Travel firms get fat profit from national squad triumph

13:39' 19/07/2007 (GMT+7)

VietNamNet Bridge – The number of travelers booking tours to Thailand to attend the quarter-finals match between the national squad and the Iraqi team has been increasing. Vietnamese fans celebrating the victory of the national squad Ignoring the worries about the political uncertainty in Thailand, Vietnamese people have been rushing to book tours to Thailand at travel firms. They want to be present at the stadium in Bangkok to encourage the footballers, who have for the first time entered the quarter-finals of Asian Cup instead of staying and home and watching the match on TV. In fact, travel firms all have prepared diversified tourism products for several months, planning to launch the products soon after Vietnam gets the admission to the next round of the Asian Cup. Saigontourist, Viettravel and Fiditour are all have launched attractive tour programmes to attract clients. Saigontourist said that more than 200 clients have booked tours to Thailand to watch the football match. Besides, it also serves the clients who come to Thailand on holiday and now book additional tickets to Bangkok to attend the match. Viettravel and Fiditour are now also very busy serving the travellers - fans of Vietnamese football. The Vietnamese fans will arrive in Bangkok on the afternoon of July 21, and then go directly to San Rajamangala stadium to watch the football match of Vietnam vs Iraq at 6.20 pm. They will return to Vietnam on the same day. The fee for the quick tour is offered at $350/traveler. Meanwhile, the fee will be $400/traveler for the combined tour of watching match and sightseeing, from July 20-22. Many Vietnamese people, especially the youth, do not book tours at travel firms, but will organise tours to Thailand themselves. They can go to Thailand by bus, car and on train (HCM City – Phnom Penh, Cambodia – Bangkok route). Travelers can take a bus to Phnom Penh, go through the Poipet/Aranyaprathet border gate, and then take a train to Bangkok. Of course, with the self-designed tours, the fee will be much lower, just ½ of the fee of package tour offered by travel firms. Ng.Sa, Viet Nam Net

Vietnamese workers eat human meat: fabulous concoction!

07:44' 19/07/2007 (GMT+7)

The article about Vietnamese workers who killed and ate their Nepalese colleague. VietNamNet Bridge – Recently, people in the Middle East have been in tumult about information released by an English newspaper named Gulf Times and some newspapers in Arabic in Qatar that a group of Vietnamese workers in Qatar killed and ate their Nepalese colleague. The Nepalese Embassy in Qatar has confirmed that there is no Nepalese citizen who died in Qatar recently and there is no truth in the terrifying story that a Nepalese worker was killed and eaten like some local newspapers reported. Doan Ngoc Boi, Vietnamese Ambassador to Kuwait and Qatar, met with officials of the Ministries of Foreign Affairs, Home Affairs and related agencies in Qatar to ask for intervention and investigation. The local agencies have checked all hospitals in Qatar to seek the ‘Nepalese victim’ and to verify the information. At a recent meeting with representatives of the Vietnamese Embassy, a high-ranking diplomat of Qatar confirmed that the information was completely invented to attack the prestige of Vietnamese workers. Under the requirement of the local government, all the local newspapers that reported the above information on July 14 had to publish an announcement by the Vietnamese Embassy rejecting the above information, like an official correction. However, the case could be brought to court for the spreading of libelous information, said local officials. A verified source said that local security forces had temporarily arrested three workers from two South Asian countries who are suspected of being the provider of the above fabulous information. Initial declarations revealed that they were not the ‘authors’ of the invented information. Someone paid them to tell this invented story to local newspapers to destroy the prestige of Vietnamese workers in Qatar. Unhealthy competition among manpower exporters to Qatar has been occurring since Qatar implemented the policy to diversify the sources of foreign manpower, which numbers millions in this country, including Vietnamese workers instead of workers from Southwest Asian countries in the past. Mr. Boi said that this was hindrance in the international integration process that every country might have to face. However, he confirmed that the case didn’t influence the prestige of Vietnamese workers, numbering nearly 10,000 in Qatar at present. Qatar has promised to continue importing manpower from Vietnam for all kinds of jobs. (Source: Lao dong, Viet Nam Net)

