Read more »

Những tấm hình mặc bikini nằm trong triển lãm “Vẻ đẹp trước biển” của Mai Phương Thúy được giới thiệu tại Festival Nha Trang vào 6/6. “Vẻ đẹp trước biển” gồm năm bộ ảnh mang tên Yoga biển đêm, Tinh khôi trước biển, Báu vật biển xanh, Gọi tên bốn mùa và Dệt ước mơ, không chỉ giới thiệu vẻ đẹp của người phụ nữ hiện đại, quyến rũ và năng động mà còn thông qua đó thu hút những tấm lòng nhân đạo.

Hiện tại, người đẹp 20 tuổi đã thu được 300 triệu đồng từ việc bán 5 trong số 100 tác phẩm trưng bày tại triển lãm cho Euro Window. Mai Phương Thúy hy vọng sẽ gặp được nhiều Mạnh Thường Quân hơn để có thể thu được số tiền lớn, giúp đỡ những người khó khăn tại Khánh Hòa.

Trong thời gian diễn ra triển lãm, Mai Phương Thúy sẽ vắng mặt một số ngày để tới Mỹ làm giám khảo cuộc thi Hoa hậu Việt Nam Toàn cầu. Hoa hậu Việt Nam 2006 tâm sự, cô không cảm thấy lo lắng hay hồi hộp vì trước đó từng cầm cân nảy mực trong gần 50 cuộc thi sắc đẹp trong và ngoài nước như Hoa hậu Thế giới người Việt 2007 tại Anh và Đức, Miss Vietnam 2009 tại Pháp…

Trên cương vị giám khảo, người đẹp Hà Nội cho biết cô sẽ thật công tâm, không thiên vị một ai, dù trong số các thí sinh của Miss Vietnam Global 2009 có người đẹp Hương Giang là bạn quen biết từ trước.

“Hoa hậu Việt Nam Toàn cầu chắc chắn phải hội tụ một cách toàn vẹn chất Việt thướt tha ở màn trình diễn áo dài dân tộc; sự duyên dáng, ý nhị, thông minh và thực tế trong cách trả lời ứng xử; khỏe mạnh, gợi cảm với áo tắm; sang trọng, kiêu sa nhưng không quá tay với trang phục dạ hội. Tôi mong rằng mình sẽ có cơ hội tìm hiểu một cách cặn kẽ nhất để đưa ra đánh giá khách quan nhằm chọn ra người con gái đẹp đại diện cho đất nước, mà không phải nấp sau hình ảnh một cô Tây nào cả”, Mai Phương Thúy chia sẻ về tiêu chí chấm điểm của mình.

Read more »

Workers weaving bags from sedge at a unit in Nam Dinh Province. People working away from home who lost their jobs due to the economic downturn may not find employment if they return to their villages.

The economic downturn has seen production fall in the countryside, sending incomes plunging and increasing the jobless rate, according a recent report by the Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD). Researchers said this has been exacerbated by the return of many native residents who lost their jobs elsewhere. The institute, belonging to the Ministry of Agriculture and Rural Development, also found most rural residents have also cut back on both their consumption and investments. Many households have slipped below the poverty line, with mountainous regions being the hardest hit. IPSARD’s report follows research it did on the impact of the economic downturn on people in rural areas at the insistence of the National Assembly’s Economic Committee. The study, which was supported by the Dutch development organization SNV, polled residents in 584 communes in four provinces – Nam Dinh in the Red River Delta, Lang Son in the northern mountainous region, Binh Thuan on the central coast and An Giang in the Mekong Delta. Most people in these communes live on farming and fishing though researchers found much farmland left fallow this year. Rising unemployment More than 21 percent of domestic migrant workers hailing from these provinces have returned home this year. 17 percent of those who had gone abroad to work also returned in the first quarter. Only 11.3 percent of the returnees have found jobs, while in mountainous regions the number is between 2.7 and 7.4. The survey also found many hired farm workers have become jobless, with the rates climbing in coastal area and delta regions. Without quoting specific numbers, the report said an average of 85.3 percent of farm workers in the four provinces have lost their jobs. Among factory workers, the layoff rate is 8.8 percent. Poverty, hunger spread More than 68 percent of 584 communes surveyed said residents have cut down their expenses on food, specifically meat and fish, by an average of 18.5 percent. They have also spent 25.9 percent less on construction and 23.6 percent less on high-value goods. In the four provinces surveyed, the number of communes having poor families has increased by nearly 16 percent over 2008. An Giang topped the list at 19.6 percent. This has affected the “hunger elimination and poverty reduction” program, the report said. A person earning less than VND200,000 a month in rural areas and VND260,000 in urban areas is considered poor. Shrinking production Farmers reported that they have had to sell farm produce at 14 percent lower prices than last year, and have been unable to sell some produce. Both rural and mountainous areas have found difficulty in selling farm produce, the report said. Nearly 5 percent of farmlands have been left uncultivated in the winter-spring season, while 0.7 percent more fish farms than in 2008 have remained fallow this year. In the four provinces, more than 15 percent of small industries have closed down this year. Another 8 percent had to cut back on production and lay off workers. The industries also reported their products fetched 14.6 percent lower prices than usual. Reported by Giang An

Read more »

Vietnam’s economic growth has probably begun accelerating, with the first quarter likely to be the low point in the country’s downturn, HSBC Holdings Plc said.

