The Communist Party and the state think that it is now not the right time to allow open casinos, because opinions still vary about this.
Deputy Prime Minister Nguyen Sinh Hung said so when answering questions from National Assembly deputies about whether the country should allow open casinos at the latest legislative session. He said: “It is not because we still cannot keep control over casinos. In fact, casinos are also not encouraged in the world.”
However, Deputy Prime Minister Nguyen Sinh Hung said that casinos might be allowed at a suitable time later on a trial basis. However, he stressed that this would still need thorough studies in order to avoid bad impacts on society.
According to an official from the Ministry of Planning and Investment (MPI), the ministry has submitted to the government a plan on casino development. No official information has been released about this, but sources say that the government would only consider allowing casinos to be set up within projects that have investment capital of $4bil and higher, large real estate complexes. These must be very big projects that would positively impact the whole region.
However, when talking with press agencies, Head of the Foreign Investment Agency under the Ministry of Planning and Investment Phan Huu Thang said that the requirement on investment scale would be just one of the conditions.
Meanwhile, a lot of foreign investors are planning to make investment in big real estate complexes in Vietnam which include casinos.
In September 2007, two US investors, Gillman Group and Fidelity Ventures Investment Group, unveiled their plan to develop a tourism project in Ba Ria-Vung Tau province in the south, estimated to cost up to US$5bil. It would include a financial-banking centre, a water park and aquarium, a casino, a cinema area, resorts, and others.
Quang Ninh authorities in October 2007 approved the 300-hectare tourism complex worth US$112mil. Vu Nguyen Nhiem, chairman of the provincial government, said that the investor, which is a Vietnam-US joint venture, would build major works for the complex such as a golf course and hotel. It is also seeking permission from the Prime Minister to build a casino section there.
VnEconomy (30/11/2007) Ref. Vietnam gateway
Showing posts with label News - Tin tức. Show all posts
Showing posts with label News - Tin tức. Show all posts
Friday, 25 January 2008
Vietnam's SSI says 2007 net rises threefold
Saigon Securities Inc, Vietnam's top brokerage, said on Monday its net profit jumped more than three times to VND858.55 billion (US$53.3 million) last year as revenues also increased threefold.
The Ho Chi Minh City-based firm, known as SSI, said in a statement its revenues soared to VND1.19 trillion last year from VND339.94 billion in 2006, when it had a net profit of VND242.03 billion.
Shares in SSI, 10 percent owned by ANZ and in which Japan's Daiwa Securities Group Incorporation has a 1.25 percent stake, fell 2.03 percent to close at VND145,000 ($9) on Monday before it released the unaudited results.
SSI is valued at $1.1 billion, the sixth-largest firm on the Ho Chi Minh Stock Exchange .VNI where it started trading on Oct. 29, 2007, having moved from the over-the-counter Hanoi Securities Trading Center .HASTCI.
The top broker firm also underwrites share and debt issues and advises state-run companies on privatisation.
SSI aims to increase its net profit by 16 percent to VND1.21 trillion on revenues of VND1.83 trillion this year.
Last month, state media quoted SSI Chairman Nguyen Duy Hung as saying the firm would list on the Singapore stock market this year. Hung did not give a date.
Source: Reuters Theo báo Thanh niên
The Ho Chi Minh City-based firm, known as SSI, said in a statement its revenues soared to VND1.19 trillion last year from VND339.94 billion in 2006, when it had a net profit of VND242.03 billion.
Shares in SSI, 10 percent owned by ANZ and in which Japan's Daiwa Securities Group Incorporation has a 1.25 percent stake, fell 2.03 percent to close at VND145,000 ($9) on Monday before it released the unaudited results.
SSI is valued at $1.1 billion, the sixth-largest firm on the Ho Chi Minh Stock Exchange .VNI where it started trading on Oct. 29, 2007, having moved from the over-the-counter Hanoi Securities Trading Center .HASTCI.
The top broker firm also underwrites share and debt issues and advises state-run companies on privatisation.
SSI aims to increase its net profit by 16 percent to VND1.21 trillion on revenues of VND1.83 trillion this year.
Last month, state media quoted SSI Chairman Nguyen Duy Hung as saying the firm would list on the Singapore stock market this year. Hung did not give a date.
