First session of 12th National Assembly scheduled for July 19

16:19' 15/06/2007 (GMT+7)

VietNamNet Bridge – The National Assembly Office has decided to convene the first session of the 12th National Assembly on July 19, 2007. The session will focus on the organisation and personnel of state agencies. The National Assembly will perform necessary formalities for the new National Assembly, including reporting the results of the 12th National Assembly election, verification of the conduct of National Assembly deputies and approving the resolution of National Assembly deputy conduct. The National Assembly will also consider and ratify some important issues, such as the implementation of the missions and state budget estimates for the first half of 2007, solutions to successfully implement the missions of the second half of 2007, and listening to reports of the 11th National Assembly Standing Committee. The 14-day session will close on August 3. (Source: SGGP)

Int’l travel fair seen larger than last year

14:45' 15/06/2007 (GMT+7)

VietNamNet Bridge – Local and foreign exhibitors have registered for 100 booths at International Travel Expo HCMC 2007, or ITE2007, which will take place from October 5 to 7 at Phu Tho Indoor Stadium. ITE 2007 will promote a common tourism image of the three Indochina countries under the "three countries, one destination" theme. These exhibitors will come from foreign tourism authorities such as South Korea, Singapore, Laos and Cambodia, local tourism authorities, airlines, hotels, resorts, travel operators and others. Registration is open until late next month. "We expect the fair to have 150 booths, up 50 booths from the previous event," said Ta Nam Binh, deputy head of the HCMC Department of Tourism. The annual fair, organized by the department and Binet Exhibitions Bte Ltd of Singapore, will also feature buyer-seller meetings, conferences, familiarization trips and many other activities. This year the department, in collaboration with tourism authorities of Laos and Cambodia, will introduce and promote tourist destinations in the three countries to international tourists. "We see HCMC as a hub for inbound tourism of the three countries," Binh said. The organizers have strong ties with international airlines that have services to the city to promote the event, and invite international buyers to the fair, he added. The airlines such as Qatar Airlines, United Airlines, Singapore Airlines, Jetstar Asia and Vietnam Airlines will offer free air tickets, or some other services for buyers. "We are working with nine airlines, and they have invited around 100 buyers from 19 countries to the fair," he said. Binh said that the organizing committee had planned to spend around VND2.8-3bil on the fair, around VND2bil of it from companies and airlines, and the remainder the department's budget. HCMC is the biggest tourism hub of the country with the number of international tourist arrivals accounting for 55% of the country's total. In January-May this year, nearly 1.08mil international tourists came to the city, compared to 1.8mil of the country. The city's tourism services brought revenue of nearly VND8.46tril in the period, and the tourism department expects to get VND19.5tril in all of this year. (Source: SGT)

US’s official trade bank to open branches in Vietnam

14:14' 15/06/2007 (GMT+7)

VietNamNet Bridge - The Export-Import Bank of the US (Eximbank) is planning to open branches in Vietnam to facilitate local businesses’ foreign trade, especially with the US. Marianna Ohe, an Eximbank spokesperson, said the bank was considering an investment of US$300 million to open four branches. He/She said expanding US-Vietnam trade ties and Vietnam’s accession to the World Trade Organization were the key factors behind the bank’s interest in Vietnam. It would help Vietnamese enterprises import high-value goods or equipment from the US by providing credit on soft terms and support Vietnamese garment and textile businesses with bank guarantees. Last year Eximbank committed to provide Vietnam Airlines $410 million to buy four new Boeing 787-8s. US-Vietnam trade reached $9.7 billion last year of which Vietnam’s imports were worth $1.1 billion. Eximbank is the official export credit agency of the US and its raison d’etre is funding export of US goods and services to international markets. In related news, Vietnam-US trade is growing at dizzying speed, especially after the two countries signed a bilateral trade agreement (BTA) in 2000. Two-way trade reached 9.7 billion USD in 2006, a six-fold increase over the figure recorded in 2001, the year seeing the BTA taking effect. It was noted that Vietnam 's export earning from the US rocketed from 1 billion USD in 2001 to 8.6 billion USD in 2006, with its main products being footwear, apparel products, seafood, crude oil, wooden furniture and farm products. The country's imports from the US stood at 1 billion USD on average, with mostly semi-processed and manufactured products, aero-planes and engineering machinery. Following the BTA, the two countries inked a number of accords and agreements on textile and garments, aviation, economy, technical cooperation, and agriculture. Other highlights in the two countries' economic ties in 2006 were the conclusion of the two countries' negotiation on Vietnam 's entry to the World Trade Organisation and the US 's adoption of a bill to grant the Permanent Normal Trade Relations status to Vietnam . However, certain hurdles still remain in bilateral trade because of the US 's non-tariff barriers, including anti-dumping lawsuits against Vietnamese 'catfish' fillets and frozen shrimps and the imposition of a special controlling mechanism on Vietnamese apparel products. Such hindrances were on the agenda of a recent US visit by Deputy PM Pham Gia Khiem. To remove these barriers, Vietnam has proposed the US adjust its economy-trade policy to clear the way for Vietnam to import hi-tech products from the US , and boost its exports to the US market. (Source: VNA, TN)