Star-studded fund raising concert to hit Singapore

16:45' 18/07/2007 (GMT+7)

Singaporean singer Cai Chun Jia will perform in the 18th Charming Vietnam VietNamNet Bridge – For the first time, Duyen Dang Viet Nam (Charming Vietnam), an annual fund-raising music and fashion event organised by Thanh Nien newspaper, will be held in Singapore in August. At the press conference held yesterday, July 17, musician Duc Tri, Charming Vietnam’s programme editor, said the upcoming Singaporean bash would be a musical, dancing and fashion buffet with the participation of many famous domestic and overseas Vietnamese and Singaporean singers, beauty queens and artists including My Linh, Phuong Thanh, My Tam, Dam Vinh Hung, Miss Vietnam Mai Phuong Thuy and pop star Cai Chun Jia. The show will take place at 5 pm on August 18-19 at the Concert Hall inside the Esplanade Theatre. Around 40% of the audience members will be Singaporean, and the rest will be Vietnamese students, overseas Vietnamese and international tourists. The show will be accompanied by a fireworks display. About 10 ministers from Singapore and Vietnam will also attend the programme. Musician Duc Tri said this would be a very high-quality show with a special traditional music “dish”. "All music must be real, and there will be no play back. This can be considered a musical cocktail in which only the most delicious dishes will be served. Thus, traditional music will be essential and along with jazz, folk and classical music performances, it will help to reveal a pretty good picture of Vietnamese music,” said he. Director Tat My Loan, who will return for this 18th Charming Vietnam for the first time after many years of absence, said, “For years, the image of Vietnam in foreigners’ eyes has been closely related to wars. “In these peaceful times, Vietnam doesn’t have many opportunities to introduce her new image to the world in a concentrated and vivid manner. It isn’t too difficult to introduce Vietnamese beauty. But this is Charming Vietnam, that is, the charming image of a Vietnam which is peaceful and full of cultural and economic colours,” said she. The show is also attracting lots of attention from foreign media. News agencies such as Channel News Asia TV, the Straits Times, BBC, the Nation, the World Association of Newspapers, and several popular websites will cover the event. Started in 1994 to fund the Nguyen Thai Binh Scholarship Fund for economically disadvantaged students, Charming Vietnam has provided more than 7 billion dong worth of scholarships and was held abroad for the first time in 2005 in Australia. (Source: TT, NLD, LD, Viet Nam Net)

Trans-Asia Bridge Span festival to start next week in Quang Tri

09:36' 18/07/2007 (GMT+7)

VietNamNet Bridge - “2007 Trans-Asia Bridge Span” and “July Gratitude” festivals will be held in Quang Tri Province from July 24 to 30. The show is one of a series of festivals held in the province that celebrate important events throughout the year, others include the 100th Anniversary of late Secretary General Le Duan's birthday, the 35th Anniversary of Quang Tri’s Liberation and the 60th Anniversary of Dead and Wounded Soldier Day. The festival features numerous cultural activities such as musical performances, photo exhibitions, a food fair, volleyball and tennis competitions, “Quang Tri: Integration and Development” conference and an international expo with nearly 500 display booths from Vietnamese and foreign companies. The event will involve the participation of art troupes and enterprises from across the nation and from Thailand, Laos, Myanmar, and China. The province’s tourism department will be offering several tours to historical and tourist sites such as Khe Sanh, Ta Con, Truong Son Martyr Cemetery, Quang Tri ancient citadel, Hien Luong and Ben Hai Rivers, Vinh Moc Tunnel and Cua Viet Beach. Visitors will also have the opportunity to take part in one-day overland tours linking Viet Nam with Laos and Thailand. This is the second “Trans-Asia Bridge Span” festival; the first was in 2004. It is a good opportunity for the host province to introduce its economic progression, culture, society and tourist attractions to local and foreign visitors and investors. (Source: SGGP, Viet Nam Net)

