Hue on Motorbikes - Hue, Vietnam
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F*ck the Great Circle Route, I'm Going the Long Way
Nguyen Duc
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Gov’t aims for $61.2bil in exports
Vietnam Business Finance (Free subscription) | 07/21/2008
Deputy Minister of Industry and Trade Bui Xuan Khu asked enterprises and commodity-chain associations to work at full capacity to raise their processing capabilities of exports, to reach the country's target export turnover of US$61.2 billion this year, up 26% over last year. Khu made the statement during an online conference on Friday discussing solutions to boost exports in the last six months
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Cashew industry thirsty for materials
Vietnam Business Finance (Free subscription) | 07/21/2008
Cashew processing workshops now find it hard to arrange enough material for processing as domestic output has been decreasing dramatically while it is not easy to find foreign supply sources. According to the Vietnam Cashew Association (Vinacas), the cashew harvests have finished in Dong Nai province, in the Central Highlands and coastal areas in the southern central region. Meanwhile, in Binh
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Vietnam Dong Gains Most in Nine Years as Banks Sell Dollars
Vietnam Business Finance (Free subscription) | 07/21/2008
Vietnam's dong climbed the most in nine years against the dollar after lenders and exporters sold the U.S. currency to meet local funding needs. Government bonds gained. The currency was at 16,640 per dollar as of 4:10 p.m. in Hanoi, from 16,795 on July 18, according to data compiled by Bloomberg. Today's 0.92% advance marked its best one-day performance since April 1999. ``Dong liquidity is
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Central bank punishes loan violators
Vietnam Business Finance (Free subscription) | 07/18/2008
The central bank has instructed some commercial banks to throw the book at executives in charge following reports of violations of loan and interest rate rules. The director of the State Bank of Viet Nam branch in HCM City, Ho Huu Hanh, ordered the Technological and Commercial Bank (Techcombank) to dismiss its city director Luong Huu Lam for covering up for his subordinates rather than
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Cashew nuts revenue hits US$350 million
Vietnam Business Finance (Free subscription) | 07/11/2008
Domestic businesses in the first six months of this year exported 65,000 tonnes of cashew nuts, earning US$350 million. Nguyen Duc Thanh, acting chairman of the Viet Nam Cashew Association (Vinacas), said the cashew industry is predicted to export 150,000 tonnes of assorted products and gain a total revenue of US$800-850 million by the end of this year. The cashew industry now has nearly 220
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Experts warn of economic deadlock after high inflation
Vietnam Business Finance (Free subscription) | 07/16/2008
The tightened monetary policy and high interest rates both have helped restrain inflation. However, when inflation is partially curbed, Viet Nam should think of slashing interest rates or the national economy will fall into a post-inflation deadlock. 30% inflation rate possible The inflation rate for the first half of the year reached 18.44%, the highest increase in recent years. Nguyen Duc
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Government, firms re-prioritise projects
Vietnam Business Finance (Free subscription) | 07/15/2008
Ministries, sectors and localities, and State-owned groups and corporations have cut down on unnecessary projects and constructions worth over US$2 billion in order to save capital. The Ministry of Planning and Investment (MPI) has made public the figures on projects (using the State budget) that have been stopped or suspended to implement Decision No 390 by Prime Minister Nguyen Tan Dung. The
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Enjoy a Buffet at Floating Restaurant
Vietnam Business Finance (Free subscription) | 07/14/2008
Saigon Restaurant Cruise Ship, featuring hundreds of Vietnamese traditional dishes, has been a favorite rendezvous for local and foreign visitors for more than ten years. Berthed at Bach Dang Quay at the corner of Nguyen Hue and Ton Duc Thang Srreet, the triple-decker 600-seat floating restaurant 10m wide, 40.5m long, and 10m high, receives visitors at 7 p.m. and starts its journey along the
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Inflation darkens benefits of pay rise
Vietnam Business Finance (Free subscription) | 07/10/2008
Average per capita income in the public sector in the first six months of the year increased by 21.1% against the same period last year. The positive news on incomes, however, was clouded by the high rate of inflation. Monthly income of public sector employees reached VND2.7 million (US$168.75) and VND2.1 million ($131.25) per capita at the central and local levels, respectively. At the current
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HAGL builds facility for SEA Games 25 in Laos
Vietnam Business Finance (Free subscription) | 07/14/2008
Hoang Anh Gia Lai Group (HAGL) started on July 12 the construction of an athlete village for the SEA Games 25 in Vientiane (Laos). The US$ 19 million complex, funded by Hoang Anh Gia Lai Group, will supply accommodations for athletes of the SEA Games 25 in Laos in 2009. The 1000-room project will be located on an area of 42,000m2 at the Laotian National University compound. It will also comprise
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Economists advise central bank against rate increase
Vietnam Business Finance (Free subscription) | 07/16/2008
Economists suggested Tuesday that an increase in interest rates would bankrupt businesses without effectively draining cash from Vietnam’s inflation-hit economy. The State Bank of Viet Nam (SBV) has raised interest rates three times this year as it aims to cap the country’s credit growth at 30% in 2008 to help contain double-digit inflation. In a recent report, a group of Harvard researchers
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Businesses count the cost of power outages
Vietnam Business Finance (Free subscription) | 07/13/2008
Many business representatives raised concerns about electricity shortages and sudden power cuts that caused great losses to their businesses at an on-line conference in Ha Noi this week. Vu Duc Giang, director general of the Viet Nam National Textile and Garment Group (Vinatex) said: "When we are dyeing fabric and the power cuts unexpectedly, we have to throw away the batch of fabric at that
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Construction on most modern road of Vietnam to start
Vietnam Business Finance (Free subscription) | 07/09/2008
Construction on Ha Tay's northeast axis road, which was started by Nam Cuong Corp and Ha Tay local governance on July 6, was regarded as a hit to wake up socio-economic potentials in the west region of Hanoi. Attending the groundbreaking ceremony were vice chair of the national assembly, former president Tran Duc Luong, former vice primer minister Nguyen Cong Tan, Chief of state presidential
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Ministry Vows to Help Distressed Catfish Farmers
Vietnam Business Finance (Free subscription) | 07/08/2008
Minister of Agriculture and Rural Development Cao Duc Phat promised to help catfish farmers find the right price for their fish while addressing a teleconference with Mekong Delta authorities Monday. They were meeting to discuss the catfish farmers’ problems in the last few months and measures to resolve them. Catfish prices rule at VND12,800 per kilogram, which translates into a loss of
