Vietnam province mulls bay withdrawal from landscapes list

The Khanh Hoa province administration is considering withdrawing Nha Trang bay from the Best National Landscapes list, claiming the listing is acting as a drag on development.

The magnificent bay is recognized as one of the best landscapes in Vietnam by the Ministry of Culture and Information but the country’s cultural heritage laws restrict construction in such areas. Nguyen Chien Thang, deputy head of the province People’s Committee, said this was blocking further development of the area. Earlier this month part of Hon Tam Island, one of the bay’s 19 islands, was leveled for building resorts and entertainment facilities by a local company. The work was halted by the local administration Friday for violating the laws. Deputy Minister of Information and Culture Tran Chien Thang said it was unprecedented for localities acclaimed for their landscapes to file for withdrawal. It could even be the only such instance in the whole world since authorities usually clamored for their areas to be included. The ministry would set up a forum for gathering public opinion before any decision was made. The bay was the property of the whole nation, not just the province. Nha Trang bay was acknowledged in 2003 as one of the most beautiful in the world by the UNESCO-backed Club of the World’s Magnificent Bays, joining Ha Long in the country’s north. Source: Thanh Nien, Tuoi Tre – Compiled by Tuong Nhi

Vietnam region to show off its tourism attractions in Thailand

Vietnam’s Thua Thien Hue and Quang Nam provinces and Danang city have agreed to join hands to promote their tourism attractions in Thailand next month.

They are set to organize the Three Localities, One Destination program in Bangkok to strengthen cooperation between tour operators in the two countries. The program is also expected to showcase the socio-economic potential of places lying along the East-West Economic Corridor which runs through Laos, Myanmar, Thailand, and Vietnam. It will act as a basis for setting up the Indochina Heritage Path tour. In related news, the tourism administrations of Quang Nam, Danang, and Hanoi announced Tuesday that the third annual Quang Nam – Heritage Itinerary Festival would be held in the province June 27-30. The festival will feature cultural activities, handicrafts, photo exhibitions, and others. Laotian and Cambodian artists will participate in art and food shows at the festival.

Nha Trang Bay tied to Khanh Hoa’s development plan

15:29' 28/05/2007 (GMT+7)

Nha Trang Bay VietNamNet Bridge – Vice Chairman of Khanh Hoa Province, Nguyen Chien Thang, talked more about the province’s plan to withdraw Nha Trang Bay from recognition as a national landscape. Why does Khanh Hoa Province not want Nha Trang Bay recognised as a national landscape? If Nha Trang Bay is recognised as a national landscape, every activity of repair and construction in protection zone 1 (strictly protected area) of the bay is banned under the Law on Cultural Heritage. Even the government doesn’t have the right to permit such activities. The Khanh Hoa People’s Committee has reported to the provincial Party Committee about this case and the Khanh Hoa Party Committee has agreed to ask the Ministry of Culture and Information to withdraw Nha Trang Bay from the list of national landscape sites as this title may affect the development of the bay. Is this decision one way of approving activities that could harm the scenery of Nha Trang bay? Why harm the landscape? We aim to make it more beautiful, not destroy it. For example, islands in the bay now have wild trees only. We will replace wild trees by varieties of higher value. It is necessary and we will do so. Khanh Hoa will design a plan for the bay to attract tourists. Those tasks are necessary but under the Law on Cultural Heritage, they can’t be performed. Is it a contradiction when the province’s policy is protecting the environment of Nha Trang Bay but plans to withdraw it from recognition as a natural landscape? I don’t think it’s a contradiction. For example, if Hon Tre Island is left neglected, what is its value and who will visit it? But when the island has Vinapearl Land, it has become a destination of many visitors. Khanh Hoa has a plan for the bay and the Ministry of Culture and Information has agreed with the plan. But under the Law on Cultural Heritage, the ministry’s agreement is meaningless. So Khanh Hoa is planning to destroy Hon Tam Island as it levelled Hon Tre and Vung Me islands? We have already begun, but the works on Hon Tam Island haven’t been finished yet so how can we call it destruction? For example, they had to level Hon Tre Island to build Vinapearl Land, otherwise how could they grow trees, build the resort and entertainment centres? Here I want to talk about investment to improve the site, which needs levelling…But construction measures must be suitable to avoid destroying the ecological environment. Construction activities on Hon Tam and Hon Tre islands, which are in protection zone 1, have violated the laws. What do you think about this? The removal of Nha Trang Bay from the list of national landscapes must be approved by the Ministry of Culture and Information with an official decision. So frankly, construction activities in protection zone 1 since the Law on Cultural Heritage took effect are illegal but Khanh Hoa has a plan for the bay as I have said. (Source: Tuoi Tre)

