News September 2003

New Bio-research facility planed – SGTW 27.9.2003

The Ministry of Natural Resources and Environment will spend USD 6 million building bioresearch centers in Hanoi and Ho Chi Minh City. The centers will research and develop genetic modification technology, and help solve disputes involving genetically modified food.

Cooper complex started in Lao Cai – SGTW 20.09.2003

Vietnam Mineral Corporation (Vimico) has started work on a new copper complex in Lao Cai, the largest in Vietnam. The complex comprising a mine, a concentration plant and a copper refinery can turn out 42,000 tons of copper, 110,000 tons of iron and 20,000 tons of sulfur per year when it starts operation in 2005.

TV production went up by 32.5% - SGTW 20.9.2003

More than 1.3 million TVs were assembled in the first eight months, an increase of 32.5% over the same period last year. During recent years many international manufacturers like Sony, LG and Samsung have set up assembly plants in Vietnam.

New GDP targets –SGTW 06.09.2003

Vietnam must reach a GDP growth rate of 8.2 – 8.5% over the next two years if it is to fulfill the socio-economic targets set in 2001-2005 plan. The targets for 2004 are GDP: 7.5-8%, Agriculture, forestry and fishery:4.6%, Industry: 14.5-15%, Service: 7.5-8%, Export: 10%.

New Internet phone services licensed – SGTW 06.09.2003

The Ministry of Post and Telematics has allowed four companies to provide Internet phone service. Those companies are Vietnam Post and Telecommunication, Saigon Postel, FPT and One Connection. With this new kind of services the fees for international phone calls will be reduced to about 10 US cent per minute.

Export up 27.5%, import rose by 33.3% - SGTW 06.09.2003

Vietnam’s export sales in the first eight months increased by 27.5% on a year ago to USD 13.3 bill. Main export items are garment and textiles, crude oil, footwear and seefood. Meanwhile the import rose 33.3% to USD 16.2 billion, leaving a trade deficit of USD 2.9 billion.