Source: Reuters Theo báo Thanh niên
Deputy PM pledges to improve business climate at Davos forum
24/01/2008 -- 10:41 PM
Davos (VNA) - Viet Nam will further improve its business environment for investors by strictly implementing WTO commitments and completing market economy mechanism. Deputy Prime Minister Hoang Trung Hai made the pledge during his dialogue with nearly 50 leaders of world leading businesses in Davos , Switzerland , on Jan. 24 within the framework of the 38th World Economic Forum (WEF).Viet Nam , he said, is determined to create a fair and equal legal environment for healthy competition for all economic sectors both inside and outside the country, strengthen the fight against corruption, speed up administrative reform, and hold regular meetings with entrepreneurs to timely adjust its policies.“Once foreign entrepreneurs invest in Viet Nam , they become an integral part of the Vietnamese economy. Their successes are also Viet Nam ’s successes, so the Government of Viet Nam is responsible for protecting legitimate interests of investors,” Deputy PM Hai stressed.The official said within one year after Vietnamese PM Nguyen Tan Dung’s dialogue with more than 40 executives in Davos , Viet Nam attracted up to 20.3 billion USD in foreign direct investment (FDI) in 2007, double the previous year’s figure. In addition, a series of large-scaled projects are awaiting licences, signalling a new wave of FDI into the Southeast Asian country, he added.He went on to say that coming to Viet Nam, investors will be able to get access to a market with more than 80 million people and through which they can approach a larger market with over 600 million consumers of the Association of Southeast Asian Nations (ASEAN). More opportunities are in store with the establishment of free trade areas between ASEAN and China , Japan and the Republic of Korea in the future.Representatives from the participating companies all spoke highly of Viet Nam ’s rapid economic growth as well as its efforts to lure investment over the past years.They expressed interest in Viet Nam ’s plans to develop infrastructure facilities and skilled human resources in the near future.-Enditem Theo Vietnam News Agency
Davos (VNA) - Viet Nam will further improve its business environment for investors by strictly implementing WTO commitments and completing market economy mechanism. Deputy Prime Minister Hoang Trung Hai made the pledge during his dialogue with nearly 50 leaders of world leading businesses in Davos , Switzerland , on Jan. 24 within the framework of the 38th World Economic Forum (WEF).Viet Nam , he said, is determined to create a fair and equal legal environment for healthy competition for all economic sectors both inside and outside the country, strengthen the fight against corruption, speed up administrative reform, and hold regular meetings with entrepreneurs to timely adjust its policies.“Once foreign entrepreneurs invest in Viet Nam , they become an integral part of the Vietnamese economy. Their successes are also Viet Nam ’s successes, so the Government of Viet Nam is responsible for protecting legitimate interests of investors,” Deputy PM Hai stressed.The official said within one year after Vietnamese PM Nguyen Tan Dung’s dialogue with more than 40 executives in Davos , Viet Nam attracted up to 20.3 billion USD in foreign direct investment (FDI) in 2007, double the previous year’s figure. In addition, a series of large-scaled projects are awaiting licences, signalling a new wave of FDI into the Southeast Asian country, he added.He went on to say that coming to Viet Nam, investors will be able to get access to a market with more than 80 million people and through which they can approach a larger market with over 600 million consumers of the Association of Southeast Asian Nations (ASEAN). More opportunities are in store with the establishment of free trade areas between ASEAN and China , Japan and the Republic of Korea in the future.Representatives from the participating companies all spoke highly of Viet Nam ’s rapid economic growth as well as its efforts to lure investment over the past years.They expressed interest in Viet Nam ’s plans to develop infrastructure facilities and skilled human resources in the near future.-Enditem Theo Vietnam News Agency
US finances Vietnam 1.4 million USD to operate direct flights
Updated on 1/24/2008 at 21:2
Vietnam National Flag Carrier (Vietnam Airlines) has recently suggested that the US Department of Transport start direct flights from Ho Chi Minh City to Los Angeles via Osaka, Japan, said the US Embassy in Vietnam on January 24.-->
Vietnam National Flag Carrier (Vietnam Airlines) has recently suggested that the US Department of Transport start direct flights from Ho Chi Minh City to Los Angeles via Osaka, Japan, said the US Embassy in Vietnam on January 24. To help Vietnam, the US Trade and Development Agency will provide Vietnam with 1.4 million USD for the project over three phases to improve its safety and supervision capabilities to international standards. The Vietnam Civil Aviation Bureau has so far completed the first phase of the project With Vietnam’s recent WTO accession, the direct flight liking the US and Vietnam will create opportunities to promote bilateral commerce and tourism, helping Vietnam to further penetrate into global economy.
