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UK oil firm, PetroVietnam to look for oil off Mekong Basin
The UK-based oil and gas firm Salamander Energy Group Ltd has tied up with state-run giant PetroVietnam to explore for oil off the Mekong Delta coast.
Under a production-sharing contract signed Friday the Southeast Asia-focused British oil firm and PetroVietnam will begin by drilling in Block 1.
The block covers 8,289 sq.km along the coast of three provinces – Bac Lieu, Soc Trang, and Tra Vinh.
Salamander Energy plans to invest US$5.8 million for exploration in the next three years.
If oil is struck the two parties will decide sharing terms in each well in the block.
The contract marks PetroVietnam’s first with a foreign partner in the Mekong area and its 58th overall.
Salamander Energy plans to open an office in Vietnam this year to strengthen local operations and seek new business opportunities.
In related news, a 50:50 venture between PetroVietnam and Malaysian oil firm Petronas has announced the discovery of oil in Vietnam’s southern waters.
Tests in the Dong Do-1X well in the Dong Do structure, Block 02/97, Cuu Long Basin, show an oil flow of 2,500 barrels per day.
The JV had announce last month it found oil and gas in the Thang Long-2X well in the same block with an estimated yield of 5,000 barrels and 38 million cu.m per day.
Vietnam is expected to produce 16.8 million tons of crude oil this year against an initial target of 17.5 million tons.
Over 7.6 million tons of crude oil were exported for $3.8 billion as the country’s number one export turnover earner dropped slightly both in volume and value.
The lower output was due to certain factors like less-than-expected progress in buying an oil field in Kazakhstan and drilling in Malaysia being hit by bad weather, according to the oil group.
The country exported 16.6 million tons of crude oil valued at over US$8.3 billion last year, mainly to China, Singapore, Japan, Britain, and the US.
Vietnam is Southeast Asia's third-largest crude oil producer with output averaging 350,000 barrels per day. But it still imports most of its oil products in the absence of major refineries.
It is building its first refinery, the $2.5 billion Dung Quat complex in Quang Ngai Province, which will open in early 2009, expected to reduce the country’s heavy dependence on oil imports.
And works also started on certain components of the Nghi Son oil refinery in Thanh Hoa province – the country’s second, which is expected to cost up $5.2 billion. It’s slated to become operational in 2013.
Source: PR – Compiled by Dong Ha
lol, you should have seen the look on the tellers face when I picked up my first order of DONG. She goes and raises her voice right there in front of everyone standing in line behind me, and says 'MAN THATS ALLOT OF MONEY', she was pretty excited. I think that order was all in 100k notes for about 5 mill worth. She didnt know it was only a few hundred bucks worth in US funds. But hey, in her eyes and the peeps standing behind me, I was a multi millionaire. It felt great, and I could get use to it *grinning*. LMAO.
Have a great night RJ.
Trav.
Wells Fargo is much the same way. You have to have an account there to purchase your currency, and you have to have it delivered to a Wells Fargo branch.
Trav.
Agreed, as soon as they see a nice potential ROI more will get involved with the exchanges for us. I would be very pleased to see my local Wells Fargo carry this as they do the DONG. And they are more than willing to buy my DONG back from me as well. What ever currency they sell, they also buy back from you. Its one stop shopping for me there, lol. They also keep my currencies safely locked up.
Trav.
Yes, they do. But from reading through the post here over the last few months, some of the Chase Banks do not. And there are not Chace Banks at all of our locations.
Trav.
I'm hoping for that as well. But was wondering if a letter/Email to a higher power would help convince more of the financial institutions to trade this currency. If/when it does go up even higher in value and some would like to sell. Right now we are limited in those that are willing to exchange the DINAR for us.
Trav.
Couple questions Aerospace
So investing into a countries currency doesn't necessarily help that country out? Investing into a countries currency may lead to delusion of the currency?
We currently cant invest into stocks there yet. The ISX isn't open for foreign investors.
Trav.
We're still having issues selling the DINAR. Buying them is fairly limited as well.
When we are ready to sell them, it would be nice to have a few more places that are willing to take them off our hands. I do believe that when/if the DINAR increases even more in value that there will be more finacial institutions with the ability to buy and sell the DINAR.
In the meantime it may be a good idea to contact our local congressman and ask if they would be willing to to help us with this issue. As I recall it was the US government that first asked us to invest into IRAQ. We have done our part and now hopefully they will do there part to help us.
This link I found of all of the State representetives takes awhile to pull up. But might come in handy till I can find a better link.
http://en.wikipedia.org/wiki/List_of_current_United_States_Senators
Happy typing everyone.
Trav.
Trav.
SSSSSWWWWWWWWWEEEEEEEEEEEETTTTTTTTTTTTTT (EOM)
Saturday, June 30, 2007
1 US Dollar = 16'452.6 Vietnamese Dong
1 Vietnamese Dong (VND) = 0.00006078 US Dollar (USD)
Median price = 15'858.2 / 16'452.6 (bid/ask)
Minimum price = 15'842.0 / 16'435.0
Maximum price = 15'864.0 / 16'459.0
US Eximbank to open Viet Nam branches
VNECONOMY updated: 18/06/2007
As part of its ongoing expansion plan, the Export-Import Bank of the United States (Eximbank), the official export credit agency of the US federal Government, will pour US$300 million in opening four branches in Viet Nam.