The economy expanded 3.1 percent in the first quarter from a year earlier, the slowest pace of expansion on record. A round of rate cuts by Vietnam’s central bank, a government stimulus program, a weaker currency and resilient personal consumption expenditure are buoying the growth outlook, Prakriti Sofat, a Singapore-based economist at HSBC, wrote in a note. The economy may grow 4.5 percent for the year, compared with 6.2 percent in 2008, she said. “The worst is behind us,” wrote Sofat. Vietnam is facing a “slowdown, not a recession,” she said. The State Bank of Vietnam has cut its benchmark interest rate to 7 percent from 14 percent in October. The central bank’s moves to date represent a “massive monetary policy easing,” Sofat wrote. The easing is now “working its way through the system,” she said in the note. A government subsidy on loans – part of a stimulus package that Prime Minister Nguyen Tan Dung last month valued at US$8 billion – functions as a de facto further easing of monetary policy, according to HSBC. The loan subsidy program is creating a new “credit boom” in Vietnam, Citigroup Inc. said last month. Exports holding up Exports may be receiving some boost from a 10 percent “nominal depreciation” of the Vietnamese dong against the US dollar over the last year, Sofat wrote. Garment shipments have held up “reasonably well,” in part due to a focus on lower-end products that benefit during a period when shoppers’ incomes are being squeezed, she said in the note. “We’re into summer orders already, and things are holding up,” said Jonathan Pincus, an economist with the Vietnam Program at the Harvard Kennedy School in Ho Chi Minh City, when asked about garment export performance this year. Retail sales of goods and services in the country grew 21.5 percent in the first four months, according to the General Statistics Office in Hanoi. The “astounding” recent growth in retail sales in Vietnam “shows that consumption remains very strong,” HCMC-based fund manager Dragon Capital said in a note dated April 29. “Strong growth and asset price gains (including commodity prices) over the last few years, even after taking into account the recent declines, mean that the average Vietnamese person is much better off,” Sofat wrote. Vietnamese Prime Minister Dung said last month that gross domestic product may increase as much as 5.5 percent for the full year, while the International Monetary Fund foresees 3.3 percent growth. Any positive figure is “an achievement when seen in the regional context,” Sofat wrote. Source: Bloomberg

Read more »

A practice session of the Co Bo drumming team in Bac Ninh Province’s Thi Cau Ward Co Bo drumming, once used to serve the kings of the Nguyen Dynasty, is being preserved in a northern village.

Music researchers believed the traditional art of Co Bo drumming, used to serve the last monarchy in Vietnam, died out in the central ancient capital of Hue. But this echo from the past has resurfaced and is being preserved by people in a northern village, 750 km from Hue. The sound is enthralling, as a group of men passionately play drums. A man who stands in the middle plays a pair of cymbals, while the other four men play on drums that hang in front of their stomachs. These drums, 40 cm high and 25 cm wide, carry images of dragons and clouds. Co Bo music, which once graced the courts of the kings of the Nguyen Dynasty (1802-1945), can now be found in Thi Cau Ward, in the northern province of Bac Ninh. In ancient scripts, Co means drum, and Bo means Ministry. Co Bo means “drums of Ministry of Rites” (one of the six main ministries of the feudal dynasties). Researchers thought the ancient art form of drumming was truly lost to time. “In 1996, while I was studying Hue’s royal music, I searched for information on the Co Bo drum but I found no answers,” said Bui Trong Hien, an ancient music researcher. The town that’s preserving Co Bo has a musical history. Thi Cau Ward used to be the village famous for quan ho (traditional northern folk songs) of Bac Ninh Province. Local elders said the drumming skills came into the town through an instrumentalist whose family name was Hoang. He served as a member of a music band in Hue’s Royal Citadel. When Hoang returned to his home village, he passed on his drum playing skills to local villagers. He taught them 12 compositions of drum performance, but today people only remember six. Tran Anh Tu, local cultural official, said people taught the drumming skills orally and through listening to each other. “The band often performs their drum playing during annual ceremonies to worship village gods and other local festivals,” he said. “In addition, most local families have their own drum bands, who perform in their own family ceremonies and funerals.” Tu said the local authorities have encouraged people to preserve the art and to find a better way to teach the skills. “Oral transference is not safe enough, so we need scientists and music researchers to do official studies and make recordings on this art of drumming,” he said. “We are asking the Ministry of Culture, Sports and Tourism to have a specific plan to help us maintain this ancient art.” Researcher Bui Trong Hien said these drumming pieces were used regularly to serve the kings and their royal family. “The drums were used to welcome the kings, when the kings met envoys from other countries, and when the kings prayed during the Nam Giao ceremony,” Hien said. “The drums were also used while servers brought the kings tea, wine and offerings.” But in Thi Cau, local musicians perform them in ceremonies to worship the village gods. It’s a skill that others from nearby villages have tried to learn, but haven’t completely mastered. Most people do not have access to this tradition early on, said Nguyen Van Cau, 76, a well-known drummer from Thi Cau. “We’ve heard these drum sounds since we were very little children,” he said. “We have practiced drum beating since childhood and we have been attached to the art for many years.” Cau said the drum sound can sometimes be heard nearly every day around this area. The lengths of the drum pieces are short, he said. “All six drum pieces can be performed in 30 minutes,” he said. “Each is then repeated again and again.” The lone cymbalist in the group of drummers controls the rhythm of the group, he said. The cymbalist must be aware of each stage of the worship ceremonies to lead the drummers into a new composition. Currently, Cau is the only person who has mastered all the drumming compositions and performance skills, along with knowing the stages of the worshipping ceremonies. He now teaches other men in the area. With Cau’s help, people in the nearby Thanh Phuong Village, in Vu Ninh Commune, have also established their own drum teams: one team with older men and another of younger players. They can perform the six drumming compositions fluently. Reported by Hoang Trung Hieu

Read more »

The go-getter spirit and “people skills,” such as networking and the ability to cooperate, are the keys to business success, said participants at an international conference in Ho Chi Minh City Friday.