Tan Trao offers historical lessons, moments of tranquility

12:55' 01/06/2007 (GMT+7)

VietNamNet Bridge – In three months Vietnam will celebrate its 67th anniversary of independence. A trip to the former revolutionary base Tan Trao in Tuyen Quang Province will provide visitors with not only historical details about National Day, which is on September 2, but also moments of peace and relaxation. The existing giant banyan in Tan Trao. There is no doubt that Tan Trao is one of the most recommended highlights for seekers of historical and natural attractions when they visit Tuyen Quang, which is located some 165 kilometers from Hanoi. The resistance base before the August 1945 Revolution, an area of 125 square kilometers, is now home to 175 sites of interest. Local travel guides say it takes three to four weeks to visit all the historical sites situated in open and forest areas in Yen Son and Son Duong districts, about 50 kilometers from the town center of Tuyen Quang Province. However, a tour of one day or less is enough to visit all the main sites and to get general information. The main sites include a small cottage where President Ho Chi Minh lived from June to August 1945 before he returned to Hanoi. The local guides will take visitors through a bridge over a small stream and up the 79 stairs to the Lan La Lua cottage, describing where the late President lived and worked, and show some of his belongings. The tour itinerary also takes in a big banyan tree, which is said to have stood there for some 500 years. Under the shade of this tree, General Vo Nguyen Giap read the first order for liberation armed forces to depart for Hanoi in August 1945. At one time there was a bigger banyan tree standing by the existing tree, but heavy rains and strong winds uprooted it in 1994. Not far from the banyan tree is Dinh Tan Trao, a wooden, palm leaf-roofed communal house where, in August 16 and 17, 1945, the National Conference delegates met and decided to launch a general revolution to seize power from the French colonialists. The general uprising led to the Declaration of Independence of Vietnam on September 2 of the same year. Dinh Tan Trao is the location where 10 major policies were voted and a provisional government of Vietnam, presided over by Ho Chi Minh, was established, and the Hong Thai Communal House where delegates from different parts of the country stayed when they attended the National Conference, is a site that visitors should not miss. The photographs and documents on display at the museum in Tan Trao provide a general understanding of the revolutionary base in the past and present, as well as the simple life of the pre-eminent President Ho Chi Minh. Besides historical sites of interest, Tan Trao is a favored destination for those looking for tranquility as this area is nestled in a valley at the foot of the Re Pass, surrounded by high mountains and thick forests. A tree-lined road leads to this former resistance base, which was formerly called Kim Long but was renamed Tan Trao after it was liberated in March 1945 and became the provisional capital of Vietnamese liberation forces against the colonial regime. (Source: SGT)

Coke CEO visits Vietnam

09:40' 01/06/2007 (GMT+7)

VietNamNet Bridge - Visiting Coca-cola CEO Neville Isdell has vowed to expand on his company's corporate social responsibility programmes within Vietnam. The head of the world's largest beverage maker made the commitment to Prime Minister Nguyen Tan Dung in Hanoi, on May 31. Isdell said that his company would focus its efforts on community based poverty reduction and education programmes while also looking to expand investment and business operations in Vietnam within the next five years. The PM told Isdell that Vietnam appreciates the contributions to initiatives involving poverty eradication, social equality and environmental protection by major foreign companies operating in the country. He went on to assure the Coke CEO that by next year the investment environment would be improved upon as further international commitments would have been implemented.

American director: Vietnam is beautiful

American director: Vietnam is beautiful

08:32' 01/06/2007 (GMT+7)

VietNamNet Bridge – Studying in Vietnam on an Asian Fund scholarship, and having staged Tennessee Williams’s play Summer and Smoke in HCM City, American director David Chapman talked about Vietnam and Vietnamese theatre. When receiving a scholarship to come to any Asian country to study theatre, why did you choose Vietnam? Yes, I could choose any country in Asia, but I’d known some Asian countries through movies. As for Vietnam, I didn’t know much about it while living in the US. To me, it remained a place of many mysteries so I decided to come here to learn and discover. Since you’re here now, how do you feel? Vietnam is an interesting country. I’ve travelled to some places like Hanoi, Hue, Ha Long Bay, Nha Trang and several provinces in the Mekong Delta region. Vietnam is beautiful and her people are friendly and hospitable. This has prolonged my stay here. Many think that Vietnam is a poor country. But in fact, she is developing fast with many plans such as constructing an underground system. What about Vietnamese theatre in general and the theatre in HCM City in particular? Stage producers in HCM City are able to meet audiences’ demands, giving the public what they want. There are many types of theatrical art in Vietnam in general and HCM City in particular for audiences to pick and choose from: tragedy, comedy, modern folk opera, etc. When visiting such stages as IDECAF, Sai Gon, or Phu Nhuan to watch drama or Hung Dao and the HCM City Opera House for modern folk opera, I always pay attention to audience members. While watching good plays, they don’t talk, eat, answer cell phones, or leave early and vice versa. There is also an interesting difference between American and Vietnamese theatres: in Vietnam, a stage can perform many different works during a week, while in the US, 90% of theatres usually stage one play for months before moving on to another. What do you think about modern folk opera? In the US, there is no type of art that resembles modern folk opera. I have learned that this type of art has strict rules regarding its songs and music. In general, it is very difficult and interesting at the same time. What do you say about the students from the HCM City College of Theatre and Cinema whom you have recently worked with? I haven’t had chances to work with many other students. Yet, the 15 students selected to take part in Summer of Smoke are really talented. They adjusted well to my new ways of directing. I think it is actors who contribute the most to a good play. The director is only one who starts an idea. After Summer and Smoke, do you plan to direct another one? I’ll stage some new ones, perhaps by American or Russian playwrights. I can’t say for sure now. (Source: SGGP)

