Luyen dich bao chi




The more we export, the more we import’ 
The government is struggling to make headway in tackling the rising trade deficit because its efforts to encourage the use of locally-made products have met with very limited success. Experts say that the demand for imported machines and materials has increased over the last several years. This, combined with a lack of a developed supporting industry, has meant that exports have low added value and are heavily reliant on imports.The nation’s cumulative trade deficit in the first nine months of 2010 reached US$8.5 billion, or 16.5 percent of its export turnover, according to the General Statistics Office. For September alone, the gap widened to $1.05 billion from $395 million in August.Vietnam projected a $13.5 billion trade deficit this year, up 5 percent from last year.Cao Sy Kiem, a member of the National Financial and Monetary Policy Advisory Council, said the large gap was mainly due to imports of materials and machines for projects that are being strengthened in the post-economic downturn period, and for export-oriented production.To help control trade deficit, Vietnam devalued the dong in August, when the reference rate for the currency was weakened by 2 percent, following similar moves in February and November 2009.
Another Vinashin official arrested 




Another former official from the state-owned Vietnam Shipbuilding Industry Group, often known as Vinashin, was arrested Saturday amid an investigation into financial activities at the company. To Nghiem, chairman of Cai Lan Shipbuilding Industry Company, a Vinashin subsidiary, was detained on charges of “deliberately acting against the state’s regulations on economic management, causing serious consequences.” Nghiem, 51, was suspected of “appropriating state properties worth tens of billion of dong” when using second hand equipment for a power plant project.Since it began operations in April 2007, the Diesel Cai Lan Power Plant has faced technical problems and shutdowns, leading to losses of more than VND62 billion. Vietnamese police have already arrested five former Vinashin officials. Pham Thanh Binh, the company’s former chairman and chief executive officer, was arrested in August.Two other former board members and directors of two subsidiaries were arrested early this month. Vinashin was on the verge of bankruptcy this year. As of the end of August, Vinashin’s debts amounted to VND86 trillion ($4.4 billion).
Banks raise interest rates on gold deposits 
Local commercial banks have raised their interest rates on gold deposits to try and attract more clients. The Asia Commercial Bank (ACB) on Tuesday raised the rates on three-month gold deposits by 0.1-0.5 percentage points to 1-1.1 percent per year.Meanwhile, Eximbank has increased their rates several times over the past month, now offering to pay 0.8-1 percent for gold deposits of one to three months.
Dinh Thi Thu Thao, deputy general director of Eximbank, said her bank needs to attract more gold to meet the rising demand of gold traders and homebuyers who make payments in gold. Thao also said some gold businesses need the precious metal for production purposes.
Bui Tan Tai, deputy general director of ACB, said when interest rates were just slightly higher than 0 percent, gold deposits declined sharply so the bank had to increase them.Analysts said the hike in interest rates on gold deposits at the two banks could spark a new race.But Vu Dinh Anh, deputy head of the Institute of Market and Price Research, does not think there’s a really high demand for gold.He said there has been speculation that investors betting on a fall in gold prices are creating a high demand for gold, forcing banks to raise their interest rates. But this speculation cannot be proved now because only two banks have raised their rates, Anh said.“After gold exchanges were shut down (in March), banks have had large gold reserves,” Anh said. “There has even been a suggestion that gold depositors should be charged a precious metal preservation fee. Now banks are raising interest rates suddenly and it’s a conspicuous move.”Still, Anh said the interest rate hike is not all bad because it means banks now consider gold as a currency that they can lend and borrow more easily.
Eased credit policies on gold will enable clients to increase deposits, adding a value of around US$4-5 billion to the country’s international reserves, he said.Some bankers told the Tuoi Tre newspaper that with dong interest rates under control, banks can only raise gold and dollar deposit rates if they want to raise more funds.The price of gold in Vietnam hit VND29.76 million per tael Wednesday after global market prices surged to record highs.
Beer imports rise on luxury tax cut 
Beer imports have increased sharply this year even though industry insiders say local production surpassed demand for the popular beverage.Beer imports have increased sharply this year even though industry insiders say local production surpassed demand for the popular beverage.At Cat Lai Port, which handles 80 percent of imported goods brought into Ho Chi Minh City and neighboring provinces, beer imports have reached US$282,661 so far this year.