Enjoying healthy juices at Aloha Cafe

13:56' 15/06/2007 (GMT+7)

VietNamNet Bridge – In HCMC coffee shops are popular locations for locals who want to take a break and relax. Saigonese people also make a habit of collecting the addresses of coffee shops which have special characteristics represented in the particular flavor of the coffee, or in the decoration or views of the shop. Guests enjoy fruit juices and surf the internet at Aloha Cafe. Located in Nguyen Thi Minh Khai Street, Aloha Café is one of those places, with comfortable and pleasing architecture and decoration and a large beverage menu of healthy juices. To create an open air view and a spacious setting the café has used layers of thick, transparent glass as a wall. On the ground and first floors the bar is constructed along the glass wall, and the high leather chairs have been positioned to create an ideal place for viewing the activities on the street. This is also a romantic place to sit on a rainy day. Behind the bar is a selection of colorful chairs in cute shapes, such as huge high heels, a heart shape for couples, a starfish which is mostly chosen by the teenagers, and low chairs with very high backs which are favored by light hearted guys. “All the chairs and tables in the café have ordered and imported from outside the country. They are soft and make guests feel jolly,” said Tran Luong Co, manager of Aloha Café. WiFi internet is also available at the café. However, the many kinds of special fruit juices and ice cream are the main attraction of the café. Each fruit juice is not just for refreshment but also for health improvement. For example, the mixed juice of pineapple, honey and soya bean helps to enhance the beauty of the skin, relieve tiredness and improve brainpower. The juice combination of starfruit, cow milk, banana and lemon has the effect of preventing wrinkles and whitening the skin, while the apple, pineapple and lemon juice mixture is a detoxant and helps to reduce weight. There are more healthy juices, whose effects as described on the menu “are referred from national and international science magazines and consulted by the nutrition doctors,” Co explained. One special feature of the café is the large size of the cups used, which are five times bigger than normal cups. That is why girls cannot always finish their drinks even though the juices are fresh and tasty. Aloha Café is open from 8am to 11pm and is located at 187 Nguyen Thi Minh Khai Street, District 1, HCMC. (Source: SGT)

Vietnam targets 8.7 percent GDP growth for 2008

13:26' 15/06/2007 (GMT+7)

VietNamNet Bridge - The Prime Minister has requested for a fast and sustainable development of the economy and a GDP growth rate of between 8.5-8.7 percent next year. Under a directive issued on June 12 on a socio-economic development plan and state budget forecast for 2008 fiscal year, PM Nguyen Tan Dung urged the agro-forestry and fisheries sectors to grow by between 3.5-3.7 percent while setting a 10.5-10.7 percent target for the industry and construction, and 8.8-9.0 percent for services. The government leader also asked for drastic improvement in the quality of the economic development and rapid restructuring of the economy in favour of services and industry. The directive stated that it is essential to apply world-renowned scientific and technological achievements while producing local high-skilled staff in this field. Renovation in education and training, health care, culture and sports is also needed. The PM asked relevant ministries and agencies to effectively implement key national programmes with the involvement of various domestic and foreign resources, and address all social problems emerging while deploying the country's WTO commitments. More efforts should also be made to accelerate poverty reduction and reduce crimes, drug trafficking and traffic accidents. The directive also touched on tasks on environmental protection, administrative reform, thrift practice, anti-corruption, national defence, and security. (Source: VNA)

Waste scrap collectors provide help to orphans

09:08' 15/06/2007 (GMT+7)