The bank’s plan includes co-ordinating with Vietnamese counterparts in expanding credit guarantees to local businesses, helping them import goods from the US.
Marianna Ohe, an Eximbank representative, says stronger US-Viet Nam trade relations and the country’s recent WTO membership have encouraged executives to focus more on Vietnamese companies doing business in North America.
Eximbank hopes to get involved in short and medium term transactions with private companies, and long term deals with State-owned enterprises. The capital support will allow Vietnamese companies to import more from the US, says Ohe.
Trade between the United States and Viet Nam in 2006 hit $9.7 billion with US imports representing $1.1 billion.
Source: Vietnam Agency
Print version
US enterprises lead new wave of investment in Vietnam
VNECONOMY updated: 29/06/2007
Mr Vu Tien Loc, Chairman of the VCCI.
Mr. Loc said that up to 150 Vietnamese companies accompanied the President to the US and this was a message showing Vietnam’s desire to strengthen economic relations with the US. The visit is hoped will contribute to promote the investment wave of the US into Vietnam. That’s why the Vietnamese mission spent a lot of time meeting with American CEOs and groups.
“Recently we have heard much about the new wave of investment in Vietnam. That’s the investment wave of leading world groups in finance and hi-tech into Vietnam. I believe that with their capital, technology and market, American investors will lead the new wave of investment into Vietnam and soon become the number-one investor in Vietnam,” Mr. Loc said.
Large contracts signed during the Vietnamese President’s US visit
1. The Saigon Investment group and Tan Tao Industrial Zone Development Company signed an agreement with American partners to build a complex of seaport industrial zones, a 3,600MW thermo-power plant, and a loan, totalling $4 billion in value.
2. Electricity of Vietnam group (EVN) signed a gas trading and gas development contract worth $4 billion. The group also signed a $100 million loan contract with Citbank to build a hydropower plant.
3. TVN signed a contract with CitiGroup on bond issuance consulting worth VND3 trillion ($187 million).
4. The Bank for Agriculture and Rural Development of Vietnam (Agribank) signed an agreement on buying Microsoft Office software copyright and other agreements with US banks worth $700 million.
5. The Vietnam Shipping Lines Corporation (Vinalines) signed a contract with SSA Marine to build the Cai Lan seaport, worth $500 million. It also signed a contract to borrow $175 million from CitiGroup to build seaports.
6. The Saigon Securities Trading Company and Credit Suisse signed a contract on a $100 million credit.
7. Phong Phu Textile Company and ITG signed a contract on textile-garment cooperation worth $100 million.
8. SOVICO and NBH Group signed contracts on energy, crude oil investment and establishing an investment fund in Vietnam, totalling $600 million.
9. Mai Linh Company and Texas Tech Group signed a contract to build a $100 million hospital.
10. Hoang Quan Real Estate Company signed a contract to build a $30 million technology university in Vietnam and an agreement to sell its stocks to IndoChina Capital, worth $100 million.
What do you think about the contracts that Vietnam and the US signed during the recent US visit by President Nguyen Minh Triet?
During the President’s visit, I saw that American businesses are very interested in investment in Vietnam through big projects in important areas of the economy. The two sides signed many important agreements and contracts worth around U$11 billion. This is a meaningful, record figure.
Contracts signed during the visit include large projects on infrastructure such as building seaports, power plants, industrial zones, residential areas, those to develop the financial market and financial institutions in Vietnam, hi-tech projects in the fields of information technology and telecom, import-export contracts and projects on education and training, specifically the agreement to establish a technology university in Vietnam.
Along with a record number of contracts, the quality of projects is also high. We know that the US is the best in the world in infrastructure development, hi-tech and education. Meanwhile, Vietnam needs to strongly develop those fields to boost modernisation and industrialisation. Contracts signed on this occasion are suitable to the advantages of each side.
The flow of US investment running into Vietnam through those contracts are in various forms, from wholly foreign owned or joint venture, portfolio investment through buying stocks of Vietnamese companies, and US provisions of credit for Vietnam’s imports to serve its projects in Vietnam.
The two sides also discussed other projects and I hope that in the coming time, many new projects will be signed. Thus, the results of this visit don’t include already signed projects but projects for the future.
Among signed projects, which impress you most?
All projects signed in the US are important, meaningful and impress me in different ways.
For example, large projects on infrastructure development such as seaports or power plants have huge capital and are very important to the development of Vietnam. Even small-scale agreements such as the agreement between the Vietnamese and US stock exchanges or the Vietnamese Government and businesses buying Microsoft software copyright, which are only worth several tens of millions of US dollars, are still very meaningful in terms of intellectual property protection and pave the way for hi-tech investment into Vietnam. Hi-tech investment always goes with intellectual property protection.
Another example is a $30 million project to build a university in Vietnam. $30 million is not large in the total number of $11 billion but it is a pioneer project for Vietnam-US cooperation to build universities in Vietnam.
We wants to cooperate with the US to develop top-tier universities in Vietnam, so besides government agencies, Vietnamese companies are also seeking cooperation with American partners in this area. This is a field with potential for Vietnam-US cooperation.
We can see that contracts and agreements signed during the visit are quite comprehensive, covering many fields. There are big ones with billions of US dollars of capital and there are small ones which have great meaning because they mark the first cooperation between the two sides in new areas.
