Vietnam and the Philippines united by nature

Vietnam's Halong Bay consists of more than 3,000 limestone islands rising spectacularly from the ocean

The Philippines and Vietnam have agreed to support each other in the New7Wonders of Nature campaign. The decision was reached at the East Asia Inter-Regional Tourism Forum (Eatof) standing committee meeting yesterday in Cebu City.
The commitment to support the Puerto Princesa Subterranean River in the Philippines and Vietnam’s Halong Bay was part of the joint declaration of the Eatof, which was presented at the Cebu International Convention Center.
Cebu Vice Governor Agnes Magpale, who presided over the meeting, said it does not matter how the two destinations will be ranked, provided they gain enough support to be included in the New7Wonders of Nature.
Eatof seeks to promote tourism in 12 Asian provinces, including Cebu and Quang Ninh Province in Vietnam, where Halong Bay is located. Vu Thi Thu Thuy, vice chairperson of the Provincial People’s Committee in Vietnam, said there is no contest between Halong and the Subterranean River as Eatof will support both.
“It’s a win-win game for the strength of Eatof,” Thuy said.

The Puerto Princesa Subterranean River winds through a cave before flowing into the South China Sea 

Source: http://news.n7w.com

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Posted in: Asia,Tour in Vietnam

English Idoms in Writing

English for everybody

UNIT 1. NEGOTIATIONS

         We met with representatives from the other company for over 4 hours yesterday. Jerry didn't waste any time. He took the bull by the horns and gave them our list of concerns right away. Then he asked for a list of their concerns and put both lists on the white board, so he could be sure we were all on the same page. He told the group that we were going to have to think out of the box and suggest creative solutions. We talked for over an hour. Jerry likes to shoot from the hip, which makes some people uncomfortable because he's very direct. Because we have such different corporate cultures, I didn’t think the two groups would ever see eye to eye on the goals. However,during the second hour, Jerry said he was willing to bend over backwards and work very hard to address their concerns. I think that impressed them. He talked about the advantages of the deal, and then he really laid it on the line and left the next move up to them. At one point, I thought the other company might back out and leave the table, but Jerry kept the discussion going. There was a lot of give and take; they finally met us halfway, and we cut the deal over dinner that night. I was surprised that our relationship as competitors didn’t get in the way. Jerry was able to convince them to look at those old conflicts as water under the bridge. He got them to focus on the future, and the result was clearly a win-win situation for both companies.

1. Take the bull by the horns: directly confront a problem or challenge.

 He decided to take the bull by the horns and talk to the president about the problem.

 She took the bull by the horns and asked her boss for a raise.

2. Be on the same page: have the same understanding about the situation or information.

 I want to make sure we share the same expectations. We need to be on the same page before I give you the money to do the work.

 I need to meet with Jim before the negotiations so we are on the same page when we meet with the other company.

3. Think out of the box: be creative or non-traditional; approach a situation or problem in a new way.

 Nothing we’ve tried so far has worked. We need to ask Gordon for his ideas

because he thinks out of the box.

 Let’s brainstorm some ideas hers. Concentrate on some new and different

solutions. We need to think out of the box.

4. Shoot from the hip: be very direct; express ideas without planning.

 She likes to shoot from the hip, but honestly makes people angry sometimes.

 You usually know what he is thinking because he shoots from the hip.

5. See eye to eye: to agree about or have the same perspective on [something]

 I’d like her to be on my team. We see eye to eye most of the time.

 We haven’t been able to agree. We don’t see eye to eye on this.

6. Bend over backwards: try very hard to please someone or to do something.

 She bent over backwards to try and make him happy, but he was never satisfied.

 I want you to bend over backwards for this customer. It’s a very important account.

7. Lay it on the line: be very direct or frank

 I laid it on the line. I told him I didn’t love him anymore.

 We’re tired of all the careful words. Just lay it on the line for us.

8. Back out: change or cancel an agreement or an arrangement

The investors backed out of the contract at the last minute, so we couldn’t go ahead with the building.