Waste-scrap collectors are queuing to register as fund members on June 6. VietNamNet Bridge - Those who have the chance to drop by the Que Huong Charity Center will see many waste-scrap collectors holding infants in their arms or loading up charitable wares for the center. The waste-scrap collectors, most of who are young women aged between 23 and 30, looked like mothers to the children they were nursing in their arms at the Que Huong (Motherland) Charity Center in Tan Phu district on the morning of Saturday June 6. Huynh Tieu Huong, founder of the center, said almost 1,000 had registered as members of the recently set up fund “Waste Scrap Mothers” to support hundreds of orphans, raised at Ho Chi Minh City-based Que Huong Charity Center, from their meager earnings. On Saturday, the scrap collectors parked their bicycles, a popular means of transportation amongst the women, in front of the orphanage and queued up to register as fund members. Waste scrap collectors, among the lowest income earners in society, pick up any leftovers they can sell – nylon bags, bottles, papers etc. The majority comes from poor families in the distant countryside regions such as the central province of Quang Ngai or the northern provinces of Bac Ninh, Vinh Phuc and Bac Giang, coming to Ho Chi Minh City to become waste-scrap collectors to make money to support their families. Nguyen Thi Man, one of the fund’s founders, said that the idea of setting up the fund had come when she came to the center daily to buy scrap and was distressed by the plight of the hundreds of children living there without a mother’s love. Some collectors have to leave their children at home in order to earn a living and love the orphans like one of their own. Ms. Nguyen Thi Tue, 50, the oldest in the group, said that although they did not have much money, they will offer love instead. Ms. Do Thi Thu Thuy from Nghia Hanh Disctrict in Quang Ngai Province said that she would go without a drink in the morning and work harder to earn more for the fund. She would also take her youngest son, 11, to visit the center and befriend the orphans this summer so that “he will know he is still lucky to receive care from parents and relatives.” (Source: SGGP, TN)

Vietnam-US multifaceted ties since normalisation

11:06' 15/06/2007 (GMT+7)

VietNamNet Bridge – The twelve-year period since Vietnam-US normalisation is not long but very significant in the relationship between the two former foes. After establishing diplomatic ties on July 12, 1995, both Vietnam and the US have done their utmost to develop and expand their relations to various areas. A small-sized cooperation in humanitarian issue at the beginning has been spreading out to politics, economy, education, health care, science, technology and even in very new areas such as defence and cooperation in military-to-military relationship and a fight against terrorism, drug related and transnational crimes. Economic cooperation and trade are always the most talked-about area, which also saw most achievements, in the two countries' bilateral relations. The Vietnam-US Bilateral Trade Agreement, sealed in June, 2000 and effective in December, 2001, created an important legal framework for the two sides to promote commercial and investment cooperation. The two-way trade reached 8.7 billion USD in 2005, a five-fold increase over 2001, and rose to 9.7 billion USD only one year later. The US is now the biggest market of Vietnam's exports. By the end of April, 2007, the US had invested into Vietnam more than 2.3 billion USD, becoming the 8th largest foreign investor in the Southeast Asian country. More than 1,000 US businesses are operating in Vietnam. The two sides have also gradually increased cooperation in post-war humanitarian issues. Vietnam has been working closely with the US in locating and accounting Americans who remain missing in action since the war. The two countries have conducted 89 joint recovery operations and Vietnam has handed over to the US side remains of more than 850 American servicemen. The US side has provided assistance to Vietnam to deal with aftermaths of the past war, such as providing information relating to Vietnamese still missing, organising international conference on the consequences of Agent Orange, carrying out programmes on landmine clearing, tree planting and giving support to AO victims. On May 25, 2007, the US Congress ratified an expenditure worth 3 million USD to assist Vietnam in environmental protection and healthcare. During President George Bush's visit to Vietnam in November 2006, the two sides issued a joint statement affirming their efforts to ensure that bilateral relations are stable, constructive, broad-based, and conducted on the basis of sovereign equality and mutual benefit. Two-way trade activities and the US's investment into Vietnam are expected to strongly increase as US President George Bush has signed into law a bill on establishment of the Permanent Normal Trade Relations (PNTR) status with Vietnam in December last year and Vietnam then officially became a member of the World Trade Organisation. (Source: VNA)