Addressing the 19th Asian Corporate Conference, Henry B. Nguyen, managing general partner of IDG Ventures Vietnam, said a solid definition of the “entrepreneurial spirit” was not prevalent in Vietnam. He said it was this lack of clarity that led many small- and medium-sized enterprises to collapse in their early years. He said Vietnamese were not as good at networking and cooperating as their overseas counterparts. “This must change as cooperation and networking help us create synergy, especially in the economic crisis,” he said. “In the end, people drive business.” Government support is also essential, he added. Just do it Ly Qui Trung, founder and CEO of Pho 24 Corporation said, “I had the idea for Pho 24 on a flight from Vietnam to Australia several years ago. I was sitting next to an Australian man who said Vietnam always reminded him of the pho and vice versa. “My wife asked if I have a mental problem when I first mentioned pho business to her,” he said. But now Pho 24 now has an extensive network of about 70 outlets across Vietnam, Southeast Asia with future plans for the European and US markets. “If you really want to start a business, write out and outline your idea on paper and ask for advice from experts,” he said. Cutting red tape Hoang Van Dung, standing vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said his organization had been working hard to remove all obstacles to entrepreneurship in Vietnam. Dung said, “About 96 percent of Vietnamese firms are small- and medium enterprises and they typically face capital shortages and problems with red-tape.” At last month’s meeting held in Ho Chi Minh City to review Vietnam’s two-year WTO membership, former Minister of Trade Truong Dinh Tuyen said the country had reformed bureaucracy but that slow administrative procedures still added extra costs to the opening of any business here. The legal system is also inefficient, he said, and a confusing legal framework creates liabilities for people and business. Dung said VCCI had worked with the US government to launch the Vietnamese provincial competitive index program to rank local authorities’ support for business communities. “The program aims to bring about better business legislation,” he said. Reported by Vinh Bao

Read more »

The Ministry of Construction has issued policies on the use of public and private space in apartment buildings as well as on fees charged to condominium owners.

The ministry circular requires the apartment sales contract to distinguish between the buyer’s private space and the building’s public space, such as the hallways, stairs, lifts and parking lots. Both the Housing Law and ministry regulations state that apartment building residents do not have to pay to use public spaces. Condominium contracts must designate what facilities might be owned by the buildings’ developers such as swimming pools, tennis courts or supermarkets. Deputy Minister Nguyen Tran Nam said the instructions should have come sooner to prevent the many conflicts that have flared up between apartment occupants and investors. Some apartment building developers in Ho Chi Minh City asked residents to pay enormous fees of up to US$25,000 for a car parking space or to use meeting areas, child care facilities and even libraries. Also in line with the new circular, all contracts must specify the apartment’s exact measurements in detail. Two percent of each apartment price will be used for maintenance fees. If the amount is not enough, the developers can ask residents to contribute extra fees based on the size of their apartments, according to the ministry. The sale contract must mention these fees and estimate the amount each household must pay to cover the other costs of operating the buildings, Nam said. City and provincial People’s Committees will decide the maximum operation fee for apartment buildings in their jurisdiction, according to the ministry. The developers and buyers will rely on those ceiling fees to work out specific payments in their sales contracts. Nam said committees are allowed to change the ceiling fees every year depending on market prices.

Read more »

Feb. 5 (Bloomberg) -- Shares of the following are having unusual fluctuations in U.S. trading. Stock symbols are in parentheses and share prices are as of 9:45 a.m. in New York.

Akamai Technologies Inc. (AKAM:US) gained 11 percent to $15.70 for the biggest advance in the Standard & Poor’s 500 Index. The largest supplier of software and services that speed up the delivery of Web sites reported fourth-quarter profit of 44 cents a share, or 9.5 percent more than the average analyst estimate.

Assurant Inc. (AIZ:US) fell 4.8 percent to $24.90. The home insurer said operating profit, which excludes some investment results, was $1.31 a share. That missed the $1.44 average estimate of analysts surveyed by Bloomberg.

BMC Software Inc. (BMC:US) climbed 4.6 percent to $27.07. The maker of programs that manage databases and computer networks said profit for the year ending in March will be as much as $2.30 a share, or 7 percent more than the average analyst estimate.

Cisco Systems Inc. (CSCO:US) lost 1.8 percent to $15.56. The largest maker of networking equipment projected sales that missed analysts’ estimates. Third-quarter revenue will drop between 15 percent and 20 percent, Cisco said. That indicates a range of $7.8 billion to $8.3 billion. Analysts in a Bloomberg survey had estimated $8.76 billion for the period, which ends in April.

CommVault Systems Inc. (CVLT:US) fell 10 percent to $11.74. The supplier of data-management software to Las Vegas forecast annual sales and profit that trailed its previous projection.

Concur Technologies Inc. (CNQR:US) fell 15 percent to $21.45. The maker of software for managing travel expenses forecast second-quarter revenue growth of 6 percent from the previous three months, missing analysts’ estimates.

Dell Inc. (DELL:US) dropped 4.4 percent to $9.36. The world’s second-biggest maker of personal computers was cut to “underweight” from “neutral” by analysts at JPMorgan Chase & Co. who said costs and competition “could derail a return to margin stability or result in cash burn.”

Dolby Laboratories Inc. (DLB:US) jumped 13 percent to $29.25. The maker of sound systems for film and music reported fiscal first-quarter profit of 58 cents a share, or 37 percent more than the average analyst estimate.

Equity Residential (EQR:US) fell 8.2 percent to $21.50. The largest U.S. real estate investment trust that owns apartments said fourth-quarter earnings excluding items fell because of the cost of canceling new developments.

Harman International Industries Inc. (HAR:US) dropped 13 percent to $13.06. The audio-equipment maker reported an unexpected fiscal second-quarter loss of 18 cents a share. Analysts forecast profit of 17 cents, the average estimate in a Bloomberg survey.

Visa Inc. (V:US) rose 8.1 percent to $53.12. The largest electronic payments network reported earnings that topped analysts’ estimates on gains outside the U.S. and said it would meet previous profit targets. Adjusted net income was 78 cents a share, beating the 66-cent average estimate of 22 analysts surveyed by Bloomberg.

Wal-Mart Stores Inc. (WMT:US) rose the most in the Dow Jones Industrial Average, adding 2.5 percent to $47.57. The world’s largest retailer reported January sales that exceeded its projection as discounted groceries and $4 medicines brought in more customers.