BTA (According to Lao Dong) Theo báo Đảng CSVN
Vietnam National Flag Carrier (Vietnam Airlines) has recently suggested that the US Department of Transport start direct flights from Ho Chi Minh City to Los Angeles via Osaka, Japan, said the US Embassy in Vietnam on January 24.-->
Vietnam National Flag Carrier (Vietnam Airlines) has recently suggested that the US Department of Transport start direct flights from Ho Chi Minh City to Los Angeles via Osaka, Japan, said the US Embassy in Vietnam on January 24. To help Vietnam, the US Trade and Development Agency will provide Vietnam with 1.4 million USD for the project over three phases to improve its safety and supervision capabilities to international standards. The Vietnam Civil Aviation Bureau has so far completed the first phase of the project With Vietnam’s recent WTO accession, the direct flight liking the US and Vietnam will create opportunities to promote bilateral commerce and tourism, helping Vietnam to further penetrate into global economy.
BTA (According to Lao Dong) Theo báo Đảng CSVN
130 overseas Vietnamese buy houses in the homeland
Updated on 1/23/2008 at 18:44
As many as 130 overseas Vietnamese living in foreign countries have bought houses in Vietnam, mainly in Ho Chi Minh City, since a new decree allowing overseas Vietnamese to buy houses took effect, according to the Construction Ministry.-->
As many as 130 overseas Vietnamese living in foreign countries have bought houses in Vietnam, mainly in Ho Chi Minh City, since a new decree allowing overseas Vietnamese to buy houses took effect, according to the Construction Ministry. Overseas Vietnamese who have bought houses in the homeland mainly fall into four categories: investors, scientists, people with contributions to Vietnam and those repatriating. The Construction Ministry hopes that the number of overseas Vietnamese buying houses in the homeland will go up in the future. At the mean time, a huge number of overseas Vietnamese are returning home for the Lunar New Year 2008.
BTA Theo báo Đảng CSVN
As many as 130 overseas Vietnamese living in foreign countries have bought houses in Vietnam, mainly in Ho Chi Minh City, since a new decree allowing overseas Vietnamese to buy houses took effect, according to the Construction Ministry.-->
As many as 130 overseas Vietnamese living in foreign countries have bought houses in Vietnam, mainly in Ho Chi Minh City, since a new decree allowing overseas Vietnamese to buy houses took effect, according to the Construction Ministry. Overseas Vietnamese who have bought houses in the homeland mainly fall into four categories: investors, scientists, people with contributions to Vietnam and those repatriating. The Construction Ministry hopes that the number of overseas Vietnamese buying houses in the homeland will go up in the future. At the mean time, a huge number of overseas Vietnamese are returning home for the Lunar New Year 2008.
BTA Theo báo Đảng CSVN
VN wants closer cooperation with the US
(24/01/2008-07:15:00 AM)
VNGOP – Upon presenting a letter of credentials to US President George W. Bush on January 22, Vietnamese Ambassador Lê Công Phụng confirmed Việt Nam’s consistent policy to further deepen multi-faceted cooperation with the US, especially in economy, trade, education, science and technology.
On the occasion, President George W. Bush also affirmed that the US attaches importance to and will consolidate the multifaceted partnership with Việt Nam bilaterally and in dealing with regional and international issues.
The US President showed his delight at rapid developments of the US-Việt Nam relationship since the normalization, which has been marked by the visits of high-ranking leaders.
By Phương Hoàng (Ref. http://www.chinhphu.vn/portal/page?_pageid=439,1091466&_dad=portal&_schema=PORTAL&pers_id=1091200&item_id=6548229&p_details=1)
VNGOP – Upon presenting a letter of credentials to US President George W. Bush on January 22, Vietnamese Ambassador Lê Công Phụng confirmed Việt Nam’s consistent policy to further deepen multi-faceted cooperation with the US, especially in economy, trade, education, science and technology.