State President optimistic about Vietnam-US ties

10:25' 15/06/2007 (GMT+7)

VietNamNet Bridge – State President Nguyen Minh Triet said he believed the Vietnam-US ties will see further developments in the future, serving the two nations’ interest. The president made the comment when he granted an interview to the Vietnamese media before his official visit to the United States, scheduled for June 18-23. The interview runs in full as follows: Your upcoming official visit to the United States will be the first to the country by a head of state of Vietnam. Could you elaborate on the significance of this visit? State President Nguyen Minh Triet. I will pay an official visit to the US from June 18-23 at the invitation of US President George W. Bush, an invitation he made when he visited Vietnam and attended the APEC Economic Leaders’ Meeting in November 2006. The trip will take place in the context of positive developments in the relationship between the two countries and deep and wide cooperation in all fields, bringing practical results and meeting the interests and aspirations of the two countries’ people. I plan to discuss with President Bush and other US leaders specific measures to strengthen the effectiveness and stability in the Vietnam-US relationship. I will meet with US residents as well as overseas Vietnamese who are living in the US in order to strengthen the friendship between the two peoples and boost the mutual understanding and sympathy between the two nations. I will also meet with US business circles and encourage them to increase their business in Vietnam. In short, the visit will be of great importance to strengthening the friendship and multi-faceted cooperation between the people of the two countries. Could you make an overall assessment of Vietnam-US relations since the two countries normalised their diplomatic ties in July 1995 and the prospects for developing bilateral relations? Since the two countries normalised their diplomatic ties in July 1995, we have witnessed rapid progress in Vietnam-US relations. The exchange of visits, particularly visits by high-ranking officials, businesspeople and representatives from mass organisations, have helped strengthen mutual understanding and create a firm foundation for multifaceted cooperation between the two sides. Two Joint Statements of leaders of the two countries, which were issued in June 2005 and November 2006, affirmed the two countries’ will to develop multi-faceted, constructive and friendly partnership on the basis of equality and mutual respect and benefit in an extensive, sustainable and efficient manner. Impressive progress has been made in trade-economic relations. Cooperation in humanitarian activities, culture, tourism, sports and the fight against terrorism and trans-national crimes has been gradually expanded. Although some differences remain, particularly those related to democracy and human rights, I believe that these differences are small as compared with the two countries’ common interests and they should be resolved through dialogues. With efforts and goodwill of both sides, I believe that bilateral relations would further develop in the future to serve the two nations’ interest and contribute to ensuring peace, stability and prosperity in the Asian region. Vietnam is now an official member of the World Trade Organisation (WTO), so how do you think the membership will affect economic, trade and investment relations between vietnam and the US? Do you have any message to the US business community, particularly those who are planning to invest in Vietnam? In conjunction with dynamic economic development, political stability and safety, Vietnam’s WTO membership, the US Government’s establishment of Permanent Normal Trade Relations with Vietnam and Vietnam’s successful organisation of the 14 th APEC Economic Leaders’ Meeting have helped improve Vietnam’s position and prestige and make the Vietnamese market more attractive to foreign business circles. Many leading economic groups of the US have decided to put heavy investment in Vietnam. I welcome US entrepreneurs to do business in Vietnam. The Government of Vietnam will continue to create a favourable environment and conditions for foreign investors to operate in the country. What is your assessment of the Vietnamese community in the US and their contributions to Vietnam's development? With a population of more than 1.5 million, the Vietnamese community in the US represents half the number of Vietnamese living abroad. I am pleased to see that most Vietnamese in the US live a stable life and successfully integrate into the local community while maintaining close ties with their homeland. I felt encouraged by the successes in all fields of Vietnamese in the US, particularly those made by the younger generations. I highly appreciate contributions by overseas Vietnamese in the US to Vietnam, both spiritual and material, in the recent past. The State and people of Vietnam have always respected the profound sentiment Vietnamese people abroad have expressed toward their home country, their sense of national dignity and their wish to contribute to developing Vietnam into a rich and powerful country. Thousands of overseas Vietnamese with their assets in the US have selected their home country for investment and business operations and they have invested thousands of billions of VND in Vietnam. I would like to praise those experts and academics who have made intellectual contributions to national construction, and cooperated with their colleagues inside the country in scientific research, training and experience exchange. Charity activities by overseas Vietnamese have been promoted, thus helping resolve social and humanitarian matters. I am glad to see that the number of Vietnamese living in the US to visit the homeland has increased year on year. The visits help them better understand the situation in the country, sharing the homeland's joys in the renewal process as well as the difficulties and challenges. It is regretful that a small part of the community who still haven’t had the chance to visit Vietnam and due to a lack of knowledge, continue to perform activities that are contrary to the nation's interest and unfavourable for community solidarity. Vietnamese living in the US have great potential in terms of economy and knowledge. The Vietnamese State will take on more responsibility in the spirit of Resolution 36 of the Party Central Committee's Political Bureau to create opportunities for overseas Vietnamese to contribute to national development, helping to strengthen and promote Vietnam-US friendship and cooperation. (Source: VNA)