In this visit, what did we do for the textile-garment supervision issue, which is hindering Vietnam’s exports to the US?
Since Vietnam has become a WTO member, there are still barriers from the two sides, firstly the technical barrier like the supervision on Vietnam’s textile-garments. At meetings with US partners during this trip, we suggested lifting that barrier to boost Vietnam’s exports to the US and Vietnam’s imports of US hi-tech products. The American Importers’ Association confirmed that the application of the supervision mechanism on Vietnam’s textile-garments was a violation of WTO rules and was unfair.
The Vietnam Textile-garments Association will work closely with American importers and Government agencies to ask for the removal of this mechanism. We have reasons to affirm that Vietnam’s textile-garment exports don’t influence the US textile-garment industry.
Such problems can continue to appear through commercial lawsuits such as anti-dumping lawsuits so Vietnamese enterprises need to cooperate with not only the community of local businesses but American partners to create a common voice to lift barriers in economic ties.
What agreements did Vietnam and the US reach to assist enterprises of both sides in trade and investment relations?
During this trip, VCCI and the American Chamber of Commerce reached an agreement on establishing the Vietnam-US enterprise forum. The forum will be a regular mechanism of the Vietnamese and US communities of business to exchange information on trade, investment and policies. It will also promote trade and investment cooperation between the two sides. It will be set up soon to connect Vietnamese and US businesses.
In addition, the two governments signed the Trade and Investment Framework Agreement, a following step of the Vietnam-US Bilateral Trade Agreement and a step towards the Vietnam-US Free Trade Agreement. The two sides also established the investment-business consulting council. These are the foundations for Vietnam-US economic cooperation at higher levels.
Along with promising results through the President’s US visit, Vietnam is receiving the interest of many foreign investors. What should we do to take advantage of the new wave of investment?
The investment environment of Vietnam in the WTO era has undergone important changes but we are still facing fierce competition from other economies, which are also trying to improve their investment climates, such as China, India, and ASEAN countries. Before making investment decisions, foreign investors always compare Vietnam to other countries. Vietnam is now in the eyes of big groups so we have to gear up to take advantage of this opportunity.
I think with a new cabinet, an improving investment environment, and harsh measures in administrative reforms, investment of the US and other countries into Vietnam will surely increase.
Source: VietnamNet
It would be nice to see it do something besides just move sideways. Lets give it a few months and see what happens. Like a slow cooking switch on the crock pot. Sooner or later it gets done. lol.
Trav.
Congrats to them.
We were married at 18/19. While she was still in High School. We are still at it just over 20 years now. Two great kids, 20 and 17.
Everything works out if you try hard enough and communicate.
But............there going to need alot of support from friends and family.
Just my .0002 worth.
Have a great weekend.
I think were heading to the bite of Tacoma or something like that, there's lots of food anyways. lol.
Trav.
I liked 11/second/A.
"A. Exchange shares and bonds listed in the Iraqi Stock Exchange"
Now I just need to find funds. lol.
Chapter Three
Privileges and guarantees
Article 10:
The Investor irrespective of his /her nationality shall enjoy all privileges, facilitations and guarantees and shall be subject to the obligations stated in this law. The Iraqi and foreign investor shall have the right for the purposes of housing projects, the use of the land for a sum to be determined between him and the land owner without land speculation according to conditions set forth by the National Commission of investment and the approval of the Council of Ministers. The Commission shall facilitate the allocation of the required lands for the housing projects. The housing units shall be allocated for ownership by the Iraqis after the completion of the project.
Article 11:
The investor shall enjoy the following benefits:-
First: the investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provision of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities.
Second: The foreign investor shall have the right to :
A. Exchange shares and bonds listed in the Iraqi Stock Exchange
B. Form investment portfolios in shares and bonds
Third: Renting or leasing land needed for the project for the term of the investment project, provided that it dose not exceed 50 years renewable with the agreement of the Commission, and provided that the nature of the project and its benefit for the national economy is taken into consideration when determining the period.
Fourth: Insuring the investment project with any foreign or national insurance company it deems suitable.
Fifth: Opening accounts in Iraqi or foreign currency or both at a bank inside or outside Iraq for the licensed project.
Article 12:
This law shall guarantee the following for the investor:-
First: The right to employ and use non- Iraqi workers in case it is not possible to
employ an Iraqi with the required qualifications and capable of performing the same task in accordance with guidelines issued by the Commission.
Second: Granting the foreign investor and non –Iraqis working in the investment projects the right for residence in Iraq and facilitate inter and departure from Iraq.
Third: Non- seizure or nationalization of the investment project covered by the provisions of this law in whole or in part, except for projects on which a final judicial judgment was issued.
Fourth: Non Iraq technicians and administration employees working in any project shall have the right to transfer their salaries and compensations outside Iraq in accordance with the law after paying their dues and debts to the Iraqi government and all other entities.
Article 13:
Any amendment to this Law shall not have any retroactive affect regarding the guarantees, exemptions, and rights recognized by this Law.
http://www.industry.gov.iq/uploads/The_Investment_Law[1].pdf
Vietnam encourages more foreign investment: DPM
Vietnam encourages more foreign investors to come to the country which is changing from a command economy to a market economy, First Deputy Prime Minister Nguyen Sinh Hung on Sunday, who is attending the 16th World Economic Forum on East Asia, said Sunday.