 I don’t trust her. She often backs out at the last minute.

9. Give and take: cooperation or compromise

 It took a lot of give and take, but I think we finally reached an agreement that satisfied everyone.

 He was used to working alone. In his new job, he had to learn to participate in the give and take.

10. Meet someone halfway: compromise

 If you can meet me halfway, I think we can reach an agreement.

 They met us halfway, so that we could make a deal that worked for all of us.

11. Cut the/a deal: reach an agreement

 They cut the deal over lunch.

 We hope to cut a deal by Friday.

12. Water under the bridge: a part issue or problem that is no longer a concern

 Don’t worry about that mistake. It’s water under the bridge.

 Let’s not focus on an old disagreement. We need to move forward. Those problems are just water under the bridge.

13. A win-win situation: a situation where everyone involved benefits or wins.

 The negotiations went well. We both got what we wanted most. It was a win-win situation.

 I enjoy working with her. We both contribute something useful. It’s a win-win situation.

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Posted in: Learning English

Nude bath with ‘ecological’ girls on island beach

The nouveau riche, especially in the Mekong Delta, prefers ‘nouveau’ forms of entertainment befitting their newly-acquired status, such as taking a nude bath on a desert beach with local call girls whom they call ‘ecological girls’ or ‘clean vegetables.’

These two girls join a nudity bath with male clients on a beach of An Thoi Islet in Phu Quoc island district of Kien Giang Province

These are mostly young, good-looking women who are so defined to differentiate them from professional prostitutes – “polluted” females considered unsafe for men on the lookout for pleasures. These girls may have a steady job or are unemployed, single or married, but all are willing to accompany rich men during their fun-seeking trips for a handsome payment.
The temptation of earning big money for a day of fun and entertainment with rich men have turned many local girls away from conceptions of ‘virtuous’ women in this conservative Vietnam. Though not prostitutes, they agree to engage in drinking, singing and nude bath and other entertainment at night in return for VND1 million (US$50) -- more than half of their monthly factory salary.
Going into hotels with the men is not unthinkable for these girls mainly in the age group of 16-22, who measure their self-worth in money.
Nude bath on the beach
In the early morning on September 3, a real estate tycoon in Can Tho City, Le Nam, and his friends made a 500km journey towards Phu Quoc Island of Kien Giang Province to seek ‘ecological girls’ to be his drinking and bathing companions on the beach.
On the 30km road from Phu Quoc Airport to Bai Sao beach of Phu Quoc Island, a taxi driver named Thanh mentioned ‘nude bath’ after exchanging brief greetings with his passengers.
“I know many pretty girls who are ‘clean vegetables’ here. They are all good-looking and well-behaved. You pay them each from 500,000 dongs to a million depending on their physical looks,” he made a tentative sales pitch and checked in the rear mirror to see if the passengers had taken the bait.
“It’s terrific to have some ‘fairies’ to drink and take a nude bath with you on these romantic, virgin beaches here,” he tempted his guests further.
“You wouldn’t want to miss out on the local specialty for an exciting experience,” he added, feeling sure of getting some tips for his middle-man service.
Arriving at Bai Sao beach, Nam hired a small cruise ship for VND3.5 million ($170) to cruise towards the other small islet An Thoi -- about an hour ride from Bai Sao.
Three ‘ecological girls’ appeared and introduced themselves as Thuy, Diem and Lan. They got on board the ship and quickly fell in line with the men. Two of them said they worked as waitresses at a local restaurant while the third one said she was a seafood processing worker.
They all knew how to hold their liquor and keep the men in good spirit.
After some beer on the dock, Nam pulled the girl sitting on his thigh closer and whispered something into her ears, to which she only smiled shyly and looked down.
Their destination was Gieng Tien (Fairy Well) beach where there is a unique well providing fresh and clean water on An Thoi islet.
They split into pairs and went behind some large rocks half emerged from the water to take off all clothes. A moment later each pair appeared, hand in hand, rushing into the water and beginning to bathe, the water rising to their chests.
The men and women played games, splashed water on each other and burst into laughter.