Vying to supply telecom services for new residential areas

09:09' 15/06/2007 (GMT+7)

To enter new residential areas and high-rise apartment buildings, telecom service providers must pay a one-time fee and monthly commission based on their monthly telecom revenue. VietNamNet Bridge – Fixed phone networks of EVN Telecom, Viettel, and the Vietnam Post and Telecommunications Group (VNPT) are competing with each other to gain market shares of new residential areas and high-rise apartment buildings in Hanoi. Uncompromising struggle Not like in the past when investors often had to beg telecom service providers to build telecom networks in their new residential areas or apartment blocks, this task has become a race among VNPT, Viettel and EVN Telecom now. According to a telecom service development staff who is in charge of negotiating and signing with construction companies, to enter new residential areas and high-rise apartment buildings, telecom networks must pay a one-time fee and monthly commission based on the annual telecom revenue collected from the residential area or the apartment building. In addition, to be able to win contracts with construction investors, telecom service providers must pay certain “black” money. The Hanoi Post Office, a subsidiary of VNPT, still regrets its defeat at the hands of Viettel to provide telecom services at the Trung Hoa-Nhan Chinh new residential area in Hanoi. According to Bui Van Luc, Chief of the Hanoi Post Office’s Business Planning Department, some families in Trung Hoa-Nhan Chinh have asked to continue using the fixed phone service (maintaining their old fixed phone numbers) offered by the Hanoi Post Office. However, the Hanoi Post Office can’t install the telephone lines for those customers because Viettel doesn’t agree. When the Hanoi Post Office asked to share the infrastructure in this residential area, Viettel in turn asked the post office to share the infrastructure at all new apartment blocks and residential areas in Hanoi. Of course, the Hanoi Post Office rejected this request. After that, the Hanoi Post Office installed CityPhone (inner-Hanoi mobile information service) stations around apartment buildings, but this is ineffective. By the end of March 2007, the Hanoi Post Office invested more than VND70 billion (US$4.375 million) in telecom networks at more than 100 high-rise apartment blocks and new residential areas. It currently has 15,000 telecom subscribers. Though accounting for nearly 2% of the total subscribers in Hanoi, the average turnover from each subscriber of this kind is very promising, 1.5 to 2 times higher than the average. That’s why EVN Telecom, Viettel and VNPT consider new residential areas and high-rise apartment buildings “strategic clients”. According to statistics, Viettel is providing telecom services at 27 high-rise apartment buildings, totalling around 20,000 subscribers. This provider has also signed contracts with 26 other new residential areas and high-rise apartment buildings. “Viettel Telecom always consider clients in this area as clients with the most potential, not because of revenue, but because these are new areas which don’t have telecom service providers yet so it is easier,” said Le Huu Hien, Deputy Director for network development of Viettel. EVN has initiated a “stronger” policy by accessing luxurious office buildings in inner Hanoi and its advantage goes along with its “monopoly” of electricity. Normally, when the Electricity of Vietnam (EVN) builds the power facilities for a building, it also develops a telecom cable network at the same time and forces the building investors to use its services. In addition, EVN often “presents” a whole transformer station (worth billions of Vietnam dong) to new residential areas or high-rise apartment buildings. Of course, residents in those areas and buildings must use telecom services supplied by EVN Telecom. This unique measure has forced VNPT and Viettel to sit by and watch in many areas. Viettel uses another approach to access this market. It is willing to share monthly profit with the investors of new residential areas and apartment buildings based on its actual revenues there. In addition, Viettel uses staffs of management boards of new residential areas and apartment buildings as its customer care employees on the spot. How about customer interests? During a promotional campaign offered by VNPT, many customers sought the telecom services of the Hanoi Post Office. However, their needs can’t be met, and those customers all live in new residential areas and new high-rise apartment buildings like Trung Hoa-Nhan Chinh, Nam Trung Yen, My Dinh 1 where Viettel and EVN have installed telecom facilities. Some customers say that they want to use telecom services offered by the Hanoi Post but they can’t since the manager of their apartment buildings said that Viettel or EVN Telecom had installed telecom networks in the buildings already and they must use Viettel or EVN Telecom’s services. Competition is very normal but it shouldn’t affect the interests of customers. Sharing telecom infrastructure facilities to ensure the right of options of customers in offices and apartment buildings and new residential areas is a must. (Source: Buu dien Viet Nam)