Speaking at a lunch welcoming participants of the meeting, which opened here Sunday, Hung noted that the transformation of the Vietnamese economy had triggered explosive growth of new business formation.
And tens of thousands of new businesses are being opened each year in Vietnam fueling demand for ongoing and sustained investment flows and providing opportunities for foreign players to partner with local enterprises, he added.
According to Hung, foreign direct investment into Vietnam could increase by up to 20 billion U.S. dollars this year, doubling the inflow recorded last year.
Additional funding to support an economic growth target set at 8-10 percent a year through to 2015 would come from regular government bond issues, while further private sector funding would come from a wave of prospective offshore listings of Vietnam companies.
"Last year 750 million U.S. dollars in bonds were issued into international capital markets, and this year we will issue about 1 billion U.S. dollars," the first deputy prime minister told participants.
He said the education system is one of the country's biggest challenges in a bid to sustain economic growth targets, encouraging foreign investors to help upgrade skills in the country's workforce.
"As you all know we have a program of upgrading our education system. We invited others to help us to train the labor force at all levels, from laborers to higher skills that are needed in all levels of business," he said.
In addition, having endured and survived a war, he said, Vietnam understands the importance of peace and stability as a basic requirement of economic growth and prosperity. The upgrading of the transport and logistics networks is also a priority, he added.
Peppered with questions from business elite about how the government will attract foreign investment, Hung said policy would be directed at lowering the general level of taxation rather than providing special incentives.
"Our intention is to modernize our tax system and create a better environment for investors," he said, adding that the government would reduce both corporate and personal income tax rates.
Under the theme of "The Leadership Imperative for an Asian Century", the World Economic Forum hosts the two-day meeting on East Asia in order to invite frank exchange of views on topics including Asian leadership, risk management, sustainable growth and the challenge of competitiveness for economies.
Co-sponsored by the Singapore Economic Development Board, the meeting has attracted more than 300 political and business leaders from 26 countries, including Philippine President Gloria Macapagal Arroyo, Thailand's Minister of Finance Chalongphob Sussangkarn.
Source: Xinhua
JMO, but because its not there soilders dieing, and not there money's paying all the bills.
If the shoe was on the other foot, they would be getting everything done yesterday.
Trav.
Edit, yes I know Iraq has loses as well. As do other countries. But I know some of the soilders over there from the USA.
I had'nt looked in about a week, I was scared to. lol.
I'll be on the next 777 heading over there to smack some heads arround. lmao.
Trav.
How about if you sand the deck? Re seet the nails, or just replace them with deck screws. Once there all flush or just below flush, go over the deck with a drum sander, belt sander, or square buff machine. You can rent them for 30 - 50 bucks for 24 hours.
Once your done sanding, just apply the finish of your choice.
Trav.
Thank you, but I am married.
lol.
Trav.
Intel supports Vietnam electricity firm’s IT advance
US chip giant Intel has entered into a strategic cooperation deal with Vietnamese state-run Electricity of Vietnam (EVN) to support the local firm as it applies advanced IT among its affiliates.
Under the deal signed Monday, Intel and EVN will carry out a program to improve and promote IT training for 80,000 EVN employees.
Intel will provide the company with consulting services to implement IT software solutions to boost business performance and improve administrative management.
Intel will assist EVN in conducting a feasibility study on a computer assembly line bearing the EVN trade mark.
Once the assembly line is a reality, Intel would also be in charge of training courses on marketing, technique, manufacturing processes, quality tests and market research.
Intel, the world’s largest chip producer, has committed to implementing Vietnam’s most expensive project: a US$1 billion computer component facility in Ho Chi Minh City’s Saigon Hi-Tech Park.
The chip assembly and testing plant under construction is scheduled to start production in mid-2009.
It will be Intel’s largest global chip manufacturing facility and a model for its chip assembly and testing systems. The plant is the seventh facility in Intel's global network.
If the first phase of the project is a success and market demand remains high, Intel plans to invest a further $1 billion in the country.
The unlisted EVN is expected to go public by the end of 2008, two years earlier than scheduled under a plan approved by the government.
Twenty-four of its subsidiaries are set to equitize this year and the remaining six subsidiaries will follow by the end of next year.
It has obtained the nod from the government to sell corporate bonds overseas next year, expecting to raise US$300 million to $500 million in the first phase.
Along with preparation for the forthcoming issue of overseas corporate bonds, the group plans to issue VND8 trillion ($502 million) in bonds for infrastructure development in this year’s second quarter.
Reported by M.Q. – Compiled by Dong Ha
Investment from US to Vietnam likely to reach US $8 billion in 2007
US Ambassador to Vietnam Michael Marine has forecasted that foreign investment from the US to Vietnam will probably double to US $8 billion in 2007, up from US $4 billion in 2006.
He told reporters in Hanoi on December 13 that in 2006, investment from the US to Vietnam reached US $4 billion. US businesses will start to implement three or four major projects in Vietnam next year. If this happens, the US’s investment in the country will reach US $8 billion.
He also said that most of businessmen from the US, Vietnam and other countries, who had taken part in the Vietnam Business Forum in Hanoi on December 13, were optimistic about the prospect of their investment in Vietnam.
“2007 and the time after 2007 will be a very good time for Vietnam to attract more FDI. However, this will not be the case unless Vietnam continues its economic reform,” Marine stressed.