Vietnamese leaders welcome Saudi Arabian investment plans

Vietnamese leaders welcome Saudi Arabian investment plans

09:35' 01/06/2007 (GMT+7)

VietNamNet Bridge - The Vietnamese central and local authorities will create all favourable conditions for Saudi Arabian businesses to invest in the country, Prime Minister Nguyen Tan Dung has affirmed. The PM receiving in Ha Noi on May 31 Prince Al Waleed Ben Talal Ben Abdel Aziz Al Seoud of Saudi Arab, who was on a visit looking for investment opportunities in Vietnam. The Prince said that his visit is aimed to seek investment opportunities, particularly in the areas of tourism, real estate and banking sectors besides to see preparation work for the construction of three Saudi Arabian-invested hotels in Da Nang, Ha Noi and Ho Chi Minh City. He expressed his hope to continue boosting economic, commercial and investment ties between the two countries and requested Vietnam to send guest workers to Saudi Arab. All areas that Saudi Arab has plans for long-term investment are the areas given incentives by Vietnam to attract foreign investment, the PM said adding he believed these projects will be successful because Vietnam has continually obtained an annual economic growth rate of 7-8 percent, maintained political and social stability and is integrating widely and deeply into the world economy. The PM proposed Saudi Arab to open an embassy in Ha Noi in order to promote friendship and cooperation between the two countries. The same day, Vice State President Truong My Hoa received Prince Al Waleed Ben Talal Ben Abdel Aziz Al Seoud. She expressed her pleasure at the fine development of the two countries’ ties over the recent past. Vietnam and Saudi Arab should increase the exchange of high-level delegations and of agencies to boost all round cooperation, particularly in economic, trade, investment and labour export. Vietnam is willing to welcome Saudi Arabian investors and will create all favourable conditions for their operations in the country. Prince Al Waleed Ben Talal Ben Abdel Aziz Al Seoud noted that Saudi Arab now has a great demand for workers while Vietnam has a diverse human resource, so that the two sides should promote cooperation in this potential area. Tourism has also contributed markedly to Vietnam’s economic development and the Saudi Arabian side plans to make more investment in this area in Vietnam, he said. (Source: VNA)

BUSINESS - Tariff on import petrol announced

Tariff on import petrol announced

17:22' 31/05/2007 (GMT+7)

VietNamNet Bridge – The Ministry of Finance (MoF) has announced the tariff on petrol imports, which consists of five tax rates, from 0% to 20%, to be applied at different times, depending on the world’s prices. The tax rate of 0% will be applied if the world’s A92 petrol average import price is over $89/barrel. The rate of 5% will be imposed if the world’s price hovers between $83 and $89 per barrel. The rates of 10%, 15% and 20% will be imposed when the world’s prices are low, at $78-83, $72-78, and below $72 per barrel, respectively. According to Deputy Minister of Finance Truong Chi Trung, petrol importers can refer to the tariff to make their business plans. Meanwhile, customers also can use the tariff to find out if petrol distributors are selling petrol dear. With the tariff, petrol importers can easily calculate the import tax they have to pay for imports. This will also help management authorities to be more flexible with their management policies. In addition to the tariff, MoF will also announce the formula to calculate the petrol price. Customers can apply the calculation method to know if the selling prices are reasonable. The main factors to calculate the retail price include import price, plus taxes (import tax, luxury tax, VAT, VND/US$ exchange rate, traffic toll at VND500/litre), management and distribution expenses, and some other kinds of fees. In the latest news, MoF has decided to lower the import tax on petrol from 5% to 0%, applied to customs declarations as of May 30. The move aims to help ease the burden on petrol importers caused by the world’s petrol price increase, and to prevent importers from raising retail prices. Key petrol importers said that before the decision was made to lower tax, they suffered the loss of VND500-800/litre. Analysts say that the pressure to raise the retail price has been not been as hard as some days ago, when petrol importers sought to raise the selling price. On May 31 in the morning, the light sweet oil price in New York (delivery in July) was $63.30/barrel, a slight increase of UScent15. In Singapore, A92 is being offered at $87.38/barrel, just $3/barrel higher than that seen on May 8, when the price was raised from VND11,000 to VND11,800/litre. Tariff on petrol imports No Tax rates (%) A92 import price ($/barrel) 1 0% $89/barrel and higher 2 5% $83-89 3 10% $78-83 4 15% $72-78 5 20% Below $78 (Source: VNE)