US proud of BTA’s impacts on Vietnam’s economy

08:55' 18/07/2007 (GMT+7)

US Vice Ambassador to Vietnam Jonathan M. Aloisi VietNamNet Bridge – The US on July 17 announced a report on the impacts of the US-Vietnam Bilateral Trade Agreement (BTA) on Vietnam in the fields of trade, foreign investment and economic structure since the agreement was implemented in December 2001. The announcement ceremony was organised by the Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment. At the ceremony, representatives of the Foreign Investment Agency and the trade promotion assistance project (STAR Vietnam) presented the report, which describes the unprecedented economic progresses of Vietnam in the past five years. The report describes the influences of the bilateral relations between Vietnam and the US on the economic progress of Vietnam. Speaking at the ceremony, US Vice Ambassador to Vietnam Jonathan M. Aloisi said: “The US is proud of playing a role in Vietnam’s amazing economic growth in the past five years.” According to Mr Aloisi, the BTA has three specific impacts. Firstly, it has strongly promoted trade activities, turning the US into the largest export market of Vietnam. Secondly, the BTA has encouraged reforms of the legal system, helping Vietnam to successfully access the World Trade Organisation (WTO). Thirdly, the BTA has created favourable conditions for the signing of the Trade and Investment Framework Agreement (TIFA) between the US and Vietnam. Direct investment from the US to Vietnam has rapidly increased since the BTA was signed, including a US$1 billion project of Intel in HCM City. Viet Nam Net,Phuong Loan

Hanoi: used cars selling like hot cakes

17:17' 18/07/2007 (GMT+7)

VietNamNet Bridge – In order to buy a used Toyota Altis manufactured in 2003, a buyer would have to pay $2,000 more than last year. Mr Thong, who is seeking to buy a used car, complained that he could not find a suitable one at this moment. He said cars were cheaper last year, but he did not have enough money then. Several days ago, he contacted the seller of an Altis and agreed to buy it for VND360mil. However, he could not get the car, as the owner had sold it for VND400mil to another client. Meanwhile, used car dealers complain that they do not have cars to sell. Nguyen Minh Tam, the owner of a car salon on Nguyen Khoai street in Hanoi, said that used cars now were 5-10% more expensive as there were not many cars for sale. For example, a Mitsubishi Jolie, which was priced at $18,000 last year, is now selling at $19,000. The models that Mr Thong and others are seeking to buy now are the ones that manufacturers have stopped making, namely Mitsubishi Jolie, Toyota Zace or Daewoo Lanos. Buyers have to purchase used cars because no more new cars of these models are being churned out. Toyota products have been hunted by clients thanks to their good quality and available spare parts. Vu Nam Chung, Director of Nam Chung Automobile Trading Company, said that its turnover was 30% higher than that of the same period of 2006. Every month the company sells 100 units, 30% of which are made by Toyota. “Except for July (lunar calendar), turnover will keep rising from now to the year’s end,” he said. Analysts have said that the used car market has never been as bustling as nowadays. Mr Ha, who is working for Vietnam-Korea automobile garage on Truong Chinh Road in Hanoi, said that 40-50 units were sold every month, much higher than last year’s level, though cars are 10% more expensive. Mr Ha said that a Toyota Altis 2003 version could be bought for $23,000 in 2006, but now it is priced at not less than $25,000. Not only locally assembled, used imports are also being hunted by clients. Several months ago, a Morning SLX 2005 was sold at $16,000, and now the same car could be sold at $17,000 or $18,000. Car dealers say that car purchasing power is increasing. As tax policies have been stabilised, clients have stopped the wait-and-see period, and are seeking to buy cars at this moment. Not anticipating the demand, local automobile joint ventures did not raise their output. (Source: VNE,Viet Nam Net)