Regarding bilateral relations between the two countries, Ambassador Marine said that the US considered Vietnam as not only a good partner in trade and investment, but also in strategic and political issues.
According to the Vietnamese Ministry of Planning and Investment, by last month, the US had 305 investment projects in Vietnam, with a combined registered capital of US $2.1 billion and an estimated disbursement of US $730 million. The US was ranked 9th among the 75 countries and territories that have invested in Vietnam.
Seventy four other projects in Vietnam, capitalised at about US $2.4 billion, were invested by US businesses via third countries.
If combining direct investment from the US and its indirect investment through third countries, the total investment from the US to Vietnam reaches US $4.4 billion, and the US becomes Vietnam’s fifth largest foreign investor. (VNA)
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Investment from US to Vietnam likely to reach US $8 billion in 2007
US Ambassador to Vietnam Michael Marine has forecasted that foreign investment from the US to Vietnam will probably double to US $8 billion in 2007, up from US $4 billion in 2006.
He told reporters in Hanoi on December 13 that in 2006, investment from the US to Vietnam reached US $4 billion. US businesses will start to implement three or four major projects in Vietnam next year. If this happens, the US’s investment in the country will reach US $8 billion.
He also said that most of businessmen from the US, Vietnam and other countries, who had taken part in the Vietnam Business Forum in Hanoi on December 13, were optimistic about the prospect of their investment in Vietnam.
“2007 and the time after 2007 will be a very good time for Vietnam to attract more FDI. However, this will not be the case unless Vietnam continues its economic reform,” Marine stressed.
Regarding bilateral relations between the two countries, Ambassador Marine said that the US considered Vietnam as not only a good partner in trade and investment, but also in strategic and political issues.
According to the Vietnamese Ministry of Planning and Investment, by last month, the US had 305 investment projects in Vietnam, with a combined registered capital of US $2.1 billion and an estimated disbursement of US $730 million. The US was ranked 9th among the 75 countries and territories that have invested in Vietnam.
Seventy four other projects in Vietnam, capitalised at about US $2.4 billion, were invested by US businesses via third countries.
If combining direct investment from the US and its indirect investment through third countries, the total investment from the US to Vietnam reaches US $4.4 billion, and the US becomes Vietnam’s fifth largest foreign investor. (VNA)
--------------------------------------------------------------------------------
US firm tells Vietnam PM of investment plans
US-based financial company Vietnam Partners pledged investment in Vietnam and sought the government’s assistance during a meeting its top executives held with Prime Minister Nguyen Tan Dung in Hanoi Friday.
Its President Virginia B. Foote said she would try to boost US-Vietnam cooperation in various fields besides boosting her company’s investment in the country.
A company partner, James W. Lewis, said the executives’ current trip was for exploring the property market, especially with respect to resorts and luxury hotels in Ho Chi Minh City, Hanoi, and Danang.
He sought government assistance for the group’s projects to build a tourism human resource development center in Danang and Asia’s most luxurious hotel in HCM City.
Dung appreciated the company’s investment plans and urged its executives to work with agencies and local authorities concerned to begin the projects as soon as possible.
“Tourism development is among Vietnam’s top priorities and the government will create the best possible conditions for the group to operate profitably,” he assured.
He took the opportunity to appreciate Foote, an ex-President of the US-Vietnam Trade Council, for her contributions to the normalization of Vietnam-US relations and signing of the Bilateral Trade Agreement, and her support for Vietnam’s WTO membership.
“Vietnam is pursuing a policy of cooperation in all fields with the US based on the principle of mutual interest, especially in the economic and investment spheres.”
Source: VNA
Coca-Cola sees Vietnam as key market
Prime Minister Nguyen Tan Dung greets Coca-Cola Chairman and CEO Neville Isdell (L)
Coca-Cola chairman and chief executive officer Neville Isdell has underlined the importance of Vietnam to the American soft drink giant and its strong commitment to the country.
“We are very optimistic about the future of our business here,” Isdell, who paid a courtesy visit on Prime Minister Nguyen Tan Dung in Hanoi Thursday, said.
“Over the next five years we will increase our commitment to Vietnam by significant new investments in infrastructure and an expansion of our geographical reach throughout Vietnam.”
Coca-Cola has invested more than US$160 million in Vietnam since returning to the country in 1994, and now has bottling plants in Ha Tay in the north, Danang in the central region, and HCMC in the south.
The company’s wide range of well-established soft drinks brands include Coca-Cola, Sprite, Fanta, Thums Up, Diet Coke, Schweppes, Minute Maid Splash juice, bottled drinking water Joy, and energy drink Samurai.
Isdell also held meetings with his local managers and surveyed the Vietnamese market before wrapping up a two-day visit Thursday.
Citos Reyes, general director of Coca-Cola Sabco Vietnam, the authorized bottler of all Coca-Cola products in the country, said Isdell’s visit was clear proof of the company’s commitment to Vietnam as a dynamic beverage market.
“We are growing the business and creating new jobs in Vietnam,” he said, adding he was enthusiastic about the business opportunities in the country.
Independent studies show that the Coca-Cola Sabco manual-distribution-center, or MDC model, supports over 9,000 people through direct and indirect employment, generating 12 additional jobs in industries such as ingredients, packaging, distribution, and retailing for every direct employee.