Vietnamese puppets to impress America

16:26' 14/06/2007 (GMT+7)

VietNamNet Bridge – On the sideline of President Nguyen Minh Triet’s first official visit to the US, well-known puppeteer Chu Luong plans to make a great impression with a 700-puppet exhibition on Vietnam’s water rice civilisation. Opening on June 20 in a 150sq.m area inside the Ronald Reagan Building, Washington DC, Chu Luong’s exhibition at the upcoming festival will be a version of the Human World Water Puppet Exhibition recently organised in Hanoi. At the exhibition, puppets which have been made manually by Chu Luong and a group of artisans from the northern province of Ha Tay will be arranged alongside agricultural tools and products to reproduce faithfully the daily agricultural and spiritual lives of Vietnamese farmers. “I hope American visitors will understand the stories we want to tell. We want to tell stories about Vietnamese people’s purity, optimism, and generosity by reproducing images of ancestor thanksgiving ceremonies, festivals, fish catching activities, and others,” said Chu Luong. In April, Chu Luong, writer Nguyen Quang Thieu and director Luong Tu Duc as well as 200 puppets, spent almost one month in the US to talk about the history and development of Vietnamese water puppetry. “Audience members put forth very interesting questions. Vietnamese folk culture is something that particularly attracts Americans. I gathered enough courage to play the H’Mong flute and Nguyen Quang Thieu showed off his monochord playing skills. Many later said they had been drawn towards our pure, expressive musical notes amid the atmosphere of water puppetry. So I believe this upcoming exhibition of land puppetry will also be highly appealing to American audiences,” said Chu Luong. Chu Luong’s puppet exhibition in the US will also include black-and-white photos by photographers Viet Thanh and Hoai Linh, both of whom are known for their forte in journalism photography as well as fluent in English. Black-and-white photos will be used to convey the message that the power of culture and the human spirit is timeless. Nguyen A Phi from World and Vietnam Magazine, who will be in charge of the exhibition, said: “When I read in newspapers about Chu Luong’s puppet exhibition, I felt as though I was coming across some gold. Water rice civilisation carries in it the best of each and every Vietnamese person. It is also a strange dish to foreigners. I think we can only win foreigners’ hearts with our most sincere, simple and traditional values. Exhibited works without their authors will become spiritless. Thus, all of the three artists will give explanations in English. Chu Luong still has a little bit of an accent. But it won’t matter. It is Vietnamese naturalness and folksiness that will be captivating,” said A Phi. The exhibition is being organised by World and Vietnam Magazine under the Vietnamese Ministry of Foreign Affairs and sponsored by Vietnamese businesses, which will spend about US$100,000 to cover organisation costs. (Source: Tuoi Tre, Lao Dong)

Da Nang: first night bathing beach to be launched in June

16:49' 14/06/2007 (GMT+7)