Western Union Co. (WU:US) lost 10 percent to $12.39. The world’s biggest money-transfer business forecast 2009 earnings in the range of $1.26 a share at most. That missed the $1.38 average estimate in a Bloomberg survey of analysts.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net
Last Updated: February 5, 2009 10:04 EST

Read more »

The procedures to get the subsidized loans would be very quick and simple to ensure loan applicants do not miss the chance to recover from the economic downturn, said Cao Sy Kiem, a member of the National Advisory Council for Monetary Policy. The central bank Wednesday announced guidelines for the 4 percent loan subsidies the government announced for companies, with most commercial banks saying they are clear and adequate.

The subsidy, part of a US$1 billion economic stimulus package, will be provided for loans taken by both state-owned and private businesses, except those operating in 13 specified industries like entertainment, real estate and securities. According to a circular posted on the State Bank of Vietnam (SBV) website, commercial banks have to register for the subsidies no later than the 10th day of every quarter. For loan support in February and March this year, the deadline is February 10. Banks have also been told to report monthly subsidies no later than the 10th day of the following month. Based on these reports, the central bank will transfer 80 percent of the subsidies every month. The rest will be transferred after the banks submit the whole year’s report. Eligible firms will get the subsidies for up to eight months on short-term loans taken between February and December this year. Chairman of the state-owned Vietinbank, Pham Huy Hung, said since the central bank’s guidelines are clear, his bank would immediately inform customers of the subsidy program. Hung said 60 percent of his clients are small and medium-sized enterprises and the subsidy would help them remain in business. Vietinbank is Vietnam’s fourth-largest lender by assets. Vietcombank CEO Nguyen Phuoc Thanh said his bank would start implementing the subsidy scheme. One fourth of the customers at his bank are small or medium companies. Dau Tu Chung Khoan (Securities investment) magazine Wednesday quoted him as saying the government’s decision would get credit flowing and, more importantly, lower prices. He also noted that local banks are flush with liquidity. The SBV is aiming to keep credit growth in the banking system at around 20 percent in 2009 after a rise of 21-22 percent last year. A senior official at HSBC Vietnam Wednesday told Thanh Nien Daily the bank is waiting for more detailed instructions from the central bank concerning eligibility criteria. The central bank held a meeting with commercial banks in Ho Chi Minh City Wednesday to discuss implementation of the scheme. Cao Sy Kiem, a member of the National Advisory Council for Monetary Policy, told Thanh Nien Daily the procedures to get the subsidized loans would be very quick and simple to ensure loan applicants do not miss the chance to recover from the economic downturn. Kiem, a former central bank governor, said, however, SBV needs to keep the procedures uniform at all banks so that none of them cause difficulties to borrowers. Last month the benchmark rate was lowered to 7 percent from 8.5 percent, the sixth rate cut since October. Commercial banks use it to calculate their lending rates, which should not exceed 150 percent of this rate. Some businesses said, however, they would not benefit from lower interest rates since orders have declined sharply, they have cut back on production, and do not need new loans. Reported by Thanh Nien staff

Read more »

Vietnam may export as much as 2.8 million metric tons of rice in the first half of this year, Thoi Bao Kinh Te Viet Nam reported, citing an estimate by the Vietnam Food Association.

Around 2.4 million tons of rice have already been contracted for sale, with more than 900,000 tons scheduled for shipment in January and February, the paper said. The newspaper did not provide year-earlier comparisons. Vietnam, the world’s second -biggest rice exporter after Thailand, shipped 4.7 million tons last year, the association said January 6. The group plans to ship at least four million tons of the grain in 2009. Source: Bloomberg

Read more »

1. Họa bì của đạo diễn Trần Gia Thượng có sự góp mặt của dàn diễn viên nổi tiếng nhất nhì làng giải trí như Châu Tấn, Triệu Vy, Trần Khôn... Xoay quanh cốt truyện kinh dị của Bồ Tùng Linh nhưng thêm nhiều chi tiết mới cũng như đặt nặng yếu tố tình cảm, "Họa bì" được đánh giá cao nhờ cảnh quay đẹp, ấn tượng, đặc biệt là nhờ các màn nóng bỏng thì bộ phim càng được chú ý.

Trần Khôn và Châu Tấn trong một cảnh quay ân ái. Ảnh: Tom.

2. Định mức khuây khỏa của đạo diễn của đạo diễn người Đức Marc Forster.

3. "Diệp vấn" hay Ip man do nam diễn viên hành động Chung Tử Đơn đảm nhiệm vai chính. Bộ phim của đạo diễn Wilson Yip.

4. "If you are the one" của đạo diễn Phùng Tiểu Cương, với sự tham gia diễn xuất của người đẹp Thư Kỳ.

5. Iron man: Bộ phim siêu tưởng được chuyển thể từ truyện tranh.

6. "Đông xuân" của đạo diễn Gu Changwei, với sự tham gia của dàn diễn viên Tương Văn Lệ, Zhang Yao, Li Guangjie.

7. Mai Lan Phương của đạo diễn Trần Khải Ca, với sự góp mặt của Chương Tử Di, Lê Minh và nhiều nghệ sĩ tên tuổi khác.

8. Cape No.7 của Đài Loan rất được yêu thích tại Trung Quốc.

9. Kungfu panda của Mark Osborne và John Stevenson.

Read more »

If you are looking for space or a place to unwind, to treat our family to a getaway weekend or celebrate your honeymoon, there is a quite area on the Saigon River bank that is just the ticket.