Source: SGT
E-mail to a friend Print version
Announcement No.(939)
D.G. of Foreign Exchange Control
The 939 daily currency auction was held in the Central Bank of Iraq day Tuesday 2007/6/5 so the results were as follows :
Details Notes
Number of banks 20 -----
Auction price selling dinar / US $ 1260 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 77.865.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 77.865.000 -----
Total offers for selling (US $) ----- -----
I read the letter that was posted about there vacation 'Summer fishing trip' lol. I thought that we had strongly encoraged them not to take there vacation. Not that they had agreed to not take it. Good news then, they are stuck and can maybe understand that lives are being lost needlessly.
My understanding is that there is no such thing as FDIC there right now. Your no stranger to investing and know that there are risks with all investments. Good luck to you if you go for it. Im debating if Ill jump into it myself, just play money right...lol.
Trav.
I would hope that all the current governments that are over there now helping out would not let them take the Summer off. There vacation can wait. There is far to much violence there right now for anyone to be taken a vacation.
The leaders there need to get off the azz'es and get 'er done.
Trav.
pkripper posted this video about a week ago on the ISX. It gives a pretty good time line for the opening.
Cliff notes would be:
Hopefully opening to forien investors with in 60 days.
Fully operational on or before October.
Its corrently open 2 days a week, 4 hours a day.
94 commpanies listed, 18 are banks.
Hope it helps
Trav.
His post...........................
Posted by: pkripper
In reply to: None Date:5/30/2007 1:07:07 AM
Post #of 7433
Iraq Stock Market
Trading stocks in New York can be a dog-eat-dog experience, but trading them in Baghdad can be life threatening. June Reed, sr. consultant for private sector development at the Iraq Transition Office, discusses the Iraqi Stock Exchange with CNBC's Erin Burnett.
http://www.cnbc.com/id/15840232?video=347019860&play=1
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Don't buy or sell according to me, your in charge of your buy/sell buttons!! And I don't pay your bills!!!
PetroVietnam branches tie up for $245 mln gas storage project
Three branches of Vietnam’s state-run oil and gas co, PetroVietnam have entered into a cooperation deal to invest US$245 million in gas cargo facilities and warehousing.
Following the deal signed Wednesday three branches of the company, PV Trans, PV Gas South and PV Gas North will establish a joint stock company to operate the project.
In the first phase, the new entity will invest $45 million, 70 percent of which will be contributed by PV Trans in buying four vessels to carry liquefied petroleum gas (LPG) products.
More that $200 million has been earmarked for the second phase of the project in building a warehouse and more vessels for LPG and liquefied natural gas.
The three companies plan to start the project this year.
The Ho Chi Minh City-based PV Trans, full name of PetroVietnam Transportation Company launched an initial public offering late last year via an auction of 25.7 million shares on the HCMC bourse.
The IPO is a part of its plan to raise its chartered capital to VND1.9 trillion ($118 million) from the current VND720 billion by 2010.
Source: Tuoi Tre – Compiled by Dong Ha
Barclays remains bullish on Vietnam’s economy
15:37' 30/05/2007 (GMT+7)
VietNamNet Bridge – Barclays Capital, the investment banking arm of Barclays Bank, last week issued a relatively positive outlook on the Vietnamese economy, despite inflationary pressure and a potential current account deficit.
The outlook, which calls Vietnam "an improving credit story", forecasts the economy to continue growing by around 8% per annum over the next two to three years, very much in line with forecasts from the Asian Development Bank and International Monetary Fund.
"We continue to believe that the combination of high growth and improvement in Vietnam's balance of payments profile should lead to Moody's upgrading its B3 sovereign rating by one notch by the end of the year", the bank said in its research paper dated on 22 May. Moody's last March placed a positive outlook on Vietnam's sovereign rating, up from stable.
Barclays Capital said that growth, however, may be kept in check this year, in part due to poor weather conditions which already had a detrimental impact on the agriculture sector in the first half of the year, and as a result, on rural incomes and consumption.
However, overall growth would likely accelerate moving forward and GDP will rise by 7.8% for the whole year, thanks to the ongoing strength of exports and investment from the rapid build-up of FDI, as well as the ongoing strength of government spending on infrastructure and other capital projects.
"Whilst tighter credit conditions are projected to keep domestic credit growth increasing at around 20% in both 2007 and 2008 - against 40% in 2005 - such a rate of growth should still be viewed as stimulative in regards to the build-up of investment", said Barclays.
Researchers, though, highlighted inflation as a possible cause for concern, resulting partly from unfavourable weather conditions that will force agriculture prices higher, and the economy running "at above potential".
The inflow of foreign funds and ongoing balance of payment surplus will also add extra price pressures, said Barclays.
The bank also pointed out that Vietnamese central bank has been "willing to tolerate a higher inflation rate" as long as it remains below the real GDP growth rate, for the greater importance of improving infrastructure and promoting economic growth.
Barclays, however, warns that inflation rate may surpass the real GDP growth rate by early 2008, if the central bank does not further tighten the monetary policy in the second half of 2007.
Foreseeing a marked increase in trade deficit particularly due to imports of machinery, Barclays Capital remains "relatively sanguine".
"The widening of the [current account] deficit should be offset by a sharp rise in the capital account surplus, with both inflows of portfolio funds and foreign direct investment set to enjoy a marked rise," the report said, adding that in the first quarter foreign investors were net buyers of $530mil in equities compared with $470mil in the whole of 2006.