After finishing a session of nude bath with male clients, this ‘fairy’ wraps around her body with a towel and walks along a beach in Phu Quoc Island (Photo: Tuoi Tre)

An assistant chef on the ship named Tuong said knowingly, “That’s nude bath. Dozens groups of rich men from Ho Chi Minh City, Can Tho, Rach Gia and Ca Mau come here every week for that.”
“Some even hired my ship to travel around the Phu Quoc Island for 3-4 days with young girls. It’s completely private,” he said.
The group of girls and men remained in the water until a sudden rain poured down and they returned to the ship for one more drinking bout. The girls sat at the table with the men in their wet clothes that exposed all their underwear.
They raised their glasses and bottomed up until late afternoon.
The taxi that took them back to the hotel stopped at a jewels’ shop on the way. Each of the three girls went in and later emerged with a gift package in their hands. Lan took out a pair of ear-rings and a pearl necklace worth around VND1.5 million ($73).
“It’s worthwhile for a whole day of being submerged in the cold water,” Lan said loudly.
Just a phone call
The taxi driver Thanh boasted he has the contacts of 30 ‘ecological girls,’ especially two 19-year-old students at a college in the mainland Rach Gia.
“It costs US$100 to have each of them. They look like fashion models,” Thanh assured his guests.
He also revealed that visitors can also contact owners or staffs of any cruise ship to order the girls of any standards and pay them some tips.
Thanh even called a man he said was the owner of a ship and passed the phone to his passengers. A man’s voice on the other end of the line spoke explicitly, “I can send you the girls on Phu Quoc Island or the girls on other smaller islets such as An Thoi or Hon Thom. They are all young with sun-burnt skin and long legs. They can swim well and will go all out for you. If you agree, give me 200,000 dongs as tips.”
Taxi motorbike riders or some restaurant staff or owners on Phu Quoc are also one of the links in the supply chain catering to the rich men looking for ‘ecological girls.’

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Posted in: Society,Vietnam

Lawyers oppose China’s sovereignty breach

The Chinese surveillance vessel no 84 violated Vietnam's sovereignty on May 26.