Six kilometers from downtown, the Thao Dien Village offers guests the space they need in a luxurious, colonial setting. The newly opened “village” is a 13,000 square meter complex on Nguyen Van Huong Street in Ho Chi Minh City’s plush District 2. The complex comprises a 22 room colonial-style hotel called An Phu, an event hall, a water puppet theater and other facilities. Active sorts can make use of the fitness club with a variety of workout programs on offer, a sumptuous spa welcomes those in need of deep relaxation and its riverside pool is a good place to cool off. The greenery that surrounds the complex and the spacious lawn overlooking the river are ideal for children to “burn” their energy. Thao Dien Village has four restaurants with different styles that seem to have something for everyone. Well-known Vietnamese fine dining establishment Ngon Restaurant has opened its second location here with a beautifully decorated, dark wood traditional dining room. Ngon is open for breakfast, lunch and dinner with main courses ranging from VND 120,000 to VND340,000 (US$6.84-19.40). Next door is a slightly funkier and less formal Japanese restaurant where the staff are all smiles, the sashimi is fresh and the menu is extensive and well priced. Only a handful of items on the twelve-page menu run over VND100,000 ($5.7). Of the Asian options, however, it’s the Chaba Thai Restaurant that has people talking. The soups, curries, vegetables and desserts are purported to be the best in town. The Villa Romain Restaurant beneath the hotel offers fine Italian dining with views across the lawn to the river. Upstairs, the hotel rooms are spacious with wooden floors, there are terraced areas and yet another lovely pool. The traditional water puppetry show, held three times per week, is well worth a visit by itself. Thao Dien Village is an antidote to the hectic city life and if you’re in need of a getaway, but short on time, schedule a day of two at the An Phu Hotel. Reported by Thuy Nhien

Read more »

Read more »

Director Dang Nhat Minh on the set of his latest film Dung dot, trong do da co lua (Don’t burn it, it’s already on fire) Now 70, renowned Vietnamese filmmaker Dang Nhat Minh intends to keep using cinema to tell stories about human fate.

No matter how popular an idea, People’s Artist Dang Nhat Minh will turn it down if he doesn’t like it. This, he feels, has set him apart from his colleagues and has been a factor in his being one of the few Vietnamese directors who have successfully introduced Vietnamese cinema to the outside world. He doesn’t make many films but his work has won rave reviews from critics and audiences alike. He is widely hailed for his innovative body of work and skilful depiction of a wide range of subject matter, with war-related suffering and the torment of love in wartime standing out in particular. “I can make films on any subject that interests me, as long as it depicts human fate,” he said. “I once considered quitting the industry. But I then thought I could still make films as long as I wrote the scripts and feature subject matters I’m interested in,” Minh said. In 2000, Minh was invited by Australian Phillip Noyce to join him as a second unit director in the remake of “The Quiet American,” starring Hollywood legend Michael Caine and movie star Brendan Fraser. The film, which cost more than US$30 million then, was listed in the top 10 best films of 2002 by the American Film Institute and earned Michael Caine Best Actor nominations at both the Academy Awards and the Golden Globes. According to Minh, funding is the biggest difference between American cinema and Vietnamese films, which are all state-funded. Hollywood directors, such as Noyce, are able to get their ideas put into action with independent funding, he said. “I have to persuade the film crew, especially the film overseer who manages state funds, to help me,” he said. “No member of a state-hired film crew is dismissed for a lack of responsibility.” Therefore, Minh said he rarely watches his movies. Watching them just makes him see where he and the film crew could have done better. Minh has written the scripts of eight of his films and adapted a short story into another. He said the scriptwriter’s creativity plays an important part in both kinds of scripting. “I have no regrets at all about being a film director as it is destiny. But if I could choose again, I would rather be a doctor and follow in my father’s footsteps.” “A medical career and a filmmaking career, however, have one thing in common: their prime focus is humans.” He only regrets not being able to make as many films as he wished but he said he will continue to make more films in the future. The talented director, who received no professional training in filmmaking, learned from famed foreign directors, including influential Japanese filmmaker Yasujiro Ozu. “It makes no difference to me whether a person is professionally trained or not. Whatever the training, it is good if it is effective,” he said. The film that is most often associated with Minh’s name is Bao gio cho den thang muoi (When the tenth month comes). The film, which Minh also scripted, depicts the anguish suffered by his own martyred family and many other Vietnamese families whose dearest ones died in the war. The film is considered by many foreigners to be the country’s iconic post-war work and is a lyrical vision of the endurance of Vietnamese women from one of Vietnam’s most renowned directors. America’s CNN channel last September honored Bao gio cho den thang muoi as one of the top 18 Asian films of all time. The 90-minute feature, shot in 1984, winner of the Special Jury Awards at the 1985 Hawaii International Film Festival and the 1989 Asia Pacific Film Festival, depicts a haunting portrait of a young widowed woman’s struggle with loss and personal sacrifice during the war. In the final days of the war, a beautiful young woman, Duyen, struggles to take care of her young son and ailing father-in-law, all the while hiding the fact that her husband was killed in battle. Keeping the secret burden to herself, she is befriended by the village schoolmaster, Khang, who agrees to fabricate letters from her dead husband to spare her family from sorrow. Duyen and Khang then find themselves drawing closer together as a result of their shared secret. The movie’s title refers to the month in which the “Day of Forgiveness” occurs, a time when it is said that departed souls can visit their counterparts on earth. For the past two years, Minh has been busy making the film Dung dot, trong do da co lua (Don’t burn it, it’s already on fire), based on the war diary of the martyred female medic Dang Thuy Tram, which has been published in 15 different countries and read by millions. Dang Thuy Tram was a Vietnamese military surgeon who worked for the liberation forces during the Vietnam War and she kept a detailed account of her thoughts during the war. She was just 27 when killed by US forces after running a mobile hospital for three years. In the film, Minh juxtaposes the beautiful scenery in Vietnam with the brutal reality of war to condemn the cruelty while praising the humanity and the dream of peace. Dung dot, trong do da co lua, produced by the Movies Association’s Film Studio, has one of the state’s largest film budgets of $500,000. MAKING OF AN AUTEUR Dang Nhat Minh was born into a family of scholars and patriots in the ancient imperial capital of Hue in 1938. His father, professor and wartime martyr Dang Van Ngu, was a well-known doctor who was honored with the Ho Chi Minh Award for his great medical contributions. Last year, Minh was also bestowed the same award for his contributions to the arts. Minh translated Russian films before starting as a documentary filmmaker in 1965. He has also worked as a journalist, writer and served as the general secretary of the Vietnamese Cinema Association for 10 years from 1989. He has won three Gold Lotus and four Silver Lotus awards for his films at the Vietnam Film Festival and many other prizes at other national film festivals. He was the first Vietnamese director to win the prestigious Nikkei Asia prize for Culture in 1999. Minh also received the Lifetime Achievement Award for his outstanding contributions to the Asian film industry at the fifth Gwangju International Film Festival in South Korea in 2005. Reported by Nguyen Le Chi

Read more »

The focus of the government’s $1 billion economic stimulus package announced earlier this month would be interest rate subsidies for small and medium businesses like the cooking oil factory pictured above, Minister of Planning and Investment Vo Hong In the face of a dramatic global slowdown and raging inflation earlier in the year, Vietnam’s economy has proved resilient.