Given that the Vietnamese Government has announced plans to issue $1bil of foreign currency denominated bonds in 2007, the bank expects portfolio flows into equities and planned issuance of dong and dollar bonds to total $2bil in 2007.
" [We] believe that a [current account] deficit in the order of 3.5% of GDP is sustainable given Vietnam's external debt profile and balance of payment ratios," read the report.
Despite the deficit, foreign exchange reserves stood at $13.4bil at the end of 2006 and are forecast to rise to $18.4bil by the end of 2007 and $22.8bil by the end of 2008, or 4.3 and 4.5 months of import coverage, respectively.
"Such a ratio compares favourably with similarly rated sovereign credits," the bank said. But analysts also warned that a "sustained period of [stock] market volatility would lead to a reversal in the balance of payments dynamics and cause a sharp decline in forex reserves."
(Source: Viet Nam News)
HSBC and Standard Chartered pioneer dong swaps
By Nick Ferguson | 30 May 2007
Dong interest-rate swaps create new hedging opportunities for Vietnamese market participants.
Vietnamese banks and corporates are set to benefit from the opening of the interbank market for interest-rate swaps now that HSBC and Standard Chartered have completed the first such trade.
The $3 million trade is a five-year swap, with HSBC paying a floating rate at the three-month Vietnamese interbank offered rate in exchange for receiving a fixed dong rate from Standard Chartered.
Vietnam's central bank paved the way for interest-rate and cross-currency swaps with a blanket approval in December 2006, but this is the first trade to come to the market. Before the approval, such swaps were possible, but the central bank only issued approvals on a case-by-case basis. advertisement
The blanket approval should create a more liquid market that will allow banks and companies to make better use of interest-rate hedges to manage their exposure.
"While this is the first interbank dong interest-rate swap transaction in Vietnam, there is every expectation that other similar trades will follow," says Anita Fung, HSBC's treasurer and head of global markets Asia-Pacific, and chair of the Hong Kong Treasury Market Association.
Dong currency options are under development at HSBC and several other banks, and their development should open the possibility of structured swaps and a range of other more complex structured products.
This trade is the latest in a string of market-opening transactions that HSBC and Standard Chartered have carried out, particularly in China's derivatives market. The two banks pioneered renminbi non-deliverable interest-rate swaps and swaptions in 2005, non-deliverable renminbi interest-rate swaptions at the end of 2006 and the first such swap based on the new Shanghai interbank offered rate earlier this year.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
Yes, I believe there is.
Trav.
Oil group, shipping firm tie up for $637 mln southern port
Vietnamese state-run giants PetroVietnam and Vinalines have teamed up to establish a new joint stock company to develop a new port complex at an estimated cost of US$637 million in southern Vietnam.
The Sao Mai – Ben Dinh Petroleum Investment Joint Stock Company worth VND500 billion was formed by PetroVietnam with its two arms PetroVietnam Finance Joint Stock Company and Petroleum Technical Services Joint Stock Company, and Vinalines known as the National Shipping Lines Corp.
The new entity, which officially made its debut on Saturday, will build a complex of port and facilities for oil and gas services in Sao Mai – Ben Dinh area in the southern Ba Ria – Vung Tau province.
One of 30 key national projects for development in 2006-2010 under a master zoning plan for seaports, it will have six container wharfs capable of handling 100,000-ton ships and 25-50 million tons of goods per year.
Under a recent government dispatch to the two corporations, they will be free to mobilize funds from both domestic and foreign sources for the complex to provide oil and gas and container handling services, and have a shipyard and a petroleum depot.
Work on the facility is expected to begin by the end of this year.
Vinalines and PetroVietnam, the investors, have held talks with domestic and foreign banks like CitiGroup, Credit Suisse, Deutsch Bank, and Mizuho to secure credit.
More ports
Vinalines, is considering joining forces with international partners to develop two mammoth port complexes in central and southern Vietnam.
The group might team up with Japan’s Sumitomo and Belgium’s Port of Zeebrugge to secure funds for the construction of Khanh Hoa Province’s Van Phong Port and Hai Phong’s Lach Huyen Port.
Sumitomo had showed interest in the Van Phong Port and the Belgium port operator is expected to engage in the Lach Huyen Port.
Vinalines plans to develop the Van Phong Port into a state-of-the-art international facility, estimated to cost US$169 million. Work is set to start on the first two berths later this year.
Van Phong bay is an international transshipment point close to international sea lanes to Europe, North Asia, Australia and East Asia. Shipments from southern China and ASEAN countries can transit there if shippers want to reduce shipping time and expenses.
Van Phong Port plays a crucial role in the economic zone of the same name covering 150,000ha of land and water surface in the bay.
A feasibility study for the prospects of the northern Lach Huyen International Seaport mega project has been finalized and submitted to the government for approval.
The project, estimated to cost VND27 trillion ($1.6 billion) for infrastructure and berth construction, is scheduled to launch in 2008.
As planned, the state budget will earmark funds for the initial construction of the seaport, while the bulk will be sourced from outside sources, including the foreign private sector.
Lach Huyen will serve as an international gate seaport and a large transit port for the whole of northern Vietnam.
It is designed to accommodate vessels of between 60,000 and 80,000 TEUs (twenty-foot-equivalent units) and have annual cargo throughput of between 50 and 60 million tons when in full performance.
