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Vietnamese Prime Minister Rejects Korean Steel Project in Van Phong

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Nov. 19 – Vietnam's Prime Minister Nguyen Tan Dung has denied the construction of a Korean steel mill by the Posco Group in Dam Mon in Van Phong bay, Khanh Hoa province. The Prime Minister said the Posco steel mill would clash with the development of the approved Van Phong international container port, in addition to the project not passing the strict requirements for ecological environment protection. According to , PM Dung said that priority should be given to the Van Phong entrepot project and environmental protection for ensuring sustainable development. If implemented, the Posco

Vietnamese Banks Continue Lowering Interest Rates

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Nov. 18 – Local banks in Vietnam are continuing efforts to lower lending interest rates for long and medium-term loans. In the past two months alone, the Bank for Investment and Development of Vietnam (BIDV) has lowered lending interest rates seven times by up to 1 percent. Already the maximum lending interest rate on short-term loans in Vietnam dong is down by 15 percent a year, reports . In addition, companies engaged in the business of oil products, steel, cement, fertilizer and drugs industries, small and medium-sized enterprises are qualified for even a lower lending interest rate of 14 percent annually.

Russia to Help Develop Vietnam’s Civil Nuclear Program

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Nov. 7 – The Russian Deputy Foreign Minister Andrei Denisov said that Russia is willing to help develop Vietnam's nuclear energy program. "We know that such plans were made in Vietnam, very daring and far-reaching plans. We hope that Russia will be among those who will work with Vietnam in this hi-tech area and continue the traditions of our cooperation," Denisov was quoted as saying by the . Last month, Vietnamese President Nguyen Minh Triet visited the Kremlin to sign oil and gas deals with Russian President Dmitry Medvedev.Gazprom is set to work with oil firm PetroVietnam for a joint exploration project of Vietnam's offshore oil reserves.

Vietnam to Implement Minimum Wage Hike in 2009

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Oct. 15 – Vietnam's said that beginning Jan. 1, 2009, monthly minimum salaries for employees in domestic enterprises will rise between VND110,000 to VND180,000 while those for foreign-invested businesses will increase by VND120,000 to VND200,000. The changes are part of the agency's 2008-2012 salary, social insurance and allowance reform plan, that aims to standardize the minimum salary for all businesses by 2012. The salary rates were based on GDP growth and consumer price index (CPI) in the first nine months of this year, wage increases in the labor market, enterprises’ pa

Vietnam’s Long An Province Cancels Industrial Zone Investments

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Oct. 13 – Vietnam's province of Long An has postponed investments in some of its industrial zones due to concerns on land use. The province’s Natural Resources and Environment Department Director Nguyen Van Thiep told that the province will only build one 300-hectare golf course in Duc Hoa District instead of the planned 13 golf courses.

Vietnam Implements Regulations for Environmental Sustainability

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By Chua Siew Joo Oct. 8 – All industrial zones in Dong Nai province will be required to install a central wastewater treatment plant by the end of 2008 or face suspension, according to Phan Van Het, deputy director of Resources and Environment Department. Last September, a Taiwanese firm, Vedan Vietnam, was caught by environment inspectors from the Ministry of Natural Resources and Environment for dumping untreated waste water into the Thi Vai River for more than a decade.

Vietnam’s Foreign Investment Climate

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By Chua Siew Joo Sept. 28 – In the first nine months of 2008, investment by foreign businesses in Vietnam exceeded US$57.12 billion, almost a fivefold year-on-year increase, according to Vietnam's . Vietnam’s foreign direct investment for 2007 amounted to US$20.3 billion. The Foreign Investment Agency revealed that the capital for new projects amounted to US$56.2 billion; projects in industry and construction accounted for 57 percent and 55 percent of the total FDI and the overall number of projects respectively. Meanwhile, the service sector attracted FDI of US$23.7 billion for 361 projects; the agriculture, forestry and fisheries sectors attracted FDI of US$1.12 billion.

Malaysian Steel Company to Invest in US$9.8 Billion Steel Mill Venture

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Sept. 24 – Vietnam has approved the joint venture deal between Malaysia’s Lion Industries and Vietnam’s shipbuilding group, Vinashin, for a US$9.8 billion steel mill. The steel mill will be located in the south-central province of Ninh Thuan with an annual capacity of 14.42 million tons. According to a statement from Ninh Thuan’s People’s Committee, construction should begin by next year and be completed in 2025. The first phase of the project will cost about US$2.75 billion. The details of the deal, like how much each company would invest, still has not been released.

Vietnam’s Consumer Price Index Rises by 0.18%

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Sept. 23 – According to Vietnam’s General Statistics Office, the consumer price index for September rose by only 0.18 percent. It is the lowest monthly gain since the start of the year. The CPI increases registered in seven out of ten essential commodity groups, with cultural, sports and entertainment services having the highest price hike of 1.45 percent, along with educational services with 1.4 percent.

Vietnam Reduces Fuel Prices By Up to 5.3%

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Aug. 15 – Vietnam has reduced the price of gas by up to 5.3 percent beginning today. The new prices reflect the drop in world oil prices of more than 20 percent from July. "The government has ordered us to reduce prices following world price declines," a Petrolimex official told .

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