The Vietnam Bar Federation (VBF) Sunday  issued a statement to oppose China’s violations of Vietnam’s sovereignty and jurisdiction rights over its continental shelf and exclusive economic zone.
In its statement, the VBF asked the Chinese side not to make the East Sea situation more complicated by threatening to use forces or using forces, and to conduct itself in line with the role as a member of the United Nations, especially a member of the UN Security Council and in capacity of a nation with important role in Asia-Pacific and the world.
According to the Vietnam Foreign Ministry’s spokesperson and concern agencies, on May 26, three Chinese marine surveillance vessels cut surveying cables of Binh Minh 02, a surveying ship of the Vietnam National Oil and Gas Group at 12 degrees 48’25” north latitude and 111 degrees 26’48” east longitude, some 116 nautical miles off Dai Lanh cape in the central coastal province of Phu Yen and about 340 nautical miles off China’s Hainan island coast.
On late May 31, three Chinese naval vessels fired to threaten four fishing boats of Vietnamese fishermen while they were fishing at 8 degrees 56’ north latitude and 112 degrees 45’ east longitude on the continental shelf of Vietnam.
On June 9, a Chinese fishing boat supported by two Chinese fishery administration vessels deliberately hit the survey cables of Viking II, a ship hired by the Vietnam National Oil and Gas Group to conduct seismic surveys, at 6 degrees 47’5” north latitude and 109 degrees 17’5” east longitude on Vietnam’s continental shelf.
Based on the UN Charter, the 1982 UN Convention on the Law of the Sea, the Declaration on the Conduct of Parties on the East Sea between governments of ASEAN countries and China, China’s above-mentioned acts seriously violated Vietnam’s the sovereignty and jurisdiction rights to its continental shelf and exclusive economic zone, making the East Sea situation continue to be tense.
The VBF has enough legal basis to announce that the acts of the Chinese side seriously violated fundamental principles of international laws – not threatening to use forces or using forces in international relations to fight the territorial integrity or political independence of any nation.
The acts also seriously violated the sovereignty and jurisdiction rights of Vietnam to its continental shelf and exclusive economic zone according to Article 55, Article 56 and Article 57, Article 76, Article 77 and Article 301 in the 1982 UN Convention on the Law of the Sea and went against clause 1 and clause 4 in the Declaration of the Conduct of Parties in the East Sea between ASEAN member countries and China.
The federation demanded the Chinese side, for the strategic height and long-term relationship between Vietnam and China, to immediately stop and not repeat any violating actions within Vietnam ’s continental shelf and exclusive economic zone in the East Sea and to take responsibility for paying damages caused to the Vietnam National Oil and Gas Group and the Vietnamese fishermen.
The group always treasures and wants the friendship as well as the traditional cooperation between the two peoples and bar organizations to be further promoted in the spirit of respecting independence, sovereignty and territorial integrity of each other, jointly dealing with differences between the two countries by peaceful means, preventing and opposing actions that harm peaceful and friendly relations between the two countries.
It requested the national bar organizations of ASEAN countries, the Law Association for Asia and the Pacific (LAWASIA) and the China Bar Association to jointly bear responsibility for protecting justice, international law, respecting independence, sovereignty and territorial integrity of countries, maintaining peace and international security, jointly building a democratic, fair and civilized world.
The federation will do its utmost to contribute to the legal fight of the Vietnamese State and people to protect sovereignty and territorial integrity in general and seas and islands in particular in every forums by international legal institutions.

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Posted in: Asia,China,Politics,Vietnam

Vietnam in live-fire drill amid South China Sea row

Vietnam is holding live-fire drills in the South China Sea amid high tensions with China over disputed waters.

Anti-China demonstrations have been held in Hanoi for a second weekend in a row

A Vietnamese naval officer said the "routine" drills were being held about 40km (25 miles) off central Quang Nam province, outside the disputed area.
The second stage of the exercise will be held at night; shipping has been warned to stay clear of the area.
Chinese state media denounced the exercises as a military show of force to defy Beijing.
The drills are taking place within days of an escalation in the long-standing maritime border dispute between China and Vietnam.
The South China Sea includes important shipping routes and may contain rich oil and gas deposits.
Vietnam last month accused China of cutting the exploration cables of an oil survey ship. In a similar incident last week it said a Chinese fishing boat had "intentionally rammed" the exploration cables of another of its boats.
China said that its fishing boats were chased away by armed Vietnamese ships in the incident last Thursday.
The fishing net of one of the Chinese boats became tangled with the cables of an Vietnamese oil exploring vessel, which was operating illegally in the area, and was dragged for more than an hour before it was cut free, the Chinese foreign ministry said.
China accused Vietnam of "gravely violating" its sovereignty and warned it to stop "all invasive activities".
'Official sanction' The BBC's Southeast Asia correspondent Rachel Harvey says that military drills are not usually given such advance public prominence and the timing is extremely sensitive.
A Vietnamese naval officer said the "routine annual training" exercises have "nothing to do with the recent incidents involving China".
The first part of the nine-hour drill is being held around the uninhabited island of Hon Ong - well within Vietnamese territorial waters.
A second phase of live firing lasting about six hours will be staged at night, officials said.
China has not commented officially on the naval exercises, but a newspaper controlled by the Chinese Communist Party, the Global Times, said the drills were "a military show of force to defy Beijing".
Demonstrations have been held in Hanoi for the second weekend in a row, calling for China to get out of Vietnam's territorial waters.
Demonstrations are not usually tolerated in Communist Vietnam, but the authorities appear to be allowing protests related to the South China Sea dispute, our correspondent says.
China is engaged in maritime border disputes with several countries.
The Philippines, Malaysia, Brunei and Taiwan also have rival claims in the area. The US has also expressed concern about China's rising naval ambitions.

source BBC

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Posted in: Asia,China,Politics,Vietnam

China accuses Vietnam in South China Sea row

China has accused Vietnam of "gravely violating" its sovereignty in an escalating row over disputed waters in the South China Sea.