VietNamNet Bridge – Da Nang plans to put the first night bathing beach into operation in mid June 2007 and launch a tour on conquering Son Tra mountain in Jeeps. Preparing for the night bathing beach Director of the Da Nang Tourism Department Ngo Quang Vinh said that the preparation work for the launching of the night bathing beach (on Pham Van Dong beach) was being completed. It is expected that the night bathing beach will begin serving clients on the occasion of the tourism festival “Da Nang – Sea Calling 2007” to be opened on June 15. This will be the first night bathing beach in Vietnam, an original tourism product that will make Da Nang even more attractive in the eyes of travellers. Mr Vinh said that ensuring security for the night bathing beach would be the priority task. There will be a rescue team which will be on call at all times, ready for rescue work. The night bathing beach will be lit with a modern lighting system. Travel firms will cooperate closely with local authorities in order to ensure security for travellers. Also on the occasion of the tourism festival “Da Nang – Sea Calling 2007”, Da Nang will launch a wild nature tour to Son Tra mountain in Jeeps on June 15. In the Jeep, a vehicle suitable for adventures, a tourist can ascend to the height of 600 m on Son Tra mountain, stay at the DRT wave transmitting station, and, from the height of 300 m, have a view of the city. Tourists will also have the chance to see the radar station, known as the ‘divine eyes of Indochina’, and stay at the roots of a great and old tree, which has very big roots, capable of holding 3-4 persons. The current Jeep club has 15 cars, and the members are people who love driving Jeeps. The club has organised several tours for German travellers recently. The travellers went from The Nam Hai (Dien Ban, Quang Nam province) to the My Son relics site and Hai Van Quan on Hai Van pass. Hai Chau

New banks will appear at year’s end: SBV

16:53' 14/06/2007 (GMT+7)

VietNamNet Bridge – Kieu Huu Dung, Director of the Banks and Non-bank Credit Institutions Department under the State Bank of Vietnam (SBV), said that new banks would be set up by the year's end after a decade during which the central bank did not licence any new banks. Setting up new banks: green light on Kieu Huu Dung, Director of the Banks and Non-bank Credit Institutions Department under the State Bank of Vietnam The newly promulgated regulation said that founding shareholders must not transfer shares within five years, while other shareholders must not transfer shares within three years. Will the provision violate the Enterprise and Securities Laws, if joint stock banks are considered public companies? The question you have raised was voiced while we were compiling the regulation. However, I have to remind you that under the document guiding the implementation of the Enterprise Law, the establishment of banks will be covered by the Law on Credit Institutions, and SBV will set the conditions for bank establishment. Besides, the Enterprise Law stipulates that the Government has the right to set requirements on the establishment of companies in specific fields. In this case, the Government has drawn up a document authorising the Governor of SBV to stipulate the requirements. The strict requirements mentioned in the newly enacted document aim to ensure healthy competition among banks, while they can help measure the commitment levels of investors when they decide to set up banks. Under the newly promulgated regulation, investors must make heavy commitments. For example, bankers must show who will hold the most important posts. How can SBV supervise the commitment implementation of banks? Investors must show who will hold the key posts in the banks. At least, the staffs must make commitments that they will work for the banks if the banks are licenced. There will be two steps in licencing banks, SBV will approve the bank's establishment in principle first, and then will approve it officially. If you can satisfy basic requirements, you will get the approval in principle. When you can fulfill other procedures, you will get the official approval. How long will it take to get licences? I think it will take three months on average to get the approval in principle, and three more months to get official approval. I know that many applications are now on the table of the State Bank. How many files meet the set requirements? We have received more than 20 applications; however, all of them were sent before the new regulation was enacted. We have not made any official assessment on the applications. Once the new regulation becomes valid (15 days after it is published in the official gazette), we will inform investors and ask them to change files as required. The investors will have to file applications again, and the day of file submission will be the day when investors submit applications again. When will we see new banks set up under the new regulation? This year, I think. Many localities are seeking permission to set up local banks. What is your viewpoint on this? It would be a big mistake to think that banks would serve these localities, because banks must operate nationwide. Besides, banks’ operations must not be controlled by local authorities. If authorities could influence banks, this would have bad impacts on banks’ operations. If considering the provisions in the newly enacted regulation, not all localities can meet the stipulated requirements. For example, it is stipulated that banks must have at least three shareholders which are big enterprises and have the maximum capital of VND500bil. Only a few localities, including Binh Duong, HCM City and Hanoi, can meet the requirements, while other localities cannot. Of course, Hanoi-based enterprises can make capital contributions to a bank in another province, but enterprises in big cities do not like making investment in banks in other localities. Now more and more general corporations and groups want to set up their own banks, so therefore they will have influence on banks’ operations. What should the central bank do to limit the influence? Enterprises are not allowed to borrow money from the banks to which they make capital contributions. The Electricity of Vietnam, for example, and its members are not allowed to borrow money from An Binh Bank. Besides, one shareholder can hold 20% of the shares of a bank at maximum. Phuoc Ha