Vinalines is expected to operate the first two berths of the Lach Huyen project in 2010.
Source: TBKTVN – Compiled by Dong Ha
IMF’s Kato says Vietnam’s future bright
Takatoshi Kato (C)
By THANH TRUNG
(SGT-HANOI) International Monetary Fund (IMF) deputy managing director Takatoshi Kato yesterday expressed his confidence in a bright future for Vietnam, saying the economy is developing fast despite substantial challenges ahead.
“The country has a bright future and its economy is opening up in terms of trade and investment,” Kato said at a press conference in Hanoi yesterday.
In order to continue to preserve a good investment environment, “I think authorities need to be aware of sustainable development, and this is the advice IMF is providing to all of its member countries,” he said.
Kato, who arrived in Hanoi yesterday for a visit, said that “Vietnam is a very successful economy that has been growing very fast for the last few years.”
Fundamentals of Vietnam’s economy are strong, he continued, saying there was a basis for expecting the continuation of good growth in the future.
However, the country now has to face a lot of challenges coming from its own success of economic growth as well as from its entry into the World Trade Organization. He therefore stressed good governance as key to overcome challenges.
“Certainly the strengthening of the foundation of Vietnam’s economic development is very important. From that point of view, I think investment and corporate law and relevant regulations contribute to governance improvement in the economic sector,” he said in answering a question by the Daily.
The fund leader also hailed Vietnam’s efforts in fighting corruption.
“I think that the determination Vietnamese authorities pursue to combat corruption is very encouraging. We welcome that determination of Vietnam,” he said.
Lazaros Molho, a senior official of the IMF, said that on the macro-economic side, Vietnam faces the challenge of inflation and there is a need to control inflation to make sure that growth is sustainable.
“The opening to overseas capital flow is more difficult for monitoring policies to work as effectively as it was in the past, so the challenge of macroeconomic stabilization for the Vietnamese Government becomes more complex,” he said, adding the fiscal policy needed to be strengthened to make sure that inflation was contained.
Kato and his delegation will have meetings with Prime Minister Nguyen Tan Dung and other high-level officials today before wrapping up the visit.
Still hopeing that one of these days Ill be over on your board saying 'Get to the bank now!!!' lol.
See ya in a couple weeks buddy.
Trav.
Not just yet....but your closer.
We think
lol.
Trav.
Troops free 41 from al-Qaeda lair
May 28, 2007
Deborah Haynes
US forces say they raided an al-Qaeda hideout northeast of Baghdad and freed 41 Iraqis imprisoned inside, including some who had been tortured.
“This morning we had a combined operation with the Fifth Iraqi Army just south of Baquba and we came upon an al-Qaeda-in-Iraq prison camp or, if you will, a hideout,” Lieutenant-Colonel Michael Donnelly said. The raid was part of a security crackdown that included the deployment of 3,000 more US troops to Diyala, a violent province north of the capital where there has been heavy fighting recently.
“As we came upon this thing, the captors or whoever was holding them fled the scene. We immediately secured the area and got the prisoners or those that we rescued to safety,” Colonel Donelly said.
The camp was holding 41 people, thought to be Iraqi civilians, many showing signs of mistreatment ranging from broken bones and bruises to dehydration, he said. Some had been held for several months.
In an overnight operation on Saturday, British troops in the south who arrested four people were attacked by small-arms fire and rockets. Three militants were killed but none of the 400 troops was hurt.
Bloody summer will be crucial test for troop surge, says BushTim Reid in Washington
President Bush said yesterday that the next few weeks in Iraq would be critical in determining the success or failure of his troop surge plan – and he predicted great bloodshed over the summer.
Mr Bush, appearing to concede that he had little time before he faced a definitive political and public revolt over the war, warned the Government of Nouri al-Maliki, the Prime Minister, that it needed “to show real progress in return for America’s continued support and sacrifice”.
With all eyes in Washington on a crucial progress report due to be delivered to Congress by the US ground commander General David Petraeus in September, Mr Bush acknowledged that the enemy in Iraq knew that it could be a make-or-break date for his war strategy. “It could make August a tough month, because what they’re going to try to do is kill as many innocent people as they can to try to influence the debate here at home,” he said during a Rose Garden press conference.
“They recognise that the death of innocent people could shake our will, could undermine David Petraeus’s attempt to create a more stable government. And so . . . it could be a very difficult August.”
Despite his repeated warnings that an early withdrawal of American troops would be disastrous, and could provoke a wider Middle East conflict, Mr Bush said that he would have no option but to order a withdrawal if the Iraqi Government demanded it.
The Democratic-controlled Congress is preparing to send Mr Bush a $120 billion (£60 billion) Bill today that would fund the war until September 30, and without a demand for troop withdrawals that a majority of Democrats wanted.
Despite the Democrat takeover of Congress last November, after a midterm election regarded as a popular repudiation of the war, Iraq is causing far more problems for the party’s 2008 presidential candidates than their Republican counterparts.
Hillary Clinton and Barack Obama, its two leading contenders, had still not revealed yesterday whether they would vote for the war-spending Bill. If they back it they will face the rage of the party’s grass roots and liberal activists, who are a powerful force among the primary electorate. If they vote “no”, they will be accused of failing to support the troops.
http://www.timesonline.co.uk/tol/news/world/iraq/article1837804.ece