Vietnam posted an “impressive” economic growth rate of 6.23 percent this year despite the dramatic global events, Planning and Investment Minister Vo Hong Phuc said Wednesday. The full-year economic growth rate just missed the government’s most recent target of 6.7 percent – lowered from an original target of 7 percent – and was slower than last year’s 8.5 percent growth rate. Phuc told a press conference in Ho Chi Minh City the nation’s 2008 year-on-year inflation rate was 19.9 percent, significantly lower than the 30 percent touted earlier this year by some economists. Foreign investment pledges to Vietnam this year exceeded US$60 billion, with around $10 billion disbursed, Phuc said. Phuc said he hoped even more foreign investment would be pumped into Vietnam next year as a result of the favorable investment environment the government had rolled out. The trade deficit this year stood at $17 billion, compared with the government’s target of $20 billion, Minister of Industry and Trade Vu Huy Hoang said. The value of exports this year is expected to hit $63 billion, a 29.5 percent increase on last year, Hoang said, while the value of imports are estimated at $79.91 billion for the year, up 27.5 percent from last year. Small, medium enterprises targeted Phuc used the press conference to reveal more details of the government’s $1 billion economic stimulus package announced earlier this month. The focus on the package would be interest rate subsidies for small and medium businesses, Phuc said. The subsidies would represent a 4 percent discount on the current commercial bank loan interest rates, he said. Proposals to set the interest rate subsidies at 5 percent will be examined by the ministries of planning and investment and finance, Phuc said. The stimulus package will also include funding for unemployment reduction programs and support for housing development. The government plans to expand the package to $6 billion, including $1.2 billion to be raised by the sale of government bonds. The extra spending will be directed to tax exemptions and rebates or credit guarantees for offshore loans. Phuc said in case of an emergency, the package could be funded by Treasury reserves. He stressed any drawing on the reserves would be fully transparent. The National Assembly (NA) will decide whether the income tax law, set to take effect on January 1, will be delayed, Minister of Finance Vu Van Ninh said. The government has referred the proposed delay to the NA Standing Committee, which is now in session, for a final decision, Ninh said. PRIME MINISTER’S 2008 CONCLUSIONS At the press briefing, Government Office Chief Nguyen Xuan Phuc conveyed Prime Minister Nguyen Tan Dung’s conclusions after a two-day cabinet session that wrapped up Wednesday. In the context of the economic slump and a series of natural disasters, the government has steered the economy in an active, flexible, determined, timely and comprehensive manner. The government has succeeded in keeping a close eye on macroeconomic management in the sectors of national foreign currency reserves, government debt and national debt. Social welfare policies have also benefited poor and low-income people. The country is considered safe and secure by other countries. The government took responsibility for the lower-than-targeted economic growth rate of 6.23 percent this year as well as the high trade deficit in the first quarter of this year. Reported by An Dien

Read more »

The legislatures of Vietnam and China should increase exchanges and collaborate on information and experience sharing, Vietnam’s Communist Party General Secretary Nong Duc Manh said Monday.

Receiving Vice Chairwoman of the Standing Committee of the China National People’s Congress (NPC) Chen Zhili in Hanoi, Manh said the Vietnamese government, Communist Party and people had always attached great importance to their friendship and comprehensive cooperation with China. NPC Vice Chairwoman Chen Zhili spoke highly of the development of the Vietnam-China relationship, reflected by the work of the two countries’ leaders on developing a comprehensive strategic partnership. The NPC delegation’s current visit is a step forward in realizing the partnership, Zhili stressed. In a separate meeting with the Chinese official the same day, National Assembly Chairman Nguyen Phu Trong called for more areas of law making, exchanges and experience sharing between the two legislatures in the supervision and decision making, in order to fulfill their role as the people’s representatives. The Chinese law maker said she was left with a good impression of Vietnam’s dynamic development, demonstrated by a high growth rate despite the negative changes in the world’s economy. China is willing to join hands with Vietnam to cope with the world financial crisis, she stressed. Earlier the same day, Deputy NA Chairwoman Tong Thi Phong and her counterpart, Chen Zhili, held talks, in which they agreed to enhance ties between the two legislative bodies, contributing to developing the comprehensive cooperative partnership between the two countries. The Chinese NPC delegation is in Vietnam from December 5-10. Source: VNA

Read more »

Some Asian power plant projects will be scrapped and many delayed due to tighter financing in response to the global financial crisis, industry officials and bankers said on Tuesday.

