthen the CMI, which would be further discussed in Japan.


Europe has celebrated 50 years of cooperation which brought them a single currency market. Asean and Asean+3 have only started to implement some common policies. The success story of Europe and the growing imbalance in the global financial market are likely to force East Asia to accelerate cooperation. And it is interesting to see how they can coordinate exchange-rate policies.

Wichit Chaitrong


The Nation

Danish companies seek business opportunities in Vietnam
08:19' 05/04/2007 (GMT+7)
VietNamNet Bridge - A mission of 30 Danish companies in the information and communication technology and electronics industries will visit Vietnam from Apr. 16-20 to explore business opportunities, the Danish Embassy in Hanoi said in a press release.

VietNamNet - Danish companies seek business opportunities in Vietnam

The visit is also aimed at matching Danish and Vietnamese companies who can go into commercially viable partnerships and transfer of know-how and technology supported by the Danish International Development Agency (DANIDA) with up to $850,000 per partnership.

During their visit, Danish enterprises will be introduced to general issues relating to doing business in Vietnam and given the opportunity to network with other information technology and electronics’ companies having similar plans.

Each company will be provided with the opportunity of meeting individual potential Vietnamese partners. Approximately 300 individual meetings will be organised for the Danish companies with potential Vietnamese partners in Hanoi and Ho Chi Minh City.

On the occasion, a seminar entitled "Vietnam and Denmark to share the sizzle of information technology (IT) and electronics" will be held in Hanoi on Apr. 16, focusing on opportunities for Danish and Vietnamese companies and exchanging ideas concerning the development of the IT and electronics industries of the two countries.

(Source: VNA)