Press digest – June 09

PM Dung, Italian counterpart talk East Sea situation

PM Nguyen Tan Dung on Monday noted that Italian PM Matteo Renzi’s official visit to Viet Nam marked a new stage in the development of the two countries’ relations.

The two PMs agreed to lift up the two-way trade value to US$5 billion from the current US$3.5 billion in the next two years and create more favorable conditions for their business communities to beef up their linkages.

PM Dung informed the guest about the tense East Sea situation due to China’s illegal installation of the oil rig Haiyang Shiyou-981 well within Viet Nam’s continental shelf and economic zone.

PM Matteo Renzi called on the relevant parties to abide by international law and settle the East Sea issue on the basis of international law.

China deploys six warships around illicit oil rig

China on Monday increased the number of its warships to guard the oil rig Haying Shiyou-981 illegally placed in Viet Nam’s waters to six.

China also maintained over 100 other ships, including 36 coast guard ships, 21 cargo ships and tugboats, 44 fishing boats, and one Y-8 reconnaissance aircraft flying about 300-500m above the rig.

Chinese ships formed groups around the rig and stood ready to fire water cannons, ram into, and prevent the Vietnamese law enforcement vessels from approaching the rig.

WB helps VN improve economic management

The World Bank has approved two credits worth US$500 million for Viet Nam to promote economic management, increase competitiveness and develop urban areas in the Northern Mountainous Region.

The benefiting localities including Dien Bien Phu, Bac Kan, Cao Bang, Thai Nguyen, Hoa Binh, Tuyen Quang and Yen Bai will receive US$250 million to improve their management capacity and upgrade infrastructure.

Former ACB official sentenced to 30 years' imprisonment

The Hanoi People’s Court on June 9 sentenced Nguyen Duc Kien, former vice chairman of the founding council of the Asia Commercial Bank (ACB), to 30 years’ imprisonment.

Regarding civil liability, Kien was ordered to pay a fine of over VND75 billion (US$3.57 million).

ACB former General Director Ly Xuan Hai received eight years in prison; ACB former Chairman Pham Trung Cang, three years; and the bank’s former board member Huynh Quang Tuan, two years.

Cambodian market lures Vietnamese investors

Vietnamese enterprises are running 128 valid investment projects in Cambodia with a combined registered capital of more than US$3 billion.

Agro-fishery projects account for 50.58% of the funding, energy 27.05%, banking-finance and insurance 8.7%, and telecommunications 5.1%.

Tra fish exports to reach US$1.6 bln

As of the end of April, the nation earned US$546 million, a year-on-year increase of 2%.

Tra fish exports to Brazil, Mexico, ASEAN nations and China witnessed sharp increases of 36.7%, 13%, 11% and 25%, respectively.

Trade turnover with Turkey up 32.9%

Viet Nam's trade with Turkey in the first four months of 2014 reached US$442.4 million, up 32.9%.

The figure included Viet Nam’s exports of US$407.7 million and its imports of US$34.7 million, up 38.2% and 20.5%, respectively.

Fabric ranked first among import items from Turkey with a turnover of US$9 million, up 84.4%.

Vietcombank makes Forbes VN’s top 50

Forbes Viet Nam, the Vietnamese edition of the international Forbes magazine, has announced a June list of the top 50 companies on the country's stock exchange, led by Vietcombank.

Surpassing other large commercial banks, the Bank for Foreign Trade of Viet Nam has become the only representative in the Forbes list for two years in a row.

By Thuy Dung