But Asia’s growing demand for power will still attract equity financing and the region may even woo European investors, as economic growth and projects slow to a trickle in the West, they told a conference on financing energy projects. “Financing costs will increase. A smaller number of projects will be developed in Asia and lenders will be selective in supporting projects with a strong developer track record,” said Tom Mackay, head of business development Asia for International Power, a power generation company. Mackay declined to name any specific projects that could be cancelled but he and other panelists said renewables might have a tougher time than other power projects. “The bigger the project, the more difficult it will be,” Mackay added on the sidelines of the conference. Coal-fired plants may be more vulnerable than gas-fired ones, as they are more expensive and take longer to build. Project financing began to recover earlier this decade from the slump in the wake of the 1997-1998 Asian financial crisis. Standard Chartered Bank projected in April that project finance was growing strongly in Asia – led by Singapore and Philippine power projects – hitting a record of US$44.8 billion last year and in first-quarter 2008 grew six-fold over a year earlier, despite the global credit crisis. However the crisis has since widened, stoking fears of a global economic recession, leaving banks struggling to fund expansion of infrastructure and energy projects, forcing them to scrutinize deals more closely. “We are still open for business. Good projects with good sponsors can still get done at the right price. But we’ll probably see fewer closings of deals in the next year,” said Nicolas Vix, head of natural resources, infrastructure and power, structured finance Asia for French bank Calyon, investment banking arm of Credit Agricole. Club-style deals Debt financing is already more difficult to obtain and banks may prefer club-style deals, which combine several partners to share the risk from the outset of the project, officials said. This means that small firms will struggle to get debt financing and may require equity financing, or seek developers as partners. “We attend these conferences to find co-investors as there is no way we’ll get money from the bank,” said a senior official with a small Indonesian energy firm, who declined to be named. While developments may slow down, most will still come true. “Asia needs the power so we need to get these deals done,” said Jackie Surtani, head of project finance for Belgian financial services group KBC’s global structured finance team in Asia. Indonesia aims to boost power capacity by 10,000 megawatts of coal-fired plants by 2010 to help ease an electricity crisis that exposes it to blackouts, but the plan is behind schedule. Vietnam Vietnam’s power demand is forecast to rise 14 percent next year, top utility group Electricity of Vietnam (EVN) said, after 2008 consumption jumped 15.16 percent from 2007. The higher lending costs could force governments to raise power tariffs, which have been kept artificially low in most of Asia. While this in turn could make the projects more profitable for investors, a looming recession could deter most governments from raising rates, the officials said. “Does the government have the courage to go ahead? Is this the right time to accept the reality and power prices increases?” said Flora Zhao, director of business development for AES Asia and Middle East, a unit of AES Corp. State-owned monopoly power supplier EVN is seeking government approval to increase power prices by an average of about 16 percent next year. INVESTORS WARY OF VIETNAMESE POWER PROJECTS Tran Viet Ngai, chairman of the Vietnam Energy Association, said only 17 independent power producer projects and two power projects under the Build-Operate-Transfer model have been started, out of the total 47 projects registered earlier. All power projects must undergo bid procedures and then the investors need to fill “countless” documents before they can start construction, he said. After the power plants are built, the investors will have to depend completely on the purchasing of Electricity of Vietnam (EVN), the only buyer, he said, noting that was a factor that had discouraged many private investors and thus restricted investment into the domestic power sector. EVN is a state-owned monopoly that controls all of Vietnam’s transmission grids and network of retailers, including Hanoi Electricity Company and Ho Chi Minh City Electricity Company. Dang Thi Hoang Yen, chairwoman of the board of management of ITA Group, said the group had to deal with many procedural issues when investing in a power project. As well as many kinds of documents required for site clearance, private investors often have difficulties with regulations concerning EVN, she said. Dinh La Thang, chairman of Vietnam National Oil and Gas Group (PetroVietnam), said it took the group’s power arm almost two years to negotiate prices with EVN. But PetroVietnam was still lucky because some foreign investors spent up to six years on price negotiations. In August, PetroVietnam complained that it could only sell limited electricity to EVN, mainly during peak hours, because the monopoly power company wanted to make full use its own generation capacity. The United Nations Conference on Trade and Development (UNCTAD) said in a recent report that Vietnam had attracted many foreign investment projects but very few of them were committed to the power sector. Foreign investors only participate in the production of electricity if they know that what they can earn is worth the risks they face, UNCTAD said. To restructure the power market in Vietnam, production, transmission and retailing must be separated from one another, UNCTAD suggested. Moreover, the Institute of Energy, which plays the role of a consultant in formulation of national strategies and policies on energy and electric power development, should not be managed by EVN anymore. The Electricity Regulatory Authority of Vietnam, currently under the Ministry of Industry and Trade, should also become an independent organization, UNCTAD said. Source: Tuoi Tre Source: Reuters

Read more »

EVN employees at work fixing power lines. Electricity of Vietnam (EVN) repeatedly proclaims its losses and lack of investment funds, but does not shy away from asking for huge bonuses to its staff, a National Assembly deputy said in a rebuke to an EVN request.

In early 2007, the monopoly power provider, saying it was short of funds and selling under the market price, had persuaded the government to approve its price increase plan and was advised by the Prime Minister to invest all the money from the price increase in developing infrastructure for power projects. The price had increased in early 2007 to an average VND862 (5 cents) per kWh from VND787 per kWh in 2006. But recently EVN asked to use VND1,002 billion (US$60.6 million) – more than a third of its 2007 profit – as bonuses to its staff. In a financial report submitted to the Ministry of Finance and the Ministry of Industry and Trade, EVN asked for the bonuses to be extracted from its 2007 profit of VND2.76 trillion ($167.5 million), saying it cannot calculate exactly which is the money from the price increase. The bonus is necessary because “the interests of 84,000 EVN’s workers nationwide needs to be considered,” EVN said, noting that to save all the profit for power industry investment is not in keeping with the country’s regulations on corporate income. Deputy Minister of Finance Tran Xuan Ha rejected the suggestion and scaled down the bonus to VND668 billion ($40.5 million). The remainder will be added to the national fund for development, Ha said. Le Danh Vinh, deputy minister of Industry and Trade, meanwhile refused the request outright, calling for EVN to obey the prime ministerial instruction. The ministry has required EVN to clarify how it has calculated its 2007 profit at VND2,763 billion as it’s illogical that the utility cannot figure out the part of profit that has resulted from the price increase. Last year EVN made a profit of around VND3.8 trillion ($231.65 million) before paying taxes, according to the group’s report. The group had anticipated a loss of more than VND4 trillion ($241 million) if it had not been for the price increase. The request for such a bonus by EVN – a large corporate entity receiving much from state budget – is incomprehensible considering the country’s interest, said Tran Van, standing member of the National Assembly’s Budget and Finance Committee. EVN – a monopoly – has always complained about its losses and lack of capital for investment due to the low prices fixed by the government. The corporation had even cited these reasons for its inability to carry out 13 projects assigned by the government. On October 6, EVN submitted a plan to the Ministry of Industry and Trade to further increase the average price in 2009 to VND1,017 per kWh, VND1,088 per kWh in 2010, and VND1,146 per kWh in 2012. The Ministry of Industry and Trade has asked EVN to draw up a plan with the ministry and other state agencies, setting the rate, timing and implementation of the increase. EVN needs the increase for extra capital to invest in projects entrusted by the government, said Minister Vu Huy Hoang. Dinh Quang Tri, deputy general director of EVN, said without an increase EVN would not be able to invest in power generation to prevent widespread shortages. Vietnam’s power demand is expected to grow annually by 16 percent until 2015, according to EVN estimates. The entire power network in Vietnam has an output of 10,000-11,000 megawatts, about 1,500-2,000 megawatts below demand during peak hours, EVN said. Repeated power cuts have been causing headaches to residents as well as firms over the past four months. EVN has cited technical problems at major power plants and rapid growth in demand as main reasons for the blackouts. The average electricity usage per person in Vietnam in 2007 was only 785 kW, standing seventh among eleven Southeast Asia nations, 40th out of 49 Asian countries and 134th out of 192 countries and territories in the world. The domestic consumption figure does not even approach one third of the world’s average per capita electricity allowance, which was 2,516 kW in 2003. EVN only provides 60 percent of the country’s electricity and still depends on outside sources, Huynh Van Thach, deputy chief of EVN’s Planning Department, told a July conference held by the Ministry of Industry and Trade. The utility has apologized, but no matter what the excuses are, EVN should take the blame, said Deputy Prime Minister Hoang Trung Hai. “Its job is to provide electricity,” Hai said. “It isn’t enough to just apologize and make the lives of residents and businesses miserable.” Source: Thanh Nien, Tuoi Tre