On the occasion, President George W. Bush also affirmed that the US attaches importance to and will consolidate the multifaceted partnership with Việt Nam bilaterally and in dealing with regional and international issues.
The US President showed his delight at rapid developments of the US-Việt Nam relationship since the normalization, which has been marked by the visits of high-ranking leaders.
By Phương Hoàng (Ref. http://www.chinhphu.vn/portal/page?_pageid=439,1091466&_dad=portal&_schema=PORTAL&pers_id=1091200&item_id=6548229&p_details=1)
VN Financial and capital markets to dramatically develop in 2008
(24/01/2008-07:18:00 AM)
VNGOP – Finance Minister Vũ Văn Ninh emphasized that the Government places a special importance on reforming procedures directly relating to business environment in order to give favorable conditions to investors.
The Việt Nam Finance and Capital Markets Conference 2008 – Photo: VNGOP
At the Việt Nam Finance and Capital Markets Conference 2008 held by the Ministry of Finance on January 23 in Hà Nội, over 300 delegates from domestic and foreign economic groups discussed hot issues relating to Việt Nam’s finance and capital markets.
Most of the audience asserted that, in 2007, Việt Nam gained an admirable growth and is now one of most dynamic and promising economies in Asia.
However, according to many attendants, the competitiveness and capital absorbability of the Vietnamese economy remain quite low, so that ministries, sectors and businesses have not maximized resources.
Mentioning solutions to improve the situations, Mr. Brad Levitt, Head of the Global Capital Market Department of Standard Chartered Bank, suggested Việt Nam quickly lift all blockages relating to regulations.
Meanwhile, WB Acting Director in Việt Nam Martin Rama stressed that, Việt Nam’s laws and policies on indirect investments and procedures to open branches have not been revised properly, slowing down the adoption and implementation of projects. According to him, Việt Nam should found financial intermediate organs to instruct investment process and formalities for investors.
Finally, the delegates asked the Government to offer a complete legal frame and mechanism to facilitate the healthy and safe development of capital market as well as further improve investment environment by developing infrastructure, training human resource, and boosting administrative reforms.
By Xuân Hồng (Ref. http://www.chinhphu.vn/portal/page?_pageid=439,1091250&_dad=portal&_schema=PORTAL&pers_id=1091173&item_id=6548309&p_details=1)
VNGOP – Finance Minister Vũ Văn Ninh emphasized that the Government places a special importance on reforming procedures directly relating to business environment in order to give favorable conditions to investors.
The Việt Nam Finance and Capital Markets Conference 2008 – Photo: VNGOP
At the Việt Nam Finance and Capital Markets Conference 2008 held by the Ministry of Finance on January 23 in Hà Nội, over 300 delegates from domestic and foreign economic groups discussed hot issues relating to Việt Nam’s finance and capital markets.
Most of the audience asserted that, in 2007, Việt Nam gained an admirable growth and is now one of most dynamic and promising economies in Asia.
However, according to many attendants, the competitiveness and capital absorbability of the Vietnamese economy remain quite low, so that ministries, sectors and businesses have not maximized resources.
Mentioning solutions to improve the situations, Mr. Brad Levitt, Head of the Global Capital Market Department of Standard Chartered Bank, suggested Việt Nam quickly lift all blockages relating to regulations.
Meanwhile, WB Acting Director in Việt Nam Martin Rama stressed that, Việt Nam’s laws and policies on indirect investments and procedures to open branches have not been revised properly, slowing down the adoption and implementation of projects. According to him, Việt Nam should found financial intermediate organs to instruct investment process and formalities for investors.
Finally, the delegates asked the Government to offer a complete legal frame and mechanism to facilitate the healthy and safe development of capital market as well as further improve investment environment by developing infrastructure, training human resource, and boosting administrative reforms.
By Xuân Hồng (Ref. http://www.chinhphu.vn/portal/page?_pageid=439,1091250&_dad=portal&_schema=PORTAL&pers_id=1091173&item_id=6548309&p_details=1)
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