Merrill Lynch report sets party table for speculators

17:08' 18/07/2007 (GMT+7)

Merrill Lynch’s headquarter (Photo: Bloomberg) VietNamNet Bridge – While experts and mass media are busy arguing how trustworthy Merrill Lynch’s report is, speculators have time and opportunities to buy shares at low prices as investors try to sell shares for fear of the forecast gloomy prospects for the stock market. Report shows problems with Vietnam or Merrill Lynch? Thoi bao kinh te Vietnam has posted the analysis of Nguyen Duc Thanh, an expert, who has tried to explain why Merrill Lynch’s conclusions about Vietnam were so contradictory. “The fact that Merrill Lynch withdraws from Vietnam, in case the recommendation of the research team is accepted, does not say much about Vietnam’s market. It says more about Merrill Lynch itself,” the author writes. If considering the investment portfolio of Merrill Lynch in Asia, one can note that the group has more investments in well-developed markets, including the four Asian tigers (ROK, Taiwan, Hong Kong and Singapore) and Australia, which account for 70% of total investment. Meanwhile, smaller and emerging markets in Southeast Asia (Thailand, Indonesia, the Philippines and Vietnam) are clearly not its priority destinations – 8.5% of total investment only. The remaining investment proportion has been allocated to China (14%), and South Asia (India 2.5% and Pakistan 2.5%), big markets with big opportunities. Therefore, it is quite understandable why the research team has suggested pushing up investment in India and China. Mr Thanh has pointed out that the changes in the conclusions of Merrill Lynch about Vietnam’s stock market coincide with changes in the group’s staffs. The first report about Vietnam’s market was released on February 2, 2006. It was written by Spencer White, Stephane Corry and Willie Chan (all were staffs of Merrill Lynch Hong Kong). As the names of the authors were not listed in alphabetical order, it could be surmised that the head of the research team was Mr Spencer. The report, forecasting a bright future, urged Merrill Lynch to enter Vietnam as soon as possible. The second report, dated June 29, 2006, was made by the same research team. Though the market went down sharply at this time, the research team was still optimistic about Vietnam. The third report was launched on October 5, 2006, with the note, ‘corrected’. On the list of the report’s authors, the name ‘Mark Mathews’ appeared just after Spencer, and it is interesting to note that Mark is a staff of Merrill Lynch Singapore, not Hong Kong as the other three members. It was a time when the market began recovering (and increased considerably in the next months as people witnessed). However, the report consisted of some pessimistic conclusions about Vietnam. More pessimistic conclusions were seen in the latest report, dated July 5, 2007. In this report, the name ‘Spencer’ disappeared, and ‘Mark’ appeared as the head of the research team. The report, as said before, recommends that Merrill Lynch direct its sources of strength into China. The viewpoint of Merrill Lynch about Vietnam seems to change in accordance with the changes of the viewpoints of the consultants to Merrill Lynch. As such, Vietnam’s stock market and Vietnamese investors seem to be victims of some kind of ideological conflict, taking place several thousands of kilometers from Vietnam in some small office. Golden time for speculators to make profit The report has shocked many investors and raised arguments among analysts and experts, but has brought big opportunities to many other investors and speculators. 60-year-old investor Tran Van Minh on SSI trading floor said, “Why should I follow other investors to sell shares at low prices and then have to buy shares later at high prices?” he said, adding that the VN Index would rebound to the 1,000 point level soon. Other investors also said that it was quite normal to see the VN Index go up and down. Some of them said that they would buy shares in when the prices further dropped, adding that the report would only frighten cowardly investors. Don Lam, Director General of Vina Capital, has advised investors to keep calm and be rational when making investment decisions. Financial institutions have the right to make their own assessments, and the assessments should be considered thoroughly. (Source: VietNamNet, TBKTVN)