Read more »

Employees of Ladoda company’s leather factory, work on a production line in Van Lam District, northern province of Hung Yen on October 17. The whirr of 200 sewing machines fills a Vietnamese factory hall, where workers and bosses hope desperately that the wheels will keep spinning once the global downturn hits home.

Row upon row of workers, most of them women, are busy making handbags, backpacks and briefcases for customers as far away as Germany, Hungary and Mexico in this plant, set amid rice fields on the outskirts of Hanoi. They are the backbone of Vietnam’s post-war success story, part of an army of low-wage laborers who have transformed a poverty – stricken command economy since Vietnam in the 1980s embraced the model of export-led growth. For more than a decade, textile and apparel exports have helped drive national economic growth rates above 7.5 percent – lifting the fortunes of businesses such as the Ladoda Company, whose staff grew to 400 from 15 in 16 years. But now – with the dark clouds of recession gathering over the United States, Europe and many of Vietnam’s other export markets – many of the workers here have started to worry that tougher times may lie ahead. “I heard on TV and the radio that the world economy is in bad shape,” said 33-year-old Nguyen Thi Thuy, who supports two children with her performance based wage of around VND1.7 million (US$100) a month. “I am sure it will affect Vietnam and our company in some way.” It is a concern shared by the management of the company, although both Thuy and her boss said that through hard work and innovation this family-run business hopes to dodge the bullet of a global downturn. “We are worried,” admitted deputy director Dinh Tuan Anh, the owner’s son. “The crisis has really affected our business plans.” Orders from some overseas clients had started falling months before the Wall Street meltdown, Anh told AFP, while domestic woes, including double-digit inflation and expensive bank loans, had piled pressure on the company. “In June our Czech client placed an order for only 2,000 to 3,000 backpacks,” he said. “They used to order 5,000. “A US client used to place orders for up to VND300,000 ($18) per backpack. Now they want backpacks for VNDVND60,000. They have told us to reduce the detailing on the products to make them cheaper.” Adam Sitkoff, executive chairman of the American Chamber of Commerce in Hanoi, expects things could get worse before they get better. “There’s no question you’re seeing a slowing in worldwide growth,” he said. “Economies aren’t expanding, businesses aren’t expanding, the value of assets is going down. People are going to be more fearful and have less money to spend. That affects exports from emerging markets.” Vietnam – which weathered the 1997-98 Asian crisis better than many neighbors because of its relative isolation – has since become far more globally integrated and last year joined the World Trade Organization. “Vietnam’s single largest export market is the United States,” said Sitkoff. “Almost 45 percent of Vietnamese exports to the US are clothing and shoes. “It’s difficult to believe that Vietnam won’t be impacted negatively by what’s going on in the credit crisis everywhere. Vietnam is not immune to what’s going on around the world.” It is a threat Prime Minister Nguyen Tan Dung acknowledged Thursday when he warned legislators that a “global economic recession... would negatively influence our economy, making it difficult to stabilize the macro-economy and maintain growth.” The International Monetary Fund (IMF) in Hanoi is now studying just how the global shockwaves might be felt in the country of 86 million. “In looking at the impact of the global turmoil here, you have to look at what exporters and investors feel and take the pulse of the people involved in remittances,” said IMF country representative Benedict Bingham. “The channels are reasonably clear. The question is what is going to be the magnitude, taking into account that Vietnam has built up this very positive profile of an attractive long-term investment destination.” Bingham said manufacturing exports were likely to be affected, but Vietnam may also be hit by a downturn in global commodity markets. “Fifty percent of Vietnam’s exports are commodity exports – crude oil, coal, seafood, rice, coffee and so on – and there may well be a price effect as well as a volume effect,” he said. “This is going to be quite a big change for Vietnam. In the past few years Vietnam had a double-positive: export volume growth and price growth were strong. In 2009 those two factors could go the other way.” Bingham said robust export growth and foreign direct investment (FDI) inflows to Vietnam had “kept the ship steaming along” so far this year.” “The question is,” Bingham said, “if we go through this financial turmoil affecting business plans, will that affect FDI, or is Vietnam’s inherent long-term attractiveness as an investment destination, and the fact that it’s still relatively small as a global client, going to see it through?” Source: AFP

Read more »