News - HCM City Stock Exchange will be a $62.5mil company

HCM City Stock Exchange will be a $62.5mil company

08:30' 01/06/2007 (GMT+7)

VietNamNet Bridge – Tran Dac Sinh, Director of the HCM City Securities Trading Centre (HSTC), said that HSTC would become the HCM City Stock Exchange, a company with the total chartered capital of VND1tril ($62.5mil). How different will the HCM City Stock Exchange be from the current HSTC? The stock exchange will be a legal entity, State owned, structured as a one-member limited company. It will operate under the Securities Law and Enterprise Law, and have the total chartered capital of VND1tril. The difference between the stock exchange and the trading centre lies in the fact that the stock exchange regulates the market directly, but operates like an enterprise. This enterprise can set up regulations at its level which helps it regulate and supervise market operations. The stock exchange can set up rules for the market, for listing companies and its members. If you want to join the market, you have to follow our rules. The second difference is that the stock exchange will have autonomy in its operations. Until now, HSTC has always needed to get approval from higher levels for everything, even when it just needs to hire one new staff. Could you please tell more about that: how has HSTC been fed, from the State budget or membership fees? Until now HSTC has been fed by the State budget. However, the situation will be different: the stock exchange will feed itself by collecting fees. In fact, now HSTC collects fees from its members, but it has to pay them back to the State, and when it needs money to do something, it has to ask for money from the State. HSTC now collects listing fees and member fees (VND20mil or $1,250 a year), everyday transaction fees (securities companies have to pay HSTC 20% of the total brokerage fees they get every day), and other kinds of fees. In other countries, stock exchanges auction the seats on trading floors. Will the HCM City Stock Exchange think of selling the seats or will it still provide free seats? Mr Tran Dac Sinh I know this. In Thailand, the stock exchange collects $80mil a year from seats. The figure is bigger in Singapore, $1bil a year. HSTC plans to collect some VND150bil ($9.37mil) this year, double that of 2006. The stock exchange will not increase the fee level, but will reduce the fee as the market becomes bigger and there are more and more listing companies. It is estimated that the fee volume to be collected will steadily increase. By May 18, 2007, there had been 86 brokerage tables of member companies put at HSTC. Some experts said that HSTC decided to delay the application of the real-time order matching scheme for fear of losing control. With there be any changes with the mode of transaction once HSTC shifts to operate as a stock exchange? The preparatory work for the new transaction scheme has been completed. We are ready now, and we just need the nod from the State Securities Commission (SSC) to put the scheme into operation, maybe in early June 2007. HSTC, and the HCM City Stock Exchange in the future, has been given the right to licence listing companies. Will the stock exchange, running after profits, try to licence on a massive scale, ignoring the requirements for listing companies? We will only licence the companies that can meet the set requirements. Under the current regulations, a company must have the minimum capital of VND80bil ($5mil) to be eligible to list on the bourse, but the required capital may be higher in the future. The stock exchange will be known as a place where big and profitable companies gather – the most outstanding companies of national economies. In the future, there will be indexes of different sectors: indexes of blue-chip groups, for example, the index of the 30 companies which have the biggest market capitalisation volume. It is likely that the stock exchange will have another trading floor for smaller-scale enterprises. Enterprises should understand that only selected companies will be able to list at the HCM City stock exchange, not every company can list there. Will the HCM City Stock Exchange cooperate or set up a joint venture with foreign partners? We have signed cooperation agreements with stock exchanges of many countries in the world, mostly on training, technical assistance and information exchange. The cooperation will help Vietnamese companies list on foreign bourses, while creating favourable conditions for foreign companies to list on Vietnam’s bourse. Will there be any changes in the stock exchange’s capital structure in the future? If yes, will the stock exchange sell shares to its members and investors? Will the diversification of capital sources affect the objectiveness of the stock exchange in regulating the market? It is expected that the stock exchange will be equitised in 2010. The stock exchange’s stock will be sold to members and the public. The equitisation of the stock exchange will be guided by the Prime Minister. (Source: TBKTSG)