Beijing said Vietnam had endangered Chinese sailors' lives and warned it to stop "all invasive activities".

It follows an accusation by Vietnam that a Chinese fishing boat rammed cables from an oil exploration vessel inside its exclusive economic zone.

China is engaged in maritime border disputes with several countries.

Both China and the US have increased naval drills in the Asian region

The South China Sea includes important shipping routes and may contain rich oil and gas deposits.

The Philippines, Malaysia, Brunei and Taiwan also have rival claims in the area; China's claim is by far the largest.

The US has also expressed concern about China's rising naval ambitions.

Escalating dispute

China's foreign ministry spokesman Hong Lei said Chinese fishing boats were chased away by armed Vietnamese ships on Thursday.

He said that during the incident the fishing net of one of the Chinese boats became tangled with the cables of a Vietnamese oil exploring vessel which continued to drag the Chinese vessel for more than an hour before the net had to be cut.

Hackers have taken up where protesters left off

China insists the Vietnamese vessel was operating illegally in the area.

"By conducting unlawful oil and gas surveys in seas around the Wanan Bank of the Spratly archipelago and by driving out a Chinese fishing vessel, Vietnam has gravely violated China's sovereignty and maritime rights," said Mr Hong.

"China demands that Vietnam cease all violations," he said, adding that Vietnam should "not take actions that would complicate and expand the dispute".

Beijing's strong-worded statement followed Vietnam's accusation that a Chinese fishing boat had "intentionally rammed" the exploration cables of a Vietnamese boat - the second such incident in two weeks.

That vessel, chartered by state energy giant PetroVietnam, was conducting a seismic survey inside its 200 nautical mile exclusive economic zone on Thursday, said foreign ministry spokeswoman Nguyen Phuong Nga.

She described the "premeditated and carefully calculated" attack as part of China's attempts to control disputed waters.

"This is unacceptable to Vietnam," she said, adding that her colleagues had met Chinese embassy officials "to express our opposition to such acts".

On Thursday, hackers from both countries planted patriotic messages on hundreds of websites, including government sites.

It follows anti-China protests by hundreds of Vietnamese over the weekend.

Seeking resolution

China's ambassador to the Philippines, Liu Jianchao, has insisted China's intentions were peaceful and said that China was not looking for oil in the disputed waters and, therefore, no other country should.

"We're calling on other parties to stop searching for the possibility of exploiting resources in these areas where China has its claims," he told reporters.

"We will never use force unless we are attacked," he said.

The Philippine government has accused two Chinese patrol boats of harassing a Philippine oil exploration ship on 2 March this year.

The Philippines has said it has seen new structures being built on islands which it claims.

"That's part of our exercise of jurisdiction. It's not harassment," Mr Liu said.

He also rejected the involvement of the United States in regional attempts to resolve the long-running territorial dispute.

China prefers to tackle each conflicting claim with each country separately.

Vietnam, Indonesia and the Philippines have led regional efforts to seek a multilateral resolution of the conflict.

Source BBC

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Posted in: China,Politics,Vietnam

President Obama hails 'special relationship' at banquet

 US President Barack Obama has hailed his country's "special relationship" with the UK in a speech delivered at a state banquet at Buckingham Palace.

He thanked the UK for its solidarity since 9/11 and in tackling the security threats that have followed.

