Archive for the ‘Prime Minister Nguyen Tan Dung’ Category

Vietnam PM Puts Together Measures To Avert Recession; More Floods, Rain In Central

November 28, 2008

Vietnam’s Prime Minister Nguyen Tan Dung has put together a package of measures to help prevent the economy falling into recession but the government has yet to detail what those measures will be.

The prime minister, who met with officials from various ministries late Thursday, said the impact of the global financial crisis is increasingly spreading to Vietnam and hurting its exports, tourism and especially the stock market.

“Vietnam’s economy is slowing down, with the threat of recession looming large,” Dung said in a statement published Friday on the government’s Web site.

“All the state organizations should combine their efforts to prevent recession, support production and maintain reasonable economic growth,” Dung noted.

From Dow Jones

He said the package includes measures to boost production and exports, stimulate domestic consumption, increase loans, support the poor and a review of taxation.

No further details were available although state media reported that ministers proposed a further cut in benchmark interest rates to 10% from the current 11% and delaying the implementation of a planned capital gains tax to July from January.

Ministers also proposed increasing the disbursement of state funds for welfare, healthcare, education and infrastructure projects, plus reducing taxes for businesses.

Neither did the government say how much it plans to spend, although analysts have speculated that it could be for around US$1 billion.

Vietnam, once expected to be the next Asian boom economy, has suffered a marked slowdown in economic growth.

In late September, the government estimated that gross domestic product expanded 6.5% in January through September from a year earlier compared with 8.2% growth in same period of 2007.

That slowdown was in part due to government spending cuts and price controls on some goods to stem inflation that still stood at an elevated 24.2% on year in November. Slowing offshore demand for Vietnamese goods and falling inward investment have added to the woes lately.

Vietnam’s key stock-market index, which has declined 67% so far this year, ended up 3.7% Friday after state media announced that the government will take urgent measures to support the economy.


Officials say floods and landslides triggered by several days of heavy rain have killed 13 people in central Vietnam this week.

Disaster official Le Viet Binh of Quang Ngai province says rains have stopped but water levels remained very high on Friday, hindering rescue efforts. Floods and landslides have claimed four lives in the province.

“We have mobilised militiamen and police to rush food aid and medicine to one isolated district,” Binh says.

Binh Dinh province is the worst-hit, with five people being drowned, according to the provincial Web site.

Vietnam Airlines says dozens of flights to the seaside city of Nha Trang have been cancelled.

Vietnam is prone to floods and storms that kill hundreds of people each year.


Vietnam Rejects Steel Mill for Environmental Concerns

November 14, 2008

Vietnam has rejected a proposal by South Korea’s Posco Group to build a 5.4-billion-dollar steel mill near a coastal resort, citing environmental concerns, state media reported on Friday.

The hot-rolled steel mill proposed for south-central Nha Trang’s Van Phong Bay would have breached environmental protection rules, said a decision from Prime Minister Nguyen Tan Dung, according to the Tien Phong (Pioneer) daily.


The headquarters of POSCO in Seoul. Vietnam has rejected a proposal ... 
The headquarters of POSCO in Seoul. Vietnam has rejected a proposal by the South Korean group to build a 5.4-billion-dollar steel mill near a coastal resort, citing environmental concerns(AFP/File/Jung Yeon-Je)

The newspaper, and other media reports, said another reason the government scrapped the project was that it would have clashed with the planned development of a major container port in Van Phong Bay.

Dung asked Khanh Hoa province leaders to discuss other possible sites for the mill, according to the news website VietnamNet.

The premier, in a televised address to the national assembly on Thursday, said the communist government had “refused a project worth 4-5 billion dollars in steel” for environmental reasons, without naming the project.

He added that the government was determined to prevent further pollution in the country of 86 million people, where rapid industrialisation since the 1990s has caused widespread river and air contamination.

In January local authorities had given Posco and local ship builder Vinashin the green light to build the mill, including a 1,000-megawatt power plant.

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Vietnam blasts into the satellite age

April 19, 2008

by Frank Zeller 

HANOI (AFP) – Vietnam blasted into the satellite age on Saturday when a rocket launch from South America propelled its first orbiter into space, allowing it to beam home telecoms data and television signals.
From a command centre set amid lush rice fields outside the capital Hanoi, scientists tracked the Arianespace rocket as it propelled the Vinasat-1 on its path to hover 36,000 kilometres (22,000 miles) above the equator.

An Ariane 5 rocket ready for its second mission of 2008 at Kourou ...
An Ariane 5 rocket ready for its second mission of 2008 at Kourou Spaceport, clearing the way for a final countdown to its liftoff on April 19, 2008 with telecommunications satellites, including one for communist Vietnam.(AFP/HO)

“This project is politically, economically and socially important,” said Prime Minister Nguyen Tan Dung, soon after the launch, noting that it would help to “raise Vietnam’s image on the international stage.”

The blast-off may only have been a small step for the European space agency in French Guiana, but it represents one great leap for communist Vietnam, a developing country with patchy phone coverage that only introduced the Internet a decade ago.
Vietnam Launches Its First Satellite by PEP 

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Vietnamese Prime Minister Nguyen Tan Dung addresses a ceremony ...
Vietnamese Prime Minister Nguyen Tan Dung addresses a ceremony held in Hanoi, on April 19, to mark the launch of Vietnam’s first satellite. With a rocket launch from South America, Vietnam blasted itself into the satellite age, putting into space its first orbiter that will beam home telecom data and TV signals.(AFP/Hoang Dinh Nam)

US Leading Business Mission to Vietnam

November 3, 2007

HANOI, Vietnam (AP) — U.S. Commerce Secretary Carlos M. Gutierrez will lead a delegation of business leaders to Vietnam next week to enhance ties between the United States and Southeast Asia’s fastest-growing economy.

Gutierrez arrives in Hanoi Sunday night and is scheduled to meet with Prime Minister Nguyen Tan Dung and President Nguyen Minh Triet during his three-day visit. He will also meet with U.S. and Vietnamese business leaders in Hanoi and Ho Chi Minh City.

“This visit represents yet another milestone in the growing economic relationship between the United States and Vietnam,” said Angela Aggeler, a spokeswoman for the U.S. Embassy in Hanoi.

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