The sinking of a tourist boat

es fell to $12.4 billion by the end of 2010 from $14.1 billion in 2009 and $23 billion in 2008, the World Bank said in March. “Many businesses in Vietnam struggle to obtain foreign exchange for their operations,” wrote Tan. “Vietnamese have been big buyers of gold and foreign currencies against the local currency, which has kept the dong exchange rate weak.”





Vietnam to change electricity prices on market situation

Reuters 16 April 2011



State utility Vietnam Electricity (EVN) will be allowed to change electricity prices up to four times a year from June 1, instead of fixing prices for a year at a time as is the current practice, the government said in a statement. The Hanoi-based group may adjust prices based on market conditions at most once every three months, the government said on its news website (baodientu.chinhphu.vn), quoting a decision approved by Prime Minister Nguyen Tan Dung. Industry analysts say the country's heavily subsidised electricity prices are one of the key reasons behind a supply shortfall that leads to regular blackouts and is one of the top concerns for investors. Vietnam raised the average electricity price by more than 15 percent at the start of March, a move that industry officials said aimed at reducing losses for EVN and making the sector more attractive for investors.



EVN will be able to move electricity prices if input costs or foreign exchange rates change, and if there are changes in the country's electricity output, the statement said. To raise prices by up to 5 percent it will need to ask the Ministry of Industry and Trade for permission. If it wants to increase prices by more than 5 percent EVN must also submit its plan to the Finance Ministry for approval, it said. If input costs fall 5 percent or more EVN will cut electricity prices accordingly, the statement said. The government said it will also use an electricity price stabilisation fund if necessary to prevent any impact on the macro-economy or social welfare.



Hasty Vietnam in a hurry to catch up with its neighbours

Abu Dhabi Media, 13 April 2011



The sinking of a tourist boat in the stunningly beautiful waters of Halong Baythis year, which killed 12 people, has illustrated how Vietnam's rush to catch up to the other Asian tigers has run into troubled waters. The vessel in the Halong tragedy in February was, according to reports, a rickety affair, under the guidance of a 22-year-old captain. While the young man survived the sinking, one of his crewmen and 11 of his passengers, mostly young backp
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