President Obama said he was honoured to be in Britain to reaffirm enduring bonds

He also paid tribute to the UK's military forces for "standing shoulder to shoulder with the US for decades".
The banquet was hosted by the Queen and attended by royalty, politicians and film stars.
It came at the end of a packed first day of the president's state visit.
The banquet was attended by all three main political leaders, Prime Minister David Cameron, Deputy Prime Minister Nick Clegg and Labour leader Ed Miliband, as well as former prime ministers Gordon Brown, Tony Blair and Sir John Major.
Other famous names seated around the horseshoe-shaped table included former athlete and politician Lord Coe, actors Tom Hanks and Kevin Spacey, actress Helena Bonham Carter, entrepreneur Sir Richard Branson and London Mayor Boris Johnson.
The 170 or so guests dined on new season lamb, roast potatoes and a vanilla charlotte, accompanied by vintage champagne.

The Queen opened proceedings by telling Mr Obama and his wife Michelle that she was "so glad" they were visiting the UK again.

She said: "I firmly believe that the strength of our links and many shared interests will continue to ensure that, when the US and the UK stand together, our people and other people of goodwill around the world will be more secure and can become more prosperous."
She proposed a toast to "celebrate the tried, tested - and, yes, special relationship between our two countries".
The president then told the guests: "As we approach the 10th anniversary of 9/11, I'm particular grateful for the solidarity that the United Kingdom has shown to America over the past decade.
"From that day to this you have been our closest partner in the struggle to protect our people from terrorism attacks and violent extremism from around the world despite very heavy sacrifices here."
To conclude, the president proposed a toast to the Queen, but there appeared to be a mistake as the band played the opening bars to God Save the Queen before he had finished.
The Obamas arrived in London on Monday night from the Republic of Ireland, a day ahead of schedule because of the threat of disruption from the volcanic ash cloud.
On Tuesday, the president and his wife joined the Queen at Buckingham Palace where they briefly met the Duke and Duchess of Cambridge before moving to the palace gardens for a ceremonial welcome, including a 41-gun salute.
The presidential pair's visit to Westminster Abbey included an impromptu meeting with choirboys, when Mr Obama was teased by his wife for his lack of singing talent.
Mr Obama briefly met the prime minister in Downing Street ahead of talks on Wednesday. They then left together for a surprise visit to the Globe Academy in Southwark, south London, where they teamed up for a table tennis match against schoolboys.
The leaders' talks on Wednesday are likely to focus on the Middle East and the ongoing conflict in Libya.
The day's itinerary will also include a barbecue at Number 10 with British and American military veterans and a speech about US foreign policy to MPs before a return banquet at Winfield House, where the Queen will formally say farewell.
In a joint article in the Times on Tuesday, Mr Obama and Mr Cameron said of their countries' relationship: "Ours is not just a special relationship, it is an essential relationship - for us and for the world.
"When the United States and Britain stand together, our people and people around the world can become more secure and more prosperous.

The president and prime minister played table tennis during a surprise visit to a south London academy

"The reason it thrives is because it advances our common interests and shared values. It is a perfect alignment of what we both need and what we both believe."
They also vowed not to abandon the protesters fighting for democracy in Arab countries, writing that they would "stand with those who want to bring light into dark, support those who seek freedom in place of repression, aid those laying the building blocks of democracy".
"We will not stand by as their aspirations get crushed in a hail of bombs, bullets and mortar fire.
"We are reluctant to use force, but when our interests and values come together, we know we have a responsibility to act."

 BBC

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Posted in: Politics,Society,USA

Insurance firm Bao Minh sued for denying $4.1 mln claim

Workers of the Dung Quat Shipbuilding Industry Company

Vietnamese insurance company Bao Minh has been sued by a local shipbuilder for allegedly denying an insurance claim of US$4.1 million for damages caused by a storm in 2009,VnExpress reported Saturday.

