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Vietnam, Russia businessmen meet in Moscow   2008-12-22 - VNA, ND, VNS, SGGP

Vietnamese and Russian entrepreneurs met in Moscow on Dec. 19 to discuss measures to boost economic and trade cooperation between the two countries.

Vietnamese Ambassador Bui Dinh Dinh affirmed that both the Vietnamese State and Party and Russian leaders backed further development of Vietnam-Russia comprehensive partnership, especially in trade and economic sectors.

The bilateral trade value of 1 billion USD in 2007 and estimated 1.5 billion USD in 2008, however, does not match potential of the two countries, the ambassador said.

He called upon Russian investors to boost investment in Vietnam and set up joint-ventures with Vietnamese partners.

The diplomat also asked businesses from both countries to increase information exchange and hold more trade forums and fairs.

Deputy head of Moscow ’s External Economic Relations Department Vladimir Lebedev thanked the Vietnamese community in Moscow for their contributions to the city in goods supply and services.

Participants at the meeting suggested the two countries improve custom practice to facilitate businesses.

Vietnam’s fiscal transparency practice reviewed

A workshop to review Vietnam’s fiscal and budget transparency practice was held in central Da Nang city on Dec. 19-20.

Participants at the workshop, including representatives from Financial Departments of Dien Bien, Yen Bai, Lang Son, Thai Nguyen, Dak Lak, Binh Dinh, Binh Duong, Hau Giang and Quang Tri provinces and Da Nang city discussed budget transparency at provincial and central levels.

They also contributed their ideas to the performance of fiscal transparency in the coming time and reviewed international practice on public financial policy.

The workshop was co-organised by the Ministry of Finance and the European Technical Assistant Programme for Vietnam (ETV2), component 1, “Fiscal Policy and Legal Advisory Services.”

The ETV2 is a technical assistance umbrella programme funded by the European Commission with funding amounting to 11 million EUR.

The programme, lasting from late 2005 to September 2009, aims to support Vietnam ’s economic and financial agencies in within the framework of the 2001-2010 socio-economic development plan in line with the government’s comprehensive growth and poverty reduction strategy.

The ETV2 provided 97,000 EUR for the Ministry of Finance to provide technical assistance and review the implementation of fiscal transparency practice at central level.

US daily hails Vietnam's exports of wooden products

The US demand for Vietnam-made furniture has seen exponential growth in the past decade and innovative designs, superior craftsmanship and structural integrity have enabled Vietnamese suppliers to carve a niche for themselves in markets worldwide, a local newspaper said.

According to a recent article in the Los Angeles Times, Vietnam's exports of wooden products have increased to an impressive 2.36 billion USD in 2007 from the 200 million USD sales revenue in 2000.

The figures have positioned the country among the top three sourcing centres for furniture in Asia, the paper said.

Vietnam's Ministry of Trade has anticipated continuous growth, with exports of wooden products expected to reach 5.5 billion USD by 2010.

To expand their export markets further, Vietnamese furniture suppliers are focusing R&D on current market trends, accepting mixed orders, investing in automated equipment, and sending their employees for training overseas.

Despite seeing strong overseas demand, however, furniture makers in Vietnam are bracing up for a challenges ahead, the daily added. However, exports in the line are expected to see robust growth in the next 12 months, with a slight change in main export markets.

While the US is currently the biggest importer of Vietnam-made furniture, many suppliers will target the EU in the coming months, according to the US paper.

Gov’t approves $4b oil refinery in Khanh Hoa

The Government gave its approval to the Viet Nam National Petroleum Corporation (Petrolimex) to set up a 10-million-tonne oil refinery in Khanh Hoa Province at a meeting with the petrochemical industry on Thursday.

Deputy Prime Minister Hoang Trung Hai told the meeting that Petrolimex would have to make a feasibility report for the US$4.4-4.8 billion Nam Van Phong Refinery, including an assessment of its environmental impact, technologies to be used, capital structure, and selection of strategic partners, especially crude suppliers.

He also told the provincial People’s Committee and the management board of the Van Phong Economic Zone – where the refinery will be situated – to assist the company in acquiring land.

The refinery, to be built on a 600-ha area in My Giang Hamlet, Ninh Phuoc Commune, Ninh Hoa District, will go on stream by the end of 2013 when it will supply a range of products, including LPG, high-octane unleaded gasoline, kerosene, diesel, polypropylene, and benzene.

Viet Nam’s seventh proposed refinery, it would take total refining capacity to almost 70 million tonnes per year.

With its first, at Dung Quat, yet to go into operation, the country imports all its petroleum needs.

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