According to the Dung Quat Shipbuilding Industry Company (DQS), a unit of state-owned oil and gas group PetroVietnam, the companies signed a two-year contract in 2006 under which the shipbuilder was required to pay a total premium of VND4.7 billion ($228,700) to have a business project covered.
The contract stipulated that DQS had to pay half of the premium, or around VND2.4 billion, within the first 15 days. The rest of the money would be paid on the project completion.
DQS, however, paid only VND2 billion. But it noted that during the two-year term of the contract, Bao Minh never issued any document to end the contract on ground that the shipbuilder failed to hold up its end.
When the contract expired in December 2008, DQS was still working on the project to build an oil tanker of 100,000 tons. As a result, it agreed to an additional premium fee of VND2.5 billion to have the contract extended through February 2010.
During this extension period, on September 28, 2009, a major storm hit the central region and caused damage to the ship. The loss was valued by assessment company Matthews Daniel at around $4.1 million, VnExpressreported.
DQS insisted that the claim was covered under the policy, but Bao Minh denied it, arguing that its client did not fulfill the payment obligation in the first place.
“Under the Insurance Law, when the client did not pay the premium fees, the insurer has the right to deny a claim,” an unnamed official of Bao Minh said, adding that DQS can bring the case to court.
Nguyen Ngoc Tuyen, a representative of DQS, told VnExpress that Bao Minh was wrong when refusing to cover the damages. Even if his company was behind on its payments, the insurer never said anything about ending the contract, he said.
“If Bao Minh wanted to end the contract because of the late payment, why did they agree to extend it for another year?” he asked.
Tuyen added that the claim of $4.1 million cannot hurt Bao Minh’s business because, at the end, it was foreign insurers who would have to pay for most of it. “I think Bao Minh would only have to pay no more than VND5 million.”
The People’s Court in the central province of Quang Ngai is still processing the case. No trial date has been announced.

Source: Thanh Nien

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Posted in: Business,Society,Vietnam

Vietnam may disclose foreign reserves data in 2012: report

Vietnam, which has kept the precise level of its foreign reserves undisclosed, may publicize the data regularly next year via its national statistics office, VnExpressreported.

Vietnam’s foreign exchange reserves last year dropped 12 percent, ADB said

The General Statistics Office in Hanoi has announced a new national statistical indicator system which has 76 additional indicators, including statistics on money supply, credit, interest rate, budget deficit, government debts and foreign reserves.
The foreign reserves data will be calculated from foreign currency holdings at the central bank, deposits and loans to other countries, and the special drawing rights holdings – an interest-bearing asset created by the International Monetary Fund, news website VnExpress said.
Around half of the brand-new indicators will be announced this year while the rest, including that of foreign reserves, will be publicized later.
Central Bank Governor Nguyen Van Giau said at the Asian Development Bank’s annual meeting in Hanoi last week that the State Bank was considering the disclosure of national foreign exchange reserves, a policy already adopted by many other central banks. But he noted that such a plan needs to be approved by the government.
International institutions like IMF and ADB regularly announce the data for Vietnam. Vietnamese officials at times mention the forex reserves, but they often just comment on whether the level is safe.
Vietnam’s foreign exchange reserves last year dropped 12 percent from 2009 to US$12.4 billion, ADB said in its Asian Development Outlook 2011 April report. The country’s reserves were enough to cover 1.9 months of imports at the end of 2010, the Manila-based bank said.

Source: Thanh Nien 

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Posted in: Asia,Business,Society,Vietnam

Vietnam in prostitution crackdown

Vietnam has unveiled a five-year multi-million-dollar crackdown on prostitution, which is widespread but considered a "social evil" in the country.

The plan aims to reduce prostitution by an initial 40 percent by 2015, the government said in a statement on its website dated Thursday.

With a budget of 629 billion dong ($30 million), the program "looks to free communes and towns from prostitution and minimize harms of this social issue on society," it said.

Investigations, job training for former sex workers and public awareness are among the measures the government said will be taken to battle prostitution, which is illegal.

Local media have reported estimates of 30,000-40,000 prostitutes nationwide, and the industry has continued to flourish despite previous campaigns against it.

tuoitrenews.vn

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Posted in: Asia,Society,Vietnam